# EDGAR Filing Document

**Accession Number:** 0001724826
**File Stem:** 0001193125-26-095993
**Filing Date:** 2026-3
**Character Count:** 4257485
**Document Hash:** e27af01ad125d2ccbdde05dff0786e2f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-095993.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-095993

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23325
- **FILM NUMBER:** 26729942

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

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

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

## Series and Classes Contracts Data

### Six Circles International Unconstrained Equity Fund (Series ID: S000061647)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

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

## SIX CIRCLES TRUST

#### On behalf of the following series:

## Six Circles U.S. Unconstrained Equity Fund

## Six Circles International Unconstrained Equity Fund

## Six Circles Tax Aware Ultra Short Duration Fund

## Six Circles Ultra Short Duration Fund

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

## Six Circles Managed Equity Portfolio International Unconstrained Fund

## Six Circles Global Bond Fund

## Six Circles Tax Aware Bond Fund

## Six Circles Credit Opportunities Fund

## Six Circles Multi-Strategy Fund

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

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

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

#### The Corporation Trust Company

#### 1209 Orange Street

#### Wilmington, DE 19801

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

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

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

#### Date of reporting period: December 31, 2025
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

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

------

Item 1. Report to Stockholders.

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g72948g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Annual Shareholder Report**<br> December 31, 2025 <br>|
| Six Circles Ultra Short Duration Fund (CUSDX) | Six Circles Ultra Short Duration Fund (CUSDX) |

---

This annual shareholder report contains important information about the Six Circles Ultra Short Duration Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.**

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

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
|  Six Circles Ultra Short Duration Fund | $19 | 0.19% |

---

#### How did the Fund perform? What affected the Fund's performance?
For the year ended December 31, 2025, the Fund returned 4.82%, while the Bloomberg 1-3 Month U.S. Treasury Bill Index (the "Index") returned 4.29%.

- Investment Grade Credit and Securitized within the Core Bonds allocation were the leading contributors to the Fund's absolute performance.

<sup>○</sup> The Advisor utilizes these allocations to provide higher quality, short duration exposure which benefited the Fund throughout the year

- The Fund's allocation to derivatives was a leading detractor to the Fund's absolute performance

#### Fund Performance
![LOGO](g72948g01k01.jpg)

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

------

SIX CIRCLES FUNDS December 31, 2025

**Average annual total returns:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since<br>Inception<br>(7/9/2018)** |
|  Six Circles Ultra Short Duration Fund | 4.82% | 3.33% | 2.97% |
|  Bloomberg US Aggregate Bond Index | 7.30% | -0.36% | 2.06% |
|  Bloomberg 1-3 Month U.S. Treasury Bill Index | 4.29% | 3.24% | 2.66% |

---

***Performance quoted is past performance and is no guarantee of future results**.* Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See www.sixcirclesfunds.com for most recent month-end performance.

*The graph illustrates comparative performance for $10,000 invested in the Six Circles Ultra Short Duration Fund, the Bloomberg 1-3 Month U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Total Return Value Unhedged USD Index from July 9, 2018 to December 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The Bloomberg 1-3 Month U.S. Treasury Bill Index measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 1 month and less than 3 months. Investors cannot invest directly in an index. The Bloomberg U.S. Aggregate Total Return Value Unhedged USD Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency).* 

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets (in thousands) | $809958 |
| Total number of portfolio holdings | 626 |
| Total advisory fees paid (in thousands) | $1825 |
| Portfolio turnover rate as of the end of the reporting period | 59.33% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | 51.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 3.98%, 03/19/2026 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 22.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Treasury Bill, (Canada), Zero Coupon, 01/28/2026 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 13.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Treasury Bill, (Canada), Zero Coupon, 02/11/2026 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 1.63%, 02/15/2026 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 3.81%, 05/14/2026 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., 3.13%, 03/15/2027 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Security | 0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., (United States SOFR + 1.14%), 4.64%, 05/07/2028 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Security | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), (United States SOFR + 1.32%), 4.94%, 04/23/2028 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RCRPBOFAS, 3.90%, 01/02/2026<br>| 0.8 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 12.2% |

---

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

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

Annual Shareholder Report 2 Six Circles Ultra Short Duration Fund (CUSDX)

------

SIX CIRCLES FUNDS December 31, 2025

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

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

Annual Shareholder Report 3 Six Circles Ultra Short Duration Fund (CUSDX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g72948g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Annual Shareholder Report**<br> December 31, 2025 <br>|
| Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) | Six Circles Tax Aware Ultra Short Duration Fund (CUTAX) |

---

This annual shareholder report contains important information about the Six Circles Tax Aware Ultra Short Duration Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.**

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

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
|  Six Circles Tax Aware Ultra Short Duration Fund | $15 | 0.15% |

---

#### How did the Fund perform? What affected the Fund's performance?
For the year ended December 31, 2025, the Fund returned 3.69%, while the iMoneyNet Tax-Free National Institutional Money Market Index (the "Index") returned 1.69%.

- The Fund's allocation to Investment Grade Credit, Government and Securitized (ABS and MBS) within the Core Bonds allocation were the leading contributors to the Fund's absolute performance.

<sup>○</sup> The Advisor utilizes this allocation to provide higher quality, short duration exposure which benefited the Fund throughout the year.

- Derivatives were the leading detractor from the Fund's absolute performance.

<sup>○</sup> The Fund employed fixed income futures contracts in order to maintain market exposures during the reporting period.

#### Fund Performance
![LOGO](g72948g01k08.jpg)

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

------

SIX CIRCLES FUNDS December 31, 2025

**Average annual total returns:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since<br>Inception<br>(7/9/2018)** |
|  Six Circles Tax Aware Ultra Short Duration Fund | 3.69% | 2.20% | 2.03% |
|  iMoneyNet Tax-Free National Institutional Money Market Index | 1.69% | 1.49% | 1.30% |
|  Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.39% |

---

**Performance quoted is past performance and is no guarantee of future results***. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See www.sixcirclesfunds.com for most recent month-end performance.* 

*The graph illustrates comparative performance for $10,000 invested in the Six Circles Tax Aware Ultra Short Duration Fund, the iMoneyNet Tax-Free National Institutional Money Market Index and the Bloomberg Municipal Bond Index Total Return Index Value Unhedged USD from July 9, 2018 to December 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The iMoneyNet Tax-Free National Institutional Money Market Index is an average of all tax-free and municipal, U.S.-domiciled institutional and retail money market funds. Investors cannot invest directly in an index. The Bloomberg Municipal Bond Index Total Return Index Value Unhedged USD covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, prerefunded bonds.* 

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets (in thousands) | $1025747 |
| Total number of portfolio holdings | 459 |
| Total advisory fees paid (in thousands) | $2345 |
| Portfolio turnover rate as of the end of the reporting period | 45.80% |

---

Annual Shareholder Report 2 Six Circles Tax Aware Ultra Short Duration Fund (CUTAX)

------

SIX CIRCLES FUNDS December 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | 68.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orlando Utilities Commission, Series 1, Rev., VRDO, 2.45%, 01/07/2026 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | 13.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Series D, Rev., VRDO, 2.45%, 01/02/2026 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Rochester MN, Series A, Rev., VRDO, 2.35%, 01/07/2026 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 6.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Rev., 5.00%, 11/01/2027 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 4.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Yale University, Series A, Rev., VRDO, 1.90%, 01/02/2026 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 2.25%, 01/07/2026 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Security | 0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, Series F, Rev., VRDO, 2.50%, 01/02/2026 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Security | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisiana State Citizens Property Insurance Corp., Series A, Rev., 5.00%, 06/01/2026 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Subordinated Bond, Series A, Rev., BAN, 5.00%, 02/01/2028 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, Series D, GO, 5.00%, 08/15/2028 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 19.5% |

---

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

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

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

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

Annual Shareholder Report 3 Six Circles Tax Aware Ultra Short Duration Fund (CUTAX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g72948g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Annual Shareholder Report**<br> December 31, 2025 <br>|
| Six Circles U.S. Unconstrained Equity Fund (CUSUX) | Six Circles U.S. Unconstrained Equity Fund (CUSUX) |

---

This annual shareholder report contains important information about the Six Circles U.S. Unconstrained Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.**

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

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
|  Six Circles U.S. Unconstrained Equity Fund | $5 | 0.05% |

---

#### How did the Fund perform? What affected the Fund's performance?
For the year ended December 31, 2025, the Fund returned 19.36%, while the MSCI USA Index (the "Index") returned 17.75%.

- The Fund's allocation to Information Technology and Financials were the leading contributors to the Fund's absolute performance.

<sup>○</sup> The Advisor believes that select companies within the Financials sector have strong fundamentals and can continue to perform well, if the expansion continues and recession is avoided.

- In terms of sector exposures, Utilities detracted and Materials contributed the least to the Fund's absolute performance.

- The Fund employed equity futures in order to maintain market exposures during the reporting period. The use of equity futures contributed to the Fund's absolute performance during the reporting period.

#### Fund Performance
![LOGO](g72948g00u16.jpg)

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

------

SIX CIRCLES FUNDS December 31, 2025

**Average annual total returns:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since<br>Inception<br>(7/9/2018)** |
|  Six Circles U.S. Unconstrained Equity Fund | 19.36% | 14.85% | 15.28% |
|  MSCI USA Index | 17.75% | 13.87% | 14.59% |

---

**Performance quoted is past performance and is no guarantee of future results***. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See www.sixcirclesfunds.com for most recent month-end performance.* 

*The graph illustrates comparative performance for $10,000 invested in the Six Circles U.S. Unconstrained Equity Fund and the MSCI USA Index from July 9, 2018 to December 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI USA Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.* 

*The MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the US market. With 640 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the US.* 

*Fund performance may reflect the waiver of the Fund's fees and/or reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemptions or sales of Fund shares.* 

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)* 

Annual Shareholder Report 2 Six Circles U.S. Unconstrained Equity Fund (CUSUX)

------

SIX CIRCLES FUNDS December 31, 2025

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets (in thousands) | $32232232 |
| Total number of portfolio holdings | 616 |
| Total advisory fees paid (in thousands) | $70220 |
| Portfolio turnover rate as of the end of the reporting period | 61.09% |

---

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

---

| | | |
|:---|:---|:---|
| **Sector Allocation<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** |
| ![LOGO](g72948g01a03.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 8.2% |
| ![LOGO](g72948g01a03.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 7.6 |
| ![LOGO](g72948g01a03.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 5.6 |
| ![LOGO](g72948g01a03.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | 3.7 |
| ![LOGO](g72948g01a03.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 3.0 |
| ![LOGO](g72948g01a03.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 3.0 |
| ![LOGO](g72948g01a03.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 2.8 |
| ![LOGO](g72948g01a03.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 2.5 |
| ![LOGO](g72948g01a03.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 2.5 |
| ![LOGO](g72948g01a03.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 2.4 |
| ![LOGO](g72948g01a03.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 41.3% |
| ![LOGO](g72948g01a03.jpg)  |  |  |

---

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

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

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

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

Annual Shareholder Report 3 Six Circles U.S. Unconstrained Equity Fund (CUSUX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g72948g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Annual Shareholder Report**<br> December 31, 2025 <br>|
| Six Circles International Unconstrained Equity Fund (CIUEX) | Six Circles International Unconstrained Equity Fund (CIUEX) |

---

This annual shareholder report contains important information about the Six Circles International Unconstrained Equity Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.**

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

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
|  Six Circles International Unconstrained Equity Fund | $9 | 0.08% |

---

#### How did the Fund perform? What affected the Fund's performance?
For the year ended December 31, 2025, the Fund returned 34.19%, whereas the MSCI World ex-USA Index (the "Index") returned 31.85%.

- The Fund's allocation to Financials and Industrials were the leading contributors to the Fund's absolute performance.

<sup>○</sup> The Advisor believes that select companies within the Financials sector have strong fundamentals and can continue to perform well, if the expansion continues and recession is avoided.

- Real Estate and Communication Services contributed the least to the Fund's absolute performance.

- The Fund employed equity futures in order to maintain market exposures during the reporting period. The use of equity futures contributed to the Fund's absolute performance during the reporting period.

#### Fund Performance
![LOGO](g72948g24a01.jpg)

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

------

SIX CIRCLES FUNDS December 31, 2025

**Average annual total returns:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since<br>Inception<br>(7/9/2018)** |
|  Six Circles International Unconstrained Equity Fund | 34.19% | 9.98% | 7.26% |
|  MSCI World ex-USA Index | 31.85% | 9.46% | 8.22% |

---

**Performance quoted is past performance and is no guarantee of future results***. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See www.sixcirclesfunds.com for most recent month-end performance.* 

*The graph illustrates comparative performance for $10,000 invested in the Six Circles International Unconstrained Equity Fund and the MSCI World ex-USA Index from July 9, 2018 to December 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI World ex-USA Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.* 

*The MSCI World ex USA Index captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries\*–excluding the United States. With 1,008 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country* 

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)* 

Annual Shareholder Report 2 Six Circles International Unconstrained Equity Fund (CIUEX)

------

SIX CIRCLES FUNDS December 31, 2025

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets (in thousands) | $19570070 |
| Total number of portfolio holdings | 762 |
| Total advisory fees paid (in thousands) | $43581 |
| Portfolio turnover rate as of the end of the reporting period | 48.43% |

---

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

---

| | | |
|:---|:---|:---|
| **Sector Allocation<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** |
| ![LOGO](g72948g01a08.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 3.2% |
| ![LOGO](g72948g01a08.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 2.7 |
| ![LOGO](g72948g01a08.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 2.5 |
| ![LOGO](g72948g01a08.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA | 2.5 |
| ![LOGO](g72948g01a08.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 2.4 |
| ![LOGO](g72948g01a08.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings plc | 2.3 |
| ![LOGO](g72948g01a08.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG | 2.1 |
| ![LOGO](g72948g01a08.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 2.0 |
| ![LOGO](g72948g01a08.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc | 1.9 |
| ![LOGO](g72948g01a08.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco plc | 1.9 |
| ![LOGO](g72948g01a08.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 23.5% |
| ![LOGO](g72948g01a08.jpg)  |  |  |
| ![LOGO](g72948g01a08.jpg)  |  |  |

---

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

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

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

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

Annual Shareholder Report 3 Six Circles International Unconstrained Equity Fund (CIUEX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g72948g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Annual Shareholder Report**<br> December 31, 2025 <br>|
| Six Circles Global Bond Fund (CGLBX) | Six Circles Global Bond Fund (CGLBX) |

---

This annual shareholder report contains important information about the Six Circles Global Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.**

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

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
|  Six Circles Global Bond Fund | $13 | 0.13% |

---

#### How did the Fund perform? What affected the Fund's performance?
For the year ended December 31, 2025, the Fund returned 3.88%, whereas the Bloomberg Global-Aggregate Index - Hedged USD (the "Index") returned 4.86%.

- Government and Investment Grade Credit within the Core Bonds allocation were the leading contributors to the Fund's absolute performance.

<sup>○</sup> The Advisor utilizes this allocation to provide attractive yields and carry benefits for the Fund.

- The Fund's allocation to derivatives was a leading detractor from the Fund's absolute performance.

#### Fund Performance
![LOGO](g72948g11o03.jpg)

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

------

SIX CIRCLES FUNDS December 31, 2025

**Average annual total returns:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since<br>Inception<br>(5/19/2020)** |
|  Six Circles Global Bond Fund | 3.88% | 1.08% | 1.44% |
|  Bloomberg Global-Aggregate Total Return Index Value Hedged USD | 4.86% | 0.34% | 0.77% |
|  Bloomberg Global-Aggregate Total Return Index Value Unhedged USD | 8.17% | -2.15% | -0.55% |

---

**Performance quoted is past performance and is no guarantee of future results**. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See www.sixcirclesfunds.com for most recent month-end performance.

*The graph illustrates comparative performance for $10,000 invested in the Six Circles Global Bond Fund, the Bloomberg Global-Aggregate Index – Hedged USD and the Bloomberg Global-Aggregate Total Return Index Value Unhedged USD from May 19, 2020 to December 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The Bloomberg Global-Aggregate Index – Hedged USD provides a broad-based measure of the global investment grade fixed income markets. Investors cannot invest directly in an index. The Bloomberg Global-Aggregate Total Return Index Value Unhedged USD is a flagship measures of global investment grade debt from a multitude local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.* 

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets (in thousands) | $16344135 |
| Total number of portfolio holdings | 7152 |
| Total advisory fees paid (in thousands) | $36655 |
| Portfolio turnover rate as of the end of the reporting period | 158.83% |

---

Annual Shareholder Report 2 Six Circles Global Bond Fund (CGLBX)

------

SIX CIRCLES FUNDS December 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities | 59.9% | &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 03/01/2056 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 14.1 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 4.63%, 02/15/2035 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | 13.6 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 4.25%, 05/15/2035 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 13.5 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 4.38%, 05/15/2034 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 1.8 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 4.25%, 11/15/2034 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 1.9 | &nbsp;&nbsp;&nbsp;&nbsp; China Government Bond, (China), 1.91%, 07/15/2029 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 4.25%, 08/15/2035 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 0.3 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 4.00%, 02/15/2034 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.88%, 08/15/2034 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 4.50%, 11/15/2033 | 0.7 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 7.8% |

---

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

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

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

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

Annual Shareholder Report 3 Six Circles Global Bond Fund (CGLBX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g72948g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Annual Shareholder Report**<br> December 31, 2025 <br>|
| Six Circles Tax Aware Bond Fund (CBTAX) | Six Circles Tax Aware Bond Fund (CBTAX) |

---

This annual shareholder report contains important information about the Six Circles Tax Aware Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.**

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

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
|  Six Circles Tax Aware Bond Fund | $13 | 0.13% |

---

#### How did the Fund perform? What affected the Fund's performance?
For the year ended December 31, 2025, the Fund returned 4.13%, while the Bloomberg 1-15 Year Municipal Bond Index (the "Index") returned 5.18%.

- The Fund's allocation to Municipal bonds within the Core Bonds allocation and High Yield Municipal Bonds allocation were the leading contributors to the Fund's absolute performance.

- Longer dated Municipal bonds within Core Bonds contributed the least to absolute fund performance as the long end of the Municipal curve underperformed in 2025.

#### Fund Performance
![LOGO](g72948g39a01.jpg)

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

------

SIX CIRCLES FUNDS December 31, 2025

**Average annual total returns:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since<br>Inception<br>(5/19/2020)** |
|  Six Circles Tax Aware Bond Fund | 4.13% | 1.21% | 1.96% |
|  Bloomberg Municipal 1-15 Year Index | 5.18% | 1.16% | 1.74% |
|  Bloomberg Municipal Bond Index | 4.25% | 0.80% | 1.59% |

---

***Performance quoted is past performance and is no guarantee of future results***. *Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See www.sixcirclesfunds.com for most recent month-end performance.*

*The graph illustrates comparative performance for $10,000 invested in the Six Circles Tax Aware Bond Fund, the Bloomberg 1-15 Year Municipal Bond Index and the Bloomberg Municipal Bond Index Total Return Index Value Unhedged USD from May 19, 2020 to December 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The Bloomberg 1-15 Year Municipal Bond Index consists of a broad selection of investment grade general obligation and revenue bonds of maturities ranging from one year to 17 years. Investors cannot invest directly in an index. The Bloomberg Municipal Bond Index Total Return Index Value Unhedged USD covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, prerefunded bonds.* 

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets (in thousands) | $14386304 |
| Total number of portfolio holdings | 4444 |
| Total advisory fees paid (in thousands) | $31897 |
| Portfolio turnover rate as of the end of the reporting period | 17.57% |

---

Annual Shareholder Report 2 Six Circles Tax Aware Bond Fund (CBTAX)

 ****

------

SIX CIRCLES FUNDS December 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1</sup>** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Municipal Bonds | <br> 98.1%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Black Belt Energy Gas District, Series B, Rev., 5.00%, 10/01/2035 | <br> 0.4%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments | <br> 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Southeast Energy Authority, A Cooperative District, Series F, Rev., 5.25%, 11/01/2055 | <br> 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Other | <br> 0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Texas Transportation Finance Corp., Subordinated Bond SH 288 System, Rev., 5.25%, 10/01/2050 | <br> 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Commonwealth Financing Authority, Tobacco Master Settlement Payment, Rev., 4.00%, 06/01/2039 | <br> 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Sustainable Bonds Clean Energy, Rev., 5.00%, 01/01/2056 | 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Plains Energy Project, Series A1, Rev., 5.00%, 08/01/2055 | 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Rev., 5.00%, 05/15/2054 | 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc.., Series D, Rev., 5.00%, 04/01/2054 | 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Liberty Development Corp., World Trade Center Project, Series 1, Rev., 5.00%, 11/15/2044 | 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Rev., 5.00%, 04/01/2055 | 0.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 2.5% |

---

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

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

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

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

Annual Shareholder Report 3 Six Circles Tax Aware Bond Fund (CBTAX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g72948g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Annual Shareholder Report**<br> December 31, 2025 <br>|
| Six Circles Credit Opportunities Fund (CRDOX) | Six Circles Credit Opportunities Fund (CRDOX) |

---

This annual shareholder report contains important information about the Six Circles Credit Opportunities Fund (the "Fund") that occurred for the period of January 1, 2025 to December 31, 2025. **This report describes changes to the Fund that occurred during the reporting period.** You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070**.

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

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
|  Six Circles Credit Opportunities Fund | $26 | 0.25% |

---

#### How did the Fund perform? What affected the Fund's performance?
For the year ended December 31, 2025, the Fund returned 9.33%, while the Bloomberg U.S. Intermediate Corporate Bond Index (the "Index") returned 7.95%.

- The Fund's allocation to Emerging Markets within the Extended Credit allocation and Investment Grade Credit within the Core Bonds allocation were the leading contributors to the Fund's absolute performance.

<sup>○</sup> The Advisor believes that stepping into lower rated U.S. dollar denominated Emerging Market Debt Fixed Income instruments allows the portfolio to pick up additional yield.

- Futures within derivatives was a leading detractor from the Fund's absolute performance.

<sup>○</sup> The Fund employed fixed income futures contracts in order to maintain market exposures during the reporting period.

#### Fund Performance
![LOGO](g72948g46k46.jpg)

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

------

SIX CIRCLES FUNDS December 31, 2025

#### Average annual total returns:

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since<br>Inception<br>(8/19/2020)** |
|  Six Circles Credit Opportunities Fund | 9.33% | 3.91% | 4.42% |
|  Bloomberg U.S. Intermediate Corporate Bond Index | 7.95% | 1.60% | 1.82% |
|  Bloomberg Global-Aggregate Total Return Index Value Unhedged USD | 8.17% | -2.15% | -1.48% |

---

**Performance quoted is past performance and is no guarantee of future results***. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See www.sixcirclesfunds.com for most recent month-end performance.* 

*The graph illustrates comparative performance for $10,000 invested in the Six Circles Credit Opportunities Fund, the Bloomberg Global-Aggregate Index – Hedged USD and the Bloomberg Global-Aggregate Total Return Index Value Unhedged USD from August 19, 2020 to December 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The Bloomberg U.S. Intermediate Corporate Total Return Bond Index measures the investment grade, fixed-rate, taxable corporate bond market whose maturity ranges between 1 to 9.9999 years. It includes USD denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers. Investors cannot invest directly in an index. The Bloomberg Global-Aggregate Total Return Index Value Unhedged USD is a flagship measures of global investment grade debt from a multitude local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.* 

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets (in thousands) | $5064809 |
| Total number of portfolio holdings | 3835 |
| Total advisory fees paid (in thousands) | $59264 |
| Portfolio turnover rate as of the end of the reporting period | 69.13% |

---

Annual Shareholder Report 2 Six Circles Credit Opportunities Fund (CRDOX)

------

SIX CIRCLES FUNDS December 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | 69.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, (Argentina), SUB, 3.50%, 07/09/2041 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities | 16.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beignet Investor LLC, 6.58%, 05/30/2049 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan Assignments | 3.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gaci First Investment Co., (Cayman Islands), Reg. S, 5.25%, 10/13/2032 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Egypt Government International Bond, (Egypt), Reg. S, 6.38%, 04/11/2031 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oman Government International Bond, (Oman), Reg. S, 6.25%, 01/25/2031 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 1.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, 3.63%, 08/31/2027 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petroleos Mexicanos, (Mexico), 6.35%, 02/12/2048 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nigeria Government International Bond, (Nigeria), Reg. S, 7.38%, 09/28/2033 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grifols SA, (Spain), Reg. S, 3.88%, 10/15/2028 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bellis Acquisition Co. plc , (United Kingdom), Reg. S, 8.13%, 05/14/2030 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 0.1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrant | 0.0 |  |  |

---

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

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

#### Material Fund Changes
During the period, the Six Circles Credit Opportunities Fund appointed Muzinich & Co., Inc. ("Muzinich"), Mellon Investments Corporation ("Mellon") and Insight North America LLC ("Insight") as additional sub-advisers to the Fund. Muzinich and Insight have been allocated assets within the Fund and hold a 10% and 5% allocation respectively as of December 31, 2025. Mellon has not been allocated assets.

The appointment did not result is any change to the Fund's investment objective or strategy.

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

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

Annual Shareholder Report 3 Six Circles Credit Opportunities Fund (CRDOX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g72948g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Annual Shareholder Report**<br> December 31, 2025 <br>|
| Six Circles Multi-Strategy Fund (CALTX) | Six Circles Multi-Strategy Fund (CALTX) |

---

This annual shareholder report contains important information about the Six Circles Multi-Strategy Fund (the "Fund") that occurred for the period of January 1, 2025 to December 31, 2025. **This report describes changes to the Fund that occurred during the reporting period.** You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.**

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

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
|  Six Circles Multi-Strategy Fund | $95 | 0.92% |

---

#### How did the Fund perform? What affected the Fund's performance?
For the year ended December 31, 2025, the Fund returned 6.38%, whereas the HFRX Global Hedge Fund Index (the "Index") returned 7.14%.

- The Fund's underlying Sub-Advisors all contributed positively to performance, with allocations to Mortgage-Backed Securities-related strategies contributing the most to Fund absolute performance.

<sup>○</sup> The Advisor believed mortgages provided attractive carry opportunities to the Fund and would benefit from the expected tightening of MBS spreads. The Fund also captured incremental value from the strategy's active management of duration.

- The Fund's allocations to Equity Market Neutral strategies helped drive performance, as one Sub-Advisor, added to the Fund in May 2025, achieved high double-digit returns for the year.

---

| | |
|:---|:---|
| <sup>○</sup> | The Advisor believed the strategy would help diversify Fund allocations through non-directional long/short exposures, through the use of swaps and index futures, and benefit from an environment of greater equity dispersion. The Sub-Advisor implementing the strategy demonstrated robust risk management in response to market volatility that further contributed to the Fund's performance. |

---

#### Fund Performance
![LOGO](g72948g01k53.jpg)

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

------

SIX CIRCLES FUNDS December 31, 2025

#### Average annual total returns:

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since<br>Inception<br>(9/18/2024)** |
|  Six Circles Multi-Strategy Fund | 6.38% | 5.83% |
|  HFRX Global Hedge Fund Index | 7.14% | 6.11% |
|  Bloomberg Global-Aggregate Total Return Index Value Unhedged USD | 8.17% | -1.48% |

---

**Performance quoted is past performance and is no guarantee of future results***. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See www.sixcirclesfunds.com for most recent month-end performance.*

*The graph illustrates comparative performance for $10,000 invested in the Six Circles Multi-Strategy Fund, the Bloomberg HFRX Global Hedge Fund Index and the Bloomberg Global-Aggregate Total Return Index Value Unhedged USD from September 18, 2024 to December 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The Bloomberg HFRX Global Hedge Fund Index utilize a rigorous quantitative selection process to represent the larger hedge fund universe. The Bloomberg Global-Aggregate Total Return Index Value Unhedged USD is a flagship measures of global investment grade debt from a multitude local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.* 

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets (in thousands) | $1583978 |
| Total number of portfolio holdings | 11659 |
| Total advisory fees paid (in thousands) | $13893 |
| Portfolio turnover rate as of the end of the reporting period | 652.39% |

---

Annual Shareholder Report 2 Six Circles Multi-Strategy Fund (CALTX)

------

SIX CIRCLES FUNDS December 31, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Asset Type<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 39.1% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 3.60%, 01/29/2026 | 12.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | 35.4 | &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 02/01/2056 | 4.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | 20.1 | &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 03/01/2056 | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Assignments | 17.4 | &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 6.50%, 02/01/2056 | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-backed Securities | 8.1 | &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 7.00%, 01/01/2056 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | 2.2 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 3.71%, 03/19/2026 | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 1.4 | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 3.77%, 03/05/2026 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Bond | 0.1 | &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 02/01/2056 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | 0.0 | &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Single Family, 30 years, TBA, 4.50%, 02/01/2056 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 0.0 | &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Single Family, 30 years, TBA, 4.00%, 02/01/2056 | 1.2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 33.5% |

---

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

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

#### Material Fund Changes
During the period, the Six Circles Multi-Strategy Fund appointed BlackRock Investment Management, LLC ("BlackRock") and Capital Fund Management S.A. ("CFM") as additional sub-advisers to the Fund. BlackRock and CFM have been allocated assets within the Fund and hold a 12% and 8% allocation respectively as of December 31, 2025. The appointment of the two new sub-advisers and their targeted investment exposure resulted in an increase in the Fund's Total Expense Ratio of approximately 21 basis points. The Fund's Total Expense Ratio as of December 31, 2025 was 92 basis points.

The fund changes outlined above did not result is any change to the Fund's investment objective or strategy.

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

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

Annual Shareholder Report 3 Six Circles Multi-Strategy Fund (CALTX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g72948g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Annual Shareholder Report**<br> December 31, 2025 <br>|
| Six Circles Managed Equity Portfolio U.S.<br> Unconstrained Fund (CMEUX) | Six Circles Managed Equity Portfolio U.S.<br> Unconstrained Fund (CMEUX) |

---

This annual shareholder report contains important information about the Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070**.

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

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $7 | 0.06% |

---

#### How did the Fund perform? What affected the Fund's performance?
For the year ended December 31, 2025, the Fund returned 18.38%, while the MSCI USA Index (the "Index") returned 17.75%.

- The Fund's allocation to Information Technology and Communication Services were the leading contributors to the Fund's absolute performance.

---

| | |
|:---|:---|
| <sup>○</sup> | Select large cap technology-related companies in Software, Semiconductor, and Broadline Retail industries retain strong balance sheets and long-term earnings growth potential. The Advisor believes these companies are well-positioned to take advantage of opportunities in artificial intelligence. |

---

- Real Estate and Materials contributed the least to the Fund's absolute performance.

- The Fund employed equity futures in order to maintain market exposures during the reporting period. The use of equity futures contributed to the Fund's absolute performance during the reporting period.

#### Fund Performance
![LOGO](g72948g60n60.jpg)

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

------

SIX CIRCLES FUNDS December 31, 2025

#### Average annual total returns:

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since<br>Inception<br>(4/10/2019)** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | 18.38% | 14.04% | 16.46% |
|  MSCI USA Index | 17.75% | 13.87% | 15.48% |

---

**Performance quoted is past performance and is no guarantee of future results***. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See www.sixcirclesfunds.com for most recent month-end performance.*

*The graph illustrates comparative performance for $10,000 invested in the Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and the MSCI USA Index from April 10, 2019 to December 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI USA Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.* 

*The MSCI USA Index is designed to measure the performance of the large and mid-cap segments of the US market. With 640 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the US.* 

*Fund performance may reflect the waiver of the Fund's fees and/or reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemptions or sales of Fund shares.* 

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)* 

Annual Shareholder Report 2 Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (CMEUX)

------

SIX CIRCLES FUNDS December 31, 2025

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets (in thousands) | $27458772 |
| Total number of portfolio holdings | 698 |
| Total advisory fees paid (in thousands) | $57059 |
| Portfolio turnover rate as of the end of the reporting period | 24.86% |

---

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

---

| | | |
|:---|:---|:---|
| **Sector Allocation<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** |
| ![LOGO](g72948g01a09.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 8.6% |
| ![LOGO](g72948g01a09.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 7.5 |
| ![LOGO](g72948g01a09.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 6.7 |
| ![LOGO](g72948g01a09.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | 4.0 |
| ![LOGO](g72948g01a09.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 3.3 |
| ![LOGO](g72948g01a09.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 2.8 |
| ![LOGO](g72948g01a09.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 2.8 |
| ![LOGO](g72948g01a09.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 2.6 |
| ![LOGO](g72948g01a09.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 2.1 |
| ![LOGO](g72948g01a09.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 1.9 |
| ![LOGO](g72948g01a09.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 42.3% |
| ![LOGO](g72948g01a09.jpg) |  |  |
| ![LOGO](g72948g01a09.jpg) |  |  |
| ![LOGO](g72948g01a09.jpg) |  |  |

---

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

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

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

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

Annual Shareholder Report 3 Six Circles Managed Equity Portfolio U.S. Unconstrained Fund (CMEUX)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g72948g97r04.jpg)  | &nbsp;&nbsp;&nbsp; **Annual Shareholder Report**<br> December 31, 2025 <br>|
| Six Circles Managed Equity Portfolio International<br> Unconstrained Fund (CMIUX) | Six Circles Managed Equity Portfolio International<br> Unconstrained Fund (CMIUX) |

---

This annual shareholder report contains important information about the Six Circles Managed Equity Portfolio International Unconstrained Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **www.sixcirclesfunds.com/literature**. You can also request this information by contacting us at **1-212-464-2070.**

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

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | $12 | 0.10% |

---

#### How did the Fund perform? What affected the Fund's performance?
For the year ended December 31, 2025, the Fund returned 33.34%, while the MSCI World ex-USA Index (the "Index") returned 31.85%.

- The Fund's allocation to Financials and Industrials were the leading contributors to the Fund's absolute performance.

<sup>○</sup> The Advisor believes that select companies within the Financials sector have strong fundamentals and can continue to perform well, if the expansion continues and recession is avoided.

- Real Estate and Health Care were the lowest contributing sectors to the Fund's absolute performance.

<sup>○</sup> The Advisor believes that Health Care sector exposure trades at a valuation discount relative to the broad market and has defensive-like portfolio benefits, potentially offsetting some of the more growth-oriented exposures in the Fund.

- The Fund employed equity futures in order to maintain market exposures during the reporting period. The use of equity futures contributed to the Fund's absolute performance during the reporting period.

#### Fund Performance
![LOGO](g72948g00u67.jpg)

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

------

SIX CIRCLES FUNDS December 31, 2025

**Average annual total returns:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since<br>Inception<br>(4/10/2019)** |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 33.34% | 11.47% | 10.55% |
|  MSCI World ex-USA Index | 31.85% | 9.46% | 9.48% |

---

**Performance quoted is past performance and is no guarantee of future results***. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. See www.sixcirclesfunds.com for most recent month-end performance.*

*The graph illustrates comparative performance for $10,000 invested in the Six Circles Managed Equity Portoflio International Unconstrained Fund and the MSCI World ex-USA Index from April 10, 2019 to December 31, 2025. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI World ex-USA Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.* 

*The MSCI World ex USA Index captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries\*--excluding the United States. With 1,008 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country* 

*Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)* 

Annual Shareholder Report 2 Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX)

------

SIX CIRCLES FUNDS December 31, 2025

#### Key Fund Statistics

---

| | |
|:---|:---|
| Fund's net assets (in thousands) | $12188462 |
| Total number of portfolio holdings | 2060 |
| Total advisory fees paid (in thousands) | $23093 |
| Portfolio turnover rate as of the end of the reporting period | 40.24% |

---

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

---

| | | |
|:---|:---|:---|
| **Sector Allocation<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Top Ten Holdings<sup>2</sup>** |
| ![LOGO](g72948g01a10.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 2.6% |
| ![LOGO](g72948g01a10.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 2.5 |
| ![LOGO](g72948g01a10.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco plc | 2.2 |
| ![LOGO](g72948g01a10.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA (Registered) | 2.0 |
| ![LOGO](g72948g01a10.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings plc | 2.0 |
| ![LOGO](g72948g01a10.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 1.9 |
| ![LOGO](g72948g01a10.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 1.8 |
| ![LOGO](g72948g01a10.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG | 1.8 |
| ![LOGO](g72948g01a10.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 1.7 |
| ![LOGO](g72948g01a10.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc | 1.7 |
| ![LOGO](g72948g01a10.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; Total % of Portfolio | 20.2% |
| ![LOGO](g72948g01a10.jpg)  |  |  |
| ![LOGO](g72948g01a10.jpg)  |  |  |

---

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

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

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

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

Annual Shareholder Report 3 Six Circles Managed Equity Portfolio International Unconstrained Fund (CMIUX)

------

#### Item 2. Code of Ethics.
As of the period ended December 31, 2025 (the "Reporting Period"), the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial officer, principal accounting officer or controller or persons performing similar functions. During the Reporting Period, there have been no changes to, amendments to or waivers from, any provision of the code of ethics. A copy of this code of ethics can be obtained upon request, free of charge, by calling (212) 464-2070.

#### Item 3. Audit Committee Financial Expert.
The Board of Trustees of the Registrant has determined that Neil Medugno possesses the attributes identified in Instruction (b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Neil Medugno as the Registrant's audit committee financial expert. Neil Medugno is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
The following fees paid to PricewaterhouseCoopers, LLP, the Registrant's principal accounting firm, are for services rendered for the fiscal years ended December 31, 2025, and December 31, 2024;

(a) <u>Audit Fees</u> 

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $577,620 for 2025 and $562,253 for 2024.

------

(b) <u>Audit Related Fees</u> 

The aggregate fees billed in each of the last two fiscal years for assurance and related services rendered to the Registrant by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item were $0 for 2025 and $0 for 2024.

(c) <u>Tax Fees</u> 

The aggregate fees billed in each of the last two fiscal years for professional services rendered to the Registrant by the principal accountant for tax compliance, tax advice and tax planning were $118,838 for 2025 and $117,661 for 2024. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local entity tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification.

(d) <u>All Other Fees</u> 

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were $0 for 2025 and $0 for 2024.

---

| | |
|:---|:---|
| (e)(1) | Pursuant to the Registrant's Audit Committee Charter that has been adopted by the audit committee, the audit committee shall approve all audit and permissible non-audit services to be provided to the Registrant and all permissible non-audit services to be provided to its investment adviser or any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant. The audit committee has delegated to its Chairman the approval of such services subject to reports to the full audit committee at its next subsequent meeting.  |

---

---

| | |
|:---|:---|
| (e)(2) | No percentage of the principal accountant's fees or services were approved pursuant to the waiver provision of paragraph (c) (7) (i) (C) of Rule 2-01 of Regulation S-X.  |

---

(f) Not applicable.

(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant for each of the last two fiscal years of the Registrant were $0 for 2025 and $0 for 2024.

(h) The Registrant's audit committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

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

(b) Not applicable.

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

------

## Annual Report

## SIX CIRCLES<sup>®</sup> FUNDS
December 31, 2025

Six Circles Ultra Short Duration Fund

Six Circles Tax Aware Ultra Short Duration Fund

Six Circles U.S. Unconstrained Equity Fund

Six Circles International Unconstrained Equity Fund

Six Circles Global Bond Fund

Six Circles Tax Aware Bond Fund

Six Circles Credit Opportunities Fund

Six Circles Multi-Strategy Fund

![LOGO](g859676covlogo.jpg)

------

#### CONTENTS

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#toc85967_11)\* | 1 |
| [Financial Statements](#toc85967_12)\* | 639 |
| [Financial Highlights](#toc85967_13)\* | 664 |
| [Notes to Financial Statements](#toc85967_14) | 680 |
| [Report of Independent Registered Public Accounting Firm](#toc85967_15) | 717 |
| [Tax information](#toc85967_16) | 718 |
| [Privacy Policy — Located at the back of this Annual Report](#toc85967_14b) |  |

---

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

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

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

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

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025

(Amounts 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 — 13.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — 8.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto ABS Spanish Loans FT, (Spain), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.85%), 2.74%, 09/28/2038 (aa) | EUR | 645 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoFlorence Srl, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class A, Reg. S, (EURIBOR 1 Month + 0.70%), 2.60%, 12/24/2044 (aa) | EUR | 125 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class B, Reg. S, (EURIBOR 1 Month + 0.75%), 2.65%, 12/24/2044 (aa) | EUR | 26 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Class A, Reg. S, (EURIBOR 1 Month + 0.95%), 2.84%, 12/25/2046 (aa) | EUR | 474 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Class B, Reg. S, (EURIBOR 1 Month + 2.35%), 4.24%, 12/25/2046 (aa) | EUR | 47 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autonoria Spain 2022 FT, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SP, Class A, Reg. S, (EURIBOR 1 Month + 0.84%), 2.73%, 01/25/2040 (aa) | EUR | 298 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-SP, Class B, Reg. S, (EURIBOR 1 Month + 2.00%), 3.89%, 01/26/2040 (aa) | EUR | 37 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autonoria Spain 2023 FT, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SP, Class A, Reg. S, (EURIBOR 1 Month + 0.70%), 2.59%, 09/30/2041 (aa) | EUR | 397 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SP, Class B, Reg. S, (EURIBOR 1 Month + 1.15%), 3.04%, 09/30/2041 (aa) | EUR | 57 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class A, 5.36%, 06/20/2030 (e) |  | 1500 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Auto Trust, Series 2025-1A, Class A2A, 4.52%, 11/22/2027 (e) |  | 659 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust, Series 2023-2, Class A3, 5.82%, 06/15/2028 |  | 702 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardiff Auto Receivables Securitisation plc, (United Kingdom), Series 2024-1, Class B, Reg. S, (SONIA Interest Rate Benchmark + 1.40%), 5.18%, 08/20/2031 (aa) | GBP | 264 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A3, 5.28%, 05/15/2028 |  | 626 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class A3, 6.00%, 07/17/2028 |  | 1180 | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, 4.92%, 10/16/2028 |  | 872 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A2A, 5.65%, 05/17/2027 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A3, 4.84%, 01/15/2030 |  | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A2A, 4.59%, 07/17/2028 |  | 1722 | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cars Alliance Auto Leases France, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1FRV, Class A, Reg. S, (EURIBOR 1 Month + 0.65%), 2.57%, 10/21/2038 (aa) | EUR | 341 | 401 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1FRV, Class B, Reg. S, (EURIBOR 1 Month + 1.30%), 3.22%, 10/21/2038 (aa) | EUR | 400 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-P1, Class A4, 5.94%, 01/10/2029 (e) |  | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P1, Class A3, 5.05%, 04/10/2029 (e) |  | 746 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4, Class A3, 4.64%, 01/10/2030 |  | 400 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P4, Class A2, 4.19%, 03/12/2029 |  | 2000 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizen Irish Auto Receivables Trust 2023 DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A, Reg. S, (EURIBOR 1 Month + 0.77%), 2.67%, 12/15/2032 (aa) | EUR | 106 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class B, Reg. S, (EURIBOR 1 Month + 1.40%), 3.30%, 12/15/2032 (aa) | EUR | 121 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Auto Receivables Trust, Series 2023-1, Class A3, 5.84%, 01/18/2028 (e) |  | 728 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Carat DE, (Luxembourg), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.45%), 2.34%, 11/25/2035 (aa) | EUR | 667 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC, Series 2023-1, Class A2, 5.51%, 01/22/2029 (e) |  | 69 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; FCT Autonoria DE 2023, (France), Series 2023-DE, Class B, Reg. S, (EURIBOR 1 Month + 1.15%), 3.04%, 01/26/2043 (aa) | EUR | 105 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance Ireland Auto Receivables No. 2 DAC, (Ireland), Series 2, Class A, Reg. S, (EURIBOR 1 Month + 0.68%), 2.62%, 11/14/2034 (aa) | EUR | 774 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Auto Securitization Trust II, (Canada), Series 2024-BA, Class A2, 3.72%, 11/15/2028 (e) | CAD | 1834 | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust, Series 2024-B, Class A2B, (United States 30 Day Average SOFR + 0.40%), 4.38%, 02/15/2027 (aa) |  | 112 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D, Class A3, 5.27%, 05/17/2027 |  | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, SUB, 4.87%, 08/15/2036 (e) |  | 789 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A2A, 4.32%, 08/15/2027 |  | 613 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.07%, 07/15/2029 |  | 829 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2A, 3.88%, 06/15/2028 |  | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust / Ford Credit, Series 2025-1, Class A, SUB, 4.86%, 08/15/2037 (e) |  | 960 | 987 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 1

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Asset-Backed Securities — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class A2, (United States 30 Day Average SOFR + 1.25%), 5.23%, 05/15/2028 (e) (aa) |  | 1290 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A2A, 4.29%, 01/20/2027 |  | 557 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2A, 4.54%, 05/20/2027 |  | 1447 | 1451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A2A, 4.55%, 07/20/2027 |  | 734 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A3, 4.47%, 02/16/2028 |  | 170 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class A3, 5.78%, 08/16/2028 |  | 706 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, 4.85%, 12/18/2028 |  | 779 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class A2A, 4.53%, 10/18/2027 |  | 325 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class A3, 4.40%, 08/16/2029 |  | 2554 | 2573 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMF Floorplan Owner Revolving Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A1, 5.34%, 06/15/2028 (e) |  | 1500 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4A, Class A1, 4.73%, 11/15/2029 (e) |  | 945 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Bar Securitisation Srl, (Italy), Series 2023-2, Class B, Reg. S, (EURIBOR 3 Month + 2.90%), 4.94%, 09/22/2043 (aa) | EUR | 200 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A2, 4.62%, 08/16/2027 |  | 248 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.71%, 07/17/2028 |  | 409 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.49%, 06/25/2027 (e) |  | 1700 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hill FL 2024-1BV, (Netherlands), Series 2024-1FL, Class B, Reg. S, (EURIBOR 1 Month + 1.10%), 3.04%, 02/18/2032 (aa) | EUR | 137 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hill FL 2024-2 BV, (Netherlands), Series 2024-2FL, Class A, Reg. S, (EURIBOR 1 Month + 0.72%), 2.66%, 10/18/2032 (aa) | EUR | 482 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Auto Receivables Owner Trust, Series 2025-3, Class A3, 4.04%, 02/21/2030 |  | 1895 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2A, 4.58%, 09/15/2027 (e) |  | 988 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C, Class A2A, 4.37%, 01/18/2028 (e) |  | 1000 | 1004 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 4.58%, 04/15/2027 |  | 86 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 4.99%, 02/15/2029 |  | 3189 | 3216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 4.84%, 03/15/2029 |  | 1787 | 1807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.41%, 05/15/2029 |  | 1921 | 1936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koromo Italy Srl, (Italy), Series 1, Class A, Reg. S, (EURIBOR 1 Month + 0.80%), 2.69%, 02/26/2035 (aa) | EUR | 14 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; LT Autorahoitus V DAC, (Ireland), Series 5, Class B, Reg. S, (EURIBOR 1 Month + 0.90%), 2.84%, 05/18/2035 (aa) | EUR | 400 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp; LT Rahoitus 2025-1 DAC, (Ireland), Series 6, Class A, Reg. S, (EURIBOR 1 Month + 0.54%), 2.48%, 07/18/2036 (aa) | EUR | 419 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust, Series 2024-B, Class A2A, 4.57%, 12/15/2026 |  | 99 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3, 4.51%, 11/15/2027 |  | 255 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metro Finance Trust, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A1, (BBSW ASX Australian 1 Month + 1.75%), 5.30%, 09/19/2028 (aa) | AUD | 526 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, Reg. S, (BBSW ASX Australian 1 Month + 1.25%), 4.81%, 09/17/2030 (aa) | AUD | 299 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Auto Lease Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 4.92%, 11/15/2027 |  | 500 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2B, (United States 30 Day Average SOFR + 0.45%), 4.43%, 11/15/2027 (aa) |  | 811 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2A, 4.44%, 03/15/2028 |  | 2195 | 2205 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Direct Auto Receivables Trust, Series 2022-1A, Class A2, (United States 30 Day Average SOFR + 1.60%), 5.58%, 03/14/2029 (e) (aa) |  | 107 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar US Funding XVII LLC, Series 2024-2A, Class A2, 4.63%, 12/10/2027 (e) |  | 506 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panorama Auto Trust, (Australia), Series 2025-1, Class A, Reg. S, (BBSW ASX Australian 1 Month + 0.97%), 4.52%, 03/15/2033 (aa) | AUD | 412 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pony SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.52%), 2.46%, 01/14/2033 (aa) | EUR | 596 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, Reg. S, (EURIBOR 1 Month + 0.85%), 2.79%, 01/14/2033 (aa) | EUR | 90 | 105 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 2 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Asset-Backed Securities — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Financial Auto Securitization Trust, Series 2024-1A, Class A3, 4.44%, 01/22/2030 (e) |  | 2049 | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red & Black Auto Germany UG, (Germany), Series 10, Class B, Reg. S, (EURIBOR 1 Month + 1.20%), 3.14%, 09/15/2032 (aa) | EUR | 63 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red & Black Auto Italy Srl, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class A1, Reg. S, (EURIBOR 1 Month + 1.00%), 2.89%, 07/28/2034 (aa) | EUR | 306 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Class B, Reg. S, (EURIBOR 1 Month + 1.80%), 3.69%, 07/28/2034 (aa) | EUR | 64 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; RevoCar UG, (Germany), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.56%), 2.48%, 02/21/2037 (aa) | EUR | 368 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBNA Auto Lease Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 5.56%, 11/22/2027 (e) |  | 820 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.56%, 02/22/2028 (e) |  | 787 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp; SFS Auto Receivables Securitization Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A3, 5.33%, 11/20/2029 (e) |  | 932 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A3, 4.44%, 12/20/2030 (e) |  | 885 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla Lease Electric Vehicle Securitization LLC, Series 2025-A, Class A2, 4.14%, 06/20/2028 (e) |  | 1100 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Loan Extended Note Trust, Series 2025-1A, Class A, 4.65%, 05/25/2038 (e) |  | 1596 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A3, 3.76%, 04/15/2027 |  | 119 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 4.63%, 09/15/2027 |  | 68 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 4.83%, 10/16/2028 |  | 3432 | 3454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Lease Owner Trust, Series 2025-A, Class A2A, 4.58%, 07/20/2027 (e) |  | 1148 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upgrade Auto Receivables Trust, Series 2025-1A, Class A2, 4.54%, 05/15/2029 (e) |  | 600 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Automobile ABS |  |  | 71875 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Credit Card ABS — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A, 4.80%, 05/15/2030 |  | 900 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A, 5.24%, 04/15/2031 |  | 1990 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 4.56%, 12/17/2029 |  | 2210 | 2246 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Credit Card ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compartment BL Consumer Credit 2024, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.63%), 2.52%, 09/25/2041 (aa) | EUR | 321 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class B, Reg. S, (EURIBOR 1 Month + 0.90%), 2.79%, 09/25/2041 (aa) | EUR | 292 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Credit Card Trust, Series 2021-1A, Class A, 1.14%, 08/15/2028 (e) |  | 1500 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Credit Card Trust, (Canada), Series 2022-1A, Class A, 1.97%, 01/15/2029 (e) |  | 1000 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newday Funding Master Issuer plc, (United Kingdom), Series 2025-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.85%), 4.80%, 04/15/2033 (aa) | GBP | 599 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewDay Funding, (United Kingdom), Series 2024-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.18%), 5.02%, 03/15/2032 (aa) | GBP | 534 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC, Series 2023-A1, Class A, 5.54%, 07/15/2029 |  | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trillium Credit Card Trust II, Series 2025-1A, Class A, (United States SOFR + 0.59%), 4.30%, 09/26/2030 (e) (aa) |  | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Credit Card ABS |  |  | 11962 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brignole Co., (Italy), Series 2024, Class A, Reg. S, (EURIBOR 1 Month + 0.78%), 2.68%, 02/24/2042 (aa) | EUR | 324 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Equipment Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A3, 4.77%, 06/15/2029 |  | 398 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.03%, 01/15/2030 |  | 275 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.69%, 08/22/2030 (e) |  | 826 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp; DLLAA LLC, Series 2025-1A, Class A2, 4.70%, 10/20/2027 (e) |  | 761 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dryden 49 Senior Loan Fund, (Cayman Islands), Series 2017-49A, Class AR, (CME Term SOFR 3 Month + 1.21%), 5.10%, 07/18/2030 (e) (aa) |  | 227 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class A2, 5.12%, 03/25/2060 (e) |  | 198 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 4.61%, 12/15/2027 (e) |  | 265 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A3, 4.67%, 06/15/2029 (e) |  | 599 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Park Funding XXXIII Ltd., (Cayman Islands), Series 2019-33A, Class AR, (CME Term SOFR 3 Month + 1.29%), 5.19%, 10/15/2032 (e) (aa) |  | 246 | 246 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 3

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Asset-Backed Securities — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust, Series 2023-2A, Class A2, (United States 30 Day Average SOFR + 1.50%), 5.48%, 09/15/2036 (e) (aa) |  | 1452 | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series 2025-6, Class A1, 4.25%, 09/15/2026 (e) |  | 1576 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp; PEAC Solutions Receivables LLC, Series 2025-1A, Class A2, 4.94%, 10/20/2028 (e) |  | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockford Tower CLO 2017-3 Ltd., (Cayman Islands), Series 2017-3A, Class A, (CME Term SOFR 3 Month + 1.45%), 5.34%, 10/20/2030 (e) (aa) |  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; SC Germany SA Compartment Consumer, (Germany), Series 2025-1, Class B, Reg. S, (EURIBOR 1 Month + 0.95%), 2.89%, 12/14/2038 (aa) | EUR | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; SC Germany SA Compartment Consumer, (Luxembourg), Series 2020-1, Class C, Reg. S, (EURIBOR 1 Month + 1.75%), 3.69%, 11/14/2034 (aa) | EUR | 51 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; TAGUS - Sociedade de Titularizacao de Creditos SA / Viriato Finance No. 1, (Portugal), Series 1, Class B, Reg. S, (EURIBOR 1 Month + 0.95%), 2.84%, 10/28/2040 (aa) | EUR | 129 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla Sustainable Energy Trust, Series 2024-1A, Class A2, 5.08%, 06/21/2050 (e) |  | 396 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6, Class A1B, (United States 30 Day Average SOFR + 0.67%), 4.59%, 08/20/2030 (aa) |  | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A, 4.71%, 01/21/2031 |  | 1500 | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Youni Italy Srl, (Italy), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.88%), 2.77%, 04/25/2034 (aa) | EUR | 294 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Other ABS |  |  | 11990 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Student Loan ABS — 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e) |  | 497 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Private Education Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-AA, Class A2A, 3.91%, 12/15/2045 (e) |  | 152 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BX, Class A2B, Reg. S, (CME Term SOFR 1 Month + 0.83%), 4.58%, 12/15/2059 (aa) |  | 43 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 1.01%), 4.76%, 11/15/2068 (e) (aa) |  | 854 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Private Education Refi Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-D, Class A2B, (CME Term SOFR 1 Month + 1.16%), 4.91%, 12/15/2059 (e) (aa) |  | 164 | 164 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Student Loan ABS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GA, Class A, 2.40%, 10/15/2068 (e) | 69 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IA, Class A1B, (CME Term SOFR 1 Month + 1.11%), 4.86%, 04/15/2069 (e) (aa) | 103 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class A, (Prime Rate + -1.99%), 4.76%, 04/15/2060 (e) (aa) | 238 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Student Loan Trust, Series 2019-BA, Class A2B, (CME Term SOFR 1 Month + 1.09%), 4.84%, 12/15/2059 (e) (aa) | 97 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, (United States 30 Day Average SOFR + 1.01%), 4.89%, 06/27/2067 (e) (aa) | 423 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CA, Class AFL, (CME Term SOFR 1 Month + 0.85%), 4.59%, 04/20/2062 (e) (aa) | 481 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class A1A, 4.84%, 05/17/2055 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CA, Class A1B, (United States 30 Day Average SOFR + 1.35%), 5.27%, 06/22/2065 (e) (aa) | 860 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DA, Class A1A, 4.65%, 08/20/2054 (e) | 500 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prodigy Finance DAC, (Ireland), Series 2021-1A, Class A, (CME Term SOFR 1 Month + 1.36%), 5.09%, 07/25/2051 (e) (aa) | 29 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 0.94%), 4.69%, 09/15/2037 (e) (aa) | 233 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e) | 205 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A2A1, (CME Term SOFR 1 Month + 0.84%), 4.59%, 01/15/2053 (e) (aa) | 1175 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class APL, 0.00%, 01/15/2053 (e) (z) | 129 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D, Class A1B, (CME Term SOFR 1 Month + 0.71%), 4.46%, 03/17/2053 (e) (aa) | 102 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A1B, (United States 30 Day Average SOFR + 1.45%), 5.43%, 02/16/2055 (e) (aa) | 1028 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A1B, (United States 30 Day Average SOFR + 1.85%), 5.83%, 05/16/2050 (e) (aa) | 151 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D, Class A1B, (United States 30 Day Average SOFR + 1.80%), 5.78%, 10/15/2058 (e) (aa) | 1599 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A1A, 5.38%, 01/15/2053 (e) | 117 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-D, Class A1B, (United States 30 Day Average SOFR + 1.65%), 5.63%, 09/15/2053 (e) (aa) | 695 | 707 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 4 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Asset-Backed Securities — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Student Loan ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1B, (United States 30 Day Average SOFR + 1.45%), 5.43%, 03/15/2056 (e) (aa) |  | 157 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Asset Trust, Series 2021-SL1, Class A2, (CME Term SOFR 1 Month + 0.81%), 4.55%, 11/20/2061 (e) (aa) |  | 52 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Student Loan ABS |  |  | 10600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $104,725) |  |  | 106427 |
|  **Certificates of Deposit — 0.1%** | **Certificates of Deposit — 0.1%** | **Certificates of Deposit — 0.1%** | **Certificates of Deposit — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.85%), 4.56%, 09/14/2026 (aa) | AUD | 500 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp; MUFG Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.87%), 4.52%, 02/17/2026 (aa) | AUD | 800 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  |  | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Certificates of Deposit<br>(Cost $859) |  |  | 869 |
|  **Collateralized Mortgage Obligations — 7.0%** | **Collateralized Mortgage Obligations — 7.0%** | **Collateralized Mortgage Obligations — 7.0%** | **Collateralized Mortgage Obligations — 7.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — 5.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMICS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5426, Class BF, (United States 30 Day Average SOFR + 0.90%), 5.11%, 04/15/2049 (aa) |  | 352 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5480, Class FG, (United States 30 Day Average SOFR + 1.15%), 5.02%, 12/25/2054 (aa) |  | 543 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5493, Class FK, (United States 30 Day Average SOFR + 1.15%), 5.02%, 01/25/2055 (aa) |  | 550 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5499, Class FH, (United States 30 Day Average SOFR + 1.20%), 5.07%, 02/25/2055 (aa) |  | 277 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5508, Class DF, (United States 30 Day Average SOFR + 1.00%), 4.87%, 02/25/2055 (aa) |  | 690 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5508, Class FC, (United States 30 Day Average SOFR + 1.00%), 4.87%, 02/25/2055 (aa) |  | 660 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5517, Class FE, (United States 30 Day Average SOFR + 0.95%), 4.82%, 03/25/2055 (aa) |  | 1589 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5517, Class MF, (United States 30 Day Average SOFR + 0.95%), 4.82%, 03/25/2055 (aa) |  | 575 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5528, Class FA, (United States 30 Day Average SOFR + 0.87%), 4.74%, 04/25/2055 (aa) |  | 1296 | 1300 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5532, Class FA, (United States 30 Day Average SOFR + 0.95%), 4.82%, 04/25/2055 (aa) | 1302 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5534, Class FM, (United States 30 Day Average SOFR + 0.93%), 4.80%, 05/25/2055 (aa) | 1145 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5546, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.87%, 06/25/2055 (aa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5548, Class AF, (United States 30 Day Average SOFR + 1.00%), 4.87%, 06/25/2055 (aa) | 1318 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5549, Class CF, (United States 30 Day Average SOFR + 1.00%), 4.87%, 10/25/2052 (aa) | 923 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5549, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.12%, 06/25/2055 (aa) | 1275 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.87%, 06/25/2055 (aa) | 531 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5564, Class FB, (United States 30 Day Average SOFR + 1.20%), 5.07%, 08/25/2055 (aa) | 1158 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5565, Class FA, (United States 30 Day Average SOFR + 1.15%), 5.02%, 08/25/2055 (aa) | 756 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5565, Class FB, (United States 30 Day Average SOFR + 0.95%), 4.82%, 08/25/2055 (aa) | 492 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5567, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.87%, 08/25/2055 (aa) | 1076 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5601, Class F, (United States 30 Day Average SOFR + 0.90%), 4.77%, 11/25/2055 (aa) | 494 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3, Class FB, (United States 30 Day Average SOFR + 0.46%), 4.34%, 02/25/2046 (aa) | 552 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-82, Class W, 6.27%, 11/25/2058 (z) | 160 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-29, Class FC, (United States 30 Day Average SOFR + 0.91%), 5.12%, 05/25/2050 (aa) | 934 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-8, Class D, 2.00%, 08/25/2038 | 827 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-46, Class FA, (United States 30 Day Average SOFR + 1.30%), 5.17%, 10/25/2053 (aa) | 899 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.01%, 01/25/2051 (aa) | 687 | 688 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 5

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-95, Class KF, (United States 30 Day Average SOFR + 1.10%), 4.97%, 12/25/2054 (aa) | 322 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-100, Class FA, (United States 30 Day Average SOFR + 1.10%), 4.97%, 06/25/2054 (aa) | 543 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-101, Class FB, (United States 30 Day Average SOFR + 1.10%), 4.97%, 01/25/2055 (aa) | 700 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-103, Class FC, (United States 30 Day Average SOFR + 1.15%), 5.02%, 01/25/2055 (aa) | 814 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-104, Class FA, (United States 30 Day Average SOFR + 1.05%), 4.92%, 01/25/2055 (aa) | 818 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class FD, (United States 30 Day Average SOFR + 1.20%), 5.07%, 02/25/2055 (aa) | 283 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.12%, 02/25/2055 (aa) | 362 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18, Class FA, (United States 30 Day Average SOFR + 0.95%), 4.82%, 11/25/2053 (aa) | 640 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18, Class FM, (United States 30 Day Average SOFR + 0.90%), 4.77%, 09/25/2054 (aa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234 | 3244 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H04, Class FA, (CME Term SOFR 1 Month + 0.76%), 4.76%, 12/20/2064 (aa) | 425 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H02, Class FH, (CME Term SOFR 1 Year + 1.22%), 5.45%, 01/20/2067 (aa) | 412 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H18, Class FC, (CME Term SOFR 1 Month + 0.46%), 4.46%, 08/20/2065 (aa) | 134 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-54, Class KF, (CME Term SOFR 1 Month + 0.53%), 4.41%, 05/20/2044 (aa) | 222 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 5.42%, 06/20/2071 (aa) | 1318 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa) | 731 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 4.27%, 01/20/2072 (aa) | 684 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 4.82%, 01/20/2073 (aa) | 484 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H12, Class FA, (United States 30 Day Average SOFR + 1.00%), 4.92%, 05/20/2073 (aa) | 1555 | 1574 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H26, Class DF, (United States 30 Day Average SOFR + 0.30%), 4.22%, 09/20/2073 (aa) |  | 523 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 5.02%, 11/20/2073 (aa) |  | 434 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13, Class FA, (United States 30 Day Average SOFR + 0.95%), 4.87%, 01/20/2054 (aa) |  | 120 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.82%, 01/20/2074 (aa) |  | 935 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 4.85%, 01/20/2074 (aa) |  | 900 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-204, Class FH, (United States 30 Day Average SOFR + 0.95%), 4.89%, 12/20/2055 (aa) |  | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H18, Class FL, (United States 30 Day Average SOFR + 0.70%), 4.62%, 08/20/2075 (aa) |  | 890 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H20, Class FA, (United States 30 Day Average SOFR + 0.77%), 4.69%, 09/20/2075 (aa) |  | 251 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H22, Class F, (United States 30 Day Average SOFR + 0.78%), 4.70%, 10/20/2075 (aa) |  | 249 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Collateral CMO |  |  | 41275 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral PAC CMO — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMICS, Series 5584, Class DF, (United States 30 Day Average SOFR + 0.90%), 4.77%, 10/25/2055 (aa) |  | 481 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-121, Class PE, 3.00%, 07/20/2046 |  | 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-89, Class PF, (United States 30 Day Average SOFR + 0.95%), 4.87%, 05/20/2055 (aa) |  | 293 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Collateral PAC CMO |  |  | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Funding plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.85%), 4.64%, 09/20/2061 (aa) | GBP | 408 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.80%), 4.59%, 07/20/2062 (aa) | GBP | 398 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avon Finance, (United Kingdom), Series 4A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 4.64%, 12/28/2049 (e) (aa) | GBP | 502 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Braccan Mortgage Funding plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.84%), 4.70%, 02/15/2067 (aa) | GBP | 720 | 972 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 6 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheshire plc, (United Kingdom), Series 2025-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.80%), 4.80%, 06/28/2048 (aa) | GBP | 1404 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.02%), 4.75%, 04/28/2060 (aa) | GBP | 642 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust, Series 2021-RPL4, Class A1, 4.15%, 12/27/2060 (e) (z) |  | 228 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutch Property Finance BV, (Netherlands), Series 2022-1, Class A, Reg. S, (EURIBOR 3 Month + 0.75%), 2.82%, 10/28/2059 (aa) | EUR | 555 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Economic Master Issuer plc, (United Kingdom), Series 2023-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.56%), 4.29%, 06/25/2074 (aa) | GBP | 195 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Firstmac Mortgage Funding Trust No. 4, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, Reg. S, (BBSW ASX Australian 1 Month + 0.73%), 4.28%, 09/24/2052 (aa) | AUD | 224 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class A1, Reg. S, (BBSW ASX Australian 1 Month + 1.08%), 4.63%, 02/18/2056 (aa) | AUD | 301 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z) |  | 194 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holmes Master Issuer plc, (United Kingdom), Series 2023-1X, Class A1, Reg. S, (SONIA Interest Rate Benchmark + 0.58%), 4.52%, 10/15/2072 (aa) | GBP | 666 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 5.75%, 07/25/2061 (e) |  | 898 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z) |  | 222 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM8, Class A1, 4.96%, 09/25/2070 (e) (z) |  | 194 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z) |  | 73 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z) |  | 194 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z) |  | 229 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM16, Class A1, SUB, 5.53%, 10/25/2064 (e) |  | 276 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sapphire XXII Series Trust, (Australia), Series 2025-1, Class A1L, Reg. S, (BBSW ASX Australian 1 Month + 1.10%), 4.65%, 06/14/2066 (aa) | AUD | 1017 | 680 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Silverstone Master Issuer plc, (United Kingdom), Series 2023-1, Class 2A, Reg. S, (SONIA Interest Rate Benchmark + 0.50%), 4.43%, 01/21/2070 (aa) | GBP | 635 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z) |  | 68 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-INV1, Class A1, 1.03%, 11/25/2055 (e) (z) |  | 42 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z) |  | 106 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Funding 2024 - Granite 6 plc, (United Kingdom), Series 2024-GR6A, Class A1, (SONIA Interest Rate Benchmark + 0.93%), 4.86%, 07/20/2053 (e) (aa) | GBP | 672 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (CME Term SOFR 1 Month + 1.11%), 4.85%, 05/25/2058 (e) (aa) |  | 129 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triton Bond Trust in respect of Series 1, (Australia), Series 2021-2, Class A1AU, (BBSW ASX Australian 1 Month + 0.70%), 4.25%, 02/09/2053 (aa) | AUD | 180 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verus Securitization Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, 5.10%, 09/25/2069 (e) (z) |  | 368 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R1, Class A1A, SUB, 5.40%, 05/25/2065 (e) |  | 922 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total WL Collateral CMO |  |  | 14319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations<br>(Cost $56,027) |  |  | 56440 |
|  **Commercial Mortgage-Backed Securities — 2.2%** | **Commercial Mortgage-Backed Securities — 2.2%** | **Commercial Mortgage-Backed Securities — 2.2%** | **Commercial Mortgage-Backed Securities — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES Trust, Series 2025-IND3, Class A, (CME Term SOFR 1 Month + 1.50%), 5.25%, 04/15/2042 (e) (aa) |  | 405 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAY Mortgage Trust, Series 2025-LIVN, Class A, (CME Term SOFR 1 Month + 1.80%), 5.55%, 05/15/2035 (e) (aa) |  | 514 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, Series 2024-5C31, Class A3, 5.61%, 12/15/2057 |  | 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.63%, 12/15/2057 (z) |  | 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMP, Series 2024-MF23, Class A, (CME Term SOFR 1 Month + 1.37%), 5.12%, 06/15/2041 (e) (aa) |  | 690 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 5.11%, 09/15/2036 (e) (aa) |  | 500 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CSMO, Class A, (CME Term SOFR 1 Month + 2.11%), 5.86%, 06/15/2027 (e) (aa) |  | 800 | 801 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 7

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BRBK, Class A, (CME Term SOFR 1 Month + 2.88%), 6.61%, 10/15/2041 (e) (aa) | 241 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MF, Class A, (CME Term SOFR 1 Month + 1.44%), 5.19%, 02/15/2039 (e) (aa) | 947 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class A, (CME Term SOFR 1 Month + 1.44%), 5.19%, 02/15/2039 (e) (aa) | 850 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL5, Class A, (CME Term SOFR 1 Month + 1.39%), 5.14%, 03/15/2041 (e) (aa) | 296 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class A, (CME Term SOFR 1 Month + 1.44%), 5.19%, 04/15/2041 (e) (aa) | 111 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PAT, Class A, (CME Term SOFR 1 Month + 2.09%), 5.84%, 03/15/2041 (e) (aa) | 270 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4, Class A, (CME Term SOFR 1 Month + 1.49%), 5.24%, 06/15/2041 (e) (aa) | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class A, (CME Term SOFR 1 Month + 0.99%), 4.74%, 02/15/2039 (e) (aa) | 530 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Series 2024-WCL1, Class A, (CME Term SOFR 1 Month + 1.84%), 5.59%, 06/15/2041 (e) (aa) | 420 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONE Trust, Series 2024-DFW1, Class A, (CME Term SOFR 1 Month + 1.64%), 5.39%, 08/15/2041 (e) (aa) | 220 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC, Series 2021-BHAR, Class A, (CME Term SOFR 1 Month + 1.26%), 5.02%, 11/15/2038 (e) (aa) | 699 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp; ELM Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class A10, 5.80%, 06/10/2039 (e) (z) | 800 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-ELM, Class A15, 5.80%, 06/10/2039 (e) (z) | 800 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp; INTOWN Mortgage Trust, Series 2025-STAY, Class A, (CME Term SOFR 1 Month + 1.35%), 5.10%, 03/15/2042 (e) (aa) | 624 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp; INV Mortgage Trust, Series 2024-IND, Class A, (CME Term SOFR 1 Month + 1.74%), 5.49%, 11/15/2041 (e) (aa) | 190 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp; LUX, Series 2023-LION, Class A, (CME Term SOFR 1 Month + 2.69%), 6.44%, 08/15/2040 (e) (aa) | 185 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 09/10/2039 (e) | 255 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 4.82%, 12/15/2034 (e) (aa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | 1129 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (CME Term SOFR 1 Month + 1.11%), 4.87%, 05/15/2036 (e) (aa) |  | 700 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, (CME Term SOFR 1 Month + 1.40%), 5.16%, 03/15/2039 (e) (aa) |  | 1100 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRM5 Trust, Series 2025-PRM5, Class A, 4.47%, 03/10/2033 (e) (z) |  | 504 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCG Commercial Mortgage Trust, Series 2025-DLFN, Class A, (CME Term SOFR 1 Month + 1.20%), 4.95%, 03/15/2035 (e) (aa) |  | 285 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMRT, Series 2022-MINI, Class A, (CME Term SOFR 1 Month + 1.00%), 4.75%, 01/15/2039 (e) (aa) |  | 350 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taurus 2025-2 UK DAC, (Ireland), Series 2025-UK2X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.50%), 5.35%, 02/18/2035 (aa) | GBP | 281 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thunder Logistics DAC, (Ireland), Series 2024-1X, Class A, Reg. S, (EURIBOR 3 Month + 1.50%), 3.56%, 11/17/2036 (aa) | EUR | 299 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; UK Logistics DAC, (Ireland), Series 2024-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.65%), 5.51%, 05/17/2034 (aa) | GBP | 130 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vita Scientia DAC, (Ireland), Series 2022-1X, Class A, Reg. S, (EURIBOR 3 Month + 1.30%), 3.37%, 02/27/2033 (aa) | EUR | 1000 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEST Trust, Series 2025-ROSE, Class A, 5.28%, 04/10/2035 (e) (z) |  | 438 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial MBS |  |  | 17967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $18,169) |  |  | 17967 |
|  **Corporate Bonds — 51.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc.,<br>1.65%, 10/15/2027 |  | 1310 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2028 |  | 1160 | 1159 |
|  |  |  | 2418 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding LLC,<br>1.63%, 04/27/2026 (e) |  | 2900 | 2876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/27/2027 (e) |  | 747 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 04/04/2029 (e) |  | 805 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/06/2028 (e) |  | 1935 | 2031 |
|  |  |  | 6482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  |  | 8900 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 8 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc., 3.90%, 11/20/2028 | 980 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc., 5.88%, 11/15/2028 | 945 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc., 4.50%, 08/15/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | 2200 |
|  |  | 4178 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications Operating Capital,<br>2.25%, 01/15/2029 | 830 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/2028 | 1285 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp.,<br>3.15%, 03/01/2026 | 1402 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/2027 | 865 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cox Communications, Inc., 3.35%, 09/15/2026 (e) | 900 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., 4.71%, 01/25/2029 | 300 | 304 |
|  |  | 5542 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc.,<br>1.70%, 03/25/2026 | 1610 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/2027 | 3045 | 2976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/15/2026 | 1410 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT Corp., (South Korea), 4.38%, 01/03/2029 (e) | 1500 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT Finance Corp., (Japan),<br>1.16%, 04/03/2026 (e) | 4585 | 4551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/02/2027 (e) | 1100 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., (Canada), 3.20%, 03/15/2027 | 2210 | 2188 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.,<br>1.50%, 02/15/2026 | 540 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2026 | 6270 | 6256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/2027 | 3415 | 3405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/15/2028 | 1535 | 1563 |
|  |  | 27107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 36827 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines 2014-1 Class A Pass Through Trust, Series A, 3.70%, 10/01/2026 | 263 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co., 3.00%, 11/15/2026 | 300 | 297 |
|  |  | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Honda Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.73%), 4.47%, 03/08/2027 (aa) | 1100 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.73%), 4.54%, 08/13/2027 (aa) | 2000 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMW US Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.78%), 4.50%, 03/19/2027 (e) (aa) | 200 | 201 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.80%), 4.61%, 08/13/2026 (e) (aa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.92%), 4.65%, 03/21/2028 (e) (aa) | 400 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, 4.65%, 10/12/2030 (e) | 2100 | 2117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC,<br>2.70%, 08/10/2026 | 1150 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/05/2027 | 1900 | 1924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.95%), 6.69%, 03/06/2026 (aa) | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., 5.40%, 04/06/2026 | 700 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.99%), 4.72%, 03/25/2027 (e) (aa) | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 1.04%), 4.77%, 06/24/2027 (aa) | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 1.50%), 5.49%, 01/08/2027 (aa) | 900 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 0.78%), 4.51%, 04/01/2027 (aa) | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.63%), 4.52%, 07/31/2026 (e) (aa) | 1400 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/31/2026 (e) | 1120 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/09/2026 (e) | 2080 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 (e) | 900 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp., 4.80%, 01/05/2026 | 3265 | 3265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.83%), 4.55%, 03/20/2026 (e) (aa) | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.06%), 4.87%, 08/14/2026 (e) (aa) | 480 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/14/2026 (e) | 600 | 602 |
|  |  | 24849 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., (Liberia), 5.50%, 08/31/2026 (e) | 2000 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., 5.90%, 06/01/2027 | 650 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  | 28075 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc., 4.88%, 02/04/2028 | 4540 | 4616 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT Capital Corp.,<br>3.22%, 09/06/2026 | 3525 | 3507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/15/2027 | 2455 | 2437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/02/2027 | 2750 | 2769 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 9

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT International Finance plc, (United Kingdom),<br>1.67%, 03/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | 2685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/16/2028 | 1140 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance plc, (United Kingdom),<br>3.50%, 07/26/2026 (e) | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/30/2028 (e) | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc., (Japan), 4.85%, 05/15/2028 (e) | 1850 | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc.,<br>3.88%, 10/27/2028 | 1210 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/28/2028 | 975 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/01/2027 | 870 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/17/2027 | 1985 | 2028 |
|  |  | 24543 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., (United States SOFR + 0.58%), 4.39%, 11/15/2026 (aa) | 600 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA, (France), 3.25%, 06/08/2026 (e) | 600 | 600 |
|  |  | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc., 2.20%, 02/21/2027 | 1640 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc.,<br>1.20%, 03/01/2026 | 2500 | 2488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2028 | 1665 | 1669 |
|  |  | 4157 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc., 4.85%, 11/01/2028 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mars, Inc., 4.45%, 03/01/2027 (e) | 2040 | 2055 |
|  |  | 3067 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare - Services — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., 1.50%, 03/15/2026 | 1875 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc.,<br>3.13%, 03/15/2027 | 8470 | 8383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.87%), 4.64%, 03/01/2028 (aa) | 700 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 | 2065 | 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/2026 | 2000 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc.,<br>1.35%, 02/03/2027 | 900 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2028 | 1530 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holdings, Inc., 2.63%, 05/15/2026 (e) | 1866 | 1857 |
|  |  | 19370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 53946 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets America, Inc., 3.02%, 01/16/2027 | 955 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., (Canada), 3.85%, 06/01/2027 | 1300 | 1297 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., 5.20%, 04/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4855 | 4926 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp.,<br>3.90%, 10/01/2027 | 2560 | 2549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/2029 | 920 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/01/2028 | 1325 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2027 | 1906 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., 5.00%, 08/01/2027 | 830 | 845 |
|  |  | 14797 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027 | 4390 | 4433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc., (Canada), 5.25%, 04/05/2027 | 1295 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., 5.55%, 11/01/2026 | 3220 | 3255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC,<br>4.20%, 03/15/2028 | 1215 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027 | 7610 | 7662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/2026 | 461 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp., 5.20%, 07/01/2027 | 1990 | 2022 |
|  |  | 20363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 35160 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 20.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 16.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, (Netherlands), (SOFR Compounded Index + 1.00%), 4.75%, 12/03/2028 (e) (aa) | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA, (Spain), (United States SOFR + 1.12%), 5.10%, 07/15/2028 (aa) | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.32%), 3.56%, 04/23/2027 (aa) | 2400 | 2396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.77%), 3.71%, 04/24/2028 (aa) | 1105 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.47%), 3.97%, 02/07/2030 (aa) | 875 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.11%), 4.62%, 05/09/2029 (aa) | 1755 | 1779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa) | 2815 | 2855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.29%), 5.08%, 01/20/2027 (aa) | 3785 | 3787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.34%), 5.93%, 09/15/2027 (aa) | 4360 | 4416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.99%), 6.20%, 11/10/2028 (aa) | 1290 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, (Canada), (SOFR Compounded Index + 0.88%), 4.61%, 09/10/2027 (aa) | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, (France), 5.90%, 07/13/2026 (e) | 1300 | 1313 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 10 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc, (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.49%), 5.22%, 03/12/2028 (aa) | 450 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.88%), 5.60%, 09/13/2027 (aa) | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.21%), 5.83%, 05/09/2027 (aa) | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, (France), (United States SOFR + 1.00%), 1.32%, 01/13/2027 (e) (aa) | 800 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE SA, (France), (SOFR Compounded Index + 1.98%), 5.92%, 10/19/2027 (e) (aa) | 800 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.80%), 4.54%, 09/08/2028 (aa) | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.72%), 4.69%, 01/13/2028 (aa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/14/2030 (e) | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA,<br>4.58%, 05/29/2027 | 4300 | 4345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.06%), 4.81%, 12/04/2026 (aa) | 800 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 08/06/2026 | 625 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.41%), 3.52%, 10/27/2028 (aa) | 1670 | 1655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.65%), 3.67%, 07/24/2028 (aa) | 1250 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.14%), 4.64%, 05/07/2028 (aa) | 7570 | 7632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.87%), 4.79%, 03/04/2029 (aa) | 850 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.36%), 5.17%, 02/13/2030 (aa) | 835 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, (Netherlands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.55%), 1.11%, 02/24/2027 (e) (aa) | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.73%), 1.98%, 12/15/2027 (e) (aa) | 2100 | 2058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA, (France), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.87%), 4.60%, 03/11/2027 (e) (aa) | 1400 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 0.87%), 4.60%, 03/11/2027 (aa) | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG, (Germany), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.22%), 2.31%, 11/16/2027 (aa) | 700 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.22%), 5.03%, 11/16/2027 (aa) | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.52%), 7.15%, 07/13/2027 (aa) | 1100 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.75%), 4.54%, 05/21/2027 (aa) | 2000 | 2003 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.78%), 5.28%, 03/18/2027 (aa) | 2110 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.75%), 5.41%, 05/21/2027 (aa) | 1030 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa) | 2325 | 2286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.11%), 2.64%, 02/24/2028 (aa) | 985 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.85%), 3.62%, 03/15/2028 (aa) | 2040 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.90%), 4.15%, 10/21/2029 (aa) | 930 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.56%), 4.22%, 05/01/2029 (aa) | 1020 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.32%), 4.94%, 04/23/2028 (aa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7050 | 7132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.77%), 6.48%, 10/24/2029 (aa) | 840 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc, (United Kingdom), (United States SOFR + 1.57%), 5.89%, 08/14/2027 (aa) | 2990 | 3021 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV, (Netherlands), (SOFR Compounded Index + 1.01%), 4.74%, 04/01/2027 (aa) | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc, (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.85%), 1.63%, 05/11/2027 (aa) | 900 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.56%), 5.41%, 08/07/2027 (aa) | 800 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.48%), 5.99%, 08/07/2027 (aa) | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.38%), 4.99%, 04/12/2029 (aa) | 2280 | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.01%), 5.65%, 04/13/2028 (aa) | 2165 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.24%), 6.30%, 10/18/2028 (aa) | 1265 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, (United States SOFR + 0.91%), 4.13%, 10/18/2029 (aa) | 310 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.69%), 4.64%, 10/15/2027 (aa) | 2500 | 2505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.08%), 4.95%, 01/14/2028 (aa) | 4825 | 4871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.93%), 4.97%, 07/14/2028 (aa) | 1095 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.87%), 5.50%, 05/26/2028 (aa) | 1090 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/30/2026 | 1465 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Private Bank NA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.78%), 4.20%, 11/17/2028 (aa) | 1370 | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.77%), 4.47%, 07/06/2028 (aa) | 2135 | 2150 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 11

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.90%), 4.63%, 03/25/2027 (aa) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.03%), 4.76%, 07/02/2027 (aa) |  | 900 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Markets plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.90%), 4.71%, 05/17/2027 (e) (aa) |  | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 05/17/2027 (e) |  | 700 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp, (Finland), (United States SOFR + 0.74%), 4.46%, 03/19/2027 (e) (aa) |  | 1200 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Bank NA, (United States SOFR + 0.50%), 4.78%, 01/15/2027 (aa) |  | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.82%), 4.55%, 03/27/2028 (aa) |  | 2300 | 2308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.72%), 4.66%, 10/18/2027 (aa) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.08%), 5.02%, 07/20/2026 (aa) |  | 2000 | 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc., (United States SOFR + 1.23%), 6.12%, 05/31/2027 (aa) |  | 965 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.00%), 1.46%, 01/14/2027 (e) (aa) |  | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 1.93%), 5.93%, 07/06/2027 (aa) |  | 600 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., (Japan), (United States SOFR + 1.30%), 5.28%, 07/13/2026 (aa) |  | 400 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.15%), 4.88%, 09/14/2026 (e) (aa) |  | 300 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 1.15%), 4.88%, 09/14/2026 (aa) |  | 1300 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, (Sweden), (BBSW ASX Australian 3 Month + 0.45%), 4.13%, 03/04/2026 (aa) | AUD | 500 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Bank, 5.63%, 08/23/2027 |  | 1460 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG, (Switzerland), Reg. S, (BBSW ASX Australian 3 Month + 0.50%), 4.16%, 02/26/2026 (aa) | AUD | 900 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.98%), 1.31%, 02/02/2027 (e) (aa) |  | 1300 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.60%), 6.33%, 12/22/2027 (e) (aa) |  | 1435 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp, (United States SOFR + 1.66%), 4.55%, 07/22/2028 (aa) |  | 1400 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.88%), 4.08%, 09/15/2029 (aa) |  | 790 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.78%), 4.68%, 01/24/2028 (aa) |  | 1400 | 1403 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.07%), 4.98%, 04/22/2028 (aa) | 900 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.07%), 5.71%, 04/22/2028 (aa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180 | 3246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W, (United States SOFR + 0.78%), 4.90%, 01/24/2028 (aa) | 5025 | 5068 |
|  |  | 131417 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland),<br>2.45%, 10/29/2026 | 1000 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/15/2027 | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp.,<br>2.88%, 01/15/2026 | 700 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/25/2026 | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aircastle Ltd., (Bermuda), 4.25%, 06/15/2026 | 1600 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co., (United States SOFR + 0.93%), 5.04%, 07/26/2028 (aa) | 2140 | 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, 1.95%, 09/20/2026 (e) | 2400 | 2361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., (United States SOFR + 0.86%), 1.88%, 11/02/2027 (aa) | 2115 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp; DLR Kredit A/S, (Denmark), 1.00%, 01/01/2027<br> DKK | 4400 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., (Japan),<br>1.65%, 07/14/2026 | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/09/2026 | 1200 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realkredit Danmark A/S, (Denmark), Reg. S, 1.00%, 01/01/2027<br> DKK | 10300 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial, (United States SOFR + 1.40%), 5.02%, 07/29/2029 (aa) | 2515 | 2548 |
|  |  | 18156 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., 4.60%, 12/15/2027 | 885 | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Athene Global Funding, (SOFR Compounded Index + 1.00%), 4.72%, 09/18/2028 (e) (aa) | 2200 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Global Funding, 1.75%, 06/30/2026 (e) | 1900 | 1877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson National Life Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.95%), 4.68%, 09/12/2028 (e) (aa) | 400 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/13/2027 (e) | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/10/2026 (e) | 700 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp; MassMutual Global Funding II, 5.10%, 04/09/2027 (e) | 835 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Life Global Funding, 5.45%, 09/18/2026 (e) | 3790 | 3831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Protective Life Global Funding, 4.34%, 09/13/2027 (e) | 1320 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sammons Financial Group Global Funding, (United States SOFR + 0.85%), 4.61%, 09/02/2027 (e) (aa) | 300 | 301 |
|  |  | 12877 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 12 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sofina SA, (Belgium), Reg. S, 1.00%, 09/23/2028 | EUR | 1500 | 1663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  |  | 164113 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 3.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems plc, (United Kingdom), 5.00%, 03/26/2027 (e) |  | 4020 | 4069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The), 2.20%, 02/04/2026 |  | 2700 | 2695 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc.,<br>4.40%, 06/15/2028 |  | 425 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 01/15/2027 |  | 3890 | 3947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp., 3.25%, 01/15/2028 |  | 745 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp.,<br>2.65%, 11/01/2026 |  | 2000 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/04/2027 |  | 1055 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/08/2026 |  | 1580 | 1602 |
|  |  |  | 16499 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foxconn Far East Ltd., (Cayman Islands), Reg. S, 1.88%, 08/25/2028 |  | 1200 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sydney Airport Finance Co. Pty Ltd, (Australia), Reg. S, 3.63%, 04/28/2026 |  | 1700 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery - Construction & Mining — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., 3.60%, 08/12/2027 |  | 1475 | 1473 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Global, Inc.,<br>1.57%, 01/15/2026 |  | 1300 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/2026 (e) |  | 838 | 838 |
|  |  |  | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp., 2.60%, 11/01/2026 |  | 680 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp., 2.90%, 06/15/2026 |  | 1255 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., 3.05%, 11/15/2027 |  | 1180 | 1166 |
|  |  |  | 3089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  |  | 26007 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 3.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC / EMC Corp., 4.90%, 10/01/2026 |  | 1600 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., 4.15%, 09/15/2028 |  | 1145 | 1146 |
|  |  |  | 2754 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc.,<br>3.46%, 09/15/2026 |  | 1740 | 1735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029 (e) |  | 895 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 09/15/2028 |  | 1375 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/12/2027 |  | 1165 | 1186 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc., 5.33%, 02/06/2029 | 2165 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational), 4.40%, 06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 | 1065 |
|  |  | 8490 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software** — **1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp.,<br>1.65%, 03/25/2026 | 2690 | 2673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/2026 | 3490 | 3462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/2027 | 2380 | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/2027 | 1100 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc., 4.55%, 04/01/2027 | 2965 | 2986 |
| &nbsp;&nbsp;&nbsp;&nbsp; VMware LLC,<br>1.40%, 08/15/2026 | 1990 | 1961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 08/15/2028 | 1105 | 1045 |
|  |  | 15536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 26780 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities** — **4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric** — **4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Electric Co., 4.25%, 05/14/2027 | 130 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp.,<br>2.65%, 09/01/2026 | 2489 | 2468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/08/2027 | 2885 | 2941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International, 4.13%, 03/15/2028 | 1280 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Finance International NV, (Netherlands),<br>1.63%, 07/12/2026 (e) | 500 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 07/12/2026 | 400 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/2028 (e) | 1060 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy,<br>2.90%, 03/01/2027 | 300 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/01/2028 | 1100 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp., Series B, 3.90%, 07/15/2027 | 3655 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028 (e) | 1146 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Transmission LLC, 2.87%, 09/15/2028 (e) | 715 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis, Inc., (Canada), 3.06%, 10/04/2026 | 300 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co., 4.15%, 01/15/2029 (e) | 1525 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monongahela Power Co., 3.55%, 05/15/2027 (e) | 800 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp., 4.75%, 02/07/2028 | 1195 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc.,<br>3.55%, 05/01/2027 | 1545 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/04/2028 | 865 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co.,<br>2.95%, 03/01/2026 | 1500 | 1496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/2026 | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison Co.,<br>4.40%, 09/06/2026 | 1195 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/01/2026 | 800 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20C, 1.20%, 02/01/2026 | 1400 | 1395 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 13

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The), 5.11%, 08/01/2027 | 1105 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., Series K, 2.75%, 10/01/2026 | 1000 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, 4.30%, 10/15/2028 (e) | 3610 | 3615 |
|  |  | 34044 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gas** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co., 5.50%, 10/01/2026 | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 34448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds<br>(Cost $411,874) |  | 414256 |
|  **Foreign Government Security — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Government International Bond, (Saudi Arabia), 5.13%, 01/13/2028 (e)<br>(Cost $1,712) | 1800 | 1838 |
|  **Mortgage-Backed Security — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **UMBS Collateral — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 02/01/2056 (w)<br>(Cost $4,448) | 4400 | 4460 |
|  **U.S. Government Agency Securities — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Farm Credit Banks Funding Corp., 3.90%, 02/12/2027 | 1000 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC,<br>4.05%, 11/14/2028 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/26/2028 | 2200 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/13/2028 | 1500 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/14/2028 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sovereign |  | 6702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agency Securities<br>(Cost $6,700) |  | 6702 |
|  **U.S. Treasury Obligations — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Indexed Note, 2.13%, 04/15/2029 (ii) | 1326 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note, 1.63%, 02/15/2026 | 10000 | 9975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sovereign |  | 11331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations<br>(Cost $11,296) |  | 11331 |
|  **Short-Term Investments — 22.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Certificates of Deposit — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Landesbank, (Germany), 4.30%, 03/12/2026 (n) | 4500 | 4504 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, (France), 4.21%, 03/10/2026 (n) | 3125 | 3127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landesbank Hessen-Thueringen Girozentrale, 4.33%, 03/12/2026 (n) | 4000 | 4004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Bank Ltd., 4.34%, 03/13/2026 (n) | 4000 | 4003 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Certificates of Deposit — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis SA, (France)<br>4.21%, 03/10/2026 (n) |  | 4000 | 4002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/26/2026 (n) |  | 5000 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank, 4.60%, 01/15/2026 (n) |  | 2395 | 2396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Certificates of Deposit |  |  | 27038 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Papers — 3.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp.,<br>4.15%, 01/02/2026 (e) (n) |  | 600 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 01/09/2026 (e) (n) |  | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 01/07/2026 (e) (n) |  | 800 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc., 4.16%, 01/06/2026 (e) (n) |  | 700 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bacardi-Martini BV, (Netherlands)<br>4.39%, 01/29/2026 (e) (n) |  | 900 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 02/05/2026 (e) (n) |  | 1500 | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc., 4.44%, 02/25/2026 (e) (n) |  | 2000 | 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, 4.55%, 02/12/2026 (e) (n) |  | 2500 | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge U.S., Inc.,<br>4.05%, 01/02/2026 (e) (n) |  | 600 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 01/07/2026 (e) (n) |  | 1900 | 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp; ERAC USA Finance LLC, 4.22%, 01/12/2026 (e) (n) |  | 2300 | 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc.,<br>4.11%, 01/20/2026 (e) (n) |  | 1300 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 02/02/2026 (e) (n) |  | 500 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.65%, 01/13/2026 (e) (n) |  | 1100 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., 4.26%, 01/09/2026 (e) (n) |  | 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison Co.,<br>4.57%, 01/06/2026 (e) (n) |  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 01/05/2026 (e) (n) |  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered Bank, 4.60%, 02/11/2026 (e) (n) |  | 4000 | 3982 |
| &nbsp;&nbsp;&nbsp;&nbsp; VW Credit, Inc., 4.27%, 01/13/2026 (e) (n) |  | 1200 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The), 3.91%, 03/27/2026 (e) (n) |  | 2500 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Papers |  |  | 25913 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Securities — 3.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Treasury Bills, (Canada)<br>2.40%, 02/11/2026 (n) | CAD | 14760 | 10727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 01/28/2026 (n) | CAD | 21000 | 15275 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa Treasury Bills, (South Africa)<br>7.25%, 05/20/2026 (n) | ZAR | 13400 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 08/19/2026 (n) | ZAR | 13300 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  |  | 27560 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreement — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc., 3.90%, dated 12/31/2025 due 01/02/2026, repurchase price $6,500 collateralized by U.S. Treasury Inflation Indexed Note, 4.12%, due 02/28/2027, with a value of $6,590 |  | 6500 | 6500 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 14 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 8.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd.,<br>0.72%, 01/05/2026 | NZD | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 01/02/2026 | AUD | 184 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, 0.27%, 01/02/2026 | DKK | 23 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA,<br>0.81%, 01/02/2026 | EUR | 404 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 01/02/2026 | GBP | 216 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 375 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada,<br>1.08%, 01/02/2026 | CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 66195 | 66195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., 0.15%, 01/05/2026 | JPY | 77 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 2.98%, 01/02/2026 |  | 175 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  |  | 67748 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills,<br>3.81%, 05/14/2026 (n) | 10000 | 9872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/19/2026 (n) | 16000 | 15881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 02/19/2026 (n) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 | 4528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  | 30281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $184,706) |  | 185040 |
|  **Total Investments — 99.4%<br>(Cost — $800,516)** |  | 805330 |
|  **Other Assets in Excess of Liabilities — 0.6%** | **Other Assets in Excess of Liabilities — 0.6%** | 4628 |
|  **NET ASSETS — 100.0%** |  | $809958 |

---

Percentages indicated are based on net assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded |
| DESCRIPTION | NUMBER OF<br>CONTRACTS | EXPIRATION<br>DATE | TRADING<br>CURRENCY | NOTIONAL<br>AMOUNT($) | VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  **Long Contracts** |  |  |  |  |  |
|  Australian Government 3 Year Bond | 87 | 03/2026 | AUD | 6107 | (11) |
|  Australian Government 10 Year Bond | 36 | 03/2026 | AUD | 2626 | 5 |
|  Canadian Government 5 Year Bond | 62 | 03/2026 | CAD | 5149 | (32) |
|  Long Gilt | 18 | 03/2026 | GBP | 2208 | 9 |
|  U.S. Treasury 2 Year Note | 206 | 03/2026 | USD | 42976 | 34 |
|  U.S. Treasury 5 Year Note | 631 | 03/2026 | USD | 69163 | (192) |
|  |  |  |  |  | (187) |
|  **Short Contracts** |  |  |  |  |  |
|  Euro Schatz | (16) | 03/2026 | EUR | (2011) | 3 |
|  U.S. Treasury 2 Year Note | (263) | 03/2026 | USD | (54872) | (39) |
|  U.S. Treasury 5 Year Note | (205) | 03/2026 | USD | (22408) | — (h) |
|  U.S. Treasury 10 Year Note | (88) | 03/2026 | USD | (9961) | 67 |
|  U.S. Treasury Ultra Bond | (27) | 03/2026 | USD | (3198) | 12 |
|  U.S. Ultra Treasury 10 Year Note | (82) | 03/2026 | USD | (9424) | (7) |
|  |  |  |  |  | 36 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | (151) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 15

------

## Six Circles Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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 December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  AUD | 679 | USD | 449 | Bank of America, NA | 01/14/2026 | 4 |
|  AUD | 990 | USD | 657 | Morgan Stanley & Co. | 01/14/2026 | 4 |
|  USD | 15177 | CAD | 20780 | Citibank, NA | 01/28/2026 | 21 |
|  USD | 160 | CAD | 220 | Citibank, NA | 01/28/2026 | — (h) |
|  USD | 13649 | EUR | 11553 | BNP Paribas | 03/18/2026 | 26 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  |  | 55 |
|  USD | 3522 | AUD | 5376 | Morgan Stanley & Co. | 01/14/2026 | (66) |
|  USD | 1523 | CAD | 2123 | Bank of America, NA | 01/14/2026 | (25) |
|  USD | 1667 | EUR | 1436 | Barclays Bank plc | 01/14/2026 | (21) |
|  USD | 4176 | GBP | 3171 | Bank of America, NA | 01/14/2026 | (99) |
|  USD | 10659 | CAD | 14760 | BNP Paribas | 02/11/2026 | (113) |
|  USD | 1386 | AUD | 2083 | Citibank, NA | 03/18/2026 | (5) |
|  USD | 6811 | GBP | 5089 | UBS AG LONDON | 03/18/2026 | (47) |
|  USD | 758 | ZAR | 13100 | Bank of America, NA | 05/20/2026 | (26) |
|  USD | 739 | ZAR | 12872 | Bank of America, NA | 08/19/2026 | (25) |
|  USD | 2330 | DKK | 14700 | Bank of America, NA | 01/04/2027 | (25) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  |  | (452) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  | (397) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: |
| **FLOATING RATE INDEX** (a) | FIXED RATE | PAY/RECEIVE<br>FLOATING RATE | MATURITY DATE | NOTIONAL<br>AMOUNT | NOTIONAL<br>AMOUNT | UPFRONT<br>PAYMENTS<br>(RECEIPTS)($) | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) | VALUE($) |
|  SONIA Interest Rate Benchmark | 3.75% annually | Pay | 09/17/2030 | GBP | 1900 | (10) | 20 | 10 |
|  United States SOFR | 3.29% annually | Receive | 05/31/2030 | USD | 20193 | — (h) | 90 | 90 |
|  United States SOFR | 3.38% annually | Receive | 05/31/2030 | USD | 26751 | 27 | 5 | 32 |
|  Total | Total | Total | Total | Total |  | 17 | 115 | 132 |

---

(a) Value of floating rate index as of December 31, 2025 was as follows:

---

| | |
|:---|:---|
| FLOATING RATE INDEX |  |
|  SONIA Interest Rate Benchmark | 3.73% |
|  United States SOFR | 3.87% |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 16 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

#### AS OF DECEMBER 31, 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 December 31, 2025. |
| TBA | — To Be Announced |
| (e) | — Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended.  |

---

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

---

| | |
|:---|:---|
| (h) | — Amount rounds to less than 500 shares/principal or $500. |
| (n) | — The rate shown is the effective yield as of December 31, 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 December 31, 2025. |
| (aa) | — Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2025. |
| (ii) | — Approximately $236 of these investments are restricted as collateral for forwards to various brokers. |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| DKK | — Danish Krone |
| EUR | — Euro |
| GBP | — British Pound |
| JPY | — Japanese Yen |
| NZD | — New Zealand Dollar |
| USD | — United States Dollar |
| ZAR | — South African Rand |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 17

------

## Six Circles Tax Aware Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025

(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 — 6.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class A, 5.36%, 06/20/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Auto Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A3, 5.35%, 11/15/2028 (e) | 1260 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2A, 4.52%, 11/22/2027 (e) | 790 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Prime Auto Receivables Trust, Series 2023-2, Class A3, 5.82%, 06/15/2028 | 773 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class A3, 5.28%, 05/15/2028 | 626 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class A3, 6.00%, 07/17/2028 | 1770 | 1793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, 4.92%, 10/16/2028 | 626 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A2A, 5.65%, 05/17/2027 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A3, 4.84%, 01/15/2030 | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A2A, 4.59%, 07/17/2028 | 2152 | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-P1, Class A4, 5.94%, 01/10/2029 (e) | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P1, Class A3, 5.05%, 04/10/2029 (e) | 829 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4, Class A3, 4.64%, 01/10/2030 | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-P4, Class A2, 4.19%, 03/12/2029 | 2500 | 2505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Auto Receivables Trust,<br>Series 2023-1, Class A3, 5.84%, 01/18/2028 (e) | 805 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC,<br>Series 2024-4, Class A2, 4.69%, 07/20/2027 (e) | 219 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Auto Securitization Trust II, (Canada), Series 2024-BA, Class A2, 3.72%, 11/15/2028 (e)<br> CAD | 2109 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust, Series 2024-B, Class A2B, (United States 30 Day Average SOFR + 0.40%), 4.38%, 02/15/2027 (aa) | 112 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A2A, 5.40%, 04/15/2027 | 223 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A2A, 4.32%, 08/15/2027 | 817 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2A, 3.88%, 06/15/2028 | 1800 | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class A2A, 4.29%, 01/20/2027 | 499 | 499 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2A, 4.54%, 05/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2, Class A2A, 4.55%, 07/20/2027 | 917 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class A3, 5.78%, 08/16/2028 | 847 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class A2A, 4.53%, 10/18/2027 | 325 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMF Floorplan Owner Revolving Trust,<br>Series 2023-1, Class A1, 5.34%, 06/15/2028 (e) | 1600 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson Motorcycle Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A2, 4.62%, 08/16/2027 | 331 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.71%, 07/17/2028 | 491 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hertz Vehicle Financing III LLC,<br>Series 2023-1A, Class A, 5.49%, 06/25/2027 (e) | 2000 | 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Lease Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-B, Class A2A, 4.58%, 09/15/2027 (e) | 1257 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-C, Class A2A, 4.37%, 01/18/2028 (e) | 1400 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Auto Receivables Trust,<br>Series 2023-B, Class A3, 5.48%, 04/17/2028 | 682 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Lease Trust,<br>Series 2024-B, Class A2A, 4.57%, 12/15/2026 | 108 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust,<br>Series 2023-1, Class A3, 4.51%, 11/15/2027 | 307 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metro Finance Trust, (Australia),<br>Series 2022-2, Class A1, (BBSW ASX Australian 1 Month + 1.75%), 5.30%, 09/19/2028 | AUD 701 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Auto Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 4.92%, 11/15/2027 | 600 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A, Class A2B, (United States 30 Day Average SOFR + 0.45%), 4.43%, 11/15/2027 (aa) | 973 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar US Funding XV LLC, (Japan),<br>Series 2023-1A, Class A3, 5.81%, 12/10/2027 (e) | 633 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar US Funding XVII LLC,<br>Series 2024-2A, Class A2, 4.63%, 12/10/2027 (e) | 506 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBNA Auto Lease Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-B, Class A3, 5.56%, 11/22/2027 (e) | 820 | 824 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 18 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Asset-Backed Securities — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C, Class A3, 4.56%, 02/22/2028 (e) | 787 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp; SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A3, 5.33%, 11/20/2029 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla Lease Electric Vehicle Securitization LLC, Series 2025-A, Class A2, 4.14%, 06/20/2028 (e) | 1400 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A3, 3.76%, 04/15/2027 | 149 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A3, 4.63%, 09/15/2027 | 68 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Lease Owner Trust, Series 2025-A, Class A2A, 4.58%, 07/20/2027 (e) | 1492 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upgrade Auto Receivables Trust, Series 2025-1A, Class A2, 4.54%, 05/15/2029 (e) | 700 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Automobile ABS |  | 43252 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AREIT Trust, (Cayman Islands),<br>Series 2022-CRE6, Class A, (United States 30 Day Average SOFR + 1.25%), 5.19%, 01/20/2037 (e) (aa) | 402 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Credit Card ABS — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank Credit Card Issuance Trust, Series 2017-A6, Class A6, (CME Term SOFR 1 Month + 0.88%), 4.63%, 05/14/2029 (aa) | 2000 | 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Credit Card Trust, Series 2021-1A, Class A, 1.14%, 08/15/2028 (e) | 1600 | 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Credit Card Trust, (Canada),<br>Series 2022-1A, Class A, 1.97%, 01/15/2029 (e) | 1000 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Card Funding LLC,<br>Series 2023-A1, Class A, 5.54%, 07/15/2029 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trillium Credit Card Trust II, Series 2025-1A, Class A, (United States SOFR + 0.59%), 4.30%, 09/26/2030 (e) (aa) | 1300 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Credit Card ABS |  | 6882 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.69%, 08/22/2030 (e) | 1102 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp; DLLAA LLC, Series 2025-1A, Class A2, 4.70%, 10/20/2027 (e) | 913 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp; GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class A2, 5.12%, 03/25/2060 (e) | 198 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagaya Ai Debt Grantor Trust, Series 2025-6, Class A1, 4.25%, 09/15/2026 (e) | 2026 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp; PEAC Solutions Receivables LLC, Series 2025-1A, Class A2, 4.94%, 10/20/2028 (e) | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla Sustainable Energy Trust, Series 2024-1A, Class A2, 5.08%, 06/21/2050 (e) | 475 | 477 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2024-6, Class A1B, (United States 30 Day Average SOFR + 0.67%), 4.59%, 08/20/2030 (aa) |  | 1100 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Other ABS |  |  | 6835 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Student Loan ABS — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ELFI Graduate Loan Program LLC,<br>Series 2021-A, Class A, 1.53%, 12/26/2046 (e) |  | 542 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Private Education Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BX, Class A2B, Reg. S, (CME Term SOFR 1 Month + 0.83%), 4.58%, 12/15/2059 |  | 71 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 1.01%), 4.76%, 11/15/2068 (e) (aa) |  | 488 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, (United States 30 Day Average SOFR + 1.01%), 4.89%, 06/27/2067 (e) (aa) |  | 479 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BA, Class A1A, 4.84%, 05/17/2055 (e) |  | 655 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CA, Class A1B, (United States 30 Day Average SOFR + 1.35%), 5.27%, 06/22/2065 (e) (aa) |  | 1147 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DA, Class A1A, 4.65%, 08/20/2054 (e) |  | 600 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e) |  | 235 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A1B, (United States 30 Day Average SOFR + 1.85%), 5.83%, 05/16/2050 (e) (aa) |  | 201 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A1A, 5.38%, 01/15/2053 (e) |  | 117 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-D, Class A1B, (United States 30 Day Average SOFR + 1.65%), 5.63%, 09/15/2053 (e) (aa) |  | 765 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1B, (United States 30 Day Average SOFR + 1.45%), 5.43%, 03/15/2056 (e) (aa) |  | 157 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Asset Trust, Series 2021-SL1, Class A2, (CME Term SOFR 1 Month + 0.81%), 4.55%, 11/20/2061 (e) (aa) |  | 52 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Student Loan ABS |  |  | 5470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $62,619) |  |  | 62840 |
|  **Certificates of Deposit — 0.1%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.85%), 4.56%, 09/14/2026 | AUD | 600 | 402 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 19

------

## Six Circles Tax Aware Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Certificates of Deposit — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MUFG Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.87%), 4.52%, 02/17/2026 (aa) | AUD | 1700 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  |  | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Certificates of Deposit<br>(Cost $1,488) |  |  | 1537 |
|  **Collateralized Mortgage Obligations — 6.0%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — 4.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMICS, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5426, Class BF, (United States 30 Day Average SOFR + 0.90%), 5.11%, 04/15/2049 (aa) |  | 352 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5480, Class FG, (United States 30 Day Average SOFR + 1.15%), 5.02%, 12/25/2054 (aa) |  | 611 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5493, Class FK, (United States 30 Day Average SOFR + 1.15%), 5.02%, 01/25/2055 (aa) |  | 628 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5499, Class FH, (United States 30 Day Average SOFR + 1.20%), 5.07%, 02/25/2055 (aa) |  | 346 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5508, Class DF, (United States 30 Day Average SOFR + 1.00%), 4.87%, 02/25/2055 (aa) |  | 777 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5508, Class FC, (United States 30 Day Average SOFR + 1.00%), 4.87%, 02/25/2055 (aa) |  | 742 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5516, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.77%, 03/25/2055 (aa) |  | 1337 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5517, Class FE, (United States 30 Day Average SOFR + 0.95%), 4.82%, 03/25/2055 (aa) |  | 1827 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5517, Class MF, (United States 30 Day Average SOFR + 0.95%), 4.82%, 03/25/2055 (aa) |  | 646 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5528, Class FA, (United States 30 Day Average SOFR + 0.87%), 4.74%, 04/25/2055 (aa) |  | 1641 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5532, Class FA, (United States 30 Day Average SOFR + 0.95%), 4.82%, 04/25/2055 (aa) |  | 1708 | 1715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5534, Class FM, (United States 30 Day Average SOFR + 0.93%), 4.80%, 05/25/2055 (aa) |  | 1554 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5546, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.87%, 06/25/2055 (aa) |  | 1580 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5549, Class CF, (United States 30 Day Average SOFR + 1.00%), 4.87%, 10/25/2052 (aa) |  | 1292 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5549, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.12%, 06/25/2055 (aa) |  | 1731 | 1740 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5560, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.87%, 06/25/2055 (aa) | 885 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5564, Class FB, (United States 30 Day Average SOFR + 1.20%), 5.07%, 08/25/2055 (aa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543 | 1550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5565, Class FA, (United States 30 Day Average SOFR + 1.15%), 5.02%, 08/25/2055 (aa) | 1134 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5565, Class FB, (United States 30 Day Average SOFR + 0.95%), 4.82%, 08/25/2055 (aa) | 492 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5567, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.87%, 08/25/2055 (aa) | 1345 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5601, Class F, (United States 30 Day Average SOFR + 0.90%), 4.77%, 11/25/2055 (aa) | 494 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-82, Class W, 6.27%, 11/25/2058 (z) | 160 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-29, Class FC, (United States 30 Day Average SOFR + 0.91%), 5.12%, 05/25/2050 (aa) | 1041 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-8, Class D, 2.00%, 08/25/2038 | 872 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-46, Class FA, (United States 30 Day Average SOFR + 1.30%), 5.17%, 10/25/2053 (aa) | 1079 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.01%, 01/25/2051 (aa) | 687 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-95, Class KF, (United States 30 Day Average SOFR + 1.10%), 4.97%, 12/25/2054 (aa) | 403 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-100, Class FA, (United States 30 Day Average SOFR + 1.10%), 4.97%, 06/25/2054 (aa) | 611 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-101, Class FB, (United States 30 Day Average SOFR + 1.10%), 4.97%, 01/25/2055 (aa) | 788 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-103, Class FC, (United States 30 Day Average SOFR + 1.15%), 5.02%, 01/25/2055 (aa) | 895 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-104, Class FA, (United States 30 Day Average SOFR + 1.05%), 4.92%, 01/25/2055 (aa) | 900 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class FD, (United States 30 Day Average SOFR + 1.20%), 5.07%, 02/25/2055 (aa) | 283 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.12%, 02/25/2055 (aa) | 434 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18, Class FA, (United States 30 Day Average SOFR + 0.95%), 4.82%, 11/25/2053 (aa) | 719 | 722 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 20 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Collateralized Mortgage Obligations — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18, Class FM, (United States 30 Day Average SOFR + 0.90%), 4.77%, 09/25/2054 (aa) | 5255 | 5272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-35, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.87%, 05/25/2055 (aa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-35, Class FM, (United States 30 Day Average SOFR + 1.05%), 4.92%, 05/25/2055 (aa) | 280 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H04, Class FA, (CME Term SOFR 1 Month + 0.76%), 4.76%, 12/20/2064 (aa) | 425 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H02, Class FH, (CME Term SOFR 1 Year + 1.22%), 5.45%, 01/20/2067 (aa) | 412 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H18, Class FC, (CME Term SOFR 1 Month + 0.46%), 4.46%, 08/20/2065 (aa) | 134 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-54, Class KF, (CME Term SOFR 1 Month + 0.53%), 4.41%, 05/20/2044 (aa) | 261 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 5.42%, 06/20/2071 (aa) | 1400 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa) | 731 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 4.27%, 01/20/2072 (aa) | 781 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 4.82%, 01/20/2073 (aa) | 388 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H12, Class FA, (United States 30 Day Average SOFR + 1.00%), 4.92%, 05/20/2073 (aa) | 1829 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H26, Class DF, (United States 30 Day Average SOFR + 0.30%), 4.22%, 09/20/2073 (aa) | 739 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 5.02%, 11/20/2073 (aa) | 434 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-13, Class FA, (United States 30 Day Average SOFR + 0.95%), 4.87%, 01/20/2054 (aa) | 180 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.82%, 01/20/2074 (aa) | 935 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 4.85%, 01/20/2074 (aa) | 1079 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-204, Class FH, (United States 30 Day Average SOFR + 0.95%), 4.89%, 12/20/2055 (aa) | 1200 | 1202 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H18, Class FL, (United States 30 Day Average SOFR + 0.70%), 4.62%, 08/20/2075 (aa) |  | 989 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Collateral CMO |  |  | 50425 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral PAC CMO — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMICS, Series 5584, Class DF, (United States 30 Day Average SOFR + 0.90%), 4.77%, 10/25/2055 (aa) |  | 481 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-121, Class PE, 3.00%, 07/20/2046 |  | 83 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-89, Class PF, (United States 30 Day Average SOFR + 0.95%), 4.87%, 05/20/2055 (aa) |  | 488 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Collateral PAC CMO |  |  | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Funding plc, (United Kingdom), Series 2025-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.80%), 4.59%, 07/20/2062 | GBP | 596 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avon Finance, (United Kingdom), Series 4A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 4.64%, 12/28/2049 (e) | GBP | 753 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheshire plc, (United Kingdom), Series 2025-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.80%), 4.80%, 06/28/2048 | GBP | 1665 | 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust, Series 2021-RPL4, Class A1, 4.15%, 12/27/2060 (e) (z) |  | 228 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Firstmac Mortgage Funding Trust No. 4 Series, (Australia), Series 2021-2, Class A1, Reg. S, (BBSW ASX Australian 1 Month + 0.73%), 4.28%, 09/24/2052 | AUD | 310 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z) |  | 155 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 5.75%, 07/25/2061 (e) |  | 958 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z) |  | 259 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM8, Class A1, 4.96%, 09/25/2070 (e) (z) |  | 194 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z) |  | 73 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z) |  | 174 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z) |  | 243 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, Series 2024-NQM16, Class A1, SUB, 5.53%, 10/25/2064 (e) |  | 345 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Mortgage Residential Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z) |  | 82 | 80 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 21

------

## Six Circles Tax Aware Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

(Amounts 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** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z) |  | 119 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Funding 2024 - Granite 6 plc, (United Kingdom), Series 2024-GR6A, Class A1, (SONIA Interest Rate Benchmark + 0.93%), 4.86%, 07/20/2053 (e) | GBP | 739 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (CME Term SOFR 1 Month + 1.11%), 4.85%, 05/25/2058 (e) (aa) |  | 129 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triton Bond Trust in respect of Series 1, (Australia), Series 2021-2, Class A1AU, (BBSW ASX Australian 1 Month + 0.70%), 4.25%, 02/09/2053 (aa) | AUD | 216 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verus Securitization Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, 5.10%, 09/25/2069 (e) (z) |  | 368 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R1, Class A1A, SUB, 5.40%, 05/25/2065 (e) |  | 1107 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total WL Collateral CMO |  |  | 9800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations<br>(Cost $61,156) |  |  | 61281 |
|  **Commercial Mortgage-Backed Securities — 0.2%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 5.11%, 09/15/2036 (e) (aa) |  | 500 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 4.82%, 12/15/2034 (e) (aa) |  | 900 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (CME Term SOFR 1 Month + 1.11%), 4.87%, 05/15/2036 (e) (aa) |  | 700 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial MBS |  |  | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities (Cost $2,100) |  |  | 1689 |
|  **Corporate Bonds — 13.6%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc., 4.50%, 08/15/2029 (e) |  | 2900 | 2900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cox Communications, Inc., 3.35%, 09/15/2026 (e) |  | 1100 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., 4.71%, 01/25/2029 |  | 400 | 406 |
|  |  |  | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KT Corp., (South Korea), 4.38%, 01/03/2029 (e) |  | 1300 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT Finance Corp., (Japan), 1.16%, 04/03/2026 (e) |  | 1300 | 1290 |
|  |  |  | 2597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  |  | 6997 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines 2014-1 Class A Pass Through Trust, Series A, 3.70%, 10/01/2026 | 307 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co., 3.00%, 11/15/2026 | 300 | 297 |
|  |  | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Honda Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.73%), 4.47%, 03/08/2027 (aa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | 1804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.73%), 4.54%, 08/13/2027 (aa) | 2200 | 2205 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMW US Capital LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.78%), 4.50%, 03/19/2027 (e) (aa) | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.80%), 4.61%, 08/13/2026 (e) (aa) | 2200 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.92%), 4.65%, 03/21/2028 (e) (aa) | 800 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Finance North America LLC, 4.65%, 10/12/2030 (e) | 2800 | 2822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, 5.80%, 03/05/2027 | 2500 | 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.95%), 6.69%, 03/06/2026 (aa) | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., 5.40%, 04/06/2026 | 700 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.04%), 4.77%, 06/24/2027 (e) (aa) | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 1.04%), 4.77%, 06/24/2027 (aa) | 400 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 1.50%), 5.49%, 01/08/2027 (aa) | 2235 | 2252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Finance North America LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 0.78%), 4.51%, 04/01/2027 (aa) | 700 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.63%), 4.52%, 07/31/2026 (e) (aa) | 1800 | 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 (e) | 1000 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.83%), 4.55%, 03/20/2026 (e) (aa) | 600 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.06%), 4.87%, 08/14/2026 (e) (aa) | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/14/2026 (e) | 1000 | 1004 |
|  |  | 21820 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., (Liberia), 5.50%, 08/31/2026 (e) | 2700 | 2704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  | 25127 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 22 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT International Finance plc, (United Kingdom), 1.67%, 03/25/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance plc, (United Kingdom), 4.50%, 06/30/2028 (e) | 200 | 202 |
|  |  | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc.,<br>2.55%, 09/15/2026 | 400 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.58%), 4.39%, 11/15/2026 (aa) | 800 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA, (France), 3.25%, 06/08/2026 (e) | 600 | 600 |
|  |  | 1796 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc., 4.85%, 11/01/2028 | 1200 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 5102 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., 5.55%, 11/01/2026 | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, (Netherlands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.00%), 4.75%, 12/03/2028 (e) (aa) | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.78%), 5.50%, 09/18/2027 (e) (aa) | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (SOFR Compounded Index + 1.78%), 5.50%, 09/18/2027 (aa) | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA, (Spain), (United States SOFR + 1.12%), 5.10%, 07/15/2028 (aa) | 400 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., (CME Term SOFR 3 Month + 1.32%), 3.56%, 04/23/2027 (aa) | 3000 | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, (Canada), (SOFR Compounded Index + 0.88%), 4.61%, 09/10/2027 (aa) | 400 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, (France), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.07%), 4.88%, 02/16/2028 (e) (aa) | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/13/2026 (e) | 1500 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc, (United Kingdom), 4.38%, 01/12/2026 | 700 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.49%), 5.22%, 03/12/2028 (aa) | 450 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.88%), 5.60%, 09/13/2027 (aa) | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.21%), 5.83%, 05/09/2027 (aa) | 400 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, (France), (United States SOFR + 1.00%), 1.32%, 01/13/2027 (e) (aa) | 900 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE SA, (France), (United States SOFR + 2.10%), 5.98%, 01/18/2027 (e) (aa) | 2000 | 2001 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.80%), 4.54%, 09/08/2028 (aa) | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.72%), 4.69%, 01/13/2028 (aa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/14/2030 (e) | 1100 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, (SOFR Compounded Index + 1.06%), 4.81%, 12/04/2026 (aa) | 1200 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, (Netherlands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.55%), 1.11%, 02/24/2027 (e) (aa) | 500 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.73%), 1.98%, 12/15/2027 (e) (aa) | 2400 | 2353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.90%), 4.91%, 10/05/2026 (aa) | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA, (France), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.87%), 4.60%, 03/11/2027 (e) (aa) | 1900 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 0.87%), 4.60%, 03/11/2027 (aa) | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG, (Germany), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.22%), 2.31%, 11/16/2027 (aa) | 1100 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.22%), 5.03%, 11/16/2027 (aa) | 700 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.52%), 7.15%, 07/13/2027 (aa) | 1200 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA, (United States SOFR + 0.75%), 4.54%, 05/21/2027 (aa) | 702 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc, (United Kingdom), (United States SOFR + 1.57%), 5.89%, 08/14/2027 (aa) | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV, (Netherlands), (SOFR Compounded Index + 1.01%), 4.74%, 04/01/2027 (aa) | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc, (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.85%), 1.63%, 05/11/2027 (aa) | 1050 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.56%), 5.41%, 08/07/2027 (aa) | 1100 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.48%), 5.99%, 08/07/2027 (aa) | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA, (United States SOFR + 0.69%), 4.64%, 10/15/2027 (aa) | 2800 | 2806 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada, (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.90%), 4.63%, 03/25/2027 (aa) | 1300 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.03%), 4.76%, 07/02/2027 (aa) | 1100 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Markets plc, (United Kingdom), (United States SOFR + 0.90%), 4.71%, 05/17/2027 (e) (aa) | 1300 | 1308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp, (Finland), (United States SOFR + 0.74%), 4.46%, 03/19/2027 (e) (aa) | 1200 | 1205 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 23

------

## Six Circles Tax Aware Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd., (Singapore), (BBSW ASX Australian 3 Month + 0.78%), 4.43%, 05/18/2026 (aa) | AUD | 1000 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Bank NA, (United States SOFR + 0.50%), 4.78%, 01/15/2027 (aa) |  | 2300 | 2301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.82%), 4.55%, 03/27/2028 (aa) |  | 2900 | 2910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.72%), 4.66%, 10/18/2027 (aa) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.79%), 4.70%, 07/23/2027 (aa) |  | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc., (United States SOFR + 1.23%), 6.12%, 05/31/2027 (aa) |  | 1600 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc, (United Kingdom), Reg. S, (United States SOFR + 1.93%), 5.93%, 07/06/2027 (aa) |  | 1300 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc., (Japan), (United States SOFR + 1.30%), 5.28%, 07/13/2026 (aa) |  | 700 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.15%), 4.88%, 09/14/2026 (e) (aa) |  | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (United States SOFR + 1.15%), 4.88%, 09/14/2026 (aa) |  | 1600 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, (Sweden), (BBSW ASX Australian 3 Month + 0.45%), 4.13%, 03/04/2026 (aa) | AUD | 600 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS AG, (Switzerland), Reg. S, (BBSW ASX Australian 3 Month + 0.50%), 4.16%, 02/26/2026 (aa) | AUD | 1300 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG, (Switzerland), (SOFR Compounded Index + 0.98%), 1.31%, 02/02/2027 (e) (aa) |  | 1700 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.78%), 4.68%, 01/24/2028 (aa) |  | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.07%), 4.98%, 04/22/2028 (aa) |  | 2000 | 2011 |
|  |  |  | 54128 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland),<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/2026 |  | 1300 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/15/2027 |  | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/2026 |  | 900 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/25/2026 |  | 1200 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aircastle Ltd., (Bermuda), 4.25%, 06/15/2026 |  | 2065 | 2065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, 1.95%, 09/20/2026 (e) |  | 3000 | 2951 |
| &nbsp;&nbsp;&nbsp;&nbsp; DLR Kredit A/S, (Denmark), 1.00%, 01/01/2027 | DKK | 5700 | 888 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., (Japan), 1.65%, 07/14/2026 |  | 1400 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.25%), 4.96%, 07/02/2027 (aa) |  | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realkredit Danmark A/S, (Denmark), Reg. S, 1.00%, 01/01/2027 | DKK | 13500 | 2100 |
|  |  |  | 14297 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance** — **0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Athene Global Funding, (SOFR Compounded Index + 1.00%), 4.72%, 09/18/2028 (e) (aa) |  | 2900 | 2887 |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Global Funding, 1.75%, 06/30/2026 (e) |  | 2500 | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson National Life Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.95%), 4.68%, 09/12/2028 (e) (aa) |  | 1500 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/13/2027 (e) |  | 600 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sammons Financial Group Global Funding, (United States SOFR + 0.85%), 4.61%, 09/02/2027 (e) (aa) |  | 400 | 402 |
|  |  |  | 7867 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sofina SA, (Belgium), Reg. S, 1.00%, 09/23/2028 | EUR | 1600 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  |  | 78066 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The), 2.20%, 02/04/2026 |  | 3500 | 3493 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foxconn Far East Ltd., (Cayman Islands), Reg. S, 1.88%, 08/25/2028 |  | 1400 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sydney Airport Finance Co. Pty Ltd., (Australia), Reg. S, 3.63%, 04/28/2026 |  | 2100 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Global, Inc., 1.57%, 01/15/2026 |  | 1900 | 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/2026 (e) |  | 977 | 977 |
|  |  |  | 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  |  | 9762 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp., (Canada), SUB, 5.37%, 06/15/2026 |  | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Finance International NV, (Netherlands), 1.63%, 07/12/2026 (e) |  | 700 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 07/12/2026 |  | 400 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy Kansas Central, Inc., 4.70%, 03/13/2028 |  | 600 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy, 2.90%, 03/01/2027 |  | 300 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis, Inc., (Canada), 3.06%, 10/04/2026 |  | 400 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monongahela Power Co., 3.55%, 05/15/2027 (e) |  | 800 | 795 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 24 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/2026 | 2865 | 2865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/01/2026 | 1100 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20C, 1.20%, 02/01/2026 | 1800 | 1793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., Series K, 2.75%, 10/01/2026 | 1300 | 1288 |
|  |  | 12333 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gas — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co., 5.50%, 10/01/2026 | 600 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 12939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds<br>(Cost $138,052) |  | 138499 |
|  **Foreign Government Securities — 0.5%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Development Bank (The), (South Korea), (United States SOFR + 0.76%), 4.63%, 02/03/2030 (aa) | 3000 | 3025 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Government International Bond, (Saudi Arabia), 5.13%, 01/13/2028 (e) | 2300 | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities<br>(Cost $5,196) |  | 5374 |
|  **Mortgage-Backed Security — 0.5%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **UMBS Collateral — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 02/01/2056 (w) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $5,051) | 5000 | 5068 |
|  **Municipal Bonds — 68.1%** (t) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alabama — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Jefferson Sewer Revenue, Warrants, Rev., 5.00%, 10/01/2026 | 1250 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 4, Series B1, Rev., 5.00%, 08/01/2027 | 4070 | 4170 |
|  |  | 5439 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alaska — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Alaska |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 08/01/2026 | 690 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 08/01/2027 | 750 | 779 |
|  |  | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arizona — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents, Series A, Rev., VRDO, 2.30%, 01/07/2026 (z) | 10715 | 10715 |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Series A, Rev., 5.00%, 07/01/2027 | 8415 | 8725 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, GO, 5.00%, 08/01/2028 | 5000 | 5338 |
|  |  | 14063 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver Airport System Revenue, Series D, Rev., AMT, 5.25%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Series D, Rev., VRDO, 2.45%, 01/02/2026 (z) | 23500 | 23500 |
|  |  | 25068 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Connecticut — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Series B3, Rev., VRDO, 3.25%, 01/07/2026 (z) | 5585 | 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2027 | 1500 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2028 | 1700 | 1797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Yale University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., VRDO, 1.90%, 01/02/2026 (z) | 21000 | 21000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-4-2, Rev., VRDO, 1.90%, 01/02/2026 (z) | 6500 | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, Series D, GO, 5.00%, 08/15/2028 | 14000 | 14898 |
|  |  | 51331 |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, LOC: Wells Fargo Bank NA, 3.23%, 01/07/2026 (z) | 2325 | 2325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2027 | 5000 | 5201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue, Series A, Rev., AMT, 5.00%, 10/01/2026 | 2805 | 2852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated Revenue, Sustainability Financed Bond, Rev., 5.00%, 07/15/2026 | 1250 | 1266 |
|  |  | 11644 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 0.00%, 01/07/2026 (z) | 2800 | 2800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, Baycare Health System, Rev., VRDO, LIQ: Royal Bank of Canada, 2.50%, 11/15/2054 (z) | 7400 | 7400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Bay Bridge Authority, Rev., 5.00%, 10/01/2027 | 3000 | 3109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orlando Utilities Commission, Series 1, Rev., VRDO, 2.45%, 01/07/2026 (z) | 25060 | 25060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarasota County School Board, Master Lease Program, COP, 5.00%, 07/01/2026 | 1250 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Lottery Revenue, Series A, Rev., 5.00%, 07/01/2027 | 4895 | 5079 |
| &nbsp;&nbsp;&nbsp;&nbsp; The School Board of Miami-Dade County, Series A, COP, 5.00%, 05/01/2026 | 10000 | 10075 |
|  |  | 54788 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 25

------

## Six Circles Tax Aware Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, General Resolution Project, Rev., 5.00%, 01/01/2026 | 625 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Project One Subordinated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2027 | 1000 | 1025 |
|  |  | 5650 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Guam — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Guam Government Waterworks Authority, Series A, Rev., 5.00%, 07/01/2026 | 350 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Territory of Guam, Series G, Rev., 5.00%, 01/01/2028 | 1335 | 1384 |
|  |  | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Idaho — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, St. Luke's Health System Project, Series C, Rev., VRDO, LOC: U.S. Bank NA, 2.60%, 01/02/2026 (z) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Senior, Series C, Rev., AMT, 5.00%, 01/01/2026 | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien O'Hare International, Rev., AMT, 5.00%, 01/01/2026 | 3500 | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, Series A, Rev., 5.00%, 12/01/2027 | 2250 | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Wastewater Transmission Revenue, Second Lien, Series B, Rev., 5.00%, 01/01/2026 | 1300 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Rev., VRDO, LOC: Northern Trust Co., 2.35%, 01/07/2026 (z) | 1770 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Municipal Electric Agency, Series A, Rev., 5.00%, 02/01/2028 | 5000 | 5236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 12/01/2027 | 12940 | 13530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 12/01/2027 | 8310 | 8689 |
|  |  | 39371 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indiana — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/01/2027 | 7400 | 7588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/01/2028 | 2350 | 2457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Health Systems, Sisters of St. Francis, Series I, Rev., VRDO, LOC: Barclays Bank plc, 2.50%, 01/02/2026 (z) | 7400 | 7400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2028 | 6230 | 6476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2026 | 1800 | 1817 |
|  |  | 25738 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Louisiana — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana State Citizens Property Insurance Corp., Series A, Rev., 5.00%, 06/01/2026 | 16000 | 16162 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Louisiana — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Louisiana, Series C, GO, 5.00%, 12/01/2026 | 1340 | 1370 |
|  |  | 17532 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maryland — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Baltimore, Consolidated Public Improvement, Series A, GO, 5.00%, 07/01/2027 | 2000 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Partners Healthcare System, Inc., Series K1, Rev., VRDO, 2.75%, 01/07/2026 (z) | 4700 | 4700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, Senior Issue M, Series B, Rev., AMT, 5.00%, 07/01/2026 | 4000 | 4035 |
|  |  | 8735 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayne County Airport Authority, Series B, Rev., AMT, 5.00%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 | 1873 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Minnesota — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Rochester MN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., VRDO, 2.35%, 01/07/2026 (z) | 23000 | 23000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., VRDO, 2.35%, 01/07/2026 (z) | 3900 | 3900 |
|  |  | 26900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mississippi — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Business Finance Corp., Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., VRDO, 2.50%, 01/02/2026 (z) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., VRDO, 2.50%, 01/02/2026 (z) | 3765 | 3765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Development Bank, Desoto County Highway Project, Series A, Rev., 5.00%, 01/01/2027 | 1000 | 1024 |
|  |  | 5789 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Missouri — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Kansas City, Series A, GO, 5.00%, 02/01/2026 | 900 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curators of the University of Missouri (The), Rev., 5.00%, 11/01/2026 | 7000 | 7143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, Series F, Rev., VRDO, 2.50%, 01/02/2026 (z) | 16600 | 16600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri Development Finance Board, Nelson Gallery Foundation (The), Series A, Rev., VRDO, 2.55%, 01/02/2026 (z) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Rev., 5.00%, 01/01/2027 | 1530 | 1564 |
|  |  | 31209 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 26 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Municipal Bonds — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Nebraska — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Power Generation Agency, Whelan Energy Center Unit, Rev., 5.00%, 01/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2047 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Hampshire — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act, Rev., VRDO, LOC: TD Bank NA, 3.30%, 01/07/2026 (z) | 1410 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Casino Reinvestment Development Authority, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2026 | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2027 | 1400 | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2026 | 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2027 | 520 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Rev., 5.00%, 03/01/2026 | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Series A, Rev., 5.00%, 08/01/2027 | 2000 | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Montclair State University, Rev., 5.00%, 07/01/2026 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of New Jersey, GO, 5.00%, 06/01/2027 | 9950 | 10296 |
|  |  | 17404 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Mexico — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of New Mexico (The), Rev., VRDO, 2.30%, 01/07/2026 (z) | 1835 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, VRDO, 2.50%, 01/02/2026 (z) | 9000 | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, VRDO, 2.50%, 01/02/2026 (z) | 10900 | 10900 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2018, Series B5, GO, VRDO, 2.50%, 01/02/2026 (z) | 13000 | 13000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Rev., 5.00%, 11/15/2027 | 3600 | 3758 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 2.50%, 01/02/2026 (z) | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 2.60%, 01/02/2026 (z) | 4325 | 4325 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Rev., 5.00%, 11/01/2027 | 20850 | 21759 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated Future Tax Secure, Rev., VRDO, 2.50%, 01/02/2026 (z) | 2645 | 2645 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, Rev., VRDO, LOC: TD Bank NA, 2.35%, 01/07/2026 (z) | 11620 | 11620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Rev., BAN, 5.00%, 03/15/2027 | 10000 | 10304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Subordinated Bond, Series A, Rev., BAN, 5.00%, 02/01/2028 | 14820 | 15592 |
|  |  | 112903 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Carolina — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Raleigh NC, Rev., 5.00%, 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250 | 7380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Industrial Facilities and Pollution Control Financing Authority, Project Aero, Rev., AMT, 3.13%, 12/01/2027 (z) | 4550 | 4547 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Rev., VRDO, LOC: Truist Bank, 2.45%, 10/01/2039 (z) | 2030 | 2030 |
|  |  | 13957 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Franklin, Facilities, OhioHealth Corp., Series D, Rev., VRDO, LOC: Northern Trust Co., 2.25%, 01/07/2026 (z) | 1200 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hamilton, TriHealth, Inc. Obligated Group, Rev., VRDO, 2.55%, 01/02/2026 (z) | 11320 | 11320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System Obligated Group, Series B3, Rev., VRDO, 2.55%, 01/02/2026 (z) | 4500 | 4500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio State University (The), Multiyear Debt Issuance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 2.15%, 01/07/2026 (z) | 6000 | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 2.35%, 01/07/2026 (z) | 11600 | 11600 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 2.25%, 01/07/2026 (z) | 14000 | 14000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2027 | 3250 | 3391 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Mental Health Facilities Improvement, Rev., 5.00%, 02/01/2026 | 1500 | 1503 |
|  |  | 53514 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oklahoma — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Municipal Power Authority, Power Supply System, Series A, Rev., 5.00%, 01/01/2026 | 3500 | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oregon — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State Lottery, Series A, Rev., 5.00%, 04/01/2028 | 3750 | 3958 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia, Series C, GO, 5.00%, 08/01/2027 | 3250 | 3370 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2026 | 2500 | 2525 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Airport Revenue, Private Activity, Rev., AMT, 5.00%, 07/01/2026 | 9755 | 9851 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia PA Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2027 | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2028 | 860 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Water & Wastewater Revenue, Series B, Rev., 5.00%, 09/01/2026 | 2550 | 2589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/15/2026 | 2000 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/15/2027 | 10000 | 10406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northampton County General Purpose Authority, St. Luke's University Health Network, Rev., 5.00%, 08/15/2026 | 5000 | 5063 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 27

------

## Six Circles Tax Aware Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | 2168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2027 | 1750 | 1829 |
|  |  | 41768 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin Airport System Revenue, Rev., AMT, 5.00%, 11/15/2027 | 1425 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston TX Combined Utility System Revenue, Rev., VRDO, (SIFMA Municipal Swap Index + 0.01%), 3.45%, 01/07/2026 (aa) | 6000 | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio, Tax Notes, GO, 5.00%, 02/01/2026 | 1035 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Rev., PSF-GTD, 5.00%, 02/15/2028 | 1150 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., International Leadership of Texas, Inc., Rev., PSF-GTD, 5.00%, 08/15/2026 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Series A1, Rev., AMT, 5.00%, 11/01/2027 | 7000 | 7259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Hospital District, GO, 5.00%, 02/15/2028 | 1700 | 1781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services, Rev., 5.00%, 05/15/2026 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier Bonds, Series A, Rev., 5.00%, 01/01/2027 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project, Rev., VRDO, LOC: Barclays Bank plc, 1.70%, 01/02/2026 (z) | 10000 | 10000 |
|  |  | 31805 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utah — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Utah, GO, 5.00%, 07/01/2026 | 5000 | 5063 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle County Economic Development Authority, Sentara Martha Jefferson, Series B, Rev., VRDO, 2.45%, 01/02/2026 (z) | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Economic Development Authority, Sentara Healthcare Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., VRDO, 2.35%, 01/07/2026 (z) | 5300 | 5300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., VRDO, 2.35%, 01/07/2026 (z) | 7435 | 7435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winchester Economic Development Authority, Valley Health System, Series A, Rev., 5.00%, 01/01/2027 | 800 | 818 |
|  |  | 15053 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 2.25%, 01/07/2026 (z) | 20125 | 20125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle WA, GO, 5.00%, 06/01/2027 | 7300 | 7559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle, Intermediate Lien, Series B, Rev., AMT, 5.00%, 07/01/2027 | 7000 | 7211 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, Series R-2023B, GO, 5.00%, 07/01/2027 |  | 8000 | 8304 |
|  |  |  | 43199 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin — 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2026 |  | 275 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2027 |  | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2027 |  | 285 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2028 |  | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin, Series 2024-2, GO, 5.00%, 05/01/2027 |  | 5000 | 5168 |
|  |  |  | 7815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds<br>(Cost $697,140) |  |  | 698367 |
|  **U.S. Government Agency Security — 0.3%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC, 4.13%, 09/26/2028 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,900) |  | 2900 | 2902 |
|  **U.S. Treasury Obligation — 0.1%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Indexed Note, 2.13%, 04/15/2029 (ii) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,433) |  | 1432 | 1463 |
|  **Short-Term Investments — 4.0%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Papers — 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp., 4.15%, 01/02/2026 (e) (n) |  | 600 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 01/07/2026 (e) (n) |  | 1200 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 01/09/2026 (e) (n) |  | 600 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc., 4.16%, 01/06/2026 (e) (n) |  | 800 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge U.S., Inc., 4.05%, 01/07/2026 (e) (n) |  | 2000 | 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp; ERAC USA Finance LLC, 4.22%, 01/12/2026 (e) (n) |  | 3000 | 2996 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., 4.11%, 01/20/2026 (e) (n) |  | 3100 | 3093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 01/13/2026 (e) (n) |  | 1500 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., 4.26%, 01/09/2026 (e) (n) |  | 1800 | 1798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison Co. 4.57%, 01/06/2026 (e) (n) |  | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 01/05/2026 (e) (n) |  | 400 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; VW Credit, Inc., 4.27%, 01/13/2026 (e) (n) |  | 1900 | 1897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Papers |  |  | 17279 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Securities — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa Treasury Bills, (South Africa) 7.25%, 05/20/2026 (n) | ZAR | 16600 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 08/19/2026 (n) | ZAR | 16700 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  |  | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bonds — 1.1%** (t) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin Airport System Revenue, Rev., AMT, 5.00%, 11/15/2026 |  | 900 | 916 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 28 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Short-Term Investments — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bonds — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade, Water & Sewer System Revenue, Series B, Rev., 5.00%, 10/01/2026 |  | 2500 | 2544 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Monmouth County Improvement Authority, Governmental Pooled Loan Project Notes, Rev., CNTY GTD, 4.00%, 03/13/2026 (n) |  | 8000 | 8022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds |  |  | 11482 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreement — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, 3.93%, dated 12/31/2025 due 01/02/2026, repurchase price $7,400 collateralized by U.S. Treasury Bonds, 4.00%, due 11/15/2042, with a value of $7,482 |  | 7400 | 7400 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., 1.59%, 01/02/2026 (n) | AUD | 133 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, 0.27%, 01/02/2026 (n) | DKK | 30 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 01/02/2026 (n) | EUR | 25 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 01/02/2026 (n) | GBP | 242 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 (n) |  | 449 | 449 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, 1.08%, 01/02/2026 (n) | CAD | 179 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%, 01/05/2026 (n) | JPY | 1007 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 (n) |  | 2059 | 2059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 2.98%, 01/02/2026 (n) |  | 171 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  |  | 3266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $41,298) |  |  | 41370 |
|  **Total Investments — 99.5%<br>(Cost - $1,018,433)** |  |  | **1020390** |
|  **Other Assets in Excess of Liabilities — 0.5%** |  |  | **5357** |
|  **NET ASSETS — 100.0%** |  |  | $**1025747** |

---

Percentages indicated are based on net assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded |
| DESCRIPTION | NUMBER OF<br>CONTRACTS | EXPIRATION<br>DATE | TRADING<br>CURRENCY | NOTIONAL<br>AMOUNT($) | VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  **Long Contracts** |  |  |  |  |  |
|  Australian Government 3 Year Bond | 95 | 03/2026 | AUD | 6668 | (12) |
|  Australian Government 10 Year Bond | 47 | 03/2026 | AUD | 3427 | 7 |
|  Canadian Government 5 Year Bond | 81 | 03/2026 | CAD | 6728 | (42) |
|  Long Gilt | 24 | 03/2026 | GBP | 2944 | 12 |
|  U.S. Treasury 2 Year Note | 270 | 03/2026 | USD | 56326 | 47 |
|  U.S. Treasury 5 Year Note | 799 | 03/2026 | USD | 87577 | (243) |
|  |  |  |  |  | (231) |
|  **Short Contracts** |  |  |  |  |  |
|  Euro Schatz | (21) | 03/2026 | EUR | (2639) | 4 |
|  U.S. Treasury 10 Year Note | (101) | 03/2026 | USD | (11433) | 77 |
|  U.S. Treasury Ultra Bond | (34) | 03/2026 | USD | (4028) | 16 |
|  U.S. Ultra Treasury 10 Year Note | (108) | 03/2026 | USD | (12415) | (7) |
|  |  |  |  |  | 90 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | (141) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 29

------

## Six Circles Tax Aware Ultra Short Duration Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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 December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  AUD | 779 | USD | 515 | Bank of America, NA | 01/14/2026 | 4 |
|  AUD | 1223 | USD | 811 | Morgan Stanley & Co. | 01/14/2026 | 5 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  | 9 |
|  USD | 5617 | AUD | 8575 | Morgan Stanley & Co. | 01/14/2026 | (106) |
|  USD | 1775 | CAD | 2475 | Bank of America, NA | 01/14/2026 | (29) |
|  USD | 1836 | EUR | 1582 | Barclays Bank plc | 01/14/2026 | (23) |
|  USD | 5348 | GBP | 4062 | Bank of America, NA | 01/14/2026 | (127) |
|  USD | 939 | ZAR | 16228 | Bank of America, NA | 05/20/2026 | (31) |
|  USD | 928 | ZAR | 16163 | Bank of America, NA | 08/19/2026 | (32) |
|  USD | 3044 | DKK | 19200 | Bank of America, NA | 01/04/2027 | (32) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  |  | (380) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  | (371) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: |
| **FLOATING RATE INDEX** (a) | FIXED RATE | PAY/ RECEIVE<br>FLOATING RATE | MATURITY DATE | NOTIONAL<br>AMOUNT | NOTIONAL<br>AMOUNT | UPFRONT<br>PAYMENTS<br>(RECEIPTS)($) | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) | VALUE($) |
|  SONIA Interest Rate Benchmark | 3.75% annually | Pay | 09/17/2030 | GBP | 2300 | (11) | 24 | 13 |
|  United States SOFR | 3.29% annually | Receive | 05/31/2030 | USD | 25589 | (1) | 115 | 114 |
|  United States SOFR | 3.38% annually | Receive | 05/31/2030 | USD | 33706 | 34 | 7 | 41 |
|  Total |  |  |  |  |  | 22 | 146 | 168 |

---

(a) Value of floating rate index as of December 31, 2025 was as follows:

---

| | |
|:---|:---|
| FLOATING RATE INDEX |  |
|  SONIA Interest Rate Benchmark | 3.73% |
|  United States SOFR | 3.87% |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 30 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

#### AS OF DECEMBER 31, 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 December 31, 2025. |
| TBA | — To Be Announced |
| VRDO | — Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of December 31, 2025. |

---

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

---

| | |
|:---|:---|
| (e) | — Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended.  |
| (g) | — Amount rounds to less than 0.05%. |
| (n) | — The rate shown is the effective yield as of December 31, 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 December 31, 2025. |
| (aa) | — Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2025. |
| (ii) | — Approximately $276 of these investments are restricted as collateral for forwards to various brokers. |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| DKK | — Danish Krone |
| EUR | — Euro |
| GBP | — British Pound |
| JPY | — Japanese Yen |
| USD | — United States Dollar |
| ZAR | — South African Rand |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 31

------

## Six Circles U.S. Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
|  **Common Stocks — 99.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 32 | 7794 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 24 | 1851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 101 | 2367 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 62 | 2493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 35 | 9254 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 35 | 2362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde plc | 66 | 28172 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | 38 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 31 | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | 110 | 8977 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 17 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 33 | 10731 |
|  |  | 80574 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 74 | 2903 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 33 | 5354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | 8 | 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 20 | 3407 |
|  |  | 10971 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 194 | 9843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 150 | 14988 |
|  |  | 24831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  | 119279 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 17.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 12 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The), Class A (a) | 13 | 490 |
|  |  | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A (a) | 211 | 28625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 3074 | 962272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 2577 | 808527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. (a) | 5200 | 1200216 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A (a) | 270 | 181756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 128 | 684990 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 55 | 7444 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A (a) | 10 | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 12 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 59 | 16676 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc. (a) | 24 | 6064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 275 | 7465 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A (a) | 51 | 6293 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc., (Uruguay) (a) | 1 | 2554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 1150 | 759090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc. (a) | 1988 | 186399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. (a) | 359 | 66056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A (a) | 313 | 8092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reddit, Inc., Class A (a) | 53 | 12291 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — Continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc., Class A (a) | 346 | 39116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc., Class A (a) | 589 | 4755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc. (a) | 153 | 12465 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 30 | 7353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc., Class C (a) | 23 | 1552 |
|  |  | 5013429 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A (a) | 2 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 105 | 3145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 3 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | 9 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp-Liberty Formula One, Class C (a) | 9 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A | 19 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 44 | 4954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc. (a) | 68 | 1955 |
|  |  | 12752 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc. (a) | 437 | 57315 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 159 | 3943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp. (a) | 55 | 12947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 6346 | 488858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 334 | 29287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd. (a) | 78 | 11193 |
| &nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., Class A (a) | 4 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 70 | 26670 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 14 | 2766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 96 | 3891 |
|  |  | 637257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 5664929 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 13 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. (a) | 7 | 819 |
|  |  | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp. (a) | 3 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 32 | 2061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 5 | 680 |
|  |  | 3020 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 11 | 5473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 776 | 10182 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 188 | 15261 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 40 | 4432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A (a) | 152 | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. (a) | 821 | 369070 |
|  |  | 407413 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv plc, (Ireland) (a) | 6 | 491 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 32 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc. (a) | 66 | 2590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 86 | 3447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc. | 3 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 3 | 3350 |
|  |  | 10245 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DraftKings, Inc., Class A (a) | 9 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment plc (a) | 4 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. (a) | 6 | 871 |
|  |  | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc. | 461 | 66413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 8 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc. (a) | 10 | 75473 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 86 | 10034 |
|  |  | 152766 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp. (a) | 563 | 17188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd. (a) | 214 | 4787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 128 | 35673 |
|  |  | 57648 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 118 | 33994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Class A | 3 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 8 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 113 | 35136 |
|  |  | 70163 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc. (a) | — (h) | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 7 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc. (a) | 2 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co., Class A (a) | 4 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc., Class A (a) | 35 | 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 13 | 11229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 3 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 2 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 6 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc. (a) | 5 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | — (h) | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 16 | 3479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 3 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 389 | 133816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 15 | 3690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc., (Canada) (a) | 3 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 411 | 125578 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. (a) | 22 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 8 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Group LP | 10 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 29 | 2409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 14 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 22 | 3441 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 13 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc. (a) | 1 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 8617 | 959968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 3 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 6 | 969 |
|  |  | 1260033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  | 1965626 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 43 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 13 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 5 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 825 | 132364 |
|  |  | 136038 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 36 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 4367 | 305286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 32 | 4422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 285 | 7987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp. (a) | 165 | 12629 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc. | 301 | 43193 |
|  |  | 374458 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. (a) | 46 | 18278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 186 | 60891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc. (a) | 52 | 9129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 96 | 6430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 428 | 52496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc. (a) | 61 | 7995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp. (a) | 59 | 5835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc. (a) | 74 | 12939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 37 | 28206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma plc, Class A | 9 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp. (a) | 15 | 7274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. (a) | 90 | 40631 |
|  |  | 250449 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc., Class A (a) | 128 | 9533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 31 | 8101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., Class A (a) | 280 | 18249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp., Class A | 9 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadiz, Inc. (a) | 20 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 29 | 5457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc. (a) | 22 | 6717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 9 | 2035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 92 | 7135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 59 | 30262 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 487 | 28402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 12 | 4938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 24 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 117 | 61046 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 33

------

## Six Circles U.S. Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc., Class A (a) | 339 | 12054 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 16 | 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 5 | 4102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., Class A | 11 | 2432 |
|  |  | 204187 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 18 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 6 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 53 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 884 | 126737 |
|  |  | 129712 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 17 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 4 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp; J M Smucker Co. (The) | 3 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 39 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 22 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 4 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 38 | 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 12 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 10 | 609 |
|  |  | 7936 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 36 | 4481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 112 | 15242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 14 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. (a) | 435 | 41522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The) (a) | 4 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 2993 | 685116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. (a) | 15 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 11 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc. (a) | 5 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc. (a) | 2 | 1468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp. (a) | 2 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. (a) | 184 | 104170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic plc, (Ireland) | 28 | 2665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc. (a) | 46 | 10433 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 3 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp. (a) | 3 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS plc | 3 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 216 | 75756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 1252 | 725604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp. (a) | 23 | 8869 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 34 | 9466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 5 | 467 |
|  |  | 1690684 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. (a) | 14 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 8 | 2125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 6 | 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 5 | 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 3 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. (a) | 67 | 15135 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 2 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 3 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 1093 | 360877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | 2 | 351 |
|  |  | 385200 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Household Products/Wares — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Household Products/Wares — 0.0%** (g) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 11 | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 4 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 1 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 8 | 850 |
|  |  | 3439 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 605 | 138123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 8 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 740 | 39917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 7 | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 6 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 7759 | 615784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc. (a) | 9 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 638 | 685294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 876 | 181287 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 4 | 3009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 902 | 94967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. (a) | 34 | 4851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 2073 | 51616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 386 | 4809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc., Class A | 159 | 20068 |
|  |  | 1845422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 5027525 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Coal — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co. (a) | 11 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc. (a) | 53 | 13959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montauk Renewables, Inc. (a) | 17 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spruce Power Holding Corp. (a) | 5 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure LP (a) | 30 | 299 |
|  |  | 14313 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 1154 | 175914 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 749 | 70124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 462 | 12150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 364 | 13339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 114 | 17124 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 330 | 34684 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 379 | 20296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 144 | 15943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 2548 | 306665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 184 | 29997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 453 | 18643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 244 | 31540 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 34 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 35 | 10103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 188 | 30670 |
|  |  | 787192 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co., Class A | 595 | 27097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 520 | 14708 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. | 903 | 34654 |
|  |  | 76459 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 133 | 25761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 1193 | 32798 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 379 | 27863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 129 | 23813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 729 | 43832 |
|  |  | 154067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 1032237 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 15.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 4331 | 238192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 335 | 38933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 1006 | 117408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 309 | 18033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 537 | 25120 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 8 | 16210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 124 | 109370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 1092 | 18950 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 1992 | 41123 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 103 | 20678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 493 | 87448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 68 | 9229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 52 | 5001 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 370 | 77314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 652 | 17681 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 145 | 18643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 653 | 32130 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp | 1377 | 73483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 9634 | 897852 |
|  |  | 1862798 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 226 | 83742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 41 | 20310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 1854 | 268348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 76 | 12305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 53 | 57221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 2329 | 564445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 36 | 9109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 692 | 69139 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc., Class A | 134 | 36535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Class A (a) | 95 | 21442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 244 | 15661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 208 | 33645 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 29 | 10332 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 328 | 187173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 164 | 15939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 67 | 10786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., Class A | 415 | 8043 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoFi Technologies, Inc. (a) | 707 | 18499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 243 | 20312 |
| &nbsp;&nbsp;&nbsp;&nbsp; T Rowe Price Group, Inc. | 75 | 7675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 35 | 3806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 663 | 232676 |
|  |  | 1707143 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 382 | 42096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 201 | 41774 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 36 | 4977 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 420 | 35946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon plc, (United Kingdom), Class A | 126 | 44348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd., (Bermuda) (a) | 281 | 26985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 168 | 43494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B (a) | 526 | 264272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 163 | 13010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd., (Switzerland) | 245 | 76327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 94 | 15404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 85 | 4028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity Co., Class A | 12 | 3321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd., (Bermuda) | 25 | 8439 |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 10 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 180 | 9837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 230 | 31733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 104 | 10975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc. (a) | 8 | 16307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 292 | 54119 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 445 | 35094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 198 | 17427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 378 | 86103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 276 | 31122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 166 | 48176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson plc, (United Kingdom) | 58 | 18921 |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Berkley Corp. | 189 | 13279 |
|  |  | 997807 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 268 | 41377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group, Inc. (The) | 73 | 4299 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 276 | 35142 |
|  |  | 80818 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A (a) | 41 | 6577 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc. (a) | 56 | 3737 |
|  |  | 10314 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 23 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 44 | 1404 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 35

------

## Six Circles U.S. Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 472 | 82818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 548 | 12247 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 19 | 3429 |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 21 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 59 | 5273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 47 | 7311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 14 | 10396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 22 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 47 | 2989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 8 | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 29 | 3784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 39 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 100 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 83 | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 42 | 3446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 91 | 1850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 15 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 128 | 16297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 21 | 5545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 128 | 7189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 23 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp., Class A | 14 | 2759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 45 | 8240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 17 | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 37 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 62 | 4803 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc., Class A | 163 | 4593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 92 | 17081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 98 | 2315 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 31 | 1963 |
|  |  | 224583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 4883463 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The) (a) | 134 | 29193 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 42 | 14038 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 182 | 56215 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 4 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 5 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 68 | 13858 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 32 | 9407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 35 | 17106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 23 | 13208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Lab Corp. (a) | 33 | 2332 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 231 | 42432 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 10 | 12641 |
|  |  | 212881 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd., (Switzerland) (a) | 71 | 3820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. (a) | 9 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 3 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 61 | 3223 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH plc, (Ireland) | 95 | 11847 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International plc | 52 | 6246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 2 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 9 | 5471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 14 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies plc, (Ireland) | 18 | 6845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 19 | 5446 |
|  |  | 46767 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 17 | 3522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. plc, (Ireland) | 31 | 9743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 44 | 5776 |
|  |  | 19041 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion plc, (Ireland) | 7 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 502 | 67898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd. (a) | 147 | 8905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 24 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd., (Switzerland) | 4 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 1489 | 290430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc., Class B | 4 | 1809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 45 | 10230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. (a) | 71 | 14351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. (a) | 10 | 13669 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity plc, (Ireland) | 123 | 28090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc. (a) | 125 | 9797 |
|  |  | 448443 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM | 11 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 3 | 2529 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 4 | 2163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 11 | 1429 |
|  |  | 7214 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair plc, (United Kingdom) | 13 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Cycle Corp. (a) | 8 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc., Class A | 20 | 4150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 21 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc., (Canada) | 23 | 4010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 34 | 7376 |
|  |  | 19065 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hand/Machine Tools — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 4 | 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery - Construction & Mining — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery - Construction & Mining — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A (a) | 18 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 247 | 141407 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 21 | 13695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A | 28 | 4582 |
|  |  | 161208 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 36 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery - Diversified — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp. | 56 | 5831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 9 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV, (United Kingdom) | 859 | 7915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 355 | 165445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 10 | 1924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 9 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 5 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 30 | 2379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindsay Corp. | 10 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 4 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 30 | 2601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 9 | 3319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro Co. (The) | 86 | 6789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 13 | 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 20 | 2734 |
|  |  | 207023 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 42 | 6672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. (a) | 13 | 7472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 73 | 6172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 20 | 4982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 10 | 8646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. (a) | 19 | 9720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 29 | 2534 |
|  |  | 46198 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor plc, (Switzerland) | 355 | 2957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 39 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 14 | 2790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock plc, (Ireland) | 78 | 3003 |
|  |  | 10793 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shipbuilding — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 4 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | 10 | 1571 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 153 | 5554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 12 | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 19 | 5573 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 6 | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 19 | 5532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 14 | 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 48 | 11190 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 60 | 5938 |
|  |  | 40582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  | 1221836 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 33.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture plc, (Ireland), Class A | 225 | 60340 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 6616 | 1798590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 179 | 14829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A (a) | 133 | 62298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | 135 | 16962 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc. (a) | 1 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc. (a) | 343 | 27277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. (a) | 28 | 6977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 556 | 13357 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 398 | 8863 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 336 | 99465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 10 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 83 | 8858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc., Class A (a) | 58 | 4999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Storage, Inc., Class A (a) | 123 | 8264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandisk Corp. (a) | 3 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 89 | 24425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc. (a) | 221 | 6460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 144 | 24846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler, Inc. (a) | 52 | 11768 |
|  |  | 2201427 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Office/Business Equipment — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A (a) | 21 | 5030 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 14.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. (a) | 852 | 182369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 257 | 69770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 417 | 107266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astera Labs, Inc. (a) | 66 | 11049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 2361 | 817160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. (a) | 2370 | 87456 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 69 | 83894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 660 | 113064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 1320 | 112159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 281 | 17885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 589 | 168061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 25 | 22618 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 14178 | 2644152 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV, (Netherlands) | 131 | 28501 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp. (a) | 212 | 11472 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 562 | 96114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 4 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 83 | 16062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 476 | 82576 |
|  |  | 4671855 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 12.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. (a) | 221 | 77401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc. (a) | 3 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., (Australia), Class A (a) | 84 | 13580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc. (a) | 112 | 33282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 83 | 3178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 9 | 1910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. (a) | 144 | 44997 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 37

------

## Six Circles U.S. Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Inc., Class A (a) | 108 | 21319 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc., Class A (a) | 60 | 4261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc., Class A (a) | 163 | 22140 |
| &nbsp;&nbsp;&nbsp;&nbsp; DocuSign, Inc., Class A (a) | 100 | 6871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. (a) | 150 | 6514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 7 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp. (a) | 13 | 21363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 219 | 14579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc. (a) | 218 | 14611 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc. (a) | 25 | 10172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 715 | 473505 |
| &nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. (a) | 116 | 5213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 22 | 3965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 5055 | 2444764 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc., Class A (a) | 28 | 11732 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc., Class A | 28 | 15848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc., Class A (a) | 130 | 6736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 904 | 176193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A (a) | 1204 | 213935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 25 | 2761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 4 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc. (a) | 63 | 11012 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A (a) | 17 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 57 | 25436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 500 | 132462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsara, Inc., Class A (a) | 174 | 6186 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. (a) | 550 | 84240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A (a) | 111 | 24347 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 18 | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategy, Inc., Class A (a) | 132 | 20016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc. (a) | 98 | 46082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. (a) | 5 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., Class A (a) | 53 | 7512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc. (a) | 23 | 10333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A (a) | 5 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Class A (a) | 115 | 24740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc., Class A (a) | 127 | 11002 |
|  |  | 4061767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 10940079 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 222 | 3190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 82 | 5302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 598 | 59696 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 175 | 20127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 27 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 24 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 1444 | 55357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class A | 11 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class C | 28 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 660 | 46166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 698 | 69348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 102 | 36108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 1888 | 110639 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 461 | 59452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 254 | 29728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 126 | 7545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 145 | 13369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 74 | 5370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 121 | 8165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 332 | 14479 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 180 | 8039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genie Energy Ltd., Class B | 5 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc. (a) | 58 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 18 | 2291 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 12 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 666 | 53505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 21 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 63 | 10111 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 62 | 2636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklo, Inc., Class A (a) | 41 | 2912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 19 | 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp. | 13 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 726 | 11661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 40 | 3550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 37 | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 243 | 8516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 1104 | 88622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 1382 | 122034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 358 | 31198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp. (a) | 13 | 4875 |
| &nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 32 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 6 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 867 | 139944 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 640 | 67520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 195 | 14405 |
|  |  | 1130038 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gas — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 51 | 8602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 8 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 61 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 29 | 2302 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 34 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 1039 | 43408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 14 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 20 | 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp; RGC Resources, Inc. | 2 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 20 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 20 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 67 | 2517 |
|  |  | 66104 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Water — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American States Water Co. | 13 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 63 | 8212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artesian Resources Corp., Class A | 3 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group | 20 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Water Co. Ltd., (Cayman Islands) | 5 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 88 | 3382 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 38 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
|  **Common Stocks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Water — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; H2O America | 11 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middlesex Water Co. | 6 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp; York Water Co. (The) | 5 | 153 |
|  |  | 14707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 1210849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $20,865,416) |  | 32065823 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Short-Term Investments — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., 2.98%, 01/02/2026 | 3803 | 3803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman & Co., 2.98%, 01/02/2026 | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 2.98%, 01/02/2026 | 43710 | 43710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, 2.98%, 01/02/2026 | 7618 | 7618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., 2.98%, 01/02/2026 | 7656 | 7656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 2.98%, 01/02/2026 | 76470 | 76470 |
|  Total Short-Term Investments<br>(Cost $139,257) |  | 139257 |
|  **Total Investments — 99.9%<br>(Cost — $21,004,673)** |  | 32205080 |
|  **Other Assets in Excess of Liabilities — 0.1%** | **Other Assets in Excess of Liabilities — 0.1%** | 27152 |
|  **NET ASSETS — 100.0%** |  | $32232232 |

---

Percentages indicated are based on net assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded |
| DESCRIPTION | NUMBER OF<br>CONTRACTS | EXPIRATION<br>DATE | TRADING<br>CURRENCY | NOTIONAL<br>AMOUNT($) | VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  **Long Contracts** |  |  |  |  |  |
| CME Micro E-mini Russell 2000 Index | 28 | 03/2026 | USD | 356 | (7) |
| E-mini Consumer Staples Select Sector Index | 13 | 03/2026 | USD | 1042 | (16) |
| E-mini Energy Select Sector Index | 19 | 03/2026 | USD | 1787 | 4 |
| E-mini Financial Select Sector Index | 27 | 03/2026 | USD | 4632 | (48) |
| E-mini Health Care Select Sector Index | 12 | 03/2026 | USD | 1899 | (10) |
| E-mini Industrial Select Sector Index | 4 | 03/2026 | USD | 632 | (2) |
| E-mini Russell 1000 Value Index | 3 | 03/2026 | USD | 313 | (—)(h) |
| E-mini Russell 2000 Index | 8 | 03/2026 | USD | 1019 | (20) |
| E-mini Technology Select Sector Index | 37 | 03/2026 | USD | 10762 | 61 |
| E-mini Utilities Select Sector Index | 9 | 03/2026 | USD | 785 | (5) |
| Micro E-mini NASDAQ 100 Index | 59 | 03/2026 | USD | 3038 | (34) |
| Micro E-mini S&P 500 Index | 13 | 03/2026 | USD | 447 | 1 |
| NASDAQ 100 E-mini Index | 10 | 03/2026 | USD | 5073 | 19 |
| S&P 500 E-mini Index | 78 | 03/2026 | USD | 26794 | 87 |
| S&P MidCap 400 E-mini Index | 1 | 03/2026 | USD | 334 | (2) |
| Total unrealized appreciation (depreciation) |  |  |  |  | 28 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 39

------

## Six Circles U.S. Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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 DECEMBER 31, 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 |

---

#### Summary of Investments by Industry, December 31, 2025
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| INDUSTRY | PERCENTAGE |
|  Internet | 15.6% |
|  Semiconductors | 14.5% |
|  Software | 12.6% |
|  Computers | 6.8% |
|  Banks | 5.8% |
|  Pharmaceuticals | 5.7% |
|  Diversified Financial Services | 5.3% |
|  Healthcare - Products | 5.3% |
|  Retail | 3.9% |
|  Electric | 3.5% |
|  Insurance | 3.1% |
|  Oil & Gas | 2.4% |
|  Telecommunications | 2.0% |
|  Electronics | 1.4% |
|  Auto Manufacturers | 1.3% |
|  Healthcare - Services | 1.2% |
|  Beverages | 1.2% |
|  Others (Each less than 1.0%) | 8.0% |
|  Short-Term Investments | 0.4% |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 40 SIX CIRCLES TRUST DECEMBER 31, 2025

------

## Six Circles International Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
|  **Common Stocks — 98.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Austria — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG | 434 | 52087 |
| &nbsp;&nbsp;&nbsp;&nbsp; OMV AG | 165 | 9208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen Bank International AG | 185 | 8246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verbund AG | 66 | 4779 |
|  |  | 74320 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Belgium — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ageas SA | 211 | 14810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA | 1333 | 85577 |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group | 4 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Group SA, Class B | 41 | 5334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financiere de Tubize SA | 25 | 6210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert NV | 113 | 10006 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV | 324 | 42212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lotus Bakeries NV | — (h) | 2605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sofina SA | 24 | 6866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syensqo SA | 53 | 4219 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 161 | 44724 |
|  |  | 223368 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Canada — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 65 | 11049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamos Gold, Inc., Class A | 54 | 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. | 97 | 5290 |
| &nbsp;&nbsp;&nbsp;&nbsp; AltaGas Ltd. | 39 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. | 75 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp; AtkinsRealis Group, Inc. | 21 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal | 93 | 12030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) | 161 | 11857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 221 | 9612 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCE, Inc. | 9 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bombardier, Inc., Class B (a) | 11 | 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. | 267 | 12258 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAE, Inc. (a) | 39 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp. | 56 | 5166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 120 | 10920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 68 | 6740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 271 | 9167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 118 | 8652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Tire Corp. Ltd., Class A | 7 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Utilities Ltd., Class A | 17 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCL Industries, Inc., Class B | 19 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc. (a) | 15 | 4409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. | 184 | 3106 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc. | 25 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. | 3 | 6275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Descartes Systems Group, Inc. (The) (a) | 11 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollarama, Inc. | 36 | 5313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management Corp. | 52 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera, Inc. | 39 | 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire Co. Ltd., Class A | 16 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. | 283 | 13520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. | 3 | 5148 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. (a) | 92 | 2463 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Canada — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstService Corp. | 5 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis, Inc. | 65 | 3393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corp. | 25 | 5176 |
| &nbsp;&nbsp;&nbsp;&nbsp; George Weston Ltd. | 23 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc. | 32 | 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc., Class A | 23 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great-West Lifeco, Inc. | 36 | 1771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hydro One Ltd. (e) | 43 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp; iA Financial Corp., Inc. | 12 | 1550 |
| &nbsp;&nbsp;&nbsp;&nbsp; IGM Financial, Inc. | 10 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Oil Ltd. | 23 | 1947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. | 23 | 4796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd., Class A (a) | 101 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyera Corp. | 30 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 157 | 4425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loblaw Cos. Ltd. | 77 | 3496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Gold, Inc. | 14 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Mining Corp., Class Common S | 89 | 1907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc. | 35 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. | 220 | 7973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metro, Inc. | 26 | 1905 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada | 51 | 6389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd. | 63 | 3881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp. | 33 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corp. | 55 | 2835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pembina Pipeline Corp., Class Common S | 75 | 2868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Corp. of Canada | 72 | 3826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., Class B | 47 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 182 | 31042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saputo, Inc. | 32 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc., Class A (a) | 158 | 25496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stantec, Inc. | 15 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Life Financial, Inc. | 73 | 4534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | 157 | 6953 |
| &nbsp;&nbsp;&nbsp;&nbsp; TC Energy Corp. | 135 | 7421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B | 59 | 2836 |
| &nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | 66 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFI International, Inc. | 10 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp. | 20 | 2687 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMX Group Ltd. | 36 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toromont Industries Ltd. | 11 | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 220 | 20771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tourmaline Oil Corp. | 48 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 59 | 6915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitecap Resources, Inc., Class Common S | 157 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSP Global, Inc. | 17 | 3065 |
|  |  | 357680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chile — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta plc | 280 | 12314 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Denmark — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S, Class A | 3 | 6597 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S, Class B | 4 | 9173 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 41

------

## Six Circles International Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
|  **Common Stocks — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Denmark — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlsberg A/S, Class B | 108 | 14100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B | 27 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S | 943 | 47097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Demant A/S (a) | 20 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S | 204 | 51333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (a) | 13 | 4043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 6882 | 349037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis (Novozymes) B, Class B | 256 | 16348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orsted A/S (e) (a) | 503 | 9603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 76 | 8426 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S, Class B | 97 | 3406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tryg A/S | 475 | 12434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 1007 | 27232 |
|  |  | 561839 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Finland — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ | 135 | 5996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ | 427 | 9076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ, Class B | 60 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ, Class B | 339 | 24021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metso OYJ | 664 | 11556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neste OYJ | 90 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 1133 | 7302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 4383 | 82455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ, Class B | 138 | 10307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ, Class A | 3418 | 41352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stora Enso OYJ, Class R | 422 | 5275 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ | 383 | 11086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 502 | 17772 |
|  |  | 229593 |
| &nbsp;&nbsp;&nbsp;&nbsp; **France — 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accor SA | 42 | 2348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris SA | 34 | 4476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA | 420 | 78883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE | 588 | 136475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA (a) | 344 | 10138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (e) | 86 | 7131 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA | 2447 | 117424 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMerieux | 9 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 1418 | 134187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bollore SE | 150 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA | 191 | 9905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas SA | 338 | 10740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE | 33 | 5469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA | 126 | 2106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA | 448 | 45517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | 143 | 4752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA REIT | 12 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA | 1506 | 31003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA | 548 | 49387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation SA | 20 | 6267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE | 143 | 3998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE | 346 | 7644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA | 68 | 9759 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **France — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA | 1740 | 45697 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA | 64 | 20349 |
| &nbsp;&nbsp;&nbsp;&nbsp; FDJ UNITED | 24 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA REIT | 10 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE | 301 | 5551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA | 31 | 75829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ipsen SA | 48 | 6661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering SA | 72 | 25082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA REIT | 47 | 1846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA | 261 | 38860 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 628 | 269582 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 241 | 181799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA | 8855 | 147767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA | 272 | 23299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 217 | 22537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renault SA | 147 | 6094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexel SA | 224 | 8776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA | 359 | 125082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 1402 | 135687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech | 6 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 547 | 149533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA | 2534 | 204007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA | 19 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA | 92 | 24939 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 2228 | 145261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield REIT | 26 | 2836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA | 602 | 20963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA | 497 | 69977 |
|  |  | 2442512 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany — 16.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG | 165 | 32645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Registered) | 545 | 251994 |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE | 648 | 34095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG (Registered) | 1247 | 54101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 215 | 23298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf AG | 110 | 12108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag SE | 202 | 11710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG | 1034 | 43644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG | 24 | 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA | 59 | 5409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG | 782 | 33863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero SE, Class A (e) (a) | 41 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Registered) | 2611 | 100641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | 266 | 69831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG (Registered) | 987 | 9696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG | 1579 | 86105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Registered) | 14662 | 477272 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE | 2139 | 40508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG | 187 | 2912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG | 47 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA | 91 | 5199 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG | 241 | 16260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck SE | 85 | 26506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG | 97 | 25179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | 23 | 1745 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 42 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
|  **Common Stocks — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hensoldt AG | 104 | 8871 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF AG | 26 | 10005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG | 280 | 12198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knorr-Bremse AG | 119 | 13219 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE | 17 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | 553 | 38362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA | 164 | 23426 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG | 88 | 36621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 184 | 121345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nemetschek SE | 143 | 15437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rational AG | 8 | 6472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG | 76 | 137990 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG | 602 | 31906 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 2578 | 626453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (e) | 71 | 7144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Registered) | 1250 | 349992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (a) | 2925 | 410362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (e) | 73 | 3806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symrise AG, Class A | 96 | 7810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG | 91 | 12101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE | 162 | 4668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando SE (e) (a) | 48 | 1413 |
|  |  | 3250756 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hong Kong — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential plc | 3578 | 55043 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ireland — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV | 176 | 25316 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group plc | 3004 | 32119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group plc | 1341 | 25646 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCC plc | 89 | 5569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian plc | 901 | 40627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Group plc, Class A | 136 | 12397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group plc | 151 | 13052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings plc | 833 | 28723 |
|  |  | 183449 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Italy — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA | 315 | 7154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Monte dei Paschi di Siena SpA | 2786 | 29667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BPM SpA | 1603 | 24340 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SpA | 2077 | 28071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buzzi SpA | 56 | 3375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Davide Campari-Milano NV | 829 | 5358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA | 7752 | 80602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA | 2295 | 43507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV | 97 | 35868 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | 863 | 22350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generali | 1203 | 50253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA (e) | 269 | 2491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | 20097 | 138869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA | 402 | 22988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA | 225 | 14397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexi SpA (e) | 742 | 3657 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Italy — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (e) | 644 | 16162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian SpA | 281 | 27997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica SpA | 146 | 8280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA | 1919 | 12752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia SpA (a) | 10892 | 6544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale | 1350 | 14358 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA | 3411 | 282502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA | 505 | 12124 |
|  |  | 893666 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. | 160 | 20282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeon Co. Ltd. | 466 | 7366 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. | 41 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. | 102 | 1913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. | 190 | 4023 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings, Inc. | 33 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | 321 | 3359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 270 | 2396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. | 147 | 3527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 380 | 5051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. | 123 | 3282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. | 239 | 5386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. | 182 | 5376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. | 73 | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. | 162 | 4493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chiba Bank Ltd. (The) | 117 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. | 142 | 2183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 141 | 7381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. | 82 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | 67 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 736 | 6119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 377 | 8003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | 55 | 7060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 62 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 117 | 3870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. | 277 | 2428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denso Corp. | 366 | 5059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. | 19 | 5880 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway Co. | 202 | 5327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ebara Corp. | 96 | 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | 55 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 569 | 4026 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. | 195 | 7604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 40 | 14431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. | 30 | 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 235 | 4982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. | 53 | 5844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. | 369 | 10133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin Holdings, Inc. | 51 | 1285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. | 4 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 960 | 30091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 774 | 7597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 72 | 10905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | 96 | 1047 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 43

------

## Six Circles International Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
|  **Common Stocks — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. | 164 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. | 216 | 3804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. | 186 | 3712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 111 | 1736 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 1245 | 15728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. | 31 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. | 206 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Bank Co. Ltd. | 375 | 5278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. | 375 | 3958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. | 39 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. | 251 | 9032 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. | 120 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp; JX Advanced Metals Corp. | 118 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. | 89 | 3322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) | 200 | 3139 |
| &nbsp;&nbsp;&nbsp;&nbsp; KAO Corp. | 98 | 3911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Heavy Industries Ltd. | 31 | 2082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. | 74 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 614 | 10625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. | 41 | 14722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kikkoman Corp. | 145 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (a) | 40 | 2642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | 161 | 2416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kobe Bussan Co. Ltd. | 31 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. | 199 | 6318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. | 21 | 2838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kubota Corp. | 203 | 2880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. | 270 | 3786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyowa Kirin Co. Ltd. | 50 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. | 17 | 3220 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. | 584 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp; M3, Inc. | 94 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. | 48 | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 296 | 8232 |
| &nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. | 68 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. | 75 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. | 271 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 675 | 15439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. | 398 | 11613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 223 | 5413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi HC Capital, Inc. | 183 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | 671 | 16386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 2401 | 38103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | 517 | 15359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 554 | 6290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. | 72 | 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 521 | 19028 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. | 54 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. | 270 | 6327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 349 | 7221 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. | 271 | 9183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | 79 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIDEC Corp., | 173 | 2354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 231 | 15609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. REIT | 2 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Paint Holdings Co. Ltd. | 195 | 1308 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Sanso Holdings Corp. | 37 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. | 1016 | 4159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK | 86 | 2776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. (a) | 468 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitori Holdings Co. Ltd. | 83 | 1452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. | 143 | 3405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. | 630 | 5247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | 79 | 2987 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT, Inc. | 6258 | 6317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. | 132 | 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 67 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Corp. | 237 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. Japan | 8 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. | 227 | 4200 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. | 244 | 7122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 74 | 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. | 48 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 91 | 5153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | 396 | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | 488 | 6330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc. (a) | 315 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 295 | 16565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (a) | 373 | 5103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 436 | 4153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryohin Keikaku Co. Ltd. | 105 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanrio Co. Ltd. | 38 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. | 119 | 2558 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. | 17 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Secom Co. Ltd. | 84 | 2978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seibu Holdings, Inc. | 45 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | 77 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 124 | 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. | 436 | 6270 |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Holdings Co. Ltd. | 61 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimadzu Corp. | 49 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. | 16 | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 352 | 10937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 157 | 2844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. | 82 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 12 | 4187 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. | 6015 | 8258 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 800 | 22454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 186 | 6310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Financial Group, Inc. (a) | 1262 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 1288 | 33036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 122 | 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 228 | 7902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 150 | 6026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Metal Mining Co. Ltd. | 51 | 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 767 | 24681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. | 134 | 4068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. | 128 | 3221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | 28 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 330 | 4932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysmex Corp. | 107 | 1052 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 44 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
|  **Common Stocks — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 96 | 2214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. | 31 | 2938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 333 | 10351 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. | 407 | 5761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. | 280 | 4071 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. | 45 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toho Co. Ltd. | 22 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 385 | 14225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 94 | 20892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 66 | 2597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Metro Co. Ltd. | 61 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu Corp. | 105 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. | 49 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toray Industries, Inc. | 288 | 1878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Industries Corp. | 34 | 3888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 1985 | 42626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | 145 | 4886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. | 27 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. | 56 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. | 232 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 85 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | 195 | 1446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | 47 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokohama Financial Group, Inc. | 214 | 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zensho Holdings Co. Ltd. | 20 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZOZO, Inc. | 95 | 782 |
|  |  | 947194 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Luxembourg — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA | 340 | 15635 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVC Capital Partners plc (e) | 305 | 5106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE | 25 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 80 | 1547 |
|  |  | 24137 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mexico — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresnillo plc | 157 | 7008 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Netherlands — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, CVA GDR (e) | 823 | 28758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (e) (a) | 36 | 57372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 1866 | 14513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel NV | 124 | 8644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (a) | 13 | 11104 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International NV | 60 | 36167 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 495 | 533156 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV | 222 | 15761 |
| &nbsp;&nbsp;&nbsp;&nbsp; BE Semiconductor Industries NV | 93 | 14557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext NV (e) | 107 | 16121 |
| &nbsp;&nbsp;&nbsp;&nbsp; EXOR NV | 132 | 11228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 514 | 33293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken Holding NV | 137 | 10056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV | 320 | 26428 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMCD NV | 59 | 5366 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV | 4264 | 119856 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV | 160 | 5968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | 192 | 7890 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Netherlands — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV | 3699 | 17283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips NV | 165 | 4493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV (The) (a) | 480 | 7679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebius Group NV, Class A (a) | 45 | 3794 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV | 380 | 29305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (a) | 2149 | 133066 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 46 | 2112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Randstad NV | 109 | 4145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 1544 | 16911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV | 1044 | 27213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV | 232 | 24029 |
|  |  | 1226268 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Norway — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA | 67 | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 1252 | 34878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 861 | 20301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA | 281 | 8405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA | 441 | 11296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mowi ASA | 502 | 12064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 1004 | 7752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orkla ASA | 757 | 8432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salmar ASA | 40 | 2465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA | 585 | 8506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA | 121 | 4932 |
|  |  | 120741 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Poland — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; InPost SA (a) | 255 | 3132 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Portugal — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Comercial Portugues SA, Class R | 10675 | 11237 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP SA | 3006 | 13844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS SA | 468 | 8062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS SA | 60 | 1433 |
|  |  | 34576 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Korea — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 1633 | 136847 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Spain — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA | 24 | 5125 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA | 177 | 17533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (e) | 752 | 21025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA | 97 | 7166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | 8134 | 190792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Sabadell SA | 7097 | 27969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | 20876 | 245724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankinter SA | 954 | 15817 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA | 5503 | 67285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom SA (e) | 470 | 15146 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP Renovaveis SA | 302 | 4262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa SA | 307 | 11058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grifols SA | 65 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA | 6049 | 130971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 234 | 15430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapfre SA | 1303 | 6537 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 45

------

## Six Circles International Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
|  **Common Stocks — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Spain — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group SA | 221 | 6723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeia Corp. SA | 326 | 5813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA | 1269 | 23677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica SA | 3504 | 14384 |
|  |  | 833243 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sweden — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AddTech AB, Class B | 258 | 9081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB | 290 | 14541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | 1001 | 38672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A | 2685 | 47803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class B | 1550 | 24773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beijer Ref AB, Class B | 406 | 6509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (a) | 206 | 11421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A | 663 | 14938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class B | 383 | 7711 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT AB | 696 | 27208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB, Class B | 129 | 3723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB (e) | 28 | 1930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder, Class B (a) | 153 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB, Class B | 106 | 2117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexagon AB, Class B | 444 | 5232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holmen AB, Class B | 50 | 1922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB, Class A | 162 | 7273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB, Class C | 225 | 10067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indutrade AB | 271 | 7018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment AB Latour, Class B | 147 | 3566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB, Class B | 2552 | 90949 |
| &nbsp;&nbsp;&nbsp;&nbsp; L E Lundbergforetagen AB, Class B | 108 | 5947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifco AB, Class B | 231 | 8773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nibe Industrier AB, Class B | 1495 | 5714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB, Class B | 320 | 18553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagax AB, Class B | 47 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB | 1065 | 34386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB, Class B | 490 | 7793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Class A | 2137 | 45063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB, Class B | 339 | 9226 |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF AB, Class B | 339 | 8974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA (a) | 148 | 86169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Cellulosa AB SCA, Class B | 442 | 5861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A | 2060 | 29846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, Class A | 1199 | 41591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (a) | 42 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB, Class B | 520 | 8707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, Class B | 599 | 5827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB | 2240 | 9575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trelleborg AB, Class B | 201 | 8514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB, Class B | 1585 | 50443 |
|  |  | 731050 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Switzerland — 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Registered) | 1537 | 113294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG | 107 | 8469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG | 19 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Cantonale Vaudoise (Registered) | 43 | 5380 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Switzerland — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barry Callebaut AG (Registered) | 5 | 8506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belimo Holding AG (Registered) | 10 | 9639 |
| &nbsp;&nbsp;&nbsp;&nbsp; BKW AG | 21 | 4363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG | 1 | 20062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG (Registered) | — (h) | 29331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA, Class A (Registered) | 514 | 110816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (a) | 221 | 11423 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSM-Firmenich AG | 126 | 10125 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMS-Chemie Holding AG (Registered) | 5 | 3518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG | 196 | 39970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG (Registered) | 34 | 26307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA (Registered) | 7 | 26507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore plc (a) | 7146 | 39064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helvetia Baloise Holding AG | 112 | 29473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG (a) | 370 | 36045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. | 291 | 22700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuehne + Nagel International AG (Registered) | 48 | 10326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Registered) | 33 | 3311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Registered) | 14 | 9354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA (Registered) | 4875 | 483844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG (Registered) | 2414 | 332592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG | 32 | 39284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 933 | 385496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG | 531 | 38526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG | 41 | 15432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Registered) | 23 | 8190 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA (Registered) | 165 | 18975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sika AG (Registered) | 111 | 22466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding AG (Registered) | 11 | 2809 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV | 145 | 3784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Straumann Holding AG (Registered) | 24 | 2784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group AG (The) | 28 | 5864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding AG (Registered) | 40 | 46372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG (Registered) | 17 | 2705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 422 | 70229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom AG (Registered) | 25 | 17855 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Registered) | 4479 | 206829 |
| &nbsp;&nbsp;&nbsp;&nbsp; VAT Group AG (e) | 27 | 12970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | 207 | 156292 |
|  |  | 2452378 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Taiwan — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alchip Technologies Ltd. | 22 | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASE Technology Holding Co. Ltd. | 994 | 7837 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology, Inc. | 9 | 2071 |
| &nbsp;&nbsp;&nbsp;&nbsp; eMemory Technology, Inc. | 20 | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Unichip Corp. | 26 | 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globalwafers Co. Ltd. | 81 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jentech Precision Industrial Co. Ltd. | 25 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp; King Yuan Electronics Co. Ltd. | 328 | 2582 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. | 457 | 20750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novatek Microelectronics Corp. | 173 | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realtek Semiconductor Corp. | 146 | 2267 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 46 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
|  **Common Stocks — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Taiwan — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 9891 | 486215 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Microelectronics Corp. | 3387 | 5289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard International Semiconductor Corp. | 351 | 1026 |
|  |  | 538655 |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Arab Emirates — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NMC Health plc (a) (bb) | 116 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Kingdom — 19.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group plc | 1387 | 60821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group plc | 364 | 15552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American plc | 796 | 32908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group plc | 414 | 28221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated British Foods plc | 163 | 4662 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca plc | 1921 | 355467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group plc (e) | 808 | 6377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva plc | 4269 | 39251 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems plc | 10812 | 248847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc | 19497 | 124805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barratt Redrow plc | 271 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP plc | 17421 | 101597 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco plc | 6499 | 368411 |
| &nbsp;&nbsp;&nbsp;&nbsp; BT Group plc | 5588 | 13843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunzl plc | 317 | 8861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica plc | 8688 | 19809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc | 281 | 25453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group plc | 338 | 10712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo plc | 1688 | 36362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining plc | 137 | 7174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entain plc | 121 | 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK plc | 5100 | 125045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon plc | 11176 | 56474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma plc | 76 | 3589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals plc | 210 | 4382 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc | 24038 | 378263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands plc | 152 | 6401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa plc | 1209 | 14348 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group plc (a) | 29 | 4052 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA | 1176 | 6527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intertek Group plc | 151 | 9354 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury plc | 342 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion plc | 502 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher plc | 346 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group plc REIT | 141 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group plc | 7956 | 28001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc | 82669 | 109348 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group plc | 652 | 78476 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G plc | 3190 | 12282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group plc | 410 | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melrose Industries plc | 4121 | 32503 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid plc | 9132 | 140073 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc | 11220 | 98426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next plc | 23 | 4265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson plc | 115 | 1623 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **<br>SHARES** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Kingdom — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings plc |  | 991 | 9807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group plc |  | 134 | 10881 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX plc |  | 1793 | 72220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial plc |  | 2485 | 14829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto plc |  | 802 | 64635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings plc |  | 28995 | 448433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group plc (The) |  | 192 | 2791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders plc |  | 1012 | 5532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro plc REIT |  | 256 | 2481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Severn Trent plc |  | 499 | 18727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell plc |  | 6297 | 232055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew plc |  | 161 | 2670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group plc |  | 319 | 10077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirax Group plc |  | 72 | 6603 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE plc |  | 2220 | 65072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc |  | 2717 | 66307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco plc |  | 1295 | 7699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever plc |  | 2442 | 159583 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group plc |  | 1255 | 20165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group plc |  | 17893 | 23852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitbread plc |  | 34 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wise plc, Class A (a) |  | 930 | 11145 |
|  |  |  | 3888474 |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd., Class A |  | 53 | 2779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp. |  | 18 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. |  | 24 | 2476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. |  | 40 | 2754 |
|  |  |  | 8693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks<br>(Cost $13,253,464) |  |  | 19236936 |
|  **Preferred Stocks — 0.2%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG |  | 41 | 4357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr Ing hc F Porsche AG (e) |  | 87 | 4659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA |  | 34 | 2757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding SE |  | 118 | 5497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG |  | 6 | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG |  | 158 | 19291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks<br>(Cost $33,212) |  |  | 38177 |
|  | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** |  |
|  **Short-Term Investments — 1.1%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.90%), 01/05/2026 | CHF | 6772 | 8549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27%, 01/02/2026 | DKK | 20352 | 3202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.79%), 01/02/2026 | SEK | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.90%), 01/05/2026 | CHF | — (h) | — (h) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 47

------

## Six Circles International Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

(Amounts 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**  | **Short-Term Investments — continued**  | **Short-Term Investments — continued**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27%, 01/02/2026 | DKK | 2127 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 01/02/2026 | EUR | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/02/2026 | NOK | 13680 | 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 0.81%, 01/02/2026 | EUR | 52659 | 61885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 01/02/2026 | GBP | 23553 | 31748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 72060 | 72060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, 1.08%, 01/02/2026 | CAD | 2597 | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 4595 | 4595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, (3.79%), 01/02/2026 | SEK | 35919 | 3902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., 0.15%, 01/05/2026 | JPY | 1811152 | 11561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 557 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 2.98%, 01/02/2026 |  | 7667 | 7667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $209,310) |  |  | 209310 |
|  **Total Investments — 99.6%<br>(Cost — $13,495,986)** |  |  | **19484423** |
|  **Other Assets in Excess of Liabilities — 0.4%** | **Other Assets in Excess of Liabilities — 0.4%** | **Other Assets in Excess of Liabilities — 0.4%** | **85647** |
|  **NET ASSETS — 100.0%** |  |  | **$19570070** |

---

Percentages indicated are based on net assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded |
| DESCRIPTION | NUMBER OF<br>CONTRACTS | EXPIRATION<br>DATE | TRADING<br>CURRENCY | NOTIONAL<br>AMOUNT($) | VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  **Long Contracts** |  |  |  |  |  |
|  Euro STOXX 50 Index | 1012 | 03/2026 | EUR | 68640 | 827 |
|  FTSE 100 Index | 289 | 03/2026 | GBP | 38273 | 453 |
|  Mini-DAX | 11 | 03/2026 | EUR | 1578 | 18 |
|  S&P Toronto Stock Exchange 60 Index | 10 | 03/2026 | CAD | 2702 | 11 |
|  FTSE Taiwan Index | 16 | 01/2026 | USD | 1488 | 29 |
|  STOXX Europe 600 Index | 249 | 03/2026 | EUR | 8586 | 120 |
|  TOPIX Index | 28 | 03/2026 | JPY | 6088 | 13 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 1471 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 48 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: |
| CURRENCY PURCHASED | CURRENCY PURCHASED | CURRENCY SOLD | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT<br>DATE | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  EUR | 114 | USD | 133 | Goldman Sachs International | 01/05/2026 | — (h) |
|  USD | 1251 | SEK | 11460 | Bank of America, NA | 01/05/2026 | 6 |
|  SEK | 135643 | USD | 14624 | Goldman Sachs International | 01/05/2026 | 110 |
|  CHF | 28706 | USD | 36178 | Bank of America, NA | 01/06/2026 | 66 |
|  USD | 25225 | DKK | 160018 | Bank of America, NA | 01/06/2026 | 46 |
|  USD | 33624 | DKK | 213146 | Bank of America, NA | 01/06/2026 | 85 |
|  USD | 32424 | DKK | 206022 | Bank of America, NA | 01/06/2026 | 6 |
|  USD | 17671 | DKK | 112217 | Bank of America, NA | 01/06/2026 | 14 |
|  DKK | 1580329 | USD | 247941 | Morgan Stanley & Co. | 01/06/2026 | 724 |
|  EUR | 5134 | USD | 6031 | Bank of America, NA | 01/06/2026 | 3 |
|  USD | 9241 | EUR | 7834 | Morgan Stanley & Co. | 01/06/2026 | 34 |
|  EUR | 13343 | USD | 15653 | UBS AG LONDON | 01/06/2026 | 28 |
|  USD | 25734 | GBP | 19055 | Bank of America, NA | 01/06/2026 | 49 |
|  USD | 30835 | GBP | 22865 | Bank of America, NA | 01/06/2026 | 14 |
|  GBP | 7700 | USD | 10307 | Goldman Sachs International | 01/06/2026 | 72 |
|  GBP | 301920 | USD | 403408 | Morgan Stanley & Co. | 01/06/2026 | 3564 |
|  USD | 3459 | GBP | 2563 | Morgan Stanley & Co. | 01/06/2026 | 4 |
|  JPY | 200864 | USD | 1280 | UBS AG LONDON | 01/06/2026 | 2 |
|  USD | 142 | NOK | 1428 | Bank of America, NA | 01/06/2026 | — (h) |
|  USD | 665 | NOK | 6633 | Bank of America, NA | 01/06/2026 | 7 |
|  NOK | 227104 | USD | 22382 | Goldman Sachs International | 01/06/2026 | 149 |
|  DKK | 640079 | USD | 100632 | Bank of America, NA | 01/08/2026 | 96 |
|  GBP | 97956 | USD | 131764 | Bank of America, NA | 01/08/2026 | 275 |
|  NOK | 18246 | USD | 1810 | Bank of America, NA | 01/08/2026 | — (h) |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  |  | 5354 |
|  NOK | 414 | USD | 41 | BNP Paribas | 01/02/2026 | — (h) |
|  USD | 12842 | SEK | 118783 | Citibank, NA | 01/05/2026 | (61) |
|  CHF | 12808 | USD | 16202 | Bank of America, NA | 01/06/2026 | (32) |
|  CHF | 34495 | USD | 43609 | Bank of America, NA | 01/06/2026 | (56) |
|  CHF | 34344 | USD | 43545 | Bank of America, NA | 01/06/2026 | (182) |
|  CHF | 42809 | USD | 54182 | Bank of America, NA | 01/06/2026 | (131) |
|  USD | 19483 | CHF | 15458 | Bank of America, NA | 01/06/2026 | (33) |
|  USD | 289684 | CHF | 230150 | Morgan Stanley & Co. | 01/06/2026 | (904) |
|  CHF | 3669 | USD | 4652 | UBS AG LONDON | 01/06/2026 | (19) |
|  USD | 51418 | DKK | 327393 | Bank of America, NA | 01/06/2026 | (98) |
|  DKK | 78545 | USD | 12393 | Morgan Stanley & Co. | 01/06/2026 | (34) |
|  EUR | 12809 | USD | 15059 | Bank of America, NA | 01/06/2026 | (5) |
|  EUR | 29291 | USD | 34475 | Bank of America, NA | 01/06/2026 | (51) |
|  USD | 7571 | EUR | 6454 | Bank of America, NA | 01/06/2026 | (14) |
|  EUR | 21621 | USD | 25479 | Bank of America, NA | 01/06/2026 | (68) |
|  USD | 1497 | EUR | 1277 | Morgan Stanley & Co. | 01/06/2026 | (4) |
|  USD | 215459 | EUR | 183855 | Morgan Stanley & Co. | 01/06/2026 | (618) |
|  EUR | 4697 | USD | 5529 | UBS AG LONDON | 01/06/2026 | (9) |
|  EUR | 12873 | USD | 15159 | UBS AG LONDON | 01/06/2026 | (30) |
|  EUR | 7166 | USD | 8427 | UBS AG LONDON | 01/06/2026 | (5) |
|  USD | 110868 | GBP | 82820 | Bank of America, NA | 01/06/2026 | (769) |
|  USD | 20260 | GBP | 15036 | Bank of America, NA | 01/06/2026 | (8) |
|  USD | 33972 | GBP | 25220 | Bank of America, NA | 01/06/2026 | (23) |
|  USD | 46322 | GBP | 34372 | Bank of America, NA | 01/06/2026 | (10) |
|  USD | 500 | GBP | 374 | Morgan Stanley & Co. | 01/06/2026 | (4) |
|  USD | 6407 | GBP | 4761 | UBS AG LONDON | 01/06/2026 | (10) |
|  USD | 19837 | NOK | 200798 | Citibank, NA | 01/06/2026 | (84) |
|  USD | 111981 | CHF | 88776 | Citibank, NA | 01/08/2026 | (133) |
|  USD | 108596 | EUR | 92487 | Bank of America, NA | 01/08/2026 | (110) |
|  SEK | 5399 | USD | 587 | Bank of America, NA | 01/08/2026 | (1) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  |  | (3506) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  | 1848 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 49

------

## Six Circles International Unconstrained Equity Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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 DECEMBER 31, 2025

---

| | |
|:---|:---|
| CVA | — Dutch Certification |
| GDR | — Global Depositary Receipt |
| OYJ | — Public Limited Company |
| REIT | — Real Estate Investment Trust |
| (a) | — Non-income producing security. |
| (e) | — Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended.  |
| (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 |
| GBP | — British Pound |
| JPY | — Japanese Yen |
| NOK | — Norwegian Krone |
| SEK | — Swedish Krona |
| USD | — United States Dollar |

---

#### Summary of Investments by Industry, December 31, 2025
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| INDUSTRY | PERCENTAGE |
|  Banks | 17.3% |
|  Pharmaceuticals | 10.0% |
|  Semiconductors | 6.8% |
|  Insurance | 6.5% |
|  Aerospace/Defense | 6.5% |
|  Telecommunications | 4.2% |
|  Food | 3.5% |
|  Software | 3.5% |
|  Oil & Gas | 3.2% |
|  Electric | 3.2% |
|  Machinery - Construction & Mining | 2.7% |
|  Cosmetics/Personal Care | 2.6% |
|  Miscellaneous Manufacturers | 2.1% |
|  Agriculture | 2.0% |
|  Commercial Services | 1.7% |
|  Electrical Components & Equipment | 1.7% |
|  Apparel | 1.7% |
|  Auto Manufacturers | 1.5% |
|  Internet | 1.4% |
|  Diversified Financial Services | 1.3% |
|  Beverages | 1.3% |
|  Mining | 1.3% |
|  Chemicals | 1.2% |
|  Transportation | 1.2% |
|  Engineering & Construction | 1.1% |
|  Building Materials | 1.1% |
|  Retail | 1.1% |
|  Others (Each less than 1.0%) | 7.2% |
|  Short-Term Investments | 1.1% |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 50 SIX CIRCLES TRUST DECEMBER 31, 2025

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — 105.7%** |  |  |
|  **Asset-Backed Securities — 0.4%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Credit Acceptance Receivables Trust, Series 2025-2, Class D, 5.50%, 07/14/2031 (e) | 2140 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Auto Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 7.62%, 12/15/2033 (e) | 2750 | 2838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A, Class C, 7.30%, 04/17/2034 (e) | 2250 | 2321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 4.67%, 05/17/2032 | 770 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class D, 4.94%, 05/17/2032 | 2500 | 2521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, Series 2024-3A, Class C, 5.70%, 07/16/2029 | 1046 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, 4.66%, 02/16/2028 | 673 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A4, 4.59%, 07/17/2028 | 230 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A3, 5.10%, 03/16/2029 | 1076 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 5.28%, 10/16/2029 | 850 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Auto Receivables Trust, Series 2024-2A, Class D, 5.15%, 07/15/2030 (e) | 3000 | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, Series 2024-5, Class D, 5.14%, 02/17/2032 | 2950 | 2971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, Series 2023-4A, Class C, 6.64%, 11/15/2028 (e) | 325 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Automobile ABS |  | 20839 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust, Series 2024-B, Class D, 5.50%, 09/15/2029 (e) | 1500 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Master Trust, Series 2025-1A, Class C, 5.28%, 02/15/2033 (e) | 1500 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL CLO 14 Ltd., (Cayman Islands), Series 2021-14A, Class AR, (CME Term SOFR 3 Month + 1.13%), 5.00%, 12/02/2034 (e) (aa) | 2100 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anchorage Capital CLO 28 Ltd., (Cayman Islands), Series 2024-28A, Class A, (CME Term SOFR 3 Month + 1.70%), 5.58%, 04/20/2037 (e) (aa) | 2000 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apex Credit CLO 2024-I Ltd., (Bermuda), Series 2024-1A, Class A1, (CME Term SOFR 3 Month + 1.80%), 5.68%, 04/20/2036 (e) (aa) | 1000 | 1005 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avant Loans Funding Trust, Series 2025-REV1, Class B, 5.42%, 05/15/2034 (e) |  | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO 2022-2 Ltd., (Jersey, Channel Islands), Series 2022-2A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 5.01%, 04/22/2035 (e) (aa) |  | 3000 | 2997 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueMountain CLO 2016-3 Ltd., (Cayman Islands), Series 2016-3A, Class A1R2, (CME Term SOFR 3 Month + 1.20%), 5.05%, 11/15/2030 (e) (aa) |  | 199 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueMountain CLO XXXIV Ltd., (Cayman Islands), Series 2022-34A, Class AR, (CME Term SOFR 3 Month + 1.15%), 5.03%, 04/20/2035 (e) (aa) |  | 3500 | 3500 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIFC Funding Ltd., (Cayman Islands), Series 2017-4A, Class A1R, (CME Term SOFR 3 Month + 1.21%), 5.08%, 10/24/2030 (e) (aa) |  | 498 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diameter Capital CLO 6 Ltd., (Cayman Islands), Series 2024-6A, Class A1, (CME Term SOFR 3 Month + 1.61%), 5.51%, 04/15/2037 (e) (aa) |  | 2700 | 2712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 4169 | 4900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flatiron CLO 19 Ltd., (Cayman Islands), Series 2019-1A, Class AR2, (CME Term SOFR 3 Month + 1.18%), 5.03%, 11/16/2034 (e) (aa) |  | 713 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICG US CLO 2020-1 Ltd., (Cayman Islands), Series 2020-1A, Class ARR, (CME Term SOFR 3 Month + 1.10%), 4.98%, 01/20/2035 (e) (aa) |  | 2065 | 2062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwoods Capital 25 Ltd., (Cayman Islands), Series 2021-25A, Class AR, (CME Term SOFR 3 Month + 1.12%), 5.00%, 07/20/2034 (e) (aa) |  | 2400 | 2395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Octagon Investment Partners 39 Ltd., (Cayman Islands), Series 2018-3A, Class AR, (CME Term SOFR 3 Month + 1.15%), 5.03%, 10/20/2030 (e) (aa) |  | 618 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square CLO 2015-1 Ltd., (Cayman Islands), Series 2015-1A, Class A1A5, (CME Term SOFR 3 Month + 1.05%), 4.92%, 05/21/2034 (e) (aa) |  | 8000 | 7989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romark CLO V Ltd., (Cayman Islands), Series 2021-5A, Class AR, (CME Term SOFR 3 Month + 1.19%), 5.09%, 01/15/2035 (e) (aa) |  | 2500 | 2499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shackleton 2019-XIV CLO Ltd., (Cayman Islands), Series 2019-14A, Class A1RR, (CME Term SOFR 3 Month + 1.20%), 5.08%, 07/20/2034 (e) (aa) |  | 2000 | 2001 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 51

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |
|  **Asset-Backed Securities — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sound Point CLO XXIII, (Cayman Islands), Series 2019-2A, Class AR, (CME Term SOFR 3 Month + 1.43%), 5.34%, 07/15/2034 (e) (aa) | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sycamore Tree CLO 2023-2 Ltd., (Cayman Islands), Series 2023-2A, Class AR, (CME Term SOFR 3 Month + 1.68%), 5.56%, 01/20/2037 (e) (aa) | 1600 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp; TCW CLO 2024-1 Ltd., (Cayman Islands), Series 2024-1A, Class A1, (CME Term SOFR 3 Month + 1.60%), 5.49%, 01/16/2037 (e) (aa) | 700 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XVII Ltd., (Cayman Islands), Series 2021-17A, Class AR, (CME Term SOFR 3 Month + 1.15%), 5.03%, 10/20/2034 (e) (aa) | 3600 | 3597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upstart Securitization Trust, Series 2025-3, Class B, 5.02%, 09/20/2035 (e) | 800 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture 33 CLO Ltd., (Cayman Islands), Series 2018-33A, Class A1LR, (CME Term SOFR 3 Month + 1.32%), 5.23%, 07/15/2031 (e) (aa) | 136 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wellfleet CLO 2021-1 Ltd., (Cayman Islands), Series 2021-1A, Class A1R, (CME Term SOFR 3 Month + 1.18%), 5.06%, 04/20/2034 (e) (aa) | 1400 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Other ABS |  | 50204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $71,057) |  | 71043 |
|  **Collateralized Mortgage Obligations — 1.9%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3404, Class SA, IF, IO, (5.89% — United States 30 Day Average SOFR), 1.90%, 01/15/2038 (aa) | 760 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3680, Class SA, IF, IO, (4.89% — United States 30 Day Average SOFR), 0.90%, 06/15/2040 (aa) | 1766 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4023, Class S, IF, IO, (6.14% — United States 30 Day Average SOFR), 2.15%, 03/15/2042 (aa) | 756 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4165, Class TI, IO, 3.00%, 12/15/2042 | 308 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4368, Class CZ, SUB, 3.75%, 11/15/2041 | 2082 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4598, Class IK, IO, 3.50%, 03/15/2046 | 469 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4710, Class EI, IO, 3.50%, 11/15/2031 | 1713 | 86 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4751, Class EF, (United States 30 Day Average SOFR + 0.36%), 4.35%, 05/15/2041 (aa) | 1774 | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4764, Class WF, (United States 30 Day Average SOFR + 0.41%), 4.40%, 02/15/2048 (aa) | 3824 | 3722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4790, Class F, (United States 30 Day Average SOFR + 0.30%), 4.29%, 10/15/2043 (aa) | 1372 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4825, Class SE, IF, IO, (6.09% — United States 30 Day Average SOFR), 2.10%, 09/15/2048 (aa) | 3245 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4830, Class IL, IO, 4.50%, 04/15/2048 | 1382 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4888, Class IB, IO, 4.00%, 03/15/2047 | 252 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4930, Class IP, IO, 3.50%, 09/25/2048 | 3812 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4990, Class MI, IO, 4.00%, 07/25/2050 | 3392 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5003, Class AS, IF, IO, (5.99% — United States 30 Day Average SOFR), 2.11%, 08/25/2050 (aa) | 6144 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5016, Class PI, IO, 3.00%, 09/25/2050 | 8929 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5023, Class BI, IO, 2.00%, 10/25/2050 | 17943 | 2330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5034, Class MI, IO, 2.00%, 11/25/2050 | 1723 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5034, Class YI, IO, 4.00%, 11/25/2050 | 2137 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5038, Class MI, IO, 4.00%, 11/25/2050 | 870 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5047, Class CI, IO, 2.00%, 12/25/2050 | 1505 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5051, Class IP, IO, 3.00%, 12/25/2050 | 8911 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5062, Class EI, IO, 2.00%, 01/25/2051 | 3235 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5069, Class DI, IO, 3.50%, 02/25/2041 | 958 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5069, Class LI, IO, 2.50%, 02/25/2051 | 12415 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5071, Class IN, IO, 4.00%, 08/25/2050 | 4597 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5081, Class EI, IO, 2.50%, 03/25/2051 | 16860 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5087, Class IL, IO, 3.00%, 03/25/2051 | 1660 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5124, Class LI, IO, 4.50%, 07/25/2051 | 8366 | 2038 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 52 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |
|  **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5157, Class IA, IO, 3.00%, 10/25/2051 | 41023 | 6315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5202, Class UI, IO, 3.50%, 01/25/2052 | 3287 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5227, Class EI, IO, 4.00%, 04/25/2050 | 3126 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5229, Class KI, IO, 4.50%, 08/25/2049 | 667 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5383, Class AF, (United States 30 Day Average SOFR + 1.00%), 5.21%, 08/15/2048 (aa) | 639 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5462, Class FA, (United States 30 Day Average SOFR + 1.10%), 4.97%, 10/25/2054 (aa) | 239 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5478, Class FH, (United States 30 Day Average SOFR + 1.45%), 5.32%, 04/25/2054 (aa) | 572 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5518, Class FC, (United States 30 Day Average SOFR + 1.32%), 5.19%, 03/25/2055 (aa) | 157 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5534, Class FD, (United States 30 Day Average SOFR + 1.25%), 5.12%, 05/25/2055 (aa) | 1226 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5538, Class AF, (United States 30 Day Average SOFR + 1.30%), 5.17%, 03/25/2055 (aa) | 2980 | 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5542, Class FL, (United States 30 Day Average SOFR + 1.25%), 5.12%, 05/25/2055 (aa) | 301 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5573, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.77%, 09/25/2055 (aa) | 7900 | 7932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5593, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.77%, 11/25/2055 (aa) | 8135 | 8168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5607, Class FA, (United States 30 Day Average SOFR + 0.90%), 4.77%, 12/25/2055 (aa) | 4184 | 4190 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC STRIPs, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 365, Class C2, IO, 4.00%, 06/15/2049 | 3002 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 399, Class C29, IO, 2.00%, 06/25/2052 | 8545 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 399, Class C30, IO, 2.00%, 06/25/2051 | 66682 | 8076 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Interest STRIP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 379, Class S56, IF, IO, (7.79% — United States 30 Day Average SOFR), 3.91%, 05/25/2037 (aa) | 273 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 405, Class 1, PO, 0.00%, 10/25/2040 | 226 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 406, Class 23, IO, 6.00%, 11/25/2040 (z) | 101 | 21 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 413, Class C32, IO, 4.00%, 11/25/2039 | 1082 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class 161, IO, 2.00%, 03/25/2051 | 2485 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class 162, IO, 2.00%, 03/25/2051 | 1929 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class 163, IO, 2.00%, 02/25/2051 | 453 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class 164, IO, 2.00%, 03/25/2051 | 852 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001-25, Class FC, (United States 30 Day Average SOFR + 0.91%), 4.79%, 06/25/2031 (aa) | 32 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-30, Class JS, IF, IO, (6.33% — United States 30 Day Average SOFR), 2.45%, 04/25/2037 (aa) | 1065 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-35, Class SP, IF, IO, (6.39% — United States 30 Day Average SOFR), 2.51%, 04/25/2042 (aa) | 1679 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-53, Class IO, IO, 3.50%, 05/25/2027 | 72 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-135, Class SB, IF, IO, (5.99% — United States 30 Day Average SOFR), 2.11%, 12/25/2042 (aa) | 729 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-30, Class CA, 1.50%, 04/25/2043 | 983 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-109, Class BO, PO, Zero Coupon, 07/25/2043 | 411 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-47, Class FB, (United States 30 Day Average SOFR + 0.46%), 4.67%, 08/25/2054 (aa) | 1716 | 1680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-26, Class SY, IF, (6.77% — United States 30 Day Average SOFR), 0.00%, 11/25/2042 (aa) | 514 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-40, Class EF, (United States 30 Day Average SOFR + 0.56%), 4.77%, 07/25/2046 (aa) | 407 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-63, Class AS, IF, IO, (5.89% — United States 30 Day Average SOFR), 2.01%, 09/25/2046 (aa) | 1148 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-68, Class WI, IO, 1.75%, 10/25/2046 (z) | 2846 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-71, Class NI, IO, 3.50%, 04/25/2046 | 576 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class BF, (United States 30 Day Average SOFR + 0.41%), 4.29%, 12/25/2047 (aa) | 3626 | 3547 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 53

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |
|  **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-67, Class HF, (United States 30 Day Average SOFR + 0.41%), 4.29%, 09/25/2048 (aa) | 1996 | 1947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-67, Class SH, IF, IO, (6.09% — United States 30 Day Average SOFR), 2.21%, 09/25/2048 (aa) | 2488 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-47, Class SI, IO, 2.01%, 08/25/2049 (z) | 8055 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-48, Class IB, IO, 0.65%, 06/25/2039 (z) | 16173 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-53, Class IA, IO, 1.81%, 09/25/2049 (z) | 15721 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-68, Class US, IF, IO, (5.89% — United States 30 Day Average SOFR), 2.01%, 11/25/2049 (aa) | 5591 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-78, Class DI, IO, 4.50%, 11/25/2049 | 451 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-29, Class SA, IO, 1.52%, 05/25/2050 (z) | 3475 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-33, Class IO, IO, 1.47%, 05/25/2050 (z) | 7609 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-42, Class CI, IO, 3.00%, 06/25/2050 | 10468 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-60, Class BI, IO, 3.50%, 09/25/2050 | 9539 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-68, Class CI, IO, 3.00%, 10/25/2050 | 7242 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-74, Class PI, IO, 2.00%, 12/25/2049 | 8438 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class IG, IO, 3.00%, 12/25/2050 | 1249 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class IM, IO, 2.00%, 12/25/2050 | 8684 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class LI, IO, 3.00%, 12/25/2050 | 9901 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class TI, IO, 2.50%, 02/25/2051 | 2295 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8, Class WI, IO, 1.96%, 03/25/2051 (z) | 8827 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-8, Class YF, (United States 30 Day Average SOFR + 0.20%), 4.41%, 03/25/2061 (aa) | 5561 | 5540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-36, Class YI, IO, 1.99%, 06/25/2061 (z) | 10477 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-52, Class IH, IO, 3.00%, 03/25/2051 | 8886 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10, Class AF, (United States 30 Day Average SOFR + 0.90%), 5.11%, 12/25/2050 (aa) | 1690 | 1688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.01%, 01/25/2051 (aa) | 4465 | 4471 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70, Class AE, 4.50%, 08/25/2052 | 5367 | 5342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-91, Class FA, (United States 30 Day Average SOFR + 1.20%), 5.07%, 12/25/2054 (aa) | 681 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-94, Class FB, (United States 30 Day Average SOFR + 1.42%), 5.29%, 12/25/2054 (aa) | 560 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-103, Class FH, (United States 30 Day Average SOFR + 1.25%), 5.12%, 01/25/2055 (aa) | 497 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-79, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.12%, 10/25/2055 (aa) | 2876 | 2892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-93, Class FA, (United States 30 Day Average SOFR + 1.10%), 4.97%, 11/25/2055 (aa) | 2547 | 2553 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H03, Class FA, (CME Term SOFR 1 Month + 0.61%), 4.61%, 12/20/2064 (aa) | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-H33, Class FA, (CME Term SOFR 1 Month + 0.77%), 4.77%, 12/20/2065 (aa) | 3551 | 3557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H03, Class HA, 3.00%, 01/20/2067 | 1646 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H01, Class FA, (CME Term SOFR 1 Year + 0.87%), 5.10%, 01/20/2068 (aa) | 1840 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H11, Class FJ, (CME Term SOFR 1 Year + 0.80%), 4.86%, 06/20/2068 (aa) | 218 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-65, Class ID, IO, 4.00%, 02/20/2049 | 964 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H01, Class FV, (CME Term SOFR 1 Year + 0.97%), 5.20%, 12/20/2068 (aa) | 73 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H02, Class JA, 3.50%, 12/20/2068 | 1555 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H06, Class PT, 3.50%, 01/20/2069 (z) | 1449 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H08, Class FE, (CME Term SOFR 1 Month + 0.76%), 4.76%, 01/20/2069 (aa) | 4491 | 4483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H15, Class GA, 2.25%, 08/20/2069 | 76 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H16, Class FD, (CME Term SOFR 1 Month + 0.91%), 4.91%, 10/20/2069 (aa) | 2033 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-142, Class LI, IO, 2.50%, 09/20/2050 | 8882 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-142, Class MT, IF, IO, (6.04% — CME Term SOFR 1 Month), 0.05%, 07/20/2047 (aa) | 10156 | 19 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 54 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |
|  **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-142, Class TN, IF, IO, (6.09%—CME Term SOFR 1 Month), 0.10%, 09/20/2047 (aa) | 13649 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-176, Class FW, (CME Term SOFR 1 Month + 0.41%), 4.00%, 11/20/2050 (aa) | 2276 | 2131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H12, Class F, (CME Term SOFR 1 Month + 0.61%), 4.61%, 07/20/2070 (aa) | 1335 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H13, Class FA, (CME Term SOFR 1 Month + 0.56%), 4.56%, 07/20/2070 (aa) | 8426 | 8363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H14, Class FH, (CME Term SOFR 1 Month + 1.36%), 5.36%, 08/20/2070 (aa) | 6611 | 6727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H15, Class FH, (CME Term SOFR 1 Month + 1.16%), 5.16%, 07/20/2070 (aa) | 2414 | 2447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H15, Class FK, (CME Term SOFR 1 Month + 1.36%), 5.36%, 04/20/2070 (aa) | 4350 | 4429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H16, Class FN, (CME Term SOFR 1 Month + 1.36%), 5.36%, 09/20/2070 (aa) | 1621 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H20, Class FA, (CME Term SOFR 1 Month + 0.46%), 4.46%, 04/20/2070 (aa) | 105 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-23, Class GI, IO, 2.00%, 02/20/2051 | 9783 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-44, Class TF, (United States 30 Day Average SOFR + 0.30%), 4.00%, 03/20/2051 (aa) | 2151 | 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-122, Class IT, IO, 2.50%, 07/20/2051 | 9775 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-206, Class IG, IO, 2.50%, 09/20/2051 | 8117 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-223, Class QI, IO, 2.50%, 10/20/2051 | 8586 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H03, Class ML, 6.41%, 01/20/2071 (z) | 3791 | 3837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H05, Class FJ, (United States 30 Day Average SOFR + 0.75%), 4.67%, 03/20/2071 (aa) | 220 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H12, Class DF, (United States 30 Day Average SOFR + 1.50%), 5.42%, 08/20/2071 (aa) | 1963 | 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H14, Class HF, (United States 30 Day Average SOFR + 1.50%), 5.42%, 09/20/2071 (aa) | 7389 | 7573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H15, Class HB, 1.25%, 09/20/2065 | 93 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H16, Class F, (United States 30 Day Average SOFR + 1.50%), 5.42%, 09/20/2071 (aa) | 9825 | 10075 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H09, Class FA, (United States 30 Day Average SOFR + 0.67%), 4.59%, 04/20/2072 (aa) | 1083 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H20, Class FA, (United States 30 Day Average SOFR + 0.80%), 4.72%, 08/20/2072 (aa) | 214 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 4.82%, 01/20/2073 (aa) | 2788 | 2810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02, Class FL, (United States 30 Day Average SOFR + 0.90%), 4.82%, 01/20/2073 (aa) | 8070 | 8133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H02, Class JF, (United States 30 Day Average SOFR + 0.90%), 4.82%, 01/20/2073 (aa) | 6400 | 6452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H03, Class FA, (United States 30 Day Average SOFR + 0.87%), 4.79%, 02/20/2073 (aa) | 11189 | 11263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H09, Class FA, (United States 30 Day Average SOFR + 0.80%), 4.72%, 04/20/2073 (aa) | 1751 | 1757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H11, Class FC, (United States 30 Day Average SOFR + 1.10%), 5.02%, 05/20/2073 (aa) | 8197 | 8345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H11, Class FD, (United States 30 Day Average SOFR + 1.15%), 5.07%, 05/20/2073 (aa) | 1409 | 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H15, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.92%, 03/20/2073 (aa) | 1994 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 5.02%, 11/20/2073 (aa) | 4336 | 4419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.82%, 01/20/2074 (aa) | 2806 | 2830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 4.85%, 01/20/2074 (aa) | 4947 | 4998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H02, Class FJ, (United States 30 Day Average SOFR + 1.00%), 4.92%, 12/20/2073 (aa) | 3809 | 3843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H07, Class FC, (United States 30 Day Average SOFR + 0.65%), 4.57%, 02/20/2074 (aa) | 1785 | 1785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-H11, Class FD, (United States 30 Day Average SOFR + 0.90%), 4.82%, 07/20/2074 (aa) | 2975 | 3001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class NF, (United States 30 Day Average SOFR + 1.10%), 5.02%, 01/20/2055 (aa) | 226 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-79, Class NA, 3.50%, 11/20/2049 | 3060 | 2993 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 55

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |
|  **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H24, Class FA, (United States 30 Day Average SOFR + 0.73%), 4.71%, 02/20/2073 (aa) | 7865 | 7854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Collateral CMO |  | 272890 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral PAC CMO — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4056, Class GS, IF, IO, (6.54% — United States 30 Day Average SOFR), 2.55%, 12/15/2041 (aa) | 223 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4134, Class PI, IO, 3.00%, 11/15/2042 | 359 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4147, Class JI, IO, 3.50%, 12/15/2032 | 2840 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4881, Class IK, IO, 4.00%, 05/15/2049 | 1337 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5013, Class IQ, IO, 3.50%, 09/25/2050 | 3984 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5045, Class DI, IO, 2.50%, 11/25/2050 | 2347 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5056, Class PI, IO, 2.50%, 12/25/2050 | 6951 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5065, Class IG, IO, 3.00%, 01/25/2051 | 2795 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5109, Class IE, IO, 2.50%, 05/25/2051 | 872 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5210, Class AI, IO, 3.50%, 01/25/2042 | 3215 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-77, Class PF, (United States 30 Day Average SOFR + 0.41%), 4.29%, 10/25/2048 (aa) | 1602 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-86, Class PI, IO, 2.50%, 12/25/2050 | 2775 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-99, Class IQ, IO, 3.00%, 01/25/2051 | 801 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-47, Class PI, IO, 2.50%, 07/25/2051 | 556 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Collateral PAC CMO |  | 5580 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral Supp CMO — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA REMICS, Series 2014-34, Class US, IF, (8.37% — United States 30 Day Average SOFR), 0.62%, 06/25/2044 (aa) | 67 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A3A, 2.50%, 05/25/2051 (e) (z) | 5110 | 4287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV3, Class A11, (United States 30 Day Average SOFR + 0.85%), 4.72%, 05/25/2051 (e) (aa) | 361 | 337 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A2, 2.50%, 02/25/2052 (e) (z) | 927 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA, 3.40%, 08/18/2043 (e) | 1161 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFA Trust, Series 2020-NQM2, Class A1, 1.38%, 04/25/2065 (e) (z) | 1022 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A6, (United States 30 Day Average SOFR + 0.85%), 4.92%, 09/25/2051 (e) (aa) | 1565 | 1452 |
| &nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV2, Class A11, (United States 30 Day Average SOFR + 0.90%), 4.77%, 10/25/2051 (e) (aa) | 381 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM17, Class A1, 5.61%, 11/25/2064 (e) (z) | 3610 | 3643 |
| &nbsp;&nbsp;&nbsp;&nbsp; PMT Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A11, (United States 30 Day Average SOFR + 0.90%), 4.97%, 07/25/2051 (e) (aa) | 7472 | 6957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV1, Class A3, 2.50%, 07/25/2051 (e) (z) | 3551 | 2975 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRET Trust, Series 2024-RPL1, Class A1, 3.90%, 10/25/2063 (e) (z) | 778 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRPM, Series 2024-NQM3, Class A1, SUB, 5.23%, 08/25/2069 (e) | 3455 | 3456 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRPM Trust, Series 2024-NQM2, Class A1, SUB, 6.33%, 06/25/2069 (e) | 717 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total WL Collateral CMO |  | 27863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations<br>(Cost $320,569) |  | 306390 |
|  **Commercial Mortgage-Backed Securities — 0.3%**  | **Commercial Mortgage-Backed Securities — 0.3%**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AREIT LLC, (Bermuda), Series 2023-CRE8, Class A, (CME Term SOFR 1 Month + 2.11%), 5.85%, 08/17/2041 (e) (aa) | 716 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp; BANK, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-BNK7, Class AS, 3.75%, 09/15/2060 | 750 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN13, Class A5, 4.22%, 08/15/2061 (z) | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN15, Class A4, 4.41%, 11/15/2061 (z) | 1235 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK47, Class A5, 5.72%, 06/15/2057 | 1660 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C5, Class A4, 3.06%, 11/15/2052 | 1000 | 956 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 56 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |
|  **Commercial Mortgage-Backed Securities** — **continued** | **Commercial Mortgage-Backed Securities** — **continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C5, Class ASB, 2.99%, 11/15/2052 | 363 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C6, Class ASB, 2.60%, 02/15/2053 | 494 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C7, Class A5, 2.04%, 04/15/2053 | 210 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCP Trust, Series 2021-330N, Class A, (CME Term SOFR 1 Month + 0.91%), 4.66%, 06/15/2038 (e) (aa) | 2800 | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B16, Class AM, 2.94%, 02/15/2053 (z) | 350 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B17, Class A5, 2.29%, 03/15/2053 | 500 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B20, Class A5, 2.03%, 10/15/2053 | 750 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Mortgage Trust, Series 2023-C5, Class A5, 5.77%, 06/15/2056 | 832 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 5.11%, 09/15/2036 (e) (aa) | 4600 | 4491 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-21M, Class A, (CME Term SOFR 1 Month + 0.84%), 4.59%, 10/15/2036 (e) (aa) | 893 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp; CD Mortgage Trust, Series 2017-CD5, Class AAB, 3.22%, 08/15/2050 | 253 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4, 3.46%, 08/15/2050 | 1100 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class AS, 3.02%, 08/10/2056 | 250 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC, Series 2020-FACT, Class A, (CME Term SOFR 1 Month + 1.96%), 5.72%, 10/15/2037 (e) (aa) | 2100 | 2090 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K057, Class A2, 2.57%, 07/25/2026 | 777 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K063, Class A2, 3.43%, 01/25/2027 (z) | 1000 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K071, Class A2, 3.29%, 11/25/2027 | 500 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K073, Class A2, 3.35%, 01/25/2028 | 1000 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K075, Class A2, 3.65%, 02/25/2028 (z) | 500 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K094, Class A2, 2.90%, 06/25/2029 | 112 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K103, Class A2, 2.65%, 11/25/2029 | 500 | 477 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K108, Class A2, 1.52%, 03/25/2030 | 304 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K117, Class A2, 1.41%, 08/25/2030 | 1500 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class A2, 1.49%, 09/25/2030 | 500 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K755, Class A2, 5.20%, 02/25/2031 | 2000 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series KJ50, Class A2, 4.23%, 10/25/2034 (z) | 5900 | 5875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q034, Class APT2, 2.90%, 07/25/2054 (z) | 5574 | 5426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-152, Class A2, 3.78%, 11/25/2032 (z) | 2500 | 2429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-161, Class A2, 4.90%, 10/25/2033 (z) | 1500 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA-ACES, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-M10, Class A2, 3.09%, 04/25/2027 (z) | 304 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M11, Class A2, 2.98%, 08/25/2029 | 825 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M12, Class A2, 3.06%, 06/25/2027 (z) | 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M13, Class A2, 2.94%, 09/25/2027 (z) | 446 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M8, Class A2, 3.31%, 06/25/2028 (z) | 788 | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M46, Class A2, 1.32%, 05/25/2030 | 973 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.05%, 11/10/2052 | 250 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A4, 3.33%, 05/15/2049 | 500 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class A4, 3.72%, 12/15/2049 | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C11, Class AS, 4.49%, 06/15/2051 (z) | 1463 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C11, Class ASB, 4.12%, 06/15/2051 | 313 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C12, Class A5, 4.30%, 08/15/2051 | 1380 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39, Class A5, 3.42%, 09/15/2050 | 1000 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C40, Class A4, 3.58%, 10/15/2050 | 550 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C44, Class A5, 4.21%, 05/15/2051 | 1000 | 999 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 57

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Commercial Mortgage-Backed Securities** — **continued** | **Commercial Mortgage-Backed Securities** — **continued** | **Commercial Mortgage-Backed Securities** — **continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C60, Class A4, 2.34%, 08/15/2054 |  | 550 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial MBS |  |  | 55679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $57,992) | &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $57,992) | &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $57,992) | 55679 |
|  **Corporate Bonds — 13.6%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 05/15/2030 |  | 45 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/2050 |  | 13 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/16/2032 | EUR | 5800 | 6748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/03/2035 | EUR | 900 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow Chemical Co. (The), 5.25%, 11/15/2041 |  | 600 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 11/15/2028 (e) |  | 370 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 11/15/2038 |  | 24 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 11/15/2048 |  | 58 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc., 1.30%, 01/30/2031 |  | 26 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/01/2032 |  | 75 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/15/2051 |  | 6 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan Finance Europe BV, (Netherlands), Reg. S, 1.00%, 04/22/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 05/19/2027 | EUR | 200 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.55%, 05/19/2032 | EUR | 800 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde plc, (Ireland), Reg. S, 0.00%, 09/30/2026 | EUR | 500 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp; LYB International Finance III LLC, 5.50%, 03/01/2034 |  | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd., (Canada),<br>5.25%, 03/12/2032 |  | 1000 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/21/2034 |  | 820 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc., 1.20%, 03/15/2026 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/2032 |  | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/2027 |  | 190 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2048 |  | 48 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/01/2029 |  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The), 4.80%, 09/01/2031 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syensqo SA, (Belgium), Reg. S, 2.75%, 12/02/2027 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA, (Norway), 3.15%, 06/04/2030 (e) |  | 2000 | 1884 |
|  |  |  | 15047 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia-Pacific LLC, 8.88%, 05/15/2031 |  | 10 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzano Netherlands BV, (Netherlands), 5.50%, 01/15/2036 |  | 110 | 109 |
|  |  |  | 121 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc., 3.25%, 01/15/2031 |  | 2640 | 2513 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick PD Australia Finance Pty Ltd., (Australia), 5.95%, 10/15/2039 |  | 920 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Billiton Finance USA Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/28/2028 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/08/2030 |  | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/21/2035 |  | 1510 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/2028 |  | 1500 | 1496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/14/2034 |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/15/2043 |  | 65 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore Capital Finance DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.67%, 10/06/2032 | EUR | 1504 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.15%, 04/29/2031 | EUR | 800 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp., (Canada), 6.25%, 07/15/2033 |  | 1070 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. / Newcrest Finance Pty Ltd, 5.35%, 03/15/2034 |  | 450 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA, (Norway), Reg. S, 2.00%, 04/11/2029 | EUR | 1050 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Finance USA Ltd., (Australia), 2.75%, 11/02/2051 |  | 26 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Finance USA plc,<br>(United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/14/2028 |  | 115 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/14/2030 |  | 800 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/14/2032 |  | 720 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/14/2035 |  | 70 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/14/2055 |  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silfin NV, (Belgium), Reg. S, 5.13%, 07/17/2030 | EUR | 2500 | 3102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/08/2042 |  | 127 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/23/2045 |  | 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamana Gold, Inc., (Canada), 2.63%, 08/15/2031 |  | 2705 | 2435 |
|  |  |  | 17222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  |  | 34903 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc., 5.30%, 11/01/2034 |  | 62 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA, (France), Reg. S, 3.38%, 06/12/2032 | EUR | 800 | 933 |
|  |  |  | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd., (Cayman Islands), 5.25%, 05/26/2035 |  | 175 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/2040 |  | 700 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2060 |  | 25 | 13 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 58 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/06/2029 | EUR | 1583 | 1851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/06/2037 | EUR | 3000 | 3420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/06/2038 | EUR | 840 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/06/2045 | EUR | 1400 | 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/06/2044 | EUR | 4100 | 4681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/06/2064 | EUR | 1415 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/15/2035 |  | 210 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/2065 |  | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/2045 |  | 475 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/15/2055 |  | 430 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/2075 |  | 190 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/01/2031 |  | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2034 |  | 71 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beignet Investor LLC, 6.58%, 05/30/2049 (e) (jj) |  | 5879 | 6229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/08/2028 | EUR | 4500 | 5056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 03/03/2027 | EUR | 1500 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/09/2038 | EUR | 2000 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031 | EUR | 1558 | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc., 4.63%, 08/01/2027 |  | 700 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/15/2031 |  | 95 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/2035 |  | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2045 |  | 1545 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/15/2064 |  | 255 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/15/2055 |  | 525 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2065 |  | 685 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 06/15/2030 | EUR | 4732 | 5686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/2054 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.29%, 07/13/2029 | EUR | 741 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.54%, 08/03/2028 | EUR | 1000 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.99%, 07/13/2033 | EUR | 3637 | 3725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.09%, 01/19/2030 | EUR | 1000 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.34%, 07/15/2035 | EUR | 1300 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc., 5.35%, 09/15/2054 |  | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/15/2031 |  | 79 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/2027 |  | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2032 |  | 86 | 88 |
|  |  |  | 51561 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC / Charter Communications Operating Capital, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042 |  | 914 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/2051 |  | 872 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/01/2049 |  | 1245 | 978 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/14/2029 | EUR | 3100 | 3303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/2031 |  | 90 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/20/2036 | GBP | 575 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/2031 |  | 2995 | 2672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/01/2056 |  | 35 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/2036 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/2030 |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/01/2029 |  | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cox Communications, Inc., 5.45%, 09/01/2034 (e) |  | 985 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/2027 |  | 955 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/2032 |  | 64 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 01/25/2039 |  | 108 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 01/25/2049 |  | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/13/2033 |  | 164 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 07/05/2026 | GBP | 1100 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 10/23/2034 | EUR | 748 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., 3.88%, 05/15/2029 (e) |  | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson Funding plc, (United Kingdom), Reg. S, 5.38%, 09/12/2034 | GBP | 1100 | 1467 |
| &nbsp;&nbsp;&nbsp;&nbsp; RAI-Radiotelevisione Italiana SpA, (Italy), Reg. S, 4.38%, 07/10/2029 | EUR | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDF Infrastructure SASU, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 12/01/2029 | EUR | 2300 | 2534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 12/16/2030 | EUR | 1700 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Warner Cable LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2042 |  | 220 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2041 |  | 800 | 704 |
|  |  |  | 20511 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; America Movil SAB de CV, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/10/2028 | EUR | 1300 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/07/2041 | GBP | 1500 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/21/2032 |  | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/27/2026 | GBP | 1200 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/25/2026 |  | 62 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 05/19/2032 | EUR | 200 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2041 |  | 2140 | 1688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/2051 |  | 1800 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2043 | GBP | 200 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/2042 |  | 12 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 02/15/2034 |  | 1280 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/01/2054 |  | 87 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/30/2040 | GBP | 400 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/24/2035 |  | 71 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/24/2055 |  | 20 | 20 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 59

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc., 5.45%, 11/15/2079 |  | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom International Finance BV, (Netherlands), 8.75%, 06/15/2030 |  | 75 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 06/01/2032 |  | 24 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ, (Finland), Reg. S, 2.88%, 05/14/2030 | EUR | 875 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emirates Telecommunications Group Co. PJSC, (United Arab Emirates), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/17/2033 | EUR | 1600 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/18/2026 | EUR | 600 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/24/2031 |  | 120 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/15/2034 |  | 1180 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp; NBN Co. Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 03/15/2029 | EUR | 2000 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.35%, 03/06/2035 | AUD | 500 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT Finance Corp., (Japan), 2.91%, 03/16/2029 (e) | EUR | 1900 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.09%, 07/16/2037 | EUR | 500 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 07/16/2027 (e) |  | 1080 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/16/2030 (e) |  | 1395 | 1422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Optus Finance Pty Ltd., (Australia), Reg. S, 1.00%, 06/20/2029 | EUR | 1400 | 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 01/15/2032 | GBP | 1100 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.65%), 3.88%, 03/24/2032 (x) (aa) | EUR | 3000 | 3488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 03/01/2031 |  | 120 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTE plc, (United Kingdom), Reg. S, 0.88%, 09/24/2026 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proximus SADP, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 11/17/2036 | EUR | 200 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 03/27/2034 | EUR | 400 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 04/08/2035 | EUR | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 03/08/2030 | EUR | 200 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 11/17/2033 | EUR | 300 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., (Canada), 5.30%, 02/15/2034 |  | 1550 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp; SES SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 01/14/2029 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 06/24/2030 | EUR | 5000 | 5879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprint Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/2028 |  | 2621 | 2813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/2032 |  | 90 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom AG, (Switzerland), Reg. S, 0.13%, 09/15/2032 | CHF | 430 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom Finance BV, (Netherlands), Reg. S, 3.88%, 05/29/2044 | EUR | 2875 | 3217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, (Sweden), Reg. S, 1.00%, 05/26/2029 | EUR | 1315 | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telekom Finanzmanagement GmbH, (Austria), Reg. S, 1.50%, 12/07/2026 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA, (Norway), Reg. S, 3.38%, 04/01/2032 | EUR | 8575 | 10129 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB, (Sweden), Reg. S, 2.13%, 02/20/2034 | EUR | 700 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/23/2030 | EUR | 1025 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 05/04/2031 | EUR | 1060 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/2051 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/2060 |  | 324 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/2030 |  | 3575 | 3519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2040 |  | 12 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/2050 |  | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 04/15/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2055 |  | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2055 |  | 105 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/2055 |  | 24 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/2030 |  | 8 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/22/2028 |  | 115 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/08/2031 | GBP | 1000 | 1215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/21/2031 |  | 437 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/20/2040 |  | 950 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/2056 |  | 130 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/2052 |  | 370 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/03/2029 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 02/15/2035 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (UK Gilts 5 Year + 1.82%), 5.74%, 06/15/2056 (aa) | GBP | 3200 | 4308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/30/2055 |  | 2100 | 2081 |
|  |  |  | 74096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  |  | 147165 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. / SkyMiles IP Ltd., (Multinational), 4.75%, 10/20/2028 (e) |  | 2780 | 2797 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA, (Spain), Reg. S, 3.35%, 09/11/2030 | EUR | 4640 | 5453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co., 5.13%, 06/15/2027 |  | 1150 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2026 (e) |  | 525 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/2029 (e) |  | 360 | 359 |
|  |  |  | 10297 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc., (Canada), 5.40%, 10/07/2035 (e) |  | 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE, (France), Reg. S, 1.13%, 02/11/2027 | GBP | 1200 | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Project Cashmere, (Australia), Class A1, Reg. S, 4.54%, 12/30/2057 (e) (bb) | AUD | 22600 | 15082 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 60 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/11/2030 |  | 55 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/11/2035 |  | 155 | 159 |
|  |  |  | 16992 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Honda Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/19/2027 | GBP | 2300 | 2953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/27/2028 | EUR | 2000 | 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/21/2029 | EUR | 2700 | 3208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/25/2027 | EUR | 3300 | 3958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/19/2032 | EUR | 600 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc., 5.45%, 02/20/2054 |  | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co., 3.25%, 02/12/2032 |  | 700 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 07/27/2028 | EUR | 5475 | 6480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 |  | 545 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/14/2030 | EUR | 1975 | 2373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027 |  | 3065 | 3076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 09/05/2030 |  | 280 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/07/2029 |  | 1800 | 1849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 11/07/2028 |  | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 03/06/2030 |  | 1120 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/2045 |  | 560 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/2036 |  | 520 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/26/2027 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/20/2027 |  | 1450 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/10/2031 |  | 585 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.70%, 07/14/2031 | EUR | 810 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/2027 |  | 1120 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 01/07/2030 |  | 3200 | 3307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/18/2028 (e) |  | 345 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/01/2027 (e) |  | 1815 | 1839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/23/2028 (e) |  | 2295 | 2332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/07/2028 (e) |  | 1750 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/16/2029 (e) |  | 1085 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG, (Germany), Reg. S, 1.13%, 11/06/2031 | EUR | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCI Banque SA, (France), Reg. S, 1.13%, 01/15/2027 | EUR | 800 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc., 2.69%, 09/15/2031 (e) |  | 635 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Bank GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 06/19/2031 | EUR | 3300 | 3871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 05/03/2031 | EUR | 1900 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Financial Services AG, (Germany), Reg. S, 2.25%, 10/16/2026 | EUR | 10 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Financial Services NV, (Netherlands), Reg. S, 1.13%, 07/05/2026 | GBP | 1000 | 1328 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, 4.55%, 09/11/2028 (e) |  | 1140 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/22/2027 (e) |  | 1540 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen International Finance NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 03/22/2033 | EUR | 1800 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 9 Year + 3.96%), 3.88%, 06/17/2029 (x) (aa) | EUR | 2000 | 2314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 09/02/2035 | EUR | 1000 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 03/29/2029 | EUR | 1500 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 12 Year + 2.97%), 4.63%, 03/24/2026 (x) (aa) | EUR | 25 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Leasing GmbH, (Germany), Reg. S, 0.38%, 07/20/2026 | EUR | 1500 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo Treasury AB, (Sweden), Reg. S, 3.13%, 08/26/2027 | EUR | 269 | 319 |
|  |  |  | 66902 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc., 1.00%, 05/19/2031 | EUR | 2678 | 2766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA, (France), Reg. S, 0.63%, 11/02/2040 | EUR | 300 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc., (Canada), 4.38%, 03/17/2032 | EUR | 2325 | 2870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pirelli & C SpA, (Italy), Reg. S, 3.88%, 07/02/2029 | EUR | 2008 | 2422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Bosch GmbH, (Germany), Reg. S, 4.00%, 06/02/2035 | EUR | 4500 | 5360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Bosch Investment Nederland BV, (Netherlands), Reg. S, 4.00%, 05/28/2037 | EUR | 2800 | 3291 |
|  |  |  | 16929 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp., 5.75%, 06/15/2028 |  | 55 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ITV plc, (United Kingdom), Reg. S, 4.25%, 06/19/2032 | EUR | 2188 | 2630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smithsonian Institution, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 09/01/2026 |  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.61%, 09/01/2027 |  | 35 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87%, 09/01/2029 |  | 1000 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.97%, 09/01/2031 |  | 235 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 06/30/2032 | EUR | 842 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 06/13/2031 | EUR | 721 | 871 |
|  |  |  | 5691 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food Service — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group plc, (United Kingdom), Reg. S, 2.00%, 07/03/2029 | GBP | 2500 | 3145 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 61

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkeley Group plc (The), (United Kingdom), Reg. S, 2.50%, 08/11/2031 | GBP | 172 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc., 5.50%, 10/15/2035 |  | 190 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc., 3.00%, 05/15/2030 |  | 112 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/2033 |  | 24 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 06/15/2032 |  | 30 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House US, Inc., 6.00%, 01/15/2043 |  | 5 | 5 |
|  |  |  | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/20/2027 | EUR | 500 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 03/25/2030 | EUR | 1700 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., (Liberia), 5.38%, 01/15/2036 |  | 46 | 46 |
|  |  |  | 2648 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/2028 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/30/2029 |  | 275 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/30/2032 |  | 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHG Finance LLC, Reg. S, 4.38%, 11/28/2029 | EUR | 3100 | 3794 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHG Finance LLC, (United Kingdom), Reg. S, 3.38%, 09/10/2030 | EUR | 252 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., 5.63%, 06/15/2028 |  | 1680 | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2027 |  | 745 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/2035 |  | 92 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/15/2035 |  | 68 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/15/2026 |  | 87 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2037 |  | 779 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series HH, 2.85%, 04/15/2031 |  | 624 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitbread Group plc, (United Kingdom), Reg. S, 2.38%, 05/31/2027 | GBP | 1000 | 1308 |
|  |  |  | 9832 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc., (Canada), 5.27%, 02/12/2034 (e) |  | 560 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/2029 |  | 2690 | 2699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/2030 |  | 1300 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/2031 |  | 2595 | 2276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 08/01/2033 |  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 07/15/2034 |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/15/2027 |  | 20 | 20 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/15/2029 |  | 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/10/2033 |  | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/15/2032 |  | 13 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/15/2052 |  | 30 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc., 5.00%, 10/03/2034 |  | 90 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co., 4.95%, 08/15/2029 |  | 490 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The), 4.20%, 04/01/2043 |  | 800 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp., 4.60%, 05/26/2045 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/2029 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/2030 |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/15/2032 |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc., 4.90%, 04/28/2035 |  | 120 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.95%, 10/21/2033 | EUR | 2770 | 2693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.28%, 06/10/2032 | EUR | 5606 | 6529 |
|  |  |  | 17715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  |  | 150779 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/15/2031 | EUR | 2879 | 3337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/06/2030 |  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/04/2041 |  | 75 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/04/2051 |  | 110 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/16/2046 |  | 95 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/04/2061 |  | 60 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 02/14/2039 |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/14/2049 |  | 18 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 02/14/2059 |  | 28 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/15/2027 |  | 646 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/2047 |  | 104 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 09/06/2049 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 02/20/2031 |  | 65 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/20/2034 |  | 46 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 08/02/2030 |  | 85 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.08%, 08/02/2043 |  | 60 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.08%, 08/02/2053 |  | 23 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT International Finance plc,<br>(United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 03/13/2045 | EUR | 2329 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 06/26/2028 | GBP | 860 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 01/16/2030 | EUR | 295 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 03/06/2029 | EUR | 1250 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 04/12/2032 | EUR | 2790 | 3368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 02/02/2029 |  | 1825 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 11/24/2034 | GBP | 600 | 843 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 62 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Finance Europe BV, (Netherlands), Reg. S, 1.00%, 09/24/2028 | EUR | 2050 | 2296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Ltd Finance Corp., 5.15%, 08/04/2035 |  | 1895 | 1930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cargill, Inc., 2.13%, 04/23/2030 (e) |  | 1500 | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 11/23/2045 (e) |  | 375 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance Netherlands BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/18/2033 | EUR | 2140 | 2179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 02/15/2031 | EUR | 5738 | 7271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance plc, (United Kingdom), 5.50%, 02/01/2030 (e) |  | 2000 | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, 5.95%, 04/20/2035 (e) |  | 960 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; JT International Financial Services BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/26/2029 | EUR | 1952 | 2127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 06/17/2035 | EUR | 8000 | 9460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louis Dreyfus Co. Finance BV, (Netherlands), Reg. S, 3.50%, 10/22/2031 | EUR | 1500 | 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 08/01/2039 | EUR | 3800 | 3154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/01/2030 |  | 204 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/06/2032 | EUR | 800 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2031 | EUR | 6488 | 7794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/2029 (jj) |  | 4050 | 4122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/29/2035 |  | 1150 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/2031 |  | 75 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/01/2034 |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/13/2031 |  | 635 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/13/2034 |  | 38 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/2033 |  | 81 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/07/2033 |  | 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/17/2032 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/16/2038 |  | 105 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reynolds American, Inc., 5.85%, 08/15/2045 |  | 90 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scandinavian Tobacco Group A/S, (Denmark), Reg. S, 4.88%, 09/12/2029 | EUR | 6444 | 7835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sudzucker International Finance BV, (Netherlands), Reg. S, 5.13%, 10/31/2027 | EUR | 500 | 606 |
|  |  |  | 74339 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/2036 |  | 1700 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/2046 |  | 1533 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA, (Belgium), Reg. S, 2.75%, 03/17/2036 | EUR | 10 | 11 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc., 4.35%, 06/01/2040 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCEP Finance Ireland DAC, (Ireland), Reg. S, 0.50%, 09/06/2029 | EUR | 300 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/05/2051 |  | 230 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/13/2064 |  | 493 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc, (United Kingdom), Reg. S, 1.13%, 04/12/2029 | EUR | 1000 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC Finance BV, (Netherlands), Reg. S, 1.63%, 05/14/2031 | EUR | 893 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 03/28/2033 | GBP | 3000 | 3247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/08/2038 | GBP | 625 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/16/2029 | EUR | 3990 | 4338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 01/23/2030 | EUR | 1901 | 2301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 01/23/2034 | EUR | 2400 | 2906 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc., 0.75%, 10/14/2033 | EUR | 1350 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 02/25/2031 |  | 35 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/18/2052 |  | 45 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 02/15/2053 |  | 3 | 3 |
|  |  |  | 20981 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc., 3.35%, 02/22/2032 |  | 8 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/18/2029 |  | 101 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/2045 |  | 35 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/02/2043 |  | 615 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/02/2053 |  | 470 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2035 |  | 27 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 05/15/2055 |  | 16 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032 |  | 70 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/01/2030 |  | 146 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2036 |  | 315 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/2044 |  | 265 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/15/2035 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc., 4.75%, 12/12/2030 |  | 3600 | 3638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc., 2.80%, 09/15/2050 |  | 122 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/25/2031 |  | 47 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/25/2035 |  | 172 | 173 |
|  |  |  | 5945 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AA Bond Co. Ltd., (Jersey), Reg. S, 6.85%, 07/31/2031 | GBP | 100 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abertis France SAS, (France), Reg. S, 2.50%, 05/04/2027 | EUR | 1600 | 1877 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 63

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abertis Infraestructuras SA, (Spain), Reg. S, 3.38%, 11/27/2026 | GBP | 4400 | 5896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autoroutes du Sud de la France SA, (France), Reg. S, 1.25%, 01/18/2027 | EUR | 3900 | 4528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ayvens SA, (France), Reg. S, 3.88%, 01/24/2028 | EUR | 1100 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas SA, (France), Reg. S, 3.13%, 11/15/2031 | EUR | 900 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Nippon Expressway Co. Ltd., (Japan), Series 66, 0.10%, 12/18/2026 | JPY | 100000 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 09/15/2031 |  | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/2030 |  | 1800 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/15/2029 |  | 52 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/2027 |  | 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; ERAC USA Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2045 (e) |  | 400 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/01/2028 (e) |  | 1100 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 05/01/2033 (e) |  | 865 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/2037 (e) |  | 800 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian Finance plc, (United Kingdom), Reg. S, 3.25%, 04/07/2032 | GBP | 425 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv Funding ULC, (Ireland), 2.88%, 06/15/2028 | EUR | 1000 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/2030 |  | 1870 | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/17/2031 | EUR | 2050 | 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johns Hopkins University, Series A, 2.81%, 01/01/2060 |  | 600 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Institute of Technology, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 07/01/2116 |  | 663 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/01/2114 |  | 50 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp., 1.75%, 03/09/2027 | EUR | 1125 | 1313 |
| &nbsp;&nbsp;&nbsp;&nbsp; President and Fellows of Harvard College, 2.52%, 10/15/2050 |  | 10 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/2032 |  | 60 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/01/2030 |  | 45 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/01/2041 |  | 52 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX Capital, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/27/2030 |  | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/20/2032 |  | 610 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/27/2035 |  | 235 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX Finance BV, (Netherlands), Reg. S, 0.88%, 03/10/2032 | EUR | 8100 | 8239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc., 5.25%, 02/24/2035 |  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/2060 |  | 266 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/2027 |  | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2033 |  | 35 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS Nederland Holding BV, (Netherlands), Reg. S, 0.13%, 04/21/2027 | EUR | 2500 | 2848 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Finance Co. Pty Ltd., (Australia), Reg. S, 4.23%, 04/26/2033 | EUR | 1450 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees of Columbia University in the City of New York (The), Series 2024, 4.36%, 10/01/2035 |  | 300 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees of Princeton University (The), 4.20%, 03/01/2052 |  | 1295 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Oxford, (United Kingdom), Reg. S, 2.54%, 12/08/2117 | GBP | 1500 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Southern California, 4.98%, 10/01/2053 |  | 656 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., 5.50%, 06/15/2045 |  | 46 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington University (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/2122 |  | 255 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, 3.52%, 04/15/2054 |  | 900 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wellcome Trust Finance plc, (United Kingdom), Reg. S, 4.63%, 07/25/2036 | GBP | 225 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wellcome Trust Ltd. (The), (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/14/2071 | GBP | 1500 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.52%, 02/07/2118 | GBP | 200 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Nippon Expressway Co. Ltd., (Japan), Series 29, 0.31%, 02/12/2026 | JPY | 200000 | 1276 |
|  |  |  | 49256 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co., 3.70%, 08/01/2047 |  | 36 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc., 5.00%, 03/22/2030 |  | 36 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/30/2038 | EUR | 325 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 01/29/2034 |  | 565 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/11/2027 | EUR | 425 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Treasury Services Nederland BV, (Netherlands), Reg. S, 0.75%, 05/19/2030 | EUR | 200 | 214 |
|  |  |  | 1685 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barry Callebaut Services NV, (Belgium), Reg. S, 4.25%, 08/19/2031 | EUR | 500 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell's Company (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/24/2030 |  | 19 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/21/2034 |  | 39 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc., 5.75%, 08/01/2035 |  | 160 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA, (France), Reg. S, 3.48%, 05/03/2030 | EUR | 1400 | 1680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/24/2030 |  | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/24/2032 |  | 40 | 42 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 64 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp., 1.70%, 06/03/2028 |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITM Entreprises SASU, (France), Reg. S, 4.13%, 01/29/2030 | EUR | 4400 | 5277 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl / JBS USA Food Co. / JBS Lux Co. Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2032 |  | 575 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/2033 |  | 741 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellanova, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/20/2029 | EUR | 1885 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/16/2034 | EUR | 675 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/2045 |  | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/15/2035 |  | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mars, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/16/2040 (e) |  | 1200 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2032 (e) |  | 395 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035 (e) |  | 885 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/01/2055 (e) |  | 285 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., 1.50%, 02/04/2031 |  | 1000 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle Holdings, Inc., 4.00%, 09/24/2048 (e) |  | 750 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2032 |  | 35 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2033 |  | 115 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/2034 |  | 36 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; REWE International Finance BV, (Netherlands), Reg. S, 4.88%, 09/13/2030 | EUR | 2400 | 3003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/14/2051 |  | 70 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/23/2035 |  | 150 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco Corporate Treasury Services plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 11/02/2028 | GBP | 1300 | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 04/27/2030 | GBP | 825 | 1035 |
|  |  |  | 22070 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories, 4.90%, 11/30/2046 |  | 151 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc., 3.05%, 09/22/2026 |  | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Medical Systems Europe BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/08/2034 | EUR | 747 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/08/2031 | EUR | 625 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/08/2032 | EUR | 4600 | 5458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/2029 |  | 480 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/2030 |  | 290 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp., 6.25%, 11/15/2035 |  | 15 | 17 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 01/10/2030 | EUR | 2100 | 2446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 03/05/2029 | EUR | 800 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc., 4.80%, 08/14/2029 |  | 32 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic Global Holdings SCA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/02/2049 | EUR | 600 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2028 | EUR | 3400 | 4030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/2034 | EUR | 4200 | 4897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/15/2030 | EUR | 5400 | 6332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/2053 | EUR | 1020 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/15/2045 | EUR | 1250 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew plc, (United Kingdom), 2.03%, 10/14/2030 |  | 45 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS Irish FinCo.UnLtd Co., (Ireland), 2.70%, 03/15/2031 |  | 150 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/03/2031 | EUR | 1300 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/11/2028 | EUR | 2200 | 2630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc., 1.88%, 10/01/2049 | EUR | 900 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/24/2031 |  | 16 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/15/2034 |  | 55 | 56 |
|  |  |  | 34474 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advocate Health & Hospitals Corp., 3.39%, 10/15/2049 |  | 35 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; AHS Hospital Corp., Series 2021, 2.78%, 07/01/2051 |  | 750 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascension Health, 3.95%, 11/15/2046 |  | 40 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/2031 |  | 58 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/2051 |  | 75 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/15/2038 |  | 135 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/15/2046 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/2048 |  | 820 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2056 |  | 350 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland Clinic Foundation (The), 4.86%, 01/01/2114 |  | 1000 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health, 3.91%, 10/01/2050 |  | 50 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/2051 |  | 865 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/2054 |  | 2405 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/2027 |  | 2560 | 2534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/2032 |  | 170 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2029 |  | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/2039 |  | 28 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/15/2034 |  | 20 | 21 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 65

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |
|  **Corporate Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/2034 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2054 | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 04/01/2064 | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Service Corp. A Mutual Legal Reserve Co, 5.20%, 06/15/2029 (e) | 245 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Icon Investments Six DAC, (Ireland), 5.85%, 05/08/2029 | 615 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA, Inc., 6.25%, 02/01/2029 | 950 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Foundation Hospitals, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/01/2047 | 1200 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.00%, 06/01/2051 | 50 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings, 4.80%, 10/01/2034 | 1085 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mayo Clinic, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 11/15/2043 | 30 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.20%, 11/15/2061 | 440 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Memorial Sloan-Kettering Cancer Center, 4.13%, 07/01/2052 | 15 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methodist Hospital (The), Series 20A, 2.71%, 12/01/2050 | 1500 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp; MyMichigan Health, Series 2020, 3.41%, 06/01/2050 | 1495 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York and Presbyterian Hospital (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 08/01/2040 | 1090 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 08/01/2045 | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; OhioHealth Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/2031 | 830 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 11/15/2041 | 370 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.04%, 11/15/2050 | 535 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp; PeaceHealth Obligated Group, Series 2020, 3.22%, 11/15/2050 | 745 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Healthcare, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2032, 2.04%, 01/01/2032 | 470 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2042, 2.72%, 01/01/2042 | 450 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Providence St Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/2051 | 50 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 12/13/2051 (e) | 1500 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 03/08/2034 (e) | 1950 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sentara Health, Series 2021, 2.93%, 11/01/2051 | 2365 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Health Resources, 2.33%, 11/15/2050 | 750 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity Health Corp., Series 2021, 2.63%, 12/01/2040 | 230 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/2030 | 160 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/2049 | 1100 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/15/2063 | 1200 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/2054 | 125 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2064 | 925 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., 2.65%, 10/15/2030 | 92 | 84 |
|  |  | 26667 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Household Products/Wares — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/07/2050 |  | 25 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/26/2030 |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/25/2029 |  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Treasury Services plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/19/2032 | GBP | 2175 | 2479 |
|  |  |  | 2543 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/2029 (jj) |  | 4960 | 4813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/2039 |  | 34 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/06/2042 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/14/2035 |  | 125 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/15/2031 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/15/2044 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/2064 |  | 210 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astrazeneca Finance LLC, 4.90%, 03/03/2030 |  | 110 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/06/2030 |  | 89 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/06/2050 |  | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/16/2045 |  | 8 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer Capital Corp. BV, (Netherlands), Reg. S, 2.13%, 12/15/2029 | EUR | 600 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMS Ireland Capital Funding DAC, (Ireland), BMS Ireland Capital Funding DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 11/10/2045 | EUR | 800 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 11/10/2055 | EUR | 1830 | 2099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 06/15/2047 |  | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2044 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/2034 |  | 165 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 02/15/2034 |  | 23 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/2031 |  | 65 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/22/2028 | EUR | 1000 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/22/2032 | EUR | 3921 | 4639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/2045 |  | 21 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/2047 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/2048 |  | 1200 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/15/2035 |  | 115 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/01/2034 |  | 95 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 09/15/2055 |  | 38 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.89%), 7.00%, 03/10/2055 (aa) |  | 215 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/2060 |  | 145 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/27/2053 |  | 270 | 247 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 66 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/27/2063 |  | 100 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/12/2055 |  | 87 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 10/15/2055 |  | 90 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 10/15/2065 |  | 208 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; GlaxoSmithKline Capital plc,<br>(United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/19/2033 | GBP | 640 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 04/10/2042 | GBP | 150 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 11/20/2028 | EUR | 1000 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/2040 |  | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/01/2050 |  | 61 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/01/2060 |  | 77 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/26/2037 | EUR | 2200 | 2528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/26/2045 | EUR | 1500 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/03/2047 |  | 1605 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/30/2026 | EUR | 2000 | 2337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/17/2029 | GBP | 1925 | 2510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/15/2033 |  | 80 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/24/2040 |  | 150 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/04/2035 |  | 1385 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 05/17/2044 |  | 265 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/17/2063 |  | 205 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/04/2065 |  | 170 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis Capital Corp., 2.75%, 08/14/2050 |  | 45 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis Finance SA, (Luxembourg), Reg. S, 0.63%, 09/20/2028 | EUR | 1000 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte Ltd., (Singapore), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/19/2028 |  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 05/19/2063 |  | 6 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer Netherlands International Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/19/2029 | EUR | 2000 | 2355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/19/2032 | EUR | 1400 | 1647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/19/2045 | EUR | 1200 | 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Finance BV, (Netherlands), Reg. S, 4.50%, 11/17/2033 | EUR | 10000 | 12430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda US Financing, Inc., 5.20%, 07/07/2035 |  | 2050 | 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upjohn Finance BV, (Netherlands), Reg. S, 1.91%, 06/23/2032 | EUR | 7268 | 7491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc., 3.85%, 06/22/2040 |  | 2200 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc., 4.70%, 02/01/2043 |  | 28 | 26 |
|  |  |  | 62725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  |  | 300685 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 07/15/2031 (e) |  | 1885 | 1731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2030 (e) |  | 3440 | 3330 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/13/2028 (e) |  | 795 | 819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/13/2033 (e) |  | 910 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP Capital Markets plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.27%, 07/03/2026 | GBP | 2000 | 2673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.52%), 3.25%, 03/22/2026 (x) (aa) | EUR | 1900 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.78%), 3.63%, 03/22/2029 (x) (aa) | EUR | 1300 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2029 |  | 37 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 12/15/2034 |  | 2705 | 2756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc., (Canada), 5.40%, 03/20/2036 |  | 840 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cepsa Finance SA, (Spain), Reg. S, 4.13%, 04/11/2031 | EUR | 400 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNOOC Petroleum North America ULC, (Canada), 6.40%, 05/15/2037 |  | 10 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2035 |  | 1130 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/2054 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/2065 |  | 1200 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/15/2063 |  | 535 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental Resources, Inc., 4.90%, 06/01/2044 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc., 5.60%, 03/15/2034 |  | 17 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCC Group Finance Ireland DAC, (Ireland), Reg. S, 4.38%, 06/27/2031 | EUR | 2000 | 2418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/24/2031 |  | 400 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 01/30/2030 |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/18/2027 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/18/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/18/2054 |  | 640 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033 |  | 1770 | 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2030 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/2050 |  | 23 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 12/01/2054 |  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 07/15/2055 |  | 427 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2031 |  | 120 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 04/01/2029 |  | 55 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/22/2032 | EUR | 825 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/22/2026 |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/22/2030 |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/18/2049 |  | 30 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/2040 |  | 1800 | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/06/2050 |  | 15 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 03/11/2031 | GBP | 150 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp., 5.70%, 01/15/2035 |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84%, 06/26/2032 | EUR | 1050 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 06/26/2039 | EUR | 700 | 591 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 67

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp., 6.25%, 01/15/2035 |  | 70 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neste OYJ, (Finland), Reg. S, 3.88%, 05/21/2031 | EUR | 4500 | 5409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/01/2032 |  | 705 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/2030 |  | 350 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORLEN SA, (Poland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/27/2028 | EUR | 300 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 07/02/2032 | EUR | 4200 | 4929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc., 5.65%, 05/15/2028 |  | 715 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 Co., Series A, (CMT Index 5 Year + 2.28%), 5.88%, 03/15/2056 (aa) |  | 188 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co., 1.90%, 08/15/2030 |  | 1050 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santos Finance Ltd., (Australia), 6.88%, 09/19/2033 (e) |  | 320 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co., (Saudi Arabia), 4.75%, 06/02/2030 (e) |  | 2240 | 2269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell Finance US, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/13/2028 (e) |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/11/2035 |  | 198 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/2038 (e) |  | 15 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell International Finance BV, (Netherlands), Reg. S, 0.50%, 11/08/2031 | EUR | 735 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE, (France), Series NC7, Reg. S, (EUR Swap Rate 5 Year + 1.99%), 1.63%, 10/25/2027 (x) (aa) | EUR | 1700 | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp., 6.63%, 06/15/2037 |  | 135 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Var Energi ASA, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/18/2027 (e) |  | 1600 | 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/22/2030 (e) |  | 2095 | 2181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/22/2035 (e) |  | 1640 | 1733 |
|  |  |  | 55744 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/2029 |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP, 4.00%, 03/01/2031 |  | 139 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc., 5.65%, 04/15/2034 |  | 120 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colonial Enterprises, Inc., 3.25%, 05/15/2030 (e) |  | 1330 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 08/15/2030 (e) |  | 185 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 11/15/2033 (e) |  | 280 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCP Midstream Operating LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/2032 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/2029 |  | 1500 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/05/2054 |  | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC5, (CMT Index 5 Year + 3.79%), 8.25%, 01/15/2084 (aa) |  | 147 | 157 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/2027 |  | 5800 | 5803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/2047 |  | 1175 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/15/2028 |  | 1210 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 12/01/2026 |  | 1710 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 04/01/2055 |  | 295 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/01/2030 |  | 620 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 12/01/2033 |  | 230 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa) |  | 2990 | 3003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/31/2050 |  | 40 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/15/2045 |  | 1700 | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.83%), 5.38%, 02/15/2078 (aa) |  | 600 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/16/2055 |  | 558 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 08/16/2077 (aa) |  | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erdoel-Lagergesellschaft mbH, (Austria), Reg. S, 2.75%, 03/20/2028 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners LP, 4.70%, 11/01/2042 |  | 850 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/2026 |  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/2033 |  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2029 |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/01/2054 |  | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPLX LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/2030 |  | 1506 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/2027 |  | 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/2038 |  | 30 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/2048 |  | 1272 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/15/2058 |  | 30 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/14/2052 |  | 865 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/01/2035 |  | 580 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 09/15/2035 |  | 1375 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2034 |  | 722 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/2049 |  | 60 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/2029 |  | 87 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/2050 |  | 15 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/01/2045 |  | 35 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/01/2028 |  | 301 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 09/01/2033 |  | 1123 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2055 |  | 1570 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/2031 |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/2053 |  | 600 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plains All American Pipeline LP / PAA Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 12/15/2029 |  | 90 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 01/15/2036 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/01/2033 |  | 100 | 96 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 68 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/15/2029 |  | 915 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/2052 |  | 335 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/01/2027 |  | 965 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 07/30/2036 |  | 1890 | 1897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/2035 |  | 985 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/2033 |  | 285 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 05/15/2055 |  | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transcanada Trust, (Canada), (IBOR USD 3 Month + 3.21%), 5.30%, 03/15/2077 (aa) |  | 92 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030 |  | 505 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Operating LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 02/01/2030 |  | 1012 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/2028 |  | 1200 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/01/2026 |  | 480 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/2050 |  | 7 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 04/01/2033 |  | 140 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/2030 |  | 1900 | 1824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/30/2030 |  | 1360 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/2034 |  | 2015 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/2028 |  | 2350 | 2420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/2052 |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/15/2043 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/15/2054 |  | 400 | 397 |
|  |  |  | 48956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  |  | 104700 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 6.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 4.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 09/17/2041 | EUR | 100 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 01/10/2033 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 01/12/2037 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 04/12/2038 | EUR | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 04/07/2028 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 08/30/2027 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Achmea Bank NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 06/25/2030 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 09/15/2032 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/31/2030 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group plc, (Ireland), Reg. S, (EUR Swap Rate 1 Year + 1.30%), 2.25%, 04/04/2028 (aa) | EUR | 1000 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aktia Bank OYJ, (Finland), Reg. S, 3.00%, 10/22/2029 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Bank SA, (Greece), Reg. S, (EUR Swap Rate 1 Year + 2.43%), 5.00%, 05/12/2030 (aa) | EUR | 556 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMCO—Asset Management Co. SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 04/20/2028 | EUR | 363 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 04/02/2030 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 02/06/2027 | EUR | 200 | 240 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ New Zealand Int'l Ltd., (New Zealand), Reg. S, 0.20%, 09/23/2027 | EUR | 6000 | 6774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenta Spaarbank NV, (Belgium), Reg. S, 2.88%, 02/03/2032 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkea Public Sector SCF SA, (France), Reg. S, 3.11%, 02/28/2029 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASB Bank Ltd., (New Zealand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 09/08/2028 | EUR | 1000 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/24/2029 | EUR | 1000 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASN Bank NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/03/2028 | EUR | 2500 | 2798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 03/08/2028 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 10/27/2032 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 10/21/2031 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.90%), 4.13%, 11/27/2035 (aa) | EUR | 300 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 11/23/2027 | EUR | 600 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 03/07/2030 | EUR | 600 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.48%, 06/04/2029 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.32%), 3.71%, 07/31/2035 (aa) | EUR | 3797 | 4488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.15%), 5.10%, 02/03/2033 (aa) | EUR | 2700 | 3308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Monte dei Paschi di Siena SpA, (Italy), Reg. S, 2.75%, 01/18/2031 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 07/17/2027 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 03/26/2031 | EUR | 500 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 08/26/2035 | EUR | 2900 | 3403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BPM SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 01/21/2030 | EUR | 2472 | 2936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 01/24/2030 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Sabadell SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/30/2029 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 06/05/2034 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.60%), 4.25%, 09/13/2030 (aa) | EUR | 1500 | 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco di Desio e della Brianza SpA, (Italy), Reg. S, 4.00%, 03/13/2028 | EUR | 1700 | 2059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 02/27/2032 | EUR | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/22/2030 | EUR | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/13/2030 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 07/14/2033 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 05/28/2029 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/27/2032 | EUR | 3800 | 4444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 10/02/2032 | EUR | 1800 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 01/16/2028 | EUR | 500 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 04/22/2034 | EUR | 200 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 01/25/2030 | GBP | 1000 | 1379 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 69

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 08/18/2027 |  | 1400 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44%, 07/15/2031 |  | 4200 | 4418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.45%), 5.54%, 03/14/2030 (aa) |  | 5015 | 5190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander Totta SA, (Portugal), Reg. S, 1.25%, 09/26/2027 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.96%), 1.73%, 07/22/2027 (aa) |  | 1415 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.06%), 2.09%, 06/14/2029 (aa) |  | 1500 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.22%), 2.30%, 07/21/2032 (aa) |  | 1000 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.25%), 2.50%, 02/13/2031 (aa) |  | 3300 | 3076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.05%), 2.55%, 02/04/2028 (aa) |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.21%), 2.57%, 10/20/2032 (aa) |  | 2605 | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.93%), 2.68%, 06/19/2041 (aa) |  | 1700 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.32%), 2.69%, 04/22/2032 (aa) |  | 2150 | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.33%), 2.97%, 02/04/2033 (aa) |  | 140 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.58%), 3.31%, 04/22/2042 (aa) |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.30%), 3.42%, 12/20/2028 (aa) |  | 1240 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.63%), 3.59%, 07/21/2028 (aa) |  | 660 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.00%), 3.85%, 03/08/2037 (aa) |  | 132 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.33%), 3.97%, 03/05/2029 (aa) |  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.58%), 4.08%, 04/23/2040 (aa) |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 3.41%), 4.08%, 03/20/2051 (aa) |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.83%), 4.57%, 04/27/2033 (aa) |  | 155 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa) |  | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.63%), 5.20%, 04/25/2029 (aa) |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.74%), 5.52%, 10/25/2035 (aa) |  | 1750 | 1796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.70%), 5.74%, 02/12/2036 (aa) |  | 450 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.35%), 6.25%, 07/26/2030 (x) (aa) |  | 120 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, (United States SOFR + 1.22%), 2.65%, 03/11/2032 (aa) |  | 1305 | 1200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, (United States SOFR + 1.65%), 3.48%, 03/13/2052 (aa) |  | 122 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT, (CMT Index 5 Year + 3.23%), 6.13%, 04/27/2027 (x) (aa) |  | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group plc, (Ireland), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 2.05%), 5.00%, 07/04/2031 (aa) | EUR | 4000 | 5046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.51%), 4.71%, 02/01/2034 (aa) |  | 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.80%), 5.80%, 10/25/2028 (aa) |  | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.60%), 6.32%, 10/25/2029 (aa) |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, (CME Term SOFR 3 Month + 3.39%), 4.63%, 09/20/2026 (x) (aa) |  | 195 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New Zealand, (New Zealand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.55%, 06/29/2027 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.71%, 12/20/2028 | EUR | 1150 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The), (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/14/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/26/2030 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.52%, 06/18/2029 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.39%), 8.63%, 10/27/2082 (aa) |  | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Queensland Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.84%, 06/09/2027 | EUR | 7600 | 8867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 07/30/2029 | EUR | 1988 | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankinter SA, (Spain), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.10%), 3.50%, 09/10/2032 (aa) | EUR | 2400 | 2848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Federative du Credit Mutuel SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 11/03/2028 | EUR | 1000 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 01/17/2030 | EUR | 1000 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 11/19/2031 | EUR | 600 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/26/2027 | EUR | 1000 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/03/2030 | EUR | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 07/16/2028 | EUR | 3000 | 3417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 11/04/2026 | EUR | 1200 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 06/18/2029 | EUR | 1000 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/25/2028 | EUR | 1500 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 11/06/2029 | EUR | 500 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 09/14/2032 | EUR | 3000 | 3542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.20%), 3.88%, 06/16/2032 (aa) | EUR | 4400 | 5232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.85%), 0.88%, 01/28/2028 (aa) | EUR | 2000 | 2308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.05%), 2.28%, 11/24/2027 (aa) |  | 625 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.34%), 4.84%, 09/10/2028 (aa) |  | 795 | 805 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 70 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.59%), 5.79%, 02/25/2036 (aa) |  | 2085 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.98%), 6.22%, 05/09/2034 (aa) |  | 2400 | 2586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 3.30%), 7.39%, 11/02/2028 (aa) |  | 525 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Basellandschaftliche Kantonalbank, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 01/28/2031 |  | CHF 1,000 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/25/2027 | CHF | 900 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/13/2030 | CHF | 100 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausparkasse Schwaebisch Hall AG, (Germany), Reg. S, 2.00%, 05/17/2034 | EUR | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, (Austria), Reg. S, 0.10%, 05/12/2031 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Landesbank, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 02/10/2028 | EUR | 600 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 11/02/2029 | EUR | 50 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.40%), 1.38%, 11/22/2032 (aa) | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 09/01/2031 | EUR | 50 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 10/07/2031 | EUR | 40 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/28/2032 | EUR | 40 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 02/18/2030 | EUR | 300 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/10/2031 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 08/04/2032 | EUR | 400 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 02/07/2029 | EUR | 600 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 06/21/2027 | EUR | 400 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belfius Bank SA, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 02/08/2028 | EUR | 600 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.30%), 1.25%, 04/06/2034 (aa) | EUR | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 01/30/2031 | EUR | 400 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 10/18/2027 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 05/28/2030 | EUR | 600 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 02/20/2031 | EUR | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 06/11/2030 | EUR | 200 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 01/22/2029 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 09/12/2029 | EUR | 100 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.20%), 4.88%, 06/11/2035 (aa) | EUR | 500 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.45%), 5.25%, 04/19/2033 (aa) | EUR | 100 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 0.73%), 0.50%, 02/19/2028 (aa) | EUR | 1000 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.20%), 1.13%, 01/15/2032 (aa) | EUR | 1500 | 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 12/14/2027 | GBP | 2000 | 2571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 01/11/2027 | EUR | 500 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.60%), 2.50%, 03/31/2032 (aa) | EUR | 3400 | 3971 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 01/23/2026 | GBP | 600 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD Semi-annual Swap Rate 5 Year + 1.48%), 4.38%, 03/01/2033 (e) (aa) |  | 1950 | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.92%), 5.91%, 11/19/2035 (e) (aa) |  | 1360 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/14/2031 | EUR | 1900 | 1929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/05/2028 | EUR | 500 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 11/29/2032 | EUR | 4300 | 5200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 04/16/2029 | GBP | 2000 | 2722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.87%), 5.75%, 07/19/2033 (e) (aa) |  | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.65%)5.75%, 06/01/2033 (aa) | EUR | 2900 | 3607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.85%), 5.94%, 05/30/2035 (e) (aa) |  | 1425 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.04%), 6.29%, 01/14/2036 (e) (aa) |  | 990 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.59%), 7.00%, 10/19/2034 (e) (aa) |  | 1500 | 1673 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SpA, (Italy), Reg. S, 3.75%, 10/22/2028 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse Centrale du Credit Immobilier de France SA, (France), Reg. S, 2.63%, 01/18/2028 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caixa Geral de Depositos SA, (Portugal), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.65%), 3.00%, 10/07/2031 (aa) | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 1 Year + 2.75%), 5.75%, 10/31/2028 (aa) | EUR | 400 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 0.90%), 0.50%, 02/09/2029 (aa) | EUR | 1500 | 1685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 1.00%), 0.75%, 05/26/2028 (aa) | EUR | 2100 | 2407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 01/11/2027 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 06/26/2035 | EUR | 6500 | 7496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 09/06/2030 | EUR | 1900 | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.26%), 6.04%, 06/15/2035 (e) (aa) |  | 2050 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.70%), 6.21%, 01/18/2029 (e) (aa) |  | 250 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.08%), 6.68%, 09/13/2027 (e) (aa) |  | 250 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.77%), 6.84%, 09/13/2034 (e) (aa) |  | 2120 | 2368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caja Rural de Navarra SCC, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/16/2029 | EUR | 2000 | 2215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 04/26/2027 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cajamar Caja Rural SCC, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 02/16/2028 | EUR | 2100 | 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 07/25/2029 | EUR | 3500 | 4192 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 71

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 03/31/2027 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 1.12%)3.25%, 07/16/2031 (aa) | EUR | 3643 | 4266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Financement Foncier SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/09/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.60%, 10/25/2041 | EUR | 100 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.90%, 06/16/2028 | CHF | 50 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 03/15/2030 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 10/29/2029 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 04/24/2027 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/06/2030 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 09/16/2031 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 04/25/2055 | EUR | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 4.91%, 05/29/2030 |  | 250 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.77%), 1.46%, 06/09/2027 (aa) |  | 3100 | 3064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.17%), 2.56%, 05/01/2032 (aa) |  | 1060 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.11%), 2.57%, 06/03/2031 (aa) |  | 3600 | 3339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.38%), 2.90%, 11/03/2042 (aa) |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 0.78%), 2.93%, 10/22/2030 (aa) | EUR | 2600 | 3033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.35%), 3.06%, 01/25/2033 (aa) |  | 1030 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.03%), 3.49%, 10/22/2034 (aa) | EUR | 4000 | 4611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.94%), 3.79%, 03/17/2033 (aa) |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.58%), 4.11%, 04/29/2036 (aa) | EUR | 3842 | 4589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 2.10%), 4.28%, 04/24/2048 (aa) |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.14%), 4.64%, 05/07/2028 (aa) |  | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.36%), 5.17%, 02/13/2030 (aa) |  | 1485 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 4.55%), 5.32%, 03/26/2041 (aa) |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.47%), 5.33%, 03/27/2036 (aa) |  | 950 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.06%), 5.83%, 02/13/2035 (aa) |  | 780 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.83%), 6.02%, 01/24/2036 (aa) |  | 3740 | 3924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.91%), 5.72%, 07/23/2032 (aa) |  | 8 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.01%), 5.84%, 01/23/2030 (aa) |  | 213 | 222 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Bank plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 06/22/2027 | EUR | 5000 | 5878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 08/22/2028 | EUR | 1800 | 2172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc., (United States SOFR + 2.16%), 5.98%, 01/30/2030 (aa) |  | 708 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 09/17/2030 | EUR | 80 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 09/03/2029 | EUR | 25 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/11/2027 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 12/20/2029 | EUR | 160 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/09/2031 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/13/2034 | EUR | 50 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/13/2033 | EUR | 70 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.86%, 02/26/2032 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.77%, 08/31/2027 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/27/2040 | EUR | 100 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 12/01/2031 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 02/08/2028 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 1.18%), 0.88%, 05/05/2028 (aa) | EUR | 700 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 02/03/2027 | EUR | 25 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.06%, 02/01/2034 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.95%), 3.88%, 11/30/2032 (aa) | EUR | 2100 | 2499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 1.55%), 4.63%, 01/27/2028 (aa) | EUR | 5700 | 6845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 05/23/2041 | GBP | 50 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Italia SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 03/15/2033 | EUR | 100 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 01/15/2030 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 03/11/2036 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 1.00%, 09/30/2031 | EUR | 2100 | 2205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 1.50%), 1.87%, 12/09/2031 (aa) | GBP | 600 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD Semi-annual Swap Rate 5 Year + 1.64%), 4.00%, 01/10/2033 (e) (aa) |  | 2700 | 2673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.36%), 4.82%, 09/25/2033 (e) (aa) |  | 1440 | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.25%), 5.50%, 08/28/2033 (aa) | EUR | 3000 | 3727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 1 Year + 2.60%), 5.75%, 11/29/2027 (aa) | GBP | 3000 | 4103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.67%), 6.25%, 01/10/2035 (e) (aa) |  | 250 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Mutuel Arkea SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 09/19/2027 | EUR | 3000 | 3575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/01/2032 | EUR | 3600 | 4404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.88%), 0.75%, 06/09/2029 (aa) | EUR | 468 | 524 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 72 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/06/2031 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.85%), 4.42%, 09/12/2031 (e) (aa) |  | 3135 | 3120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.95%), 5.43%, 03/01/2028 (e) (aa) |  | 1090 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Hypotek AB, (Sweden), Series 2812, Reg. S, 3.50%, 12/20/2028 |  | SEK 2,000 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Kiinnitysluottopankki OYJ, (Finland), Reg. S, 3.50%, 01/29/2029 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Bank Ltd., (Singapore), Reg. S, 2.43%, 01/03/2029 (w) | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; DekaBank Deutsche Girozentrale, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/19/2030 | EUR | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 02/08/2029 | EUR | 200 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 07/02/2027 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 08/03/2028 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/21/2030 | EUR | 75 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 09/20/2027 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.22%), 2.31%, 11/16/2027 (aa) |  | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.32%), 2.55%, 01/07/2028 (aa) |  | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.76%), 3.73%, 01/14/2032 (aa) |  | 3960 | 3746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.30%), 4.00%, 06/24/2032 (aa) | EUR | 2700 | 3209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Kreditbank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 05/05/2032 | EUR | 50 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 03/21/2036 | EUR | 50 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 07/02/2030 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 06/12/2045 | EUR | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Pfandbriefbank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 08/30/2027 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 05/30/2029 | EUR | 70 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/24/2028 | EUR | 130 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA, (Norway), Reg. S, (EURIBOR 3 Month + 0.90%), 3.13%, 05/20/2031 (aa) | EUR | 1694 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Boligkreditt A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 06/10/2030 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 09/27/2029 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 03/12/2029 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; DZ HYP AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/12/2027 | EUR | 40 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 10/27/2028 | EUR | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 08/30/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 04/30/2031 | EUR | 20 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/29/2027 | EUR | 50 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/31/2032 | EUR | 50 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/30/2032 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1234, Reg. S, 0.01%, 03/29/2030 | EUR | 30 | 32 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1279, Reg. S, 3.00%, 05/31/2035 | EUR | 120 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eika Boligkreditt A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 03/12/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/26/2032 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC, (United Arab Emirates), Reg. S, 5.91%, 06/18/2035 | AUD | 1000 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Bank, (Canada), Reg. S, 3.50%, 05/28/2027 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/11/2029 | EUR | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/12/2037 | EUR | 100 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 10/14/2027 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 12/12/2033 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurocaja Rural SCC, (Spain), Reg. S, 0.13%, 09/22/2031 | EUR | 2300 | 2289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federation des Caisses Desjardins du Quebec, (Canada), Reg. S, 3.13%, 05/30/2029 | EUR | 110 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 2.13%), 4.77%, 07/28/2030 (aa) |  | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.49%), 4.90%, 09/06/2030 (aa) |  | 120 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.84%), 5.63%, 01/29/2032 (aa) |  | 44 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.34%), 6.34%, 07/27/2029 (aa) |  | 1415 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC, (United Arab Emirates), Reg. S, 0.13%, 02/16/2026 | EUR | 1000 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., (CMT Index 5 Year + 1.85%), 5.60%, 09/05/2035 (aa) |  | 195 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp., (United States SOFR + 1.77%), 5.51%, 03/07/2031 (aa) |  | 1460 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNB Corp., (SOFR Compounded Index + 1.93%), 5.72%, 12/11/2030 (aa) |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/26/2028 | EUR | 1000 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/09/2029 | EUR | 370 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.80%), 1.43%, 03/09/2027 (aa) |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa) |  | 1570 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.09%), 1.99%, 01/27/2032 (aa) |  | 41 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/07/2030 |  | 1895 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.28%), 2.62%, 04/22/2032 (aa) |  | 2809 | 2564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.26%), 2.65%, 10/21/2032 (aa) |  | 144 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.41%), 3.10%, 02/24/2033 (aa) |  | 22 | 20 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 73

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 07/25/2029 | GBP | 1500 | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.58%), 5.56%, 11/19/2045 (aa) |  | 1550 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.55%), 5.85%, 04/25/2035 (aa) |  | 4025 | 4286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.77%), 6.48%, 10/24/2029 (aa) |  | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/2037 |  | 45 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamburg Commercial Bank AG, (Germany), Reg. S, 3.38%, 02/01/2028 | EUR | 50 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamburger Sparkasse AG, (Germany), Reg. S, 0.75%, 03/30/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.29%), 1.59%, 05/24/2027 (aa) |  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.29%), 2.21%, 08/17/2029 (aa) |  | 3130 | 2978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.19%), 2.80%, 05/24/2032 (aa) |  | 900 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.39%), 2.85%, 06/04/2031 (aa) |  | 200 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GBP Swap Rate 1 Year + 1.77%), 3.00%, 05/29/2030 (aa) | GBP | 225 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.87%), 3.97%, 05/22/2030 (aa) |  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.19%), 4.62%, 11/06/2031 (aa) |  | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.43%), 5.13%, 11/06/2036 (aa) |  | 2425 | 2438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SONIA Interest Rate Benchmark + 2.12%), 6.80%, 09/14/2031 (aa) | GBP | 3200 | 4692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00%, 04/07/2038 | GBP | 300 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.28%), 5.27%, 01/15/2031 (aa) |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.87%), 5.71%, 02/02/2035 (aa) |  | 2110 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.02%), 6.21%, 08/21/2029 (aa) |  | 235 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; HYPO NOE Landesbank fuer Niederoesterreich und Wien AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 04/16/2032 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 02/27/2031 | EUR | 300 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypo Vorarlberg Bank AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 05/11/2028 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/13/2032 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iccrea Banca SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 01/12/2029 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 11/08/2027 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Bank NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/18/2029 | EUR | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 02/21/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/21/2034 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 09/02/2035 | EUR | 100 | 115 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Belgium SA, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 02/20/2030 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/19/2029 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 0.68%), 0.25%, 02/18/2029 (aa) | EUR | 4000 | 4454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.15%), 0.88%, 06/09/2032 (aa) | EUR | 1000 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (SONIA Interest Rate Benchmark + 0.91%), 1.13%, 12/07/2028 (aa) | GBP | 1900 | 2414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.01%), 1.73%, 04/01/2027 (aa) |  | 1265 | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.50%), 4.13%, 08/24/2033 (aa) | EUR | 2500 | 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.61%), 5.53%, 03/25/2036 (aa) |  | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING-DiBa AG, (Germany), Reg. S, 0.01%, 10/07/2028 | EUR | 200 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE Swap Rate GBP SONIA 1 Year + 2.59%), 6.50%, 03/14/2029 (aa) | GBP | 1700 | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.63%, 05/31/2033 | GBP | 2100 | 3087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 3.90%), 7.78%, 06/20/2054 (e) (aa) |  | 850 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 11/28/2053 (e) |  | 2130 | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investec plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 1 Year + 1.50%), 1.88%, 07/16/2028 (aa) | GBP | 1500 | 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 2.05%), 2.63%, 01/04/2032 (aa) | GBP | 1000 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investitionsbank Berlin, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 208, 0.05%, 03/02/2035 | EUR | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 215, 0.01%, 07/01/2031 | EUR | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 216, 0.01%, 07/15/2027 | EUR | 500 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 222, Reg. S, 2.75%, 10/04/2027 | EUR | 700 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 226, Reg. S, 3.13%, 03/01/2033 | EUR | 900 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 237, Reg. S, 2.25%, 09/28/2029 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 276, 0.01%, 11/22/2029 | EUR | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Bank NV, (Belgium), Reg. S, 3.13%, 02/22/2027 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.23%), 5.12%, 04/04/2031 (aa) |  | 900 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 2.42%), 6.40%, 03/06/2035 (aa) |  | 520 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kookmin Bank, (South Korea), Reg. S, 0.05%, 10/19/2026 | EUR | 1800 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kreditanstalt fuer Wiederaufbau, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/31/2027 | EUR | 500 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 04/30/2027 | EUR | 1530 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 12/15/2027 | EUR | 3740 | 4212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/15/2028 | EUR | 1325 | 1464 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 74 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/09/2028 | EUR | 1490 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 06/15/2029 | EUR | 1084 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/17/2030 | EUR | 1108 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/10/2031 | EUR | 3310 | 3413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/15/2031 | EUR | 2000 | 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 05/05/2027 | EUR | 520 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 09/29/2034 | EUR | 980 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/09/2032 | EUR | 1830 | 1839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/23/2030 | EUR | 360 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/20/2036 | EUR | 948 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/15/2027 | EUR | 500 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/07/2028 | EUR | 720 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 01/15/2029 | EUR | 3550 | 3973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/04/2039 | EUR | 2380 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 09/15/2032 | EUR | 900 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/09/2033 | EUR | 550 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 03/31/2037 | EUR | 3040 | 2862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/15/2037 | EUR | 1600 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/30/2027 | EUR | 8160 | 9470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 06/07/2032 | EUR | 1500 | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 07/31/2035 | EUR | 202 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 11/15/2029 | EUR | 500 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 07/31/2028 | EUR | 1000 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 08/05/2027 | EUR | 5040 | 5941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 04/11/2028 | EUR | 3089 | 3639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 10/04/2029 | EUR | 700 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 10/09/2030 | EUR | 1000 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 11/15/2030 | EUR | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 10/15/2031 | EUR | 2790 | 3240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 04/26/2029 | EUR | 2490 | 2944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 11/15/2032 | EUR | 1500 | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 01/10/2034 | EUR | 1500 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 10/01/2027 | EUR | 750 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 03/15/2028 | EUR | 650 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/15/2030 | EUR | 525 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/20/2031 | EUR | 1100 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/14/2033 | EUR | 700 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/17/2035 | EUR | 2443 | 2806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 12/28/2029 | EUR | 1280 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 03/31/2032 | EUR | 2100 | 2481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 06/07/2033 | EUR | 500 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 10/10/2028 | EUR | 800 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/07/2030 | EUR | 2200 | 2647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 03/24/2031 | EUR | 1510 | 1825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/02/2037 | CAD | 140 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 03/15/2037 | GBP | 825 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/16/2026 |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/07/2032 | GBP | 1300 | 1906 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Banque Postale SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 06/23/2031 | EUR | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.23%), 0.75%, 08/02/2032 (aa) | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 0.78%), 1.00%, 02/09/2028 (aa) | EUR | 400 | 462 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/24/2029 | EUR | 200 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 06/13/2030 | EUR | 500 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 1.30%), 3.50%, 04/01/2031 (aa) | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 05/03/2028 | EUR | 400 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 01/17/2030 | EUR | 400 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.85%), 5.50%, 03/05/2034 (aa) | EUR | 300 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landesbank Baden-Wuerttemberg, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 07/07/2028 | EUR | 180 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/21/2028 | EUR | 200 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 02/18/2027 | EUR | 200 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 02/28/2028 | EUR | 200 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/07/2029 | EUR | 300 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 02/21/2031 | EUR | 400 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/21/2031 | EUR | 600 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 11/05/2029 | EUR | 600 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/10/2032 | EUR | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 03/12/2031 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 11/19/2032 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 09/26/2031 | EUR | 60 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 11/13/2029 | EUR | 50 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 09/27/2027 | EUR | 50 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/21/2030 | EUR | 300 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landesbank Hessen-Thueringen Girozentrale, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 07/19/2027 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 06/04/2029 | EUR | 300 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/12/2027 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 08/24/2027 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 02/06/2034 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/05/2032 | EUR | 700 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 02/26/2031 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 02/04/2030 | EUR | 300 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.75%), 4.50%, 09/15/2032 (aa) | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landeskreditbank Baden-Wuerttemberg Foerderbank, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 02/25/2027 | EUR | 400 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 03/16/2032 | EUR | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 07/04/2030 | EUR | 500 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/16/2028 | EUR | 500 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5614, Reg. S, 0.01%, 01/20/2031 | EUR | 700 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landshypotek Bank AB, (Sweden), Reg. S, 3.25%, 08/04/2028 | SEK | 2000 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landwirtschaftliche Rentenbank, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/22/2027 | EUR | 300 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/19/2028 | EUR | 1500 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 12/13/2028 | EUR | 720 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/27/2029 | EUR | 820 | 873 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 75

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/26/2040 | EUR | 200 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 12/18/2029 | EUR | 2140 | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 01/31/2031 | EUR | 800 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 03/08/2027 | EUR | 1180 | 1355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 02/14/2028 | EUR | 1140 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 02/28/2029 | EUR | 400 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 02/20/2030 | EUR | 1090 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 10/31/2036 | EUR | 825 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/11/2032 | EUR | 500 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 07/08/2032 | EUR | 700 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/16/2032 | EUR | 1000 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/17/2033 | EUR | 300 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 07/09/2031 | EUR | 300 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/14/2034 | EUR | 700 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 09/06/2030 | EUR | 600 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp; LFA Foerderbank Bayern, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 171, 1.00%, 03/01/2028 | EUR | 200 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 219, 2.88%, 02/01/2029 | EUR | 300 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1174, 0.75%, 01/04/2027 | EUR | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1180, 0.75%, 04/01/2031 | EUR | 400 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Bank plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 02/08/2029 | GBP | 100 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 09/17/2040 | GBP | 300 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (UK Gilts 5 Year + 1.60%), 1.99%, 12/15/2031 (aa) | GBP | 1900 | 2515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (IBOR USD 3 Month + 1.21%), 3.57%, 11/07/2028 (aa) |  | 1050 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.60%), 6.07%, 06/13/2036 (aa) |  | 1700 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 3.10%), 6.63%, 06/02/2033 (aa) | GBP | 2600 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luzerner Kantonalbank AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 09/15/2031 | CHF | 1050 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.35%, 02/05/2027 | CHF | 500 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 1.43%), 5.40%, 07/30/2035 (aa) |  | 76 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.26%), 6.08%, 03/13/2032 (aa) |  | 71 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.80%), 7.41%, 10/30/2029 (aa) |  | 105 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Bank Ltd., (Australia), Reg. S, 2.78%, 02/25/2030 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mediobanca Banca di Credito Finanziario SpA, (Italy), Reg. S, 3.00%, 09/04/2031 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mediocredito Centrale—Banca Del Mezzogiorno SpA, (Italy), Reg. S, 3.75%, 09/20/2029 | EUR | 600 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.75%), 1.54%, 07/20/2027 (aa) |  | 780 | 769 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.80%), 4.53%, 09/12/2031 (aa) |  | 1195 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.93%), 5.19%, 09/12/2036 (aa) |  | 725 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.90%), 5.35%, 09/13/2028 (aa) |  | 3450 | 3528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.27%), 5.62%, 04/24/2036 (aa) |  | 2225 | 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.39%), 3.15%, 07/16/2030 (aa) |  | 930 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.65%), 5.78%, 07/06/2029 (aa) |  | 460 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.86%), 1.51%, 07/20/2027 (aa) |  | 39 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.03%), 1.79%, 02/13/2032 (aa) |  | 103 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.00%), 2.48%, 01/21/2028 (aa) |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.20%), 2.51%, 10/20/2032 (aa) |  | 103 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/09/2027 | GBP | 1425 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.14%), 2.70%, 01/22/2031 (aa) |  | 1075 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 0.86%), 3.15%, 11/07/2031 (aa) | EUR | 4900 | 5707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.32%), 3.52%, 05/22/2031 (aa) | EUR | 2600 | 3089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 1.12%), 3.75%, 11/07/2036 (aa) | EUR | 3900 | 4509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/23/2027 |  | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.10%), 4.65%, 10/18/2030 (aa) |  | 4215 | 4269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.38%), 4.99%, 04/12/2029 (aa) |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.45%), 5.17%, 01/16/2030 (aa) |  | 1225 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SONIA Interest Rate Benchmark + 1.46%), 5.21%, 10/24/2035 (aa) | GBP | 1100 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.11%), 5.23%, 01/15/2031 (aa) |  | 95 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.87%), 5.25%, 04/21/2034 (aa) |  | 190 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.88%), 5.42%, 07/21/2034 (aa) |  | 990 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.63%), 5.45%, 07/20/2029 (aa) |  | 510 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.71%), 5.52%, 11/19/2055 (aa) |  | 210 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.58%), 5.83%, 04/19/2035 (aa) |  | 550 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.24%), 6.30%, 10/18/2028 (aa) |  | 110 | 114 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 76 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Hypothekenbank eG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/02/2040 | EUR | 50 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 02/01/2029 | EUR | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/18/2039 | EUR | 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 07/04/2028 | EUR | 50 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 03/06/2035 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 02/01/2034 | EUR | 50 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2057, Reg. S, 3.00%, 07/11/2031 | EUR | 25 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 1.40%), 1.70%, 09/15/2031 (aa) | GBP | 1425 | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 05/24/2028 | EUR | 500 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.35%, 08/30/2029 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.72%, 08/27/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.15%, 02/05/2031 | EUR | 1800 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada, (Canada), Reg. S, 0.01%, 03/25/2028 | EUR | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nationale-Nederlanden Bank NV (The), (Netherlands), Reg. S, 0.01%, 07/08/2030 | EUR | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 0.89%), 0.67%, 09/14/2029 (aa) | EUR | 2000 | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.60%)5.76%, 02/28/2034 (aa) | EUR | 2500 | 3133 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Markets plc, (United Kingdom), 5.02%, 03/21/2030 (e) |  | 2300 | 2362 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIBC Bank NV, (Netherlands), Reg. S, 0.13%, 04/21/2031 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norddeutsche Landesbank-Girozentrale, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 10/20/2028 | EUR | 130 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/14/2027 | EUR | 50 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 02/04/2028 | EUR | 200 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 09/11/2029 | EUR | 800 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.00%), 4.38%, 12/10/2035 (aa) | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 07/11/2028 | EUR | 100 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.95%), 5.63%, 08/23/2034 (aa) | EUR | 300 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp, (Finland), Reg. S, (EUR Swap Rate 5 Year + 1.35%), 4.13%, 05/29/2035 (aa) | EUR | 500 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Hypotek AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5537, Reg. S, 1.00%, 06/16/2027 | SEK | 2000 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5538, Reg. S, 3.50%, 09/20/2028 | SEK | 2000 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5540, Reg. S, 3.00%, 11/26/2030 | SEK | 2000 | 219 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Kiinnitysluottopankki OYJ, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 04/04/2028 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 09/14/2032 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/31/2031 | EUR | 150 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Banco SA, (Portugal), Reg. S, 2.75%, 02/04/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRW Bank, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/18/2030 | EUR | 400 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/23/2030 | EUR | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/03/2031 | EUR | 300 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/28/2031 | EUR | 138 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 07/09/2035 | EUR | 680 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/16/2029 | EUR | 750 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/17/2041 | EUR | 100 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/23/2027 | EUR | 700 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/04/2028 | EUR | 110 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 06/30/2028 | EUR | 760 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/28/2039 | EUR | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/13/2049 | EUR | 87 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 02/13/2032 | EUR | 300 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/21/2029 | EUR | 500 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/15/2031 | EUR | 1502 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/05/2033 | EUR | 600 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 07/25/2034 | EUR | 300 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 09/26/2039 | EUR | 170 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/31/2030 | EUR | 173 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/04/2035 | EUR | 600 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 09/24/2035 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1W1, 0.13%, 02/04/2030 | EUR | 300 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nykredit Realkredit A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H\*, Reg. S, 1.00%, 01/01/2027 | DKK | 1600 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H, Reg. S, 1.00%, 07/01/2027 | DKK | 2900 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H, Reg. S, 1.00%, 01/01/2028 | DKK | 200 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13G, Reg. S, 1.00%, 04/01/2028 | DKK | 1200 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H, Reg. S, 1.00%, 07/01/2028 | DKK | 400 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H, Reg. S, 1.00%, 07/01/2029 | DKK | 650 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13H, Reg. S, 1.00%, 07/01/2030 | DKK | 2200 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SDO, Reg. S, 1.00%, 01/01/2029 | DKK | 700 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oesterreichische Kontrollbank AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/13/2027 | EUR | 300 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 11/15/2028 | EUR | 300 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp; OP Corporate Bank plc, (Finland), Reg. S, 4.13%, 04/18/2027 | EUR | 3000 | 3600 |
| &nbsp;&nbsp;&nbsp;&nbsp; OP Mortgage Bank, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 02/15/2029 | EUR | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/05/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 07/09/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 07/17/2031 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permanent TSB Group Holdings plc, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.55%), 3.88%, 12/22/2035 (aa) | EUR | 200 | 235 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 77

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.60%), 4.25%, 07/10/2030 (aa) | EUR | 400 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 3.50%), 6.63%, 04/25/2028 (aa) | EUR | 300 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 3.50%), 6.63%, 06/30/2029 (aa) | EUR | 300 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfandbriefbank schweizerischer Hypothekarinstitute AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/26/2030 | CHF | 650 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 10/04/2040 | CHF | 20 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 671, Reg. S, 0.25%, 04/15/2030 | CHF | 30 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 676, Reg. S, 0.25%, 04/26/2034 | CHF | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 678, Reg. S, 0.00%, 08/26/2049 | CHF | 100 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 683, Reg. S, 0.00%, 02/25/2028 | CHF | 290 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 684, Reg. S, 0.00%, 05/10/2045 | CHF | 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 689, Reg. S, 0.25%, 10/06/2042 | CHF | 40 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 692, Reg. S, 0.13%, 08/17/2040 | CHF | 60 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 697, Reg. S, 0.00%, 05/20/2041 | CHF | 250 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 706, Reg. S, 0.13%, 08/19/2031 | CHF | 160 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 723, Reg. S, 2.25%, 07/05/2052 | CHF | 10 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 734, Reg. S, 1.88%, 01/15/2031 | CHF | 40 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 742, Reg. S, 1.75%, 07/07/2033 | CHF | 50 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 743, Reg. S, 1.75%, 07/09/2038 | CHF | 70 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 745, Reg. S, 1.75%, 12/23/2033 | CHF | 30 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 746, Reg. S, 1.75%, 01/26/2049 | CHF | 10 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 748, Reg. S, 1.63%, 03/15/2034 | CHF | 40 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 751, Reg. S, 1.25%, 05/28/2030 | CHF | 40 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 754, Reg. S, 1.38%, 04/24/2054 | CHF | 20 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 755, Reg. S, 1.50%, 07/13/2027 | CHF | 100 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 764, Reg. S, 0.88%, 03/10/2032 | CHF | 100 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 767, Reg. S, 1.00%, 02/23/2035 | CHF | 25 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 769, Reg. S, 1.00%, 02/23/2046 | CHF | 10 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 771, Reg. S, 0.63%, 03/27/2030 | CHF | 190 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfandbriefzentrale der schweizerischen Kantonalbanken AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 483, Reg. S, 0.00%, 01/27/2027 | CHF | 170 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 490, Reg. S, 0.50%, 02/20/2032 | CHF | 150 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 516, Reg. S, 0.13%, 03/23/2032 | CHF | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 524, Reg. S, 0.00%, 06/21/2028 | CHF | 50 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 528, Reg. S, 0.00%, 03/15/2030 | CHF | 150 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 530, Reg. S, 0.00%, 03/18/2033 | CHF | 370 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 531, Reg. S, 0.00%, 02/15/2036 | CHF | 365 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 534, Reg. S, 0.00%, 03/13/2028 | CHF | 50 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 550, Reg. S, 1.10%, 04/18/2028 |  | CHF 130 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 568, Reg. S, 1.80%, 12/12/2034 | CHF | 110 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 576, Reg. S, 1.85%, 07/19/2038 | CHF | 50 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 585, Reg. S, 1.50%, 04/02/2031 | CHF | 100 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 588, Reg. S, 1.45%, 11/03/2032 | CHF | 50 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 589, Reg. S, 1.50%, 06/23/2036 | CHF | 30 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 594, Reg. S, 1.45%, 08/02/2034 | CHF | 30 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 600, Reg. S, 0.90%, 10/26/2035 | CHF | 40 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 608, Reg. S, 1.00%, 08/24/2045 | CHF | 30 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 610, Reg. S, 0.35%, 08/23/2028 | CHF | 50 | 63 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Piraeus Bank SA, (Greece), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.15%), 3.00%, 12/03/2028 (aa) | EUR | 400 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.42%), 5.37%, 07/21/2036 (aa) |  | 149 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.28%), 6.88%, 10/20/2034 (aa) |  | 760 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen Bausparkasse Gesellschaft mbH, (Austria), Reg. S, 3.38%, 07/10/2029 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisenlandesbank Niederoesterreich-Wien AG, (Austria), Reg. S, 3.25%, 01/11/2030 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisenlandesbank Oberoesterreich AG, (Austria), Reg. S, 1.25%, 04/26/2027 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen-Landesbank Steiermark AG, (Austria), Reg. S, 2.38%, 06/14/2028 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen-Landesbank Tirol AG, (Austria), Reg. S, 3.00%, 01/24/2028 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp., (United States SOFR + 2.06%), 5.50%, 09/06/2035 (aa) |  | 140 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinland-Pfalz Bank, (Germany), SUB, 6.88%, 02/23/2028 (e) |  | 2000 | 2099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 10/05/2028 | EUR | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/27/2031 | EUR | 500 | 509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 09/15/2027 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 09/13/2027 | EUR | 150 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/04/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.98%), 4.31%, 11/03/2031 (aa) |  | 2550 | 2540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.81%), 4.72%, 03/27/2028 (aa) |  | 135 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.88%), 5.74%, 03/20/2031 (aa) |  | 80 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.50%), 6.17%, 01/09/2030 (aa) |  | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.14%), 6.34%, 05/31/2035 (aa) |  | 130 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.07%), 4.32%, 09/22/2029 (aa) |  | 465 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.58%), 5.14%, 09/22/2036 (aa) |  | 1780 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.60%), 6.53%, 01/10/2029 (aa) |  | 2500 | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander UK plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 01/12/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 03/12/2027 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 02/16/2029 | GBP | 100 | 139 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 78 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 06/28/2027 | EUR | 150 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 601, Reg. S, 3.00%, 12/06/2027 | SEK | 4000 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 604, Reg. S, 3.00%, 12/17/2030 | SEK | 2000 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slovenska Sporitelna A/S, (Slovakia), Reg. S, 2.75%, 01/30/2029 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 11/16/2027 | EUR | 3000 | 3618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.42%), 5.25%, 05/22/2029 (e) (aa) |  | 2350 | 2398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.10%), 5.25%, 09/06/2032 (aa) | EUR | 200 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.73%), 5.44%, 10/03/2036 (e) (aa) |  | 2100 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 06/22/2033 | GBP | 2000 | 2898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.95%), 7.13%, 01/19/2055 (e) (aa) |  | 250 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp; S-Pankki OYJ, (Finland), Reg. S, 3.00%, 04/16/2030 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; SpareBank 1 Boligkreditt A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/22/2027 | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 05/12/2031 | EUR | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/30/2029 | EUR | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 02/13/2030 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sparebank 1 Oestlandet, (Norway), Reg. S, 1.75%, 04/27/2027 | EUR | 1000 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sparkasse Hannover, (Germany), Reg. S, 2.75%, 05/24/2032 | EUR | 30 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sparkasse Pforzheim Calw, (Germany), 2.38%, 08/14/2028 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; SR-Boligkreditt A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 03/15/2028 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 06/11/2030 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stadshypotek AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 06/20/2028 | SEK | 2000 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1592, Reg. S, 1.00%, 03/01/2027 | SEK | 2000 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1593, Reg. S, 2.50%, 12/01/2027 | SEK | 2000 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1594, Reg. S, 2.00%, 09/01/2028 | SEK | 3000 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1595, Reg. S, 4.00%, 05/02/2029 | SEK | 2000 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1596, Reg. S, 2.50%, 02/01/2030 | SEK | 2000 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.00%), 1.46%, 01/14/2027 (e) (aa) |  | 1200 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.05%), 5.55%, 01/21/2029 (e) (aa) |  | 555 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., (Japan), Reg. S, 0.41%, 11/07/2029 | EUR | 2100 | 2255 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., (Japan), Reg. S, 0.01%, 10/15/2027 | EUR | 2000 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sveriges Sakerstallda Obligationer AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 02/10/2032 | EUR | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 02/25/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 148, Reg. S, 0.25%, 06/09/2027 | SEK | 2000 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.30%, 02/17/2027 | EUR | 1000 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 1 Year + 1.00%), 1.38%, 12/08/2027 (aa) | GBP | 1500 | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 10/13/2032 | EUR | 3422 | 3974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.15%), 3.63%, 08/23/2032 (aa) | EUR | 549 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.95%, 04/08/2030 | EUR | 1051 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.78%, 09/03/2027 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.86%, 04/15/2031 | EUR | 2200 | 2582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.97%, 09/09/2032 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.19%, 02/16/2029 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 10/15/2035 |  | 690 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.08%), 8.13%, 10/31/2082 (aa) |  | 220 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Bank, 2.25%, 03/11/2030 |  | 250 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/19/2029 |  | 1400 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.62%), 5.44%, 01/24/2030 (aa) |  | 645 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.36%), 5.87%, 06/08/2034 (aa) |  | 370 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.45%), 7.16%, 10/30/2029 (aa) |  | 620 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp; TSB Bank plc, (United Kingdom), Reg. S, 2.70%, 02/18/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.10%), 2.75%, 02/11/2033 (e) (aa) |  | 1000 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.73%), 3.09%, 05/14/2032 (e) (aa) |  | 755 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (IBOR USD 3 Month + 1.47%), 3.13%, 08/13/2030 (e) (aa) |  | 300 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.49%), 5.53%, 05/06/2047 (e) (aa) |  | 1190 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 1 Year + 4.95%), 7.75%, 03/01/2029 (aa) | EUR | 4400 | 5694 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Switzerland AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.04%, 10/18/2033 | CHF | 30 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 03/05/2029 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit Bank Austria AG, (Austria), Reg. S, 3.13%, 09/21/2029 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit Bank Czech Republic & Slovakia A/S, (Czech Republic), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 03/25/2029 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 10/11/2027 | EUR | 1900 | 2257 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 79

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit Bank GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/15/2028 | EUR | 50 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 11/22/2029 | EUR | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.85%, 05/22/2034 | EUR | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 01/11/2029 | EUR | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 11/22/2030 | EUR | 120 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 01/31/2027 | EUR | 170 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/31/2030 | EUR | 1800 | 2172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.80%), 4.18%, 06/24/2037 (aa) | EUR | 1275 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd., (Singapore), Reg. S, 0.01%, 12/01/2027 | EUR | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.54%), 3.70%, 01/15/2027 (x) (aa) |  | 2300 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.56%), 5.38%, 01/23/2030 (aa) |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.41%), 5.42%, 02/12/2036 (aa) |  | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.26%), 5.84%, 06/12/2034 (aa) |  | 725 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vseobecna Uverova Banka A/S, (Slovakia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/26/2029 | EUR | 1800 | 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 03/20/2031 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.43%), 2.88%, 10/30/2030 (aa) |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.53%), 3.07%, 04/30/2041 (aa) |  | 2110 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.50%), 3.35%, 03/02/2033 (aa) |  | 2109 | 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.57%), 3.58%, 05/22/2028 (aa) |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.13%), 4.61%, 04/25/2053 (aa) |  | 650 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/2046 |  | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa) |  | 925 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.02%), 5.39%, 04/24/2034 (aa) |  | 940 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.78%), 5.50%, 01/23/2035 (aa) |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.99%), 5.56%, 07/25/2034 (aa) |  | 2050 | 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.74%), 5.57%, 07/25/2029 (aa) |  | 1390 | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 01/15/2044 |  | 24 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.07%), 5.71%, 04/22/2028 (aa) |  | 1510 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.06%), 6.49%, 10/23/2034 (aa) |  | 1615 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.77%), 6.85%, 09/15/2029 (x) (aa) |  | 122 | 128 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 04/17/2027 | EUR | 1000 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 11/16/2040 |  | 58 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.11%, 11/23/2027 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Securities NZ Ltd., (New Zealand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.43%, 12/14/2026 | EUR | 2500 | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 04/20/2028 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wirtschafts- und Infrastrukturbank Hessen, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/14/2028 | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/06/2033 | EUR | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/26/2033 | EUR | 400 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/13/2035 | EUR | 400 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/22/2034 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wuestenrot Bausparkasse AG, (Germany), Series 20, Reg. S, 3.38%, 11/28/2028 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zuercher Kantonalbank, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 139, Reg. S, 0.02%, 08/16/2027 | CHF | 1000 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 149, Reg. S, 0.00%, 01/21/2033 | CHF | 500 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 150, Reg. S, 0.10%, 03/31/2031 | CHF | 240 | 294 |
|  |  |  | 674582 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aareal Bank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 10/08/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/10/2028 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 236, Reg. S, 0.01%, 02/01/2028 | EUR | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 4.38%, 11/15/2030 |  | 160 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affordable Housing Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.89%, 08/11/2043 | GBP | 600 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 05/20/2042 | GBP | 500 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.73%), 5.54%, 01/17/2031 (aa) |  | 2480 | 2539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.82%), 6.85%, 01/03/2030 (aa) |  | 250 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.00%), 5.10%, 02/16/2028 (aa) |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.32%), 5.44%, 01/30/2036 (aa) |  | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.93%), 5.63%, 07/28/2034 (aa) |  | 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc., 5.15%, 05/15/2033 |  | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc., 5.80%, 05/21/2054 |  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., 5.60%, 10/11/2054 |  | 5 | 5 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 80 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkea Home Loans SFH SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.07%, 02/07/2034 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 08/01/2033 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artesian Finance II plc, (United Kingdom), 6.00%, 09/30/2033 | GBP | 30 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspire Defence Finance plc, (United Kingdom), Series B, 4.67%, 03/31/2040 | GBP | 37 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA Home Loan SFH SA, (France), Reg. S, 0.01%, 10/16/2029 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Landesbodenkreditanstalt, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 05/07/2030 | EUR | 400 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 09/25/2034 | EUR | 400 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 09/08/2033 | EUR | 300 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 02/28/2031 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 03/15/2035 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; BGC Group, Inc., 6.15%, 04/02/2030 |  | 45 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Funding, Inc., 5.35%, 01/08/2055 |  | 225 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc., 3.75%, 07/18/2035 | EUR | 1600 | 1901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Holdings Finance Co. LLC, Reg. S, 1.50%, 04/10/2029 | EUR | 167 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/10/2031 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/18/2034 |  | 140 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas Home Loan SFH SA, (France), Reg. S, 3.00%, 01/31/2030 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE SFH SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/21/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/29/2036 | EUR | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/22/2027 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 04/12/2030 | EUR | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/27/2032 | EUR | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 07/24/2030 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/15/2031 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/24/2032 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 06/26/2035 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 03/13/2029 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse de Refinancement de l'Habitat SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 02/07/2028 | EUR | 200 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 06/20/2030 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 04/12/2028 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 09/06/2030 | EUR | 2100 | 2457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/20/2032 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 06/28/2032 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantor Fitzgerald LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/14/2027 (e) |  | 1740 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 12/12/2028 (e) |  | 840 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/12/2029 | EUR | 250 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.63%), 5.20%, 09/11/2036 (aa) |  | 1000 | 997 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.37%), 5.27%, 05/10/2033 (aa) |  | 80 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.04%), 6.18%, 01/30/2036 (aa) |  | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 11/29/2032 |  | 35 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 3.07%), 7.62%, 10/30/2031 (aa) |  | 645 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 3.37%), 7.96%, 11/02/2034 (aa) |  | 140 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/15/2030 |  | 29 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/16/2032 |  | 85 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCF SFH SACA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 06/28/2028 | EUR | 1900 | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 04/23/2030 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, (CMT Index 5 Year + 3.17%), 4.00%, 06/01/2026 (x) (aa) |  | 215 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, (CMT Index 5 Year + 3.26%), 5.00%, 06/01/2027 (x) (aa) |  | 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Home Loan SFH SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 04/12/2028 | EUR | 200 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 12/06/2029 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 08/11/2028 | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/06/2034 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 01/07/2030 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 02/17/2031 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 08/29/2033 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 09/04/2028 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Public Sector SCF SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 08/02/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/14/2030 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Mutuel Home Loan SFH SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 03/04/2032 | EUR | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 02/08/2028 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 06/06/2030 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 07/23/2029 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/28/2030 | EUR | 2100 | 2481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 04/20/2029 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crelan Home Loan SCF, (France), Reg. S, 2.50%, 07/09/2030 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; DLR Kredit A/S, (Denmark), Series CCb, Reg. S, 1.00%, 04/01/2028 | DKK | 700 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enact Holdings, Inc., 6.25%, 05/28/2029 |  | 114 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; IG Group Holdings plc, (United Kingdom), Reg. S, 3.13%, 11/18/2028 | GBP | 2000 | 2569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/2050 |  | 172 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/2028 |  | 85 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/15/2031 |  | 1250 | 1109 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 81

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/15/2032 |  | 1420 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/21/2028 |  | 405 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jyske Realkredit A/S, (Denmark), Series CCE, Reg. S, 2.50%, 01/01/2029 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Banque Postale Home Loan SFH SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/12/2032 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/31/2031 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 01/29/2034 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lansforsakringar Hypotek AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/31/2027 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 521, Reg. S, 0.50%, 09/20/2028 | SEK | 4300 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 524, Reg. S, 3.50%, 09/10/2031 | SEK | 2000 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group plc,<br>(United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 04/06/2030 | GBP | 2000 | 2423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 12/06/2027 | EUR | 800 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/15/2035 |  | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/17/2028 |  | 430 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/22/2029 | EUR | 7209 | 8065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 12/01/2027 | EUR | 1825 | 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/26/2050 |  | 46 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/15/2032 |  | 239 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 01/15/2035 |  | 115 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc., 5.35%, 06/28/2028 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 07/14/2028 |  | 1500 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/22/2032 |  | 320 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/01/2030 |  | 1130 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.07%, 07/12/2028 |  | 1625 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Kredit Realkreditaktieselskab, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/01/2027 (e) | DKK | 200 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Cc2, Reg. S, 1.00%, 04/01/2029 (e) | DKK | 300 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC2, Reg. S, 1.00%, 10/01/2028 (e) | DKK | 750 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC2, 1.00%, 04/01/2030 | DKK | 800 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuveen LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/15/2030 (e) |  | 190 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 04/15/2034 (e) |  | 1100 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp; OSB Group plc, (United Kingdom), Reg. S, (UK Gilts 1 Year + 4.99%), 9.50%, 09/07/2028 (aa) | GBP | 3400 | 4926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Export Funding Corp., Series PP, 1.40%, 07/15/2028 |  | 775 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prs Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 08/24/2034 | GBP | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 01/23/2029 | GBP | 900 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc., 6.20%, 05/15/2029 |  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/2051 |  | 16 | 12 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services** — **continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 09/11/2055 |  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realkredit Danmark A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10F, Reg. S, 1.00%, 01/01/2030 (e) | DKK | 1000 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10F, Reg. S, 1.00%, 01/01/2032 | DKK | 500 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 22S, Reg. S, 0.00%, 10/01/2040 (e) | DKK | 36 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saltaire Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.81%, 03/14/2053 | GBP | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.82%, 12/06/2036 | GBP | 600 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.82%, 12/01/2033 | GBP | 500 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 08/13/2035 | GBP | 200 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SFH SA, (France), Reg. S, 1.75%, 05/05/2034 | EUR | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sparebanken Vest Boligkreditt A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 09/22/2027 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 07/31/2029 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank Hypotek AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 06/25/2030 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 197, Reg. S, 1.00%, 03/17/2027 | SEK | 1700 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 199, Reg. S, 3.00%, 03/28/2029 | SEK | 2000 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 200, Reg. S, 3.00%, 12/27/2029 | SEK | 2000 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 2.13%), 5.94%, 08/02/2030 (aa) |  | 85 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.07%), 6.00%, 07/29/2036 (aa) |  | 154 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; THFC Funding No. 1 plc, (United Kingdom), Reg. S, 5.13%, 12/21/2035 | GBP | 1370 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPG Operating Group II LP, 5.38%, 01/15/2036 |  | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2050 |  | 150 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/14/2045 |  | 65 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. (The), 1.35%, 03/15/2026 |  | 510 | 507 |
|  |  |  | 66652 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance** — **0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Insurance SA, (Belgium), Reg. S, (EUR Swap Rate 5 Year + 3.88%), 3.50%, 06/30/2047 (aa) | EUR | 3100 | 3674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alleghany Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/2051 |  | 15 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/2030 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/21/2027 | EUR | 1000 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 05/07/2030 |  | 29 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; American National Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/2029 |  | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/15/2035 |  | 60 | 61 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 82 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance** — **continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Insurance** — **continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Insurance** — **continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon North America, Inc., 5.45%, 03/01/2034 |  | 75 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/09/2052 |  | 20 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/2051 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 4.00%), 3.38%, 05/02/2049 (aa) | EUR | 2600 | 3060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/2032 |  | 26 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/22/2030 |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/27/2028 |  | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Athene Global Funding, 4.95%, 01/07/2027 (e) |  | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva plc, (United Kingdom), Reg. S, (EURIBOR 3 Month + 3.05%), 4.63%, 08/28/2056 (aa) | EUR | 3575 | 4309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp., 2.38%, 06/19/2039 | GBP | 825 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., 2.15%, 03/15/2028 | EUR | 1000 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/2031 |  | 69 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/17/2032 |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/11/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; BUPA Finance plc, (United Kingdom), Reg. S, 5.00%, 10/12/2030 | EUR | 1700 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse Nationale de Reassurance Mutuelle Agricole Groupama, (France), Reg. S, 0.75%, 07/07/2028 | EUR | 4900 | 5441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb INA Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 03/15/2028 | EUR | 2000 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/15/2035 |  | 1320 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2034 |  | 505 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/15/2030 |  | 2500 | 2250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/2034 |  | 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNP Assurances SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/08/2028 | EUR | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 01/27/2029 | EUR | 700 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 2.70%), 1.88%, 10/12/2053 (aa) | EUR | 300 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 3.00%), 2.00%, 07/27/2050 (aa) | EUR | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/05/2029 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 4.60%), 4.50%, 06/10/2047 (aa) | EUR | 200 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 3.37%), 4.88%, 07/16/2054 (aa) | EUR | 100 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 3.45%), 5.25%, 07/18/2053 (aa) | EUR | 300 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/05/2032 |  | 64 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/05/2042 |  | 155 | 133 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.85%), 6.88%, 12/15/2052 (aa) |  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Assurances SA, (France), Reg. S, (EUR Swap Rate 5 Year + 5.35%), 4.75%, 09/27/2048 (aa) | EUR | 1700 | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Reinsurance Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/15/2052 |  | 110 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/2050 |  | 2030 | 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 03/29/2028 | EUR | 2800 | 3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/03/2031 |  | 2010 | 1899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/17/2028 |  | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/16/2032 |  | 475 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/20/2035 |  | 500 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/07/2033 |  | 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 03/15/2055 |  | 31 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 03/22/2054 |  | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/17/2051 |  | 20 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/2030 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2028 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp., 5.45%, 09/30/2034 |  | 63 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupe des Assurances du Credit Mutuel SADIR, (France), Reg. S, 3.75%, 04/30/2029 | EUR | 2200 | 2637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson Financial, Inc., 4.00%, 11/23/2051 |  | 11 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Finance plc, (United Kingdom), Reg. S, 5.88%, 04/05/2033 | GBP | 425 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 5.25%), 4.50%, 11/01/2050 (aa) | GBP | 825 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 4.65%), 5.13%, 11/14/2048 (aa) | GBP | 600 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/2050 (e) |  | 875 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2052 (e) |  | 450 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Financial Global Funding, 5.30%, 01/13/2030 (e) |  | 890 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.16%), 5.56%, 07/20/2055 (aa) | GBP | 825 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/07/2052 |  | 1000 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/16/2054 |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2035 |  | 1210 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/15/2055 |  | 920 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc., Series G, (CMT Index 5 Year + 2.08%), 6.35%, 03/15/2055 (aa) |  | 80 | 84 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 83

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance** — **continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Insurance** — **continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Insurance** — **continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, (Germany), Reg. S, (EURIBOR 3 Month + 3.40%), 3.25%, 05/26/2049 (aa) | EUR | 2600 | 3068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of Omaha Cos. Global Funding, 4.75%, 10/15/2029 (e) |  | 1660 | 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres et Sal, (France), Reg. S, 0.63%, 06/21/2027 | EUR | 1900 | 2160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp., 3.85%, 06/11/2051 |  | 15 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primerica, Inc., 2.80%, 11/19/2031 |  | 35 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Protective Life Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 12/09/2029 (e) |  | 2500 | 2544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.08%, 04/15/2031 | GBP | 3000 | 4118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (IBOR USD 3 Month + 2.67%), 5.70%, 09/15/2048 (aa) |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.85%), 6.75%, 03/01/2053 (aa) |  | 40 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Funding Asia plc, (United Kingdom), 5.88%, 05/11/2029 | GBP | 1500 | 2103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc., 5.75%, 09/15/2034 |  | 57 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd., (Bermuda), 5.75%, 06/05/2033 |  | 52 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 2.55%), 1.75%, 12/01/2042 (aa) | EUR | 2000 | 2082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 2.45%), 2.25%, 12/05/2047 (aa) | EUR | 2700 | 3131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 10/25/2029 | EUR | 3200 | 3891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/24/2035 |  | 1505 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 05/25/2053 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 07/24/2055 |  | 145 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; UNIQA Insurance Group AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 07/09/2030 | EUR | 500 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 5.82%), 6.00%, 07/27/2046 (aa) | EUR | 500 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/2029 |  | 1700 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/2051 |  | 1754 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/2042 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2054 |  | 36 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; W R Berkley Corp., 4.00%, 05/12/2050 |  | 700 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis North America, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/15/2027 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 05/15/2033 |  | 3 | 3 |
|  |  |  | 83684 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/2026 |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/2028 |  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2030 |  | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 07/15/2029 |  | 55 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund, 5.30%, 06/30/2030 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Technology Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 03/15/2028 (e) |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/04/2029 |  | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDP Reti SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 09/04/2031 | EUR | 200 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.88%, 10/25/2027 | EUR | 500 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golub Capital BDC, Inc., 2.50%, 08/24/2026 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund, 5.45%, 08/15/2028 (e) |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB, (Sweden), Reg. S, 0.38%, 10/29/2035 | EUR | 425 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; JAB Holdings BV, (Netherlands), Reg. S, 5.00%, 06/12/2033 | EUR | 3900 | 4896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Capital Corp., 5.40%, 08/15/2028 |  | 29 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDGH GMTN RSC Ltd., (United Arab Emirates), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/10/2027 | EUR | 1000 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 03/10/2034 | EUR | 600 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temasek Financial I Ltd., (Singapore), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 03/01/2028 | EUR | 4700 | 5398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.05%, 07/30/2035 | CNH | 1000 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.20%, 02/06/2029 | CNH | 10000 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 02/15/2027 | EUR | 1500 | 1777 |
|  |  |  | 16993 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 06/14/2029 | EUR | 126 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 12/03/2032 | GBP | 350 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hercules Capital, Inc., 6.00%, 06/16/2030 |  | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICG plc, (United Kingdom), Reg. S, 1.63%, 02/17/2027 | EUR | 1000 | 1160 |
|  |  |  | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate** — **0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affinity Sutton Capital Markets plc, (United Kingdom), Reg. S, 5.98%, 09/17/2038 | GBP | 1000 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akelius Residential Property Financing BV, (Netherlands), Reg. S, 1.00%, 01/17/2028 | EUR | 500 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown SA, (Luxembourg), Reg. S, 0.00%, 07/16/2026 | EUR | 3800 | 4405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Property Partners Europe Holdings Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 04/20/2030 | EUR | 1000 | 1087 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 84 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/12/2029 | EUR | 2500 | 2809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 10/20/2028 | GBP | 1075 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2035 |  | 110 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/2034 |  | 63 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarion Funding plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 11/13/2032 | GBP | 1000 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 09/07/2051 | GBP | 500 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 01/18/2029 | GBP | 200 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; ELM BV for Swiss Prime Site AG, (Netherlands), Reg. S, 3.13%, 10/01/2031 | EUR | 10000 | 11538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heimstaden Bostad AB, (Sweden), Reg. S, 1.13%, 01/21/2026 | EUR | 1200 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heimstaden Bostad Treasury BV, (Netherlands), 1.38%, 03/03/2027 | EUR | 600 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexagon Housing Association Ltd., (United Kingdom), Reg. S, 3.63%, 04/22/2048 | GBP | 1000 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOWOGE Wohnungsbaugesellschaft mbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 11/01/2028 | EUR | 400 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 11/01/2033 | EUR | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 06/05/2030 | EUR | 300 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp; IWG US Finance LLC, Reg. S, 5.13%, 05/14/2032 | EUR | 431 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logicor Financing Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 01/14/2031 | EUR | 500 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 07/15/2027 | EUR | 500 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 01/17/2030 | EUR | 200 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 01/17/2034 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 11/13/2028 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 07/14/2032 | EUR | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 07/18/2029 | EUR | 200 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; London & Quadrant Housing Trust, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 10/20/2038 | GBP | 425 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 03/31/2032 | GBP | 1000 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 02/28/2028 | GBP | 1225 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 07/20/2057 | GBP | 425 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 02/28/2053 | GBP | 500 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meadowhall Finance plc, (United Kingdom), Series A1, Reg. S, 4.99%, 01/12/2032 | GBP | 20 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Notting Hill Genesis, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 02/20/2054 | GBP | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 07/07/2042 | GBP | 1000 | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Teachers' Cadillac Fairview Properties Trust, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/2031 (e) |  | 2580 | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/2029 (e) |  | 2100 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Optivo Finance plc, (United Kingdom), Reg. S, 5.25%, 03/13/2043 | GBP | 1000 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orbit Capital plc, (United Kingdom), Reg. S, 3.38%, 06/14/2048 | GBP | 1325 | 1205 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; P3 Group Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 01/26/2029 | EUR | 2300 | 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 04/02/2033 | EUR | 2000 | 2312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 04/19/2032 | EUR | 300 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 02/13/2030 | EUR | 400 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registry Finance Pty Ltd., (Australia), Reg. S, 5.47%, 12/19/2031 | AUD | 200 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shurgard Luxembourg Sarl, (Luxembourg), Reg. S, 3.63%, 10/22/2034 | EUR | 2100 | 2390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius Real Estate Ltd., (Guernsey), Reg. S, 1.75%, 11/24/2028 | EUR | 1300 | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telereal Securitisation plc, (United Kingdom), Series B4, 6.16%, 12/10/2031 | GBP | 34 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco Property Finance 1 plc, (United Kingdom), Reg. S, 7.62%, 07/13/2039 | GBP | 72 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trafford Centre Finance Ltd. (The), (Cayman Islands), Series A2, Reg. S, 6.50%, 07/28/2033 | GBP | 27 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vesteda Finance BV, (Netherlands), Reg. S, 0.75%, 10/18/2031 | EUR | 2200 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 07/09/2026 | EUR | 300 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/28/2041 | EUR | 1100 | 793 |
|  |  |  | 57169 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS** — **0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/01/2033 |  | 75 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2036 |  | 295 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2035 |  | 2120 | 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/2054 |  | 1240 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altarea SCA, (France), Reg. S, 5.50%, 10/02/2031 | EUR | 1000 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/2030 |  | 830 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/2035 |  | 1869 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2034 |  | 33 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2034 |  | 29 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/15/2032 |  | 903 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 02/15/2029 |  | 55 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/15/2028 |  | 26 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/01/2030 |  | 1175 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/2029 |  | 940 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/2032 |  | 320 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 04/01/2031 |  | 115 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 09/01/2029 |  | 95 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/01/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix Europe 2 Financing Corp. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/2031 | EUR | 3596 | 4173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2034 |  | 35 | 36 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 85

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/2026 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/18/2026 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2026 |  | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 01/15/2035 |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 02/01/2034 |  | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/01/2028 |  | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP Capital LP / GLP Financing II, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/2032 |  | 3040 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2030 |  | 800 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2033 |  | 76 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/15/2029 |  | 400 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/2034 |  | 72 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/2037 |  | 66 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/2054 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Holdings LP, 2.00%, 03/15/2031 |  | 80 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak OP LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/2030 |  | 1400 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2033 |  | 1965 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2035 |  | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/2032 |  | 105 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 07/01/2034 |  | 460 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, 2.90%, 12/15/2031 |  | 415 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes Operating Partnership LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2031 |  | 48 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032 |  | 1025 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/2035 |  | 110 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/2033 |  | 240 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/15/2030 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty OP LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/01/2030 |  | 1900 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/01/2035 |  | 700 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lineage Europe Finco BV, (Netherlands), 4.13%, 11/26/2031 (e) | EUR | 4000 | 4635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercialys SA, (France), Reg. S, 2.50%, 02/28/2029 | EUR | 300 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi SA, (Spain), Reg. S, 2.38%, 07/13/2027 | EUR | 300 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartments LP, 4.95%, 03/01/2035 |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc., 3.00%, 02/01/2031 |  | 50 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc., 3.25%, 04/15/2033 |  | 36 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Praemia Healthcare SACA, (France), Reg. S, 5.50%, 09/19/2028 | EUR | 2100 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis Euro Finance LLC, 3.25%, 09/22/2032 | EUR | 3400 | 3930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis LP, 2.25%, 06/30/2029 | GBP | 1600 | 2019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier LP, 2.75%, 05/17/2031 |  | 9 | 8 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/15/2030 | GBP | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/13/2033 | GBP | 1100 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/15/2029 |  | 800 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2029 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2029 | GBP | 2300 | 3145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/04/2041 | GBP | 1500 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp; SELP Finance Sarl, (Luxembourg), Reg. S, 3.75%, 08/10/2027 | EUR | 2300 | 2741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon International Finance SCA, (Luxembourg), Reg. S, 1.13%, 03/19/2033 | EUR | 500 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/13/2049 |  | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/2044 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/2046 |  | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 03/08/2053 |  | 24 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 01/15/2054 |  | 12 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities Operating LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/01/2028 |  | 1785 | 1699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/15/2031 |  | 398 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/2032 |  | 2520 | 2450 |
| &nbsp;&nbsp;&nbsp;&nbsp; UNITE Group plc (The), (United Kingdom), Reg. S, 5.63%, 06/25/2032 | GBP | 1150 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas Realty LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2036 |  | 2200 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/01/2034 |  | 90 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/2030 |  | 2445 | 2476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/2032 |  | 33 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/2035 |  | 19 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/2054 |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties LP / VICI Note Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2029 (e) |  | 215 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2027 (e) |  | 1425 | 1441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower OP LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/15/2029 |  | 99 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/2031 |  | 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/2031 |  | 65 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/15/2030 |  | 2472 | 2373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/2032 |  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/2028 |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2034 | GBP | 300 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/20/2028 | GBP | 1650 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/01/2035 |  | 2300 | 2351 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/2033 |  | 1000 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/19/2034 | EUR | 2000 | 2275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/23/2032 | EUR | 2100 | 2533 |
|  |  |  | 78514 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 86 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |  |
|  **Corporate Bonds — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Savings & Loans — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Co-Operative Bank Holdings plc (The), (United Kingdom), Reg. S, (GBP Swap Rate 1 Year + 2.08%), 5.58%, 09/19/2028 (aa) | GBP | 2200 | 3025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nationwide Building Society,<br>(United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 06/29/2032 | EUR | 1785 | 1895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.31%, 05/02/2034 | EUR | 120 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skipton Building Society, (United Kingdom), Reg. S, 3.25%, 06/18/2029 | EUR | 1800 | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yorkshire Building Society, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/16/2028 | EUR | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/28/2030 | EUR | 100 | 117 |
|  |  |  | 7435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  |  | 986919 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Government** — **0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Multi-National** — **0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; African Development Bank, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/21/2029 | EUR | 3500 | 3860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/24/2028 | EUR | 400 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/14/2029 | EUR | 2000 | 2325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/13/2030 |  | 390 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asian Development Bank, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/24/2029 | EUR | 5000 | 5348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.03%, 01/31/2030 | EUR | 3550 | 3764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.90%, 07/29/2030 |  | 1600 | 1382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/14/2028 |  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/25/2028 |  | 150 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 08/15/2027 |  | 100 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asian Infrastructure Investment Bank (The), (Supranational), 4.50%, 01/16/2030 |  | 90 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Council Of Europe Development Bank, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/20/2031 | EUR | 5000 | 5118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/19/2032 | EUR | 3000 | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/30/2029 | EUR | 1500 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexia SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/21/2028 | EUR | 1300 | 1454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/22/2027 | EUR | 500 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/17/2026 | EUR | 600 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/18/2027 | EUR | 300 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/18/2029 | EUR | 700 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/01/2028 | EUR | 600 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 10/22/2028 | GBP | 400 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/30/2027 | CAD | 500 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/07/2032 | GBP | 300 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Investment Bank, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/28/2037 (e) | CAD | 150 | 67 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Multi-National** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05%, 01/16/2030 | EUR | 7900 | 8423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%, 03/17/2036 | EUR | 4000 | 3493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/14/2029 | EUR | 15000 | 16287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/15/2040 | EUR | 3950 | 2932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 11/13/2037 | EUR | 2000 | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/13/2047 | EUR | 200 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 03/14/2031 | EUR | 10000 | 10823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/14/2032 | EUR | 3275 | 3465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/13/2030 | EUR | 230 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 03/14/2042 | EUR | 2025 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/2029 |  | 145 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 06/08/2037 | GBP | 3000 | 3753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/19/2027 |  | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/12/2035 |  | 190 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2039 | GBP | 3500 | 4807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1981, 2.63%, 03/15/2035 | EUR | 40 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMS Wertmanagement, (Germany), Reg. S, 0.38%, 04/29/2030 | EUR | 1200 | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inter-American Development Bank, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/20/2026 |  | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/03/2029 | GBP | 1000 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/17/2031 |  | 145 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/03/2028 |  | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/2027 |  | 700 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Development Association, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/19/2026 | EUR | 1000 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.35%, 04/22/2036 | EUR | 3500 | 3060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 01/17/2042 | EUR | 1000 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Finance Corp., (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUB, 2.50%, 03/15/2026 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUB, 3.50%, 05/15/2026 |  | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; North American Development Bank, (Supranational), Reg. S, 0.20%, 11/28/2028 | CHF | 200 | 250 |
|  |  |  | 102034 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transport for London, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 07/23/2042 | GBP | 140 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 09/12/2033 | GBP | 300 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 04/07/2064 | GBP | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 12/19/2031 | GBP | 900 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 10/01/2041 | GBP | 200 | 275 |
|  |  |  | 2310 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Regional (State/Province) — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KAF Kaerntner Ausgleichszahlungs-Fonds, (Austria), Reg. S, Zero Coupon, 01/14/2032 | EUR | 1560 | 1482 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 87

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Regional (State/Province) — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; UK Municipal Bonds Agency Finance Co. DAC, (Ireland), Reg. S, 1.63%, 08/26/2060 | GBP | 100 | 50 |
|  |  |  | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Government |  |  | 105876 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial** — **1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/13/2031 | EUR | 2500 | 2685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 06/09/2030 | EUR | 808 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems plc, (United Kingdom), 1.90%, 02/15/2031 (e) |  | 1350 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/04/2026 |  | 3000 | 2994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/01/2028 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 05/01/2040 |  | 2345 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/2050 |  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 05/01/2029 |  | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.39%, 05/01/2031 |  | 30 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53%, 05/01/2034 |  | 112 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.01%, 05/01/2064 |  | 1329 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Capital International Funding Co. Unlimited Co., (Ireland), 4.42%, 11/15/2035 |  | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/2031 |  | 36 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/2040 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/17/2029 | EUR | 3472 | 3925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/17/2037 | EUR | 2000 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/15/2027 |  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/26/2035 |  | 53 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc., 5.40%, 07/31/2033 |  | 1600 | 1669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp., 4.70%, 12/15/2031 |  | 80 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG, (Germany), Reg. S, 3.88%, 09/18/2031 | EUR | 5121 | 6223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp., 5.25%, 07/15/2035 |  | 65 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp., 6.40%, 03/15/2054 |  | 57 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA, (France), Reg. S, 0.75%, 03/17/2031 | EUR | 5700 | 5999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA, (France), Reg. S, 1.00%, 05/15/2028 | EUR | 1900 | 2154 |
|  |  |  | 34419 |
| **Building Materials** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc., 5.55%, 09/15/2040 |  | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp., 4.13%, 05/29/2028 | EUR | 1600 | 1936 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH America Finance, Inc., 5.50%, 01/09/2035 |  | 200 | 209 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Building Materials** — **continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH Finance UK plc, (United Kingdom), Reg. S, 4.13%, 12/02/2029 | GBP | 1500 | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc., 2.50%, 07/01/2031 |  | 61 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG, (Germany), Reg. S, 3.75%, 05/31/2032 | EUR | 295 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials Finance Luxembourg SA, (Luxembourg), Reg. S, 3.00%, 07/10/2030 | EUR | 970 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim Sterling Finance Netherlands BV, (Netherlands), Reg. S, 2.25%, 04/04/2034 | GBP | 1900 | 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International plc / Tyco Fire & Security Finance SCA, (Ireland), 3.13%, 12/11/2033 | EUR | 1000 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingspan Securities Ireland DAC, (Ireland), Reg. S, 3.50%, 10/31/2031 | EUR | 3850 | 4523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc., 5.50%, 09/15/2028 |  | 49 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/2051 |  | 16 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 12/01/2034 |  | 730 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2054 |  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning, 3.95%, 08/15/2029 |  | 500 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies Financing Ltd., (Ireland), 4.50%, 03/21/2049 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co., 3.50%, 06/01/2030 |  | 60 | 58 |
|  |  |  | 14830 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment** — **0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment** — **0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment** — **0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/19/2030 | EUR | 635 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 01/16/2031 | EUR | 2657 | 3171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 01/15/2034 | EUR | 3100 | 3644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA, (France), Reg. S, 3.63%, 03/19/2035 | EUR | 5000 | 5877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian SpA, (Italy), Reg. S, 3.88%, 11/28/2031 | EUR | 2244 | 2698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signify NV, (Netherlands), Reg. S, 2.38%, 05/11/2027 | EUR | 175 | 204 |
|  |  |  | 16259 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/16/2032 | EUR | 5571 | 6473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 11/15/2055 |  | 75 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, (Sweden), Reg. S, 4.13%, 09/13/2035 | EUR | 250 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp., 3.70%, 08/15/2029 | EUR | 2600 | 3120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/2031 |  | 145 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/02/2034 | EUR | 3700 | 4460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/2030 |  | 90 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/2054 |  | 73 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/01/2064 |  | 18 | 17 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 88 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Corporate Bonds — continued |  |  |  |
| **Electronics** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc., 2.30%, 03/15/2031 |  | 59 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 04/15/2026 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/2031 |  | 22 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 02/01/2029 |  | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc., 4.95%, 10/15/2034 |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc., 6.10%, 03/15/2033 |  | 161 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyco Electronics Group SA, (Luxembourg), 5.00%, 05/09/2035 |  | 220 | 223 |
|  |  |  | 15318 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA, (Spain), Reg. S, 4.25%, 10/13/2030 | EUR | 200 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/05/2029 | EUR | 500 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/18/2034 | EUR | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/02/2032 | EUR | 900 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/05/2028 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 05/16/2031 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 03/20/2033 | EUR | 400 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 03/20/2036 | EUR | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA, (France), Reg. S, 3.25%, 06/30/2037 | EUR | 1200 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp; DAA Finance plc, (Ireland), Reg. S, 1.60%, 11/05/2032 | EUR | 400 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial Emisiones SA, (Spain), Reg. S, 0.54%, 11/12/2028 | EUR | 500 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE, (Netherlands), Reg. S, 4.38%, 09/13/2030 | EUR | 1600 | 1980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heathrow Funding Ltd., (Jersey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 10/31/2046 | GBP | 325 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.45%, 12/10/2031 | GBP | 225 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 12/03/2026 | GBP | 150 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 04/26/2029 | EUR | 125 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 05/31/2030 | EUR | 3469 | 4253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Engineering Group, Inc., 6.35%, 08/18/2028 |  | 870 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Schiphol Group NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/08/2027 | EUR | 300 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 04/22/2033 | EUR | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 09/08/2032 | EUR | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 09/17/2036 | EUR | 390 | 443 |
|  |  |  | 14740 |
| **Environmental Control — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Orano SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 03/08/2028 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 03/12/2031 | EUR | 200 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 05/15/2027 | EUR | 200 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc., 5.00%, 04/01/2034 |  | 70 | 72 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Environmental Control — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/01/2030 |  | 200 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/01/2032 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/2033 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/2029 |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/2033 |  | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/2030 |  | 65 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/03/2031 |  | 130 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 10/15/2054 |  | 60 | 59 |
|  |  |  | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hand/Machine Tools — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc., 3.10%, 05/01/2050 |  | 10 | 7 |
| **Machinery — Construction & Mining** — **0.1%** | **Machinery — Construction & Mining** — **0.1%** | **Machinery — Construction & Mining** — **0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Capital ULC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.58%, 03/08/2030 | EUR | 484 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 05/21/2036 | EUR | 3691 | 4346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy Finance BV, (Netherlands), Reg. S, 4.25%, 04/05/2029 | EUR | 1300 | 1583 |
|  |  |  | 6444 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Highland Holdings Sarl, (Luxembourg), 2.88%, 11/19/2027 | EUR | 2400 | 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp., 4.95%, 09/01/2029 |  | 660 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc., 5.40%, 08/14/2028 |  | 230 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp., 5.60%, 09/15/2028 |  | 95 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp., 6.05%, 02/15/2026 |  | 620 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weir Group, Inc., 5.35%, 05/06/2030 (e) |  | 600 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/2034 |  | 53 | 56 |
|  |  |  | 5135 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co., 1.75%, 05/15/2030 | EUR | 2050 | 2280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval Treasury International AB, (Sweden), Reg. S, 3.13%, 09/18/2031 | EUR | 2050 | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp., 4.15%, 11/02/2042 |  | 38 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/17/2028 | EUR | 2100 | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/17/2032 | EUR | 4100 | 4839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp., 2.90%, 03/01/2030 | EUR | 3329 | 3887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair Finance Sarl, (Luxembourg), 4.50%, 07/01/2029 |  | 2000 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc., 1.60%, 04/01/2026 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/15/2031 |  | 1000 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2035 |  | 7 | 7 |
|  |  |  | 18864 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 89

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Packaging & Containers — 0.0%** (g) | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Global, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2028 |  | 615 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/2034 |  | 122 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit Kappa Treasury ULC, (Ireland), 3.49%, 11/24/2031 | EUR | 1900 | 2231 |
|  |  |  | 2992 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shipbuilding — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., 5.35%, 01/15/2030 |  | 545 | 564 |
| **Transportation** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; bpost SA, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.29%, 10/16/2029 | EUR | 700 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.48%, 06/19/2032 | EUR | 500 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Finance plc, (United Kingdom), Reg. S, 4.25%, 03/22/2031 | EUR | 659 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Northern Santa Fe LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/2045 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/01/2044 |  | 160 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/2041 |  | 700 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/15/2054 |  | 900 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/01/2041 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 05/01/2050 |  | 370 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/01/2053 |  | 400 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp., 4.90%, 03/15/2055 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bahn AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.35%, 09/29/2031 | EUR | 700 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 06/23/2029 | EUR | 200 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/09/2027 | EUR | 140 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/26/2028 | EUR | 200 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 04/15/2036 | EUR | 350 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 12/08/2050 | EUR | 500 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/16/2035 | EUR | 200 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/11/2031 | EUR | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 06/23/2039 | EUR | 200 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 12/17/2027 | EUR | 300 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 12/18/2028 | EUR | 300 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/29/2051 | EUR | 512 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 03/28/2031 | EUR | 200 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/16/2040 | EUR | 250 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 12/08/2032 | EUR | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 11/06/2030 | EUR | 200 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 08/16/2033 | EUR | 89 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 05/24/2030 | EUR | 300 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 07/08/2030 | AUD | 200 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 03/19/2029 | EUR | 200 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/19/2033 | EUR | 300 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 04/24/2034 | EUR | 500 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 09/20/2027 | EUR | 650 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 12/18/2037 | EUR | 293 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 10/13/2042 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 11/23/2043 | EUR | 300 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 11/17/2033 | AUD | 1200 | 828 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Transportation** — **continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CB, Reg. S, (EUR Swap Rate 5 Year + 1.89%), 1.60%, 07/18/2029 (x) (aa) | EUR | 1500 | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway Co., (Japan), Reg. S, 4.50%, 01/25/2036 | GBP | 2000 | 2575 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp., 5.25%, 05/15/2050 |  | 55 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovie dello Stato Italiane SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/25/2028 | EUR | 300 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 06/24/2032 | EUR | 300 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 05/23/2029 | EUR | 300 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 05/23/2033 | EUR | 500 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamburger Hochbahn AG, (Germany), Reg. S, 0.13%, 02/24/2031 | EUR | 1400 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Poste SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/18/2029 | EUR | 400 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/17/2027 | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/18/2036 | EUR | 200 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 09/17/2034 | EUR | 500 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/21/2032 | EUR | 1300 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 11/30/2028 | EUR | 300 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 09/14/2028 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 03/14/2033 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 06/12/2030 | EUR | 200 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 06/12/2035 | EUR | 400 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Network Rail Infrastructure Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 12/09/2030 | GBP | 390 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/29/2035 | GBP | 500 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp., 5.95%, 03/15/2064 |  | 660 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp; OeBB-Infrastruktur AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/28/2029 | EUR | 325 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/24/2033 | EUR | 500 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 05/18/2032 | EUR | 400 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30, Reg. S, 3.50%, 10/19/2026 | EUR | 280 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA, (Italy), Reg. S, 0.50%, 12/10/2028 | EUR | 200 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; PostNL NV, (Netherlands), Reg. S, 4.00%, 10/02/2030 | EUR | 3049 | 3629 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTE Maritime Alaska LLC, Series 45689, 6.37%, 04/15/2028 |  | 1616 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transdev Group SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.05%, 05/21/2028 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.85%, 05/21/2032 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp., 3.80%, 04/06/2071 |  | 12 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/14/2035 |  | 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/14/2055 |  | 19 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; VR-Yhtymae OYJ, (Finland), Reg. S, 2.38%, 05/30/2029 | EUR | 100 | 115 |
|  |  |  | 34335 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 90 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Corporate Bonds — continued |  |  |  |
| **Trucking & Leasing — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP / PTL Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/2027 (e) |  | 730 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 05/01/2028 (e) |  | 1135 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/24/2026 (e) |  | 860 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 08/01/2028 (e) |  | 660 | 688 |
|  |  |  | 3452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  |  | 168648 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture Capital, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/04/2031 |  | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/04/2034 |  | 595 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amdocs Ltd., (Guernsey), 2.54%, 06/15/2030 |  | 62 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/20/2060 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/05/2061 |  | 58 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/2047 |  | 1000 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/14/2026 |  | 60 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/14/2030 (e) |  | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc., 2.20%, 03/15/2031 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact UK Finco plc / Genpact USA, Inc., (United Kingdom), 4.95%, 11/18/2030 |  | 505 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp; IBM International Capital Pte Ltd., (Singapore), 5.25%, 02/05/2044 |  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 02/11/2040 | EUR | 169 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/09/2034 | EUR | 1000 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/20/2042 |  | 91 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/2028 |  | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/15/2032 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/2035 |  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne FLIR LLC, 2.50%, 08/01/2030 |  | 75 | 69 |
|  |  |  | 3665 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Office/Business & Equipment — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW LLC / CDW Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 12/01/2026 |  | 985 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/2029 |  | 68 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 12/01/2031 |  | 223 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/2028 |  | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/01/2030 |  | 760 | 774 |
|  |  |  | 2032 |
| Semiconductors — 0.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/01/2031 |  | 45 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/15/2027 |  | 30 | 30 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Semiconductors — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/2035 (e) |  | 3235 | 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/15/2036 (e) |  | 795 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/15/2036 |  | 930 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 07/12/2029 |  | 1605 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 01/25/2037 (e) |  | 1640 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/25/2035 (e) |  | 975 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/11/2047 |  | 660 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/10/2028 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/05/2052 |  | 260 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 02/10/2053 |  | 375 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/15/2035 |  | 86 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 11/01/2035 |  | 175 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp., 2.00%, 06/15/2031 |  | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/2030 |  | 1000 | 965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/18/2026 |  | 590 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/18/2029 |  | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc., 2.70%, 09/15/2051 |  | 30 | 18 |
|  |  |  | 11854 |
| **Software — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc., 2.30%, 02/01/2030 |  | 28 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., 5.50%, 05/15/2034 |  | 45 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031 |  | 165 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc., 1.85%, 02/15/2031 |  | 17 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/21/2030 | EUR | 250 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/01/2041 |  | 80 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2031 | GBP | 1000 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2029 |  | 170 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/15/2031 |  | 260 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/11/2035 |  | 305 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/15/2031 |  | 360 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/02/2033 |  | 780 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/21/2033 |  | 1060 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/2050 |  | 10 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 06/01/2050 |  | 1105 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/2036 |  | 24 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/2035 |  | 152 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/2026 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/2030 |  | 85 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/2050 |  | 885 | 554 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 91

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Software — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/25/2041 |  | 91 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/15/2036 |  | 280 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/2051 |  | 250 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/08/2044 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/27/2034 |  | 110 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/03/2032 |  | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/03/2035 |  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/27/2064 |  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/03/2065 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/09/2032 |  | 70 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/09/2052 |  | 305 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/2031 |  | 77 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/2029 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/2028 |  | 37 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group plc (The), (United Kingdom), Reg. S, 1.63%, 02/25/2031 | GBP | 2000 | 2327 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE, (Germany), Reg. S, 0.38%, 05/18/2029 | EUR | 6600 | 7191 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc., 1.40%, 09/01/2030 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc., 5.00%, 04/01/2032 |  | 1106 | 1131 |
|  |  |  | 18184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  |  | 35735 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities** — **1.2%** |  |  |  |
| **Electric** — **1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A2A SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 07/15/2031 | EUR | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 07/16/2029 | EUR | 100 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/02/2033 | EUR | 200 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 03/16/2028 | EUR | 200 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/19/2027 | EUR | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 01/30/2035 | EUR | 500 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 02/03/2034 | EUR | 100 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 09/19/2030 | EUR | 200 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACEA SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/28/2030 | EUR | 300 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/06/2029 | EUR | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/23/2028 | EUR | 130 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 01/24/2031 | EUR | 500 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp; AEP Texas, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2032 |  | 885 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 05/15/2029 |  | 510 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, 2.10%, 07/01/2030 |  | 2600 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp; AEP Transmission Co. LLC, 5.15%, 04/01/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/2052 |  | 10 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/15/2051 |  | 7 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp., (Canada), SUB, 5.37%, 06/15/2026 |  | 475 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliander NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 06/10/2030 | EUR | 400 | 420 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Electric** — **continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 06/24/2032 | EUR | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 09/09/2027 | EUR | 600 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/06/2033 | EUR | 200 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/07/2034 | EUR | 200 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 06/13/2028 | EUR | 600 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 05/06/2037 | EUR | 500 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.72%), 4.13%, 07/02/2035 (x) (aa) | EUR | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alperia SpA, (Italy), Reg. S, 5.70%, 07/05/2028 | EUR | 100 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Illinois Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/2050 |  | 1200 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 07/01/2054 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/01/2055 |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/2030 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.68%), 3.88%, 02/15/2062 (aa) |  | 195 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/2032 |  | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amprion GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 09/23/2033 | EUR | 1500 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.97%, 09/22/2032 | EUR | 800 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appalachian Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 04/01/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, 4.50%, 08/01/2032 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Z, 3.70%, 05/01/2050 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Public Service Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/15/2031 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/15/2029 |  | 14 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/2050 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/01/2033 |  | 1375 | 1438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic City Electric Co., 4.00%, 10/15/2028 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baltimore Gas and Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/2050 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/01/2053 |  | 18 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/01/2054 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/15/2051 |  | 50 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/2050 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/2043 |  | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp., 2.50%, 06/15/2030 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/2053 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AD, 2.90%, 07/01/2050 |  | 25 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AJ, 4.85%, 10/01/2052 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.59%), 6.70%, 05/15/2055 (aa) |  | 35 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, (CMT Index 5 Year + 3.25%), 7.00%, 02/15/2055 (aa) |  | 55 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; CEZ A/S, (Czech Republic), Reg. S, 2.38%, 04/06/2027 | EUR | 1425 | 1671 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 92 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Corporate Bonds — continued |  |  |  |
| **Electric** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coentreprise de Transport d'Electricite SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/29/2028 | EUR | 400 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 07/29/2032 | EUR | 200 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 01/17/2036 | EUR | 300 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Edison Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2050 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2048 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/2045 |  | 980 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 131, 2.75%, 09/01/2051 |  | 440 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 132, 3.15%, 03/15/2032 |  | 60 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Light and Power Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/2034 |  | 338 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.05%, 07/01/2031 |  | 905 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/01/2051 |  | 50 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/15/2061 |  | 20 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/2033 |  | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/15/2052 |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 3.35%, 04/01/2030 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.13%, 05/15/2049 |  | 275 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.30%, 12/01/2056 |  | 740 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumers Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2050 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/2052 |  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/30/2029 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/15/2030 |  | 69 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy South Carolina, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/2043 |  | 1400 | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2053 |  | 505 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.26%), 6.00%, 02/15/2056 (aa) |  | 89 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.85%, 08/15/2052 |  | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, (CMT Index 5 Year + 3.20%), 4.35%, 01/15/2027 (x) (aa) |  | 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/2050 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/2045 |  | 1100 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.25%, 04/01/2051 |  | 20 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/01/2026 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/2027 |  | 560 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 10/01/2035 |  | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.40%, 06/15/2029 |  | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/2052 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/2033 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 01/15/2053 |  | 17 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 01/15/2054 |  | 93 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/01/2030 |  | 85 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/2028 | EUR | 2150 | 2543 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Electric** — **continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/2051 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/2034 | EUR | 2200 | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2032 |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2052 |  | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Florida LLC, 3.00%, 12/15/2051 |  | 10 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Indiana LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/01/2053 |  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Ohio, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/2049 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/2054 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress LLC, 4.00%, 04/01/2052 |  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON International Finance BV, (Netherlands), Reg. S, 5.88%, 10/30/2037 | GBP | 1000 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP SA, (Portugal), Reg. S, 1.63%, 04/15/2027 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP Servicios Financieros Espana SA, (Spain), Reg. S, 3.50%, 07/16/2030 | EUR | 235 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/29/2033 | EUR | 500 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 10/13/2036 | EUR | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 12/09/2049 | EUR | 1200 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/07/2032 | EUR | 500 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 06/05/2027 | EUR | 800 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 01/12/2027 | EUR | 300 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 05/07/2037 | EUR | 400 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 06/17/2031 | EUR | 1200 | 1469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 01/25/2032 | EUR | 400 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 10/12/2029 | EUR | 500 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 06/17/2036 | EUR | 200 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 11/12/2040 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 01/25/2043 | EUR | 400 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 05/07/2045 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 10/12/2034 | EUR | 1800 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 06/17/2044 | EUR | 400 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 03/27/2037 | GBP | 500 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 02/21/2033 | EUR | 200 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/18/2031 | GBP | 465 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 01/23/2114 | GBP | 600 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.13%, 06/02/2034 | GBP | 600 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Group SA, (Belgium), Reg. S, 3.88%, 06/11/2031 | EUR | 5900 | 7055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Transmission Belgium SA, (Belgium), Reg. S, 3.63%, 01/18/2033 | EUR | 5400 | 6433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera US Finance LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 06/15/2031 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2046 |  | 105 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnBW Energie Baden-Wuerttemberg AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 1.65%), 1.38%, 08/31/2081 (aa) | EUR | 100 | 112 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 93

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Electric** — **continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.73%), 1.63%, 08/05/2079 (aa) | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.95%), 4.50%, 07/28/2055 (aa) | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.66%), 5.25%, 01/23/2084 (aa) | EUR | 500 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnBW International Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 03/01/2028 | EUR | 182 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 03/01/2033 | EUR | 97 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 10/31/2033 | EUR | 420 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/20/2029 | EUR | 200 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/24/2028 | EUR | 120 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/22/2031 | EUR | 300 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 11/20/2035 | EUR | 500 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.85%, 05/23/2030 | EUR | 400 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/24/2035 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 07/22/2036 | EUR | 300 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.05%, 11/22/2029 | EUR | 200 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.30%, 05/23/2034 | EUR | 300 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.13%, 07/07/2039 | EUR | 40 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Finance International NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 0.75%, 06/17/2030 | EUR | 12426 | 13191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/06/2028 (e) |  | 1300 | 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp; e-netz Suedhessen AG, (Germany), 6.13%, 04/23/2041 | EUR | 100 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enexis Holding NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/14/2033 | EUR | 400 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 06/17/2032 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/02/2031 | EUR | 334 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 04/09/2033 | EUR | 500 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 06/12/2034 | EUR | 200 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 04/09/2037 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Arkansas LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/15/2051 |  | 76 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/2049 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp., (CMT Index 5 Year + 2.67%), 7.13%, 12/01/2054 (aa) |  | 74 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Louisiana LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/15/2032 |  | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/01/2031 |  | 2073 | 1946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Texas, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/30/2029 |  | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2052 |  | 19 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 09/15/2054 |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESB Finance DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 07/19/2034 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/11/2030 | EUR | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 02/07/2029 | EUR | 200 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 06/14/2031 | EUR | 224 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 06/08/2027 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 11/05/2033 | EUR | 200 | 213 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Electric** — **continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 01/25/2043 | EUR | 200 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 10/03/2028 | EUR | 400 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 05/03/2032 | EUR | 200 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 03/03/2036 | EUR | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurogrid GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.72%, 04/27/2030 | EUR | 2000 | 2407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.73%, 10/18/2035 | EUR | 1400 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.06%, 05/28/2037 | EUR | 1600 | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy Kansas Central, Inc., 3.45%, 04/15/2050 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy Metro, Inc., Series 2020, 2.25%, 06/01/2030 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc., (CMT Index 5 Year + 2.56%), 6.65%, 06/01/2055 (aa) |  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/2032 |  | 40 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/01/2027 |  | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/2033 |  | 95 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 07/15/2034 |  | 95 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; EWE AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/08/2028 | EUR | 200 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/22/2032 | EUR | 390 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp., 2.75%, 03/15/2027 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fingrid OYJ, (Finland), Reg. S, 3.25%, 03/20/2034 | EUR | 400 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp., Series C, 3.40%, 03/01/2050 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Power & Light Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/03/2032 |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 12/04/2051 |  | 50 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/2048 |  | 500 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/2053 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 02/15/2066 |  | 165 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/2065 |  | 116 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; FLUVIUS System Operator CV, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/14/2028 | EUR | 200 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 12/02/2030 | EUR | 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 11/24/2031 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 03/12/2035 | EUR | 400 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 03/18/2031 | EUR | 300 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 05/09/2033 | EUR | 3600 | 4306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 05/02/2034 | EUR | 300 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 07/06/2032 | EUR | 200 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 02/27/2029 | EUR | 200 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 05/26/2033 | EUR | 600 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/2032 |  | 2350 | 2385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/2052 |  | 17 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.70%, 01/30/2050 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hera SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 12/03/2030 | EUR | 160 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/05/2027 | EUR | 400 | 459 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 94 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Corporate Bonds — continued |  |  |  |
| **Electric** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 04/25/2034 | EUR | 200 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/25/2029 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 07/15/2031 | EUR | 300 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 04/20/2033 | EUR | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.20%, 01/29/2028 | EUR | 200 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola International BV, (Netherlands), Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.57%), 2.25%, 01/28/2029 (x) (aa) | EUR | 2000 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ignitis Grupe AB, (Lithuania), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 07/10/2028 | EUR | 200 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 05/21/2030 | EUR | 110 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interstate Power and Light Co., 3.50%, 09/30/2049 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITC Holdings Corp., 4.95%, 09/22/2027 (e) |  | 1170 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jersey Central Power & Light Co., 5.10%, 01/15/2035 |  | 670 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Utilities Co., 3.30%, 06/01/2050 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville Gas and Electric Co., 5.85%, 08/15/2055 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; MidAmerican Energy Co., 2.70%, 08/01/2052 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Power Co., Series B, 3.10%, 07/30/2051 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid Electricity Distribution South West plc, (United Kingdom), Reg. S, 5.88%, 03/25/2027 | GBP | 20 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid Electricity Transmission plc, (United Kingdom), Reg. S, 2.00%, 04/17/2040 | GBP | 425 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 01/11/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 06/12/2033 |  | 140 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nevada Power Co., (CMT Index 5 Year + 1.94%), 6.25%, 05/15/2055 (aa) |  | 45 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/2030 |  | 1180 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/01/2029 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/2052 |  | 205 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 09/01/2027 |  | 835 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2030 |  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/15/2032 |  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 03/15/2055 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.05%), 6.38%, 08/15/2055 (aa) |  | 125 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIE Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 12/07/2035 | GBP | 200 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.88%, 12/01/2032 | GBP | 200 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Powergrid Yorkshire plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 05/04/2035 | GBP | 150 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.13%, 04/01/2050 | GBP | 1300 | 1780 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Electric** — **continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern States Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/2031 |  | 1450 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/2054 |  | 1350 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 05/15/2055 |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc., 2.45%, 12/02/2027 (e) |  | 2275 | 2199 |
| &nbsp;&nbsp;&nbsp;&nbsp; NSTAR Electric Co., 4.55%, 06/01/2052 |  | 470 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oglethorpe Power Corp., 5.05%, 10/01/2048 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Gas and Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/2047 |  | 900 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/2053 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oncor Electric Delivery Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/2049 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/2050 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/2028 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orsted A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 06/14/2028 | EUR | 1000 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 04/09/2040 | GBP | 425 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/2026 |  | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2050 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/2047 |  | 900 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/2045 |  | 345 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/2032 |  | 24 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2040 |  | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/2050 |  | 505 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/2052 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/01/2054 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/15/2029 |  | 29 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/15/2055 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/2053 |  | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; PacifiCorp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/2052 |  | 720 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/2051 |  | 1750 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/2049 |  | 165 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/15/2050 |  | 110 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; PECO Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/2050 |  | 50 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/2051 |  | 435 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/2052 |  | 270 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/15/2033 |  | 1640 | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia), Reg. S, 1.88%, 11/05/2031 | EUR | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Potomac Electric Power Co., 5.50%, 03/15/2054 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc., 4.13%, 04/15/2030 |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Electric Utilities Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/15/2034 |  | 1015 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2053 |  | 105 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Co. of Colorado, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/2053 |  | 10 | 9 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 95

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Electric** — **continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2054 |  | 665 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 38, 4.10%, 06/01/2032 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 39, 4.50%, 06/01/2052 |  | 20 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Co. of Oklahoma, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/15/2035 |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 01/15/2036 |  | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Electric and Gas Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/2031 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/01/2050 |  | 10 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2051 |  | 20 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/2032 |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/2028 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/2033 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 08/01/2034 |  | 140 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/01/2054 |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/01/2054 |  | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q, 5.05%, 03/01/2035 |  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puget Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/15/2028 |  | 1030 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 03/15/2032 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puget Sound Energy, Inc., 5.33%, 06/15/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeia Corp. SA, (Spain), Reg. S, 3.38%, 07/09/2032 | EUR | 1100 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resa SA, (Belgium), Reg. S, 3.50%, 05/22/2031 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTE Reseau de Transport d'Electricite SADIR, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 07/08/2032 | EUR | 200 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 01/12/2034 | EUR | 300 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 07/08/2040 | EUR | 200 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 09/09/2049 | EUR | 200 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 09/27/2030 | EUR | 300 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 10/23/2037 | EUR | 300 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/18/2036 | EUR | 300 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 09/27/2038 | EUR | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 07/08/2029 | EUR | 300 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 12/07/2031 | EUR | 400 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 04/30/2033 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 10/02/2036 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 07/04/2035 | EUR | 300 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 04/30/2044 | EUR | 300 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 07/08/2045 | EUR | 300 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Gas & Electric Co., 4.15%, 05/15/2048 |  | 800 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.63%), 6.38%, 04/01/2056 (aa) |  | 205 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.79%), 6.88%, 10/01/2054 (aa) |  | 46 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Edison Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/2050 |  | 355 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2047 |  | 355 | 267 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Electric** — **continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2042 |  | 900 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/01/2043 |  | 500 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 2.95%, 02/01/2051 |  | 875 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.13%, 03/01/2048 |  | 265 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/15/2033 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/15/2032 |  | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/15/2034 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21-A, (CMT Index 5 Year + 2.92%), 3.75%, 09/15/2051 (aa) |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.70%, 04/30/2030 |  | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/2033 |  | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.65%, 03/15/2026 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Public Service Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/2047 |  | 1000 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2054 |  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8, 3.15%, 05/01/2050 |  | 20 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; SP Transmission plc, (United Kingdom), Reg. S, 2.00%, 11/13/2031 | GBP | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Grid Overseas Investment BVI Ltd., (British Virgin Islands), Reg. S, 1.30%, 08/05/2032 | EUR | 500 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Statnett SF, (Norway), Reg. S, 3.63%, 10/21/2038 | EUR | 1300 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stedin Holding NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 11/14/2029 | EUR | 300 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 09/19/2028 | EUR | 200 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 06/03/2030 | EUR | 400 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/03/2032 | EUR | 200 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 02/12/2037 | EUR | 400 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tampa Electric Co., 4.30%, 06/15/2048 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennet Netherlands BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/09/2031 | EUR | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 11/30/2040 | EUR | 200 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 06/03/2030 | EUR | 120 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 06/16/2035 | EUR | 300 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/09/2041 | EUR | 300 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 10/24/2033 | EUR | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 06/05/2028 | EUR | 300 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 06/26/2029 | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 06/03/2039 | EUR | 200 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 06/13/2036 | EUR | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 06/05/2034 | EUR | 400 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 11/17/2029 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 05/17/2033 | EUR | 200 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/17/2042 | EUR | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 10/28/2028 | EUR | 200 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 04/28/2032 | EUR | 400 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 10/28/2034 | EUR | 500 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 10/28/2042 | EUR | 300 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tucson Electric Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/01/2030 |  | 30 | 27 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 96 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Corporate Bonds — continued |  |  |  |
| **Electric** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/2051 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/15/2034 |  | 1220 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/15/2032 |  | 40 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/2052 |  | 30 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/2055 |  | 46 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/2034 |  | 65 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verbund AG, (Austria), Reg. S, 0.90%, 04/01/2041 | EUR | 300 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Electric and Power Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/2049 |  | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 08/15/2034 |  | 273 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/15/2055 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.80%, 09/15/2047 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.63%, 05/15/2052 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/15/2028 (e) |  | 2500 | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/15/2030 (e) |  | 430 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Power and Light Co., 3.00%, 07/01/2029 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Public Service Corp., 3.30%, 09/01/2049 |  | 15 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc., 1.75%, 03/15/2027 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zapadoslovenska Energetika A/S, (Slovakia), Reg. S, 1.75%, 03/02/2028 | EUR | 100 | 115 |
|  |  |  | 155956 |
| **Gas** — **0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Infrastructure Ltd., (Australia), Reg. S, 2.00%, 07/15/2030 | EUR | 1000 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/15/2031 |  | 1600 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/15/2029 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/15/2052 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/2049 |  | 200 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2052 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/15/2053 |  | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Gas Co., 5.84%, 01/10/2035 (e) |  | 715 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadent Finance plc, (United Kingdom), Reg. S, 2.63%, 09/22/2038 | GBP | 1725 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy Resources Corp., 5.25%, 03/01/2028 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica plc, (United Kingdom), Reg. S, 4.25%, 09/12/2044 | GBP | 1000 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp; GAS Networks Ireland, (Ireland), Reg. S, 3.25%, 09/12/2030 | EUR | 200 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italgas SpA, (Italy), Reg. S, 1.00%, 12/11/2031 | EUR | 1125 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co., 5.95%, 03/15/2035 |  | 130 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Gas Transmission plc, (United Kingdom), Reg. S, 1.38%, 02/07/2031 | GBP | 1600 | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Finance Iberia SA, (Spain), Reg. S, 1.88%, 10/05/2029 | EUR | 1000 | 1147 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Gas** — **continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Nederlandse Gasunie NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/03/2031 | EUR | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 10/13/2036 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 07/11/2034 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 04/23/2035 | EUR | 300 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 04/29/2044 | EUR | 500 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/15/2027 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/2030 |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2047 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2052 |  | 24 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/30/2033 |  | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.53%), 6.38%, 03/31/2055 (aa) |  | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Natural Gas Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/2031 |  | 1550 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/01/2050 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 05/15/2052 |  | 570 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGSP Australia Assets Pty Ltd., (Australia), Reg. S, 3.38%, 10/08/2032 | EUR | 2900 | 3353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Gas Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 09/01/2034 |  | 865 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2055 |  | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. Gas Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/15/2032 |  | 2900 | 2981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/2033 |  | 10 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21A, 3.15%, 09/30/2051 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Gas Networks plc, (United Kingdom), 6.38%, 05/15/2040 | GBP | 825 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Corp., 4.05%, 03/15/2032 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPP-Distribucia A/S, (Slovakia), Reg. S, 1.00%, 06/09/2031 | EUR | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vier Gas Transport GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 09/10/2034 | EUR | 1200 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 11/11/2031 | EUR | 2700 | 3161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wales & West Utilities Finance plc, (United Kingdom), Reg. S, 1.88%, 05/28/2041 | GBP | 825 | 677 |
|  |  |  | 27697 |
| **Water — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/2049 |  | 10 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/2032 |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/01/2031 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/2034 |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northumbrian Water Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/11/2026 | GBP | 825 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 01/23/2042 | GBP | 1000 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 04/29/2033 | GBP | 425 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Water Finance plc, (United Kingdom), Reg. S, 2.00%, 07/03/2033 | GBP | 900 | 979 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 97

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Corporate Bonds — continued** | | | |
| **Water — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Wessex Water Services Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 09/17/2029 | GBP | 700 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 03/10/2028 | GBP | 2425 | 3314 |
|  |  |  | 8058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  |  | 191711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds<br>(Cost $2,164,677) |  |  | 2227121 |
| **Foreign Government Securities — 59.9%** | **Foreign Government Securities — 59.9%** | **Foreign Government Securities — 59.9%** |  |
| **Banks — 5.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agence Francaise de Developpement EPIC, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/28/2027 | EUR | 800 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/25/2028 | EUR | 900 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 09/29/2031 | EUR | 300 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/29/2029 | EUR | 1400 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/25/2036 | EUR | 900 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2030 | EUR | 1400 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/31/2035 | EUR | 100 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/31/2028 | EUR | 1600 | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 03/02/2037 | EUR | 600 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 07/05/2032 | EUR | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/31/2034 | EUR | 900 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 05/25/2032 | EUR | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 09/30/2030 | EUR | 700 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/21/2030 | EUR | 1300 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/17/2034 | EUR | 1900 | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 05/25/2033 | EUR | 1100 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 02/25/2033 | EUR | 400 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 01/20/2035 | EUR | 800 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 02/15/2027 | EUR | 800 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 04/03/2040 | EUR | 400 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agricultural Development Bank of China, (China), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 08/11/2029 | CNY | 21000 | 3107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 05/14/2027 | CNY | 44200 | 6429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 02/21/2029 | CNY | 18000 | 2667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 02/04/2028 | CNY | 10400 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 10/27/2030 | CNH | 14350 | 2223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1806, 4.65%, 05/11/2028 | CNY | 44100 | 6736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1901, 3.75%, 01/25/2029 | CNY | 88500 | 13400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1906, 3.74%, 07/12/2029 | CNY | 69900 | 10667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004, 2.96%, 04/17/2030 | CNY | 129000 | 19325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010, 3.79%, 10/26/2030 | CNY | 17500 | 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2105, 3.52%, 05/24/2031 | CNY | 38600 | 5982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2110, 3.30%, 11/05/2031 | CNY | 152200 | 23437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2205, 3.06%, 06/06/2032 | CNY | 53100 | 8103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2207, 2.50%, 08/24/2027 | CNY | 19700 | 2857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2210, 2.97%, 10/14/2032 | CNY | 114100 | 17359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2301, 3.01%, 03/16/2030 | CNY | 44900 | 6734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2302, 3.10%, 02/27/2033 | CNY | 112000 | 17198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2303, 2.90%, 03/08/2028 | CNY | 179500 | 26337 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2307, 2.63%, 06/07/2028 | CNY | 154200 | 22546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2310, 2.83%, 06/16/2033 | CNY | 114600 | 17322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2315, 2.57%, 09/13/2028 | CNY | 17000 | 2487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2320, 2.85%, 10/20/2033 | CNY | 44200 | 6712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2405, 2.22%, 04/09/2029 | CNY | 96600 | 14027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2410, 2.47%, 04/02/2034 | CNY | 45400 | 6700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2420, 2.30%, 07/04/2034 | CNY | 62500 | 9112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2430, 2.09%, 09/26/2034 | CNY | 24500 | 3514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2503, 1.32%, 01/07/2028 | CNY | 53000 | 7531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2505, 1.40%, 01/07/2030 | CNY | 82700 | 11652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2510, 1.66%, 01/09/2035 | CNY | 21600 | 2990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2513, 1.59%, 04/15/2028 | CNY | 86400 | 12334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2520, 1.78%, 05/15/2035 | CNY | 63300 | 8856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangko Sentral ng Pilipinas International Bond, (Philippines), Series A, 8.60%, 06/15/2027 |  | 300 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque et Caisse d'Epargne de l'Etat, (Luxembourg), Reg. S, (EURIBOR 3 Month + 0.80%), 3.25%, 03/19/2031 (aa) | EUR | 300 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNG Bank NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/05/2028 | CAD | 1000 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/20/2031 | EUR | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 10/05/2032 | EUR | 500 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 01/15/2030 | EUR | 1750 | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 04/19/2033 | EUR | 700 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 07/09/2035 | EUR | 980 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 11/22/2036 | EUR | 2070 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 06/19/2027 | EUR | 1250 | 1437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 01/11/2028 | EUR | 1260 | 1446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 01/24/2029 | EUR | 650 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.81%, 06/28/2049 | EUR | 200 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 10/17/2035 | EUR | 1060 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 10/24/2036 | EUR | 400 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 03/30/2037 | EUR | 200 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 03/29/2038 | EUR | 190 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/15/2039 | EUR | 670 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 07/13/2032 | EUR | 820 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/21/2030 | EUR | 900 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 10/04/2027 | EUR | 2910 | 3450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 04/05/2029 | EUR | 300 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/11/2034 | EUR | 500 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 08/28/2034 | EUR | 430 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 06/11/2031 | EUR | 800 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 02/26/2035 | EUR | 1050 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 02/23/2028 | EUR | 600 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 04/23/2030 | EUR | 500 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/11/2033 | EUR | 900 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 08/29/2033 | EUR | 550 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 04/02/2040 | EUR | 300 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 09/27/2038 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse des Depots et Consignations, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 09/18/2028 | EUR | 200 | 224 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 98 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Banks — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/24/2039 | CHF | 400 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/25/2027 | EUR | 400 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/25/2028 | EUR | 400 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/25/2029 | EUR | 900 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 10/09/2030 | EUR | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 05/25/2033 | EUR | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 05/25/2035 | EUR | 400 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cassa Depositi e Prestiti SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 09/21/2028 | EUR | 300 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/20/2027 | EUR | 300 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 02/11/2032 | EUR | 600 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 10/27/2035 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 01/13/2030 | EUR | 1000 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 02/13/2029 | EUR | 300 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 07/12/2031 | EUR | 400 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Development Bank, (China), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.95%, 07/19/2027 | CNH | 15000 | 2189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.20%, 01/19/2027 | CNH | 13000 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.30%, 08/02/2032 | CNH | 7000 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 11/13/2028 | CNH | 2500 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1605, 3.80%, 01/25/2036 | CNY | 493000 | 81420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1710, 4.04%, 04/10/2027 | CNY | 209400 | 30856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1715, 4.24%, 08/24/2027 | CNY | 26400 | 3932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1810, 4.04%, 07/06/2028 | CNY | 158500 | 23959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1905, 3.48%, 01/08/2029 | CNY | 335500 | 50412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1910, 3.65%, 05/21/2029 | CNY | 299000 | 45374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1915, 3.45%, 09/20/2029 | CNY | 136400 | 20663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005, 3.07%, 03/10/2030 | CNY | 178700 | 26836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2009, 3.39%, 07/10/2027 | CNY | 46000 | 6748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010, 3.09%, 06/18/2030 | CNY | 110700 | 16684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015, 3.70%, 10/20/2030 | CNY | 40700 | 6319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2104, 3.40%, 01/08/2028 | CNY | 23500 | 3474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2105, 3.66%, 03/01/2031 | CNY | 100700 | 15658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2110, 3.41%, 06/07/2031 | CNY | 4200 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2115, 3.12%, 09/13/2031 | CNY | 6000 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2204, 2.99%, 03/01/2029 | CNY | 4000 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2205, 3.00%, 01/17/2032 | CNY | 12400 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2209, 2.68%, 09/13/2029 | CNY | 100000 | 14750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2210, 2.98%, 04/22/2032 | CNY | 8000 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2220, 2.77%, 10/24/2032 | CNY | 250500 | 37627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2305, 3.02%, 03/06/2033 | CNY | 137100 | 21019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2310, 2.82%, 05/22/2033 | CNY | 199100 | 30027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2315, 2.69%, 09/11/2033 | CNY | 177100 | 26503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2401, 2.64%, 01/08/2031 | CNY | 70100 | 10398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2403, 1.80%, 09/02/2027 | CNY | 17000 | 2437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2405, 2.63%, 01/08/2034 | CNY | 108300 | 16179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2502, 1.47%, 02/14/2028 | CNY | 120000 | 17085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2505, 1.57%, 01/03/2035 | CNY | 54500 | 7503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Bank of Japan, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/26/2027 | EUR | 900 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 86, 0.24%, 10/13/2027 | JPY | 100000 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investitionsbank des Landes Brandenburg, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 09/29/2031 | EUR | 100 | 100 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Banks — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 03/19/2031 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/18/2032 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 03/13/2030 | EUR | 200 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investitionsbank Schleswig-Holstein, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/19/2035 | EUR | 400 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 02/21/2034 | EUR | 400 | 460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 03/10/2031 | EUR | 300 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11, Reg. S, 0.01%, 10/17/2029 | EUR | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Istituto Per Il Credito Sportivo E Culturale SpA, (Italy), Reg. S, 3.50%, 01/29/2030 | EUR | 300 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Development Bank (The), (South Korea), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.83%, 08/10/2027 | SEK | 2000 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/08/2027 | EUR | 1500 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, (Netherlands), Reg. S, 3.00%, 10/25/2027 | EUR | 400 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nederlandse Waterschapsbank NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/08/2031 | EUR | 930 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/16/2037 | EUR | 1000 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 01/28/2030 | EUR | 374 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 05/28/2027 | EUR | 400 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 09/03/2035 | EUR | 500 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/19/2032 | EUR | 600 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/28/2046 | EUR | 769 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/18/2027 | EUR | 1000 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 02/06/2029 | EUR | 1500 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 10/04/2041 | EUR | 200 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 03/01/2028 | EUR | 300 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/07/2032 | EUR | 670 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/27/2036 | EUR | 810 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/27/2038 | EUR | 940 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 06/15/2039 | EUR | 310 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 10/30/2028 | EUR | 300 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 09/13/2027 | EUR | 950 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/22/2030 | EUR | 900 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 01/10/2034 | EUR | 600 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 12/17/2029 | EUR | 600 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/05/2031 | EUR | 400 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 04/20/2033 | EUR | 790 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saechsische Aufbaubank-Foerderbank, (Germany), Reg. S, 2.75%, 03/20/2031 | EUR | 300 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Banks |  |  | 903122 |
| **Commercial Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adif Alta Velocidad, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.55%, 04/30/2030 | EUR | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.55%, 10/31/2031 | EUR | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.95%, 04/30/2027 | EUR | 400 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 01/31/2030 | EUR | 700 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/31/2029 | EUR | 900 | 1097 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 99

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Commercial Services — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/30/2028 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/30/2029 | EUR | 200 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 04/30/2032 | EUR | 300 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 04/30/2035 | EUR | 700 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.65%, 04/30/2034 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.90%, 04/30/2033 | EUR | 400 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autobahnen- und Schnell- strassen-Finanzierungs AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/16/2027 | EUR | 200 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 07/09/2029 | EUR | 700 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 07/16/2035 | EUR | 400 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 06/02/2031 | EUR | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 09/13/2028 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 03/25/2030 | EUR | 300 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/11/2032 | EUR | 300 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/20/2033 | EUR | 130 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 10/02/2034 | EUR | 200 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Expressway Corp., (South Korea), Reg. S, 3.10%, 06/08/2026 |  | 800 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Services |  |  | 8690 |
| **Diversified Financial Services — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CDP Financial, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 04/06/2027 | EUR | 2000 | 2317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/25/2039 (e) |  | 250 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPPIB Capital, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 02/24/2031 | EUR | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 04/06/2027 | EUR | 300 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/15/2049 | EUR | 600 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/22/2071 | GBP | 2000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; OMERS Finance Trust, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.60%, 05/14/2029 | CAD | 500 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 01/25/2029 | EUR | 500 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Teachers' Finance Trust, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 05/19/2028 | EUR | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.90%, 05/20/2041 | EUR | 1650 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 10/05/2029 | EUR | 800 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSP Capital, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 07/23/2032 | EUR | 1000 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/02/2034 (e) | EUR | 2600 | 3026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Diversified Financial Services |  |  | 12777 |
| **Electric — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hydro-Quebec, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series HH, 8.50%, 12/01/2029 |  | 2500 | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series HK, 9.38%, 04/15/2030 |  | 500 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series JM, 5.00%, 02/15/2045 | CAD | 270 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Electricity Financial Corp., (Canada), Series 40, Zero Coupon, 04/11/2031 | CAD | 2000 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Electric |  |  | 4913 |
| **Multi-National — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/15/2029 |  | 446 | 386 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Multi-National — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/01/2029 |  | 165 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/01/2030 |  | 250 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/31/2030 |  | 1500 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/11/2031 |  | 155 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 01/21/2061 | EUR | 1000 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/21/2035 | EUR | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 10/22/2046 | EUR | 2000 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 02/10/2027 |  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/21/2029 | GBP | 2000 | 2410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.14%, 02/04/2041 |  | 1000 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 0.26%), 2.33%, 05/31/2026 (aa) |  | 1000 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/02/2033 | CNH | 18000 | 2646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/16/2035 | EUR | 6100 | 7091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/27/2026 |  | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2028 |  | 250 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/2032 |  | 185 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Multi-National |  |  | 18264 |
| **Municipal — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Auckland Council, (New Zealand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 09/26/2029 | EUR | 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 11/17/2031 | EUR | 600 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/19/2027 | EUR | 300 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autonomous Community of Catalonia, (Spain), 4.22%, 04/26/2035 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autonomous Region of the Azores, (Portugal), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.10%, 09/27/2036 | EUR | 200 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.16%, 04/06/2032 | EUR | 300 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Basque Government, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 04/30/2031 | EUR | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.45%, 04/30/2032 | EUR | 400 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.85%, 04/30/2030 | EUR | 50 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 07/30/2033 | EUR | 200 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 04/30/2035 | EUR | 300 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.40%, 04/30/2034 | EUR | 300 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 04/30/2033 | EUR | 200 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canton of Geneva Switzerland, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.03%, 06/28/2030 | CHF | 1250 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 04/28/2036 | CHF | 300 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canton of Zurich, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 06/23/2028 | CHF | 800 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/10/2033 | CHF | 700 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 06/23/2045 | CHF | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Milan Italy, (Italy), 4.02%, 06/29/2035 | EUR | 40 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Montreal Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/2030 | CAD | 500 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/01/2035 | CAD | 1000 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Ottawa Ontario, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/30/2053 | CAD | 500 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/04/2033 | CAD | 200 | 154 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 100 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Municipal — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Quebec Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 07/06/2031 | CAD | 300 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/20/2027 | CAD | 565 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Toronto Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 09/24/2039 | CAD | 700 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 11/22/2049 | CAD | 300 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/28/2035 | CAD | 500 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Vancouver, (Canada), 3.70%, 10/18/2052 | CAD | 500 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communaute Francaise de Belgique, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/22/2029 | EUR | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/23/2030 | EUR | 300 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 05/03/2032 | EUR | 200 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 06/22/2034 | EUR | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 06/22/2033 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 06/22/2040 | EUR | 400 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comunidad Autonoma de Canarias, (Spain), Reg. S, 0.71%, 10/31/2031 | EUR | 300 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emissionskonsortium der gemeinsamen Landesfoerderinstitute, (Germany), Reg. S, 2.50%, 09/28/2029 | EUR | 300 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Junta de Andalucia, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/30/2031 | EUR | 363 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/30/2029 | EUR | 30 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.40%, 04/30/2032 | EUR | 200 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.20%, 04/30/2030 | EUR | 400 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 10/31/2033 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 04/30/2035 | EUR | 600 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.40%, 04/30/2034 | EUR | 500 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Junta de Castilla y Leon, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.43%, 04/30/2030 | EUR | 62 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 04/30/2032 | EUR | 400 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand Local Government Funding Agency Bond, (New Zealand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/20/2029 | NZD | 2000 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/15/2037 | NZD | 2070 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/01/2030 | EUR | 1500 | 1775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/14/2033 | NZD | 2100 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regiao Autonoma Madeira, (Portugal), 0.94%, 05/29/2032 | EUR | 1200 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Region Wallonne Belgium, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/22/2031 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/22/2037 | EUR | 100 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.05%, 06/22/2040 | EUR | 100 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/03/2034 | EUR | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 04/06/2032 | EUR | 400 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/14/2038 | EUR | 600 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 12/06/2030 | EUR | 2000 | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/22/2032 | EUR | 1300 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 06/22/2033 | EUR | 400 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 06/22/2035 | EUR | 600 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 03/15/2043 | EUR | 500 | 527 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Municipal — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 04/22/2039 | EUR | 400 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.90%, 06/22/2054 | EUR | 700 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Lower Austria, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/16/2035 | EUR | 300 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/30/2036 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 10/04/2033 | EUR | 300 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ville de Paris, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 11/30/2041 | EUR | 100 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 11/20/2034 | EUR | 300 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 02/02/2033 | EUR | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/25/2031 | EUR | 200 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 10/25/2029 | EUR | 400 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 02/05/2036 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 02/02/2044 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 05/25/2040 | EUR | 400 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 06/22/2048 | EUR | 300 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xunta de Galicia, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.27%, 07/30/2028 | EUR | 300 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 04/30/2029 | EUR | 200 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.87%, 04/30/2032 | EUR | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 04/30/2031 | EUR | 300 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal |  |  | 35771 |
| **Oil & Gas — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea National Oil Corp., (South Korea), Reg. S, 0.26%, 07/30/2027 | CHF | 300 | 378 |
| **Pipelines — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gestion Securite de Stocks Securite SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 10/20/2028 | EUR | 300 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/25/2027 | EUR | 1000 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/25/2031 | EUR | 700 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 06/29/2030 | EUR | 800 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 11/25/2029 | EUR | 300 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Pipelines |  |  | 3621 |
| **Regional (State/Province) — 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agence France Locale, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/20/2031 | EUR | 300 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/20/2028 | EUR | 500 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/20/2030 | EUR | 600 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 08/20/2032 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 03/20/2033 | EUR | 200 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 03/20/2034 | EUR | 2200 | 2510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 12/20/2031 | EUR | 400 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 06/20/2038 | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australian Capital Territory, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/17/2030 | AUD | 400 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 10/23/2034 | AUD | 400 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 10/23/2035 | AUD | 1600 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 10/24/2033 | AUD | 500 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 10/23/2036 | AUD | 600 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autonomous Community of Madrid Spain, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.16%, 07/30/2028 | EUR | 400 | 444 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 101

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Regional (State/Province) — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.42%, 04/30/2030 | EUR | 161 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.42%, 04/30/2031 | EUR | 300 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.57%, 04/30/2029 | EUR | 200 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.72%, 04/30/2032 | EUR | 110 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.77%, 04/30/2028 | EUR | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.08%, 03/12/2030 | EUR | 400 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.49%, 07/30/2030 | EUR | 300 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.82%, 10/31/2029 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.14%, 04/30/2035 | EUR | 390 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.17%, 07/30/2029 | EUR | 600 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.46%, 04/30/2034 | EUR | 800 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.60%, 04/30/2033 | EUR | 400 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Free and Hanseatic City of Hamburg, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 06/30/2028 | EUR | 380 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 06/03/2030 | EUR | 500 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 11/05/2035 | EUR | 70 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 09/03/2049 | EUR | 70 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 02/18/2041 | EUR | 394 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 11/23/2051 | EUR | 350 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.80%, 04/11/2034 | EUR | 1100 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/02/2029 | EUR | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 01/30/2032 | EUR | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/26/2030 | EUR | 150 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/2032 | EUR | 600 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/26/2035 | EUR | 800 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 1.20%, 06/03/2033 | EUR | 300 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Free State of Bavaria, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/20/2032 | EUR | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/18/2035 | EUR | 352 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/19/2055 | EUR | 300 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 132, Reg. S, 0.03%, 04/03/2028 | EUR | 270 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 134, Reg. S, 0.01%, 05/07/2029 | EUR | 600 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Free State of Saxony, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/05/2029 | EUR | 197 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 02/17/2032 | EUR | 500 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/12/2030 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/15/2034 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/21/2033 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 132, Reg. S, 0.01%, 12/17/2035 | EUR | 210 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 134, Reg. S, 0.01%, 04/29/2031 | EUR | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 135, Reg. S, 0.40%, 05/12/2036 | EUR | 300 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gemeinsame Deutsche Bundeslaender HB HH MV RP SH, (Germany), Series 67, Reg. S, 3.00%, 09/11/2035 | EUR | 700 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gemeinsame Deutsche Bundeslaender HB HH MV RP SL SH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 58, Reg. S, 0.00%, 02/19/2027 | EUR | 220 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 59, Reg. S, 0.01%, 08/26/2030 | EUR | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 60, Reg. S, 0.01%, 02/04/2031 | EUR | 346 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 62, Reg. S, 1.25%, 05/04/2029 | EUR | 980 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 63, Reg. S, 3.00%, 04/26/2030 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 66, Reg. S, 2.63%, 02/27/2030 | EUR | 400 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series #65, Reg. S, 2.50%, 10/24/2031 | EUR | 550 | 633 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Regional (State/Province) — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Gemeinsame Deutsche Bundeslaender HB HH RP SL SH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 55, Reg. S, 0.75%, 09/25/2028 | EUR | 400 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 61, Reg. S, 0.01%, 10/08/2027 | EUR | 500 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gemeinsame Deutsche Bundeslaender HB MV RP SL SH, (Germany), Series 64, Reg. S, 2.63%, 02/07/2031 | EUR | 500 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannoversche Beteiligungsgesellschaft Niedersachsen mbH, (Germany), Reg. S, 0.25%, 07/16/2035 | EUR | 1000 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ile-de-France Mobilites, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 05/28/2031 | EUR | 1300 | 1326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.68%, 11/24/2036 | EUR | 100 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 05/25/2034 | EUR | 800 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.28%, 02/14/2042 | EUR | 100 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.05%, 02/03/2033 | EUR | 300 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.40%, 05/25/2043 | EUR | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.45%, 06/25/2049 | EUR | 700 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 10/04/2039 | EUR | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 05/25/2045 | EUR | 400 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Finance Organization for Municipalities, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 02/02/2028 | EUR | 1000 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 02/12/2027 | EUR | 500 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 09/03/2031 | EUR | 1000 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, 2.32%, 06/18/2027 | JPY | 20000 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kommunekredit, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/17/2029 | EUR | 800 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/19/2035 | EUR | 7000 | 7999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kommuninvest I Sverige AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 11/26/2027 | SEK | 8000 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/18/2031 | SEK | 17680 | 1931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3011, Reg. S, 2.75%, 11/12/2030 | SEK | 10000 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3105, Reg. S, 2.65%, 05/12/2031 | SEK | 2000 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuntarahoitus OYJ, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/14/2030 | EUR | 500 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/02/2031 | EUR | 700 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 09/06/2029 | EUR | 400 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 09/10/2035 | EUR | 300 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 02/25/2032 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 09/07/2027 | EUR | 300 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 02/23/2033 | EUR | 600 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 08/29/2029 | EUR | 680 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 12/14/2029 | EUR | 600 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 06/14/2032 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/02/2034 | EUR | 600 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/18/2028 | EUR | 1100 | 1307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 09/25/2028 | EUR | 300 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 07/29/2030 | EUR | 400 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Baden-Wuerttemberg, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 09/02/2030 | EUR | 400 | 416 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 102 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Regional (State/Province) — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 03/07/2031 | EUR | 400 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 11/19/2040 | EUR | 100 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 03/12/2030 | EUR | 600 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 11/27/2030 | EUR | 400 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 02/12/2035 | EUR | 400 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/16/2029 | EUR | 900 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 09/28/2035 | EUR | 300 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/27/2033 | EUR | 1000 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 01/23/2040 | EUR | 450 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Berlin, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 07/02/2030 | EUR | 490 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 08/06/2040 | EUR | 200 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 01/18/2030 | EUR | 635 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 11/24/2045 | EUR | 90 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.15%, 02/22/2036 | EUR | 400 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 02/05/2029 | EUR | 800 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 07/15/2039 | EUR | 450 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/26/2052 | EUR | 420 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/01/2028 | EUR | 500 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 08/02/2032 | EUR | 630 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 06/04/2030 | EUR | 700 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 01/24/2031 | EUR | 1000 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/16/2032 | EUR | 500 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/05/2029 | EUR | 730 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 02/15/2034 | EUR | 960 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/13/2054 | EUR | 510 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/19/2035 | EUR | 300 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 490, Reg. S, 0.63%, 08/25/2036 | EUR | 950 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 493, Reg. S, 0.63%, 02/08/2027 | EUR | 220 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 495, Reg. S, 1.38%, 06/05/2037 | EUR | 260 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 506, Reg. S, 1.38%, 08/27/2038 | EUR | 115 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 517, Reg. S, 0.01%, 05/18/2027 | EUR | 700 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 518, Reg. S, 0.13%, 06/04/2035 | EUR | 600 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 530, Reg. S, 0.10%, 01/18/2041 | EUR | 80 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 535, Reg. S, 0.13%, 10/20/2031 | EUR | 490 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 546, 2.75%, 02/14/2033 | EUR | 1080 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 557, Reg. S, 3.00%, 05/15/2029 | EUR | 700 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Thueringen, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 03/24/2031 | EUR | 300 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 05/06/2030 | EUR | 260 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/13/2051 | EUR | 100 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/02/2029 | EUR | 600 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 12/05/2033 | EUR | 400 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 09/03/2029 | EUR | 500 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/02/2032 | EUR | 600 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/15/2028 | EUR | 800 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ministeries Van de Vlaamse Gemeenschap, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 10/15/2035 | EUR | 600 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.30%, 10/20/2031 | EUR | 900 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/23/2051 | EUR | 100 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 11/21/2033 | EUR | 500 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/12/2038 | EUR | 100 | 91 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Regional (State/Province) — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/11/2044 | EUR | 100 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 10/22/2029 | EUR | 1700 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/12/2032 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 06/22/2034 | EUR | 2200 | 2541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 06/22/2037 | EUR | 1000 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 01/12/2043 | EUR | 600 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 06/22/2045 | EUR | 1300 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 06/22/2032 | EUR | 200 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.68%, 06/22/2040 | EUR | 1200 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 09/26/2042 | EUR | 1000 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 06/22/2050 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Finance Authority of British Columbia, (Canada), 2.55%, 10/09/2029 | CAD | 300 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; New South Wales Treasury Corp., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/20/2030 | AUD | 1990 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 02/20/2032 | AUD | 5690 | 3136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/20/2034 | AUD | 5430 | 2806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 03/20/2031 | AUD | 1310 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 03/08/2033 | AUD | 3840 | 2105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/20/2040 | AUD | 960 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/07/2041 | AUD | 400 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 11/22/2032 | AUD | 50 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/20/2028 | AUD | 4480 | 2910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 02/20/2030 | AUD | 4590 | 2890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 02/20/2036 | AUD | 4440 | 2709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 02/20/2035 | AUD | 4290 | 2765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 09/20/2035 | AUD | 1830 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 02/20/2037 | AUD | 1720 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 02/24/2038 | AUD | 2000 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27, Reg. S, 3.00%, 05/20/2027 | AUD | 1970 | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 29, Reg. S, 3.00%, 04/20/2029 | AUD | 10000 | 6389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Territory Treasury Corp., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/21/2031 | AUD | 300 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/21/2032 | AUD | 800 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 03/21/2034 | AUD | 800 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/21/2038 | AUD | 700 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/21/2037 | AUD | 1000 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Alberta Canada, (Canada), Reg. S, 1.40%, 02/20/2029 | SEK | 2000 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of British Columbia Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/18/2048 | CAD | 400 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/01/2036 |  | 300 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Manitoba Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 09/05/2052 | CAD | 100 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/05/2050 | CAD | 700 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Nova Scotia Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/01/2051 | CAD | 400 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/2045 | CAD | 200 | 123 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 103

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Regional (State/Province) — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Ontario Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 11/25/2030 | EUR | 3600 | 3688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/09/2031 | EUR | 3000 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/08/2027 | EUR | 1500 | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/02/2035 | CAD | 300 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Quebec Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/15/2029 | EUR | 1000 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/29/2030 | EUR | 600 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/25/2032 | EUR | 3000 | 3038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/05/2028 | EUR | 1025 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2045 | CAD | 200 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/08/2033 |  | 610 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/30/2026 |  | 1200 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 07/22/2026 |  | 320 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series PD, 7.50%, 09/15/2029 |  | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Province of Saskatchewan Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 05/08/2034 | EUR | 300 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/02/2048 | CAD | 400 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Queensland Treasury Corp., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 03/10/2031 (e) | AUD | 2370 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 08/20/2032 (e) | AUD | 2380 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 08/21/2031 (e) | AUD | 2170 | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/20/2034 (e) | AUD | 2660 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 08/22/2033 (e) | AUD | 6400 | 3438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 03/06/2029 (e) | AUD | 570 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 08/21/2029 (e) | AUD | 2970 | 1903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/21/2035 | EUR | 500 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 08/21/2030 (e) | AUD | 2140 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 03/09/2033 (e) | AUD | 1680 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 08/22/2035 (e) | AUD | 6150 | 3841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 02/02/2034 (e) | AUD | 770 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 07/21/2037 (e) | AUD | 2180 | 1382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 07/21/2036 (e) | AUD | 1040 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 08/13/2038 (e) | AUD | 2420 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27, Reg. S, 2.75%, 08/20/2027 (e) | AUD | 400 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 28, Reg. S, 3.25%, 07/21/2028 (e) | AUD | 830 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 47, Reg. S, 4.20%, 02/20/2047 (e) | AUD | 490 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Region of Ile de France, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 04/20/2028 | EUR | 200 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 04/23/2027 | EUR | 200 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.23%, 07/19/2032 | EUR | 200 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 04/30/2031 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.65%, 05/25/2035 | EUR | 1000 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Region of Lazio Italy, (Italy), Reg. S, 3.09%, 03/31/2043 | EUR | 154 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Australian Government Financing Authority, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/24/2032 | AUD | 670 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/24/2034 | AUD | 1000 | 513 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Regional (State/Province) — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 05/23/2036 | AUD | 689 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/24/2030 | AUD | 1070 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 05/24/2029 | AUD | 1000 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 05/23/2031 | AUD | 2400 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 05/24/2033 | AUD | 1600 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 05/24/2038 | AUD | 400 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Brandenburg, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/26/2046 | EUR | 259 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 01/29/2035 | EUR | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 11/21/2039 | EUR | 180 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 07/04/2033 | EUR | 600 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 11/26/2038 | EUR | 530 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 01/25/2029 | EUR | 400 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/03/2030 | EUR | 1000 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/24/2031 | EUR | 300 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/23/2034 | EUR | 500 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 02/27/2032 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/2033 | EUR | 200 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/28/2035 | EUR | 300 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Bremen, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 215, Reg. S, 1.20%, 01/30/2034 | EUR | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 217, Reg. S, 1.00%, 05/27/2039 | EUR | 200 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 224, Reg. S, 0.40%, 08/20/2049 | EUR | 30 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 232, Reg. S, 0.55%, 02/04/2050 | EUR | 30 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 241, Reg. S, 0.13%, 04/29/2030 | EUR | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 247, Reg. S, 0.15%, 09/14/2040 | EUR | 310 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 250, Reg. S, 0.01%, 10/06/2028 | EUR | 640 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 258, Reg. S, 0.50%, 05/06/2041 | EUR | 138 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 265, Reg. S, 0.15%, 10/24/2031 | EUR | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 269, Reg. S, 0.45%, 03/15/2029 | EUR | 300 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 272, Reg. S, 3.00%, 03/02/2033 | EUR | 1140 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 274, Reg. S, 2.75%, 01/30/2032 | EUR | 1310 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 276, Reg. S, 2.88%, 07/18/2031 | EUR | 700 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 277, Reg. S, 2.50%, 11/20/2029 | EUR | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 278, Reg. S, 2.75%, 01/28/2033 | EUR | 1100 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hesse, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 10/10/2031 | EUR | 403 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/05/2027 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 08/28/2030 | EUR | 300 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2031 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 09/10/2027 | EUR | 760 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 08/25/2034 | EUR | 420 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/10/2034 | EUR | 300 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 03/12/2029 | EUR | 500 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 06/18/2035 | EUR | 500 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 03/12/2035 | EUR | 800 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 03/10/2039 | EUR | 340 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 10/05/2028 | EUR | 980 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1801, Reg. S, 0.63%, 08/02/2028 | EUR | 230 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1803, Reg. S, 1.30%, 10/10/2033 | EUR | 400 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1905, Reg. S, 0.00%, 09/10/2029 | EUR | 830 | 887 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 104 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Regional (State/Province) — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006, Reg. S, 0.01%, 03/11/2030 | EUR | 990 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010, Reg. S, 0.00%, 11/08/2030 | EUR | 500 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2104, Reg. S, 0.00%, 07/19/2028 | EUR | 200 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2301, 2.88%, 01/10/2033 | EUR | 1100 | 1285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2501, Reg. S, 2.75%, 01/12/2032 | EUR | 1100 | 1285 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Lower Saxony, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/11/2027 | EUR | 1960 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 02/19/2029 | EUR | 200 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/10/2031 | EUR | 779 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 03/09/2035 | EUR | 577 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/09/2032 | EUR | 760 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 05/14/2029 | EUR | 1500 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/17/2029 | EUR | 200 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 01/09/2030 | EUR | 300 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 03/15/2029 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 03/18/2032 | EUR | 500 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 03/25/2030 | EUR | 900 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/17/2031 | EUR | 700 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 08/04/2033 | EUR | 300 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/24/2034 | EUR | 200 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/09/2035 | EUR | 650 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 879, Reg. S, 0.75%, 02/15/2028 | EUR | 400 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 884, Reg. S, 0.88%, 10/25/2028 | EUR | 1320 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 898, Reg. S, 0.01%, 08/13/2030 | EUR | 749 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 901, Reg. S, 0.01%, 11/25/2027 | EUR | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 908, Reg. S, 0.25%, 04/09/2029 | EUR | 700 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 909, Reg. S, 0.75%, 03/21/2031 | EUR | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 917, Reg. S, 2.63%, 01/09/2034 | EUR | 700 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 929, 2.63%, 10/29/2032 | EUR | 200 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Mecklenburg-Western Pomerania, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/12/2032 | EUR | 450 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.95%, 06/05/2034 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 04/17/2035 | EUR | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of North Rhine-Westphalia Germany, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/15/2029 | EUR | 661 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/26/2029 | EUR | 400 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 06/04/2031 | EUR | 2300 | 2344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 03/31/2027 | EUR | 686 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 04/09/2030 | EUR | 2474 | 2624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 01/27/2051 | EUR | 270 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 09/02/2050 | EUR | 385 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 11/25/2039 | EUR | 110 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.60%, 06/04/2041 | EUR | 300 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 08/16/2041 | EUR | 360 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.80%, 07/30/2049 | EUR | 600 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.90%, 11/15/2028 | EUR | 600 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.95%, 03/13/2028 | EUR | 144 | 164 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Regional (State/Province) — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.95%, 01/10/2121 | EUR | 945 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/16/2046 | EUR | 1360 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/12/2036 | EUR | 1400 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 01/15/2120 | EUR | 1044 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 02/16/2043 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 01/19/2122 | EUR | 500 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/24/2030 | EUR | 1000 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.65%, 02/22/2038 | EUR | 480 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.65%, 05/16/2047 | EUR | 220 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 10/26/2057 | EUR | 172 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/11/2068 | EUR | 104 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.95%, 09/26/2078 | EUR | 254 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 06/15/2032 | EUR | 750 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.15%, 03/21/2119 | EUR | 376 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 06/14/2052 | EUR | 100 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.35%, 07/10/2030 | EUR | 500 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 10/15/2029 | EUR | 550 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.65%, 01/15/2030 | EUR | 700 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.70%, 09/05/2034 | EUR | 700 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/15/2032 | EUR | 930 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 06/07/2033 | EUR | 1690 | 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 01/15/2053 | EUR | 390 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/27/2028 | EUR | 400 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/06/2029 | EUR | 800 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/20/2054 | EUR | 700 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 10/31/2028 | EUR | 500 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.40%, 03/07/2073 | EUR | 3010 | 3074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15YR, Reg. S, 0.00%, 10/12/2035 | EUR | 1454 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15YR, Reg. S, 1.10%, 03/13/2034 | EUR | 240 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1250, Reg. S, 2.38%, 05/13/2033 | EUR | 1050 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1416, Reg. S, 0.63%, 07/21/2031 | EUR | 1000 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1439, Reg. S, 1.55%, 06/16/2048 | EUR | 3100 | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Rhineland-Palatinate, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 02/25/2028 | EUR | 500 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 01/21/2031 | EUR | 510 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 01/26/2027 | EUR | 220 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 03/10/2051 | EUR | 200 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/23/2032 | EUR | 490 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/23/2028 | EUR | 300 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 07/25/2031 | EUR | 400 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/02/2034 | EUR | 750 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 117, Reg. S, 0.05%, 01/23/2030 | EUR | 900 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Saarland, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 11/05/2040 | EUR | 68 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/18/2030 | EUR | 300 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/10/2031 | EUR | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/19/2035 | EUR | 375 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Saxony-Anhalt, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/10/2031 | EUR | 280 | 285 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 105

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Regional (State/Province) — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 02/09/2032 | EUR | 1200 | 1211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 03/24/2051 | EUR | 123 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/13/2030 | EUR | 700 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/19/2032 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/29/2035 | EUR | 600 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/06/2054 | EUR | 150 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.75%, 01/29/2029 | EUR | 200 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32, Reg. S, 2.95%, 06/20/2033 | EUR | 650 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Schleswig-Holstein Germany, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 05/22/2030 | EUR | 300 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 07/08/2031 | EUR | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 06/12/2029 | EUR | 431 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 02/08/2027 | EUR | 310 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 03/22/2029 | EUR | 440 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 08/31/2028 | EUR | 140 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 07/14/2027 | EUR | 250 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 09/22/2032 | EUR | 430 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 08/02/2032 | EUR | 200 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 06/13/2033 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 06/25/2029 | EUR | 400 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/30/2034 | EUR | 500 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/10/2035 | EUR | 1000 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 08/16/2033 | EUR | 400 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tasmanian Public Finance Corp., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 01/24/2030 | AUD | 1700 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/20/2034 | AUD | 1000 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 01/21/2031 | AUD | 2570 | 1709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/25/2035 | AUD | 400 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 01/23/2036 | AUD | 600 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury Corp. of Victoria, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/19/2027 | AUD | 2370 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 11/20/2030 | AUD | 3850 | 2216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 09/10/2031 | AUD | 6550 | 3656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 09/17/2035 | AUD | 4570 | 2268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 09/15/2033 | AUD | 10260 | 5598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 11/20/2034 | AUD | 8060 | 4222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/20/2041 | AUD | 2500 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 10/22/2029 | AUD | 4200 | 2605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/20/2028 | AUD | 3390 | 2181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/20/2032 | AUD | 3210 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 09/15/2036 | AUD | 1500 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 09/15/2038 | AUD | 1920 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 09/15/2044 | AUD | 460 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/2039 | AUD | 1450 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Australian Treasury Corp., (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/22/2030 | AUD | 2420 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 07/23/2041 | AUD | 50 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 07/20/2033 | AUD | 2000 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 10/24/2035 | AUD | 960 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27, Reg. S, 3.00%, 10/21/2027 | AUD | 1070 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 28, Reg. S, 3.25%, 07/20/2028 | AUD | 1000 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 29, Reg. S, 2.75%, 07/24/2029 | AUD | 2670 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Regional (State/Province) |  |  | 310909 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Sovereign — 51.9% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Action Logement Services, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/05/2031 | EUR | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 10/30/2034 | EUR | 900 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 09/28/2037 | EUR | 600 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 05/25/2043 | EUR | 800 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 10/03/2038 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Andorra International Bond, (Andorra), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 02/23/2027 | EUR | 800 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/06/2031 | EUR | 1000 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia Government Bond, (Australia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 136, Reg. S, 4.75%, 04/21/2027 | AUD | 9420 | 6345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 138, Reg. S, 3.25%, 04/21/2029 | AUD | 9630 | 6243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 144, Reg. S, 3.75%, 04/21/2037 | AUD | 4500 | 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 145, Reg. S, 2.75%, 06/21/2035 | AUD | 6860 | 3890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 147, Reg. S, 3.25%, 06/21/2039 | AUD | 3830 | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 148, Reg. S, 2.75%, 11/21/2027 | AUD | 12590 | 8205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 149, Reg. S, 2.25%, 05/21/2028 | AUD | 13680 | 8751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 150, Reg. S, 3.00%, 03/21/2047 | AUD | 4366 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 152, Reg. S, 2.75%, 11/21/2028 | AUD | 14798 | 9505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 154, Reg. S, 2.75%, 11/21/2029 | AUD | 11105 | 7026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 155, Reg. S, 2.50%, 05/21/2030 | AUD | 15855 | 9847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 156, Reg. S, 2.75%, 05/21/2041 | AUD | 7050 | 3576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 157, 1.50%, 06/21/2031 | AUD | 14300 | 8229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 158, 1.25%, 05/21/2032 | AUD | 13750 | 7558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 160, Reg. S, 1.00%, 12/21/2030 | AUD | 11110 | 6331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 162, Reg. S, 1.75%, 06/21/2051 | AUD | 7890 | 2692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 163, Reg. S, 1.00%, 11/21/2031 | AUD | 15816 | 8708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 164, Reg. S, 0.50%, 09/21/2026 | AUD | 4170 | 2716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 165, Reg. S, 1.75%, 11/21/2032 | AUD | 11770 | 6582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 166, Reg. S, 3.00%, 11/21/2033 | AUD | 8190 | 4893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 167, Reg. S, 3.75%, 05/21/2034 | AUD | 9040 | 5661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 168, Reg. S, 3.50%, 12/21/2034 | AUD | 9270 | 5651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 169, Reg. S, 4.75%, 06/21/2054 | AUD | 3720 | 2310 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 106 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 170, Reg. S, 4.25%, 06/21/2034 | AUD | 3270 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 171, Reg. S, 4.25%, 12/21/2035 | AUD | 6080 | 3898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 172, Reg. S, 4.25%, 03/21/2036 | AUD | 6400 | 4094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 173, Reg. S, 4.25%, 10/21/2036 | AUD | 5790 | 3688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bermuda Government International Bond, (Bermuda), 2.38%, 08/20/2030 (e) |  | 670 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonos de la Tesoreria de la Republica en pesos, (Chile), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.70%, 09/01/2030 (e) | CLP | 300000 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 | CLP | 350000 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bpifrance SACA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 05/25/2028 | EUR | 600 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 09/26/2029 | EUR | 1100 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 11/25/2028 | EUR | 300 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 03/29/2030 | EUR | 200 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 06/04/2031 | EUR | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 07/22/2031 | EUR | 600 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 09/26/2028 | EUR | 200 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 05/25/2030 | EUR | 200 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 11/29/2027 | EUR | 600 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/25/2029 | EUR | 500 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 11/25/2029 | EUR | 500 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 11/25/2031 | EUR | 700 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/31/2032 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/25/2032 | EUR | 1000 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 07/01/2033 | EUR | 1000 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/25/2035 | EUR | 500 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 11/25/2032 | EUR | 200 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 05/25/2034 | EUR | 1500 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 09/27/2027 | EUR | 200 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bulgaria Government International Bond, (Bulgaria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 4.13%, 09/23/2029 | EUR | 1000 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12YR, Reg. S, 3.00%, 03/21/2028 | EUR | 800 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12Y, Reg. S, 4.63%, 09/23/2034 | EUR | 1000 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 1.38%, 09/23/2050 | EUR | 1300 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bundesobligation, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 185, Reg. S, 0.00%, 04/16/2027 | EUR | 8073 | 9245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 186, Reg. S, 1.30%, 10/15/2027 | EUR | 9410 | 10911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 187, Reg. S, 2.20%, 04/13/2028 | EUR | 10230 | 12039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 188, Reg. S, 2.40%, 10/19/2028 | EUR | 14470 | 17093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 189, Reg. S, 2.10%, 04/12/2029 | EUR | 16050 | 18758 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 190, Reg. S, 2.50%, 10/11/2029 | EUR | 6880 | 8134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 191, Reg. S, 2.40%, 04/18/2030 | EUR | 9020 | 10602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 192, Reg. S, 2.20%, 10/10/2030 | EUR | 3270 | 3800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 1.30%, 10/15/2027 | EUR | 4860 | 5636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 2.10%, 04/12/2029 | EUR | 3000 | 3507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bundesrepublik Deutschland Bundesanleihe, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 11/15/2032 | EUR | 1280 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 08/15/2046 | EUR | 13566 | 13881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.60%, 08/15/2035 | EUR | 5480 | 6303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 08/15/2056 | EUR | 6060 | 6352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 07/04/2027 | EUR | 16810 | 21038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 2.10%, 11/15/2029 | EUR | 10170 | 11848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 2.40%, 11/15/2030 | EUR | 7690 | 9016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, Reg. S, 0.00%, 11/15/2027 | EUR | 11701 | 13233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, Reg. S, 0.00%, 11/15/2028 | EUR | 10025 | 11075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.00%, 08/15/2029 | EUR | 8302 | 8989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.00%, 02/15/2030 | EUR | 6573 | 7019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.00%, 08/15/2030 | EUR | 9070 | 9558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.00%, 02/15/2031 | EUR | 9459 | 9822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.00%, 08/15/2031 | EUR | 9650 | 9877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.00%, 02/15/2032 | EUR | 10264 | 10339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.25%, 02/15/2027 | EUR | 3990 | 4599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.25%, 08/15/2028 | EUR | 9599 | 10740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.25%, 02/15/2029 | EUR | 6910 | 7642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.50%, 08/15/2027 | EUR | 10060 | 11529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.50%, 02/15/2028 | EUR | 11770 | 13378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.70%, 08/15/2032 | EUR | 10160 | 11300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.20%, 02/15/2034 | EUR | 8280 | 9344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.30%, 02/15/2033 | EUR | 13855 | 15913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.50%, 02/15/2035 | EUR | 7020 | 8039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.60%, 08/15/2033 | EUR | 8640 | 10082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.60%, 08/15/2034 | EUR | 12340 | 14295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 0.00%, 05/15/2035 | EUR | 9334 | 8415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 0.00%, 05/15/2036 | EUR | 13220 | 11489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 1.00%, 05/15/2038 | EUR | 9302 | 8604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 17Y, Reg. S, 2.60%, 05/15/2041 | EUR | 5260 | 5707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 2.50%, 08/15/2054 | EUR | 9905 | 9595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 5.50%, 01/04/2031 | EUR | 7190 | 9645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 5.63%, 01/04/2028 | EUR | 780 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 6.25%, 01/04/2030 | EUR | 1025 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 0.00%, 08/15/2050 | EUR | 13481 | 6808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 0.00%, 08/15/2052 | EUR | 9815 | 4631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 1.25%, 08/15/2048 | EUR | 13200 | 10249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 1.80%, 08/15/2053 | EUR | 16560 | 13738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 4.75%, 07/04/2034 | EUR | 14971 | 20245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32Y, Reg. S, 2.50%, 07/04/2044 | EUR | 9865 | 10275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32Y, Reg. S, 3.25%, 07/04/2042 | EUR | 10036 | 11764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32Y, Reg. S, 4.00%, 01/04/2037 | EUR | 12423 | 16006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32Y, Reg. S, 4.25%, 07/04/2039 | EUR | 5644 | 7454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32Y, Reg. S, 4.75%, 07/04/2040 | EUR | 6924 | 9618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 0.00%, 08/15/2030 | EUR | 2610 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 0.00%, 08/15/2031 | EUR | 740 | 758 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 107

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 0.00%, 08/15/2050 | EUR | 6572 | 3338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 1.80%, 08/15/2053 | EUR | 4768 | 3964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 2.30%, 02/15/2033 | EUR | 4950 | 5694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Reg. S, 2.50%, 02/15/2035 | EUR | 1360 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bundesschatzanweisungen, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.70%, 06/10/2027 | EUR | 13020 | 15220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.90%, 09/16/2027 | EUR | 10930 | 12802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2Y, Reg. S, 2.20%, 03/11/2027 | EUR | 3270 | 3850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse d'Amortissement de la Dette Sociale, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/25/2028 | EUR | 2200 | 2458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 05/25/2029 | EUR | 500 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/25/2030 | EUR | 1400 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 05/25/2031 | EUR | 1600 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 09/15/2031 | EUR | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.45%, 01/19/2032 | EUR | 2200 | 2220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.60%, 11/25/2029 | EUR | 1400 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/25/2032 | EUR | 1700 | 1814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 11/25/2027 | EUR | 800 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 09/24/2028 | EUR | 800 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 09/24/2027 | EUR | 1400 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/25/2029 | EUR | 2400 | 2835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 11/25/2032 | EUR | 1400 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/25/2027 | EUR | 2100 | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/25/2030 | EUR | 1200 | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/25/2028 | EUR | 800 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/25/2031 | EUR | 2100 | 2462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 03/01/2030 | EUR | 1500 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caisse Francaise de Financement Local SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 02/22/2028 | EUR | 100 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 01/20/2032 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 11/29/2029 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/02/2028 | EUR | 5000 | 5939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/19/2036 | EUR | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 11/16/2027 | EUR | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 07/20/2033 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 11/24/2033 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 05/17/2039 | EUR | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 01/17/2029 | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Government Bond, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/01/2027 | CAD | 200 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/01/2031 | CAD | 600 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/01/2053 | CAD | 400 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/2032 | CAD | 600 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2051 | CAD | 530 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2028 | CAD | 500 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2029 | CAD | 100 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2045 | CAD | 1700 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2041 | CAD | 150 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile Government International Bond, (Chile), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.83%, 07/02/2031 | EUR | 1050 | 1082 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 07/26/2036 | EUR | 1000 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/27/2033 |  | 200 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Government Bond, (China), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.42%, 11/15/2027 | CNY | 425100 | 60931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 01/25/2030 | CNY | 424000 | 60343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.44%, 09/15/2027 | CNY | 20000 | 2865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.49%, 12/25/2031 | CNY | 316200 | 44672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 03/15/2027 | CNY | 45000 | 6461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.62%, 08/15/2027 | CNY | 314700 | 45243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/15/2035 | CNY | 170200 | 23900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.74%, 10/15/2029 | CNY | 8300 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/15/2027 | CNY | 65500 | 9438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87%, 09/15/2031 | CNY | 149700 | 21612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.91%, 07/15/2029 | CNY | 909000 | 131873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 07/15/2045 | CNY | 10000 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.93%, 04/10/2030 | CNH | 6300 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 02/25/2027 | CNY | 75000 | 10819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 11/25/2034 | CNY | 93700 | 13610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 04/15/2029 | CNY | 110600 | 16115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/25/2075 | CNY | 4900 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.11%, 08/25/2034 | CNY | 51700 | 7553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 05/25/2034 | CNY | 86500 | 12790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 03/25/2031 | CNY | 63600 | 9388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/25/2034 | CNY | 229200 | 34081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.37%, 01/15/2029 | CNY | 145900 | 21466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 10/15/2027 | CNY | 258000 | 37593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 04/15/2027 | CNY | 166300 | 24142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 09/25/2028 | CNY | 93900 | 13840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 05/25/2044 | CNY | 268720 | 39263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/25/2027 | CNY | 81700 | 11880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 08/25/2033 | CNY | 667400 | 100425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 12/25/2030 | CNY | 122000 | 18232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 04/15/2028 | CNY | 38000 | 5592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 06/25/2030 | CNY | 264500 | 39531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 01/15/2028 | CNY | 17500 | 2570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/25/2074 | CNY | 68200 | 10316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 05/25/2033 | CNY | 661800 | 100508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 05/21/2030 | CNY | 288800 | 43220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.71%, 06/16/2033 | CNH | 11000 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/15/2029 | CNY | 87800 | 13100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/24/2029 | CNY | 363600 | 54229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.82%, 08/12/2032 | CNH | 10000 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 10/25/2052 | CNY | 175600 | 28844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 04/15/2053 | CNY | 176200 | 29337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 03/25/2073 | CNY | 162870 | 28618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 04/15/2052 | CNY | 267330 | 45263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 07/04/2026 | CNH | 24000 | 3472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 03/16/2050 | CNY | 15040 | 2552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 10/18/2051 | CNY | 113500 | 19870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.60%, 06/27/2028 | CNH | 26500 | 3990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.60%, 05/21/2030 | CNH | 8500 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 05/25/2070 | CNY | 14670 | 2837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/22/2071 | CNY | 2300 | 448 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 108 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 09/14/2050 | CNY | 55000 | 9974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.85%, 12/12/2026 | CNH | 19000 | 2783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.90%, 07/04/2036 | CNH | 13500 | 2272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 11/30/2035 | CNH | 30500 | 5154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/24/2069 | CNY | 5000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.15%, 12/04/2027 | CNH | 20000 | 3011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.15%, 12/12/2031 | CNH | 3000 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.29%, 05/22/2029 | CNH | 3000 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.40%, 12/12/2046 | CNH | 26000 | 4862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp. de Reservas Estrategicas de Productos Petroliferos Cores, (Spain), Reg. S, 1.75%, 11/24/2027 | EUR | 200 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Croatia Government International Bond, (Croatia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 06/19/2029 | EUR | 300 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 06/17/2031 | EUR | 1290 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/04/2041 | EUR | 500 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.70%, 06/15/2028 | EUR | 2850 | 3369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/22/2032 | EUR | 1660 | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 03/20/2027 | EUR | 300 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 02/11/2037 | EUR | 560 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 03/12/2034 | EUR | 1960 | 2348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cyprus Government International Bond, (Cyprus), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 01/21/2030 | EUR | 235 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.95%, 01/20/2032 | EUR | 300 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 01/21/2040 | EUR | 720 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 04/16/2050 | EUR | 470 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/03/2049 | EUR | 230 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 06/27/2031 | EUR | 1069 | 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 04/13/2033 | EUR | 360 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Czech Republic Government Bond, (Czech Republic), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 49, Reg. S, 4.20%, 12/04/2036 | CZK | 5390 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 53, Reg. S, 4.85%, 11/26/2057 | CZK | 2340 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 78, Reg. S, 2.50%, 08/25/2028 | CZK | 39010 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 94, Reg. S, 0.95%, 05/15/2030 | CZK | 89350 | 3825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 95, Reg. S, 1.00%, 06/26/2026 | CZK | 500 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 100, 0.25%, 02/10/2027 | CZK | 26000 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 103, 2.00%, 10/13/2033 | CZK | 45850 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 105, 2.75%, 07/23/2029 | CZK | 29860 | 1398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 121, 1.20%, 03/13/2031 | CZK | 54460 | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 125, 1.50%, 04/24/2040 | CZK | 45720 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 130, 0.05%, 11/29/2029 | CZK | 13030 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 138, 1.75%, 06/23/2032 | CZK | 42310 | 1769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 142, 1.95%, 07/30/2037 | CZK | 12960 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 145, 3.50%, 05/30/2035 | CZK | 52820 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 149, 5.50%, 12/12/2028 | CZK | 83830 | 4272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 150, 5.00%, 09/30/2030 | CZK | 60730 | 3075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 151, 4.90%, 04/14/2034 | CZK | 51240 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 152, 6.20%, 06/16/2031 | CZK | 17600 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 153, 5.75%, 03/29/2029 | CZK | 18100 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 154, 4.50%, 11/11/2032 | CZK | 35960 | 1765 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 156, 3.00%, 03/03/2033 | CZK | 13630 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 157, 3.60%, 06/03/2036 | CZK | 24020 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 158, 4.00%, 04/04/2044 | CZK | 10000 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 160, 4.25%, 10/24/2034 | CZK | 47520 | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 162, 5.30%, 09/19/2035 | CZK | 53320 | 2734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark Government Bond, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 0.50%, 11/15/2027 | DKK | 20078 | 3083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 0.50%, 11/15/2029 | DKK | 20004 | 2957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, 4.50%, 11/15/2039 | DKK | 31710 | 5869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32Y, 0.25%, 11/15/2052 | DKK | 22551 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, 0.00%, 11/15/2031 | DKK | 16570 | 2278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, 2.25%, 11/15/2033 | DKK | 3650 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TWIN, 0.00%, 11/15/2031 | DKK | 14257 | 1958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TWIN, 2.25%, 11/15/2033 | DKK | 23390 | 3594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TWIN, 2.25%, 11/15/2035 | DKK | 17280 | 2602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estonia Government International Bond, (Estonia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 01/17/2034 | EUR | 1340 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.13%, 06/10/2030 | EUR | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 4.00%, 10/12/2032 | EUR | 290 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Financial Stability Facility, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 10/17/2029 | EUR | 9000 | 9636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 01/18/2052 | EUR | 1000 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.20%, 02/17/2045 | EUR | 2325 | 1785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.70%, 02/13/2043 | EUR | 1900 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/17/2053 | EUR | 2050 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 02/28/2056 | EUR | 2000 | 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 06/21/2032 | EUR | 5000 | 5698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 12/03/2029 | EUR | 1020 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 04/03/2037 | EUR | 3000 | 3541 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Stability Mechanism, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 03/04/2030 | EUR | 1900 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 09/05/2028 | EUR | 2750 | 3105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/18/2042 | EUR | 1020 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 10/20/2045 | EUR | 1050 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.85%, 12/01/2055 | EUR | 180 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 09/30/2027 | EUR | 5000 | 5899 |
| &nbsp;&nbsp;&nbsp;&nbsp; European Union, (Supranational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/04/2028 | EUR | 5000 | 5517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 04/22/2031 | EUR | 5800 | 5905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.45%, 07/04/2041 | EUR | 13800 | 10155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 07/06/2051 | EUR | 5900 | 3387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 04/04/2031 | EUR | 3925 | 4163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 07/06/2032 | EUR | 5800 | 6089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 04/04/2036 | EUR | 1265 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 10/04/2029 | EUR | 8000 | 9005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 10/04/2035 | EUR | 5000 | 4985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 07/04/2028 | EUR | 5000 | 5921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 12/06/2027 | EUR | 5000 | 5947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 10/05/2029 | EUR | 5000 | 5957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 04/04/2032 | EUR | 1200 | 1448 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 109

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 10/04/2038 | EUR | 10000 | 11618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 10/05/2054 | EUR | 1900 | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 04/04/2042 | EUR | 5015 | 5897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.00%, 10/04/2030 | EUR | 10000 | 10421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.10%, 10/04/2040 | EUR | 7675 | 5451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.20%, 06/04/2036 | EUR | 9600 | 8283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.30%, 11/04/2050 | EUR | 1220 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.45%, 05/02/2046 | EUR | 5000 | 3072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 0.75%, 01/04/2047 | EUR | 5000 | 3261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SURE, Reg. S, 1.13%, 06/04/2037 | EUR | 5000 | 4637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Export Development Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 01/18/2029 | EUR | 500 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/19/2028 | EUR | 1000 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Export-Import Bank of China (The), (China), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1910, 3.86%, 05/20/2029 | CNY | 126800 | 19380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007, 3.26%, 02/24/2027 | CNY | 69500 | 10122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010, 3.23%, 03/23/2030 | CNY | 83200 | 12581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011, 3.74%, 11/16/2030 | CNY | 14300 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2110, 3.38%, 07/16/2031 | CNY | 12900 | 1987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2210, 3.18%, 03/11/2032 | CNY | 157200 | 24113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2211, 2.90%, 08/19/2032 | CNY | 106600 | 16130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2215, 2.82%, 06/17/2027 | CNY | 39600 | 5761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2305, 2.87%, 02/06/2028 | CNY | 158300 | 23189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2310, 3.10%, 02/13/2033 | CNY | 111400 | 17095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2311, 2.85%, 07/07/2033 | CNY | 65300 | 9881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2315, 2.50%, 08/04/2028 | CNY | 7000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2410, 2.44%, 04/12/2034 | CNY | 31900 | 4695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2411, 2.17%, 08/16/2034 | CNY | 3900 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2415, 1.86%, 11/08/2029 | CNY | 40300 | 5787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Export-Import Bank of Korea, (South Korea), Reg. S, 3.42%, 01/06/2029 |  | 1000 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland Government Bond, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4Y, Reg. S, 1.38%, 04/15/2027 (e) | EUR | 1760 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6Y, Reg. S, 2.50%, 04/15/2030 (e) | EUR | 1810 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6Y, Reg. S, 2.88%, 04/15/2029 (e) | EUR | 1160 | 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.00%, 09/15/2030 (e) | EUR | 2350 | 2446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.13%, 09/15/2031 (e) | EUR | 2215 | 2246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.50%, 09/15/2027 (e) | EUR | 660 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.50%, 09/15/2028 (e) | EUR | 3874 | 4341 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.50%, 09/15/2029 (e) | EUR | 3660 | 4008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.50%, 09/15/2032 (e) | EUR | 3070 | 3313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.00%, 09/15/2033 (e) | EUR | 2520 | 2968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.00%, 09/15/2034 (e) | EUR | 3060 | 3577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.00%, 09/15/2035 (e) | EUR | 3460 | 4011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 2.75%, 04/15/2038 (e) | EUR | 1780 | 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 0.13%, 04/15/2036 (e) | EUR | 1010 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 0.75%, 04/15/2031 (e) | EUR | 1321 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 1.13%, 04/15/2034 (e) | EUR | 1981 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 2.75%, 07/04/2028 (e) | EUR | 960 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, Reg. S, 0.25%, 09/15/2040 (e) | EUR | 2714 | 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, Reg. S, 3.20%, 04/15/2045 (e) | EUR | 590 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21Y, Reg. S, 0.50%, 04/15/2043 (e) | EUR | 1700 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 1.38%, 04/15/2047 (e) | EUR | 3237 | 2488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 2.63%, 07/04/2042 (e) | EUR | 1375 | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 0.13%, 04/15/2052 (e) | EUR | 1470 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 2.95%, 04/15/2055 (e) | EUR | 1690 | 1663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finnvera OYJ, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/15/2027 | EUR | 500 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 04/09/2029 | EUR | 300 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 08/07/2028 | EUR | 1300 | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/17/2032 | EUR | 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 07/14/2033 | EUR | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 03/08/2028 | EUR | 300 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 08/30/2029 | EUR | 500 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp; French Republic Government Bond OAT, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/25/2027 (e) | EUR | 14425 | 16543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/25/2029 (e) | EUR | 26745 | 28411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/25/2030 (e) | EUR | 23480 | 24101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/25/2031 (e) | EUR | 23194 | 22939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 05/25/2032 (e) | EUR | 21470 | 20819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2029 (e) | EUR | 27017 | 29663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2040 (e) | EUR | 21032 | 15434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/25/2044 (e) | EUR | 6905 | 4351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2072 (e) | EUR | 5493 | 1599 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 110 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/25/2028 (e) | EUR | 17240 | 19603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/25/2028 (e) | EUR | 21873 | 24753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 11/25/2028 (e) | EUR | 25037 | 28043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/25/2052 (e) | EUR | 13387 | 6880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/25/2053 (e) | EUR | 12718 | 6326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 05/25/2027 (e) | EUR | 14218 | 16438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/25/2034 (e) | EUR | 21436 | 21337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/25/2036 (e) | EUR | 18214 | 17057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/25/2038 (e) | EUR | 11840 | 10418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/25/2031 (e) | EUR | 17733 | 19418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/25/2050 (e) | EUR | 10300 | 6981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 06/25/2039 (e) | EUR | 12077 | 11079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/25/2066 (e) | EUR | 6876 | 3947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 11/25/2032 (e) | EUR | 21293 | 23283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 05/25/2048 (e) | EUR | 11887 | 9429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.40%, 09/24/2028 (e) | EUR | 11570 | 13589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 09/24/2027 (e) | EUR | 24970 | 29475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/25/2030 (e) | EUR | 23631 | 27540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 05/25/2043 (e) | EUR | 8540 | 8055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.70%, 02/25/2031 (e) | EUR | 12310 | 14364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 10/25/2027 (e) | EUR | 23049 | 27324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/25/2029 (e) | EUR | 14520 | 17191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/25/2030 (e) | EUR | 17140 | 20196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/25/2033 (e) | EUR | 17320 | 20071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/25/2034 (e) | EUR | 15600 | 17743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/25/2049 (e) | EUR | 5020 | 4786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 05/25/2054 (e) | EUR | 9880 | 8942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.20%, 05/25/2035 (e) | EUR | 18710 | 21483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/25/2045 (e) | EUR | 11735 | 12144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/25/2055 (e) | EUR | 8720 | 8251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 11/25/2033 (e) | EUR | 17085 | 20371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 11/25/2035 (e) | EUR | 7939 | 9284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.60%, 05/25/2042 (e) | EUR | 6410 | 7117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 05/25/2056 (e) | EUR | 6470 | 6694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 10/25/2038 (e) | EUR | 6769 | 8110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 04/25/2055 (e) | EUR | 6181 | 6756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 04/25/2060 (e) | EUR | 6967 | 7471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 04/25/2041 (e) | EUR | 13642 | 16990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 04/25/2035 (e) | EUR | 11727 | 15171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 04/25/2029 (e) | EUR | 4037 | 5187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 10/25/2032 (e) | EUR | 1029 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hellenic Republic Government Bond, (Greece), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 06/18/2031 (e) | EUR | 2170 | 2284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 06/18/2030 (e) | EUR | 2940 | 3294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 06/18/2032 (e) | EUR | 1410 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 02/04/2035 (e) | EUR | 3250 | 3371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 01/24/2052 (e) | EUR | 1580 | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 06/15/2034 (e) | EUR | 1480 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 06/15/2035 (e) | EUR | 2655 | 3167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 01/30/2028 | EUR | 1400 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 06/15/2028 (e) | EUR | 3540 | 4313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 03/12/2029 (e) | EUR | 1480 | 1815 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.90%, 01/30/2033 | EUR | 2030 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/30/2037 | EUR | 2000 | 2442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 06/15/2054 (e) | EUR | 1000 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.20%, 01/30/2042 | EUR | 2590 | 3163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 06/15/2033 (e) | EUR | 1050 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 07/18/2038 (e) | EUR | 1100 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Government Bond Programme, (Hong Kong), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 03/04/2036 | HKD | 3100 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.89%, 03/02/2032 | HKD | 4000 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.97%, 01/17/2029 | HKD | 2400 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 03/07/2034 | HKD | 3000 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Government Infrastructure Bond Programme, (Hong Kong), 3.84%, 01/16/2035 | HKD | 1000 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Government International Bond, (Hong Kong), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.95%, 06/07/2028 | CNH | 8500 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 11/30/2026 | CNH | 10000 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 06/07/2033 | CNH | 16000 | 2466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing Australia, (Australia), Reg. S, 1.41%, 06/29/2032 | AUD | 460 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing New Zealand Ltd., (New Zealand), Reg. S, 1.53%, 09/10/2035 | NZD | 400 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary Government Bond, (Hungary), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 26/E, 1.50%, 04/22/2026 | HUF | 100410 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 26/D, 2.75%, 12/22/2026 | HUF | 80210 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27/A, 3.00%, 10/27/2027 | HUF | 194780 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 28/B, 4.50%, 03/23/2028 | HUF | 422060 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 28/A, 6.75%, 10/22/2028 | HUF | 775000 | 2398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 29/A, 2.00%, 05/23/2029 | HUF | 200000 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30/A, 3.00%, 08/21/2030 | HUF | 297350 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31/A, 3.25%, 10/22/2031 | HUF | 207050 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31/B, 6.75%, 07/23/2031 | HUF | 896160 | 2779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32/G, 4.50%, 05/27/2032 | HUF | 372050 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32/A, 4.75%, 11/24/2032 | HUF | 954660 | 2627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 33/A, 2.25%, 04/20/2033 | HUF | 194590 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 34/A, 2.25%, 06/22/2034 | HUF | 100520 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 35/A, 7.00%, 10/24/2035 | HUF | 662990 | 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 38/A, 3.00%, 10/27/2038 | HUF | 318380 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 41/A, 3.00%, 04/25/2041 | HUF | 149290 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary Government International Bond, (Hungary), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.50%, 11/18/2030 | EUR | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.75%, 10/10/2027 | EUR | 825 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12Y, Reg. S, 1.63%, 04/28/2032 | EUR | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 1.75%, 06/05/2035 | EUR | 2000 | 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia Government International Bond, (Indonesia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/14/2027 | EUR | 1600 | 1841 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 111

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/31/2035 | CNH | 13000 | 1859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 06/14/2028 | EUR | 1000 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 01/15/2035 |  | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia Treasury Bond, (Indonesia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 100, 6.63%, 02/15/2034 | IDR | 119992000 | 7430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 101, 6.88%, 04/15/2029 | IDR | 78464000 | 4903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 102, 6.88%, 07/15/2054 | IDR | 26181000 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 103, 6.75%, 07/15/2035 | IDR | 126883000 | 7990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 104, 6.50%, 07/15/2030 | IDR | 77868000 | 4852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 106, 7.13%, 08/15/2040 | IDR | 90015000 | 5787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 107, 7.13%, 08/15/2045 | IDR | 61411000 | 3946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 108, 6.50%, 04/15/2036 | IDR | 23254000 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR65, 6.63%, 05/15/2033 | IDR | 400000 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR67, 8.75%, 02/15/2044 | IDR | 2074000 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR75, 7.50%, 05/15/2038 | IDR | 1300000 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR76, 7.38%, 05/15/2048 | IDR | 26953000 | 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR78, 8.25%, 05/15/2029 | IDR | 1000000 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR79, 8.38%, 04/15/2039 | IDR | 13027000 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR80, 7.50%, 06/15/2035 | IDR | 47876000 | 3138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR82, 7.00%, 09/15/2030 | IDR | 38229000 | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR83, 7.50%, 04/15/2040 | IDR | 65817000 | 4308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR87, 6.50%, 02/15/2031 | IDR | 129043000 | 7956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR89, 6.88%, 08/15/2051 | IDR | 34705000 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR90, 5.13%, 04/15/2027 | IDR | 96000000 | 5747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR91, 6.38%, 04/15/2032 | IDR | 69446000 | 4246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR95, 6.38%, 08/15/2028 | IDR | 98058000 | 6022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR96, 7.00%, 02/15/2033 | IDR | 89577000 | 5646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR97, 7.13%, 06/15/2043 | IDR | 40858000 | 2592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FR98, 7.13%, 06/15/2038 | IDR | 12000000 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Instituto de Credito Oficial, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.65%, 01/31/2028 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.70%, 10/31/2030 | EUR | 400 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.05%, 10/31/2027 | EUR | 1000 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.05%, 04/30/2031 | EUR | 400 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland Government Bond, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/18/2031 | EUR | 4867 | 4910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 05/15/2027 | EUR | 4480 | 5137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.20%, 10/18/2030 | EUR | 2541 | 2674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.35%, 10/18/2032 | EUR | 1460 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 05/15/2035 | EUR | 4140 | 3810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.55%, 04/22/2041 | EUR | 1825 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.90%, 05/15/2028 | EUR | 1812 | 2068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.10%, 05/15/2029 | EUR | 2567 | 2897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.30%, 05/15/2033 | EUR | 1230 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.35%, 03/18/2031 | EUR | 3315 | 3671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/15/2050 | EUR | 3043 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.70%, 05/15/2037 | EUR | 2440 | 2453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 02/18/2045 | EUR | 3485 | 3229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.40%, 05/15/2030 | EUR | 2350 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.60%, 10/18/2034 | EUR | 1880 | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/18/2043 | EUR | 1850 | 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.15%, 10/18/2055 | EUR | 920 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Government AID Bond, (Israel), Series 30Y, 5.50%, 09/18/2033 |  | 525 | 570 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Government Bond—Fixed, (Israel), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 142, 5.50%, 01/31/2042 | ILS | 290 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 327, 2.00%, 03/31/2027 | ILS | 800 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 330, 1.00%, 03/31/2030 | ILS | 1200 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 335, 4.00%, 03/30/2035 | ILS | 930 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 537, 1.50%, 05/31/2037 | ILS | 305 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy Buoni Poliennali Del Tesoro, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2Y, Reg. S, 2.10%, 08/26/2027 | EUR | 5310 | 6230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2Y, Reg. S, 2.55%, 02/25/2027 | EUR | 2860 | 3376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3Y, Reg. S, 2.65%, 06/15/2028 | EUR | 5800 | 6860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3Y, Reg. S, 2.70%, 10/15/2027 | EUR | 3650 | 4324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3Y, Reg. S, 2.95%, 02/15/2027 | EUR | 3600 | 4268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3Y, Reg. S, 3.45%, 07/15/2027 | EUR | 4600 | 5508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4Y, Reg. S, 2.35%, 01/15/2029 | EUR | 2260 | 2646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 1.10%, 04/01/2027 | EUR | 11610 | 13477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 2.65%, 12/01/2027 | EUR | 9680 | 11463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 2.70%, 10/01/2030 (e) | EUR | 4010 | 4699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 3.00%, 10/01/2029 | EUR | 2545 | 3033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 3.35%, 07/01/2029 | EUR | 7570 | 9129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 3.40%, 04/01/2028 | EUR | 8170 | 9828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 3.80%, 08/01/2028 | EUR | 5890 | 7167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, Reg. S, 4.10%, 02/01/2029 | EUR | 5835 | 7186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 0.25%, 03/15/2028 | EUR | 11660 | 13114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 0.45%, 02/15/2029 | EUR | 6800 | 7514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 0.50%, 07/15/2028 | EUR | 8744 | 9816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 0.95%, 09/15/2027 | EUR | 3660 | 4217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 2.80%, 06/15/2029 | EUR | 4820 | 5716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 3.15%, 11/15/2031 (e) | EUR | 5100 | 6058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 3.25%, 07/15/2032 (e) | EUR | 8450 | 10043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 3.25%, 11/15/2032 (e) | EUR | 5710 | 6765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 3.45%, 07/15/2031 | EUR | 6590 | 7966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 3.50%, 02/15/2031 (e) | EUR | 4310 | 5226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 3.70%, 06/15/2030 | EUR | 4010 | 4905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 3.85%, 12/15/2029 | EUR | 8510 | 10458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 4.00%, 11/15/2030 | EUR | 12140 | 15051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, Reg. S, 0.85%, 01/15/2027 (e) | EUR | 14005 | 16259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, Reg. S, 4.00%, 10/30/2031 (e) | EUR | 2740 | 3410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.60%, 08/01/2031 (e) | EUR | 14464 | 15011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.95%, 08/01/2030 | EUR | 12390 | 13462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.95%, 12/01/2031 (e) | EUR | 9585 | 10058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 0.95%, 06/01/2032 | EUR | 8745 | 9051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.65%, 12/01/2030 (e) | EUR | 10474 | 11678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.00%, 02/01/2028 | EUR | 7282 | 8517 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 112 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.05%, 08/01/2027 | EUR | 3580 | 4202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.20%, 06/01/2027 | EUR | 4857 | 5717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.50%, 12/01/2032 | EUR | 9410 | 10660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 2.80%, 12/01/2028 | EUR | 12440 | 14787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.00%, 08/01/2029 | EUR | 11056 | 13203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.45%, 02/01/2036 | EUR | 950 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.60%, 10/01/2035 | EUR | 7430 | 8829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.65%, 08/01/2035 (e) | EUR | 6330 | 7556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.85%, 07/01/2034 | EUR | 9820 | 11978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 4.20%, 03/01/2034 | EUR | 6290 | 7879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 4.35%, 11/01/2033 | EUR | 7510 | 9506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 4.40%, 05/01/2033 | EUR | 6270 | 7968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 0.90%, 04/01/2031 | EUR | 17937 | 19115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 1.35%, 04/01/2030 | EUR | 3150 | 3511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 3.85%, 02/01/2035 | EUR | 6060 | 7379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13Y, Reg. S, 4.00%, 04/30/2035 (e) | EUR | 3670 | 4531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13Y, Reg. S, 4.05%, 10/30/2037 (e) | EUR | 3520 | 4290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 2.45%, 09/01/2033 (e) | EUR | 7430 | 8301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 3.85%, 10/01/2040 (e) | EUR | 9590 | 11213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 4.15%, 10/01/2039 (e) | EUR | 6260 | 7611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 4.75%, 09/01/2028 (e) | EUR | 16730 | 20852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 0.95%, 03/01/2037 (e) | EUR | 11714 | 10436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 1.45%, 03/01/2036 (e) | EUR | 4659 | 4519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 3.25%, 03/01/2038 (e) | EUR | 3490 | 3927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 3.35%, 03/01/2035 (e) | EUR | 8010 | 9398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16Y, Reg. S, 3.50%, 03/01/2030 (e) | EUR | 6136 | 7454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 17Y, Reg. S, 1.65%, 03/01/2032 (e) | EUR | 10936 | 11901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, Reg. S, 2.25%, 09/01/2036 (e) | EUR | 8984 | 9356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, Reg. S, 2.95%, 09/01/2038 (e) | EUR | 5810 | 6301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, Reg. S, 4.10%, 04/30/2046 (e) | EUR | 1580 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, Reg. S, 4.45%, 09/01/2043 (e) | EUR | 5960 | 7347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21Y, Reg. S, 1.80%, 03/01/2041 (e) | EUR | 8034 | 7165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21Y, Reg. S, 3.10%, 03/01/2040 (e) | EUR | 5442 | 5890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 24Y, Reg. S, 1.50%, 04/30/2045 (e) | EUR | 4831 | 3738 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 2.15%, 09/01/2052 (e) | EUR | 4461 | 3486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 2.45%, 09/01/2050 (e) | EUR | 5142 | 4412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 3.85%, 09/01/2049 (e) | EUR | 7250 | 8107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 4.30%, 10/01/2054 (e) | EUR | 6280 | 7325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 4.50%, 10/01/2053 (e) | EUR | 5505 | 6632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 4.65%, 10/01/2055 (e) | EUR | 2130 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 6.50%, 11/01/2027 | EUR | 890 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 7.25%, 11/01/2026 | EUR | 2415 | 2959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 1.70%, 09/01/2051 (e) | EUR | 5817 | 4136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 2.70%, 03/01/2047 (e) | EUR | 5110 | 4801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 3.25%, 09/01/2046 (e) | EUR | 5776 | 5968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 3.45%, 03/01/2048 (e) | EUR | 6475 | 6828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 4.00%, 02/01/2037 (e) | EUR | 8430 | 10298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 4.75%, 09/01/2044 (e) | EUR | 7475 | 9595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 5.00%, 08/01/2034 (e) | EUR | 14866 | 19669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 5.00%, 09/01/2040 (e) | EUR | 5940 | 7868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 5.25%, 11/01/2029 | EUR | 1777 | 2292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 5.75%, 02/01/2033 | EUR | 1260 | 1726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 6.00%, 05/01/2031 | EUR | 4453 | 6053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 32Y, Reg. S, 5.00%, 08/01/2039 (e) | EUR | 7023 | 9311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 50Y, Reg. S, 2.15%, 03/01/2072 (e) | EUR | 3440 | 2389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 50Y, Reg. S, 2.80%, 03/01/2067 (e) | EUR | 3525 | 2939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Bank for International Cooperation, (Japan), 3.13%, 02/15/2028 | EUR | 1000 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Expressway Holding and Debt Repayment Agency, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 37, 2.42%, 06/20/2028 | JPY | 100000 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 75, 1.96%, 09/19/2031 | JPY | 100000 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Five Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 148, 0.01%, 06/20/2026 | JPY | 409750 | 2607 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 113

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 150, 0.01%, 12/20/2026 | JPY | 1437150 | 9097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 151, 0.01%, 03/20/2027 | JPY | 2608000 | 16462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 152, 0.10%, 03/20/2027 | JPY | 3244700 | 20505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 153, 0.01%, 06/20/2027 | JPY | 3481550 | 21896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 154, 0.10%, 09/20/2027 | JPY | 4855000 | 30472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 155, 0.30%, 12/20/2027 | JPY | 3260550 | 20480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 156, 0.20%, 12/20/2027 | JPY | 2476550 | 15526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 157, 0.20%, 03/20/2028 | JPY | 2759850 | 17250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 158, 0.10%, 03/20/2028 | JPY | 4656250 | 29039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 159, 0.10%, 06/20/2028 | JPY | 809100 | 5029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 160, 0.20%, 06/20/2028 | JPY | 1579900 | 9844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 161, 0.30%, 06/20/2028 | JPY | 1290000 | 8057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 162, 0.30%, 09/20/2028 | JPY | 1924950 | 11985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 163, 0.40%, 09/20/2028 | JPY | 984400 | 6147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 164, 0.20%, 12/20/2028 | JPY | 3606700 | 22308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 165, 0.30%, 12/20/2028 | JPY | 1890800 | 11729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 166, 0.40%, 12/20/2028 | JPY | 1854500 | 11538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 167, 0.40%, 03/20/2029 | JPY | 2435000 | 15095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 168, 0.60%, 03/20/2029 | JPY | 800000 | 4991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 170, 0.60%, 06/20/2029 | JPY | 1390400 | 8648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 171, 0.40%, 06/20/2029 | JPY | 2000000 | 12353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 172, 0.50%, 06/20/2029 | JPY | 1033250 | 6404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 174, 0.70%, 09/20/2029 | JPY | 450000 | 2799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 175, 0.90%, 12/20/2029 | JPY | 2000000 | 12501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 177, 1.10%, 12/20/2029 | JPY | 1853000 | 11673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 178, 1.00%, 03/20/2030 | JPY | 620000 | 3881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 179, 1.00%, 06/20/2030 | JPY | 709600 | 4431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Forty Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, 2.40%, 03/20/2048 | JPY | 100000 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, 2.20%, 03/20/2050 | JPY | 955350 | 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6, 1.90%, 03/20/2053 | JPY | 650 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7, 1.70%, 03/20/2054 | JPY | 211750 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8, 1.40%, 03/20/2055 | JPY | 495250 | 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 9, 0.40%, 03/20/2056 | JPY | 2456350 | 7030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10, 0.90%, 03/20/2057 | JPY | 548400 | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11, 0.80%, 03/20/2058 | JPY | 878650 | 2846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 12, 0.50%, 03/20/2059 | JPY | 955700 | 2679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13, 0.50%, 03/20/2060 | JPY | 1954100 | 5386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 14, 0.70%, 03/20/2061 | JPY | 874650 | 2567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15, 1.00%, 03/20/2062 | JPY | 1159000 | 3748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 16, 1.30%, 03/20/2063 | JPY | 1953750 | 6883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 17, 2.20%, 03/20/2064 | JPY | 1138950 | 5288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 18, 3.10%, 03/20/2065 | JPY | 361100 | 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Ten Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, 0.70%, 12/20/2033 | JPY | 3143150 | 18330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, 1.00%, 03/20/2034 | JPY | 1707350 | 10155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 345, 0.10%, 12/20/2026 | JPY | 1521950 | 9643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 346, 0.10%, 03/20/2027 | JPY | 2185600 | 13812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 347, 0.10%, 06/20/2027 | JPY | 4300000 | 27080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 348, 0.10%, 09/20/2027 | JPY | 320850 | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 349, 0.10%, 12/20/2027 | JPY | 2634800 | 16485 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 350, 0.10%, 03/20/2028 | JPY | 3753900 | 23410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 351, 0.10%, 06/20/2028 | JPY | 2159350 | 13422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 353, 0.10%, 12/20/2028 | JPY | 5124200 | 31596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 354, 0.10%, 03/20/2029 | JPY | 900000 | 5526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 356, 0.10%, 09/20/2029 | JPY | 4537200 | 27601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 357, 0.10%, 12/20/2029 | JPY | 2000550 | 12114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 358, 0.10%, 03/20/2030 | JPY | 4869700 | 29350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 359, 0.10%, 06/20/2030 | JPY | 6222550 | 37327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 360, 0.10%, 09/20/2030 | JPY | 3321950 | 19833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 361, 0.10%, 12/20/2030 | JPY | 7177250 | 42659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 362, 0.10%, 03/20/2031 | JPY | 3813250 | 22557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 363, 0.10%, 06/20/2031 | JPY | 3264500 | 19216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 364, 0.10%, 09/20/2031 | JPY | 3051900 | 17868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 365, 0.10%, 12/20/2031 | JPY | 1833750 | 10679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 366, 0.20%, 03/20/2032 | JPY | 6937550 | 40438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 367, 0.20%, 06/20/2032 | JPY | 4129800 | 23940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 368, 0.20%, 09/20/2032 | JPY | 3450000 | 19891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 369, 0.50%, 12/20/2032 | JPY | 1591000 | 9324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 370, 0.50%, 03/20/2033 | JPY | 4442700 | 25896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 371, 0.40%, 06/20/2033 | JPY | 4110000 | 23657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 372, 0.80%, 09/20/2033 | JPY | 1805150 | 10663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 373, 0.60%, 12/20/2033 | JPY | 3720600 | 21530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 374, 0.80%, 03/20/2034 | JPY | 3698700 | 21655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 375, 1.10%, 06/20/2034 | JPY | 4262800 | 25478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 376, 0.90%, 09/20/2034 | JPY | 3318150 | 19415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 377, 1.20%, 12/20/2034 | JPY | 5359350 | 32059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 378, 1.40%, 03/20/2035 | JPY | 3106900 | 18841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 379, 1.50%, 06/20/2035 | JPY | 2945600 | 17969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 380, 1.70%, 09/20/2035 | JPY | 254750 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Thirty Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11, 1.70%, 06/20/2033 | JPY | 100000 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21, 2.30%, 12/20/2035 | JPY | 704850 | 4595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 22, 2.50%, 03/20/2036 | JPY | 116250 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 24, 2.50%, 09/20/2036 | JPY | 46950 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 33, 2.00%, 09/20/2040 | JPY | 333000 | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 34, 2.20%, 03/20/2041 | JPY | 23000 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 37, 1.90%, 09/20/2042 | JPY | 355250 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 40, 1.80%, 09/20/2043 | JPY | 651750 | 3578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 42, 1.70%, 03/20/2044 | JPY | 1650000 | 8823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 43, 1.70%, 06/20/2044 | JPY | 620200 | 3301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 44, 1.70%, 09/20/2044 | JPY | 764000 | 4051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 47, 1.60%, 06/20/2045 | JPY | 2799700 | 14389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 49, 1.40%, 12/20/2045 | JPY | 2264500 | 11099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 50, 0.80%, 03/20/2046 | JPY | 364400 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 51, 0.30%, 06/20/2046 | JPY | 2696700 | 10206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 52, 0.50%, 09/20/2046 | JPY | 204150 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 54, 0.80%, 03/20/2047 | JPY | 955400 | 3987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 57, 0.80%, 12/20/2047 | JPY | 219750 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 58, 0.80%, 03/20/2048 | JPY | 1110150 | 4494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 59, 0.70%, 06/20/2048 | JPY | 1100000 | 4304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 60, 0.90%, 09/20/2048 | JPY | 492500 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 61, 0.70%, 12/20/2048 | JPY | 485650 | 1868 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 114 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 62, 0.50%, 03/20/2049 | JPY | 1345950 | 4852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 63, 0.40%, 06/20/2049 | JPY | 1591800 | 5521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 64, 0.40%, 09/20/2049 | JPY | 839600 | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 65, 0.40%, 12/20/2049 | JPY | 1608550 | 5469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 66, 0.40%, 03/20/2050 | JPY | 2165750 | 7286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 67, 0.60%, 06/20/2050 | JPY | 1931400 | 6835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 68, 0.60%, 09/20/2050 | JPY | 1464000 | 5126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 69, 0.70%, 12/20/2050 | JPY | 903300 | 3227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 70, 0.70%, 03/20/2051 | JPY | 796550 | 2815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 71, 0.70%, 06/20/2051 | JPY | 503150 | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73, 0.70%, 12/20/2051 | JPY | 586150 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 74, 1.00%, 03/20/2052 | JPY | 709600 | 2669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 75, 1.30%, 06/20/2052 | JPY | 56000 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 76, 1.40%, 09/20/2052 | JPY | 1853000 | 7729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 77, 1.60%, 12/20/2052 | JPY | 925150 | 4054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 78, 1.40%, 03/20/2053 | JPY | 886000 | 3672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 79, 1.20%, 06/20/2053 | JPY | 1036300 | 4050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 80, 1.80%, 09/20/2053 | JPY | 700050 | 3202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 81, 1.60%, 12/20/2053 | JPY | 1036600 | 4495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 82, 1.80%, 03/20/2054 | JPY | 1115650 | 5086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 83, 2.20%, 06/20/2054 | JPY | 431000 | 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 84, 2.10%, 09/20/2054 | JPY | 1788450 | 8757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 85, 2.30%, 12/20/2054 | JPY | 962700 | 4935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 86, 2.40%, 03/20/2055 | JPY | 649150 | 3404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 87, 2.80%, 06/20/2055 | JPY | 1298400 | 7420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 88, 3.20%, 09/20/2055 | JPY | 45000 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Twenty Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 105, 2.10%, 09/20/2028 | JPY | 214950 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 117, 2.10%, 03/20/2030 | JPY | 1267800 | 8300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 118, 2.00%, 06/20/2030 | JPY | 2006800 | 13083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 121, 1.90%, 09/20/2030 | JPY | 2832550 | 18380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 122, 1.80%, 09/20/2030 | JPY | 924000 | 5970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 129, 1.80%, 06/20/2031 | JPY | 233450 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 131, 1.70%, 09/20/2031 | JPY | 1135600 | 7281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 140, 1.70%, 09/20/2032 | JPY | 163950 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 142, 1.80%, 12/20/2032 | JPY | 1010900 | 6472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 143, 1.60%, 03/20/2033 | JPY | 1004800 | 6335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 147, 1.60%, 12/20/2033 | JPY | 2100000 | 13147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 148, 1.50%, 03/20/2034 | JPY | 450250 | 2788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 149, 1.50%, 06/20/2034 | JPY | 498700 | 3080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 151, 1.20%, 12/20/2034 | JPY | 1265700 | 7571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 153, 1.30%, 06/20/2035 | JPY | 5464050 | 32746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 154, 1.20%, 09/20/2035 | JPY | 289150 | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 155, 1.00%, 12/20/2035 | JPY | 1857350 | 10727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 156, 0.40%, 03/20/2036 | JPY | 2420700 | 13062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 157, 0.20%, 06/20/2036 | JPY | 4193200 | 21981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 160, 0.70%, 03/20/2037 | JPY | 385550 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 161, 0.60%, 06/20/2037 | JPY | 2625000 | 14011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 162, 0.60%, 09/20/2037 | JPY | 119400 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 163, 0.60%, 12/20/2037 | JPY | 754550 | 3973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 164, 0.50%, 03/20/2038 | JPY | 2237350 | 11538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 165, 0.50%, 06/20/2038 | JPY | 1673650 | 8565 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 167, 0.50%, 12/20/2038 | JPY | 2482750 | 12508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 168, 0.40%, 03/20/2039 | JPY | 1785750 | 8801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 169, 0.30%, 06/20/2039 | JPY | 2784700 | 13408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 170, 0.30%, 09/20/2039 | JPY | 1591150 | 7596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 171, 0.30%, 12/20/2039 | JPY | 2243300 | 10622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 172, 0.40%, 03/20/2040 | JPY | 2467150 | 11768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 173, 0.40%, 06/20/2040 | JPY | 3206400 | 15171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 174, 0.40%, 09/20/2040 | JPY | 2658750 | 12474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 175, 0.50%, 12/20/2040 | JPY | 1498400 | 7086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 176, 0.50%, 03/20/2041 | JPY | 1949850 | 9144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 177, 0.40%, 06/20/2041 | JPY | 1585300 | 7248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 178, 0.50%, 09/20/2041 | JPY | 1210950 | 5589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 179, 0.50%, 12/20/2041 | JPY | 2823600 | 12932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 180, 0.80%, 03/20/2042 | JPY | 1190000 | 5709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 181, 0.90%, 06/20/2042 | JPY | 483200 | 2344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 182, 1.10%, 09/20/2042 | JPY | 481400 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 183, 1.40%, 12/20/2042 | JPY | 491050 | 2564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 184, 1.10%, 03/20/2043 | JPY | 1628650 | 8039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 185, 1.10%, 06/20/2043 | JPY | 1072150 | 5255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 186, 1.50%, 09/20/2043 | JPY | 733950 | 3834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 187, 1.30%, 12/20/2043 | JPY | 2016000 | 10124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 188, 1.60%, 03/20/2044 | JPY | 2420550 | 12724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 189, 1.90%, 06/20/2044 | JPY | 546350 | 3006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 190, 1.80%, 09/20/2044 | JPY | 2372750 | 12791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 191, 2.00%, 12/20/2044 | JPY | 1287150 | 7150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 192, 2.40%, 03/20/2045 | JPY | 799400 | 4724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 193, 2.50%, 06/20/2045 | JPY | 1151100 | 6892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 194, 2.70%, 09/20/2045 | JPY | 256150 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Government Two Year Bond, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 471, 0.90%, 04/01/2027 | JPY | 2500000 | 15947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 474, 0.70%, 07/01/2027 | JPY | 189400 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Housing Finance Agency, (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 71, 1.75%, 03/19/2026 | JPY | 200000 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 108, 1.43%, 06/18/2027 | JPY | 100000 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan International Cooperation Agency, (Japan), Series 35, 0.08%, 06/19/2026 | JPY | 200000 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japanese Government CPI Linked Bond, (Japan), Series 25, 0.20%, 03/10/2030 | JPY | 112112 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jersey International Bond, (Jersey), Reg. S, 3.75%, 06/09/2054 | GBP | 400 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan Government International Bond, (Kazakhstan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.60%, 09/30/2026 | EUR | 10000 | 11558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 09/30/2034 | EUR | 400 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingdom of Belgium Government Bond, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 44, Reg. S, 5.00%, 03/28/2035 (e) | EUR | 7220 | 9628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 60, Reg. S, 4.25%, 03/28/2041 (e) | EUR | 5870 | 7224 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 115

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 66, Reg. S, 4.00%, 03/28/2032 | EUR | 2602 | 3252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 71, Reg. S, 3.75%, 06/22/2045 | EUR | 3663 | 4155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73, Reg. S, 3.00%, 06/22/2034 (e) | EUR | 4538 | 5257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 75, Reg. S, 1.00%, 06/22/2031 (e) | EUR | 5227 | 5587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 76, Reg. S, 1.90%, 06/22/2038 (e) | EUR | 3510 | 3414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 77, Reg. S, 1.00%, 06/22/2026 (e) | EUR | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 78, Reg. S, 1.60%, 06/22/2047 (e) | EUR | 4937 | 3744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 80, Reg. S, 2.15%, 06/22/2066 (e) | EUR | 3041 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 81, Reg. S, 0.80%, 06/22/2027 (e) | EUR | 5330 | 6148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 83, Reg. S, 2.25%, 06/22/2057 (e) | EUR | 2277 | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 84, Reg. S, 1.45%, 06/22/2037 (e) | EUR | 1890 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 85, Reg. S, 0.80%, 06/22/2028 (e) | EUR | 7892 | 8950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 86, Reg. S, 1.25%, 04/22/2033 (e) | EUR | 3994 | 4160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 87, Reg. S, 0.90%, 06/22/2029 (e) | EUR | 7684 | 8567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 88, Reg. S, 1.70%, 06/22/2050 (e) | EUR | 4396 | 3213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 89, Reg. S, 0.10%, 06/22/2030 (e) | EUR | 5261 | 5531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 90, Reg. S, 0.40%, 06/22/2040 (e) | EUR | 3385 | 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 91, Reg. S, 0.00%, 10/22/2027 (e) | EUR | 8976 | 10150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 92, Reg. S, 0.00%, 10/22/2031 (e) | EUR | 3367 | 3366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 93, Reg. S, 0.65%, 06/22/2071 (e) | EUR | 3048 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 94, Reg. S, 0.35%, 06/22/2032 (e) | EUR | 7160 | 7147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 95, Reg. S, 1.40%, 06/22/2053 (e) | EUR | 4205 | 2663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 96, Reg. S, 2.75%, 04/22/2039 (e) | EUR | 3430 | 3631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 97, Reg. S, 3.00%, 06/22/2033 (e) | EUR | 6650 | 7780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 98, Reg. S, 3.30%, 06/22/2054 (e) | EUR | 4400 | 4332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 99, Reg. S, 3.45%, 06/22/2043 (e) | EUR | 949 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 100, Reg. S, 2.85%, 10/22/2034 (e) | EUR | 7560 | 8603 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 101, Reg. S, 3.50%, 06/22/2055 (e) | EUR | 3180 | 3225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 102, Reg. S, 2.70%, 10/22/2029 (e) | EUR | 4200 | 4965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 103, Reg. S, 3.10%, 06/22/2035 (e) | EUR | 5370 | 6186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 104, Reg. S, 3.45%, 06/22/2042 (e) | EUR | 1460 | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 105, Reg. S, 2.60%, 10/22/2030 (e) | EUR | 2280 | 2666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kommunalbanken A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 10/24/2029 | EUR | 1500 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/24/2027 | EUR | 500 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Housing Finance Corp., (South Korea), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.26%, 10/27/2028 | EUR | 1900 | 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.74%, 03/05/2030 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.71%, 04/11/2027 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Land & Housing Corp., (South Korea), Reg. S, 2.47%, 06/23/2028 |  | 1000 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Treasury Bond, (South Korea), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2612, 1.50%, 12/10/2026 | KRW | 569490 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2703, 2.63%, 03/10/2027 | KRW | 27300000 | 18946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2706, 2.13%, 06/10/2027 | KRW | 9300000 | 6400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2706, 3.25%, 06/10/2027 | KRW | 4000000 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2712, 2.88%, 12/10/2027 | KRW | 5700000 | 3959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2803, 3.25%, 03/10/2028 | KRW | 110000 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2806, 2.25%, 06/10/2028 | KRW | 13000000 | 8870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2806, 2.63%, 06/10/2028 | KRW | 13179330 | 9072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2809, 3.50%, 09/10/2028 | KRW | 8153550 | 5730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2903, 3.25%, 03/10/2029 | KRW | 9700000 | 6770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2909, 3.00%, 09/10/2029 | KRW | 10000000 | 6904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2912, 1.38%, 12/10/2029 | KRW | 5000000 | 3240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3003, 2.63%, 03/10/2030 | KRW | 6000000 | 4066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3006, 1.38%, 06/10/2030 | KRW | 11707090 | 7496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3009, 2.50%, 09/10/2030 | KRW | 10419200 | 7008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3012, 1.50%, 12/10/2030 | KRW | 4710160 | 3007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3106, 2.00%, 06/10/2031 | KRW | 4491310 | 2915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3112, 2.38%, 12/10/2031 | KRW | 7660920 | 5049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3206, 3.38%, 06/10/2032 | KRW | 8676480 | 6037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3212, 4.25%, 12/10/2032 | KRW | 1100000 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3306, 3.25%, 06/10/2033 | KRW | 6160000 | 4233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3312, 4.13%, 12/10/2033 | KRW | 6283320 | 4579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3406, 3.50%, 06/10/2034 | KRW | 6536490 | 4559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3412, 3.00%, 12/10/2034 | KRW | 7796800 | 5232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3506, 2.63%, 06/10/2035 | KRW | 5816950 | 3790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3509, 2.63%, 09/10/2035 | KRW | 2028750 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3512, 3.25%, 12/10/2035 | KRW | 1584800 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3709, 2.25%, 09/10/2037 | KRW | 3000000 | 1858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3809, 2.38%, 09/10/2038 | KRW | 1406080 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4009, 1.50%, 09/10/2040 | KRW | 3474140 | 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4109, 1.88%, 09/10/2041 | KRW | 2115790 | 1193 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 116 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4209, 3.25%, 09/10/2042 | KRW | 2355460 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4212, 3.00%, 12/10/2042 | KRW | 70000 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4309, 3.88%, 09/10/2043 | KRW | 13269080 | 9731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4409, 2.88%, 09/10/2044 | KRW | 10521210 | 6798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4509, 2.75%, 09/10/2045 | KRW | 4013000 | 2554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4803, 2.63%, 03/10/2048 | KRW | 6000000 | 3701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4903, 2.00%, 03/10/2049 | KRW | 9649550 | 5267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5003, 1.50%, 03/10/2050 | KRW | 12738520 | 6182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5103, 1.88%, 03/10/2051 | KRW | 23351830 | 12258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5203, 2.50%, 03/10/2052 | KRW | 4427100 | 2640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5303, 3.25%, 03/10/2053 | KRW | 5101170 | 3505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5309, 3.63%, 09/10/2053 | KRW | 3979440 | 2924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5403, 3.25%, 03/10/2054 | KRW | 13164020 | 9059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5409, 2.75%, 09/10/2054 | KRW | 4506000 | 2818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5503, 2.63%, 03/10/2055 | KRW | 15481460 | 9440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5509, 2.63%, 09/10/2055 | KRW | 8020310 | 4918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6609, 1.50%, 09/10/2066 | KRW | 1261010 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6809, 2.00%, 09/10/2068 | KRW | 1200000 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7009, 1.63%, 09/10/2070 | KRW | 1207190 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7209, 3.50%, 09/10/2072 | KRW | 1437770 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7409, 2.75%, 09/10/2074 | KRW | 4857120 | 3030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuwait International Government Bond, (Kuwait), Reg. S, 4.02%, 10/09/2028 |  | 1500 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Latvia Government International Bond, (Latvia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/17/2031 | EUR | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 01/23/2030 | EUR | 1000 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/30/2028 | EUR | 390 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/16/2036 | EUR | 610 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 02/19/2049 | EUR | 540 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/21/2030 | EUR | 1260 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 01/17/2028 | EUR | 650 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 05/22/2029 | EUR | 1020 | 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCR Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 12/07/2028 | GBP | 400 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 12/07/2038 | GBP | 110 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/07/2051 | GBP | 350 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithuania Government International Bond, (Lithuania), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 07/28/2050 | EUR | 560 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/06/2030 | EUR | 440 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.95%, 05/26/2027 | EUR | 500 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 06/01/2032 | EUR | 1010 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/03/2031 | EUR | 1500 | 1798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 02/13/2034 | EUR | 1540 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 01/28/2040 | EUR | 880 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 06/14/2033 | EUR | 800 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia Government Bond, (Malaysia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 120, 4.07%, 06/15/2050 | MYR | 11760 | 2953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 122, 3.58%, 07/15/2032 | MYR | 14190 | 3534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 123, 4.46%, 03/31/2053 | MYR | 14390 | 3829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 124, 4.05%, 04/18/2039 | MYR | 17970 | 4552 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 216, 4.74%, 03/15/2046 | MYR | 3340 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 219, 3.89%, 08/15/2029 | MYR | 11100 | 2798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 220, 2.63%, 04/15/2031 | MYR | 45710 | 10871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 222, 4.70%, 10/15/2042 | MYR | 8700 | 2366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 223, 3.52%, 04/20/2028 | MYR | 18490 | 4606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 224, 4.18%, 05/16/2044 | MYR | 10910 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 225, 3.48%, 07/02/2035 | MYR | 11980 | 2941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 316, 3.90%, 11/30/2026 | MYR | 27500 | 6837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 318, 4.64%, 11/07/2033 | MYR | 10200 | 2712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 322, 4.50%, 04/30/2029 | MYR | 10000 | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 325, 3.92%, 07/15/2055 | MYR | 7210 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 415, 4.25%, 05/31/2035 | MYR | 5790 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 417, 3.90%, 11/16/2027 | MYR | 3500 | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 418, 4.89%, 06/08/2038 | MYR | 8100 | 2225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 419, 3.83%, 07/05/2034 | MYR | 12000 | 3028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 518, 4.92%, 07/06/2048 | MYR | 4000 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 519, 3.76%, 05/22/2040 | MYR | 7650 | 1878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia Government Investment Issue, (Malaysia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 119, 4.13%, 07/09/2029 | MYR | 5810 | 1477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 120, 3.42%, 09/30/2027 | MYR | 3270 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 121, 3.45%, 07/15/2036 | MYR | 5000 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 122, 4.19%, 10/07/2032 | MYR | 2140 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 124, 4.28%, 03/23/2054 | MYR | 5000 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 218, 4.37%, 10/31/2028 | MYR | 19000 | 4837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 219, 4.47%, 09/15/2039 | MYR | 11620 | 3094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 222, 5.36%, 05/15/2052 | MYR | 4520 | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 223, 4.29%, 08/14/2043 | MYR | 17650 | 4590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 224, 3.80%, 10/08/2031 | MYR | 5000 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 225, 3.64%, 08/30/2030 | MYR | 3080 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 417, 4.90%, 05/08/2047 | MYR | 271 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 617, 4.72%, 06/15/2033 | MYR | 505 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 619, 4.12%, 11/30/2034 | MYR | 16830 | 4334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitano de Lisboa EPE, (Portugal), 4.80%, 12/07/2027 | EUR | 1000 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Bonos, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, 7.50%, 06/03/2027 | MXN | 17000 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, 7.75%, 05/29/2031 | MXN | 12000 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, 7.75%, 11/13/2042 | MXN | 2000 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, 8.00%, 11/07/2047 | MXN | 5000 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, 8.00%, 07/31/2053 | MXN | 5400 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, 8.50%, 05/31/2029 | MXN | 1000 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, 8.50%, 11/18/2038 | MXN | 2000 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, 10.00%, 11/20/2036 | MXN | 3000 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico Government International Bond, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/17/2030 | EUR | 1200 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/17/2028 | EUR | 2000 | 2284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/06/2045 | EUR | 825 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 05/25/2032 | EUR | 4900 | 5881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 03/19/2114 | GBP | 800 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/12/2110 |  | 80 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/13/2055 |  | 200 | 215 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 117

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands Government Bond, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/15/2027 (e) | EUR | 6290 | 7244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/15/2029 (e) | EUR | 7420 | 8137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/15/2030 (e) | EUR | 9004 | 9462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/15/2031 (e) | EUR | 4567 | 4653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/15/2038 (e) | EUR | 5177 | 4153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/15/2052 (e) | EUR | 7309 | 3439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/15/2029 (e) | EUR | 5649 | 6166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 07/15/2032 (e) | EUR | 4940 | 5048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/15/2040 (e) | EUR | 5710 | 4619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/15/2027 (e) | EUR | 8923 | 10280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 07/15/2028 (e) | EUR | 5020 | 5688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 01/15/2054 (e) | EUR | 8135 | 6896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 01/15/2030 (e) | EUR | 5720 | 6738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 01/15/2033 (e) | EUR | 5688 | 6586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 07/15/2033 (e) | EUR | 3279 | 3777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 07/15/2034 (e) | EUR | 4050 | 4625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 07/15/2035 (e) | EUR | 5300 | 5991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 01/15/2047 (e) | EUR | 7127 | 7469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 01/15/2044 (e) | EUR | 5030 | 5778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 01/15/2056 (e) | EUR | 450 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 01/15/2042 (e) | EUR | 5842 | 7191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/15/2037 (e) | EUR | 3984 | 5071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 01/15/2028 (e) | EUR | 1366 | 1711 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand Government Bond, (New Zealand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 427, Reg. S, 4.50%, 04/15/2027 | NZD | 2740 | 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 429, 3.00%, 04/20/2029 | NZD | 10070 | 5719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 433, Reg. S, 3.50%, 04/14/2033 | NZD | 4560 | 2514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 437, Reg. S, 2.75%, 04/15/2037 | NZD | 1030 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 528, 0.25%, 05/15/2028 | NZD | 4180 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 530, 4.50%, 05/15/2030 | NZD | 3810 | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 531, 1.50%, 05/15/2031 | NZD | 9170 | 4671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 532, 2.00%, 05/15/2032 | NZD | 5320 | 2712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 534, 4.25%, 05/15/2034 | NZD | 1450 | 832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 535, 4.50%, 05/15/2035 | NZD | 4420 | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 536, 4.25%, 05/15/2036 | NZD | 4240 | 2388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 541, 1.75%, 05/15/2041 | NZD | 3000 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 551, 2.75%, 05/15/2051 | NZD | 2290 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 554, 5.00%, 05/15/2054 | NZD | 1230 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway Government Bond, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 478, Reg. S, 1.50%, 02/19/2026 (e) | NOK | 1500 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 479, Reg. S, 1.75%, 02/17/2027 (e) | NOK | 17520 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 480, Reg. S, 2.00%, 04/26/2028 (e) | NOK | 16060 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 481, Reg. S, 1.75%, 09/06/2029 (e) | NOK | 27410 | 2521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 482, Reg. S, 1.38%, 08/19/2030 (e) | NOK | 27590 | 2448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 483, Reg. S, 1.25%, 09/17/2031 (e) | NOK | 18344 | 1572 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 484, Reg. S, 2.13%, 05/18/2032 (e) | NOK | 23187 | 2060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 485, Reg. S, 3.50%, 10/06/2042 (e) | NOK | 3780 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 486, Reg. S, 3.00%, 08/15/2033 (e) | NOK | 6100 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 487, Reg. S, 3.63%, 04/13/2034 (e) | NOK | 22100 | 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 488, Reg. S, 3.63%, 05/31/2039 (e) | NOK | 13330 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 489, Reg. S, 3.75%, 06/12/2035 (e) | NOK | 26510 | 2547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Republic of Uruguay, (Uruguay), 5.25%, 09/10/2060 |  | 40 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panama Government International Bond, (Panama), 6.70%, 01/26/2036 |  | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peru Government Bond, (Peru), Reg. S, 6.85%, 08/12/2035 (e) | PEN | 700 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Penerbit SBSN Indonesia, (Indonesia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/15/2034 | IDR | 5000000 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/2036 | IDR | 22468000 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/2049 | IDR | 31700000 | 1938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peruvian Government International Bond, (Peru), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/11/2033 | EUR | 2000 | 1982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.95%, 11/17/2036 | EUR | 1000 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 01/23/2031 |  | 110 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/2034 |  | 60 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 07/28/2121 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/10/2051 |  | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 06/30/2055 |  | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.90%, 08/12/2037 | PEN | 1000 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippine Government International Bond, (Philippines), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/28/2041 | EUR | 1000 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/14/2034 |  | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal Obrigacoes do Tesouro OT, (Portugal), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, Reg. S, 0.70%, 10/15/2027 (e) | EUR | 2825 | 3241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.65%, 07/16/2032 (e) | EUR | 2780 | 3049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 1.95%, 06/15/2029 (e) | EUR | 4093 | 4759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 3.00%, 06/15/2035 (e) | EUR | 2790 | 3240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, Reg. S, 4.13%, 04/14/2027 (e) | EUR | 1480 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 0.30%, 10/17/2031 (e) | EUR | 4762 | 4896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 0.48%, 10/18/2030 (e) | EUR | 4602 | 4922 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 118 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 2.13%, 10/17/2028 (e) | EUR | 6507 | 7642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, Reg. S, 2.88%, 10/20/2034 (e) | EUR | 1570 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 0.90%, 10/12/2035 (e) | EUR | 3221 | 3065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 2.25%, 04/18/2034 (e) | EUR | 5226 | 5805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 3.38%, 06/15/2040 (e) | EUR | 1020 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 3.50%, 06/18/2038 (e) | EUR | 1990 | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, Reg. S, 3.88%, 02/15/2030 (e) | EUR | 1020 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, Reg. S, 1.15%, 04/11/2042 (e) | EUR | 3905 | 3183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 3.63%, 06/12/2054 (e) | EUR | 1460 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 4.10%, 02/15/2045 (e) | EUR | 2940 | 3617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 1.00%, 04/12/2052 (e) | EUR | 2560 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, Reg. S, 4.10%, 04/15/2037 (e) | EUR | 837 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Austria Government Bond, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/20/2028 (e) | EUR | 3940 | 4349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/20/2030 (e) | EUR | 4488 | 4762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 02/20/2031 (e) | EUR | 6414 | 6590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 10/20/2040 (e) | EUR | 2200 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 10/20/2036 (e) | EUR | 6030 | 5170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/20/2027 (e) | EUR | 6550 | 7548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 02/20/2029 (e) | EUR | 7459 | 8281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 04/20/2071 (e) | EUR | 3371 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 02/20/2028 (e) | EUR | 4340 | 4952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 03/20/2051 (e) | EUR | 4672 | 2814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.85%, 06/30/2120 (e) | EUR | 1010 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.90%, 02/20/2032 (e) | EUR | 6110 | 6428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 02/20/2047 (e) | EUR | 3225 | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 11/02/2086 (e) | EUR | 1170 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.85%, 05/23/2049 (e) | EUR | 2790 | 2323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.10%, 09/20/2117 (e) | EUR | 1656 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.40%, 05/23/2034 (e) | EUR | 2173 | 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 10/20/2029 (e) | EUR | 740 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 05/23/2029 (e) | EUR | 3770 | 4509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 02/20/2033 (e) | EUR | 7210 | 8487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 02/20/2034 (e) | EUR | 4410 | 5144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.95%, 02/20/2035 (e) | EUR | 4410 | 5122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.15%, 06/20/2044 (e) | EUR | 3928 | 4319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.15%, 10/20/2053 (e) | EUR | 3270 | 3400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.20%, 07/15/2039 (e) | EUR | 2300 | 2638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.45%, 10/20/2030 (e) | EUR | 4480 | 5466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.80%, 01/26/2062 (e) | EUR | 1580 | 1839 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.15%, 03/15/2037 (e) | EUR | 3035 | 3863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 07/15/2027 | EUR | 783 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Austria Government International Bond, (Austria), Series 30Y, Reg. S, 5.38%, 12/01/2034 (e) | CAD | 200 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Italy Government International Bond, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 30 Year + 0.00%), 4.25%, 06/28/2029 (aa) | EUR | 1000 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/31/2034 | EUR | 200 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 08/04/2028 | GBP | 1050 | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 1.25%, 02/17/2026 |  | 2000 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 2.88%, 10/17/2029 |  | 200 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 3.88%, 05/06/2051 |  | 1300 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government Bond, (Poland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 128, Zero Coupon, 01/25/2028 | PLN | 7270 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 428, 2.75%, 04/25/2028 | PLN | 28410 | 7734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 429, 5.75%, 04/25/2029 | PLN | 4630 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 432, 1.75%, 04/25/2032 | PLN | 29453 | 6910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 447, 4.00%, 04/25/2047 | PLN | 3993 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 527, 3.75%, 05/25/2027 | PLN | 10290 | 2872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 727, 2.50%, 07/25/2027 | PLN | 57220 | 15666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 728, 7.50%, 07/25/2028 | PLN | 14080 | 4259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 729, 4.75%, 07/25/2029 | PLN | 12430 | 3524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 730, 4.50%, 07/25/2030 | PLN | 24990 | 6971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1029, 2.75%, 10/25/2029 | PLN | 15653 | 4130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1030, 1.25%, 10/25/2030 | PLN | 47273 | 11371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1033, 6.00%, 10/25/2033 | PLN | 6530 | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1034, 5.00%, 10/25/2034 | PLN | 16180 | 4487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1035, 5.00%, 10/25/2035 | PLN | 19990 | 5497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government International Bond, (Poland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/10/2027 | EUR | 1900 | 2194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 03/08/2049 | EUR | 53 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/25/2032 | EUR | 3000 | 3443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 5.50%, 03/18/2054 |  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romania Government Bond, (Romania), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2Y, 7.40%, 04/28/2027 | RON | 12380 | 2893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4Y, 7.20%, 05/31/2027 | RON | 4070 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 4.25%, 04/28/2036 | RON | 1215 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 6.30%, 04/25/2029 | RON | 8160 | 1862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6Y, 7.65%, 07/27/2031 | RON | 6420 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6Y, 8.75%, 10/30/2028 | RON | 5850 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, 2.50%, 10/25/2027 | RON | 6350 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, 8.00%, 04/29/2030 | RON | 8510 | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, 4.15%, 01/26/2028 | RON | 1930 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, 7.35%, 04/28/2031 | RON | 9030 | 2141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, 7.50%, 07/27/2033 | RON | 6155 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10YR, 4.15%, 10/24/2030 | RON | 6005 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 6.70%, 02/25/2032 | RON | 8530 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 8.25%, 09/29/2032 | RON | 8080 | 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, 6.75%, 04/25/2035 | RON | 4610 | 1061 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 119

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 11Y, 7.10%, 07/31/2034 | RON | 6060 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, 4.75%, 10/11/2034 | RON | 5340 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, 7.25%, 07/30/2040 | RON | 4250 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 15Y, 7.90%, 02/24/2038 | RON | 3710 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romanian Government International Bond, (Romania), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 12/02/2029 | EUR | 2000 | 2160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/13/2030 | EUR | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 04/14/2033 | EUR | 1500 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 12/02/2040 | EUR | 1000 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 04/14/2041 | EUR | 800 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 05/26/2028 | EUR | 5000 | 5830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/13/2042 | EUR | 1000 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 02/08/2038 | EUR | 1425 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.62%, 05/26/2030 | EUR | 1875 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 09/27/2026 | EUR | 1000 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.63%, 09/27/2029 | EUR | 2000 | 2570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Government International Bond, (Saudi Arabia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 07/09/2039 | EUR | 1200 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/16/2054 (e) |  | 2645 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp; SFIL SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/23/2028 | EUR | 200 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.05%, 06/04/2029 | EUR | 1800 | 1933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 03/05/2032 | EUR | 500 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/18/2028 | EUR | 2100 | 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/22/2031 | EUR | 400 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 09/24/2030 | EUR | 800 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 06/23/2032 | EUR | 700 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 11/25/2030 | EUR | 200 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 10/05/2032 | EUR | 200 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Government Bond, (Singapore), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 07/01/2031 | SGD | 1790 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/01/2050 | SGD | 1743 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/01/2051 | SGD | 2370 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/01/2040 | SGD | 1070 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/01/2039 | SGD | 3110 | 2453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2030 | SGD | 6220 | 4978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/01/2028 | SGD | 1960 | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/2032 | SGD | 3020 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/2035 | SGD | 5430 | 4463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/2042 | SGD | 850 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/2046 | SGD | 2970 | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/01/2027 | SGD | 1230 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/01/2028 | SGD | 2240 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/01/2029 | SGD | 2330 | 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/01/2030 | SGD | 2215 | 1802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2029 | SGD | 5030 | 4080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 08/01/2072 | SGD | 2200 | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 06/01/2054 | SGD | 1290 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/01/2033 | SGD | 3840 | 3261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/01/2034 | SGD | 1650 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2027 | SGD | 5000 | 3978 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Slovakia Government Bond, (Slovakia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 227, Reg. S, 3.63%, 01/16/2029 | EUR | 470 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 229, Reg. S, 1.63%, 01/21/2031 | EUR | 1200 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 232, Reg. S, 1.88%, 03/09/2037 | EUR | 920 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 233, Reg. S, 2.00%, 10/17/2047 | EUR | 460 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 234, Reg. S, 1.00%, 06/12/2028 | EUR | 700 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 235, Reg. S, 2.25%, 06/12/2068 | EUR | 399 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 236, Reg. S, 0.75%, 04/09/2030 | EUR | 420 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 237, Reg. S, 1.00%, 10/09/2030 | EUR | 1830 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 239, Reg. S, 1.00%, 05/14/2032 | EUR | 718 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 241, Reg. S, 0.13%, 06/17/2027 | EUR | 1362 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 242, Reg. S, 0.38%, 04/21/2036 | EUR | 1489 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 243, Reg. S, 1.00%, 10/13/2051 | EUR | 1160 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 244, Reg. S, 4.00%, 10/19/2032 | EUR | 2090 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 245, Reg. S, 3.75%, 02/23/2035 | EUR | 3260 | 3896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 246, Reg. S, 4.00%, 02/23/2043 | EUR | 1490 | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 247, Reg. S, 3.63%, 06/08/2033 | EUR | 2745 | 3291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 250, Reg. S, 3.75%, 03/06/2034 | EUR | 1360 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 251, Reg. S, 3.00%, 11/06/2031 | EUR | 660 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 252, Reg. S, 3.75%, 02/27/2040 | EUR | 1060 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slovenia Government Bond, (Slovenia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS74, Reg. S, 1.50%, 03/25/2035 | EUR | 940 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS76, Reg. S, 3.13%, 08/07/2045 | EUR | 900 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS77, Reg. S, 2.25%, 03/03/2032 | EUR | 2470 | 2821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS78, Reg. S, 1.75%, 11/03/2040 | EUR | 612 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS80, Reg. S, 1.00%, 03/06/2028 | EUR | 500 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS81, Reg. S, 1.19%, 03/14/2029 | EUR | 420 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS82, Reg. S, 0.28%, 01/14/2030 | EUR | 586 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS84, Reg. S, 0.88%, 07/15/2030 | EUR | 190 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS85, Reg. S, 0.49%, 10/20/2050 | EUR | 450 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS86, Reg. S, 0.00%, 02/12/2031 | EUR | 800 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS87, Reg. S, 0.69%, 03/03/2081 | EUR | 121 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS91, Reg. S, 3.63%, 03/11/2033 | EUR | 760 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS93, Reg. S, 3.00%, 03/10/2034 | EUR | 1510 | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS95, Reg. S, 3.50%, 04/14/2055 | EUR | 360 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RS97, Reg. S, 3.13%, 07/02/2035 | EUR | 870 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slovenia Government International Bond, (Slovenia), Reg. S, 5.00%, 09/19/2033 |  | 1000 | 1037 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 120 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Des Grands Projets EPIC, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/25/2030 | EUR | 2500 | 2549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.30%, 11/25/2031 | EUR | 1300 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.30%, 09/02/2036 | EUR | 200 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 10/15/2060 | EUR | 300 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/10/2046 | EUR | 900 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/26/2051 | EUR | 200 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 10/22/2028 | EUR | 200 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/25/2034 | EUR | 700 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.70%, 05/25/2050 | EUR | 300 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 05/25/2045 | EUR | 700 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 05/25/2043 | EUR | 400 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 06/25/2049 | EUR | 800 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.70%, 05/25/2053 | EUR | 1300 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain Government Bond, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/31/2027 | EUR | 8630 | 9915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 01/31/2028 (e) | EUR | 8258 | 9281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 04/30/2031 (e) | EUR | 9780 | 10032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 04/30/2030 (e) | EUR | 8503 | 9162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 10/31/2031 (e) | EUR | 5188 | 5363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.60%, 10/31/2029 (e) | EUR | 9720 | 10649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.70%, 04/30/2032 (e) | EUR | 9430 | 9725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.80%, 07/30/2027 (e) | EUR | 5661 | 6519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 07/30/2029 | EUR | 8100 | 8982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.85%, 07/30/2037 (e) | EUR | 7123 | 6299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 07/30/2042 (e) | EUR | 6663 | 5186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 10/31/2050 (e) | EUR | 9430 | 5909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.20%, 10/31/2040 (e) | EUR | 8761 | 7403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 10/31/2030 (e) | EUR | 16318 | 17991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.40%, 04/30/2028 (e) | EUR | 11036 | 12737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.40%, 07/30/2028 (e) | EUR | 11981 | 13778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 10/31/2027 (e) | EUR | 9130 | 10602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 04/30/2029 (e) | EUR | 13830 | 15773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.45%, 10/31/2071 (e) | EUR | 3359 | 1776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/30/2027 (e) | EUR | 12455 | 14523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.85%, 07/30/2035 (e) | EUR | 10063 | 10491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.90%, 10/31/2052 (e) | EUR | 7442 | 5709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.95%, 07/30/2030 (e) | EUR | 11374 | 13007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.35%, 07/30/2033 (e) | EUR | 6401 | 7192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/31/2028 | EUR | 5840 | 6884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/31/2027 | EUR | 8130 | 9600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.55%, 10/31/2032 (e) | EUR | 11200 | 12873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/31/2030 | EUR | 6610 | 7813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.90%, 10/31/2046 (e) | EUR | 7633 | 7729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.10%, 07/30/2031 | EUR | 5455 | 6525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.15%, 04/30/2033 (e) | EUR | 13420 | 15938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.15%, 04/30/2035 (e) | EUR | 10530 | 12292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.20%, 10/31/2035 (e) | EUR | 7630 | 8908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 04/30/2034 (e) | EUR | 6960 | 8250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.45%, 10/31/2034 (e) | EUR | 7930 | 9509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.45%, 07/30/2043 (e) | EUR | 8033 | 8990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.45%, 07/30/2066 (e) | EUR | 5440 | 5458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/31/2029 | EUR | 10904 | 13259 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 01/31/2041 (e) | EUR | 3240 | 3705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.55%, 10/31/2033 (e) | EUR | 9265 | 11258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.90%, 07/30/2039 (e) | EUR | 8100 | 9812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 10/31/2054 (e) | EUR | 5200 | 5986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.20%, 01/31/2037 (e) | EUR | 9553 | 12043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.70%, 07/30/2041 (e) | EUR | 6884 | 9030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.90%, 07/30/2040 (e) | EUR | 3809 | 5098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.15%, 10/31/2028 (e) | EUR | 8886 | 11245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.15%, 10/31/2044 (e) | EUR | 5591 | 7735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/30/2032 | EUR | 6596 | 9085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/31/2029 | EUR | 2430 | 3164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, Reg. S, 2.70%, 10/31/2048 (e) | EUR | 6311 | 6056 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of the Grand-Duchy of Luxembourg, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/13/2026 | EUR | 400 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 04/28/2030 | EUR | 150 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/24/2031 | EUR | 103 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 09/14/2032 | EUR | 400 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 05/25/2029 | EUR | 380 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 05/25/2042 | EUR | 710 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 10/23/2034 | EUR | 2100 | 2391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 03/01/2034 | EUR | 910 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 03/02/2043 | EUR | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; States of Guernsey Bond, (Guernsey), Reg. S, 3.38%, 12/12/2046 | GBP | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svensk Exportkredit AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/11/2037 |  | 224 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 06/30/2027 | EUR | 1000 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 02/23/2028 | EUR | 585 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden Government Bond, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1053, Reg. S, 3.50%, 03/30/2039 | SEK | 20020 | 2310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1056, Reg. S, 2.25%, 06/01/2032 | SEK | 9200 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1059, Reg. S, 1.00%, 11/12/2026 | SEK | 31600 | 3404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1060, Reg. S, 0.75%, 05/12/2028 (e) | SEK | 64815 | 6824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1061, Reg. S, 0.75%, 11/12/2029 (e) | SEK | 46490 | 4770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1062, Reg. S, 0.13%, 05/12/2031 (e) | SEK | 14255 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1063, Reg. S, 0.50%, 11/24/2045 | SEK | 4650 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1064, Reg. S, 1.38%, 06/23/2071 (e) | SEK | 570 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1065, Reg. S, 1.75%, 11/11/2033 | SEK | 24580 | 2506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1066, Reg. S, 2.25%, 05/11/2035 | SEK | 28670 | 2987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1067, Reg. S, 2.50%, 10/15/2036 | SEK | 8500 | 895 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 121

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | | |
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden Government International Bond, (Sweden), Reg. S, 0.13%, 09/09/2030 | SEK | 17590 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Confederation Government Bond, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 06/22/2029 | CHF | 270 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 06/26/2034 | CHF | 6569 | 8112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 07/24/2039 | CHF | 5499 | 6546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/27/2030 | CHF | 3140 | 4034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/27/2032 | CHF | 2090 | 2689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 06/28/2045 | CHF | 2510 | 3163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/24/2055 | CHF | 1172 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/30/2058 | CHF | 1810 | 2330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/22/2047 | CHF | 860 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 06/27/2037 | CHF | 680 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/30/2042 | CHF | 1140 | 1663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 06/25/2064 | CHF | 611 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 04/08/2028 | CHF | 663 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/06/2049 | CHF | 460 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thailand Government Bond, (Thailand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/17/2027 | THB | 40000 | 1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 12/17/2035 | THB | 81400 | 2577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 12/17/2029 | THB | 123830 | 3987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 06/17/2035 | THB | 24510 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.66%, 03/17/2030 | THB | 50610 | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/17/2049 | THB | 28730 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/17/2031 | THB | 245230 | 8083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/17/2042 | THB | 46000 | 1425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 04/17/2028 | THB | 36500 | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/17/2026 | THB | 3024 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 11/17/2027 | THB | 162750 | 5291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/17/2029 | THB | 137000 | 4516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 03/17/2035 | THB | 149420 | 5070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/17/2029 | THB | 114000 | 3794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/17/2071 | THB | 4900 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/17/2028 | THB | 214700 | 7057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/17/2040 | THB | 85400 | 2962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/17/2052 | THB | 18410 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/17/2034 | THB | 120910 | 4208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/17/2046 | THB | 28430 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 06/17/2045 | THB | 62190 | 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 06/17/2047 | THB | 69340 | 2449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/17/2050 | THB | 27490 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/17/2033 | THB | 50840 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 06/17/2037 | THB | 178500 | 6587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/17/2036 | THB | 4000 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/17/2043 | THB | 146630 | 5427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/20/2031 | THB | 3480 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/17/2055 | THB | 103270 | 4323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/17/2066 | THB | 78670 | 3454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/17/2072 | THB | 97370 | 4404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyollisyysrahasto, (Finland), 0.01%, 06/16/2027 | EUR | 200 | 228 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; UNEDIC ASSEO, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 03/05/2030 | EUR | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 11/19/2030 | EUR | 1400 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.01%, 05/25/2031 | EUR | 1500 | 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.10%, 05/25/2034 | EUR | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 11/25/2029 | EUR | 2000 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/16/2035 | EUR | 2000 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 03/20/2029 | EUR | 1600 | 1761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 05/25/2036 | EUR | 500 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/25/2028 | EUR | 1400 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 03/28/2027 | EUR | 1000 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 10/21/2027 | EUR | 200 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 05/25/2033 | EUR | 700 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 04/20/2032 | EUR | 300 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 11/25/2032 | EUR | 800 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 11/25/2034 | EUR | 400 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/25/2035 | EUR | 600 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 11/25/2033 | EUR | 1100 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom Gilt, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.13%, 01/31/2028 | GBP | 21957 | 27607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.25%, 07/31/2031 | GBP | 16586 | 18279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/22/2026 | GBP | 530 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.38%, 10/22/2030 | GBP | 12779 | 14626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 01/31/2029 | GBP | 11860 | 14507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.50%, 10/22/2061 | GBP | 9632 | 3392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 07/31/2035 | GBP | 16034 | 15199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 10/22/2050 | GBP | 10666 | 5302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 10/22/2029 | GBP | 16380 | 19848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 07/31/2033 | GBP | 13881 | 14630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 01/31/2046 | GBP | 10649 | 6765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/31/2032 | GBP | 11852 | 13343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 01/31/2039 | GBP | 8346 | 7291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 10/22/2073 | GBP | 4497 | 1948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 07/22/2027 | GBP | 18351 | 23839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 10/22/2041 | GBP | 11641 | 9386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.25%, 07/31/2051 | GBP | 11126 | 6653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/22/2047 | GBP | 10003 | 7123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 07/31/2053 | GBP | 7480 | 4636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/22/2028 | GBP | 20025 | 25534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/22/2054 | GBP | 10661 | 6744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.63%, 10/22/2071 | GBP | 8030 | 4436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 09/07/2037 | GBP | 14479 | 14421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 01/22/2049 | GBP | 10969 | 8032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 07/22/2057 | GBP | 10674 | 6767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 07/22/2065 | GBP | 7102 | 5345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 01/31/2033 | GBP | 11450 | 14498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 01/22/2044 | GBP | 7740 | 8174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 01/22/2045 | GBP | 11007 | 11944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/22/2068 | GBP | 6979 | 6809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 03/07/2027 | GBP | 2560 | 3451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 01/29/2038 | GBP | 10160 | 12443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 07/22/2052 | GBP | 9157 | 9792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 10/22/2053 | GBP | 9896 | 10473 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 122 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| Foreign Government Securities — continued | Foreign Government Securities — continued | Foreign Government Securities — continued |  |
| Sovereign — continued |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 10/22/2031 | GBP | 17950 | 24086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/22/2060 | GBP | 7148 | 7860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 10/22/2063 | GB | P7,495 | 8138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 01/29/2027 | GBP | 10220 | 13833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 07/22/2029 | GBP | 14290 | 19433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 03/07/2031 | GBP | 1880 | 2542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/07/2027 | GBP | 8680 | 11834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 06/07/2032 | GBP | 14120 | 19210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 07/31/2034 | GBP | 11425 | 15215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 03/07/2036 | GBP | 7219 | 9473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 09/07/2039 | GBP | 9487 | 12042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/07/2040 | GBP | 11075 | 13881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/07/2046 | GBP | 12008 | 14361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/07/2049 (ff) | GBP | 6702 | 7908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 12/07/2055 | GBP | 9279 | 10743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 03/07/2028 | GBP | 13770 | 18796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 03/07/2030 | GBP | 17090 | 23426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 01/31/2040 | GBP | 16160 | 20660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 07/31/2054 | GBP | 10950 | 12940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 06/07/2028 | GBP | 10970 | 15040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 09/07/2034 | GBP | 12120 | 16447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 03/07/2035 | GBP | 16900 | 22818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 12/07/2042 | GBP | 9335 | 11849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 01/31/2034 | GBP | 10445 | 14326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 12/07/2030 | GBP | 13486 | 18877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 10/22/2035 | GBP | 6230 | 8530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 12/07/2038 | GBP | 9639 | 12973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 10/22/2043 | GBP | 9270 | 12008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 01/31/2041 | GBP | 500 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 01/31/2056 | GBP | 2530 | 3508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 12/07/2028 | GBP | 912 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Department of Housing and Urban Development, 3.26%, 08/01/2029 |  | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States International Development Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/2030 |  | 556 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 10/05/2034 |  | 73 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, 1.11%, 05/15/2029 |  | 538 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, 0.80%, 05/15/2029 |  | 268 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sovereign |  |  | 8474921 |
| Transportation — 0.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Regie Autonome des Transports Parisiens EPIC, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.35%, 06/20/2029 | EUR | 500 | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.40%, 12/19/2036 | EUR | 944 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 05/25/2027 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.88%, 05/25/2032 | EUR | 600 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 04/11/2033 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 05/25/2034 | EUR | 400 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp; SNCF Reseau, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 05/25/2036 | EUR | 300 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 01/22/2029 | EUR | 900 | 1001 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Transportation — continued** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 11/09/2031 | EUR | 300 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/19/2027 | EUR | 700 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 05/25/2030 | EUR | 500 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 05/29/2037 | EUR | 300 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 11/12/2026 | CHF | 300 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.00%, 02/05/2048 | EUR | 600 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 12/20/2047 | EUR | 400 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 10/25/2028 | EUR | 2000 | 2376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/01/2035 | CAD | 500 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 10/10/2033 | EUR | 2000 | 2591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 03/11/2052 | GBP | 145 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 12/07/2028 | GBP | 300 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Nationale SNCF SACA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.63%, 04/17/2030 | EUR | 1500 | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 05/25/2040 | EUR | 100 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.00%, 01/19/2061 | EUR | 100 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 02/02/2029 | EUR | 800 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 05/25/2034 | EUR | 1500 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 09/02/2032 | EUR | 300 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 05/25/2033 | EUR | 1200 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 04/03/2035 | EUR | 1000 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 03/18/2027 | GBP | 400 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Transportation |  |  | 20890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities<br>(Cost $9,766,244) |  |  | 9794256 |
| **Mortgage-Backed Securities — 14.1%** |  |  |  |
| **FGLMC Collateral — 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Gold Pool, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2046 |  | 148 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2044 |  | 373 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2045 |  | 757 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2046 |  | 116 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2046 |  | 154 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Gold Pool, Single Family, 15 years, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2026 |  | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2026 |  | 42 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2027 |  | 245 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2029 |  | 1650 | 1634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2032 |  | 216 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2032 |  | 1112 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2032 |  | 753 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2032 |  | 410 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2032 |  | 427 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2032 |  | 762 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Gold Pool, Single Family, 30 years, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2046 |  | 14 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2046 |  | 23 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2040 |  | 197 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2040 |  | 1725 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2040 |  | 459 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2047 |  | 1354 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2048 |  | 29 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total FGLMC Collateral |  |  | 10692 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 123

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Mortgage-Backed Securities** — **continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; **FHLMC Collateral — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Non Gold Pool, ARM, (USD IBOR Consumer Cash Fallbacks 1 Year + 1.64%), 3.85%, 01/01/2050 (aa) | 38 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 07/01/2036 | 1314 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/01/2032 | 885 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2043 | 39 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2044 | 63 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2035 | 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total FHLMC Collateral |  | 2077 |
| **FNMA Collateral — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 01/01/2031 | 5000 | 4366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.32%, 01/01/2026 | 1993 | 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 10/01/2028 | 370 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2042 | 200 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2043 | 901 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2045 | 271 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2045 | 28 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2046 | 26 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2060 | 13876 | 12168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2060 | 692 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 04/01/2032 | 3942 | 3675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 03/01/2028 | 400 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/2026 | 3900 | 3885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 04/01/2027 | 2600 | 2581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/01/2028 | 1400 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 05/01/2028 | 500 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 01/01/2037 | 299 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2032 | 36 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2042 | 119 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2043 | 167 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2043 | 80 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2045 | 200 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2048 | 631 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2048 | 68 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2049 | 268 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 09/01/2034 | 603 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2041 | 86 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2046 | 76 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2056 | 1882 | 1791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2057 | 1474 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/2031 | 2263 | 2243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/01/2029 | 10000 | 10032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 04/01/2028 | 518 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/01/2033 | 3747 | 3726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/01/2029 | 5212 | 5256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 04/01/2033 | 552 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/01/2032 | 630 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.43%, 11/01/2032 | 1489 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 02/01/2031 | 1150 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 11/01/2029 | 7000 | 7110 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **FNMA Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 11/01/2030 | 7832 | 7958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2030 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.53%, 11/01/2029 | 575 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.53%, 09/01/2029 (z) | 7692 | 7836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 05/01/2028 | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 06/01/2033 | 1173 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 08/01/2031 | 198 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 09/01/2028 | 229 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 04/01/2033 | 901 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 08/01/2031 | 1700 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/01/2035 | 298 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 08/01/2030 | 3972 | 4024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 06/01/2033 | 1258 | 1284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 11/01/2035 | 1099 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/01/2032 | 695 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/01/2029 (z) | 7574 | 7761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.82%, 09/01/2028 | 700 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 06/01/2030 | 3310 | 3412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 12/01/2031 | 1838 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 12/01/2032 | 3198 | 3281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 08/01/2032 | 5266 | 5402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 05/01/2035 | 700 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 05/01/2035 | 400 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/2028 | 5168 | 5282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/01/2028 | 1101 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 05/01/2032 | 2000 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/2028 | 354 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 05/01/2031 | 1066 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/01/2032 | 496 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 04/01/2030 | 2200 | 2268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 12/01/2034 | 1600 | 1655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 03/01/2031 | 490 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 | 1600 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 06/01/2028 | 2300 | 2353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.07%, 03/01/2032 | 1380 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 02/01/2031 | 1722 | 1787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 01/01/2032 | 594 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16%, 04/01/2034 | 1999 | 2068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 08/01/2034 | 733 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 07/01/2035 | 2489 | 2586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 08/01/2030 | 1351 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/01/2044 | 1363 | 1396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 11/01/2031 | 1143 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 01/01/2034 | 2000 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 03/01/2031 | 718 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 01/01/2031 | 648 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/01/2029 | 1192 | 1243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 08/01/2030 | 3807 | 3986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 06/01/2031 | 596 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44%, 10/01/2031 | 1093 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 05/01/2033 | 1176 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54%, 11/01/2029 | 1514 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57%, 10/01/2028 | 430 | 435 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 124 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| **Mortgage-Backed Securities** — **continued** |  |  |
| FNMA Collateral — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 01/01/2036 | 638 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 12/01/2033 | 700 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/2034 | 1144 | 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/01/2033 | 995 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, 30 years, FHA/VA, 3.00%, 01/01/2047 | 644 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, Single Family, 30 years, 7.00%, 09/01/2055 | 9689 | 10007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total FNMA Collateral |  | 183714 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GNMA Collateral — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA I Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2049 | 149 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/2050 | 13 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/2049 | 2249 | 2225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total GNMA Collateral |  | 2370 |
| GNMA II Collateral — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA II Pool, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/2049 | 224 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/2043 | 1531 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/2047 | 1007 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/2047 | 364 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/2047 | 407 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/2047 | 964 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/2047 | 409 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/2047 | 325 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/2047 | 368 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/2047 | 471 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/2048 | 484 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/2050 | 543 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/2044 | 1224 | 1148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/20/2048 | 39 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/20/2048 | 28 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/2049 | 77 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/2049 | 139 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/20/2050 | 109 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/2041 | 18 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/2050 | 184 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/2040 | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/2040 | 32 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARM, (CMT Index 1 Year + 1.82%), 5.47%, 07/20/2072 (aa) (gg) | 18129 | 19046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARM, (USD IBOR Consumer Cash Fallbacks 1 Month + 2.20%), 6.48%, 10/20/2071 (aa) | 4027 | 4132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARM, (USD IBOR Consumer Cash Fallbacks 1 Month + 2.24%), 6.51%, 02/20/2071 (aa) | 1356 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA II Pool, Single Family, 15 years, 2.00%, 12/20/2035 | 2088 | 1968 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA II Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/20/2051 | 255 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/20/2050 | 123 | 103 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **GNMA II Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/20/2050 | 4025 | 3341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/20/2050 | 2385 | 1980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/20/2050 | 1406 | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/2050 | 2335 | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/20/2051 | 988 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/20/2051 | 854 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/2051 | 100 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/20/2051 | 4589 | 3808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/2051 | 6681 | 5544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/20/2052 | 422 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/20/2052 | 3377 | 2803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/2052 | 1153 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/20/2052 | 2681 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/20/2051 | 253 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/20/2051 | 3584 | 3101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/20/2051 | 5221 | 4516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/20/2051 | 6671 | 5770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/20/2051 | 2755 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/2051(gg) | 9577 | 8284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/20/2051 | 2793 | 2394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/2051 | 2868 | 2480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/2051 | 3154 | 2728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/20/2052 | 382 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/20/2052 | 4256 | 3681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/20/2052 | 833 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/20/2052 | 669 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/20/2052 | 216 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/20/2052 | 350 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/2043 | 351 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/2043 | 76 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/20/2045 | 76 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/2046 | 1673 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/2046 | 1033 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/2047 | 338 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/2049 | 25 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/2050 | 6085 | 5501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/2050 | 5183 | 4680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/2050 | 2798 | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/20/2051 | 868 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/2051 | 513 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/2051 | 2288 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/2051 | 2872 | 2589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/2051 | 1568 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/2052(gg) | 6586 | 5943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/2052 | 284 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/20/2052 | 1279 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/2052 | 1726 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/2052 | 720 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/2053 | 2621 | 2373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/2045 | 2094 | 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/2047 | 2688 | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/2047 | 4142 | 3792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/2048 | 134 | 125 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 125

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Mortgage-Backed Securities** — **continued** | | |
| **GNMA II Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/2048 | 162 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/2048 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/20/2049 | 779 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/20/2049 | 1619 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/20/2049 | 766 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/2049 | 976 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/2049 | 408 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/2049 | 322 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/2050 | 483 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/2050 | 95 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/2052 | 3434 | 3164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/2052 | 2063 | 1896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/2052 | 333 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/2052 | 5562 | 5130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/2053 | 389 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/2054 | 724 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/2055 | 2982 | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/2055 | 998 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/2055 | 2995 | 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/2048 | 786 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/2048 | 1340 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/2048 | 24 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/20/2048 | 685 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/20/2049 | 415 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/20/2050 | 738 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/20/2050 | 161 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/2052 | 164 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/2052 | 1492 | 1422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/20/2052 | 348 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/20/2054 | 4937 | 4668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/20/2055 | 2001 | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/20/2047 | 405 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/2047 | 677 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/20/2047 | 1182 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/2047 | 249 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/2047 | 686 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/2048 | 5821 | 5724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/20/2048 | 561 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/2048 | 712 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/2049 | 1453 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/20/2049 | 363 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/2049 | 85 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/2049 | 513 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/20/2051 | 1478 | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/2052 | 1280 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/20/2052 | 383 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/2053 | 1113 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/20/2053 | 369 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/2054 | 1825 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/2054 | 1381 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/2055 | 3672 | 3586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/20/2055 | 1980 | 1933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/20/2048 | 113 | 114 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **GNMA II Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/20/2049 | 242 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/20/2052 | 91 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/2052 | 697 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/20/2052 | 1016 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/20/2053 | 952 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/20/2053 | 1048 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/20/2053 | 1584 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/20/2053 | 546 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/2054 | 1347 | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/20/2054 | 534 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/20/2054 | 4776 | 4772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/20/2054 | 1884 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/20/2055 | 3947 | 3943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/20/2052 | 844 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/20/2053 | 102 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/20/2053 | 384 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/2053 | 1261 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/20/2053 | 381 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/20/2053 | 887 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/20/2053 | 330 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/20/2053 | 3638 | 3702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/20/2054 | 1700 | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/20/2054 | 1893 | 1915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/20/2054 | 2251 | 2278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/20/2054 | 1233 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/20/2054 | 1462 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/20/2055 | 2148 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/20/2053 | 996 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/20/2053 | 669 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/20/2053 | 618 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/20/2054 | 2174 | 2220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/20/2054 | 2582 | 2634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/20/2055 | 406 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/20/2055 | 85 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/20/2055 | 7884 | 8053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/20/2054 | 240 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/20/2054 | 1046 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/20/2055 | 751 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/20/2055 | 281 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/20/2055 | 541 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/20/2055 | 494 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/20/2055 | 3909 | 4042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/20/2053 | 539 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/20/2054 | 1004 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/20/2055 | 238 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/20/2055 | 381 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 01/01/2056 (w) | 6725 | 5577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 01/01/2056 (w) | 16550 | 14306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 01/01/2056 (w) | 61987 | 55808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 02/01/2056 (w) | 1000 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 01/01/2056 (w) | 345 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 02/01/2056 (w) | 27365 | 24931 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 126 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| **Mortgage-Backed Securities** — **continued** |  |  |
| GNMA II Collateral — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 01/01/2056 (w) | 46560 | 43988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 01/01/2056 (w) | 950 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 02/01/2056 (w) | 6000 | 5849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 01/01/2056 (w) | 26255 | 26213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 01/01/2056 (w) | 6214 | 6277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 02/01/2056 (w) | 13700 | 13827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 01/01/2056 (w) | 1150 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 01/01/2056 (w) | 275 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 02/01/2056 (w) | 24500 | 25291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total GNMA II Collateral |  | 491862 |
| UMBS Collateral — 9.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool, Single Family, 15 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 12/01/2035 | 270 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/2036 | 417 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/01/2037 | 612 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/2037 | 639 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2035 | 525 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2036 | 3483 | 3235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2036 | 300 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2036 | 2053 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/01/2036 | 876 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2036 | 462 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2036 | 2634 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2036 | 261 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/2037 | 3186 | 2954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/2037 | 1224 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2037 | 759 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/2037 | 1486 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2038 | 681 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2032 | 1126 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2035 | 5938 | 5646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2036 | 928 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2037 | 110 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2037 | 278 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2037 | 1715 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2028 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2028 | 472 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2029 | 12 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2030 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2030 | 285 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2030 | 57 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2031 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2032 | 65 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2033 | 31 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2037 | 270 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2038 | 546 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2033 | 178 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2034 | 425 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2035 | 364 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2026 | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2029 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2033 | 1 | 1 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **UMBS Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2034 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2037 | 101 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2038 | 101 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 | 4268 | 4217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2039 | 551 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2040 | 1724 | 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2040 | 589 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool, Single Family, 20 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2042 | 293 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2042 | 104 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2039 | 196 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2039 | 111 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2039 | 433 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2039 | 278 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2045 | 395 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/2045 | 389 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/01/2051 | 19 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/01/2051 | 35 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/2051 | 4724 | 3653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/01/2051 | 796 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/2050 | 605 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2050 | 3719 | 3046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2051 | 3345 | 2736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2051 | 2446 | 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2051 | 9679 | 7907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/2051 | 1138 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2051 | 1168 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2051 | 1486 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2051 | 4879 | 4004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2051 | 3831 | 3119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/2052 | 415 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2052 | 1893 | 1534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2052 | 4053 | 3292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/2052 | 4610 | 3742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/01/2052 | 5902 | 4790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2052 | 969 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2050 | 19683 | 16807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2050 | 3039 | 2583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2051 | 10533 | 9018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2051 | 359 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2051 | 4017 | 3432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2051 | 12516 | 10821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2051 | 662 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2052 | 7234 | 6167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2052 | 1477 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 | 176 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2049 | 1758 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2049 | 1296 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2050 | 2840 | 2571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2050 | 1506 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2050 | 3174 | 2867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2050 | 656 | 586 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 127

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Mortgage-Backed Securities** — **continued** | | |
| **UMBS Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2050 | 213 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2051 | 2715 | 2410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2051 | 4953 | 4470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2051 | 1573 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2051 | 3220 | 2856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2052 | 861 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 | 2435 | 2175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2052 | 3996 | 3571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2052 | 1557 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2052 | 9022 | 8012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2042 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2042 | 1766 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2043 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2047 | 261 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2048 | 1378 | 1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2048 | 229 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2048 | 3027 | 2846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2048 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2049 | 31 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2049 | 419 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2049 | 1758 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2049 | 1644 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2050 | 2339 | 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2052 | 1100 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2053 | 4916 | 4565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2045 | 3523 | 3424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2048 | 2186 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2049 | 1766 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2049 | 1120 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2050 | 830 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2050 | 867 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2050 | 7525 | 7230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2052 | 52 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2052 | 796 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2052 | 755 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2052 | 1447 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2052 | 486 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2052 | 476 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2053 | 382 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2047 | 149 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2048 | 190 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2048 | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2048 | 550 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2049 | 1014 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2050 | 708 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2050 | 2697 | 2660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2052 | 169 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2052 | 425 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2052 | 1439 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2053 | 87 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2049 | 306 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2052 | 211 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2052 | 497 | 502 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **UMBS Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2052 | 241 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2052 | 204 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2053 | 3446 | 3477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2053 | 1126 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2053 | 160 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2054 | 1162 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2054 | 487 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2054 | 4483 | 4510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2054 | 1459 | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2052 | 1453 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2052 | 990 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053 | 686 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2053 | 1929 | 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2053 | 408 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2053 | 320 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2053 | 1605 | 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2053 | 91 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2053 | 3697 | 3761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2054 | 497 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2054 | 2253 | 2291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2054 | 13149 | 13352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2054 | 3857 | 3946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2054 | 290 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/2054 | 3439 | 3498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2054 | 425 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2054 | 3037 | 3109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2054 | 1256 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2055 | 855 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2055 | 1879 | 1908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2055 | 7639 | 7777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2055 | 10974 | 11298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2053 | 759 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2053 | 270 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2053 | 2306 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2053 | 666 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2054 | 386 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2054 | 312 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/2054 | 8718 | 9090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2054 | 1008 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2054 | 846 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2054 | 3400 | 3540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2054 | 978 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2054 | 977 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2054 | 748 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/2055 | 2438 | 2536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2055 | 5326 | 5497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2055 | 923 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2055 (gg) | 21207 | 22164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/2055 | 1142 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2055 | 421 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2055 | 7468 | 7707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2055 | 2493 | 2590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/2053 | 522 | 542 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 128 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| **Mortgage-Backed Securities** — **continued** |  |  |
| UMBS Collateral — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2053 | 374 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/2053 | 157 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/2053 | 808 | 844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/01/2054 | 1165 | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2054 | 538 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/2054 | 585 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2054 | 1772 | 1856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/2054 | 1019 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2055 | 697 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2055 | 252 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2055 | 1289 | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/2055 | 253 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/2055 | 1551 | 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 15 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 1.50%, 01/01/2041 (w) | 2241 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 01/01/2041 (w) | 6525 | 6044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 01/01/2041 (w) | 725 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 01/01/2041 (w) | 450 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 01/01/2041 (w) | 2875 | 2839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 01/01/2041 (w) | 6800 | 6808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 01/01/2041 (w) | 5500 | 5640 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 1.50%, 01/01/2056 (w) | 7300 | 5638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 01/01/2056 (w) | 108400 | 87749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 02/01/2056 (w) | 102900 | 83292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 01/01/2056 (w) | 31325 | 26538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 01/01/2056 (w) | 4053 | 3592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 01/01/2056 (w) | 57529 | 53285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 02/01/2056 (w) | 1000 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 01/01/2056 (w) | 3325 | 3158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 01/01/2056 (w) | 10093 | 9864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 02/01/2056 (w) | 38600 | 37696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 01/01/2056 (w) | 24854 | 24812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 02/01/2056 (w) | 72300 | 72114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 01/01/2056 (w) | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 02/01/2056 (w) | 21850 | 22149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 01/01/2056 (w) | 59850 | 61467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 03/01/2056 (w) | 155200 | 159301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 01/01/2056 (w) | 2525 | 2624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 02/01/2056 (w) | 3450 | 3586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 7.00%, 02/01/2056 (w) | 4000 | 4210 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2027 | 81 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2027 | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2028 | 24 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.51%, 01/01/2031 | 2800 | 2837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.60%, 03/01/2032 | 1744 | 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.64%, 01/01/2031 | 6020 | 6134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.22%, 02/01/2031 | 1406 | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, Single Family, 15 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/01/2036 | 398 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/01/2036 | 355 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/2037 | 356 | 322 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **UMBS Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/2037 | 141 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/01/2037 | 396 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2028 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/2028 | 45 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2028 | 47 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2032 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2035 | 577 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2036 | 4327 | 4013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2036 | 319 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/01/2036 | 820 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2036 | 263 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2036 | 1714 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2036 | 894 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/2037 | 412 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2037 | 727 | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/2037 | 848 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2037 | 526 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/2029 | 2730 | 2692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2035 | 168 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2036 | 1535 | 1464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2036 | 624 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2036 | 94 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2036 | 1954 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2037 | 175 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2037 | 371 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2037 | 98 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2026 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2026 | 156 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2026 | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2027 | 231 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2027 | 53 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2027 | 109 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2027 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2028 | 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2029 | 24 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2030 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2030 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2030 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/2030 | 283 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2030 | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2031 | 54 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2031 | 138 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2032 | 213 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2032 | 205 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2032 | 1014 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2032 | 305 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2032 | 670 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2032 | 268 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2032 | 537 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2033 | 38 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2033 | 70 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2034 | 779 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/2034 | 315 | 306 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 129

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Mortgage-Backed Securities** — **continued** | | |
| **UMBS Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2035 | 261 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2037 | 1593 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2037 | 1379 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2037 | 688 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2026 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2031 | 29 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2034 | 167 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2035 | 836 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2035 | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2039 | 3373 | 3282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2026 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2026 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2027 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2028 | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2033 | 291 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2033 | 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2033 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2033 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2035 | 115 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2037 | 134 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2037 | 195 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2038 | 88 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2038 | 54 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2039 | 1734 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, Single Family, 20 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2042 | 595 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2042 | 299 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2042 | 1137 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2037 | 330 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2038 | 82 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2039 | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2039 | 124 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2039 | 17 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/2043 | 796 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2045 | 279 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2045 | 238 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/2045 | 1302 | 1355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/01/2045 | 272 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/01/2050 | 1162 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/01/2051 | 1702 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/01/2051 | 1084 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/01/2052 | 819 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2050 | 1225 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/2050 | 1058 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2050 | 815 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2050 | 6780 | 5545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/2051 | 3343 | 2750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/2051 | 1135 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/2051 | 1683 | 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/2051 | 4707 | 3849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2051 | 1564 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/2051 | 4947 | 4063 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **UMBS Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/2051 | 2674 | 2181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2051 | 16102 | 13132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/2051 | 6528 | 5323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/2051 | 16441 | 13377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/2052 | 3144 | 2554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/2052 | 16250 | 13183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2046 | 4174 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2050 | 14 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2050 | 9811 | 8355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2050 | 11969 | 10171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2051 | 1689 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2051 | 4440 | 3811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2051 | 5699 | 4845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2051 | 1421 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/2051 | 3162 | 2728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/2051 | 429 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/2051 | 2776 | 2363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2051 | 4385 | 3749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2051 | 13601 | 11632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2052 | 19993 | 17081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/2052 | 896 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2052 | 8748 | 7520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 | 3978 | 3419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2052 | 764 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/2052 | 10924 | 9292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2046 | 930 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2046 | 2478 | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2047 | 476 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2048 | 4870 | 4510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2050 | 2283 | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2050 | 1218 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2050 | 227 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2050 | 10439 | 9320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2050 | 2831 | 2547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/2050 | 257 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2050 | 456 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2050 | 3230 | 2929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/2051 | 1398 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2051 | 9081 | 8083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/2051 | 5561 | 4946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/2051 | 1522 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/2051 | 1012 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/2051 | 2570 | 2284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2051 | 2214 | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/2051 | 2171 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2052 | 827 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 | 424 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/2052 | 4484 | 3983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/2052 | 3744 | 3326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2042 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2042 | 125 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2043 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2043 | 5468 | 5257 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 130 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| **Mortgage-Backed Securities** — **continued** |  |  |
| UMBS Collateral — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2043 (gg) | 13921 | 13333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2044 | 164 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2045 | 16 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2045 | 1580 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2046 | 2907 | 2756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2047 | 3102 | 2963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2047 | 699 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/2047 | 1040 | 981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/2048 | 1692 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2048 | 142 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2049 | 273 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2049 | 2961 | 2788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/2049 | 1478 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/2050 | 139 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2050 | 3633 | 3398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2050 | 8115 | 7538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2051 | 600 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2052 (gg) | 10204 | 9602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2052 (gg) | 15810 | 14724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2052 | 3751 | 3501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/2052 | 851 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/2053 | 878 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2053 | 1224 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2039 | 885 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2042 | 427 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2043 | 2775 | 2718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2044 | 1302 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/2045 | 187 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2045 | 2155 | 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2046 | 101 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2047 | 32 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2047 | 390 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2048 | 60 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2048 | 334 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2048 | 23 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2048 | 3643 | 3546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2048 | 97 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2048 | 230 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2049 | 8864 | 8576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2049 | 925 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2049 | 4450 | 4333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2049 | 913 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2049 | 384 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2050 | 744 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2051 | 1963 | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2051 | 193 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2051 | 3133 | 3068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2052 | 53 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2052 | 1597 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2052 | 575 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2052 | 424 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2052 | 1747 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2052 | 278 | 265 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **UMBS Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2052 | 1006 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2053 | 374 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2053 | 6296 | 6004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2054 | 1622 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2047 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2047 | 486 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/2048 | 447 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2048 | 23 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2048 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2048 | 384 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2049 | 3907 | 3856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2049 | 335 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2049 | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/2050 | 146 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2050 (gg) | 5545 | 5493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2052 | 18 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2052 | 1162 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2052 | 312 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2052 | 1877 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2052 | 810 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2052 | 2741 | 2707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2052 | 423 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/2053 | 244 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2049 | 764 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2052 | 1436 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2052 | 909 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2052 | 458 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2053 | 1907 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2053 | 1176 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2053 | 280 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2053 | 791 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2053 | 195 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2053 | 236 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053 | 1764 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2053 | 977 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2054 | 915 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2054 | 2742 | 2739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2054 | 1521 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2055 | 3549 | 3570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2052 | 258 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2053 | 354 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2053 | 1551 | 1582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2053 | 7922 | 8105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2053 | 1608 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2053 | 1397 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2053 | 3549 | 3649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2053 | 291 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2054 | 6755 | 6859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2054 | 624 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2054 | 4210 | 4278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2054 | 344 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/2054 | 574 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2054 | 2644 | 2694 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 131

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **Mortgage-Backed Securities** — **continued** | | |
| **UMBS Collateral — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/2054 | 517 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2055 | 1985 | 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2055 | 1513 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2055 | 38 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/2055 | 1171 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2055 | 3988 | 4073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2052 | 236 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/2053 | 725 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2053 | 972 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2053 | 396 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2053 | 1599 | 1663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2053 | 1844 | 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2053 | 637 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/2054 | 2365 | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2054 | 1964 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2054 | 3763 | 3915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2054 | 3319 | 3421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2054 | 2756 | 2856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2054 | 3056 | 3175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2054 | 205 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2054 | 2867 | 2969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/2055 | 3672 | 3809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2055 | 963 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2055 | 4142 | 4328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2055 | 1763 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2053 | 590 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/2053 | 2783 | 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/2053 | 1038 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/01/2054 | 1128 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2054 | 657 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/01/2054 | 700 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2054 | 2023 | 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/2054 | 3676 | 3844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/2054 | 2268 | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2055 | 1447 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/2055 | 3874 | 4035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/2055 | 430 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total UMBS Collateral |  | 1604714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities<br>(Cost $2,358,271) |  | 2295429 |
| **Municipal Bonds** — **0.1%** (t) |  |  |
| **Arizona — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District, Series A, Rev., 4.84%, 01/01/2041 | 100 | 98 |
| **California — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California State University, Taxable Systemwide, Series E, Rev., 2.90%, 11/01/2051 | 15 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, Build America Bonds, Series F, Rev., 6.58%, 05/15/2049 | 100 | 107 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **California — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Taxable Construction Bond Bidding Group, GO, 1.75%, 11/01/2030 | 100 | 91 |
|  |  | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Water & Sewer Authority, Senior Lien, Green Bonds, Series A, Rev., 4.81%, 10/01/2114 | 890 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Taxable Pension, GO, 5.10%, 06/01/2033 | 87 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maryland — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Rev., 5.43%, 05/31/2056 | 1245 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Michigan, Series A, Rev., 4.45%, 04/01/2122 | 1000 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21, Rev., 3.29%, 08/01/2069 | 40 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 239, Rev., 5.07%, 07/15/2053 | 2205 | 2092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Taxable Consolidated 160, Rev., 5.65%, 11/01/2040 | 100 | 106 |
|  |  | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oklahoma — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Rev., 4.62%, 06/01/2044 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oregon — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State University, Rev., BAM, 3.42%, 03/01/2060 | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Taxable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.09%, 11/01/2051 | 425 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 3.09%, 11/01/2040 | 100 | 82 |
|  |  | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Virginia, Rev., 2.26%, 09/01/2050 | 1480 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Virginia, Taxable, Series C, Rev., 4.18%, 09/01/2117 | 40 | 30 |
|  |  | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds<br>(Cost $7,721) |  | 6700 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 132 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |  |
| **U.S. Government Agency Securities** — **0.1%** |  |  |  |
| Sovereign — 0.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/27/2031 |  | 1000 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/23/2040 |  | 223 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Farm Credit Banks Funding Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.28%, 06/03/2030 |  | 540 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 11/04/2030 |  | 5 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 02/03/2031 |  | 1235 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 12/11/2030 |  | 44 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.74%, 06/03/2030 |  | 30 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/09/2031 |  | 1030 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/12/2032 |  | 60 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLBs, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/23/2026 |  | 609 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 06/24/2027 |  | 16 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11%, 07/27/2026 |  | 833 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/15/2027 |  | 343 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.28%, 12/02/2030 |  | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 02/11/2030 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/11/2029 |  | 110 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/25/2036 |  | 500 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 06/11/2035 |  | 35 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/25/2030 |  | 38 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 05/04/2035 |  | 758 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/19/2035 |  | 1352 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/16/2028 |  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/09/2027 |  | 1425 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/09/2028 |  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22%, 08/19/2030 |  | 215 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/19/2030 |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/15/2030 |  | 17 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 06/28/2030 |  | 75 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/15/2032 |  | 7 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2031 |  | 50 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC STRIPs, Zero Coupon, 03/15/2031 |  | 542 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/2030 |  | 225 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 08/05/2030 |  | 50 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/07/2028 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;460 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resolution Funding Corp. Interest STRIP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/15/2028 |  | 57 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/15/2028 |  | 485 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/15/2030 |  | 1750 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/15/2030 |  | 2965 | 2512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resolution Funding Corp. Principal STRIP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 01/15/2030 |  | 835 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 04/15/2030 |  | 395 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Valley Authority, 4.63%, 06/07/2043 | GBP | 200 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Valley Authority Generic Strip, Zero Coupon, 01/15/2034 |  | 1100 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sovereign |  |  | 17489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agency Securities<br>(Cost $17,563) |  |  | 17489 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| **U.S. Treasury Obligations** — **13.5%** |  |  |
| Sovereign — 13.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/2040 | 3313 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/15/2040 | 2792 | 1760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 (ee) | 9284 | 4468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 3283 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/15/2050 | 3587 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 | 4026 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/2041 | 3588 | 2430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2041 | 3076 | 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 | 3440 | 1932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051 | 4073 | 2262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 | 2819 | 1975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 | 4318 | 2543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 | 3446 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/2041 | 2215 | 1636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 | 2972 | 1964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2049 | 1860 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 | 2836 | 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 | 2255 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 2039 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/2051 | 3386 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 | 2734 | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2046 | 1068 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/2046 | 1427 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2042 | 652 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/2042 | 952 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2047 | 1384 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/2047 | 2070 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2043 (jj) | 5626 | 4385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2045 | 2029 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/2046 | 594 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2049 | 1961 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052 | 4271 | 2998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2042 | 563 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/2044 | 1029 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2045 | 1468 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/2045 | 717 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2047 | 1250 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2047 | 955 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2048 | 1591 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2048 | 1881 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2049 | 4317 | 3194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 | 2422 | 1743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/2041 | 572 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/2042 | 606 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/2043 | 878 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/2044 | 1852 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/2048 | 1691 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 | 1898 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 | 1656 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/2044 | 934 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/2048 | 1974 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2039 | 424 | 388 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 133

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **U.S. Treasury Obligations** — **continued** | | |
| **Sovereign — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/2043 | 2016 | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2044 | 2000 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2053 | 2420 | 1968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/2053 (jj) | 6431 | 5226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/2041 | 545 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043 | 2461 | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2040 | 554 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2043 | 1666 | 1504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/2043 | 1895 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 | 1666 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2052 | 2435 | 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2044 | 1795 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 2691 | 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/2039 | 610 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/2040 | 550 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2054 | 3149 | 2859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 3049 | 2769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/2038 | 289 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/2039 | 572 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2040 | 558 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2041 | 539 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/2043 (ff) | 1900 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 358 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/2038 | 914 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2039 | 531 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 2044 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2054 | 3346 | 3170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/2040 | 576 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/2044 | 3995 | 3936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2044 | 3264 | 3211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2045 | 1442 | 1414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 2949 | 2852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 3560 | 3444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2055 | 2800 | 2709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 213 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2041 | 583 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043 | 1858 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2045 | 2445 | 2441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053 | 2821 | 2781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/2055 | 3680 | 3633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/2055 | 5154 | 5090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/15/2045 | 3371 | 3416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037 | 352 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045 | 2632 | 2711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2028 | 331 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2029 | 548 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/2031 | 347 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2028 | 198 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/2027 | 332 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/15/2029 | 172 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2030 | 276 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/2027 | 155 | 162 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/31/2027 | 1911 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/30/2027 | 2588 | 2453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/2027 | 7628 | 7334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/31/2027 | 4336 | 4159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/30/2027 | 1558 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/31/2027 | 2010 | 1914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/31/2027 | 2349 | 2226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/31/2026 | 3155 | 3102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/31/2027 | 1532 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/30/2027 | 2546 | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/31/2027 | 2956 | 2795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/2030 | 5031 | 4419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/15/2030 | 4715 | 4106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/31/2028 | 3565 | 3372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030 | 4648 | 4067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/31/2028 | 3217 | 3019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/2027 | 585 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | 3612 | 3436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/31/2028 | 2568 | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/2031 | 5097 | 4492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/31/2028 | 4298 | 4091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/30/2028 | 3972 | 3774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/31/2028 | 4202 | 3985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/30/2028 | 3079 | 2915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/30/2028 | 2601 | 2448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/2031 | 5703 | 4974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/31/2028 | 4448 | 4192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 12/31/2028 | 3119 | 2930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/2031 | 5942 | 5183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/31/2027 | 3259 | 3189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/2028 | 2459 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/2030 | 11304 | 10391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/15/2029 | 2961 | 2765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/2031 | 4430 | 3973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/31/2026 | 985 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/31/2029 | 2265 | 2147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/2029 | 2656 | 2482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/2027 | 2212 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/2029 | 2429 | 2308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/2032 | 5343 | 4771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2027 | 1906 | 1880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2027 | 1863 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2027 | 1891 | 1850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/2027 | 2303 | 2269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/31/2029 | 3067 | 2956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/2029 | 2651 | 2550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/31/2027 | 2180 | 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/31/2027 | 2052 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/2029 | 5597 | 5444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/31/2029 | 2121 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/2027 | 2062 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/31/2027 | 1957 | 1935 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 134 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| **U.S. Treasury Obligations** — **continued** |  |  |
| Sovereign — continued |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/2028 | 4168 | 4106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/31/2029 | 2174 | 2117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 4226 | 3945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2028 | 2667 | 2630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2028 | 2707 | 2664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/2029 | 2207 | 2159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032 | 7133 | 6735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/2027 | 1916 | 1905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/2028 | 5144 | 5088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/2029 | 2042 | 2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 2009 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/2029 | 2521 | 2493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/2027 | 2479 | 2475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/30/2027 | 3193 | 3188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/31/2027 | 3211 | 3206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/2028 | 2567 | 2557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/2033 | 106933 | 102973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/30/2026 (ff) | 180 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/30/2027 | 7711 | 7714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/31/2027 | 5440 | 5442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/2028 | 1838 | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/30/2028 | 1973 | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/2028 | 1000 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/2028 | 2200 | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/2028 | 2600 | 2598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/30/2029 | 3475 | 3460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/2030 | 1940 | 1930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/30/2030 | 1581 | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/30/2030 | 3900 | 3864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 106702 | 103864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/31/2027 | 5914 | 5928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/31/2028 | 1838 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/31/2028 | 1769 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/2028 | 2652 | 2659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 3297 | 3298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 1814 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/31/2030 | 3092 | 3083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/30/2030 | 3630 | 3619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/31/2030 | 5925 | 5906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/31/2030 | 3258 | 3246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/30/2031 | 1880 | 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/30/2027 | 4249 | 4263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/30/2027 | 2055 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/2027 | 2479 | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/2028 | 3679 | 3699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/2028 | 2713 | 2728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028 | 2479 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/31/2030 | 1487 | 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/30/2030 | 1475 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/2030 | 1705 | 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/31/2031 | 1881 | 1877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/31/2032 | 2400 | 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/30/2032 | 1748 | 1730 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Sovereign — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/31/2027 | 3100 | 3114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/31/2027 | 7530 | 7569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/31/2027 (ff) | 3288 | 3308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2027 | 2479 | 2496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2027 | 1840 | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/31/2027 | 1838 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/2028 | 2979 | 3004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/15/2028 | 1308 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/2028 | 1600 | 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/30/2029 | 1842 | 1859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/2029 | 1701 | 1716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/31/2029 | 2713 | 2738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/30/2030 | 4092 | 4127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/30/2030 | 2414 | 2434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/31/2030 | 4075 | 4109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/31/2032 (ee) (ff) (jj) | 8213 | 8204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/30/2032 | 2281 | 2277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/31/2032 | 1300 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033 (jj) | 125763 | 124933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 129895 | 128145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2027 | 5462 | 5489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/2027 | 2479 | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/29/2028 | 1838 | 1857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/30/2028 | 1838 | 1860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/2029 | 2607 | 2641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/31/2029 | 3182 | 3225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/31/2029 | 1892 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/28/2030 | 4925 | 4991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/31/2030 | 3442 | 3488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/31/2030 | 3538 | 3586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/31/2030 | 1482 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/2031 | 1820 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/30/2032 | 2431 | 2450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032 | 2396 | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/31/2032 | 1500 | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 129309 | 129142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2035 | 87342 | 86278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/31/2027 | 2949 | 2967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/2027 | 2282 | 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/28/2027 | 2949 | 2969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 | 1888 | 1908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/2027 | 1838 | 1858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/2027 | 2479 | 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/31/2028 | 1913 | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/31/2029 | 2864 | 2912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/2029 | 4412 | 4491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/30/2029 | 3251 | 3309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/31/2030 | 1539 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/31/2031 | 1832 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/31/2031 | 1879 | 1911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/2031 | 1881 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/30/2031 (ff) | 3391 | 3446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/29/2032 | 1994 | 2025 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 135

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Long Positions — continued** | | |
| **U.S. Treasury Obligations** — **continued** | | |
| **Sovereign — continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/31/2032 | 2081 | 2112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/31/2032 | 1907 | 1934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 | 10371 | 10505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/31/2026 | 2949 | 2969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/2027 | 2372 | 2392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2028 | 2479 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2028 | 3964 | 4025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 | 2725 | 2781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/30/2029 | 3280 | 3351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/2030 | 3392 | 3470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/28/2031 | 1770 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/30/2031 | 1880 | 1924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 130535 | 132172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 132110 | 133493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 130338 | 131560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/2027 | 2462 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/31/2028 | 1974 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/30/2028 | 2348 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/31/2029 | 3142 | 3228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/30/2030 | 5090 | 5242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/31/2032 | 1881 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | 130170 | 133272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/2027 | 2918 | 2954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | 8269 | 8379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/31/2029 | 2992 | 3080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/31/2031 | 1881 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 123835 | 128086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/30/2026 | 4000 | 4021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/2027 | 2479 | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/30/2028 | 2094 | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/30/2029 | 2992 | 3090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/30/2030 | 1575 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 1881 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/31/2031 | 2421 | 2522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 130303 | 135530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/31/2028 | 2223 | 2302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/31/2030 | 1603 | 1685 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury STRIP Coupon Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/15/2026 | 5000 | 4934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/2026 | 5000 | 4845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/2028 (ff) | 12000 | 10831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/15/2029 | 1000 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/2038 (jj) | 6250 | 3459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/2041 | 200 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 05/15/2042 | 1055 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/2045 | 600 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 11/15/2049 | 2555 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 02/15/2052 | 2355 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 08/15/2054 | 2255 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sovereign |  | 2204864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations<br>(Cost $2,203,585) |  | 2204864 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| **Short-Term Investments** — **1.8%** |  |  |  |
| **Repurchase Agreement** — **0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, 3.93%, dated 12/31/2025 due 01/02/2026, repurchase price $8,400 collateralized by US Treasury Bonds, 4.00%, due 11/15/2042, with a value of $9,303 (n) |  | 8400 | 8400 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits** — **1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72%, 01/05/2026 | NZD | 1109 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 01/02/2026 | AUD | 417 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 42965 | 42965 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, 0.90%, 01/05/2026 | CHF | 573 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27%, 01/02/2026 | DKK | 6396 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 01/02/2026 | SGD | 1375 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 01/02/2026 | EUR | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/02/2026 | NOK | 2907 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/02/2026 | HKD | 2160 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 01/02/2026 | GBP | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 01/02/2026 | EUR | 9186 | 10796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 01/02/2026 | GBP | 2829 | 3812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 35856 | 35856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.08%, 01/02/2026 | CAD | 13 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 3649 | 3649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, 3.79%, 01/02/2026 | SEK | 14220 | 1545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%, 01/05/2026 | JPY | 76037 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 49593 | 49593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 2.98%, 01/02/2026 |  | 63858 | 63858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  |  | 216850 |
| **U.S. Government Agency Securities** — **0.1%** | **U.S. Government Agency Securities** — **0.1%** | **U.S. Government Agency Securities** — **0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp. DNs, 3.50%, 01/02/2026 (n) |  | 16275 | 16273 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLB DNs, Zero Coupon, 01/02/2026 (n) |  | 7670 | 7668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agency Securities |  |  | 23941 |
| **U.S. Treasury Obligations** — **0.3%** | **U.S. Treasury Obligations** — **0.3%** | **U.S. Treasury Obligations** — **0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 04/14/2026 (n) (hh) (ii) |  | 376 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 01/06/2026 (n) |  | 15000 | 14994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 01/13/2026 (n) (ii) |  | 26050 | 26022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/03/2026 (n) (ii) |  | 208 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 03/10/2026 (n) (ii) |  | 741 | 736 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 136 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| Long Positions — continued |  |  |
| **Short-Term Investments** — **continued** |  |  |
| **U.S. Treasury Obligations** — **continued** | **U.S. Treasury Obligations** — **continued** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/03/2026 (n) (ii) | 62 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/10/2026 (n) (ii) | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  | 42396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $291,582) |  | 291587 |
|  **Total Investments, Before Short Positions — 105.7%<br>(Cost — $17,259,261)** |  | 17270558 |
|  **Liabilities in Excess of Other Assets — (5.7)%** | **Liabilities in Excess of Other Assets — (5.7)%** | (926423) |
|  **NET ASSETS — 100.0%** |  | $16344135 |
|  **Short Positions** — **2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mortgage-Backed Securities** — **2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 15 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 01/01/2041 (w) | 200 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 01/01/2041 (w) | 4500 | 4337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 01/01/2041 (w) | 100 | 97 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Short Positions — continued** | | |
| **Mortgage-Backed Securities** — **continued** | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 01/01/2056 (w) | 102900 | 83297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 02/01/2055 (w) | 28800 | 24397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 01/01/2056 (w) | 28800 | 24399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 02/01/2055 (w) | 53200 | 47115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 01/01/2056 (w) | 56665 | 52485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 02/01/2056 (w) | 56665 | 52308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 02/01/2055 (w) | 700 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 01/01/2056 (w) | 700 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 01/01/2056 (w) | 6900 | 6889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 01/01/2056 (w) | 27400 | 28140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities<br>(Cost $324,335) |  | 324978 |
|  **Total Securities Sold Short — 2.0%<br>(Proceeds $324,335)** |  | **324978** |

---

Percentages indicated are based on net assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded |
| DESCRIPTION | NUMBER OF<br>CONTRACTS | EXPIRATION<br>DATE | TRADING<br>CURRENCY | NOTIONAL<br>AMOUNT($) | VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  **Long Contracts** |  |  |  |  |  |
|  Euro BOBL | 35 | 03/2026 | EUR | 4801 | (23) |
|  Euro Bund | 130 | 03/2026 | EUR | 19679 | (189) |
|  Euro Buxl | 75 | 03/2026 | EUR | 9764 | (58) |
|  Euro Schatz | 439 | 03/2026 | EUR | 55146 | (52) |
|  U.S. Treasury 2 Year Note | 157 | 03/2026 | USD | 32777 | 3 |
|  U.S. Treasury 10 Year Note | 171 | 03/2026 | USD | 19296 | (69) |
|  U.S. Treasury Long Bond | 227 | 03/2026 | USD | 26455 | (215) |
|  U.S. Treasury Ultra Bond | 87 | 03/2026 | USD | 10380 | (114) |
|  U.S. Ultra Treasury 10 Year Note | 24 | 03/2026 | USD | 2766 | (5) |
|  |  |  |  |  | (722) |
|  **Short Contracts** |  |  |  |  |  |
|  Euro BOBL | (403) | 03/2026 | EUR | (55202) | 188 |
|  Euro Schatz | (162) | 03/2026 | EUR | (20364) | 33 |
|  Long Gilt | (60) | 03/2026 | GBP | (7329) | (61) |
|  U.S. Treasury 2 Year Note | (90) | 03/2026 | USD | (18773) | (18) |
|  U.S. Treasury 5 Year Note | (253) | 03/2026 | USD | (27755) | 101 |
|  U.S. Treasury 10 Year Note | (72) | 03/2026 | USD | (8146) | 51 |
|  U.S. Treasury Long Bond | (23) | 03/2026 | USD | (2673) | 15 |
|  U.S. Ultra Treasury 10 Year Note | (132) | 03/2026 | USD | (15254) | 72 |
|  |  |  |  |  | 381 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | (341) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 137

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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 December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  USD | 114 | CHF | 90 | Bank of America, NA | 01/05/2026 | 1 |
|  CHF | 37390 | USD | 47117 | Bank of America, NA | 01/05/2026 | 87 |
|  CHF | 4738 | USD | 5976 | Bank of America, NA | 01/05/2026 | 6 |
|  USD | 152 | CHF | 120 | Goldman Sachs International | 01/05/2026 | — (h) |
|  CHF | 760 | USD | 950 | Morgan Stanley & Co. | 01/05/2026 | 9 |
|  CZK | 807483 | USD | 39185 | Goldman Sachs International | 01/05/2026 | 94 |
|  DKK | 159505 | USD | 25074 | Bank of America, NA | 01/05/2026 | 23 |
|  DKK | 13745 | USD | 2161 | Bank of America, NA | 01/05/2026 | 2 |
|  USD | 8528 | EUR | 7250 | Bank of America, NA | 01/05/2026 | 8 |
|  USD | 10939 | EUR | 9280 | Bank of America, NA | 01/05/2026 | 33 |
|  USD | 353 | EUR | 300 | Bank of America, NA | 01/05/2026 | — (h) |
|  USD | 941 | EUR | 800 | Bank of America, NA | 01/05/2026 | 1 |
|  EUR | 20 | USD | 23 | Bank of New York Mellon | 01/05/2026 | — (h) |
|  USD | 942 | EUR | 800 | Bank of New York Mellon | 01/05/2026 | 2 |
|  EUR | 3212538 | USD | 3770877 | Goldman Sachs International | 01/05/2026 | 4498 |
|  USD | 153 | EUR | 130 | Morgan Stanley & Co. | 01/05/2026 | — (h) |
|  EUR | 1220 | USD | 1419 | Morgan Stanley & Co. | 01/05/2026 | 15 |
|  EUR | 200 | USD | 233 | Morgan Stanley & Co. | 01/05/2026 | 2 |
|  EUR | 1565 | USD | 1820 | Morgan Stanley & Co. | 01/05/2026 | 19 |
|  EUR | 1210 | USD | 1409 | UBS AG LONDON | 01/05/2026 | 13 |
|  USD | 472 | EUR | 400 | UBS AG LONDON | 01/05/2026 | 1 |
|  USD | 5708 | EUR | 4850 | Westpac Banking Corp. | 01/05/2026 | 8 |
|  USD | 4753 | GBP | 3520 | Bank of America, NA | 01/05/2026 | 8 |
|  GBP | 110457 | USD | 148713 | Bank of America, NA | 01/05/2026 | 178 |
|  GBP | 574842 | USD | 773950 | Bank of New York Mellon | 01/05/2026 | 909 |
|  GBP | 566 | USD | 762 | Goldman Sachs International | 01/05/2026 | 1 |
|  USD | 1931 | HKD | 15010 | Toronto-Dominion Bank (The) | 01/05/2026 | 2 |
|  HKD | 15010 | USD | 1928 | Toronto-Dominion Bank (The) | 01/05/2026 | — (h) |
|  HUF | 5361077 | USD | 16384 | UBS AG LONDON | 01/05/2026 | 9 |
|  USD | 7453 | JPY | 1156940 | Bank of America, NA | 01/05/2026 | 67 |
|  USD | 2370 | JPY | 370000 | Bank of America, NA | 01/05/2026 | 8 |
|  USD | 1726483 | JPY | 268554326 | Bank of New York Mellon | 01/05/2026 | 12015 |
|  USD | 13527 | JPY | 2103500 | Goldman Sachs International | 01/05/2026 | 99 |
|  USD | 2582 | JPY | 399580 | Morgan Stanley & Co. | 01/05/2026 | 32 |
|  JPY | 273936286 | USD | 1748694 | Standard Chartered Bank | 01/05/2026 | 133 |
|  USD | 5121 | JPY | 790320 | Toronto-Dominion Bank (The) | 01/05/2026 | 76 |
|  USD | 251 | JPY | 38880 | UBS AG LONDON | 01/05/2026 | 3 |
|  PLN | 284825 | USD | 79214 | Goldman Sachs International | 01/05/2026 | 124 |
|  RON | 119365 | USD | 27495 | Goldman Sachs International | 01/05/2026 | 42 |
|  SEK | 43857 | USD | 4759 | Bank of America, NA | 01/05/2026 | 4 |
|  SEK | 312185 | USD | 33878 | Bank of America, NA | 01/05/2026 | 31 |
|  THB | 2700830 | USD | 85388 | Bank of New York Mellon | 01/05/2026 | 339 |
|  CNY | 15595300 | USD | 2230896 | HSBC Bank plc \* | 01/06/2026 | 910 |
|  EUR | 1148 | USD | 1346 | Barclays Bank plc | 01/09/2026 | 3 |
|  EUR | 520 | USD | 611 | Morgan Stanley & Co. | 01/09/2026 | — (h) |
|  GBP | 1232 | USD | 1654 | Bank of America, NA | 01/09/2026 | 7 |
|  GBP | 244 | USD | 322 | Goldman Sachs International | 01/09/2026 | 7 |
|  GBP | 1107 | USD | 1481 | Morgan Stanley & Co. | 01/09/2026 | 12 |
|  JPY | 138305 | USD | 883 | Goldman Sachs International | 01/09/2026 | 1 |
|  USD | 861 | JPY | 133990 | Goldman Sachs International | 01/09/2026 | 5 |
|  USD | 54450 | JPY | 8504040 | HSBC Bank plc | 01/09/2026 | 139 |
|  AUD | 1100 | USD | 723 | Citibank, NA | 01/22/2026 | 12 |
|  CHF | 311 | USD | 389 | Barclays Bank plc | 01/22/2026 | 4 |
|  USD | 3019 | JPY | 454428 | Morgan Stanley & Co. | 01/22/2026 | 113 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 138 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CURRENCY PURCHASED | CURRENCY PURCHASED | CURRENCY SOLD | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT<br>DATE | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  USD | 564 | JPY | 86269 | Morgan Stanley & Co. | 01/22/2026 | 13 |
|  USD | 247885 | AUD | 370570 | Deutsche Bank AG | 02/03/2026 | 544 |
|  CHF | 53 | USD | 67 | Goldman Sachs International | 02/03/2026 | — (h) |
|  CNY | 33000 | USD | 4727 | Standard Chartered Bank \* | 02/03/2026 | 2 |
|  USD | 486058 | EUR | 412985 | Bank of New York Mellon | 02/03/2026 | 28 |
|  USD | 29377 | EUR | 24957 | Citibank, NA | 02/03/2026 | 6 |
|  EUR | 48870 | USD | 57474 | Goldman Sachs International | 02/03/2026 | 39 |
|  EUR | 63 | USD | 74 | Goldman Sachs International | 02/03/2026 | — (h) |
|  EUR | 19280 | USD | 22675 | Goldman Sachs International | 02/03/2026 | 15 |
|  USD | 486051 | EUR | 412985 | UBS AG LONDON | 02/03/2026 | 22 |
|  GBP | 3170 | USD | 4264 | Goldman Sachs International | 02/03/2026 | 9 |
|  USD | 6479 | JPY | 1008620 | Bank of America, NA | 02/03/2026 | 23 |
|  JPY | 3076180 | USD | 19675 | Morgan Stanley & Co. | 02/03/2026 | 16 |
|  USD | 18897 | NOK | 190330 | Bank of America, NA | 02/03/2026 | 13 |
|  USD | 31713 | NZD | 54952 | Bank of America, NA | 02/03/2026 | 34 |
|  USD | 46806 | SGD | 60041 | Bank of New York Mellon | 02/03/2026 | 3 |
|  SGD | 1100 | USD | 857 | Morgan Stanley & Co. | 02/03/2026 | — (h) |
|  CNH | 1807 | USD | 258 | Goldman Sachs International | 03/18/2026 | 2 |
|  KRW | 307699 | USD | 210 | Goldman Sachs International \* | 03/18/2026 | 4 |
|  KRW | 1495700 | USD | 1022 | UBS AG LONDON \* | 03/18/2026 | 19 |
|  USD | 3962 | MYR | 16030 | Goldman Sachs International \* | 03/18/2026 | 4 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  |  | 20911 |
|  AUD | 370570 | USD | 247845 | Deutsche Bank AG | 01/05/2026 | (545) |
|  USD | 1784 | AUD | 2720 | Morgan Stanley & Co. | 01/05/2026 | (31) |
|  USD | 239185 | AUD | 366310 | Royal Bank of Canada | 01/05/2026 | (5272) |
|  USD | 1027 | AUD | 1540 | UBS AG LONDON | 01/05/2026 | (1) |
|  USD | 63 | CHF | 50 | Morgan Stanley & Co. | 01/05/2026 | (—) (h) |
|  USD | 47608 | CHF | 38150 | Westpac Banking Corp. | 01/05/2026 | (555) |
|  USD | 5738 | CHF | 4598 | Westpac Banking Corp. | 01/05/2026 | (67) |
|  USD | 37543 | CZK | 782913 | Citibank, NA | 01/05/2026 | (541) |
|  USD | 1181 | CZK | 24570 | Morgan Stanley & Co. | 01/05/2026 | (14) |
|  USD | 24788 | DKK | 159505 | Bank of America, NA | 01/05/2026 | (309) |
|  USD | 1810 | DKK | 11645 | Morgan Stanley & Co. | 01/05/2026 | (23) |
|  USD | 327 | DKK | 2100 | Morgan Stanley & Co. | 01/05/2026 | (3) |
|  USD | 9890 | EUR | 8430 | Bank of America, NA | 01/05/2026 | (17) |
|  USD | 1890 | EUR | 1610 | Bank of America, NA | 01/05/2026 | (2) |
|  EUR | 412985 | USD | 485390 | Bank of New York Mellon | 01/05/2026 | (50) |
|  USD | 479689 | EUR | 413770 | Bank of New York Mellon | 01/05/2026 | (6573) |
|  EUR | 24957 | USD | 29337 | Citibank, NA | 01/05/2026 | (7) |
|  USD | 1643 | EUR | 1410 | Goldman Sachs International | 01/05/2026 | (14) |
|  USD | 28898 | EUR | 24921 | Goldman Sachs International | 01/05/2026 | (389) |
|  USD | 30 | EUR | 26 | Goldman Sachs International | 01/05/2026 | (—) (h) |
|  USD | 4684 | EUR | 3990 | Morgan Stanley & Co. | 01/05/2026 | (5) |
|  USD | 116 | EUR | 100 | Morgan Stanley & Co. | 01/05/2026 | (1) |
|  USD | 479688 | EUR | 413765 | Morgan Stanley & Co. | 01/05/2026 | (6569) |
|  EUR | 412985 | USD | 485385 | UBS AG LONDON | 01/05/2026 | (45) |
|  USD | 3679520 | EUR | 3176148 | Westpac Banking Corp. | 01/05/2026 | (53089) |
|  USD | 2362 | GBP | 1760 | Bank of America, NA | 01/05/2026 | (10) |
|  USD | 4688 | GBP | 3510 | Bank of America, NA | 01/05/2026 | (44) |
|  USD | 747826 | GBP | 565342 | Morgan Stanley & Co. | 01/05/2026 | (14227) |
|  USD | 939 | GBP | 710 | Morgan Stanley & Co. | 01/05/2026 | (18) |
|  USD | 749 | GBP | 566 | UBS AG LONDON | 01/05/2026 | (14) |
|  USD | 146120 | GBP | 110457 | UBS AG LONDON | 01/05/2026 | (2771) |
|  USD | 16238 | HUF | 5361077 | Morgan Stanley & Co. | 01/05/2026 | (155) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 139

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  USD | 2298 | JPY | 360590 | Bank of America, NA | 01/05/2026 | (4) |
|  USD | 1034 | JPY | 162150 | UBS AG LONDON | 01/05/2026 | (1) |
|  NOK | 190330 | USD | 18895 | Bank of America, NA | 01/05/2026 | (13) |
|  USD | 18761 | NOK | 190330 | Bank of America, NA | 01/05/2026 | (121) |
|  NZD | 54952 | USD | 31677 | Bank of America, NA | 01/05/2026 | (39) |
|  USD | 2127 | NZD | 3700 | Goldman Sachs International | 01/05/2026 | (3) |
|  USD | 29362 | NZD | 51252 | UBS AG LONDON | 01/05/2026 | (146) |
|  USD | 7077 | PLN | 25810 | Morgan Stanley & Co. | 01/05/2026 | (112) |
|  USD | 474 | PLN | 1730 | Morgan Stanley & Co. | 01/05/2026 | (8) |
|  USD | 70237 | PLN | 257285 | Morgan Stanley & Co. | 01/05/2026 | (1430) |
|  USD | 1884 | RON | 8280 | Goldman Sachs International | 01/05/2026 | (26) |
|  USD | 24277 | RON | 106925 | Goldman Sachs International | 01/05/2026 | (390) |
|  USD | 947 | RON | 4160 | Goldman Sachs International | 01/05/2026 | (13) |
|  USD | 4639 | SEK | 43857 | Bank of America, NA | 01/05/2026 | (125) |
|  USD | 33022 | SEK | 312185 | Bank of America, NA | 01/05/2026 | (888) |
|  SGD | 60041 | USD | 46716 | Bank of New York Mellon | 01/05/2026 | (7) |
|  USD | 46403 | SGD | 60041 | Morgan Stanley & Co. | 01/05/2026 | (307) |
|  USD | 1014 | THB | 32100 | Citibank, NA | 01/05/2026 | (5) |
|  USD | 1342 | THB | 43120 | Goldman Sachs International | 01/05/2026 | (26) |
|  USD | 81624 | THB | 2625610 | Morgan Stanley & Co. | 01/05/2026 | (1715) |
|  USD | 3793 | CNY | 26800 | HSBC Bank plc\* | 01/06/2026 | (43) |
|  USD | 1278 | CNY | 9020 | HSBC Bank plc\* | 01/06/2026 | (13) |
|  USD | 2345 | CNY | 16500 | HSBC Bank plc\* | 01/06/2026 | (17) |
|  USD | 735354 | CNY | 5192995 | State Street Bank\* | 01/06/2026 | (7803) |
|  USD | 734251 | CNY | 5185210 | State Street Bank\* | 01/06/2026 | (7792) |
|  USD | 735354 | CNY | 5192995 | State Street Bank\* | 01/06/2026 | (7803) |
|  USD | 6251 | CNY | 44000 | State Street Bank\* | 01/06/2026 | (46) |
|  USD | 3127 | CNY | 22000 | State Street Bank\* | 01/06/2026 | (21) |
|  USD | 5542 | CNY | 39000 | State Street Bank\* | 01/06/2026 | (39) |
|  EUR | 1219 | USD | 1433 | Bank of America, NA | 01/09/2026 | (1) |
|  USD | 144432 | EUR | 124974 | Barclays Bank plc | 01/09/2026 | (2466) |
|  USD | 6911 | EUR | 5937 | Citibank, NA | 01/09/2026 | (67) |
|  USD | 144598 | EUR | 124974 | Citibank, NA | 01/09/2026 | (2300) |
|  USD | 76236 | EUR | 65890 | Citibank, NA | 01/09/2026 | (1212) |
|  USD | 76323 | EUR | 65890 | HSBC Bank plc | 01/09/2026 | (1126) |
|  USD | 3012 | EUR | 2590 | Morgan Stanley & Co. | 01/09/2026 | (32) |
|  USD | 703 | EUR | 604 | Morgan Stanley & Co. | 01/09/2026 | (8) |
|  EUR | 2993 | USD | 3524 | Morgan Stanley & Co. | 01/09/2026 | (6) |
|  USD | 16451 | GBP | 12566 | Citibank, NA | 01/09/2026 | (487) |
|  USD | 1910 | GBP | 1434 | Citibank, NA | 01/09/2026 | (24) |
|  USD | 57571 | GBP | 43974 | Citibank, NA | 01/09/2026 | (1703) |
|  USD | 3502 | GBP | 2625 | Morgan Stanley & Co. | 01/09/2026 | (36) |
|  USD | 689 | GBP | 515 | Morgan Stanley & Co. | 01/09/2026 | (5) |
|  JPY | 95348 | USD | 613 | Bank of America, NA | 01/09/2026 | (5) |
|  USD | 75409 | EUR | 64950 | Barclays Bank plc | 01/14/2026 | (952) |
|  USD | 5675 | AUD | 8795 | Barclays Bank plc | 01/22/2026 | (195) |
|  USD | 1125 | AUD | 1701 | HSBC Bank plc | 01/22/2026 | (10) |
|  USD | 972 | AUD | 1473 | HSBC Bank plc | 01/22/2026 | (11) |
|  USD | 1039 | AUD | 1569 | Morgan Stanley & Co. | 01/22/2026 | (8) |
|  USD | 442 | AUD | 681 | Morgan Stanley & Co. | 01/22/2026 | (13) |
|  USD | 238 | CAD | 335 | Barclays Bank plc | 01/22/2026 | (6) |
|  USD | 9144 | CAD | 12810 | Barclays Bank plc | 01/22/2026 | (196) |
|  USD | 779 | CAD | 1086 | Barclays Bank plc | 01/22/2026 | (13) |
|  USD | 1242 | CAD | 1745 | Morgan Stanley & Co. | 01/22/2026 | (31) |
|  USD | 698 | CAD | 972 | Morgan Stanley & Co. | 01/22/2026 | (10) |
|  USD | 255 | CHF | 204 | Barclays Bank plc | 01/22/2026 | (3) |
|  USD | 1305 | CHF | 1036 | Goldman Sachs International | 01/22/2026 | (6) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 140 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  USD | 256 | CHF | 205 | Morgan Stanley & Co. | 01/22/2026 | (3) |
|  USD | 222 | CZK | 4680 | Morgan Stanley & Co. | 01/22/2026 | (5) |
|  USD | 1050 | CZK | 21883 | Morgan Stanley & Co. | 01/22/2026 | (15) |
|  USD | 718 | DKK | 4607 | Barclays Bank plc | 01/22/2026 | (8) |
|  USD | 485 | HUF | 163362 | HSBC Bank plc | 01/22/2026 | (14) |
|  USD | 349 | NOK | 3560 | HSBC Bank plc | 01/22/2026 | (4) |
|  USD | 789 | NZD | 1378 | Morgan Stanley & Co. | 01/22/2026 | (4) |
|  USD | 157 | NZD | 278 | Morgan Stanley & Co. | 01/22/2026 | (3) |
|  USD | 245 | PLN | 904 | Goldman Sachs International | 01/22/2026 | (6) |
|  USD | 902 | PLN | 3307 | Morgan Stanley & Co. | 01/22/2026 | (19) |
|  USD | 447 | RON | 1976 | Goldman Sachs International | 01/22/2026 | (9) |
|  USD | 475 | RON | 2103 | HSBC Bank plc | 01/22/2026 | (10) |
|  USD | 656 | SEK | 6226 | HSBC Bank plc | 01/22/2026 | (21) |
|  USD | 1234 | AUD | 1850 | Goldman Sachs International | 02/03/2026 | (1) |
|  USD | 5995 | CHF | 4738 | Bank of America, NA | 02/03/2026 | (6) |
|  USD | 47264 | CHF | 37390 | Bank of America, NA | 02/03/2026 | (92) |
|  CHF | 120 | USD | 152 | Goldman Sachs International | 02/03/2026 | (—) (h) |
|  USD | 2233804 | CNY | 15595300 | HSBC Bank plc\* | 02/03/2026 | (1018) |
|  USD | 2572 | CNY | 18000 | HSBC Bank plc\* | 02/03/2026 | (7) |
|  USD | 39202 | CZK | 807483 | Goldman Sachs International | 02/03/2026 | (96) |
|  USD | 25117 | DKK | 159505 | Bank of America, NA | 02/03/2026 | (24) |
|  USD | 2164 | DKK | 13745 | Bank of America, NA | 02/03/2026 | (2) |
|  EUR | 300 | USD | 353 | Bank of America, NA | 02/03/2026 | (—) (h) |
|  USD | 27637 | EUR | 23500 | Goldman Sachs International | 02/03/2026 | (19) |
|  USD | 3776062 | EUR | 3212538 | Goldman Sachs International | 02/03/2026 | (4675) |
|  USD | 148708 | GBP | 110457 | Bank of America, NA | 02/03/2026 | (177) |
|  USD | 773920 | GBP | 574842 | Bank of New York Mellon | 02/03/2026 | (908) |
|  USD | 762 | GBP | 566 | Goldman Sachs International | 02/03/2026 | (1) |
|  USD | 1931 | HKD | 15010 | Toronto-Dominion Bank (The) | 02/03/2026 | (—) (h) |
|  USD | 16348 | HUF | 5361077 | UBS AG LONDON | 02/03/2026 | (11) |
|  USD | 1753350 | JPY | 273936286 | Standard Chartered Bank | 02/03/2026 | (151) |
|  USD | 2084 | NZD | 3620 | Goldman Sachs International | 02/03/2026 | (3) |
|  USD | 79202 | PLN | 284825 | Goldman Sachs International | 02/03/2026 | (121) |
|  USD | 27456 | RON | 119365 | Goldman Sachs International | 02/03/2026 | (38) |
|  USD | 33930 | SEK | 312185 | Bank of America, NA | 02/03/2026 | (33) |
|  USD | 4767 | SEK | 43857 | Bank of America, NA | 02/03/2026 | (5) |
|  USD | 85294 | THB | 2700830 | Bank of New York Mellon | 02/03/2026 | (591) |
|  USD | 2211 | THB | 69620 | Standard Chartered Bank | 02/03/2026 | (3) |
|  USD | 763 | CLP | 701613 | Citibank, NA\* | 03/18/2026 | (17) |
|  USD | 54821 | CNH | 385222 | HSBC Bank plc | 03/18/2026 | (640) |
|  USD | 1070 | ILS | 3478 | Barclays Bank plc | 03/18/2026 | (22) |
|  USD | 575 | KRW | 850000 | Bank of New York Mellon\* | 03/18/2026 | (17) |
|  USD | 230523 | KRW | 336464090 | UBS AG LONDON\* | 03/18/2026 | (3704) |
|  USD | 2442 | MXN | 44888 | HSBC Bank plc | 03/18/2026 | (33) |
|  USD | 1492 | MYR | 6136 | Barclays Bank plc\* | 03/18/2026 | (23) |
|  USD | 89712 | MYR | 367730 | Morgan Stanley & Co.\* | 03/18/2026 | (1073) |
|  USD | 543 | PEN | 1831 | Citibank, NA\* | 03/18/2026 | (1) |
|  USD | 1313 | SGD | 1689 | Morgan Stanley & Co. | 03/18/2026 | (8) |
|  USD | 1815 | THB | 57169 | HSBC Bank plc | 03/18/2026 | (10) |
|  USD | 43847 | IDR | 734067111 | Bank of America, NA\* | 03/25/2026 | (131) |
|  USD | 43847 | IDR | 734067111 | Bank of America, NA\* | 03/25/2026 | (131) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  |  | (145162) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  | (124251) |

---

\* Non-deliverable forward.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 141

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Interest Rate Swaps contracts outstanding as of December 31, 2025:** | **OTC Interest Rate Swaps contracts outstanding as of December 31, 2025:** | **OTC Interest Rate Swaps contracts outstanding as of December 31, 2025:** | **OTC Interest Rate Swaps contracts outstanding as of December 31, 2025:** | **OTC Interest Rate Swaps contracts outstanding as of December 31, 2025:** | **OTC Interest Rate Swaps contracts outstanding as of December 31, 2025:** | **OTC Interest Rate Swaps contracts outstanding as of December 31, 2025:** | **OTC Interest Rate Swaps contracts outstanding as of December 31, 2025:** | **OTC Interest Rate Swaps contracts outstanding as of December 31, 2025:** | |
| **FLOATING RATE INDEX** (a) | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING RATE** | **COUNTERPARTY** | **MATURITY**<br> **DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** | **VALUE($)** |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 2.44% quarterly | Pay | Morgan Stanley & Co. | 11/17/2030 | MYR | 5000 | (—)(h) | (53) | (53) |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 3.88% quarterly | Pay | Morgan Stanley & Co. | 11/23/2030 | MYR | 1030 |  | 6 | 6 |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 3.81% quarterly | Pay | Goldman Sachs | 05/17/2031 | MYR | 2300 |  | 13 | 13 |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 3.31% quarterly | Pay | Morgan Stanley & Co. | 07/24/2035 | MYR | 4000 |  | (20) | (20) |
|  CFETS China Fixing Repo Rates 7 day | 2.36% quarterly | Pay | Morgan Stanley & Co. | 09/01/2030 | CNY | 7000 |  | 36 | 36 |
|  Total | Total | Total | Total | Total | Total |  | (—)(h) | (18) | (18) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: |
| **FLOATING RATE INDEX** (a) | FIXED RATE | PAY/ RECEIVE<br>FLOATING RATE | MATURITY DATE | NOTIONAL<br>AMOUNT | NOTIONAL<br>AMOUNT | UPFRONT<br>PAYMENTS<br>(RECEIPTS)($) | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) | VALUE($) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.24% annually | Pay | 02/02/2026 | JPY | 120000 | — (h) | (2) | (2) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)% annually | Pay | 07/08/2027 | JPY | 191520 | (15) | (8) | (23) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.60% annually | Pay | 07/08/2028 | JPY | 470000 | (38) | (9) | (47) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)% annually | Pay | 07/08/2028 | JPY | 975000 | (162) | (53) | (215) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)% annually | Receive | 07/08/2029 | JPY | 25000 | 6 | 2 | 8 |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)% annually | Receive | 07/08/2030 | JPY | 780000 | 257 | 86 | 343 |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.30% semi-annually | Pay | 12/03/2030 | JPY | 143500 | (–)(h) | (55) | (55) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.05% annually | Pay | 07/08/2032 | JPY | 120000 | (40) | (36) | (76) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.90% annually | Pay | 07/08/2032 | JPY | 60000 | (10) | (6) | (16) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.90% annually | Pay | 07/08/2032 | JPY | 310000 | (26) | (57) | (83) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 142 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: |
| **FLOATING RATE INDEX** (a) | FIXED RATE | PAY/ RECEIVE<br>FLOATING RATE | MATURITY DATE | NOTIONAL<br>AMOUNT | NOTIONAL<br>AMOUNT | UPFRONT<br>PAYMENTS<br>(RECEIPTS)($) | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) | VALUE($) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.10% annually | Pay | 07/08/2033 | JPY | 245000 | (98) | (81) | (179) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 1.10% annually | Pay | 07/08/2035 | JPY | 140000 | (26) | (29) | (55) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.15% annually | Pay | 07/08/2037 | JPY | 135000 | (78) | (88) | (166) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.30% annually | Pay | 07/08/2043 | JPY | 210000 | (225) | (189) | (414) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.45% annually | Pay | 07/08/2048 | JPY | 115000 | (141) | (141) | (282) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 1.75% annually | Pay | 07/08/2055 | JPY | 70000 | (77) | (20) | (97) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 1.75% annually | Pay | 07/08/2055 | JPY | 55000 | (53) | (23) | (76) |
|  BBSW ASX Australian 6 Month | 2.55% semi-annually | Pay | 12/03/2026 | AUD | 770 | (27) | 19 | (8) |
|  BBSW ASX Australian 6 Month | 2.60% semi-annually | Pay | 12/03/2027 | AUD | 11365 | (267) | 27 | (240) |
|  BBSW ASX Australian 6 Month | 2.75% semi-annually | Pay | 12/03/2030 | AUD | 4465 | 23 | (251) | (228) |
|  BBSW ASX Australian 6 Month | 2.80% semi-annually | Pay | 12/03/2033 | AUD | 2350 | (213) | 18 | (195) |
|  Canadian Overnight Repo Rate Average | 3.85% semi-annually | Pay | 12/03/2026 | CAD | 4285 | 2 | 45 | 47 |
|  Canadian Overnight Repo Rate Average | 3.65% semi-annually | Pay | 12/03/2027 | CAD | 10850 | 133 | 49 | 182 |
|  Canadian Overnight Repo Rate Average | 3.50% semi-annually | Pay | 12/03/2029 | CAD | 4780 | 88 | 19 | 107 |
|  Canadian Overnight Repo Rate Average | 3.50% semi-annually | Pay | 12/03/2030 | CAD | 5630 | 197 | (59) | 138 |
|  Canadian Overnight Repo Rate Average | 3.45% semi-annually | Pay | 12/03/2032 | CAD | 1270 | 47 | (17) | 30 |
|  Canadian Overnight Repo Rate Average | 3.45% semi-annually | Pay | 12/03/2032 | CAD | 3815 | 48 | 41 | 89 |
|  Canadian Overnight Repo Rate Average | 3.50% semi-annually | Pay | 12/03/2033 | CAD | 800 | (2) | 22 | 20 |
|  Canadian Overnight Repo Rate Average | 3.50% semi-annually | Pay | 12/03/2034 | CAD | 2890 | 89 | (20) | 69 |
|  Canadian Overnight Repo Rate Average | 3.55% semi-annually | Pay | 12/03/2042 | CAD | 1895 | 57 | (43) | 14 |
|  Canadian Overnight Repo Rate Average | 3.40% semi-annually | Pay | 12/03/2049 | CAD | 480 | (1) | (8) | (9) |
|  Canadian Overnight Repo Rate Average | 3.30% semi-annually | Pay | 12/03/2052 | CAD | 1510 | 36 | (83) | (47) |
|  Canadian Overnight Repo Rate Average | 3.25% semi-annually | Pay | 12/03/2054 | CAD | 275 | (2) | (8) | (10) |
|  Canadian Overnight Repo Rate Average | 3.25% semi-annually | Pay | 12/03/2055 | CAD | 220 | 2 | (10) | (8) |
|  Canadian Overnight Repo Rate Average | 3.25% semi-annually | Pay | 12/03/2055 | CAD | 310 | 1 | (12) | (11) |
|  CFETS China Fixing Repo Rates 7 day | 2.81% quarterly | Pay | 04/12/2026 | CNY | 3590 | — (h) | 3 | 3 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 143

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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 December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** |
| **FLOATING RATE INDEX** (a) | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING RATE** | **MATURITY DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** | **VALUE($)** |
|  CFETS China Fixing Repo Rates 7 day | 2.40% quarterly | Pay | 05/11/2026 | CNY | 23000 | 35 | (21) | 14 |
|  CFETS China Fixing Repo Rates 7 day | 2.60% quarterly | Pay | 05/11/2028 | CNY | 91220 | 206 | 144 | 350 |
|  CFETS China Fixing Repo Rates 7 day | 2.40% quarterly | Pay | 12/06/2028 | CNY | 5000 | 10 | 8 | 18 |
|  CFETS China Fixing Repo Rates 7 day | 2.65% quarterly | Pay | 05/10/2029 | CNY | 134160 | 776 | (53) | 723 |
|  CFETS China Fixing Repo Rates 7 day | 1.59% quarterly | Pay | 12/02/2029 | CNY | 18000 |  | 3 | 3 |
|  CFETS China Fixing Repo Rates 7 day | 1.50% quarterly | Pay | 12/12/2029 | CNY | 22900 | 2 | (10) | (8) |
|  CFETS China Fixing Repo Rates 7 day | 1.50% quarterly | Pay | 05/11/2030 | CNY | 36460 | (31) | 15 | (16) |
|  CFETS China Fixing Repo Rates 7 day | 1.50% quarterly | Pay | 05/11/2030 | CNY | 57380 | (1) | (25) | (26) |
|  Copenhagen Interbank Offered Rates 6 Month | 3.20% annually | Pay | 07/10/2034 | DKK | 1000 | 6 | (3) | 3 |
|  Copenhagen Interbank Offered Rates 6 Month | 3.20% annually | Pay | 07/10/2035 | DKK | 270 | 2 | (1) | 1 |
|  Czech Interbank Offered Rates 6 Month | 3.51% annually | Pay | 03/20/2031 | CZK | 13830 | (13) | 15 | 2 |
|  Czech Interbank Offered Rates 6 Month | 3.55% annually | Pay | 09/10/2034 | CZK | 1325 | (1) | (1) | (2) |
|  Czech Interbank Offered Rates 6 Month | 3.60% annually | Pay | 09/10/2035 | CZK | 2650 | (3) | (2) | (5) |
|  ESTR Volume Weighted Trimmed Mean Rate | 1.20% annually | Pay | 05/11/2052 | EUR | 1810 | (182) | (555) | (737) |
|  GPW Benchmark WIBID/WIBOR PLN 6 Month | 4.82% annually | Pay | 11/28/2030 | PLN | 1000 | — (h) | 13 | 13 |
|  GPW Benchmark WIBID/WIBOR PLN 6 Month | 4.35% annually | Pay | 05/11/2031 | PLN | 1690 | (14) | 37 | 23 |
|  GPW Benchmark WIBID/WIBOR PLN 6 Month | 4.50% annually | Pay | 05/11/2035 | PLN | 1205 | (4) | 21 | 17 |
|  KRW Certificate of Deposit 3 Month | 3.14% quarterly | Pay | 04/19/2028 | KRW | 860000 | — (h) | 3 | 3 |
|  KRW Certificate of Deposit 3 Month | 1.07% quarterly | Pay | 04/27/2030 | KRW | 200000 | (8) | (4) | (12) |
|  KRW Certificate of Deposit 3 Month | 0.97% quarterly | Pay | 08/14/2030 | KRW | 2100000 | — (h) | (141) | (141) |
|  KRW Certificate of Deposit 3 Month | 0.94% quarterly | Pay | 08/19/2030 | KRW | 5075000 | (83) | (257) | (340) |
|  KRW Certificate of Deposit 3 Month | 2.82% quarterly | Pay | 04/28/2032 | KRW | 1245595 | (13) | (5) | (18) |
|  KRW Certificate of Deposit 3 Month | 3.15% quarterly | Pay | 03/10/2033 | KRW | 1868660 | (16) | 10 | (6) |
|  KRW Certificate of Deposit 3 Month | 3.61% quarterly | Pay | 11/24/2033 | KRW | 805000 | — (h) | 15 | 15 |
|  KRW Certificate of Deposit 3 Month | 3.15% quarterly | Pay | 03/10/2034 | KRW | 2961000 | 7 | (20) | (13) |
|  KRW Certificate of Deposit 3 Month | 3.20% quarterly | Pay | 03/10/2035 | KRW | 2692000 | 80 | (87) | (7) |
|  KRW Certificate of Deposit 3 Month | 3.20% quarterly | Pay | 03/10/2035 | KRW | 803000 | 31 | (33) | (2) |
|  KRW Certificate of Deposit 3 Month | 3.10% quarterly | Pay | 03/10/2043 | KRW | 161125 | (3) | 1 | (2) |
|  Mexico Interbank TIIE 1 Day | 9.10% lunar | Pay | 12/06/2034 | MXN | 4625 | 4 | 13 | 17 |
|  Mexico Interbank TIIE 1 Day | 9.20% lunar | Pay | 12/05/2035 | MXN | 3370 | 12 | 1 | 13 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 144 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** |
| **FLOATING RATE INDEX** (a) | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING RATE** | **MATURITY DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** | **VALUE($)** |
|  National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index | 6.85% annually | Pay | 05/06/2031 | HUF | 60000 | 4 | 8 | 12 |
|  National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index | 6.25% annually | Pay | 09/10/2034 | HUF | 10335 | (1) | 1 | (–)(h) |
|  National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index | 6.30% annually | Pay | 09/10/2035 | HUF | 32255 | (2) | 1 (h) | (1) |
|  Norway Interbank Offered Rate Fixing 6 Month | 4.00% annually | Pay | 07/10/2032 | NOK | 1165 | (—)(h) | (1) | (1) |
|  Norway Interbank Offered Rate Fixing 6 Month | 3.85% annually | Pay | 07/10/2034 | NOK | 1300 | 3 | (6) | (3) |
|  Norway Interbank Offered Rate Fixing 6 Month | 3.85% annually | Pay | 07/10/2035 | NOK | 1210 | (2) | (1) | (3) |
|  NZD Bank Bill 3 Month | 4.24% semi-annually | Pay | 06/30/2032 | NZD | 500 | (7) | 15 | 8 |
|  NZFM New Zealand Bank Bill 3 Month FRA | 4.40% semi-annually | Pay | 05/08/2034 | NZD | 250 | 5 | – (h) | 5 |
|  NZFM New Zealand Bank Bill 3 Month FRA | 4.40% semi-annually | Pay | 05/08/2035 | NZD | 120 | 4 | (2) | 2 |
|  Shekel Overnight Risk Free Rate | 3.95% annually | Pay | 07/08/2030 | ILS | 1505 | — (h) | 5 | 5 |
|  Shekel Overnight Risk Free Rate | 4.00% annually | Pay | 07/08/2035 | ILS | 410 | (—)(h) | 1 | 1 |
|  Singapore Domestic Interbank Overnight Rate Average | 2.65% semi-annually | Pay | 09/10/2030 | SGD | 400 | — (h) | 12 | 12 |
|  Singapore Domestic Interbank Overnight Rate Average | 3.24% semi-annually | Pay | 05/03/2034 | SGD | 300 | 5 | 15 | 20 |
|  Singapore Domestic Interbank Overnight Rate Average | 2.45% semi-annually | Pay | 09/10/2034 | SGD | 200 | (3) | 7 | 4 |
|  Singapore Domestic Interbank Overnight Rate Average | 2.50% semi-annually | Pay | 09/10/2035 | SGD | 255 | 13 | (8) | 5 |
|  SONIA Interest Rate Benchmark | 0.45% annually | Pay | 03/31/2026 | GBP | 1250 | — (h) | (61) | (61) |
|  SONIA Interest Rate Benchmark | 1.00% annually | Receive | 05/08/2026 | GBP | 1330 | (115) | 62 | (53) |
|  SONIA Interest Rate Benchmark | 4.30% annually | Receive | 05/08/2027 | GBP | 5070 | (60) | (19) | (79) |
|  SONIA Interest Rate Benchmark | 1.10% annually | Receive | 05/08/2029 | GBP | 2010 | (309) | 49 | (260) |
|  SONIA Interest Rate Benchmark | 1.10% annually | Receive | 05/08/2030 | GBP | 4590 | 1148 | (410) | 738 |
|  SONIA Interest Rate Benchmark | 3.90% annually | Receive | 05/08/2031 | GBP | 1145 | (19) | 5 | (14) |
|  SONIA Interest Rate Benchmark | 3.85% annually | Receive | 05/08/2032 | GBP | 4480 | 13 | (37) | (24) |
|  SONIA Interest Rate Benchmark | 3.85% annually | Pay | 05/08/2032 | GBP | 450 | (—)(h) | 2 | 2 |
|  SONIA Interest Rate Benchmark | 1.15% annually | Receive | 05/08/2033 | GBP | 165 | (50) | 8 | (42) |
|  SONIA Interest Rate Benchmark | 3.90% annually | Receive | 05/08/2039 | GBP | 1470 | (28) | 89 | 61 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 145

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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 December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** | **Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025:** |
| **FLOATING RATE INDEX** (a) | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING RATE** | **MATURITY DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** | **VALUE($)** |
|  SONIA Interest Rate Benchmark | 1.25% annually | Pay | 05/08/2039 | GBP | 1080 | (468) | 4 | (464) |
|  SONIA Interest Rate Benchmark | 3.95% annually | Pay | 05/08/2040 | GBP | 1325 | (62) | 6 | (56) |
|  SONIA Interest Rate Benchmark | 1.25% annually | Receive | 05/08/2043 | GBP | 895 | 381 | 97 | 478 |
|  SONIA Interest Rate Benchmark | 1.25% annually | Pay | 05/08/2046 | GBP | 1865 | 300 | (1417) | (1117) |
|  SONIA Interest Rate Benchmark | 1.25% annually | Pay | 05/08/2054 | GBP | 255 | (162) | (23) | (185) |
|  SONIA Interest Rate Benchmark | 3.90% annually | Pay | 05/08/2055 | GBP | 320 | (42) | 2 | (40) |
|  Stockholm Interbank Offered Rates 3 Month | 3.15% annually | Pay | 07/10/2032 | SEK | 2000 | 11 | (3) | 8 |
|  Stockholm Interbank Offered Rates 3 Month | 3.10% annually | Pay | 07/10/2035 | SEK | 1510 | 4 | 1 | 5 |
|  Swiss Average Rate ON Intraday Value | 2.00% annually | Pay | 05/08/2030 | CHF | 1700 | 80 | 113 | 193 |
|  Swiss Average Rate ON Intraday Value | 0.13% annually | Pay | 11/05/2031 | CHF | 260 | — (h) | (5) | (5) |
|  Swiss Average Rate ON Intraday Value | 1.91% annually | Pay | 03/31/2033 | CHF | 400 | — (h) | 60 | 60 |
|  Swiss Average Rate ON Intraday Value | 2.00% annually | Pay | 05/08/2034 | CHF | 440 | 41 | 33 | 74 |
|  Swiss Average Rate ON Intraday Value | 2.00% annually | Pay | 05/08/2035 | CHF | 475 | 91 | (6) | 85 |
|  Thailand Overnight Repo Rate ON | 1.15% quarterly | Pay | 11/19/2030 | THB | 31000 | — (h) | (4) | (4) |
|  Thailand Overnight Repo Rate ON | 2.86% quarterly | Pay | 04/23/2034 | THB | 15000 | — (h) | 53 | 53 |
|  Thailand Overnight Repo Rate ON | 2.35% quarterly | Pay | 09/10/2034 | THB | 18540 | 3 | 38 | 41 |
|  Thailand Overnight Repo Rate ON | 2.17% quarterly | Pay | 12/16/2034 | THB | 7000 | (1) | 13 | 12 |
|  Thailand Overnight Repo Rate ON | 2.40% quarterly | Pay | 09/10/2035 | THB | 12010 | 35 | (6) | 29 |
|  Thailand Overnight Repo Rate ON | 2.40% quarterly | Pay | 09/10/2035 | THB | 14390 | 32 | 2 | 34 |
|  United States SOFR | 3.50% annually | Receive | 06/21/2026 | USD | 5500 | 129 | (104) | 25 |
|  United States SOFR | 3.75% annually | Pay | 12/18/2026 | USD | 21400 | 143 | (82) | 61 |
|  United States SOFR | 2.00% annually | Receive | 12/21/2027 | USD | 5400 | 449 | (311) | 138 |
|  United States SOFR | 1.22% annually | Receive | 08/15/2028 | USD | 5797 | — (h) | 371 | 371 |
|  United States SOFR | 1.50% semi-annually | Pay | 12/15/2028 | USD | 27300 | (3606) | 1952 | (1654) |
|  United States SOFR | 4.25% annually | Receive | 3/20/2029 | USD | 15800 | (512) | 87 | (425) |
|  United States SOFR | 3.75% annually | Pay | 12/18/2029 | USD | 18000 | 256 | (20) | 236 |
|  United States SOFR | 3.50% annually | Pay | 12/20/2030 | USD | 14000 | 484 | (506) | (22) |
|  United States SOFR | 3.75% annually | Pay | 06/20/2031 | USD | 19200 | (121) | 308 | 187 |
|  United States SOFR | 3.75% annually | Receive | 06/20/2031 | USD | 2500 | 14 | (38) | (24) |
|  United States SOFR | 3.75% annually | Receive | 09/17/2032 | USD | 18900 | (468) | 301 | (167) |
|  United States SOFR | 3.50% annually | Receive | 12/20/2033 | USD | 45100 | 2149 | (1608) | 541 |
|  United States SOFR | 3.75% annually | Receive | 06/20/2034 | USD | 4800 | 171 | (174) | (3) |
|  United States SOFR | 3.75% annually | Pay | 12/18/2034 | USD | 1000 | 1 | – (h) | 1 |
|  United States SOFR | 3.25% annually | Receive | 03/19/2035 | USD | 11100 | 728 | (199) | 529 |
|  United States SOFR | 3.25% annually | Receive | 06/18/2035 | USD | 17200 | 584 | 222 | 806 |
|  United States SOFR | 3.75% annually | Pay | 09/17/2035 | USD | 16400 | (281) | 342 | 61 |
|  United States SOFR | 3.75% annually | Pay | 09/17/2035 | USD | 2100 | (42) | 50 | 8 |
|  Total | Total | Total | Total | Total |  | 1204 | (2612) | (1408) |

---

(a) Value of floating rate index as of December 31, 2025 was as follows:

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 146 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | |
|:---|:---|
| FLOATING RATE INDEX |  |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 3.28% |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.73% |
|  BBSW ASX Australian 6 Month | 4.12% |
|  Canadian Overnight Repo Rate Average | 2.30% |
|  CFETS China Fixing Repo Rates 7 day | 2.20% |
|  Copenhagen Interbank Offered Rates 6 Month | 2.24% |
|  Czech Interbank Offered Rates 6 Month | 3.54% |
|  ESTR Volume Weighted Trimmed Mean Rate | 1.92% |
|  GPW Benchmark WIBID/WIBOR PLN 6 Month | 3.77% |
|  KRW Certificate of Deposit 3 Month | 2.81% |
|  Mexico Interbank TIIE 1 Day | 7.30% |
|  National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index | 6.39% |
|  Norway Interbank Offered Rate Fixing 6 Month | 4.23% |
|  NZD Bank Bill 3 Month | 2.52% |
|  NZFM New Zealand Bank Bill 3 Month FRA | 7.30% |
|  Shekel Overnight Risk Free Rate | 4.25% |
|  Singapore Domestic Interbank Overnight Rate Average | 0.89% |
|  SONIA Interest Rate Benchmark | 3.73% |
|  Stockholm Interbank Offered Rates 3 Month | 1.96% |
|  Swiss Average Rate ON Intraday Value | -0.08% |
|  Thailand Overnight Repo Rate ON | 1.25% |
|  United States SOFR | 3.87% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Written Put Option Contracts on securities as of December 31, 2025: | Written Put Option Contracts on securities as of December 31, 2025: | Written Put Option Contracts on securities as of December 31, 2025: | Written Put Option Contracts on securities as of December 31, 2025: | Written Put Option Contracts on securities as of December 31, 2025: | Written Put Option Contracts on securities as of December 31, 2025: | Written Put Option Contracts on securities as of December 31, 2025: | Written Put Option Contracts on securities as of December 31, 2025: | Written Put Option Contracts on securities as of December 31, 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%, 02/12/2056 | BofA Securities,<br>Inc. | (6000) | USD | (1052) | USD | 93.75 | 02/05/2026 | $(11) |
|  |  |  |  |  |  |  |  | (11) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Written Call Option Contracts on securities as of December 31, 2025: | Written Call Option Contracts on securities as of December 31, 2025: | Written Call Option Contracts on securities as of December 31, 2025: | Written Call Option Contracts on securities as of December 31, 2025: | Written Call Option Contracts on securities as of December 31, 2025: | Written Call Option Contracts on securities as of December 31, 2025: | Written Call Option Contracts on securities as of December 31, 2025: | Written Call Option Contracts on securities as of December 31, 2025: | Written Call Option Contracts on securities as of December 31, 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,<br>4.00%, 01/14/2056 | Citigroup Global<br>Markets, Inc. | (10000) | USD | (605) | USD | 95.25 | 01/07/2026 | (6) |
|  |  |  |  |  |  |  |  | (6) |
|  Total Written Options Contracts (Premiums Received $71) | Total Written Options Contracts (Premiums Received $71) | Total Written Options Contracts (Premiums Received $71) |  |  |  |  |  | (17) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 147

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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 December 31, 2025:** | **Purchased Call Interest Rate Swaptions contracts outstanding as of December 31, 2025:** | **Purchased Call Interest Rate Swaptions contracts outstanding as of December 31, 2025:** | **Purchased Call Interest Rate Swaptions contracts outstanding as of December 31, 2025:** | **Purchased Call Interest Rate Swaptions contracts outstanding as of December 31, 2025:** | **Purchased Call Interest Rate Swaptions contracts outstanding as of December 31, 2025:** | **Purchased Call Interest Rate Swaptions contracts outstanding as of December 31, 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 | $67 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 944 | 4.27 | 05/01/2035 | 98 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 5000 | 1916 | 4.31 | 05/02/2035 | 203 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 1002 | 4.47 | 06/04/2035 | 113 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 3900 | 1549 | 4.44 | 06/18/2035 | 173 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 10000 | 3929 | 4.40 | 06/25/2035 | 431 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 9200 | 3724 | 4.56 | 07/09/2035 | 440 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 9800 | 4089 | 4.64 | 07/23/2035 | 493 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 6800 | 2666 | 4.46 | 08/06/2035 | 305 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 4800 | 1870 | 4.43 | 08/06/2035 | 211 |
|  10-Year Swaption, United States SOFR | Morgan Stanley Capital Service | 4400 | 1739 | 4.49 | 08/07/2035 | 201 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 3200 | 1294 | 4.69 | 08/27/2035 | 166 |
|  7-Year Swaption, United States SOFR | Deutsche Bank AG | 7500 | 302 | 3.14 | 09/14/2026 | 39 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 36300 | 380 | 3.19 | 03/04/2026 | 35 |
|  |  |  |  |  |  | 2975 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Purchased Put Interest Rate Swaptions contracts outstanding as of December 31, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of December 31, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of December 31, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of December 31, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of December 31, 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 | 134 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 944 | 4.27 | 05/01/2035 | 163 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 5000 | 1916 | 4.31 | 05/02/2035 | 320 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 1002 | 4.47 | 06/04/2035 | 149 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 3900 | 1549 | 4.44 | 06/18/2035 | 236 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 5000 | 1988 | 4.40 | 06/25/2035 | 308 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 4600 | 1862 | 4.56 | 07/09/2035 | 264 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 4900 | 2044 | 4.64 | 07/23/2035 | 271 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 6800 | 2666 | 4.46 | 08/06/2035 | 407 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 4800 | 1870 | 4.43 | 08/06/2035 | 292 |
|  10-Year Swaption, United States SOFR | Morgan Stanley Capital Service | 4400 | 1739 | 4.49 | 08/07/2035 | 261 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 3200 | 1294 | 4.69 | 08/27/2035 | 173 |
|  7-Year Swaption, United States SOFR | Deutsche Bank AG | 7500 | 350 | 3.64 | 09/14/2026 | 123 |
|  |  |  |  |  |  | 3101 |
|  Total Purchased Interest Rate Swaptions contract (Premiums Paid $10,386) | Total Purchased Interest Rate Swaptions contract (Premiums Paid $10,386) | Total Purchased Interest Rate Swaptions contract (Premiums Paid $10,386) | Total Purchased Interest Rate Swaptions contract (Premiums Paid $10,386) | Total Purchased Interest Rate Swaptions contract (Premiums Paid $10,386) | Total Purchased Interest Rate Swaptions contract (Premiums Paid $10,386) | 6076 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 148 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
| COUNTERPARTY | **BORROWING**<br> **RATE** | **SETTLEMENT**<br> **DATE** | MATURITY<br>DATE | AMOUNT<br>BORROWED | PAYABLE FOR<br>REVERSE<br>REPURCHASE<br>AGREEMENTS($) | COLLATERAL<br>PLEDGED/<br>(RECEIVED)($) | **NET AMOUNT**<br> **(DUE TO)/ FROM<br>COUNTERPATRY($)** |
|  CITIGROUP GLOBAL MARKETS INC. | 3.97% | 12/11/2025 | 1/7/2026 | (71541) | (71707) | 71707 |  |
|  WELLS FARGO SECURITIES, LLC | 3.97% | 12/11/2025 | 1/7/2026 | (1849) | (1853) | 1853 |  |
|  |  |  |  |  | (73560) |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Accounted for as Secured Borrowings** | **Accounted for as Secured Borrowings** | **Accounted for as Secured Borrowings** | **Accounted for as Secured Borrowings** | **Accounted for as Secured Borrowings** | **Accounted for as Secured Borrowings** |
| Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements |
|  | OVERNIGHT AND<br>CONTINUOUS | UP TO 30 DAYS | 31-90 DAYS | GREATER THAN<br>90 DAYS | TOTAL |
|  Reverse Repurchase Agreements |  |  |  |  |  |
|  Mortgage Backed Securities |  | (73560) |  |  | (73560) |
|  Payable for Reverse Repurchase Agreements |  |  |  |  | (73560) |

---

#### NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

#### AS OF DECEMBER 31, 2025

---

| | |
|:---|:---|
| ACES | — Alternative Credit Enhancement Securities |
| ARM | — Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of December 31, 2025. |
| ASX | — Australian Stock Exchange |
| BAM | — Insured by Build America Mutual |
| BBSW | — Bank Bill Swap Rate |
| CFETS | — China Foreign Exchange Trade System |
| CLO | — Collateralized Loan Obligations |
| CMT | — Constant Maturity Treasury |
| CPI | — Consumer Price Index |
| EURIBOR | — Euro Interbank Offered Rate |
| ESTR | — Euro short-term rate |
| FHA | — Federal Housing Administration |
| FHLB | — Federal Home Loan Bank |
| FHLMC | — Federal Home Loan Mortgage Corp. |
| FNMA | — Federal National Mortgage Association |
| GNMA | — Government National Mortgage Association |
| GO | — General Obligation |
| GPW | — Polish Stock Market |
| IBOR | — Interbank Offered Rate |
| 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 December 31, 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 |
| 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 December 31, 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.  |
| (g) | — Amount rounds to less than 0.05%. |
| (h) | — Amount rounds to less than 500 shares/principal or $500. |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 149

------

## Six Circles Global Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

(n) —  The rate shown is the effective yield as of December 31, 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.

(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 December 31, 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 December 31, 2025.

(aa) —  Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2025.

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

(ee) —  Approximately $2,448 of these investments are restricted as collateral for swaps to BofA Securities.

(ff) —  Approximately $1,661 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 $311 of these investments are restricted as collateral for TBAs to BofA Securities.

(ii) —  Approximately $924 of these investments are restricted as collateral for forwards to various brokers.

(jj) —  Approximately $10,536 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 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 150 SIX CIRCLES TRUST DECEMBER 31, 2025

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| **Commercial Mortgage-Backed Security — 0.0%** (g) | **Commercial Mortgage-Backed Security — 0.0%** (g) | |
| **Commercial MBS — 0.0%** (g) | | |
| &nbsp;&nbsp;&nbsp;&nbsp; FRETE, Series 2025-ML32, Class AUS, 4.84%, 03/25/2042 (z) (Cost $6,035) | 5750 | 6018 |
| **Municipal Bonds — 98.1%** (t) |  |  |
| **Alabama — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Economic Settlement Authority, BP Settlement, Series A, Rev., 4.00%, 09/15/2033 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Federal Aid Highway Finance Authority, Garvee |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2032 (p) | 1160 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2035 (p) | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2036 (p) | 2000 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Housing Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.45%, 10/01/2044 | 745 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 5.75%, 04/01/2055 | 3330 | 3627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., GNMA/FNMA/FHLMC, 5.75%, 10/01/2055 | 2535 | 2776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Housing Finance Authority, Cooper Green Homes Project, Rev., 5.00%, 02/01/2029 (z) | 260 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Housing Finance Authority, Fred Marshall Court Project, Rev., 3.15%, 12/01/2028 (z) | 265 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Public School and College Authority, Social Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2037 | 6400 | 6913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2039 | 10000 | 10715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Special Care Facilities Financing Authority, Ascension Senior Credit Group, Series C, Rev., 5.00%, 11/15/2046 | 23000 | 23020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama State University, Rev., 5.50%, 09/01/2045 | 1250 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auburn University, Series A, Rev., 4.00%, 06/01/2041 | 7000 | 6968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.63%, 06/01/2055 (e) (z) | 2405 | 2415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/01/2055 (e) (z) | 5845 | 5959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Birmingham-Jefferson Civic Center Authority, Series A, Special Tax, 5.00%, 07/01/2048 | 3200 | 3220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Birmingham-Jefferson Civic Center Authority, City of Birmingham, Rev., 5.00%, 05/01/2048 | 12700 | 12810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/01/2051 (z) | 23030 | 23557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2055 (z) | 24270 | 26021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 05/01/2055 (z) | 2000 | 2172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 05/01/2056 (z) | 5000 | 5161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 4.00%, 04/01/2053 (z) | 2000 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B2, Rev., (SIFMA Municipal Swap Index + 0.65%), 3.97%, 04/01/2053 (aa) | 9250 | 9141 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alabama — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49245 | 50723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/01/2055 (z) | 7100 | 7635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., LIQ: Royal Bank of Canada, 5.25%, 12/01/2053 (z) | 3925 | 4228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, Rev., 5.25%, 02/01/2053 (z) | 17000 | 17949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.50%, 10/01/2054 (z) | 5000 | 5494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, Rev., LIQ: Royal Bank of Canada, 4.00%, 07/01/2052 (z) | 1800 | 1815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 03/01/2055 (z) | 7000 | 7484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 12/01/2055 (z) | 9555 | 10256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 12/01/2055 (z) | 20155 | 21554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.25%, 08/01/2029 (e) | 1650 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.25%, 08/01/2033 (e) | 3600 | 3756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.50%, 11/01/2056 (e) (z) | 15000 | 15897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, Rev., 5.50%, 06/01/2049 (z) | 3000 | 3165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., 5.50%, 11/01/2053 (z) | 10625 | 11153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.00%, 10/01/2035 | 8500 | 9001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project Bonds Project No. 7, Rev., 4.00%, 10/01/2052 (z) | 13120 | 13175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project No. 8, Series A, Rev., 4.00%, 12/01/2052 (z) | 4910 | 5025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Project No. 5, Series A1, Rev., 4.00%, 10/01/2049 (z) | 5000 | 5033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Project No. 6, Series B, Rev., 4.00%, 10/01/2052 (z) | 6505 | 6532 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Birmingham, Warrants, Series A, GO, 4.00%, 06/01/2032 | 4075 | 4225 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Jefferson AL, Rev., 4.00%, 09/15/2036 | 2590 | 2603 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Jefferson Sewer Revenue, Warrants |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2035 | 2285 | 2546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2036 | 1455 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2037 | 8685 | 9548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2038 | 2190 | 2395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2039 | 3285 | 3568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2049 | 3805 | 3930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Southeast A Cooperative District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.50%, 11/01/2053 (z) | 1500 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 5.75%, 04/01/2054 (z) | 650 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 07/01/2054 (z) | 7695 | 8373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Southeast, A Cooperative District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2035 | 15150 | 16052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 09/01/2033 | 1655 | 1715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Authority for Baptist Health, Affiliate of UAB Health System Community, Rev., 5.00%, 11/15/2032 | 10495 | 11522 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 151

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alabama — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Authority of the City of Huntsville, Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 4.00%, 06/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 5.00%, 06/01/2038 | 1000 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Homewood Educational Building Authority, Rev., 5.50%, 10/01/2049 | 3500 | 3545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoover Industrial Development Board, Green Bonds, Rev., AMT, 6.38%, 11/01/2050 (z) | 2375 | 2607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoover Industrial Development Board, United States Steel Corporation, Rev., AMT, 5.75%, 10/01/2049 | 3500 | 3527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntsville Public Building Authority, Rev., 5.00%, 02/01/2052 | 3000 | 3068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Board of the City of Mobile Alabama, Rev., 3.38%, 06/01/2034 (z) | 13010 | 13161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Board of the City of Mobile Alabama, Alabama Power Co. Barry Plant, Rev., 3.30%, 07/15/2034 (z) | 4000 | 4002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Water & Wastewater Board, Rev., 5.25%, 12/01/2048 | 1700 | 1807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile County Industrial Development Authority, Rev., AMT, 5.00%, 06/01/2054 | 7800 | 7445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile County Industrial Development Authority, AM/NS Calvert LLC, Rev., AMT, 4.75%, 12/01/2054 | 13985 | 12829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selma Industrial Development Board, Rev., 3.45%, 11/01/2033 (z) | 2150 | 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Project No. 1, Series A, Rev., 5.00%, 08/01/2054 (z) | 21175 | 22732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Alabama Gas Supply District, Project No. 2, Rev., 5.00%, 06/01/2049 (z) | 19485 | 20907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 1, Series A, Rev., 4.00%, 11/01/2051 (z) | 3500 | 3541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 2, Series B, Rev., 4.00%, 12/01/2051 (z) | 8830 | 8919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 3, Series A1, Rev., 5.50%, 01/01/2053 (z) | 1820 | 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 5, Series A, Rev., 5.25%, 01/01/2054 (z) | 15000 | 15805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Project No. 6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., LIQ: Royal Bank of Canada, 5.00%, 06/01/2030 | 2225 | 2357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., LIQ: Royal Bank of Canada, 5.00%, 01/01/2054 (z) | 10000 | 10574 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alabama — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority, A Cooperative District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2035 | 6425 | 6971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2035 | 12970 | 13772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2056 (z) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10315 | 10747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 03/01/2055 (z) | 11180 | 11797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 10/01/2055 (z) | 21330 | 23044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., 5.25%, 11/01/2035 | 5000 | 5588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., 5.25%, 11/01/2055 (z) | 37000 | 40680 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Alabama Docks Department, Docks, Series A, Rev., AMT, 5.00%, 10/01/2026 | 1890 | 1914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust, Floater Certificates, Series 2022-XF3073, Rev., LIQ: Morgan Stanley, 3.62%, 02/01/2053 (e) (z) | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Lower Alabama Gas District, Gas Project, Series A, Rev., 5.00%, 12/01/2033 | 11180 | 11818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tuscaloosa City Board of Education, Warrants, Rev., 5.00%, 08/01/2041 (p) | 2525 | 2559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tuscaloosa County Industrial Development Authority, Series A, Rev., 5.25%, 05/01/2044 (e) | 2500 | 2505 |
| &nbsp;&nbsp;&nbsp;&nbsp; UAB Medicine Finance Authority, Series B, Rev., 5.00%, 09/01/2041 | 1750 | 1760 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of South Alabama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2035 | 2000 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.25%, 04/01/2054 | 2845 | 2971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Works Board of the City of Birmingham (The), Rev., 3.75%, 09/01/2026 (e) | 2690 | 2690 |
|  |  | 720918 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alaska — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., General Mortgage, Series B, Rev., 3.25%, 12/01/2044 | 970 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., General Mortgage Revenue II, Series A, Rev., 4.50%, 06/01/2044 | 5000 | 5020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Housing Finance Corp., Social Bonds State Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2032 | 920 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2032 | 945 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Municipal Bond Bank Authority, Series Three, Rev., BAM, 5.00%, 10/01/2039 | 1100 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Railroad Corp., Rev., AMT, 6.00%, 10/01/2050 | 1800 | 1961 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Alaska |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2033 | 2000 | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2034 | 1125 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2035 | 2000 | 2325 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 152 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alaska — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Alaska International Airports System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 10/01/2027 | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 10/01/2030 | 5000 | 5446 |
|  |  | 24928 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arizona — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Board of Regents |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2043 | 2480 | 2587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2046 | 10000 | 10012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2061 | 3000 | 2380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Rev., 3.63%, 05/20/2033 | 1292 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 09/01/2035 | 225 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 09/01/2036 | 250 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Greathearts Arizona Project, Series A, Rev., 5.00%, 07/01/2026 | 125 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Jerome Facilities Project, Series B, Rev., 4.00%, 07/01/2051 | 2000 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Phoenix Children's Hospital, Rev., 5.00%, 02/01/2033 | 2000 | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Aliante |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/15/2031 (e) | 360 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2041 (e) | 500 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2051 (e) | 700 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Sustainable Bonds Equitable, Rev., 5.00%, 11/01/2028 | 2870 | 2998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, The Acacia at Youngtown, Rev., 5.00%, 11/01/2058 (z) | 4780 | 4875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona State University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2043 | 1105 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2042 | 2000 | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona State University, Board of Regents |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2026 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2042 | 2000 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chandler Industrial Development Authority, Intel Corp. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 09/01/2042 (z) | 3000 | 3057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 09/01/2052 (z) | 2860 | 2914 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Glendale AZ Excise Tax Revenue, Rev., 5.00%, 07/01/2038 | 5190 | 5894 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Mesa, GO, 5.00%, 07/01/2042 | 2665 | 2894 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Mesa Utility System Revenue, Rev., 5.00%, 07/01/2032 | 1000 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Phoenix, Civic Improvement Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2029 | 1000 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2031 | 2000 | 2147 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arizona — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2034 | 3785 | 4115 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Phoenix, Civic Improvement Corp., Airport Revenue, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2044 | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2027 | 1500 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2033 | 2000 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Phoenix, Civic Improvement Corp., Junior Lien Airport Special Obligation, Rev., 4.00%, 07/01/2040 | 3555 | 3563 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Pima Sewer System Revenue, Rev., 5.00%, 07/01/2028 | 500 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilbert Public Facilities Municipal Property Corp., Rev., 5.00%, 07/01/2026 | 1025 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilbert Water Resource Municipal Property Corp., Green Bond Senior Lien, Rev., 4.00%, 07/15/2047 | 1000 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glendale Industrial Development Authority, Midwestern University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2035 | 500 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2038 | 3145 | 3513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2039 | 3195 | 3544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2042 | 1350 | 1456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2043 | 2000 | 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima (The), American Leadership Academy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2027 (e) | 2680 | 2679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2030 (e) | 1510 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Yavapai, Waste Management, Inc. Project, Rev., AMT, 1.30%, 06/01/2027 | 3260 | 3142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Rev., 4.00%, 01/01/2048 | 5450 | 4880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Banner Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A3, Rev., 5.00%, 01/01/2053 (z) | 3125 | 3396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2041 | 4000 | 3882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Pollution Control Corp., Rev., 3.88%, 01/01/2038 (z) | 1165 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Pollution Control Corp., Southern California Edison, Rev., 2.40%, 06/01/2035 | 4280 | 3657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Special Health Care District, Series C, GO, 4.00%, 07/01/2037 | 21910 | 22064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Unified School District No. 69 Paradise Valley, GO, 4.00%, 07/01/2036 | 1170 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2039 | 3740 | 4259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2049 | 5000 | 5268 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 153

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arizona — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District, Salt River Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2044 | 3325 | 3570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement and Power District, Series A, Rev., 5.00%, 01/01/2042 | 2000 | 2216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt Verde Financial Corp., Rev., 5.00%, 12/01/2032 | 420 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sierra Vista Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2044 (e) | 750 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.25%, 06/15/2045 | 2000 | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sierra Vista Industrial Development Authority, American Leadership Academy Project, Rev., 5.75%, 06/15/2058 (e) | 1020 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Industrial Development Authority of the City of Phoenix Arizona, Memorial Towers Project, Rev., HUD, 3.35%, 12/01/2027 | 345 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Industrial Development Authority of the City of Phoenix Arizona, Republic Services, Inc., Rev., AMT, 3.45%, 12/01/2035 (z) | 3635 | 3635 |
| &nbsp;&nbsp;&nbsp;&nbsp; The University of Arizona, Stimulus Plan For Economic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 08/01/2029 | 1850 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 08/01/2033 | 3515 | 4075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yuma Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2049 | 4420 | 4035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 08/01/2042 | 1495 | 1642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 08/01/2044 | 1915 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 08/01/2049 | 7000 | 7272 |
|  |  | 175694 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arkansas — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, Rev., 5.00%, 06/01/2027 | 535 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, Green Bond United States, Rev., AMT, 5.45%, 09/01/2052 | 3000 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, Mortgage Backed Securities Program, Rev., GNMA/FNMA/FHLMC, 5.50%, 01/01/2056 | 3750 | 4089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, Weyerhaeuser Company, Rev., AMT, 3.88%, 10/15/2065 (z) | 3150 | 3153 |
|  |  | 10797 |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alameda County, Oakland Unified School District, GO, 5.00%, 08/01/2027 | 65 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anaheim City School District, Election 2016, Series A, GO, 4.00%, 08/01/2048 | 4000 | 3856 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anaheim Public Financing Authority, Senior Public Improvement Project, Series A, Rev., BAM, 5.00%, 09/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | 2323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anaheim Union High School District, Capital Appreciation Election 2002, GO, NATL, Zero Coupon, 08/01/2028 | 2175 | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority, San Francisco Bay Area, Series C, Rev., (SIFMA Municipal Swap Index + 0.45%), 3.77%, 04/01/2056 (aa) | 2675 | 2671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bay Area Toll Authority, San Francisco Bay Area Toll, Rev., (SIFMA Municipal Swap Index + 0.41%), 3.73%, 04/01/2056 (aa) | 5000 | 4927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burbank-Glendale-Pasadena Airport Authority Brick Campaign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2040 | 950 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2049 | 5870 | 6121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cabrillo Unified School District, Election 2018, Series B, GO, 5.00%, 08/01/2050 | 5000 | 5108 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2055 (z) | 10690 | 11142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2055 (z) | 10000 | 10369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2055 (z) | 20815 | 22093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2056 (z) | 7170 | 7803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 4.00%, 02/01/2052 (z) | 17880 | 18132 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project Revenue, Rev., 5.00%, 05/01/2054 (z) | 14455 | 15492 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Green Bond, Series A1, Rev., 4.00%, 05/01/2053 (z) | 6860 | 6971 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Green Bonds Clean Energy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2053 (z) | 8685 | 9126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2053 (z) | 6160 | 6457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2054 (z) | 3245 | 3453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 01/01/2054 (z) | 28115 | 29873 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Sustainability Bonds Clean Energy, Rev., 5.25%, 11/01/2054 (z) | 17825 | 18935 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Sustainable Bond, Series A, Rev., 5.00%, 01/01/2056 (z) | 10560 | 11125 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Sustainable Bond Clean Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2035 | 8985 | 9859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 10/01/2054 (z) | 2190 | 2390 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Sustainable Bonds, Series F, Rev., 5.00%, 02/01/2055 (z) | 4780 | 5168 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 154 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Sustainable Bonds Clean Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 10871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2055 (z) | 11405 | 12082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2056 (z) | 31460 | 34427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2056 (z) | 15235 | 16613 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Variable Sustainable Bond, Rev., 5.00%, 11/01/2055 (z) | 30160 | 31381 |
| &nbsp;&nbsp;&nbsp;&nbsp; California County, Tobacco Securitization Agency, Series A, Rev., 5.00%, 06/01/2027 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; California County, Tobacco Securitization Agency, Senior Bonds, Merced County Tobacco Funding Corporation, Rev., 5.00%, 06/01/2032 | 340 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; California County, Tobacco Securitization Agency, Sonoma County Securitization |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2031 | 255 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2032 | 250 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2033 | 300 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2049 | 110 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Educational Facilities Authority, Loyola Marymount University, Series A, Rev., NATL, Zero Coupon, 10/01/2037 | 340 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Children's Hospital of Orange, Rev., 3.00%, 11/01/2039 | 3765 | 3547 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, City of Hope, Rev., 5.00%, 11/15/2049 | 3000 | 3009 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Commonspirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 04/01/2037 | 3000 | 3058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 04/01/2038 | 3500 | 3552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/01/2033 | 3000 | 3272 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Episcopal Communities & Service |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2038 | 570 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2043 | 570 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Initial Entrance Fees, Series A, Rev., 3.85%, 11/15/2027 | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Kaiser Permanente |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 4.00%, 11/01/2044 | 3000 | 2839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1-S, Rev., 5.00%, 11/01/2027 | 2500 | 2625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Rev., 4.00%, 11/01/2038 | 6270 | 6299 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, PIH Health, Series A, Rev., 5.00%, 06/01/2035 | 3010 | 3225 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Stanford Health Care, Series A, Rev., 5.00%, 11/15/2030 | 2000 | 2107 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 4.00%, 11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240 | 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.25%, 08/20/2036 | 9018 | 8648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.50%, 11/20/2035 | 2314 | 2293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 01/15/2035 | 2245 | 2321 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Housing Finance Agency, Symphony at Del Sur, Rev., 5.00%, 05/01/2054 (z) | 265 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, J. Paul Getty Trust, Rev., 3.00%, 10/01/2047 (z) | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, Los Angeles County, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 4.02%, 12/01/2050 (aa) | 1370 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, Sanford Consortium Project, Series A, Rev., 5.00%, 05/15/2031 | 1230 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure & Economic Development Bank, Sustainable Bond, Rev., AMT, 12.00%, 01/01/2065 (e) (z) | 1115 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 0.00%, 02/20/2041 (z) | 3980 | 3726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., FHA HUD, 2.80%, 02/01/2028 (z) | 4000 | 3991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.38%, 09/01/2050 (z) | 5750 | 5718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2035 (e) | 1000 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 2.95%, 01/01/2056 (z) | 3815 | 3819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2044 | 2400 | 2406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 3.85%, 07/01/2051 (z) | 4500 | 4500 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Community Facilities No. 2023-5 Improvement, Special Tax, 5.50%, 09/01/2048 | 600 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Open Door Community Health Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/15/2034 | 920 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/15/2035 | 960 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/15/2036 | 1000 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.38%, 09/01/2053 (z) | 5350 | 5566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.88%, 03/01/2054 (z) | 550 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Republic Services, Inc. Project, Series A, Rev., AMT, 3.45%, 07/01/2041 (z) | 1455 | 1455 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Simpson University, Series A, Rev., 6.00%, 10/01/2050 (e) | 2000 | 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Southern California Institute, Rev., 5.00%, 12/01/2037 | 745 | 761 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 155

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Taxable Virginia Oceanside Health Care Center, Rev., 3.64%, 07/01/2030 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940 | 2686 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, United Airlines, Inc. Project, Rev., AMT, 4.00%, 07/15/2029 | 2500 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, View At Sanitary Bruno, Series A1, Rev., 5.00%, 06/01/2056 (z) | 835 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Waste Management, Inc., Series AR, Rev., AMT, 3.45%, 10/01/2041 (z) | 1035 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Waste Management, Inc. Project, Series A, Rev., AMT, 2.40%, 10/01/2044 (z) | 4960 | 4799 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Plant Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2037 (e) | 1500 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/21/2045 (e) | 6000 | 6002 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Poseidon Resources, Rev., AMT, 5.00%, 07/01/2037 (e) | 2200 | 2366 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.45%, 11/01/2042 (e) (z) | 5750 | 5750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.80%, 07/01/2043 (e) (z) | 6500 | 6498 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Public Finance Authority, Series A, Rev., 6.20%, 06/01/2044 (e) | 5150 | 5085 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Public Finance Authority, Enso Village Project, Green Bond, Rev., 5.00%, 11/15/2036 (e) | 325 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Public Finance Authority, Henry Mayo Newhall Hospital, Rev., 5.00%, 10/15/2032 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp; California School Finance Authority, Rev., 5.00%, 07/01/2046 (e) | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; California School Finance Authority, Rocketship Education Obligated, Series A, Rev., 5.00%, 06/01/2034 (e) | 1230 | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board, Rev., 5.00%, 09/01/2029 | 2000 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board, Various Capital Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2030 | 1245 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2031 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2026 | 565 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 4.00%, 11/01/2037 | 1000 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State University, Series A, Rev., 5.00%, 11/01/2044 | 2640 | 2756 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State University, Systemwide, Series A, Rev., 4.00%, 11/01/2035 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2034 | 1750 | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2028 (e) | 10000 | 10758 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Special Assessment, 4.00%, 09/02/2040 | 570 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/01/2035 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 11740 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Enloe Medical Center, Series A, Rev., 5.13%, 08/15/2047 | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Green Bond, Marin General Hospital, Rev., 4.00%, 08/01/2045 | 3000 | 2647 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Loma Linda University Medical, Rev., 5.50%, 12/01/2058 (e) | 6700 | 6769 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Loma Linda University Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/01/2044 | 4065 | 4077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 12/01/2054 | 2100 | 2105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2026 (e) | 300 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2041 (e) | 2000 | 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 12/01/2056 (e) | 17165 | 17178 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Montage Health, Series A, Rev., 4.00%, 06/01/2028 | 435 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Southern California Edison, Rev., 4.50%, 11/01/2033 | 1200 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Valley Energy Authority, Rev., 5.00%, 12/01/2055 (z) | 21685 | 23621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chino Valley Unified School District, Election of 2016, Series C, GO, Zero Coupon, 08/01/2034 | 125 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of San Francisco Special Tax District No. 2020-1, Mission Rock Facilities and Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 4.00%, 09/01/2031 (e) | 300 | 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 4.00%, 09/01/2036 (e) | 155 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of San Francisco Special Tax District No. 2020-1, Special Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.50%, 09/01/2043 (e) | 2060 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dixon, Community Facilities District Improvement, Special Tax, 4.00%, 09/01/2036 | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Long Beach Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 06/01/2042 | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.25%, 06/01/2047 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/15/2026 | 1500 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/15/2044 | 6535 | 6618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 05/15/2046 | 30965 | 30999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 05/15/2044 | 3000 | 3312 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 156 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Senior |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 05/15/2034 | 1600 | 1775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 05/15/2036 | 4090 | 4361 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Senior Bonds Green Bond Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/15/2029 | 2670 | 2848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 05/15/2047 | 4000 | 4155 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Senior Bonds Private Activity, Rev., AMT, 5.50%, 05/15/2047 | 4625 | 4875 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Subordinate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 05/15/2040 | 900 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 05/15/2033 | 1330 | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 05/15/2027 | 2605 | 2677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 05/15/2028 | 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.00%, 05/15/2029 | 4485 | 4785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 05/15/2039 | 1510 | 1597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 05/15/2044 | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Subordinate Los Angeles International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/15/2029 | 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2036 | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 05/15/2038 | 1735 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Subordinate P3 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/15/2026 | 1180 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/15/2046 | 8000 | 8177 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Subordinated Los Angeles International, Rev., AMT, 5.25%, 05/15/2048 | 3000 | 3039 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Subordinated Los Angeles International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.25%, 05/15/2049 | 3000 | 2257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 4.00%, 05/15/2051 | 3000 | 2672 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Sustainable Bond Subordinate, Rev., AMT, 5.00%, 05/15/2036 | 1650 | 1832 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Sustainable Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/15/2034 | 850 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/15/2035 | 3000 | 3435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 05/15/2055 | 3335 | 3554 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Unrefunded Subordinate, Rev., AMT, 4.00%, 05/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Wastewater System Revenue, Subordinate, Series C, Rev., 5.00%, 06/01/2026 | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles, Wastewater System Revenue, Series C, Rev., 5.00%, 06/01/2040 | 2980 | 3445 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Roseville |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 4.00%, 09/01/2040 | 1000 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.00%, 09/01/2035 | 1160 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Francisco CA Public Utilities Commission Water Revenue, Rev., 5.00%, 11/01/2038 | 5000 | 5967 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Francisco Public Utilities Commission Water Revenue, Subordinate Public Utilities Commission, Rev., 4.00%, 11/01/2039 | 3000 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Francisco, Public Utilities Commission Water Revenue, Regional Water, Series B, Rev., 5.00%, 11/01/2050 | 4235 | 4294 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Santa Rosa Wastewater Revenue, Series A, Rev., 5.00%, 09/01/2033 | 1770 | 1986 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Victorville Electric Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2038 | 1055 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2039 | 1110 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of West Sacramento CA Infrastructure Financing District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 5.00%, 09/01/2040 | 1635 | 1692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 5.13%, 09/01/2044 | 2205 | 2245 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Woodland, Facilities District Number 2004 1 Capital Project, Special Tax, 4.00%, 09/01/2041 | 500 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coast Community College District, Election of 2012, Series F, GO, Zero Coupon, 08/01/2040 | 3020 | 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compton Community Redevelopment Agency Successor Agency, Series A, Tax Allocation, 5.00%, 08/01/2042 | 750 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compton Unified School District, Series B, GO, BAM, Zero Coupon, 06/01/2036 | 1400 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Los Angeles Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2033 | 105 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Los Angeles, Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2042 | 540 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Sacramento CA Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2039 | 2375 | 2603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2040 | 2000 | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 07/01/2030 | 1780 | 1864 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 157

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Sacramento, Community Facilities District #2004-1, Special Tax, 5.00%, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Series A, Rev., 5.00%, 01/01/2054 (e) | 7245 | 6570 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Altana-Glendale Sustainable Bond, Rev., 4.00%, 10/01/2056 (e) | 1000 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Renaissance at City Center, Series A, Rev., 5.00%, 07/01/2051 (e) | 1215 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Social Bonds, Rev., 4.00%, 08/01/2056 (e) | 410 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSCDA Community Improvement Authority, Union South Bay, Social Bonds, Rev., 4.00%, 07/01/2056 (e) | 2000 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Department of Veterans Affairs, Veteran's Farm & Home Purchase Program, Series A, Rev., 3.00%, 12/01/2050 | 425 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Bay Municipal Utility District Water System Revenue, Green Bond, Series A, Rev., 5.00%, 06/01/2035 | 1200 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp; East County Advanced Water Purification Joint Powers Authority, Rev., 5.00%, 09/01/2026 | 2000 | 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elk Grove Finance Authority, Special Tax, 4.00%, 09/01/2040 | 1280 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foothill-De Anza Community College District, Capital Appreciation, Series B, GO, AMBAC, Zero Coupon, 08/01/2032 | 7930 | 6640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fremont Unified School District, Series D, GO, 3.00%, 08/01/2033 | 1205 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fremont Unified School District, Election 2014, Series E, GO, 4.00%, 08/01/2042 | 2230 | 2248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Subordinated, Series B2, Rev., Zero Coupon, 06/01/2066 | 14515 | 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Taxable Tobacco Settlement Asset Backed Bonds, Series C, Rev., 2.75%, 06/01/2034 | 1240 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Tobacco Settlement Asset Backed Bonds, Rev., 5.00%, 06/01/2051 | 3235 | 3191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hayward Unified School District, COP, 5.25%, 08/01/2047 | 3000 | 3033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lammersville Joint Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.00%, 09/01/2040 | 300 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.00%, 09/01/2045 | 575 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Community College District, Series K, GO, 3.00%, 08/01/2039 | 700 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Development Authority, Rev., 3.35%, 09/01/2059 (z) | 9360 | 9466 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Proposition C, Series A, Rev., 5.00%, 07/01/2027 | 625 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinated, Green Bonds, Series A, Rev., 5.00%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | 7257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County Sanitation Districts Financing Authority, Series A, Rev., 4.00%, 10/01/2033 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles County, Metropolitan Transportation Authority, Green Bond, Measure R Junior Subordinated, Series A, Rev., 5.00%, 06/01/2030 | 750 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water, Series B, Rev., 5.00%, 07/01/2037 | 740 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2028 | 360 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2029 | 1000 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2036 | 1000 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2037 | 645 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 5.00%, 07/01/2041 | 625 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 5.00%, 07/01/2042 | 195 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 5.25%, 07/01/2045 | 1000 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 5.25%, 07/01/2046 | 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2031 | 12880 | 14378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2034 | 850 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2035 | 835 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2036 | 1000 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2037 | 500 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2038 | 855 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2039 | 680 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2030 | 3835 | 4173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2033 | 1980 | 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2037 | 4500 | 5153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2038 | 900 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2039 | 500 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2040 | 1515 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2041 | 810 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2042 | 3815 | 4148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 07/01/2035 | 525 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 07/01/2036 | 520 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 07/01/2037 | 1605 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 07/01/2039 | 1235 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 07/01/2048 | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 07/01/2053 | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power Water System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2030 | 2785 | 2936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., BAM, 5.00%, 07/01/2031 | 10725 | 12002 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 158 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | 3022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2041 | 2000 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2043 | 5000 | 5381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Power System Bonds, Series C, Rev., 5.00%, 07/01/2037 | 1000 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Power System Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2033 | 315 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2039 | 500 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Water System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2030 | 850 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2036 | 700 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2039 | 1000 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2033 | 1285 | 1467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2034 | 120 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2035 | 180 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2037 | 600 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2039 | 1445 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2042 | 1100 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2047 | 500 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 07/01/2049 | 2000 | 1905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 3.00%, 01/01/2034 | 2000 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 07/01/2036 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 07/01/2038 | 1860 | 1922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 07/01/2026 | 2285 | 2317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District, Election 2008, Series B1, GO, BAM, 5.00%, 07/01/2029 | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District, Sustainability Bonds, Series QRR, GO, 5.00%, 07/01/2026 | 550 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marin Municipal Water District, Subordinate, Rev., 4.00%, 06/15/2045 | 3500 | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water District of Southern California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2037 (z) | 550 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2038 | 3015 | 3187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natomas Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 08/01/2045 | 7740 | 7519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 08/01/2049 | 2655 | 2536 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Rev., 0.00%, 07/20/2039 (z) | 7932 | 7750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norman Y Mineta San Jose International Airport SJC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, AMT, 4.00%, 03/01/2034 | 3875 | 3996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 03/01/2027 | 1480 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 03/01/2031 | 1000 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 03/01/2032 | 2000 | 2179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 03/01/2036 | 1160 | 1177 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern California Energy Authority, Rev., 5.00%, 12/01/2054 (z) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwalk-La Mirada Unified School District, Series D, GO, 3.00%, 08/01/2043 | 2000 | 1680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwalk-La Mirada Unified School District, Election 2014, Series E, GO, 3.00%, 08/01/2050 | 10000 | 7589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oakland Unified School District, Election Of 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2037 | 1850 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.25%, 08/01/2041 | 1410 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oakland Unified School District/Alameda County, Election Of 2012, Series A, GO, 4.00%, 08/01/2034 | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario International Airport Authority, Series A, Rev., 5.00%, 05/15/2046 | 1500 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Community Facilities District, District No. 2021-1 Rienda, Series A, Special Tax, 5.00%, 08/15/2033 | 300 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oxnard Union High School District, Series B, GO, 5.00%, 08/01/2045 | 3000 | 3086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Unified School District, Capital Appreciation Election Of 2008, GO, Zero Coupon, 08/01/2032 | 15385 | 13000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Health, Rev., 5.00%, 11/01/2039 | 4000 | 3744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Health, Capital Appreciation, Electric of 2004 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 08/01/2028 | 500 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 08/01/2031 | 330 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peralta Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2036 | 1455 | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.25%, 08/01/2037 | 2000 | 2302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pittsburg Public Financing Authority, Series A, Rev., 4.13%, 08/01/2047 | 1400 | 1386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Oakland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/01/2027 (p) | 2500 | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/01/2028 (p) | 1905 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/01/2029 | 980 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rancho Mirage Community Facilities District, Special Tax, 5.00%, 09/01/2049 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, Series L, Rev., 4.00%, 05/15/2037 | 2650 | 2654 |
| &nbsp;&nbsp;&nbsp;&nbsp; River Islands Public Financing Authority, Community Facilities District No. 2003-1, Special Tax, 5.25%, 09/01/2052 | 1085 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sacramento City Unified School District, GO, BAM, 5.00%, 07/01/2031 | 525 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sacramento City Unified School District, 2020 Election Measure H |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2043 | 550 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2044 | 2000 | 2166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District, Series E, Rev., 5.00%, 08/15/2049 (z) | 1250 | 1446 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 159

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sacramento Municipal Utility District, Electric, Series H, Rev., 4.00%, 08/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Bernardino Community College District, Election of 2018, Series A, GO, 3.00%, 08/01/2041 (p) | 2000 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Community College District, GO, 4.00%, 08/01/2032 (p) | 2910 | 2940 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2033 | 4000 | 4536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2034 | 2165 | 2476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2036 | 2500 | 2840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2053 | 2500 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2041 | 4300 | 4745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2044 | 9400 | 10070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2045 | 6200 | 6593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2058 | 3000 | 3108 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority Subordinate, Series B, Rev., AMT, 4.00%, 07/01/2035 | 2915 | 2979 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional Airport Authority, Subordinated, Series B, Rev., AMT, 5.00%, 07/01/2031 | 775 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Unified School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, Zero Coupon, 07/01/2030 (p) | 1000 | 885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K2, GO, Zero Coupon, 07/01/2038 | 2045 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Unified School District, Election 2008, Series E, GO, Zero Coupon, 07/01/2034 | 1250 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Unified School District, Election 2012, Series I, GO, 4.00%, 07/01/2047 | 8000 | 7597 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego Unified School District, Election Of 2008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SR-3A, GO, 5.00%, 07/01/2034 | 500 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SR-3A, GO, 5.00%, 07/01/2035 | 500 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Dieguito School Facilities Financing Authority, Special Tax, 5.00%, 03/01/2031 | 1030 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District Sales Tax Revenue, Series A, Rev., 4.00%, 07/01/2037 | 2350 | 2369 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District, Election 2004, Green Bond, GO, 5.00%, 08/01/2036 | 1875 | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District, Green Bonds, Series C1, GO, 4.00%, 08/01/2032 | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco Bay Area Rapid Transit District, Sustainable Bond Transit District, GO, 3.00%, 08/01/2037 | 2495 | 2385 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airport Commission - San Francisco International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 05/01/2040 | 3000 | 3306 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.50%, 05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2117 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airport Commission-San Francisco International Airport, Series H, Rev., AMT, 5.00%, 05/01/2028 | 3000 | 3146 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airport Commission-San Francisco International Airport, Unrefunded, Rev., AMT, 5.00%, 05/01/2027 | 775 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airport Comm-San Francisco International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/01/2041 | 9075 | 9096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 05/01/2046 | 5000 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 05/01/2042 | 6895 | 6988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 05/01/2044 | 5645 | 6002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., AMT, 5.00%, 05/01/2031 | 3215 | 3536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/01/2027 | 3000 | 3079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/01/2030 | 2000 | 2167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/01/2031 | 1500 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/01/2032 | 2000 | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.50%, 05/01/2055 | 5770 | 6107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 05/01/2046 | 1920 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., AMT, 5.00%, 05/01/2027 | 5500 | 5646 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Public Utilities Commission Wastewater Revenue, Rev., 4.00%, 10/01/2039 | 1325 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Redevelopment Agency Successor Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.00%, 08/01/2036 | 1000 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.25%, 08/01/2037 | 1000 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.25%, 08/01/2038 | 1000 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Jacinto Unified School District, Election 2016, GO, 4.00%, 08/01/2042 | 2580 | 2617 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Joaquin Hills Transportation Corridor Agency, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 01/15/2044 | 2590 | 2591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 01/15/2049 | 2535 | 2536 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Rev., 4.00%, 01/15/2034 | 3000 | 3135 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy Authority, Sustainable Bonds, Rev., 5.50%, 01/01/2056 (z) | 4500 | 5080 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Jose Unified School District, Taxable, GO, 1.01%, 08/01/2027 | 1700 | 1633 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 160 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; San Mateo County Community College District, Capital Appreciation Election 2005, Series B, GO, NATL, Zero Coupon, 09/01/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp; South San Francisco Public Facilities Financing Authority, Multiple Capital Projects at Orange Memorial Park, Rev., 5.25%, 06/01/2046 | 1000 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Public Power Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.70%, 07/01/2040 (z) | 3000 | 3006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2034 | 650 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2055 (z) | 30320 | 32206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.25%, 07/01/2042 | 1000 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Apex Power Project, Series A, Rev., 5.00%, 07/01/2033 | 500 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern California Public Power Authority, Southern Transmission System, Rev., 5.00%, 07/01/2053 | 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 11/01/2040 | 500 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 09/01/2028 | 2060 | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 11/01/2041 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 04/01/2027 | 145 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 04/01/2028 | 1000 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 04/01/2029 | 80 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2029 | 1000 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/01/2029 | 8215 | 9038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2032 | 1225 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2034 | 3335 | 3590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 03/01/2038 | 3000 | 3496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2039 | 1500 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/01/2047 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Bidding Group A, GO, 5.00%, 09/01/2027 | 3000 | 3136 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Taxable, GO, 4.60%, 04/01/2038 (p) | 13000 | 13238 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Taxable Bidding Group A, GO, 1.75%, 10/01/2028 | 5000 | 4749 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Various Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 09/01/2031 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 11/01/2033 | 2365 | 2410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 10/01/2035 | 1885 | 1991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 10/01/2036 | 8850 | 9290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 10/01/2037 | 4500 | 4689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 04/01/2031 | 1000 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 03/01/2034 | 1455 | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 04/01/2035 | 1000 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California, Veterans Bonds, GO, 5.00%, 12/01/2031 | 5500 | 5509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockton Unified School District, Series B, GO, 5.00%, 08/01/2031 | 5000 | 5745 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **California — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tejon Ranch Public Facilities Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.00%, 09/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.00%, 09/01/2042 | 615 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates, Series 2025-BAML5065, Rev., LOC: Bank of America NA, LIQ: Bank of America NA, 3.38%, 11/15/2051 (e) (z) | 10245 | 10245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2027 | 750 | 773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2028 | 750 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2031 | 2000 | 2276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BM, Rev., 5.00%, 05/15/2029 | 1665 | 1818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BN, Rev., 5.00%, 05/15/2038 | 5000 | 5648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BT, Rev., 5.00%, 05/15/2026 | 4000 | 4039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC, Rev., 5.00%, 05/15/2036 | 3000 | 3537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC, Rev., 5.00%, 05/15/2043 | 2500 | 2754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CD, Rev., 5.00%, 05/15/2030 | 3920 | 4370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CD, Rev., 5.00%, 05/15/2036 | 4190 | 5008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CD, Rev., 5.00%, 05/15/2040 | 1930 | 2205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CD, Rev., 5.25%, 05/15/2040 | 770 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CD, Rev., 5.50%, 05/15/2040 | 1400 | 1661 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, Limited Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, Rev., 4.00%, 05/15/2047 | 1300 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, Rev., 5.00%, 05/15/2034 | 1500 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, Limited Project Bonds, Series Q, Rev., 4.00%, 05/15/2040 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, Limited Project Revenue Bonds, Series Q, Rev., 5.00%, 05/15/2032 | 350 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upper Santa Clara Valley Joint Powers Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 08/01/2045 | 1500 | 1469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 08/01/2050 | 2000 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victor Valley Union High School District, Series B, GO, 4.00%, 08/01/2036 | 1270 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Contra Costa Healthcare District, Special Tax, 5.00%, 07/01/2027 | 805 | 837 |
|  |  | 1290261 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adams & Weld Counties School District No. 27J Brighton, GO, 5.00%, 12/01/2042 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerotropolis Regional Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 12/01/2041 | 500 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 12/01/2044 (e) | 2500 | 2535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.75%, 12/01/2054 (e) | 5000 | 5001 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 161

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpine Mountain Ranch Metropolitan District Special Improvement District No. 1, Special Assessment, 4.00%, 12/01/2040 | 500 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baseline Metropolitan District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 12/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 1907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2049 | 1970 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Board of Water Commissioners City & County of Denver, Green Bond, Series A, Rev., 4.00%, 09/15/2042 | 2180 | 2184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighton Crossing Metropolitan District No. 6, Series A, GO, 5.00%, 12/01/2035 | 525 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Castle Oaks Metropolitan District No. 3, GO, 4.00%, 12/01/2026 | 220 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centennial Water & Sanitation District, Rev., 5.00%, 12/01/2053 | 2750 | 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centerra Metropolitan District No. 1, Rev., 6.50%, 12/01/2053 | 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 12/01/2033 | 1500 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 11/15/2026 | 3500 | 3565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 11/15/2027 | 2000 | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 11/15/2029 | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 12/01/2030 | 3000 | 3276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 12/01/2038 | 2000 | 2062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 11/15/2047 | 13500 | 13764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.50%, 11/15/2053 | 4000 | 4175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 11/15/2053 | 4775 | 5028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.75%, 11/15/2040 | 4750 | 5294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.75%, 11/15/2041 | 3000 | 3316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., AMT, 5.75%, 11/15/2045 | 11050 | 11875 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver Airport System Revenue, Subordinate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2029 | 3250 | 3496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2030 | 6215 | 6782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2031 | 4250 | 4693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.50%, 11/15/2037 | 700 | 794 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver Airport System Revenue, Subordinated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5840 | 6063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 12/01/2034 | 2510 | 2617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 12/01/2043 | 3000 | 3038 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver CO Airport System Revenue, Rev., AMT, 4.13%, 11/15/2053 | 5000 | 4472 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Denver Dedicated Excise Tax Revenue, Series A, Rev., 4.00%, 08/01/2051 | 9925 | 9108 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Colorado Springs, Bradley Ridge Apartments, Rev., 3.15%, 12/01/2045 (z) | 2170 | 2174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Bridge & Tunnel Enterprise, Rev., 5.00%, 12/01/2036 | 1500 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Bridge & Tunnel Enterprise, Senior Infrastructure, Series A, Rev., 5.25%, 12/01/2049 | 2330 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Bridge Enterprise, Rev., AMT, 4.00%, 06/30/2051 | 1500 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Bridge Enterprise, Central 70 Project, Rev., AMT, 4.00%, 12/31/2030 | 1505 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, Rev., 6.88%, 02/01/2059 (e) | 5525 | 5789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Educational & Cultural Facilities Authority, Aspen View Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2036 | 175 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2041 | 175 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2048 | 9000 | 8101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/15/2052 | 11610 | 10606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2047 | 18520 | 19026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2054 | 33325 | 33983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2059 (z) | 2000 | 2159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2039 | 10000 | 10464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, AdventHealth Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 11/15/2051 | 9790 | 7084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2038 | 2000 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2038 | 1000 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventist Health System, Rev., 5.00%, 11/15/2036 (z) | 1295 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventist Health System Sunbelt, Rev., 5.00%, 11/15/2041 | 4000 | 4015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Children's Hospital, Series C, Rev., 5.00%, 12/01/2030 | 1000 | 1009 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 162 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Commonspirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 11/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 | 2806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 08/01/2027 | 1025 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 08/01/2034 | 1240 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 5.00%, 08/01/2028 | 2215 | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 5.00%, 08/01/2044 | 20440 | 20737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2034 | 5680 | 6458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2032 | 8910 | 9954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2035 | 4690 | 5346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Covenant Living Communities, Rev., 5.00%, 12/01/2035 | 750 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Craig Hospital Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/01/2050 | 13060 | 13515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 12/01/2055 | 16000 | 16878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Improvement Bonds Christian Living Communities, Rev., 4.00%, 01/01/2042 | 500 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Intermountain Healthcare, Rev., 5.00%, 05/15/2052 | 2500 | 2554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Sanford Health, Series A, Rev., 4.00%, 11/01/2039 | 3400 | 3401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado High Performance Transportation Enterprise, C-470 Express Lanes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/31/2051 | 2000 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/31/2056 | 4495 | 4427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2055 | 7560 | 8492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 11/01/2055 | 3370 | 3767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., GNMA COLL, 3.00%, 05/01/2050 | 1100 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Class III Bonds Sustainable Bond, Rev., GNMA COLL, 6.50%, 05/01/2054 | 2650 | 2948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Social Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., GNMA, 3.00%, 11/01/2051 | 1615 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., GNMA, 3.00%, 11/01/2051 | 730 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., GNMA COLL, 6.00%, 05/01/2053 | 1220 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L, Rev., GNMA COLL, 3.25%, 11/01/2051 | 1215 | 1203 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Sustainable Bond, Rev., GNMA/FNMA/FHLMC, 5.75%, 11/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185 | 4616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Science and Technology Park Metropolitan District No. 1, Series B, Rev., 4.75%, 12/15/2054 | 1000 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crystal Valley, Metropolitan District No. 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2028 | 500 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2030 | 360 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dawson Trails Metropolitan District No. 1, GO, Zero Coupon, 12/01/2031 | 6734 | 4324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denver City & County, School District No. 1, GO, 5.00%, 12/01/2029 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denver Convention Center Hotel Authority, Senior, Rev., 5.00%, 12/01/2036 | 1320 | 1331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denver Health & Hospital Authority, Series A, Rev., 6.00%, 12/01/2055 | 3610 | 3883 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-470 Public Highway Authority, Rev., 5.00%, 09/01/2040 | 1550 | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-470 Public Highway Authority, Capital Appreciation, Series A, Rev., NATL, Zero Coupon, 09/01/2027 | 1250 | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-470 Public Highway Authority, Capital Appreciation School Reform, Series B, Rev., NATL, Zero Coupon, 09/01/2030 | 290 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-470 Public Highway Authority, Senior |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2027 | 1000 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2028 | 1000 | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Falcon Area Water & Wastewater Authority, Series A, Rev., 6.75%, 12/01/2034 (e) | 3000 | 3031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson Center Metropolitan District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 4.13%, 12/01/2040 | 575 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 4.38%, 12/01/2047 | 795 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson County School District, Series R1, GO, 5.00%, 12/15/2031 | 2000 | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson County School District No. R-1, GO, 4.00%, 12/15/2032 | 1500 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kremmling Memorial Hospital District, COP, 6.13%, 12/01/2044 (e) | 3850 | 3854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesa County School District No. 50, GO, 5.50%, 12/01/2049 | 1835 | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metro Water Recovery, Series A, Rev., 5.00%, 04/01/2029 | 830 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirabelle Metropolitan District No. 2, Senior |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2035 | 600 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2037 | 500 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Creek Metropolitan District, Senior, Series A, Tax Allocation, 5.00%, 12/01/2043 | 1500 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peak Metropolitan District No. 3, GO, 0.00%, 12/01/2042 | 3950 | 2774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prairie Farm Metropolitan District, Series A, GO, 5.25%, 12/01/2048 | 1244 | 1233 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 163

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy, Rev., 6.50%, 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | 9659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pueblo Urban Renewal Authority, EVRAZ Project Tax, Increment, Tax Allocation, 4.75%, 12/01/2045 (e) | 635 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redtail Ridge Metropolitan District, GO, Zero Coupon, 12/01/2032 | 4000 | 2512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation District Sales Tax Revenue, Fastracks Project, Series A, Rev., 5.00%, 11/01/2033 | 1000 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Transportation District, Denver Transit Partners Eagle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2026 | 575 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/15/2027 | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/15/2032 | 1470 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riverpark Metropolitan District/Arapahoe County, GO, 6.00%, 12/01/2042 | 1150 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siena Lake Metropolitan District, GO, 3.75%, 12/01/2041 | 500 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Suburban Park & Recreation District, COP, 4.00%, 12/15/2036 | 1350 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 4.00%, 12/15/2040 | 1600 | 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 6.00%, 12/15/2041 | 15000 | 17252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 4.00%, 12/15/2039 | 1500 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 5.00%, 12/15/2029 | 1000 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series L, COP, 5.00%, 03/15/2028 | 1000 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Colorado, Health Sciences Facilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 11/01/2042 | 2365 | 2566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, 5.00%, 11/01/2053 | 1500 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch Community Authority Board, Senior, Rev., 6.50%, 12/01/2054 | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch Community Authority Board, Special Improvement District No. 1, Special Assessment, 5.63%, 12/01/2043 | 1041 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Ranch Metropolitan District No. 1, GO, 5.00%, 12/01/2040 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunset Parks Metropolitan District, Series A, GO, 5.13%, 12/01/2054 (e) | 800 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Canyons Metropolitan District No. 5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, BAM, 5.00%, 12/01/2035 | 640 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, BAM, 5.00%, 12/01/2049 | 2875 | 2936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, BAM, 5.25%, 12/01/2059 | 7725 | 7992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trails at Crowfoot Metropolitan District No. 3, GO, 4.25%, 12/01/2054 | 1500 | 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Colorado, Series B1, Rev., 4.00%, 06/01/2034 (p) | 2665 | 2681 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Colorado, University Enterprise, Rev., 2.00%, 06/01/2051 (z) | 1500 | 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verve Metropolitan District No. 1, GO, 5.00%, 12/01/2036 | 1500 | 1463 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Metropolitan District (The), GO, 4.15%, 12/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Villages at Johnstown Metropolitan District No. 3, Senior Bond, Series A, GO, 5.00%, 12/01/2040 | 583 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waterview II Metropolitan District, GO, 5.00%, 12/01/2041 | 1250 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weld County School District No. RE-4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2029 | 1100 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2031 | 1000 | 1135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.25%, 12/01/2047 | 5000 | 5303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Windler Public Improvement Authority, Series A1, Rev., 4.00%, 12/01/2036 | 2565 | 2297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Windy Gap Firming Project Water Activity Enterprise, Windy Gap Firming Project, Rev., 5.00%, 07/15/2051 | 5000 | 5149 |
|  |  | 479069 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Connecticut — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Bridgeport, Series A, GO, 4.00%, 06/01/2039 | 250 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Social Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 3.50%, 11/15/2051 | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.50%, 11/15/2043 | 2725 | 2761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Sustainable Bond, Housing Mortgage Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.13%, 11/15/2043 | 5000 | 5201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.25%, 05/15/2054 | 4420 | 4796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Housing Finance Authority, Sustainable Bonds, Rev., GNMA/FNMA/FHLMC, 4.45%, 11/15/2044 | 10000 | 10049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017 B1, Rev., 5.00%, 07/01/2029 | 4845 | 5276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 2.80%, 07/01/2048 (z) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Connecticut Children's Medical Center, Rev., 5.25%, 07/15/2048 | 4575 | 4800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Hartford Healthcare Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2026 | 555 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2033 | 565 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Quinnipiac University Issue, Rev., 5.00%, 07/01/2048 | 3000 | 3061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2035 | 1000 | 1022 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 164 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Connecticut — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | 2505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2041 | 2250 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2030 | 865 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.13%, 11/15/2040 | 2240 | 2218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 4.88%, 11/15/2038 | 900 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2039 | 675 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2040 | 335 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2041 | 400 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Higher Education Supplement Loan Authority, CHESLA Loan Program, Series B, Rev., AMT, 5.00%, 11/15/2030 | 495 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State, Health & Educational Facilities Authority, Sacred Heart University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., 4.00%, 07/01/2045 | 4625 | 4275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, Rev., 5.00%, 07/01/2037 | 950 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State, Health & Educational Facilities Authority, Yale University, Series C1, Rev., 5.00%, 07/01/2040 (z) | 2150 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stamford Housing Authority, Mozaic Concierge Living Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 10/01/2030 | 5000 | 5051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 10/01/2040 | 1750 | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 03/15/2045 | 1000 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 3.00%, 01/15/2026 | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 3.00%, 01/15/2032 | 2250 | 2263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 3.00%, 01/15/2033 | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 4.00%, 01/15/2028 | 3500 | 3600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 08/01/2033 | 1750 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 06/15/2037 | 40 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 05/01/2039 | 2990 | 3057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2028 | 500 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2035 | 500 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 07/01/2042 | 10000 | 10936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2030 | 1500 | 1661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 4.00%, 11/01/2038 | 3500 | 3590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 11/01/2028 | 1480 | 1582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 11/01/2033 | 1675 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Revenue, Transportation Infrastructure Purposes, Rev., 5.00%, 07/01/2043 | 4740 | 5137 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, Social Bonds, Series F, GO, 5.00%, 11/15/2041 | 1525 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, Special Tax Obligation Bonds, Rev., 5.00%, 05/01/2040 | 300 | 318 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Connecticut — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, Sustainale Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 01/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 01/15/2040 | 1000 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Point Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation, 4.00%, 04/01/2036 (e) | 195 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Town of Hamden |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 08/15/2027 | 535 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 08/15/2029 | 575 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 08/15/2031 | 500 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, BAM, 5.00%, 08/01/2032 | 2255 | 2475 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Connecticut |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/15/2037 | 3000 | 3059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2039 | 650 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2040 | 860 | 946 |
|  |  | 122262 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Kent DE, Rev., 5.00%, 07/01/2033 | 1190 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Rev., 3.60%, 01/01/2031 | 1865 | 1915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, NRG Energy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/01/2045 (z) | 21670 | 21710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 10/01/2040 (z) | 2855 | 2861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware State Health Facilities Authority, Beebe Medical Center, Rev., 5.00%, 06/01/2050 | 2250 | 2150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware State Health Facilities Authority, Christiana Health Care System, Rev., 5.00%, 10/01/2039 | 5345 | 5628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware Transportation Authority, Rev., 5.00%, 07/01/2033 | 2265 | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Delaware |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 02/01/2036 | 6910 | 5875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 02/01/2031 | 1000 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/01/2028 | 5020 | 5287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/01/2031 | 85 | 96 |
|  |  | 50261 |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2030 | 1070 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2031 | 2210 | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2040 | 1725 | 1732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2060 (z) | 5500 | 6210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 03/01/2037 | 2000 | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 03/01/2040 | 10000 | 10048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2027 | 475 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/01/2031 | 1500 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2038 | 1000 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2040 | 2400 | 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 05/01/2039 | 2500 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 05/01/2045 | 5000 | 4793 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 165

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 02/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 02/01/2029 | 70 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 02/01/2028 | 110 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, Rev., 5.00%, 12/01/2028 (z) | 225 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, Belmont Crossing Phase II, Rev., 5.00%, 03/01/2029 (z) | 330 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Housing Finance Agency, Paxton Project, Rev., 3.35%, 09/01/2040 (z) | 2040 | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Income Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2037 | 2000 | 2287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2038 | 1450 | 1620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2039 | 2000 | 2220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2039 | 1500 | 1704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2040 | 2685 | 3019 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2041 | 1525 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2043 | 2505 | 2716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2045 | 1445 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer Authority, Green Bond Subordinate, Series A, Rev., 5.00%, 10/01/2038 | 1010 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia Water & Sewer Authority, Subordinate, Series C1, Rev., 5.00%, 10/01/2031 | 2000 | 2264 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Latin American Montessori, Rev., 4.00%, 06/01/2030 | 555 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, National Child Research Center, Rev., VRDO, LOC: Truist Bank, 3.80%, 01/07/2026 (z) | 1985 | 1985 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, National Public Radio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/01/2032 (p) | 1500 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2028 (p) | 270 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2029 (p) | 275 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2026 | 1335 | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2029 | 2000 | 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2027 | 1515 | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 10/01/2051 | 2500 | 2214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2044 | 3500 | 3628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2028 | 3880 | 4104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2030 | 1000 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2031 | 1730 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2032 | 5000 | 5453 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 10/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 10/01/2048 | 7000 | 7253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Aviation Revenue, Airport System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2033 | 3000 | 3193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2049 | 5000 | 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Dulles Metrorail & Capital, Rev., 4.00%, 10/01/2052 | 10000 | 8872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Subordinated Dulles Metrorail, Rev., 4.00%, 10/01/2053 | 1965 | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority, Aviation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2031 | 4390 | 4853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2033 | 3205 | 3458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2048 | 3940 | 3968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 10/01/2040 | 3000 | 3360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 10/01/2041 | 2000 | 2215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority, Dulles Toll Road Revenue Subordinated Lien Dulles Metrorail, Series B, Rev., 4.00%, 10/01/2049 | 2000 | 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, Series C, Rev., 6.50%, 10/01/2041 (p) | 350 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-XX1413, Rev., LIQ: Barclays Bank plc, 3.35%, 07/15/2060 (e) | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ZL0667, Rev., LIQ: Barclays Bank plc, 3.35%, 07/15/2060 (e) | 8000 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Convention & Sports Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/01/2034 | 1015 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2033 | 1000 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Convention & Sports Authority, Senior Lien, Series B, Tax Allocation, 5.00%, 10/01/2029 (p) | 1000 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Convention and Sports Authority, Dedicated Tax Revenue Prerefunded Refunding Senior Lien, Tax Allocation, 5.00%, 10/01/2030 (p) | 695 | 775 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 166 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Convention and Sports Authority, Dedicated Tax Revenue Unrefunded Balance Refunding Senior, Tax Allocation, 5.00%, 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2026 | 1650 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2037 | 2000 | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2032 | 1115 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/15/2054 | 23750 | 24383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/15/2059 | 17870 | 18672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2046 | 1190 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated Revenue, Sustainability Financed Bond, Rev., 5.00%, 07/15/2029 | 3000 | 3247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority, Dedicated Revenue, Sustainable Bond, Series A, Rev., BAM, 3.00%, 07/15/2036 | 5925 | 5657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority, Green Bond, Series A, Rev., 5.00%, 07/15/2029 | 1540 | 1667 |
|  |  | 211405 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alachua County Health Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.63%, 10/01/2030 | 870 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.75%, 10/01/2030 | 765 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alachua County Health Facilities Authority, Oak Hammock at The University of Florida, Inc. Project, Rev., 4.00%, 10/01/2031 | 615 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alachua County Health Facilities Authority, Shands Teaching Hospital & Clinics, Rev., 5.00%, 12/01/2034 | 2570 | 2709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Stewardship Community District, Phase 3 Master Improvements Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.75%, 05/01/2031 | 420 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.13%, 05/01/2041 | 1775 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ave Maria Stewardship Community District, Phase 5 Master Improvement Project, Special Assessment, 5.30%, 05/01/2045 | 605 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avenir Community Development District, Special Assessment, 5.63%, 05/01/2054 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aventura Isles Community Development District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.00%, 05/01/2034 | 720 | 778 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.00%, 05/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Babcock Ranch Community Independent Special District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 4.00%, 05/01/2052 | 695 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.00%, 05/01/2044 (e) | 995 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belmond Reserve Community Development District, 202 Project, Special Assessment, 4.00%, 05/01/2040 | 340 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belmont II Community Development District, 2020 Assessment Area, Special Assessment, 3.13%, 12/15/2030 | 125 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boggy Branch Community Development District, Special Assessment, 2.50%, 05/01/2026 | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boggy Creek Improvement District, Special Assessment, Series 2013, Special Assessment, 5.13%, 05/01/2043 (e) | 950 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, Health First Obligated Group, Rev., 5.00%, 04/01/2052 | 8235 | 8309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, Health First, Inc., Rev., 4.00%, 04/01/2036 | 1790 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broward County Water & Sewer Utility Revenue, Series A, Rev., 4.00%, 10/01/2038 | 675 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Projects Finance Authority, Florida University Project, Series A1, Rev., 5.00%, 10/01/2032 | 1350 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Projects Finance Authority, IPS Enterprises, Inc. Projects, Rev., 7.00%, 06/15/2030 (e) | 4000 | 4125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Projects Finance Authority/FL, Rev., 5.00%, 06/15/2044 (e) | 760 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Imagine School at North Manatee, Rev., 5.00%, 06/01/2041 (e) | 325 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Lutz Preparatory School, Inc. Project, Series A, Rev., 4.00%, 06/01/2041 | 300 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Tallahassee Classical School, Rev., 4.00%, 07/01/2036 (e) | 1370 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Agency, Inc., Franklin Academy Project, Rev., 5.00%, 12/15/2050 (e) | 2350 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2032 | 1000 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2035 | 5895 | 6713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Authority, Ips Enterprises, Inc., Series A, Rev., 6.00%, 06/15/2043 (e) | 4350 | 4466 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 167

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Center Lake Ranch West Community Development District, Assessment Area Two, Special Assessment, 5.60%, 05/01/2055 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Florida Expressway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2032 | 1500 | 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 07/01/2035 (p) | 5600 | 5641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 07/01/2029 | 565 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 07/01/2034 | 3000 | 3323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 07/01/2035 | 10000 | 11028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Florida Expressway Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2038 | 3625 | 3704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2039 | 1260 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centre Lake Community Development District, Special Assessment, 3.00%, 05/01/2042 | 605 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chapel Creek Community Development District, Special Assessment, 3.00%, 05/01/2031 (e) | 160 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charlotte County Industrial Development Authority, Town & Country Utilities Project, Rev., AMT, 5.00%, 10/01/2049 (e) | 2985 | 2920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charlotte County Industrial Development Authority/FL, Rev., AMT, 5.88%, 10/01/2045 | 1250 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Daytona Beach, Rev., 5.50%, 09/01/2049 | 5000 | 5404 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Delray Beach Water & Sewer Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2042 | 750 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2043 | 1520 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2055 | 5685 | 6074 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Doral FL, GO, 4.00%, 07/01/2043 | 3055 | 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Jacksonville, Baptist Health, Rev., VRDO, 3.36%, 01/07/2026 (z) | 9260 | 9260 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Jacksonville, Bayptist Health, Rev., VRDO, 3.36%, 01/07/2026 (z) | 1200 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Jacksonville, Brooks Rehabilitation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2034 | 500 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2045 | 1500 | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Miami Beach, Arts and Cultural Facilities, Series A, GO, 5.25%, 05/01/2053 | 5000 | 5260 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Pensacola, Airport Revenue, Rev., AMT, 5.50%, 10/01/2050 | 4650 | 4913 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Pompano Beach, John Knox Village Project, Series A, Rev., 4.00%, 09/01/2036 | 175 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Port St. Lucie Stormwater Utility Revenue, Rev., 4.00%, 05/01/2039 | 1075 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Tallahassee FL Energy System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2033 | 2500 | 2899 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | 1757 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Tallahassee, Energy System Revenue, Rev., 5.00%, 10/01/2028 | 2000 | 2134 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Tallahassee, Tallahassee Memorial Healthcare, Rev., 5.00%, 12/01/2040 | 3000 | 3001 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Tampa, Baycare, Series A, Rev., 5.00%, 11/15/2046 | 10000 | 10016 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Tampa, H. Lee Moffitt Cancer Center, Rev., 5.00%, 07/01/2050 | 4000 | 4032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collier County Health Facilities Authority, The Moorings, Inc., Rev., 4.00%, 05/01/2052 | 145 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Broward Convention Center Hotel Revenue, First Tier, Rev., 5.00%, 01/01/2047 | 5000 | 5177 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Broward Port Facilities Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 09/01/2050 | 6405 | 6802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 09/01/2052 | 3675 | 3840 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Broward Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 5.00%, 09/01/2031 | 3000 | 3375 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Broward, Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2033 | 655 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2028 | 800 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2036 | 2000 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Broward, Port Facilities Revenue, Senior Bond, Series B, Rev., AMT, 4.00%, 09/01/2044 | 3000 | 2734 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Broward, Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 4.00%, 09/01/2047 | 3000 | 2703 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hillsborough, Rev., 4.00%, 08/01/2034 | 4370 | 4526 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lee Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 10/01/2029 | 180 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 10/01/2032 | 2000 | 2184 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lee Local Option Gas Tax Revenue, Rev., 5.25%, 08/01/2049 | 13000 | 13448 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Aviation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2041 | 6000 | 6039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2030 | 2000 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2031 | 2000 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2044 | 2200 | 2231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2049 | 3250 | 3267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 10/01/2040 | 23000 | 23325 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 168 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade FL Aviation Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920 | 3124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2035 | 15000 | 16665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2036 | 3710 | 4088 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade FL Transit System, Rev., 4.00%, 07/01/2035 | 3405 | 3417 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade FL Water & Sewer System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2041 | 4500 | 4913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2042 | 5000 | 5408 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Senior Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2030 | 1970 | 2130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2031 | 2975 | 3257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2033 | 3500 | 3830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 10/01/2052 | 2000 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport Department, Subordinate, Series A1, Rev., AMT, 4.00%, 10/01/2040 | 2675 | 2674 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Transit System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2048 | 5000 | 4564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/01/2045 | 2070 | 1913 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade, Building Better Communities Project, Series A, GO, 4.00%, 07/01/2044 | 350 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade, Public Health Trust Program, GO, 4.00%, 07/01/2042 | 3000 | 3006 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Monroe Airport Revenue, Key West International Airport, Series 202, Rev., AMT, 5.00%, 10/01/2052 | 2450 | 2412 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Orange Water Utility System Revenue, Rev., 5.00%, 10/01/2028 | 2040 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Palm Beach, Lynn University Housing Project, Series A, Rev., 5.00%, 06/01/2057 (e) | 1000 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Currents Community Development District, Series A, Special Assessment, 4.00%, 05/01/2051 (e) | 2000 | 1663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cypress Mill Community Development District, 2023 Project, Special Assessment, 5.00%, 05/01/2053 | 1025 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cypress Preserve Community Development District, Assessment Area Two, Special Assessment, 4.00%, 11/01/2039 | 325 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp; DG Farms Community Development District, Special Assessment, 3.75%, 05/01/2040 | 400 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duval County Public Schools, Series A, COP, 5.00%, 07/01/2032 | 4750 | 5184 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eden Hills Community Development District, Special Assessment, 4.00%, 05/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epperson North Community Development District, Assessment Area, Special Assessment, 2.50%, 05/01/2026 | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epperson Ranch II Community Development District, Assessment Area Two Capital Improvement, Special Assessment, 4.20%, 05/01/2040 | 1170 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Escambia County Health Facilities Authority, Azalea Trace, Inc., Rev., VRDO, 2.60%, 01/02/2026 (z) | 4100 | 4100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everlands II Community Development District, Special Assessment, 5.20%, 06/15/2044 | 725 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.40%, 09/01/2050 (z) | 2550 | 2561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.38%, 10/01/2054 (e) (z) | 17000 | 17197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2044 (e) | 1750 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2059 (e) | 3145 | 2972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 10.00%, 07/01/2057 (e) (z) | 7445 | 5212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 06/01/2030 | 400 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Florida Passenger |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 0.00%, 07/15/2032 (e) | 2810 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2041 | 4500 | 3375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2044 | 9930 | 9745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2047 | 6050 | 5948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2053 | 4000 | 3932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 07/01/2053 | 6000 | 4500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Discovery High School Project, Series A, Rev., 4.00%, 06/01/2030 (e) | 1000 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Lakeland Regional Health System, Rev., 4.00%, 11/15/2037 | 2400 | 2424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Mater Academy Project, Series A, Rev., 5.00%, 06/15/2040 | 400 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Tampa General Hospital Project, Rev., 5.25%, 08/01/2055 (e) | 4750 | 4809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., UF Health Jacksonville Project, Rev., 5.00%, 02/01/2035 | 1200 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Waste Pro USA, Inc., Rev., AMT, 5.00%, 05/01/2029 (e) | 2500 | 2523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Waste Pro USA, Inc. Project, Rev., AMT, 4.45%, 07/01/2037 (e) (z) | 5000 | 5040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 2895 | 3156 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 169

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 01/01/2054 | 605 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Arbours at Emerald Springs, Rev., 3.15%, 12/01/2028 (z) | 330 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Magnolia Trail, Rev., 3.15%, 07/01/2043 (z) | 725 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Mariposa Grove Apartments, Series R, Rev., 3.15%, 01/01/2044 (z) | 1780 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Social Bond, Social Bond, Series 1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 820 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Social Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., GNMA/FNMA/FHLMC, 3.50%, 07/01/2052 | 740 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 3545 | 3508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Southward Village Phase 2, L.P., Rev., 3.20%, 12/01/2044 (z) | 3545 | 3553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Local Government Finance Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.20%, 11/15/2030 (e) | 3260 | 3280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.63%, 11/15/2045 (e) | 1665 | 1757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Municipal Loan Council, Shingle Creek Transit and Utility Community Development District, Special Assessment, AMT, 5.15%, 05/01/2044 | 655 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida State Board of Governors Florida International University Dormitory Rev, Series A, Rev., BAM, 5.00%, 07/01/2029 | 1900 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida State Board of Governors University of North Florida Dormitory Revenue, Series A, Rev., BAM, 5.00%, 11/01/2053 | 6375 | 6530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Pierce Utilities Authority, Series A, Rev., 5.00%, 10/01/2039 | 925 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Bay at Doral Community Development District, Assessment Area Two Phase I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.00%, 05/01/2035 | 1000 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.00%, 05/01/2045 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 10/01/2040 | 1670 | 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2032 | 1500 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2046 (p) | 5000 | 5076 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8880 | 8939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority Orlando Amt Subordinated, Rev., AMT, 5.00%, 10/01/2036 | 1000 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, Priority Subordinated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2033 | 1500 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 10/01/2036 | 2230 | 2281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority, United Airlines, Inc. Project, Rev., AMT, 5.25%, 11/01/2034 | 2000 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hammock Reserve Community Development District, Special Assessment, 4.70%, 05/01/2042 | 1370 | 1355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hammock Reserve Community Development District, Assessment Area One Project, Special Assessment, 4.00%, 05/01/2040 | 545 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., 0.00%, 11/15/2037 (z) | 17000 | 17000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.13%, 11/15/2051 | 6965 | 6452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 11/15/2049 | 1500 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, Tampa General Hospital Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2050 | 5000 | 4286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 08/01/2045 | 3275 | 2969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County, Industrial Development Authority, Baycare Health System, Series C, Rev., VRDO, LOC: TD Bank NA, 2.35%, 01/07/2026 (z) | 3400 | 3400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hobe-St Lucie Conservancy District, Special Assessment, 5.88%, 05/01/2055 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp; JEA Electric System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2033 | 1000 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3A, Rev., 5.00%, 10/01/2035 | 5000 | 5403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series IIIB, Rev., 5.00%, 10/01/2032 | 1295 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp; JEA Electric System Revenue, Subordinate, Series A, Rev., 5.00%, 10/01/2031 | 1795 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp; JEA Water & Sewer System Revenue, Series A, Rev., 4.00%, 10/01/2037 | 750 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julington Creek Plantation Community Development District, Special Assessment, 5.50%, 05/01/2043 | 1500 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lake Hideaway Community Development District, Assessment Area One, Special Assessment, 5.65%, 05/01/2044 | 945 | 961 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 170 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.30%, 05/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.80%, 05/01/2045 | 1565 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 6.00%, 05/01/2056 | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, Del Webb Project, Special Assessment, 5.00%, 05/01/2037 (e) | 1655 | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, Lorraine Lakes Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.13%, 05/01/2030 (e) | 315 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.88%, 05/01/2051 (e) | 2000 | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, Northeast Sector Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.20%, 05/01/2030 (e) | 540 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.50%, 05/01/2040 | 925 | 826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakewood Ranch Stewardship District, Palm Grove Project, Special Assessment, 5.25%, 05/01/2044 | 575 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority, Exchange Lee Health Systems, Rev., 4.00%, 04/01/2037 | 3000 | 3008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority, Shell Point/Waterside Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2044 | 3000 | 3014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2049 | 2550 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority/FL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.13%, 11/15/2029 | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 11/15/2054 | 2000 | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami Beach Health Facilities Authority, Mount Sinai Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2039 | 2000 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2044 | 5000 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami Beach Redevelopment Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 5.00%, 02/01/2040 | 2000 | 2181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 5.00%, 02/01/2042 | 5580 | 5957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 5.00%, 02/01/2044 | 7590 | 7947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami World Center Community Development District, Special Assessment, 5.25%, 11/01/2049 | 4505 | 4530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Expressway Authority, Series A, Rev., 5.00%, 07/01/2040 | 1625 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Health Facilities Authority, Rev., 4.00%, 08/01/2046 | 1790 | 1697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Housing Finance Authority, Doral Academy, Inc., Rev., 5.00%, 01/15/2048 | 1570 | 1543 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Housing Finance Authority, Yaeger Plaza Project, Series B, Rev., 3.15%, 08/01/2029 (z) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Industrial Development Authority, Rev., 6.25%, 06/01/2055 (e) | 750 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midtown Miami Community Development District, Series A, Special Assessment, 5.00%, 05/01/2037 | 350 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirada Community Development District/Pasco County, Special Assessment, 5.00%, 05/01/2034 | 590 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Broward Hospital District, Series B, Rev., 5.00%, 01/01/2048 | 4000 | 3989 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Loop Community Development District, Special Assessment, 6.38%, 05/01/2043 | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Miami Community Redevelopment Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2035 | 1000 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2036 | 1200 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Powerline Road Community Development District, Special Assessment, 3.63%, 05/01/2040 | 1345 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Springs Improvement District, Special Assessment, 5.00%, 05/01/2048 | 3220 | 3222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Rev., 5.00%, 08/01/2054 | 3500 | 3446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Orlando Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2052 | 5000 | 4349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.50%, 10/01/2056 | 11515 | 11127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2056 | 7500 | 7784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Presbyterian Retirement Communities, Rev., 4.00%, 08/01/2036 | 295 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orlando Utilities Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 10/01/2035 | 2480 | 2567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2027 | 500 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2043 | 2300 | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Rev., 5.00%, 11/15/2045 | 1250 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Jupiter Medical Center, Rev., 5.00%, 11/01/2052 | 2550 | 2473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Retirement Life Communities, Rev., 5.00%, 11/15/2032 | 2270 | 2300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palm Coast Park Community Development District, Sawmill Branch at Palm Coast Park Homeowners Association, Inc., Special Assessment, 5.13%, 05/01/2051 | 1500 | 1448 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 171

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Parkview at Long Lake Ranch Community Development District, Special Assessment, 4.00%, 05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parrish Lakes Community Development District, Special Assessment, 5.00%, 05/01/2031 | 445 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pasco County School Board, Series A, COP, BAM, 5.00%, 08/01/2036 | 1720 | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pine Island Community Development District, Special Assessment, 5.75%, 05/01/2035 | 3200 | 3201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Putnam County Development Authority, Seminole Electric Cooperative, Inc., Rev., 5.00%, 03/15/2042 | 4000 | 4063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reunion East Community Development District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.40%, 05/01/2026 (e) | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.85%, 05/01/2031 | 25 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saddle Creek Preserve of Polk County Community Development District, Special Assessment, 4.00%, 06/15/2040 | 500 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saddle Creek Preserve of Polk County Community Development District, Assesment Area Two, Special Assessment, 4.00%, 12/15/2051 | 1315 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarasota County Health Facilities Authority, Sunnyside Village Project, Rev., 5.00%, 05/15/2048 | 425 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarasota County Public Hospital District, Sarasota Memorial Hospital Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2052 | 6000 | 5249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2052 | 1175 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarasota County School Board, Series A, COP, 5.00%, 07/01/2033 | 1000 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarasota National Community Development District, Special Assessment, 4.00%, 05/01/2039 | 615 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sawyers Landing Community Development District, Special Assessment, 3.75%, 05/01/2031 | 400 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; School District of Broward County, Series A, COP, 5.00%, 07/01/2027 | 1500 | 1550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Somerset Community Development District, Special Assessment, 4.00%, 05/01/2032 | 845 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Broward Hospital District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2048 | 6500 | 6076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 05/01/2044 | 4000 | 3655 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Kendall Community Development District, Special Assessment, 4.25%, 11/01/2037 | 1575 | 1577 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Overtown/Park West Community Redevelopment Agency, Series A, Tax Allocation, 5.00%, 03/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. John's County School Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 5.25%, 07/01/2046 | 1500 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, COP, 5.25%, 07/01/2047 | 3000 | 3153 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Board of Administration Finance Corp., Taxable, Series A, Rev., 1.71%, 07/01/2027 | 4000 | 3880 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System Revenue, Department Of Transportation, Rev., 4.00%, 07/01/2041 | 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System Revenue, Turnpike Revenue, Series B, Rev., 3.00%, 07/01/2033 | 2390 | 2401 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida Department of Transportation Turnpike System, Revenue Refunding, Series A, Rev., 5.00%, 07/01/2026 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida, Capital Outlay, Series C, GO, 5.00%, 06/01/2027 | 1060 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida, Department of Transportation, Turnpike System Revenue, Series A, Rev., 5.00%, 07/01/2029 | 500 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellar North Community Development District, Special Assessment, 4.00%, 05/01/2052 | 1440 | 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stillwater Community Development District, Project 2021, Special Assessment, 3.00%, 06/15/2031 (e) | 225 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stonegate Preserve Community Development District, 2023 Project Area, Special Assessment, 5.88%, 12/15/2043 | 995 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stoneybrook South Community Development District, Fox South Assessment Area |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.00%, 12/15/2030 (e) | 475 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.50%, 12/15/2040 (e) | 1030 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Storey Park Community Development District, Assessment Area Four Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.38%, 06/15/2026 (e) | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.88%, 06/15/2031 (e) | 60 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit View Community Development District, Assessment Area Two, Special Assessment, 5.63%, 05/01/2044 | 945 | 968 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 172 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tampa Bay Water, Rev., 5.25%, 10/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | 21223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates, Series 2024-YX1351, Rev., LOC: Barclays Bank plc, LIQ: Barclays Bank plc, 3.35%, 04/01/2047 (e) (z) | 12080 | 12080 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Lee County School Board, Series A, COP, 5.25%, 08/01/2047 | 16000 | 17073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Touchstone Community Development District, Senior Lien, Series A1, Special Assessment, 5.38%, 05/01/2042 | 1000 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradition Community Development District No. 9, Special Assessment, 3.00%, 05/01/2041 | 130 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turtle Run Community Development District, Series 2, Special Assessment, 5.00%, 05/01/2047 | 1500 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Two Lakes Community Development District, Special Assessment, 5.00%, 05/01/2044 | 1500 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Two Rivers West Community Development District, Special Assessment, 5.63%, 05/01/2044 | 580 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp; V-Dana Community Development District, CDD Assessment Area One 2021, Special Assessment, 4.00%, 05/01/2052 | 1000 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Community Development District No. 12, Special Assessment, 4.25%, 05/01/2043 | 1985 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Community Development District No. 13, Special Assessment, 2.63%, 05/01/2030 (e) | 1440 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Community Development District No. 15 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 4.00%, 05/01/2034 (e) | 120 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 4.20%, 05/01/2039 (e) | 500 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Community Development District No. 16 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 4.50%, 05/01/2040 | 2045 | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 4.88%, 05/01/2045 | 1350 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Villamar Community Development District, Special Assessment, 3.75%, 05/01/2040 | 655 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volusia County Educational Facility Authority, Educational Facilities Embry Riddle, Rev., 5.00%, 10/15/2029 | 1000 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Hillcrest Community Development District, Series 2023, Special Assessment, 5.50%, 06/15/2053 | 1250 | 1279 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; West Villages Improvement District, Special Assessment, Unit Of Development #8, Special Assessment, 5.38%, 05/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wildwood Utility Dependent District, Senior South Sumter Utilities Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2031 | 1300 | 1453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2033 | 1150 | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2039 | 1490 | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2040 | 1610 | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wildwood Utility Dependent District, Senior South Sumter Utility Project, Rev., BAM, 5.00%, 10/01/2052 | 1640 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wildwood Utility Dependent District, Subordinate South Sumter Utilities Project, Rev., BAM, 5.00%, 10/01/2041 | 650 | 693 |
|  |  | 739469 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Athens Housing Authority, North Downtown Athens, Rev., 3.23%, 06/01/2045 (z) | 1680 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanta Urban Residential Finance Authority, Martin House, Rev., 3.20%, 05/01/2029 (z) | 585 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bartow County Development Authority, Georgia Power Co. Pollution Bowen Project, Rev., 1.80%, 09/01/2029 (z) | 4425 | 4102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Board of Water Light & Sinking Fund Commissioners of The City of Dalton, Combined Utilities Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2035 | 1100 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2036 | 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2037 | 1135 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2038 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookhaven Development Authority, Children's Healthcare of Atlanta |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2036 | 2425 | 2592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2037 | 2400 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/01/2044 | 3000 | 2915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookhaven Urban Redevelopment Agency, Series A, Rev., 4.00%, 07/01/2045 | 3260 | 3219 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta Airport Passenger Facility Charge, Airport Revenue Subordinated, Rev., AMT, 4.00%, 07/01/2038 | 2825 | 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta Department of Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2028 | 3300 | 3472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 07/01/2034 | 540 | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 07/01/2048 | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta GA Department of Aviation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2041 | 1775 | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2043 | 1500 | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., AMT, 5.00%, 07/01/2036 | 700 | 781 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 173

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., AMT, 5.00%, 07/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta Water & Wastewater Revenue, Series B, Rev., 4.00%, 11/01/2037 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta, Airport Passenger Facility, Subordinated Lien, Series C, Rev., 5.00%, 07/01/2040 | 2000 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta, Department of Aviation, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2031 | 1155 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Atlanta, Water & Wastewater Revenue, Series B, Rev., 5.00%, 11/01/2047 | 4000 | 4036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobb County Hospital Authority, Rev., VRDO, LOC: Truist Bank, 3.34%, 01/07/2026 (z) | 8000 | 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobb County Kennestone Hospital Authority, Revenue Anticipation Certificates, Rev., 5.00%, 04/01/2036 | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobb County Kennestone Hospital Authority, Wellstar Health System, Inc., Rev., 3.00%, 04/01/2037 | 700 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobb-Marietta Coliseum & Exhibit Hall Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2043 | 2760 | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2044 | 1355 | 1484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia County Hospital Authority, Anticipation Certificate Wellstar, Rev., 5.13%, 04/01/2053 | 3625 | 3714 |
| &nbsp;&nbsp;&nbsp;&nbsp; DeKalb County Housing Authority, Kensington Station Project, Series A, Rev., 4.00%, 12/01/2033 | 10000 | 10200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Burke County (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.90%, 12/01/2049 (z) | 3515 | 3482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.30%, 12/01/2049 (z) | 515 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Burke County, Georgia Power Co. Plant Vogtle Project, Rev., 3.38%, 11/01/2053 (z) | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Cobb County, The Northwest Classical Academy Project, Rev., 5.70%, 06/15/2038 (e) | 605 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Monroe County, Georgia Power Company Plant Scherer, Rev., 3.88%, 06/01/2042 (z) | 1250 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Development Authority of Monroe County/The, Georgia Power Co. Plant Scherer, Rev., 1.00%, 07/01/2049 (z) | 1785 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fayette County Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2036 | 900 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2037 | 925 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2041 | 950 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2043 | 1400 | 1471 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulton County Residential Care Facilities for the Elderly Authority, Lenbrook Square Foundation, Inc., Rev., 5.00%, 07/01/2036 | 525 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gainesville & Hall County Hospital Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2030 | 3500 | 3859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2034 | 7545 | 8689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gainesville and Hall County Development Authority, Lanier Village Estates, Rev., VRDO, 2.60%, 01/02/2026 (z) | 14340 | 14340 |
| &nbsp;&nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel, Series 2, Rev., 5.00%, 01/01/2054 (e) | 1000 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel First |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2054 | 7850 | 6728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 4.00%, 01/01/2036 | 2750 | 2762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia Housing & Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.70%, 12/01/2054 | 15000 | 15002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 2.75%, 12/01/2035 | 500 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.50%, 12/01/2045 | 2000 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., GNMA/FNMA/FHLMC, 4.85%, 12/01/2040 | 1000 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia Ports Authority, Rev., 5.25%, 07/01/2043 | 2705 | 2934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia State Road & Tollway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2027 | 5250 | 5433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2028 | 5500 | 5819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2030 | 6205 | 6853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Homerville Housing Authority, Brookwood Apartments, Rev., 3.45%, 01/01/2028 (z) | 530 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2054 (z) | 1730 | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/01/2052 (z) | 14500 | 14640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/15/2033 | 4950 | 5184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/15/2043 | 8000 | 8142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2053 (z) | 15000 | 15814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2054 (z) | 15925 | 17109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2055 (z) | 19755 | 21392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 09/15/2028 | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/01/2028 | 2500 | 2596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/01/2029 | 1500 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2052 (z) | 5000 | 5229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2053 (z) | 6910 | 7293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2054 (z) | 11185 | 11968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2055 (z) | 5000 | 5324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 03/01/2050 (z) | 6350 | 6384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 05/01/2052 (z) | 12310 | 12538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 09/01/2053 (z) | 8165 | 8691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 05/01/2054 (z) | 9500 | 10051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, Rev., 5.00%, 12/01/2053 (z) | 3000 | 3210 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 174 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply, Series C, Rev., 4.00%, 08/01/2052 (e) (z) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30600 | 30568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 04/01/2054 (z) | 30740 | 33026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 05/01/2055 (z) | 25990 | 27723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority, Rev., 5.00%, 07/01/2036 | 8500 | 9785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority, Sustainable Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2043 | 3000 | 3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2044 | 3000 | 3235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 07/01/2050 | 4270 | 4567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milledgeville & Baldwin County Development Authority, Georgia College & State University Projects, Rev., 4.00%, 06/15/2037 | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2029 | 1000 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2049 | 2800 | 2800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2056 | 1350 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2059 | 3855 | 3789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Combined Cycle Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2027 | 250 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2029 | 250 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, General Resolution Project, Series A, Rev., 4.00%, 01/01/2037 | 1125 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Rev., 5.00%, 01/01/2059 | 3000 | 2967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2033 | 1610 | 1807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2035 | 1300 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2036 | 2795 | 3076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2036 | 330 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2041 | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2027 | 500 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2039 | 1310 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 01/01/2049 | 13455 | 13491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2053 | 3675 | 3747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2055 | 4615 | 4673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 07/01/2063 | 2500 | 2549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Power Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series HH, Rev., 5.00%, 01/01/2033 | 1000 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series HH, Rev., 5.00%, 01/01/2034 | 1000 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Project One Subordinated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2029 | 1110 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2037 | 1250 | 1339 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Project One, Subordinated, Series B, Rev., 4.00%, 01/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Subordinate General Resolution, Rev., 5.00%, 01/01/2033 | 1010 | 1123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Electric Authority of Georgia, Subordinate Project One |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2030 | 705 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2031 | 1715 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paulding County Hospital Authority, Anticipation Certificates Wellstar Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2036 | 325 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2038 | 500 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, Emory University, Series B, Rev., 4.00%, 10/01/2038 | 13500 | 13485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, Savannah College of Art And Design |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/01/2038 | 1400 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2027 | 400 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Savannah Georgia Convention Center Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2061 | 3135 | 3121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 06/01/2040 (e) | 5935 | 6069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 06/01/2050 | 1220 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.25%, 06/01/2061 (e) | 2400 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Georgia, Series E, GO, 5.00%, 12/01/2027 | 1570 | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Georgia, Bidding Group 1, Series A, GO, 5.00%, 07/01/2033 | 2000 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Georgia, Bidding Group 2, Series A, GO, 4.00%, 07/01/2035 | 750 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Georgia, Tranche 2, Series A, GO, 5.00%, 07/01/2030 | 2000 | 2176 |
|  |  | 531387 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Guam — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antonio B Won Pat International Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 10/01/2031 | 250 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 10/01/2035 | 550 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antonio B. Won Pat International Airport Authority, Rev., AMT, 5.25%, 10/01/2030 | 750 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Territory of Guam |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., 4.00%, 01/01/2042 | 1000 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.00%, 01/01/2034 | 1000 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.00%, 01/01/2035 | 875 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.00%, 01/01/2036 | 1000 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.25%, 01/01/2038 | 2000 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.25%, 01/01/2039 | 900 | 986 |
|  |  | 9030 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 175

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hawaii — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County Honolulu HI Wastewater System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2032 | 290 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2041 | 2945 | 3247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/01/2054 | 6900 | 7378 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County Honolulu Wastewater System Revenue, Green Bonds Senior Lien, Rev., 5.00%, 07/01/2040 | 540 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County Honolulu Wastewater System Revenue, Senior First Bond Resolution, Series A, Rev., 5.00%, 07/01/2035 | 2110 | 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Honolulu |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2027 | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 10/01/2028 | 1450 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 10/01/2029 | 1000 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Honolulu Wastewater System Revenue Bonds, Junior Second Bond Resolution, Rev., 5.00%, 07/01/2034 | 1000 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp; City & County of Honolulu, Rail Transit Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 07/01/2032 | 430 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 07/01/2035 | 1000 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FG, GO, 4.00%, 10/01/2032 | 2000 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FG, GO, 4.00%, 10/01/2033 | 3000 | 3018 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii Airports System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2032 | 1500 | 1566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2033 | 1630 | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2034 | 2000 | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2035 | 1000 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2051 | 1905 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 07/01/2051 | 8630 | 8979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2026 | 625 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 07/01/2040 | 1000 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii Department of Budget & Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.20%, 07/01/2039 | 11685 | 10466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2034 (e) | 1350 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii Harbor System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2031 | 250 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2032 | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2033 | 750 | 769 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hawaii — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3555 | 3634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2027 | 250 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2028 | 500 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2029 | 250 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 07/01/2032 | 200 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii State Highway Fund, Rev., 5.00%, 01/01/2029 | 1000 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Hawaii, Airports System Revenue, Series D, Rev., 5.00%, 07/01/2030 | 1000 | 1106 |
|  |  | 65226 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Idaho — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/01/2043 | 4460 | 4290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2047 | 1715 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2034 | 1130 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054 | 3600 | 3963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, Garvee |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/15/2039 | 1440 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2030 | 1250 | 1374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing & Finance Association, Transportation Expansion & Mitigation, Rev., 5.00%, 08/15/2037 | 165 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Housing and Finance Association, Series C, Rev., GNMA/FNMA/FHLMC, 5.15%, 07/01/2045 | 1500 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spring Valley Community Infrastructure District No. 1, Assessment Area Two, Special Assessment, 6.25%, 09/01/2053 (e) | 1120 | 1147 |
|  |  | 17009 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Board of Trustees of the University of Illinois (The), Series A, Rev., 4.00%, 04/01/2036 | 4730 | 4733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Board of Education |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2032 | 600 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2026 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2041 | 1000 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2042 | 10000 | 9670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 12/01/2046 | 7500 | 6851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Board of Education Dedicated Capital Improvement Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 04/01/2039 | 3125 | 3331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.75%, 04/01/2048 | 4000 | 4198 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 176 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Board of Education, Capital Appreciation School Reform |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, NATL, Zero Coupon, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, NATL, Zero Coupon, 12/01/2028 | 500 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, NATL, Zero Coupon, 12/01/2029 | 1105 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Board of Education, Dedicated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, GO, 5.00%, 12/01/2036 | 2000 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, GO, 5.00%, 12/01/2046 | 1000 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Series B, Rev., 5.00%, 01/01/2046 | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Senior |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 01/01/2028 | 2825 | 2926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 01/01/2034 | 6000 | 6640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 01/01/2040 | 2610 | 2760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, AMT, 5.00%, 01/01/2033 | 2400 | 2662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 01/01/2034 | 1660 | 1837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2045 | 7225 | 7635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2052 | 4030 | 4040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 01/01/2053 | 5000 | 5199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 01/01/2032 | 4000 | 4392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 01/01/2036 | 1500 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.25%, 01/01/2042 | 6670 | 6770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, General Senior Lien, Series B, Rev., 5.00%, 01/01/2053 | 4895 | 4928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2035 | 3500 | 3565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2035 | 6000 | 6424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 01/01/2039 | 2000 | 2060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 01/01/2053 | 3000 | 2997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., BAM, 4.25%, 01/01/2047 | 2180 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien Customer Facility, Rev., BAM, 5.25%, 01/01/2042 | 1465 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Park District, GO, 5.00%, 01/01/2047 | 1750 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Capital Grant Receipts Revenue, Section 5357, Rev., 5.00%, 06/01/2028 | 1000 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2046 | 4780 | 4797 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2045 | 6500 | 6659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 5.00%, 12/01/2046 | 4500 | 4669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2049 | 5000 | 5180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2051 | 4750 | 4761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2049 | 4000 | 3584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2055 | 2000 | 1998 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Aurora Waterworks & Sewerage Revenue, Series B, Rev., 4.00%, 12/01/2034 | 1565 | 1565 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Berwyn, Series A, GO, 5.00%, 12/01/2029 | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2027 | 5500 | 5565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2034 | 4500 | 4693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 01/01/2049 | 6325 | 6327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 6.00%, 01/01/2050 | 2000 | 2068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 01/01/2038 (e) | 521 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 01/01/2029 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 01/01/2034 | 3555 | 3786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, Zero Coupon, 01/01/2027 (p) | 500 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 01/01/2028 | 1450 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 6.00%, 01/01/2045 | 1500 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago IL Wastewater Transmission Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2036 | 1000 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 01/01/2041 | 1000 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 01/01/2042 | 785 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 01/01/2043 | 1125 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 01/01/2058 | 1910 | 1983 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago IL Waterworks Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2031 | 665 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2037 | 1000 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago Special Assessment Revenue, Lakeshore East Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 2.69%, 12/01/2026 (e) | 210 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 3.04%, 12/01/2028 (e) | 270 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 01/01/2042 | 2300 | 2327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2037 | 1050 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2039 | 2000 | 2156 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago Wastewater Transmission Revenue, Second Lien Wastewater Transmission Revenue Bonds, Rev., BAM, 5.00%, 01/01/2044 | 1500 | 1585 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 177

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago Waterworks Revenue, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Rev., 5.00%, 11/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | 3576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2032 | 1000 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2038 | 1000 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2039 | 1000 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Chicago Recovery Plan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2042 | 2000 | 1978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2044 | 9415 | 9042 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Chicago Works |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 01/01/2039 | 1180 | 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 01/01/2040 | 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 01/01/2041 | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 01/01/2043 | 1500 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Wastewater Transmission Revenue, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 01/01/2048 | 7260 | 7485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2027 | 1000 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2029 | 300 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2038 | 1940 | 2103 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chicago, Waterworks Revenue, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 11/01/2048 | 1500 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 11/01/2040 | 4320 | 4366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2028 | 300 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2031 | 400 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2033 | 2350 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Granite City, Waste Management, Inc., Rev., AMT, 1.25%, 05/01/2027 | 5000 | 4826 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Joliet Waterworks & Sewerage Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 01/01/2041 | 1000 | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 01/01/2042 | 800 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 01/01/2043 | 695 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cook County Community College District No. 508, City Colleges of Chicago |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 12/01/2041 | 3000 | 3167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 12/01/2042 | 2000 | 2091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cook County Community Consolidated School District No. 34 Glenview, GO, 4.00%, 12/01/2029 | 2000 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cook County High School District No. 214 Arlington Heights, GO, 4.00%, 12/01/2026 | 1910 | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cook County School District No. 87 Berkeley, GO, 3.00%, 12/01/2034 | 1500 | 1473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cook County, Community School District No. 97, Oak Park, GO, 4.00%, 01/01/2034 | 2000 | 2055 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Cook |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 11/15/2026 | 4900 | 4999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 11/15/2033 | 250 | 284 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Cook IL Sales Tax Revenue, Rev., 5.00%, 11/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2244 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Cook Sales Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2037 | 3500 | 3523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2038 | 1545 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 11/15/2039 | 2000 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 11/15/2040 | 5250 | 5225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 11/15/2045 | 2500 | 2640 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Cook, Sales Tax Revenue, Series A, Rev., 5.00%, 11/15/2038 | 1240 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Will, GO, 4.00%, 11/15/2047 | 7000 | 6456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Du Page & Will Counties Community School District No. 204 Indian Prairie, GO, 5.00%, 01/15/2045 | 5000 | 5236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Development Finance Authority, Rev., AMT, 3.45%, 11/01/2044 (z) | 1225 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 07/01/2041 | 690 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.80%, 12/01/2043 (e) (z) | 14225 | 14684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2036 | 3000 | 3400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2042 | 750 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 04/01/2038 | 3250 | 3679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 04/01/2040 | 1660 | 1746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 04/01/2043 | 1200 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/15/2036 | 710 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/15/2039 | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B2, Rev., 5.00%, 05/15/2050 (z) | 2550 | 2566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2034 | 2170 | 2527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Acero Charter Schools, Inc., Rev., 4.00%, 10/01/2042 (e) | 500 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Advocate Health Care Network Project, Rev., 4.00%, 11/01/2030 | 1290 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Ann & Robert H. Lurie Child, Rev., 4.00%, 08/15/2037 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Ann & Robert H. Lurie Children's Hospital of Chicago, Rev., 5.00%, 08/15/2035 | 1610 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Carle Foundation, Series A, Rev., 5.00%, 02/15/2045 | 20775 | 20837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, CenterPoint Intermodal Center, Rev., AMT, 4.13%, 12/01/2043 (e) (z) | 15000 | 14974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, DePaul College Prep Foundation, Rev., 5.50%, 08/01/2043 (e) | 1360 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Green Bond, Rev., 4.00%, 07/01/2038 | 4160 | 4222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Green Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2033 | 8190 | 8538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2040 | 1500 | 1511 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 178 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Health Services Facility Lease Revenue, Provident Group UIC Surgery |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2032 | 750 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Illinois State Clean Water Initiative, Green Bond, Rev., 5.00%, 01/01/2028 | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Mercy Health Corp., Rev., 5.00%, 12/01/2040 | 3080 | 3109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Mercy Health System Corporation, Rev., 5.00%, 12/01/2046 | 4000 | 4038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Moorings of Arlington Heights, LLC, Rev., 5.13%, 11/01/2046 (e) | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northshore University Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/15/2037 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2035 | 750 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern Memorial HealthCare, Rev., 4.00%, 07/15/2047 | 14000 | 12667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, OSF Healthcare System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/15/2050 | 1000 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2045 | 10900 | 10900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Plymouth Place, Inc., Rev., 5.00%, 05/15/2041 | 400 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presbyterian Homes, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 4.02%, 05/01/2042 (aa) | 180 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Presence Health Network, Rev., 4.00%, 02/15/2041 (p) | 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Rush University System Health, Series A, Rev., 5.00%, 11/15/2035 | 4615 | 5284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Southern Illinois Healthcare, Rev., 5.00%, 03/01/2031 | 2135 | 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, State Clean Water Initiative, Rev., 4.00%, 07/01/2026 | 2100 | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Swedish Covenant Hospital, Rev., 5.00%, 08/15/2032 (p) | 4000 | 4060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, The Carle Foundation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.00%, 08/15/2048 | 2850 | 2185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 08/15/2038 | 1615 | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 08/15/2053 (z) | 285 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, UChicago Medicine |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2052 (z) | 875 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2047 | 28845 | 29422 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, University of Chicago |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2035 | 1400 | 1631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 05/15/2048 | 2000 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., FHA, 0.80%, 07/01/2026 | 270 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., GNMA/FNMA/FHLMC, 3.75%, 04/01/2050 | 735 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, 6900 Crandon, Rev., FHA HUD, 5.00%, 02/01/2027 (z) | 1700 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Corcoran Place Apartments, Rev., HUD, 3.15%, 07/01/2029 (z) | 425 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Lakeside Tower, Series B, Rev., 3.15%, 08/01/2029 (z) | 145 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Social Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051 | 2210 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051 | 245 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., GNMA FNMA FHLMC COLL, 5.75%, 10/01/2053 | 585 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, South Shore HHDC, Rev., HUD, 5.00%, 02/01/2027 (z) | 1520 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Sustainable Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., VRDO, FHA, 3.36%, 01/07/2026 (z) | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 10/01/2054 | 735 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., GNMA/FNMA/FHLMC, 6.25%, 04/01/2056 | 3665 | 4177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Housing Development Authority, Sustainable Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 4.85%, 04/01/2049 | 4885 | 4931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., GNMA/FNMA/FHLMC, 6.00%, 10/01/2055 | 4680 | 5194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, Rev., GNMA/FNMA/FHLMC, 6.25%, 04/01/2054 | 8830 | 9589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Municipal Electric Agency, Series A, Rev., 5.00%, 02/01/2035 | 10000 | 11645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Sports Facilities Authority (The), State Tax Supported |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2030 | 500 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/15/2031 | 225 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/15/2032 | 5000 | 5080 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 179

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2044 | 1000 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14950 | 13724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2028 | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2040 | 4500 | 4504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2043 | 4000 | 4209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2044 | 6580 | 6764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2029 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2040 | 8480 | 8488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 01/01/2039 | 6750 | 6757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, Senior |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2029 | 800 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2031 | 5115 | 5125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2036 | 1300 | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2037 | 800 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 01/01/2043 | 2315 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2028 | 4000 | 4191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2041 | 3870 | 3890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, Toll Highway Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2036 | 1000 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2037 | 1555 | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kane & DuPage Counties Community Unit School District No. 303 St Charles |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 01/01/2041 | 2110 | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 01/01/2042 | 2210 | 2220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macon County School District No. 61 Decatur, Series A, GO, 4.00%, 12/01/2036 | 5000 | 5043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macon County, School District No. 61 Decatur |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 01/01/2040 | 1420 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 01/01/2045 | 3000 | 2878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL, Zero Coupon, 06/15/2031 | 1500 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL, Zero Coupon, 12/15/2031 | 5000 | 4110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL, Zero Coupon, 12/15/2034 | 500 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2036 | 540 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2037 | 1090 | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion, Rev., 5.00%, 06/15/2042 | 5645 | 5768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL, Zero Coupon, 12/15/2035 | 500 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL, Zero Coupon, 06/15/2036 | 6000 | 4072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL, Zero Coupon, 06/15/2037 | 500 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., Zero Coupon, 06/15/2044 | 500 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., Zero Coupon, 06/15/2027 | 4310 | 4123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick Project, Rev., NATL, Zero Coupon, 06/15/2028 | 4250 | 3933 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, McCormick Expansion Project, Series B, Rev., 5.00%, 12/15/2027 | 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, McCormick Place |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., Zero Coupon, 06/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., Zero Coupon, 06/15/2041 | 1750 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, McCormick Place Expansion |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., Zero Coupon, 12/15/2035 | 3200 | 2232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2042 | 1000 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2050 | 1000 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2050 | 2500 | 2487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Rev., 5.00%, 06/15/2057 | 1760 | 1735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago, Green Bond, Series C, GO, 5.00%, 12/01/2045 | 3000 | 3009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago, Green Bonds, Series E, GO, 5.00%, 12/01/2036 | 2065 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northeastern Illinois University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 5.00%, 07/01/2027 | 1195 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 5.00%, 07/01/2029 | 1075 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 5.00%, 07/01/2034 | 1310 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 5.00%, 07/01/2035 | 1035 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 5.50%, 07/01/2040 | 1150 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Illinois University, Auxiliary Facilities Systems Revenue Bonds, Rev., BAM, 4.00%, 10/01/2041 | 825 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Illinois University, Board of Trustees Auxiliary Facilities, Rev., BAM, 4.00%, 10/01/2033 | 1000 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Illinois University, Sustainable Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 4.25%, 04/01/2044 | 1000 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 5.50%, 04/01/2049 | 1250 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., Series A, Rev., 5.00%, 01/01/2048 | 2000 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2039 | 3000 | 2992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2036 | 10000 | 11153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 5.00%, 01/01/2037 | 750 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2037 | 3370 | 3711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 01/01/2029 | 850 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 01/01/2032 | 1400 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp., Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2040 | 5000 | 5435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2041 | 4000 | 4306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Illinois Development Authority, Southwestern Il Flood Prevention, Rev., 4.00%, 10/15/2035 | 1215 | 1244 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 180 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 06/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 06/01/2034 | 4485 | 4491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 06/01/2035 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 06/01/2036 | 485 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 01/01/2028 | 6810 | 6821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/01/2028 | 1050 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 01/01/2029 | 2085 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/01/2029 | 1450 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/01/2030 | 1460 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 05/01/2041 | 850 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 05/01/2030 | 2000 | 2140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 03/01/2041 | 250 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 11/01/2026 | 1360 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 03/01/2027 | 855 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 03/01/2028 | 1500 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 03/01/2030 | 1000 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 03/01/2046 | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 03/01/2042 | 1500 | 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.50%, 03/01/2047 | 2690 | 2817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 10/01/2033 | 2000 | 2047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 10/01/2029 | 1000 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 10/01/2031 | 5000 | 5438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.50%, 05/01/2039 | 250 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.50%, 05/01/2047 | 2500 | 2620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 10/01/2037 | 2000 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 11/01/2029 | 4200 | 4352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.25%, 10/01/2047 | 3000 | 3093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 11/01/2026 | 1980 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 11/01/2027 | 6080 | 6318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 11/01/2028 | 2500 | 2593 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois Sales Tax Revenue, Series A, Rev., BAM, 4.00%, 06/15/2029 | 2250 | 2342 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois Sales Tax Revenue, Junior Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 4.00%, 06/15/2026 | 505 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 4.00%, 06/15/2031 | 1500 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/15/2040 | 5000 | 5428 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Build America Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 6.90%, 03/01/2035 | 1000 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 7.35%, 07/01/2035 | 2857 | 3111 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Rebuild Illinois Program, Series B, GO, 4.00%, 11/01/2039 | 1500 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Illinois Auxiliary Facilities System, Rev., 5.25%, 04/01/2041 | 4390 | 4845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village of Rosemont, Series A, GO, BAM, 5.00%, 12/01/2042 | 10000 | 10389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Will County Community High School District No. 210 Lincoln-Way, GO, BAM, 4.00%, 01/01/2037 | 13775 | 14205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Will County Community Unit School District No. 209-U Wilmington, GO, 5.50%, 02/01/2038 | 1195 | 1285 |
|  |  | 814804 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indiana — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Carmel IN Waterworks Revenue, Rev., BAM, 5.25%, 05/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Fishers Sewage Works Revenue, Rev., BAM, 4.00%, 07/01/2047 | 1000 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Valparaiso, Pratt Paper (In) LLC, Rev., AMT, 4.88%, 01/01/2044 (e) | 3000 | 3003 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Whiting, BP Products North America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.40%, 11/01/2045 (z) | 6000 | 6296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.40%, 03/01/2046 (z) | 4500 | 4722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evansville Waterworks District, Series A, Rev., BAM, 5.00%, 07/01/2042 | 925 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2041 | 725 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2051 | 2500 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2064 (z) | 1500 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2044 | 5000 | 5424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 10/01/2035 | 5000 | 5833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 10/01/2038 | 6000 | 6815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Ascension Senior Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2038 | 4000 | 4513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2040 | 6000 | 6641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Citizens Water Westfield Project, Series A, Rev., 4.00%, 10/01/2048 | 1500 | 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Community Foundation of Northwest Industry, Rev., 5.00%, 09/01/2036 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, DePauw University Project, Series A, Rev., 5.00%, 07/01/2047 | 8000 | 7882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Duke Energy Indian, Rev., AMT, 4.50%, 05/01/2035 (z) | 3305 | 3333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, First Lien CWA Authority Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2033 | 1250 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2034 | 955 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2035 | 1250 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2040 | 1250 | 1379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2041 | 500 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Green Bonds CWA Authority Project, Rev., 4.00%, 10/01/2037 | 1440 | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, IN University Health Obligation Group, Rev., 4.00%, 12/01/2040 | 7000 | 7000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indiana University Health, Series A, Rev., 5.00%, 10/01/2053 | 3000 | 3059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Indianapolis Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 0.75%, 12/01/2038 (z) | 4875 | 4840 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 181

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indiana — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 0.95%, 12/01/2038 (z) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7025 | 6978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Margaret Mary Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 03/01/2044 | 2650 | 2785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.75%, 03/01/2054 | 4050 | 4238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Marion General Hospital, Series A, Rev., 4.00%, 07/01/2040 | 5060 | 4943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Ohio Valley Electric Corp., Rev., 3.00%, 11/01/2030 | 1230 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Ohio Valley Electric Corp. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.25%, 11/01/2030 | 2000 | 2055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 2.50%, 11/01/2030 | 1000 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Second Lien, CWA Authority Project, Rev., 5.00%, 10/01/2035 | 3000 | 3305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, United States Steel Corp., Series A, Rev., 4.13%, 12/01/2026 | 145 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, University of Evansville, Rev., 5.25%, 09/01/2037 | 1150 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Valley Electric Corporation Project, Series B, Rev., 3.00%, 11/01/2030 | 1000 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Valparaiso University Project, Rev., 4.00%, 10/01/2034 | 1315 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Health & Educational Facilities Financing Authority, Rev., 4.00%, 11/15/2046 | 3400 | 3121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Housing & Community Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 455 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., GNMA/FNMA/FHLMC, 4.90%, 07/01/2045 | 2265 | 2321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Housing & Community Development Authority, Social Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 07/01/2053 | 215 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2052 | 710 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Housing & Community Development Authority, Sustainable Bond, Series A1, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044 | 4000 | 4024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Municipal Power Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2029 | 400 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2042 | 8435 | 8487 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indiana — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Secondary Market for Education Loans, Inc., Series 1A, Rev., AMT, 4.00%, 06/01/2046 | 510 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana University, Rev., 5.00%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 | 3102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2033 | 3750 | 4188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.84%, 02/01/2054 | 1000 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 06/01/2036 | 5000 | 5183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 06/01/2041 | 9000 | 9037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Airport Authority, Series A1, Rev., AMT, 5.00%, 01/01/2028 | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport, Rev., AMT, 5.00%, 01/01/2029 | 2855 | 3024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2029 | 4245 | 4495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2031 | 3500 | 3822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Metropolitan Thoroughfare District, Series D, Rev., 4.00%, 01/01/2041 | 10000 | 10159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Senior, Convention Center Hotel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 03/01/2038 | 2150 | 2335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 03/01/2053 | 2050 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Local Public Improvement Bond Bank, Unlimited Ad Valorem Property, Rev., 5.00%, 01/15/2040 | 3350 | 3696 |
| &nbsp;&nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp., Sustainable Bond First Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/15/2043 | 1275 | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/15/2044 | 1175 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Indiana Commuter Transportation District, Rev., 5.25%, 01/01/2049 | 1500 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern School Building Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 07/15/2040 | 700 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 07/15/2041 | 900 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purdue University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2027 | 1500 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2036 | 405 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westfield-Washington Multi-School Building Corp., Series A, Rev., BAM, 5.25%, 07/15/2043 | 1550 | 1689 |
|  |  | 199722 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iowa — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, GNMA/FNMA/FHLMC, 3.32%, 01/07/2026 (z) | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2039 | 3545 | 3537 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 182 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iowa — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044 | 5665 | 5702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., GNMA/FNMA/FHLMC, 3.50%, 01/01/2049 | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Alcoa, Inc. Project, Rev., 4.75%, 08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | 16000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Iowa Fertilizer Company Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/01/2050 (p) (z) | 5905 | 6418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2050 (p) | 5255 | 6042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Lifespace Communities, Inc., Rev., 5.00%, 05/15/2044 | 3000 | 2898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Social Bond, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 1455 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2047 | 1160 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Sustainable Bond Mortgage Backed, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044 | 2000 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, Sustainable Bond Mortgage Backed Securities Program, Rev., GNMA/FNMA/FHLMC, 4.55%, 07/01/2045 | 1220 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Student Loan Liquidity Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 4.50%, 12/01/2045 | 2565 | 2644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 12/01/2030 | 1000 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp; PEFA, Inc., Rev., 5.00%, 09/01/2049 (z) | 7855 | 7925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Polk Community School District, Series A, GO, 5.00%, 05/01/2028 | 5185 | 5467 |
|  |  | 65699 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kansas — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Butler County Unified School District No. 385 Andover, Refunding and School Building, GO, 5.00%, 09/01/2032 (p) | 1000 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Lawrence KS, Rev., 4.00%, 07/01/2036 | 1500 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Manhattan, Meadowlark Hills, Series A, Rev., 4.00%, 06/01/2036 | 1000 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Wichita KS, Rev., 5.25%, 05/15/2039 | 2460 | 2472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson County Unified School District No. 512 Shawnee Mission, Series A, GO, 4.00%, 10/01/2043 | 2000 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, Series F, Rev., 2.95%, 09/01/2059 (z) | 2240 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas Development Finance Authority, Unrefunded, Rev., 5.00%, 11/15/2054 (z) | 1500 | 1585 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kansas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Riley County Unified School District No. 383 Manhattan-Ogden, Series A, GO, 5.00%, 09/01/2034 (p) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Kansas Hospital Authority, Improvement KU Health System, Rev., 5.00%, 09/01/2045 | 3800 | 3801 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Kansas Hospital Authority, University Kansas Health System, Rev., 5.00%, 03/01/2047 (p) | 3865 | 3969 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Kansas Hospital Authority, Unrefunded University Kansas Health System, Rev., 5.00%, 03/01/2047 | 7350 | 7381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyandotte County Unified School District No. 203 Piper |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2040 | 900 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.25%, 09/01/2052 | 1000 | 1039 |
|  |  | 30002 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kentucky — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Henderson, Pratt Paper LLC Project, Rev., AMT, 4.45%, 01/01/2042 (e) | 1685 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Carroll, Utilities Company Project, Rev., AMT, 2.00%, 02/01/2032 | 8620 | 7746 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Trimble, Kentucky Utilities Co., Rev., AMT, 4.70%, 06/01/2054 (z) | 8000 | 8060 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Trimble, Louisville Gas & Electric, Rev., 0.63%, 09/01/2026 | 605 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Trimble, Louisville Gas & Electricity, Rev., AMT, 1.35%, 11/01/2027 | 8100 | 7788 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Trimble, Louisville Gas and Electric, Rev., AMT, 4.70%, 06/01/2054 (z) | 6665 | 6715 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Trimble, Louisville Gas and Electric Company, Rev., AMT, 1.30%, 09/01/2044 (z) | 4500 | 4287 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Warren, Bowling Green Warren County, Rev., 5.25%, 04/01/2049 | 5000 | 5208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fayette County School District, Series A, GO, BAM, 5.00%, 06/01/2042 | 10000 | 10826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fayette County School District Finance Corp., Series A, Rev., 4.00%, 05/01/2038 | 3000 | 2984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenton County Airport Board, Rev., AMT, 5.00%, 01/01/2032 | 1175 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Bond Development Corp., Baptist Healthcare System, Rev., 5.00%, 08/15/2055 (z) | 1650 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Bond Development Corp., Centre College, Rev., 4.00%, 06/01/2040 | 420 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Baptist Healthcare System, Series B, Rev., 5.00%, 08/15/2041 | 9550 | 9732 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 183

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kentucky — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Commonspirit Health, Series A, Rev., 5.00%, 08/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | 3545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, CommonSpirit Health, Series A, Rev., 5.00%, 08/01/2044 | 2995 | 3034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Norton Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., NATL, Zero Coupon, 10/01/2026 | 4305 | 4181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., NATL, Zero Coupon, 10/01/2027 | 2195 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Owensboro Health, Series A, Rev., 5.00%, 06/01/2045 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Economic Development Finance Authority, Senior Next Generation Information |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 07/01/2035 | 2645 | 2646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2040 | 5000 | 5004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2045 | 3295 | 3296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Higher Education Student Loan Corporation, Series A1, Rev., AMT, 4.75%, 06/01/2040 | 1170 | 1199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Housing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 1050 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2054 | 2285 | 2531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 2490 | 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Housing Corp., Beecher Terrace Phase IV, Rev., HUD, 5.00%, 09/01/2043 (z) | 1015 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Housing Corp., Meadows at McNeely Lake, Rev., HUD, 3.15%, 05/01/2030 (z) | 4125 | 4129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2055 (z) | 5510 | 5927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 4.00%, 08/01/2052 (z) | 2570 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.25%, 04/01/2054 (z) | 24200 | 26136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., (United States SOFR \* 0.67 + 1.20%), 3.73%, 08/01/2052 (aa) | 2500 | 2517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2055 (z) | 10285 | 10810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 02/01/2050 (z) | 10885 | 11026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 05/01/2036 | 20000 | 21241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Building Commission, Project No. 131, Series A, Rev., 5.00%, 10/01/2041 | 1500 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Building Commission, Project No. 133 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2042 | 4000 | 4351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2043 | 12000 | 12917 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kentucky — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Buildings Commission, Project No. 132, Series A, Rev., 5.00%, 04/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | 9598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky State University, Kentucky State University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 4.00%, 11/01/2033 | 145 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 4.00%, 11/01/2035 | 135 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 4.00%, 11/01/2036 | 155 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COP, BAM, 4.00%, 11/01/2038 | 650 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Louisville Gas And Electric Co. Project, Series A, Rev., 0.90%, 09/01/2026 | 2750 | 2699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2031 | 670 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville and Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2052 | 8995 | 8863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric, Rev., 2.00%, 10/01/2033 | 1000 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric Co. Project, Rev., AMT, 1.35%, 11/01/2027 | 2000 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2047 | 3180 | 3197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville-Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2033 | 2000 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Energy Authority of Kentucky, Series A, Rev., 5.25%, 06/01/2055 (z) | 12550 | 13276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rural Water Financing Agency, Public Projects Construction, Rev., 3.70%, 05/01/2027 | 4000 | 3971 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Kentucky, Rev., 4.00%, 10/01/2036 | 5000 | 5003 |
|  |  | 259025 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Louisiana — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Lafayette, Utilities Revenue Electric Project, Rev., 5.00%, 11/01/2046 | 5000 | 5232 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New Orleans LA, GO, 5.00%, 12/01/2039 | 2000 | 2184 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Shreveport Water & Sewer Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2036 | 2260 | 2539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2039 | 2300 | 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax, Rev., 5.00%, 08/01/2027 | 1400 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Baton Rouge Sewerage Commission, Series A, Rev., 1.30%, 02/01/2041 (z) | 4500 | 4244 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 184 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Louisiana — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ernest N Morial New Orleans Exhibition Hall Authority, Special Tax, 5.25%, 07/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | 6204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakeshore Villages Master Community Development District, Parish of St. Tammany, Special Assessment, 3.20%, 06/01/2041 (e) | 630 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Housing Corp., Series C, Rev., GNMA/FNMA/FHLMC, 6.25%, 06/01/2055 | 1600 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Housing Corp., B.W. Cooper Senior Project, Rev., HUD, 3.20%, 08/01/2029 (z) | 310 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Housing Corp., Home Ownership Program, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 06/01/2054 | 375 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Housing Corp., NSA East Bank Apartments, Rev., FHA, 3.15%, 04/01/2030 (z) | 650 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Housing Corp., Social Bonds Home Ownership Project, Rev., GNMA/FNMA/FHLMC, 5.00%, 06/01/2052 | 15 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Authority, Entergy Louisiana LLC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.00%, 06/01/2030 | 2755 | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.50%, 04/01/2036 | 1185 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Authority, Subordinate, East Baton Rouge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2036 | 640 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2041 | 1560 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project, Rev., 3.50%, 11/01/2032 | 3685 | 3655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/01/2050 | 3500 | 3667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 09/01/2054 | 4000 | 4069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.75%, 09/01/2064 | 8000 | 8243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge, Rev., AMT, 5.00%, 09/01/2066 | 3830 | 3610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Loyola University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2038 | 2560 | 2467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2048 | 5100 | 5093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2042 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2047 | 805 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Waste Pro USA, Inc. Project, Rev., AMT, 4.38%, 05/01/2053 (e) (z) | 10000 | 10012 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Louisiana — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Stadium & Exposition District, Series A, Rev., 5.00%, 07/01/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995 | 5270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Stadium & Exposition District, Senior Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2042 | 5460 | 5810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2048 | 2500 | 2565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 07/01/2053 | 7500 | 7771 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Orleans Aviation Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2032 | 1440 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2033 | 1000 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 01/01/2041 | 3500 | 3779 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Orleans Aviation Board, General Airport, Series D2, Rev., AMT, 5.00%, 01/01/2033 | 1100 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Orleans Aviation Board, General Airport North Terminal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2038 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2048 | 5000 | 5001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parish of St James LA, Rev., 3.70%, 08/01/2041 (e) (z) | 3320 | 3362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parish of St John the Baptist, Marathon Oil Corporation Project, Rev., 4.05%, 06/01/2037 (z) | 2625 | 2641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parish of St. John the Baptist, Marathon Oil Corporation, Rev., 3.30%, 06/01/2037 (z) | 10430 | 10557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parish of St. John the Baptist, Marathon Oil Corporation Project, Rev., 2.38%, 06/01/2037 (z) | 3000 | 2993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port New Orleans Board of Commissioners, Series E, Rev., AMT, 5.00%, 04/01/2039 | 1170 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Tammany Parish Hospital Service District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2032 | 1615 | 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2034 | 1655 | 1717 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Louisiana, Series A, GO, 5.00%, 03/01/2037 | 9555 | 10084 |
|  |  | 145865 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maine — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance Authority of Maine, Casella Waste Systems, Rev., AMT, 4.63%, 12/01/2047 (e) (z) | 745 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance Authority of Maine, Supplemental Educational Loan Program, Series A1, Rev., AMT, 2.38%, 12/01/2033 | 705 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.38%, 07/01/2048 | 2100 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 07/01/2049 | 1930 | 2033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maine Health & Higher Educational Facilities Authority, Maine Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/01/2046 | 4000 | 3163 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 185

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maine — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6030 | 5850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2046 | 7645 | 7105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maine State Housing Authority, Social Bonds, Series D, Rev., 3.00%, 11/15/2051 | 540 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maine Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2045 | 9000 | 8724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2028 | 2000 | 2122 |
|  |  | 32984 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maryland — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Baltimore MD, Rev., 4.88%, 06/01/2042 | 1275 | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Baltimore, Wastewater Projects, Series A, Rev., 5.00%, 07/01/2049 | 5000 | 5077 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Baltimore, Water Project, Series A, Rev., 5.00%, 07/01/2050 | 3200 | 3265 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Brunswick, Brunswick Crossing Special Tax, Special Tax, 4.00%, 07/01/2029 | 415 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Hyattsville MD, Special Tax, 5.00%, 07/01/2031 | 2120 | 2120 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Baltimore, GO, 4.00%, 03/01/2042 | 10300 | 10312 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Baltimore MD, GO, 5.00%, 02/01/2046 | 5000 | 5002 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Howard, Series D, GO, 5.00%, 02/15/2030 | 3000 | 3156 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Montgomery, Series B, GO, 4.00%, 11/01/2028 | 1500 | 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Montgomery MD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 08/01/2039 | 2000 | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2045 | 5000 | 5013 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Montgomery, Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/01/2044 | 3000 | 2825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2044 | 1650 | 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Prince George's MD, Series A, GO, 5.00%, 08/01/2041 | 2435 | 2727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.00%, 09/01/2051 | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 3.25%, 09/01/2050 | 1470 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, Community Dev Admin Social Bonds, Rev., GNMA/FNMA/FHLMC COLL, 4.95%, 09/01/2042 | 1430 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, Residential |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.75%, 03/01/2050 | 820 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 4.50%, 09/01/2048 | 740 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, Social Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 3.00%, 09/01/2051 | 3866 | 3812 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maryland — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 09/01/2054 | 400 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Community Development Administration, Sustainable Bonds, Series E, Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450 | 4826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Rev., 5.00%, 06/01/2043 | 5000 | 5373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Core Natural Resources, Inc., Rev., 5.00%, 07/01/2048 (e) (z) | 1510 | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Green Bond Purple Line Light, Rev., AMT, 5.25%, 06/30/2052 | 2000 | 1961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Green Bond, Purple Line, Rev., AMT, 5.25%, 06/30/2047 | 1300 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Morgan State University Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2040 | 665 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.38%, 07/01/2038 | 1250 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Port Covington Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 3.25%, 09/01/2030 | 1105 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 4.00%, 09/01/2040 | 2280 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Economic Development Corp., Transportation Facilities Project, Series A, Rev., 5.00%, 06/01/2035 | 1000 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2038 | 2020 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2036 | 4580 | 4827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, Doctors Community Hospital, Rev., 5.00%, 07/01/2034 | 2000 | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, Lifebridge Health, Rev., 4.00%, 07/01/2041 | 2315 | 2311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, Medstar Health Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/15/2042 | 3000 | 3029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/15/2045 | 9565 | 9604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 08/15/2038 | 1000 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, MedStar Health, Inc., Series A, Rev., 5.00%, 08/15/2038 | 2000 | 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, The Johns Hopkins Health System Corporation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2032 | 2000 | 2260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2035 | 2500 | 2913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, TidalHealth Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.25%, 07/01/2050 | 8650 | 8973 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 186 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maryland — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.50%, 07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Health & Higher Educational Facilities Authority, UPMC Health System, Series B, Rev., 4.00%, 04/15/2050 | 3000 | 2643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Stadium Authority, Built To Learn Act |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2039 | 4135 | 4619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2040 | 4150 | 4578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland State Transportation Authority Passenger Facility Charge Revenue, Rev., AMT, 4.00%, 06/01/2039 | 5145 | 5130 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 06/01/2036 | 5000 | 5783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 06/01/2040 | 12000 | 13537 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation, Rev., 3.00%, 10/01/2030 | 1500 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland Department of Transportation, Baltimore Washington International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 08/01/2038 | 965 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 08/01/2039 | 1160 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, Department of Transportation, Series A, Rev., 4.00%, 04/01/2038 | 9215 | 9546 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, Group 1, Series A, GO, 5.00%, 08/01/2028 | 1500 | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, Local Facilities Loan, Series A, GO, 5.00%, 08/01/2028 | 5000 | 5325 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, State & Local Facilities Loan of 2022, GO, 5.00%, 06/01/2033 | 1000 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp; University System of Maryland, Series A, Rev., 4.00%, 04/01/2051 | 1500 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 2.13%, 06/01/2036 | 7885 | 6750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 3.00%, 06/01/2038 | 4550 | 4242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 5.00%, 06/01/2029 | 2000 | 2172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 5.00%, 06/01/2039 | 9080 | 10152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission, Consolidated Public Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 3.00%, 06/01/2035 | 3045 | 2996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 3.00%, 06/01/2037 | 5180 | 4909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 5.00%, 06/01/2029 | 1500 | 1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, 5.00%, 06/01/2038 | 5000 | 5712 |
|  |  | 216127 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Water & Sewer Commission, Senior Bonds, Series B, Rev., 4.00%, 11/01/2039 | 1570 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Brockton, GO, 4.00%, 08/01/2047 | 3145 | 3012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collegiate Charter School of Lowell, Rev., 5.00%, 06/15/2049 | 1250 | 1187 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 09/01/2036 | 11765 | 11769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 07/01/2037 | 10000 | 10003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 09/01/2044 | 13020 | 12624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 05/01/2045 | 10000 | 9565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., NATL, 5.50%, 01/01/2034 (p) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 11/01/2041 | 9000 | 9925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 10/01/2049 | 10000 | 10407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 10/01/2053 | 10000 | 10338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 4.00%, 09/01/2043 | 10000 | 9842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 11/01/2047 | 5000 | 5216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Revenue, Series A, Rev., 4.00%, 06/01/2038 | 3525 | 3551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2041 | 1500 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 01/01/2054 | 2000 | 2071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, GO, 5.00%, 12/01/2042 | 2090 | 2311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loans, Series E, GO, 5.00%, 11/01/2050 | 17175 | 17636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Sales Tax Revenue, Series B, Rev., 5.00%, 07/01/2044 | 4235 | 4599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority Senior Sales Tax Bond, Senior, Series A1, Rev., 4.00%, 07/01/2053 | 2750 | 2522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Bay Transportation Authority, Subordinated Sales Tax Bonds, Series A1, Rev., 4.00%, 07/01/2051 | 5000 | 4624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Clean Water Trust (The), Sustainable Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2033 | 1000 | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2035 | 3760 | 4333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2038 | 250 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2050 | 4045 | 4169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 07/01/2050 | 7500 | 7987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.50%, 07/15/2060 (e) | 1000 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 07/01/2031 | 1980 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 07/01/2034 | 5000 | 5028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Rev., 5.00%, 07/01/2032 | 4385 | 4952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Boston Medical Center, Rev., 5.25%, 07/01/2052 | 5100 | 5086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Emerson College, Series A, Rev., 5.00%, 01/01/2047 | 5075 | 4931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Gingercare Living, Inc., Rev., 4.75%, 12/01/2029 (e) | 1700 | 1700 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 187

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Green Bond, Boston Medical Center, Rev., 5.00%, 07/01/2044 | 2840 | 2793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Lahey Health System, Series F, Rev., 5.00%, 08/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 10003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Lowell General Hospital, Series G, Rev., 5.00%, 07/01/2044 | 4000 | 3838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Mass General Brigham |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 07/01/2047 | 8010 | 8300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 07/01/2054 | 8000 | 8181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Milford Regional Medical Center, Rev., 5.00%, 07/15/2046 (p) | 1000 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Northeastern University Issue, Rev., 5.00%, 10/01/2044 | 2000 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Suffolk University Project, Rev., 4.00%, 07/01/2051 | 1250 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Tufts Medicine Issue, Rev., 5.50%, 10/01/2045 | 2000 | 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, UMass Memorial Health Care, Rev., 5.00%, 07/01/2044 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.25%, 07/01/2032 | 80 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2029 | 2250 | 2360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2032 | 585 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 07/01/2055 | 4000 | 4078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 2.63%, 07/01/2036 | 95 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, Educational Loan Revenue Bonds, Rev., AMT, 2.00%, 07/01/2037 | 130 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, Senior, Series B, Rev., AMT, 5.00%, 07/01/2029 | 1400 | 1469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, Senior Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 4.25%, 07/01/2044 | 615 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2029 | 2650 | 2780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Educational Financing Authority, Senior Issue M, Series B, Rev., AMT, 3.63%, 07/01/2038 | 725 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Health & Educational Facilities Authority, Series F3, Rev., VRDO, LOC: TD Bank NA, 2.81%, 01/07/2026 (z) | 5550 | 5550 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Mill Road Apartments Project, Rev., VRDO, 2.35%, 01/07/2026 (z) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | 5600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Social Bond, Series 220, Rev., GNMA/FNMA/FHLMC, 3.00%, 12/01/2050 | 2390 | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Social Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 223, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2047 | 805 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 227, Rev., GNMA/FNMA/FHLMC COLL, 4.70%, 12/01/2043 | 2250 | 2295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Sustainability Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, Rev., 2.65%, 12/01/2034 | 1000 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D3, Rev., FHA HUD, 3.35%, 06/01/2027 | 650 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Housing Finance Agency, Sustainable Bond, Series 234, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/01/2044 | 575 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Port Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 07/01/2046 | 8000 | 7285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2049 | 2735 | 2762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., AMT, 5.00%, 07/01/2031 | 1495 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., AMT, 5.00%, 07/01/2032 | 2000 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., AMT, 5.00%, 07/01/2051 | 3000 | 3033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Port Authority, Green Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2031 | 925 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2038 | 2580 | 2791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2040 | 3500 | 3732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts School Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/15/2042 | 5700 | 5611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2038 | 1105 | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority, Sustainable Bond, Rev., 5.00%, 08/01/2026 (p) | 515 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority, Unrefunded Sustainable Bond, Rev., 5.00%, 08/01/2026 | 485 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates, Series 2016-XM0232, Rev., LIQ: Bank of America NA, 3.39%, 07/01/2032 (e) (z) | 6010 | 6010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Town of Tyngsborough, GO, 4.00%, 10/15/2045 | 1955 | 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Town of Watertown MA, GO, 4.00%, 06/15/2050 | 1850 | 1775 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Massachusetts Building Authority, Series 2021, Rev., 5.00%, 11/01/2026 | 5000 | 5102 |
|  |  | 298131 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 188 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Detroit Sewage Disposal System Revenue, Floating Rate Notes Refunding System Libor D, Rev., (CME Term SOFR 3 Month \* 0.67 + 0.60%), 3.45%, 07/01/2032 (aa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Detroit, Social Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 04/01/2041 | 500 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 04/01/2039 | 115 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 04/01/2046 | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 04/01/2050 | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Grand Rapids MI, GO, 5.00%, 04/01/2054 | 2700 | 2802 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Warren |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/01/2043 | 1430 | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 11/01/2044 | 1015 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Detroit Downtown Development Authority, Tax Allocation, 5.00%, 07/01/2048 | 995 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gerald R Ford International Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2026 | 225 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2027 | 350 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2028 | 275 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2029 | 600 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., CNTY GTD, AMT, 5.00%, 01/01/2034 | 1140 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Rapids Public Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 05/01/2042 | 1225 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 05/01/2043 | 1700 | 1832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 05/01/2044 | 1450 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 05/01/2046 | 4000 | 4193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2031 | 2085 | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2035 | 14010 | 16305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2036 | 1000 | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System Revenue, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2038 | 645 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2028 | 140 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2037 | 850 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2038 | 725 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2040 | 1150 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2041 | 1140 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2042 | 1200 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 07/01/2043 | 875 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2036 | 10625 | 12086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2037 | 1570 | 1775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/01/2052 | 3000 | 3155 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | 4074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2046 | 8500 | 8532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.25%, 07/01/2055 | 3605 | 3851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue, Senior Lien Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2037 | 2510 | 2838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2038 | 2000 | 2240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2037 | 550 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2038 | 500 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lansing Board of Water & Light |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2037 | 1625 | 1863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2039 | 405 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2041 | 1500 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2048 | 1675 | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 07/01/2054 | 7000 | 7445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Series A, Rev., 4.00%, 12/01/2049 | 1000 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Aquinas College Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2036 | 300 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2046 | 2000 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Beaumont Health Credit Group, Rev., 5.00%, 11/01/2044 | 8090 | 8093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Beaumont Spectrum |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/15/2042 | 2500 | 2482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2030 | 3000 | 3288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Beaumont Spectrum Consolidated, Rev., 4.00%, 04/15/2038 | 1175 | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Che Trinity Health, Rev., 4.00%, 12/01/2040 (p) | 95 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Henry Ford Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2041 | 3145 | 3173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2048 | 7000 | 7027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Higher Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2032 | 690 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2033 | 800 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2034 | 570 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2035 | 1200 | 1293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Multi Modal McLaren Health Care |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/15/2044 | 9625 | 9045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/15/2047 | 3000 | 2689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/15/2050 | 2500 | 2188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Senior Turbo, Series A2, Rev., 5.00%, 06/01/2040 | 1655 | 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, State Aid Note Loan Program, Rev., 5.00%, 11/01/2029 | 2755 | 2986 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 189

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, State Revolving Fund Program, Rev., 5.00%, 10/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | 8806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Trinity Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/01/2040 | 9130 | 9019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/01/2048 | 1300 | 1182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2036 | 1000 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2045 (p) | 355 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Unrefunded Trinity Health Corporation, Rev., 5.00%, 12/01/2045 | 6895 | 6909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., 5.00%, 10/15/2027 | 2500 | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., 5.00%, 04/15/2042 | 2500 | 2756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Building Authority, Facilities Multi Mod Program, Rev., VRDO, 3.42%, 01/02/2026 (z) | 10955 | 10955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Building Authority, Facilities Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II, Rev., 4.00%, 10/15/2043 | 1000 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II, Rev., 5.00%, 10/15/2026 | 3500 | 3569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series II, Rev., 5.00%, 10/15/2042 | 1350 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Hospital Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2027 | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.90%, 09/01/2045 (z) | 2000 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., HUD, 4.45%, 10/01/2044 | 1500 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.10%, 10/01/2053 | 5000 | 5090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 3.00%, 06/01/2051 | 1220 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Social Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.00%, 06/01/2052 | 2190 | 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2053 | 1585 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Social Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 12/01/2053 | 1075 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.50%, 06/01/2053 | 260 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Sustainable Bond, Series D, Rev., 6.25%, 06/01/2055 | 785 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Sustainable Bonds, Series A, Rev., 6.00%, 06/01/2054 | 2620 | 2843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State University, Series C, Rev., 4.00%, 02/15/2039 | 2000 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.35%, 10/01/2049 (z) | 1000 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2043 | 3000 | 3008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Consumers Energy Co. Project, Rev., AMT, 0.88%, 04/01/2035 (z) | 1620 | 1580 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Detroit Edison Co. Exempt, Rev., 1.35%, 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450 | 3150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Detroit Edison Company, Rev., 1.45%, 09/01/2030 | 810 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Green Bond Recycling, Rev., AMT, 4.00%, 10/01/2061 (z) | 1685 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, I-75 Improvement Project, Rev., AMT, 5.00%, 12/31/2032 | 1250 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okemos Public Schools, Series II, GO, Q-SBLF, 5.00%, 05/01/2046 | 1200 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Revenue, State Trunk Line Fund Bonds, Rev., 4.00%, 11/15/2037 | 2015 | 2090 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Michigan Trunk Line Revenue, State Trunkline Fund Bonds, Series A, Rev., 4.00%, 11/15/2046 | 8125 | 7702 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Michigan, Environmental Program Bonds, Series A, GO, 5.00%, 05/15/2030 | 400 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Michigan, Gans Garvee, Rev., GAN, 5.00%, 03/15/2027 | 2210 | 2272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Troy School District, GO, Q-SBLF, 5.00%, 05/01/2039 | 1025 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayne County Airport Authority, Series B, Rev., AMT, 5.00%, 12/01/2032 | 2160 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayne County Airport Authority, Detroit Metropolitan Wayne County Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2033 | 1000 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2034 | 6025 | 6722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2041 | 2250 | 2488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2042 | 2650 | 2892 |
|  |  | 263300 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Minnesota — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brainerd Independent School District No. 181, GO, 4.00%, 02/01/2039 | 6760 | 6792 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Minneapolis, Allina Health System, Series B, Rev., 5.00%, 11/15/2053 (z) | 2650 | 2878 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Minneapolis, Fairview Health Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 11/15/2048 | 4120 | 3502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2044 | 1000 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, Rev., 5.00%, 11/15/2036 | 3000 | 3170 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Rochester MN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.38%, 11/15/2053 | 4485 | 4448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., VRDO, 1.85%, 01/02/2026 (z) | 2600 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of St Cloud MN, Rev., 5.00%, 05/01/2048 | 1500 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hennepin, Series C, GO, 5.00%, 12/15/2032 | 1500 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Essentia Health, Rev., 5.00%, 02/15/2058 | 6115 | 6153 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 190 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Minnesota — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Essentia Health Obligation Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | 3026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 02/15/2058 | 8000 | 8028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing & Redevelopment Authority of The City of St. Paul Minnesota, Fairview Health Services, Series A, Rev., 5.00%, 11/15/2047 | 9000 | 8807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hope Community Academy Project, Series A, Rev., 5.00%, 12/01/2043 | 1000 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Housing & Redevelopment Authority of The City of St. Paul Minnesota, System Fairview Health Services, Series 2015, Rev., 5.00%, 11/15/2047 | 4500 | 4528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minneapolis St. Paul Metropolitan Airports Commission, Subordinate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2034 | 1345 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.25%, 01/01/2047 | 1845 | 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minneapolis-St Paul Metropolitan Airports Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2035 | 5000 | 5576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2038 | 5000 | 5452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2040 | 1800 | 1924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 01/01/2049 | 6000 | 6192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Agricultural & Economic Development Board, Healthpartners Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 01/01/2047 | 5000 | 5225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 01/01/2054 | 6750 | 6982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 3225 | 3599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., GNMA/FNMA/FHLMC, 2.63%, 01/01/2040 | 1920 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 685 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 08/01/2032 | 2365 | 2639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 1200 | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051 | 2050 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., GNMA/FNMA/FHLMC, 2.80%, 12/01/2047 | 269 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., 3.00%, 01/01/2051 | 1135 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Social Bond, Series H, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 285 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Social Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 870 | 856 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Minnesota — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 180 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, Rev., GNMA/FNMA/FHLMC, 5.75%, 07/01/2053 | 340 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, State Appropriation Bond Housing, Rev., 5.00%, 08/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Sustainable Bonds, Series R, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2054 | 4430 | 4791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Office of Higher Education, Senior, Rev., AMT, 2.65%, 11/01/2038 | 1000 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Office of Higher Education, Supplemental Student Loan, Rev., AMT, 4.00%, 11/01/2037 | 665 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Rural Water Finance Authority, Inc., Rev., BAN, 3.30%, 08/01/2026 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Paul Port Authority, Solid Gerdau St. Paul Steel Mill Project, Rev., AMT, 4.50%, 10/01/2037 (e) | 4600 | 4517 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 09/01/2037 | 690 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2026 | 250 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/01/2029 | 45 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 10/01/2032 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2033 | 2000 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2034 | 2000 | 2117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 3.00%, 08/01/2026 | 710 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Minnesota, Trunk Highways, Series B, GO, 3.00%, 08/01/2030 | 5000 | 5032 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Minnesota |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2040 | 405 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2041 | 2500 | 2760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2042 | 2750 | 3011 |
|  |  | 140764 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mississippi — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Warren MS, Rev., 4.00%, 09/01/2032 | 12615 | 12986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Business Finance Corp., System Energy Resources Inc Project, Rev., 2.38%, 06/01/2044 | 175 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2042 | 850 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2043 | 1000 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2044 | 2180 | 2348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Development Bank, Hinds County School District Project, Rev., 5.00%, 03/01/2048 | 1360 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi Hospital Equipment & Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2036 | 1250 | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2046 | 1500 | 1490 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 191

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mississippi — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Mississippi, ABC Warehouse Construction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2041 | 1000 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2043 | 1035 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2044 | 1000 | 1059 |
|  |  | 25769 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Missouri — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cape Girardeau County Industrial Development Authority, Rev., 4.00%, 06/01/2043 | 5305 | 5239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cape Girardeau County Industrial Development Authority, Southeasthealth, Rev., 4.00%, 03/01/2041 | 870 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Kansas City Sanitary Sewer System Revenue, Series A, Rev., 5.00%, 01/01/2041 | 1000 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of St Louis MO Airport Revenue, Rev., 5.00%, 07/01/2032 | 1000 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2036 | 1725 | 1946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2044 | 650 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Service Projects, Series A, Rev., 5.00%, 02/01/2029 | 1410 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services, Rev., 4.00%, 02/01/2034 | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, Rev., AMT, 5.00%, 03/01/2032 | 900 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, Kansas City International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 03/01/2036 | 1250 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 03/01/2029 | 3050 | 3227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 03/01/2038 | 2480 | 2567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, Kansas City International Airport, Rev., AMT, 5.00%, 03/01/2044 | 5000 | 5051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansas City Planned Industrial Expansion Authority, The Depot On Old Santa Fe, Rev., 5.00%, 07/01/2045 (z) | 5722 | 5835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri Development Finance Board, Lakeport Village Project, Series A, Rev., 6.00%, 06/15/2040 (e) | 2595 | 2601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri Development Finance Board, Procter & Gamble Paper Products, Rev., AMT, 5.20%, 03/15/2029 | 370 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri Housing Development Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044 | 4445 | 4469 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Missouri — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.55%, 11/01/2044 | 995 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.80%, 11/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | 3144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2055 | 9685 | 10745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2056 | 1420 | 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2056 | 7250 | 8116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, First Place Homeownership Loan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 3.00%, 05/01/2052 | 2600 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 3.25%, 11/01/2052 | 280 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044 | 1700 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 5.75%, 05/01/2055 | 2640 | 2900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 5.75%, 05/01/2056 | 5955 | 6501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2056 | 2765 | 3029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.50%, 05/01/2054 | 2430 | 2726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., GNMA/FNMA/FHLMC, 3.25%, 05/01/2051 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement & Energy Resources Authority, Rev., AMT, 4.05%, 05/01/2038 (z) | 1600 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Company Project, Series AR, Rev., 2.90%, 09/01/2033 | 2000 | 1871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plaza at Noah's Ark Community Improvement District, Rev., 3.00%, 05/01/2030 | 575 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; St. Louis Municipal Finance Corp., Convention Center Expansion, Rev., 5.00%, 10/01/2045 | 3215 | 3291 |
|  |  | 90899 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Montana — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Forsyth, Northwestern Corp. Colstrip, Rev., 3.88%, 07/01/2028 | 3275 | 3328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montana Board of Housing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 12/01/2050 | 1520 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.60%, 12/01/2049 | 2775 | 2726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 12/01/2054 | 390 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.00%, 06/01/2052 | 225 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.00%, 12/01/2051 | 715 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 6.25%, 06/01/2054 | 1400 | 1518 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 192 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Montana — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Montana Facility Finance Authority, Rev., 5.00%, 02/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montana Facility Finance Authority, Bozeman Deaconess Health Services, Rev., 5.00%, 06/01/2048 | 2700 | 2718 |
|  |  | 14163 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Nebraska — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Plains Energy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 05/01/2053 (z) | 3915 | 4084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 08/01/2055 (z) | 32170 | 34281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. 2, Rev., 5.50%, 11/01/2049 | 4665 | 4997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. 2, Children's Hospital Obligation, Rev., 4.00%, 11/15/2038 | 1125 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. 2, Health Facilities Children's Hospital, Rev., 5.00%, 11/15/2047 | 2000 | 2012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas County Hospital Authority No. 2, Madonna Rehabilitation Hospital, Rev., 4.00%, 05/15/2033 | 2100 | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebraska Educational Health Cultural & Social Services Finance Authority, Rev., 4.00%, 01/01/2044 | 1625 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebraska Educational Health Cultural & Social Services Finance Authority, Immanuel Obligated Group, Rev., 4.00%, 01/01/2037 | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebraska Public Power District, Series A, Rev., 5.00%, 07/01/2028 | 300 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omaha Airport Authority, Airport Facilities, Rev., AMT, 5.00%, 12/15/2036 | 1250 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omaha Public Power District, Rev., 5.00%, 02/01/2038 | 5505 | 6174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omaha School District, GO, 4.00%, 12/15/2038 | 5000 | 4988 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Nebraska, Rev., 3.00%, 07/01/2035 (p) | 1030 | 1032 |
|  |  | 65013 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Nevada — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Carson City, Carson Tahoe Regional Medical Center, Rev., 5.00%, 09/01/2047 | 1000 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Henderson, Series A1, GO, 4.00%, 06/01/2045 | 2000 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Las Vegas Special Improvement District No. 612 Skye Hills, Special Assessment, 3.50%, 06/01/2035 | 190 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Las Vegas Special Improvement District No. 817 Summerlin Village 29, Special Improvement No. 817, Summerlin Village |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.50%, 06/01/2038 | 395 | 425 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Nevada — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.75%, 06/01/2043 | 495 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of North Las Vegas, GO, BAM, 5.00%, 06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clark County School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 06/15/2040 | 1375 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 06/15/2030 | 1445 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 06/15/2039 | 5000 | 5641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 06/15/2041 | 5000 | 5517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 06/15/2026 | 1250 | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clark County School District, Building |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 06/15/2029 | 500 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 06/15/2033 | 3000 | 3189 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark, GO, 4.00%, 06/01/2038 | 4300 | 4331 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark Department of Aviation, Airport Systems, Subordinate, Rev., 5.00%, 07/01/2033 | 1010 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark Department of Aviation, Subordinate, Series B, Rev., AMT, 5.00%, 07/01/2027 | 6000 | 6181 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark Department of Aviation, System Senior, Series A, Rev., 5.00%, 07/01/2040 | 4000 | 4008 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark Passenger Facility Charge Revenue, McCarran International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2029 | 5000 | 5413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2031 | 1950 | 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2032 | 2385 | 2564 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Detention Center, GO, 4.00%, 06/01/2034 | 3335 | 3454 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Passenger Facility Charge Revenue, Las Vegas McCarran International Airport, Rev., 5.00%, 07/01/2030 | 1425 | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Southern CA Edison Company, Rev., 2.10%, 06/01/2031 | 1000 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Clark, Streets and Highway Project, Rev., 4.00%, 07/01/2043 | 4465 | 4437 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Washoe, Sierra Pacific Power Company, Rev., AMT, 4.13%, 03/01/2036 (z) | 9000 | 9198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Convention & Visitors Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2027 | 900 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2028 | 1250 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2040 | 250 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 07/01/2049 | 10765 | 9756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2029 | 1345 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2034 | 1275 | 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2038 | 1000 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2043 | 5150 | 5268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Valley Water District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 06/01/2026 | 1500 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 06/01/2043 | 5000 | 5431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 06/01/2044 | 5000 | 5385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 06/01/2027 | 2025 | 2096 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 193

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Nevada — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Valley Water District, Water Improvement, Series A, GO, 5.00%, 06/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | 5014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sparks Tourism Improvement District No. 1, Senior Bond, Legends at Sparks, Rev., 3.88%, 06/15/2028 | 890 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Nevada, Series A, GO, 5.00%, 05/01/2042 | 8400 | 9121 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Nevada Department of Business & Industry, Republic Services Project, Rev., AMT, 3.45%, 12/01/2026 (e) (z) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truckee Meadows Water Authority, Rev., 5.00%, 07/01/2034 | 2000 | 2340 |
|  |  | 124825 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Hampshire — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., Zero Coupon, 12/15/2033 (e) | 1960 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 0.00%, 11/20/2039 (z) | 4580 | 4562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.63%, 08/20/2039 | 10456 | 10039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 10/01/2033 (z) | 18000 | 18017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.13%, 01/20/2034 | 2894 | 2949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 07/20/2041 | 5019 | 5046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.38%, 09/20/2036 | 633 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.79%, 02/20/2041 (z) | 7445 | 7801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2035 | 4105 | 4605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.05%, 06/15/2035 (e) | 2055 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2043 | 4000 | 4239 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Caritas Oregon Project, Series A, Rev., 4.13%, 08/15/2040 (e) | 2000 | 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Centurion Foundation Woodway Drive, Rev., 4.53%, 10/15/2034 (e) | 4060 | 4182 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Presbyterian Senior Living Project, Rev., 5.25%, 07/01/2048 | 1750 | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Resource Recovery Covanta Project, Rev., AMT, 4.88%, 11/01/2042 (e) | 2000 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Saint Luke's University Health, Rev., 4.00%, 08/15/2036 | 720 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Springpoint Senior Living |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2026 | 270 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2027 | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2028 | 290 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2029 | 300 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2030 | 280 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2031 | 870 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Sustainable Bond, Series B, Rev., AMT, 3.75%, 07/01/2045 (e) (z) | 3000 | 2465 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Hampshire — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Sustainable Bonds Municipal Certificates, Rev., 0.00%, 01/20/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6557 | 6498 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Sustainable Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., HUD, 4.15%, 10/20/2040 (z) | 4955 | 4956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Rev., 3.88%, 01/20/2038 | 1214 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Taxable Virginia Birmingham Care Center, Rev., 3.78%, 01/01/2036 | 2000 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, University of Nevada, Reno Project, Rev., BAM, 5.25%, 06/01/2051 | 1875 | 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.30%, 06/01/2040 (z) | 2500 | 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2043 | 5000 | 4728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/01/2043 | 995 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Health and Education Facilities Authority Act, Granite Edvance Corporation, Rev., AMT, 4.00%, 11/01/2044 | 645 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Housing Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC COLL, 6.00%, 07/01/2053 | 370 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Housing Finance Authority, Sustainable Bonds, Series D, Rev., GNMA/FNMA/FHLMC, 6.50%, 07/01/2055 | 1955 | 2131 |
|  |  | 103752 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden County Improvement Authority, Social Bonds, KIPP Cooper Norcross Academy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 06/15/2042 | 530 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 06/15/2047 | 1000 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Bayonne, Qualified General Improvement, GO, BAM, 5.00%, 07/01/2034 (p) | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Newark, Series A, GO, 5.00%, 10/01/2028 | 750 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garden State Preservation Trust, Capital Appreciation, Series B, Rev., Zero Coupon, 11/01/2026 | 1000 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gloucester County Improvement Authority, The Rowan University Fossil Park |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 07/01/2046 | 725 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 07/01/2051 | 1000 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Brunswick Parking Authority, City Guaranteed Parking, Series A, Rev., BAM, 5.00%, 09/01/2026 | 1000 | 1016 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 194 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2028 | 785 | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | 2609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.00%, 06/15/2036 (p) | 1000 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.00%, 06/15/2041 (p) | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.50%, 06/15/2028 | 5000 | 5131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.50%, 06/15/2032 (p) | 2000 | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BBB, Rev., 5.50%, 06/15/2030 (p) | 1225 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDD, Rev., 5.00%, 06/15/2031 (p) | 2000 | 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Middlesex Water Company |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 08/01/2059 | 4200 | 3655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2059 | 3000 | 3040 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, New Jersey American Water Company, Inc., Rev., AMT, 1.10%, 11/01/2029 (z) | 2610 | 2457 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Port Newark Container, Rev., AMT, 5.00%, 10/01/2037 | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Portal North Bridge NJ Transit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2038 | 5345 | 5864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2052 | 6190 | 6318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 11/01/2041 | 6000 | 6526 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, School Facilities Construction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EEE, Rev., 5.00%, 06/15/2032 | 1500 | 1594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series GGG, Rev., 5.25%, 09/01/2026 (e) | 8000 | 8139 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Self Designated Social Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QQQ, Rev., 5.00%, 06/15/2026 | 555 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QQQ, Rev., 5.00%, 06/15/2027 | 410 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QQQ, Rev., 5.00%, 06/15/2028 | 400 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, State House Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/15/2027 | 10690 | 11060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/15/2028 | 8635 | 9125 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Sustainable Bonds, Series QQQ, Rev., 4.00%, 06/15/2037 | 2400 | 2443 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Series A, Rev., 5.00%, 07/01/2064 (z) | 19670 | 22919 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Higher Education Capital Improvement Fund Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2038 | 1000 | 1101 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2040 | 2200 | 2385 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Princeton University, Series I, Rev., 5.00%, 07/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Princeton University Revenue, Rev., 5.00%, 03/01/2044 | 2250 | 2436 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Educational Facilities Authority, Ramapo College of New Jersey, Series A, Rev., 5.00%, 07/01/2035 | 200 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2036 | 7500 | 8655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2037 | 285 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2038 | 630 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2039 | 365 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligated, Rev., 5.00%, 07/01/2032 | 2070 | 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligation, Rev., 3.00%, 07/01/2051 | 1715 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 07/01/2054 | 1875 | 1810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/01/2044 | 8780 | 9553 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1B, Rev., AMT, 4.50%, 12/01/2045 | 5715 | 5866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., AMT, 5.00%, 12/01/2034 | 3000 | 3228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 12/01/2027 | 1340 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 12/01/2028 | 1480 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 12/01/2029 | 1440 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Senior |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 3.50%, 12/01/2039 | 1435 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 4.00%, 12/01/2041 | 965 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 4.00%, 12/01/2044 | 1890 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 4.25%, 12/01/2045 | 3880 | 3876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 12/01/2027 | 1060 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Higher Education Student Assistance Authority, Subordinated, Series C, Rev., AMT, 4.00%, 12/01/2048 | 1195 | 1030 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 195

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 3.50%, 04/01/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, Rev., 4.75%, 10/01/2040 | 3500 | 3642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M, Rev., 6.50%, 04/01/2056 | 8085 | 9079 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, New Irvine Turner Apartments, Rev., HUD, 3.67%, 02/01/2026 | 550 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, Social Bond, Rev., 5.00%, 10/01/2053 | 145 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, Social Bonds, Series H, Rev., 3.00%, 10/01/2052 | 560 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, Sustainable Bond, Series K, Rev., 4.55%, 10/01/2044 | 665 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Housing & Mortgage Finance Agency, Sustainable Bonds, Series K, Rev., 6.00%, 10/01/2055 | 3710 | 4018 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.08%, 06/15/2039 | 7095 | 6472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2046 | 5000 | 5075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/15/2046 (p) | 14455 | 16135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/15/2029 | 1550 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/15/2030 | 3000 | 3292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/15/2034 | 6590 | 7599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, Rev., 4.00%, 06/15/2040 | 3750 | 3719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, Rev., 5.00%, 06/15/2035 | 3000 | 3344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, Rev., 5.00%, 06/15/2045 | 660 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, Rev., 5.25%, 06/15/2041 | 1250 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, Rev., 5.00%, 06/15/2032 | 2000 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC, Rev., 5.25%, 06/15/2050 | 5700 | 5979 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Capital Appreciation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., TRAN, BAM, Zero Coupon, 12/15/2038 | 1000 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., TRAN, AMBAC, Zero Coupon, 12/15/2026 | 1455 | 1416 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Program B, Rev., 5.00%, 06/15/2037 | 2000 | 2218 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, Rev., 5.00%, 06/15/2036 | 3000 | 3391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, Rev., 5.00%, 06/15/2040 | 8120 | 8885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC, Rev., 5.00%, 06/15/2041 | 3500 | 3823 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Rev., 5.00%, 06/15/2035 | 500 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation System, Series A, Rev., 5.00%, 06/15/2038 | 500 | 554 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation System Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2028 | 1000 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2031 | 1560 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2042 | 10000 | 10809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2045 | 2500 | 2671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.50%, 01/01/2048 | 1750 | 1769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2034 | 2035 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 01/01/2028 | 1900 | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newark Board of Education, Sustainability Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 07/15/2034 | 400 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 07/15/2035 | 410 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 07/15/2036 | 425 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 07/15/2037 | 430 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Hudson Sewerage Authority, Senior Lien Lease Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2039 | 1100 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2040 | 1100 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2041 | 1000 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2042 | 1000 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Port Corp., Marine Terminal, Series B, Rev., AMT, 5.00%, 01/01/2026 | 1015 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Port Corp., Marine Terminal, Subordinated, Series B, Rev., AMT, 5.00%, 01/01/2037 | 1000 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Port Corp., Subordinate Marine Term, Series B, Rev., AMT, 5.00%, 01/01/2032 | 2140 | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Port Corp., Subordinate, Marine Terminal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2033 | 1220 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2034 | 1250 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 01/01/2036 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2030 | 500 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2033 | 1215 | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 5.00%, 11/01/2041 | 2925 | 3081 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Transportation Authority, Transportation System, Rev., BAM, 5.25%, 11/01/2052 | 3100 | 3218 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of New Jersey, Covid-19 Emergency Bonds, General Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 06/01/2030 | 2000 | 2124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 06/01/2028 | 4245 | 4493 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 196 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates, Series 2016-XM0226, Rev., BHAC-CR, NATL-RE, LIQ: Bank of America NA, 3.36%, 07/01/2026 (e) (z) | 10220 | 10220 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Gloucester County Improvement Authority, Rowan University Project, Rev., BAM, 5.00%, 07/01/2044 | 900 | 944 |
|  |  | 327486 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Mexico — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Farmington NM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.88%, 06/01/2040 (z) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750 | 6860 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Farmington, Four Corners Project, Rev., 1.80%, 04/01/2029 | 3000 | 2844 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Farmington, Public Service Company, San Juan, Rev., 3.90%, 06/01/2040 (z) | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Farmington, San Juan and Four Corners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.15%, 04/01/2033 | 4890 | 4271 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Educational Assistance Foundation, Series 1A, Rev., AMT, 2.05%, 09/01/2051 | 170 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 4.00%, 06/01/2028 | 1070 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Hospital Equipment Loan Council |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2030 | 1050 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2032 | 1000 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/01/2044 | 3185 | 3238 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare, Rev., 4.00%, 08/01/2037 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., HUD, 2.97%, 02/01/2042 (z) | 1500 | 1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 4.70%, 09/01/2049 | 1955 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G3, Rev., GNMA/FNMA/FHLMC, 3.00%, 09/01/2057 (z) | 1915 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Single Family Mortgage Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 03/01/2054 | 535 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 4.00%, 01/01/2049 | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Municipal Energy Acquisition Authority, Rev., 5.00%, 06/01/2054 (z) | 3250 | 3469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santa Fe Public School District, GO, 5.00%, 08/01/2029 | 1375 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winrock Town Center, Increment Development District No 1, Senior Lien, Tax Allocation, 4.25%, 05/01/2040 (e) | 1750 | 1665 |
|  |  | 34774 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albany Capital Resource Corp., Albany Medical Center Hospital, Rev., 5.25%, 05/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | 5194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Battery Park City Authority, Series B, Rev., 5.00%, 11/01/2036 | 2000 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Battery Park City Authority, Sustainable Bonds, Rev., 5.00%, 11/01/2044 | 1750 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broome County, Local Development Corp., United Health Services Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/01/2039 | 2750 | 2758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2026 | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build C Resource Corp., Renaissance Charter School 2, Rev., 5.50%, 06/15/2050 | 1250 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build C Resource Corp., Success Academy Charter School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/01/2042 | 1200 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/01/2043 | 1000 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2036 | 1660 | 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2037 | 1475 | 1580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2039 | 1125 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Rev., 5.00%, 07/01/2026 | 325 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Family Life Academy Charter, Series A1, Rev., 5.25%, 06/01/2040 (e) | 1220 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Family Life Academy Charter Project, Rev., 7.25%, 06/01/2055 (e) | 250 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Friends of Hellenic Classical, Series A, Rev., 4.00%, 12/01/2031 (e) | 700 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Grand Concourse Academy Charter School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2042 | 555 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2052 | 700 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Long Beach, Series A, GO, 5.00%, 09/01/2027 | 1500 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 4.00%, 08/01/2034 | 3000 | 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 4.00%, 08/01/2036 | 1000 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.00%, 08/01/2029 | 2900 | 3149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.00%, 09/01/2034 | 2000 | 2243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.00%, 08/01/2041 | 3000 | 3117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.25%, 09/01/2042 | 8715 | 9344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, 5.00%, 08/01/2031 | 1000 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, 5.00%, 10/01/2031 | 500 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, 5.00%, 08/01/2035 | 90 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, 5.25%, 10/01/2047 | 3000 | 3130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, GO, 5.00%, 08/01/2031 | 500 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C4, GO, 5.00%, 10/01/2027 | 5000 | 5213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 08/01/2027 | 2000 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 03/01/2042 | 1340 | 1437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.25%, 03/01/2053 | 15140 | 15803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, GO, 5.00%, 12/01/2031 | 1380 | 1466 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 197

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, GO, 5.00%, 12/01/2036 | 11955 | 12548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 08/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, GO, 5.00%, 08/01/2033 | 2000 | 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, GO, 3.00%, 03/01/2035 | 2135 | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, GO, 5.00%, 03/01/2043 | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G1, GO, 5.00%, 02/01/2043 | 1000 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2031 | 6000 | 6716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2041 | 1000 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2001 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, GO, VRDO, 2.55%, 01/07/2026 (z) | 120 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, GO, VRDO, 2.55%, 01/02/2026 (z) | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2020, Series B1, GO, 5.00%, 10/01/2038 | 5000 | 5272 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.00%, 08/01/2037 | 450 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 08/01/2035 | 4740 | 5134 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.25%, 05/01/2039 | 200 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.25%, 05/01/2041 | 2000 | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.50%, 05/01/2044 | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2024, Series A, GO, 5.00%, 08/01/2028 | 360 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal 2026 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.00%, 08/01/2041 | 1500 | 1644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.00%, 08/01/2042 | 1500 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 10/01/2039 | 6000 | 6709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 5.00%, 10/01/2041 | 3000 | 3279 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Subordinated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, GO, 4.00%, 04/01/2050 | 8500 | 7760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, GO, 5.00%, 08/01/2027 | 1750 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, GO, 5.00%, 08/01/2028 | 350 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Yonkers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, BAM, 5.00%, 11/15/2038 | 500 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, BAM, 5.00%, 11/15/2039 | 1000 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Nassau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 04/01/2046 | 1300 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, BAM, 5.00%, 10/01/2027 | 1450 | 1475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dutchess County, Local Development Corp., Health Quest System Inc Project, Series B, Rev., 5.00%, 07/01/2046 | 6250 | 6146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire State Development Corp., Series A, Rev., 5.00%, 03/15/2051 | 4525 | 4679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hempstead Town Local Development Corp., Evergreen Charter School Project, Series A, Rev., 5.25%, 06/15/2042 | 4000 | 4057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Yards Infrastructure Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 02/15/2047 | 9335 | 8734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2045 | 2210 | 2232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Island Power Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2042 | 2070 | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2037 | 1250 | 1356 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 1.50%, 09/01/2051 (z) | 8200 | 8106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.00%, 09/01/2055 (z) | 1500 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Island Power Authority, Green Bond, Series E, Rev., 5.00%, 09/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440 | 2537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., (United States SOFR \* 0.67 + 0.80%), 3.33%, 11/01/2032 (aa) | 430 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 11/15/2048 | 4415 | 4002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2049 | 2000 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.25%, 11/15/2042 | 2140 | 2376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Tax, 5.25%, 11/15/2045 | 8500 | 9184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 5.00%, 11/15/2045 (z) | 4500 | 4851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 11/15/2030 | 1475 | 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 11/15/2034 | 8000 | 8154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, Rev., 5.00%, 11/15/2056 | 3100 | 3105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., BAM, 4.00%, 11/15/2042 | 3295 | 3169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 11/15/2027 | 1200 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority Dedicated Tax Fund, Sustainable Bond, Series A, Special Tax, 5.25%, 11/15/2054 | 2790 | 2948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Build America Bonds, Rev., 6.67%, 11/15/2039 | 2500 | 2722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Green Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 5.00%, 11/15/2027 | 1085 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C2, Rev., Zero Coupon, 11/15/2032 | 500 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/15/2040 | 2465 | 2549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 4.00%, 11/15/2045 | 60 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 11/15/2029 | 250 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Green Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 5.00%, 11/15/2046 | 2000 | 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, Rev., 5.00%, 11/15/2043 | 2000 | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D3, Rev., 4.00%, 11/15/2049 | 1000 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Green Bonds, Subordinated, Series B1, Rev., 5.00%, 11/15/2036 | 10000 | 10149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Sustainable Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 11/15/2049 | 2000 | 2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1, Rev., 4.00%, 11/15/2031 | 2450 | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 11/15/2033 | 2400 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Transportation Green Bonds, Series B, Rev., 5.00%, 11/15/2026 | 1720 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Andrews Terrace Community |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., HUD, 5.00%, 07/01/2028 (z) | 3915 | 4030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Rochester Regional Health Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2027 | 1000 | 1035 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 198 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2028 | 1700 | 1790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., University of Rochester Project, Series A, Rev., 5.00%, 07/01/2053 | 13650 | 14202 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTA Hudson Rail Yards Trust Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2051 | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2056 | 4000 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Health and Hospitals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2026 | 6055 | 6072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2027 | 2675 | 2749 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., HUD, 3.70%, 05/01/2064 (z) | 2450 | 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.75%, 05/01/2065 (z) | 15550 | 15791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/15/2031 | 205 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development Corp., 8 Spruce Street, Rev., 5.25%, 12/15/2031 | 1000 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Sustainable Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 3.25%, 11/01/2064 (z) | 2725 | 2737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E2, Rev., 3.80%, 11/01/2063 (z) | 1300 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Queens Baseball Stadium Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.00%, 01/01/2038 | 675 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 01/01/2040 | 250 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2032 | 1000 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2027 | 625 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2029 | 1000 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2030 | 1500 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Industrial Development Agency, Yankee Stadium Project Pilot |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2045 | 7430 | 6968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2028 | 1250 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2029 | 1500 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2030 | 3900 | 4247 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 2.40%, 01/02/2026 (z) | 6665 | 6665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 2.45%, 01/02/2026 (z) | 11150 | 11150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2037 | 2000 | 2305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2046 | 5000 | 5059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA1, Rev., 5.25%, 06/15/2052 | 4610 | 4833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA3, Rev., 5.00%, 06/15/2047 | 4065 | 4223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, Rev., 2.50%, 06/15/2049 (z) | 29190 | 29190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC1, Rev., 4.00%, 06/15/2052 | 5000 | 4517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD, Rev., 5.00%, 06/15/2034 | 1920 | 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Fiscal 2026, Rev., 5.00%, 06/15/2035 | 2735 | 3238 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 2.40%, 01/02/2026 (z) | 8195 | 8195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 2.50%, 01/02/2026 (z) | 8000 | 8000 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9205 | 8337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2044 | 2755 | 2932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/15/2054 | 5000 | 5249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB, Rev., 5.00%, 06/15/2043 | 5535 | 6019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC1, Rev., 5.00%, 06/15/2049 | 5000 | 5124 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Subordinate Fiscal 2025, Series AA, Rev., 5.25%, 06/15/2053 | 15890 | 16775 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Subordinated Second General Resolution, Rev., VRDO, 2.50%, 01/02/2026 (z) | 4300 | 4300 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue, Subordinate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S1, Rev., 4.00%, 07/15/2034 | 1000 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S1, Rev., 5.00%, 07/15/2043 | 1505 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured, Rev., 5.00%, 08/01/2029 | 1000 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 2.45%, 01/02/2026 (z) | 11100 | 11100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 2.48%, 01/02/2026 (z) | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2036 | 11260 | 11335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2027 | 4490 | 4686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2028 | 600 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2030 | 2000 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2032 | 1315 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2034 | 4430 | 5156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2038 | 4900 | 5502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2038 | 7585 | 8565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2039 | 1500 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2039 | 3780 | 4216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2041 | 6000 | 6526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 05/01/2048 | 5165 | 5438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 05/01/2049 | 3000 | 3151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A4, Rev., VRDO, 2.50%, 01/02/2026 (z) | 11200 | 11200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/01/2044 | 5000 | 5324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 4.00%, 08/01/2042 | 17500 | 16995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CS, Rev., 5.00%, 05/01/2045 | 5000 | 5270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, Rev., 5.00%, 11/01/2034 | 4410 | 5113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, Rev., 5.00%, 11/01/2039 | 3000 | 3329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 05/01/2035 | 900 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 05/01/2036 | 1540 | 1775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, Rev., 3.00%, 02/01/2028 | 730 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 11/01/2039 | 6000 | 6693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 11/01/2042 | 900 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 11/01/2043 | 2485 | 2662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 11/01/2053 | 4500 | 4624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, Rev., 5.00%, 02/01/2039 | 3000 | 3246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, Rev., 5.00%, 02/01/2041 | 2000 | 2167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, Rev., 5.00%, 02/01/2045 | 5000 | 5252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F1, Rev., 5.00%, 02/01/2046 | 3335 | 3479 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 199

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., 5.00%, 11/01/2042 | 1000 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, Rev., 5.25%, 11/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Fiscal 2026, Series B, Rev., 5.25%, 05/01/2048 | 20000 | 21214 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2035 | 7000 | 7186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A3, Rev., 4.00%, 08/01/2043 | 5645 | 5414 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured Subordinate, Series B1, Rev., 5.00%, 08/01/2038 | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Subordinated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A3, Rev., 4.00%, 08/01/2042 | 2500 | 2428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, Rev., 4.00%, 02/01/2041 | 12000 | 11866 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2038 | 2000 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 4.00%, 08/01/2036 | 7415 | 7597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DS, Rev., 4.00%, 11/01/2038 | 4000 | 4044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, Rev., 4.00%, 02/01/2046 | 2000 | 1856 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Fiscal 2026 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2027 (w) | 1970 | 2055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2039 (w) | 1640 | 1856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2040 (w) | 950 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2041 (w) | 1250 | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Future Tax Secured, Rev., 4.00%, 11/01/2040 | 5000 | 4983 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Multi Modal, Series A, Rev., 5.00%, 05/01/2040 | 1000 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2026 | 1000 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2031 | 1000 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 08/01/2042 | 3000 | 3220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A3, Rev., 4.00%, 05/01/2042 | 2000 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A3, Rev., 5.00%, 08/01/2040 | 1720 | 1762 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated Future Tax Secure, Rev., 5.00%, 05/01/2050 | 5000 | 5159 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Building Aid Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S2, Rev., 5.00%, 07/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4055 | 4592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series S2, Rev., 5.00%, 07/15/2042 | 1250 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Trust for Cultural Resources, Refunding Lincoln Center, Series A, Rev., 5.00%, 12/01/2032 | 500 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Water & Sewer System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BB1, Rev., 5.00%, 06/15/2049 | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FF, Rev., 5.00%, 06/15/2041 | 2000 | 2117 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Water & Sewer System, Second General Resolution |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2026 | 1005 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC1, Rev., 5.00%, 06/15/2048 | 2730 | 2760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC1, Rev., 5.25%, 06/15/2037 | 2345 | 2392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD1, Rev., 5.00%, 06/15/2048 | 3115 | 3160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD2, Rev., 5.00%, 06/15/2040 | 2000 | 2058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD, Rev., 5.00%, 06/15/2047 | 6680 | 6731 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Water & Sewer System, Various Second General Resolution, Series BB4, Rev., VRDO, 2.50%, 01/02/2026 (z) | 12800 | 12800 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Water & Sewer System, Water and Sewer System Revenue Second General Resolution, Series BB2, Rev., 4.00%, 06/15/2042 | 1180 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Liberty Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2035 | 19150 | 22389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC, Rev., 3.00%, 02/15/2042 | 1755 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1WTC, Rev., 4.00%, 02/15/2043 | 4985 | 4866 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Liberty Development Corp., 3 World Trade Center, Rev., 5.38%, 11/15/2040 (e) | 1945 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Liberty Development Corp., 7 World Trade Center Project, Rev., 3.13%, 09/15/2050 | 3000 | 2250 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Liberty Development Corp., World Trade Center Project, Series 1, Rev., 5.00%, 11/15/2044 (e) | 32600 | 32548 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Power Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2049 | 2000 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2041 | 1500 | 1661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.13%, 11/15/2063 | 4000 | 4162 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Power Authority, Green Transmission Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2028 | 1000 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2034 | 635 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2035 | 1250 | 1398 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2026 | 875 | 891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2035 | 750 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2037 | 1000 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2039 | 860 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2042 | 5000 | 5089 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 200 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 07/01/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | 2690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 03/15/2036 | 2500 | 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 03/15/2039 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 03/15/2054 | 8090 | 7307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2029 (p) | 2240 | 2417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2034 | 2000 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2036 | 1765 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2040 | 2000 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2042 | 3750 | 4118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2043 | 3000 | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2044 | 2460 | 2604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 03/15/2041 | 690 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 03/15/2042 | 1060 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 03/15/2043 | 1435 | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Bidding Group 3, Series A, Rev., 5.00%, 03/15/2054 | 14205 | 14703 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Cornell University, Series A, Rev., 5.50%, 07/01/2054 | 5000 | 5410 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Exchange Bonds, Series C, Rev., 5.00%, 07/01/2031 | 1227 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, General Purpose, Series D, Rev., 5.00%, 02/15/2026 (p) | 95 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Green Bond, Cornell University, Rev., 5.00%, 07/01/2034 | 1100 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Group 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2033 | 2000 | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2036 | 2015 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Group 3, Series A, Rev., 5.00%, 03/15/2037 | 5000 | 5276 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Rev., 5.00%, 07/01/2040 | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Montefiore Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/01/2026 | 900 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/01/2031 | 1010 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Mount Sinai Obligated Group, Rev., 5.25%, 07/01/2050 | 6000 | 6023 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Northwell Health Obligated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2034 | 13180 | 15050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 05/01/2054 | 5000 | 5152 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Northwell Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/01/2045 | 6500 | 6069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 05/01/2052 | 4930 | 4519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2052 | 3000 | 3044 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Refunded General Purpose, Series B, Rev., 5.00%, 02/15/2026 (p) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835 | 2843 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Second Bond Financing Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2029 | 2000 | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2030 | 2670 | 2976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2036 | 260 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, St John's University, Series A, Rev., 4.00%, 07/01/2048 | 1000 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Unrefunded 2024 Bidding Group, Rev., 5.00%, 03/15/2029 | 2000 | 2163 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Unrefunded 2025, Series A, Rev., 5.00%, 03/15/2029 | 760 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Unrefunded General Purpose, Series D, Rev., 5.00%, 02/15/2026 (p) | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Unrefunded Group 2, Series E, Rev., 5.00%, 03/15/2028 (p) | 1000 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, White Plains Hospital Obligated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2039 | 750 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2040 | 500 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2041 | 525 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2049 | 2025 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Yeshiva University, Series A, Rev., 5.00%, 07/15/2037 | 2500 | 2616 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Energy Research & Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.80%, 08/01/2032 | 6710 | 6929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.80%, 08/01/2032 | 6240 | 6443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 3.80%, 08/01/2032 | 6750 | 6970 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., Green Bond 2010 Master Financing Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/15/2028 | 575 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/15/2031 | 250 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, Series B2, Rev., HUD, SONYMA, 3.60%, 11/01/2064 (z) | 11000 | 11077 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, Housing 160 West 62nd Street, Rev., 3.60%, 11/01/2044 (z) | 2805 | 2850 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 201

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, Sustainability Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., HUD, SONYMA, 3.60%, 11/01/2062 (z) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, Rev., HUD, SONYMA, 1.10%, 11/01/2061 (z) | 2180 | 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Housing Finance Agency, Sustainable Bonds, Series D2, Rev., SONYMA, 3.38%, 05/01/2065 (z) | 2500 | 2499 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 4.00%, 03/15/2041 | 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 03/15/2033 | 1000 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2041 | 6000 | 6004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2051 | 5000 | 5180 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority, Group 2, Series N, Rev., 4.00%, 01/01/2041 | 3120 | 3130 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 03/15/2042 | 2000 | 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 4.00%, 03/15/2046 | 10000 | 9238 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Bidding Group 4, Series A, Rev., 3.00%, 03/15/2050 | 4000 | 2950 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Group 2, Series E, Rev., 4.00%, 03/15/2038 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Personal Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/15/2037 | 2000 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/15/2041 | 5000 | 4969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/15/2030 | 500 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C3, Rev., 5.00%, 03/15/2038 | 1860 | 1913 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Personal Income Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/15/2042 | 2000 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AG, Rev., 5.00%, 03/15/2038 | 5000 | 5101 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., State Personal Income Tax, General Purpose |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 03/15/2042 | 5000 | 5161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.54%, 03/15/2028 (p) | 7000 | 6978 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp., Sustainable Bond State Person, Rev., 5.00%, 03/15/2063 | 25905 | 26472 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2036 | 5405 | 5501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2036 | 4000 | 4269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/30/2049 | 12000 | 12087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/30/2054 | 5000 | 4987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 06/30/2049 | 5000 | 5033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 06/30/2060 | 13500 | 13609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 6.00%, 06/30/2043 | 2000 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 6.00%, 06/30/2044 | 2650 | 2888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 6.00%, 06/30/2050 | 8000 | 8505 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., American Airlines Inc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 2.25%, 08/01/2026 | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880 | 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc, LaGuardia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.38%, 10/01/2045 | 9130 | 8501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2032 | 3000 | 3085 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 4.00%, 10/01/2030 | 2500 | 2549 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport, Rev., AMT, 5.00%, 10/01/2040 | 5335 | 5409 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 5.00%, 10/01/2035 | 11000 | 11474 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., John F. Kennedy International Airport, Rev., AMT, 5.38%, 08/01/2036 | 2000 | 2087 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., LaGuardia Airport Terminal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.63%, 04/01/2040 | 15355 | 16110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 6.00%, 04/01/2035 | 5000 | 5511 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., LaGuardia Airport Terminal B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 07/01/2033 | 2500 | 2492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2046 | 23370 | 23369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 01/01/2050 | 19695 | 19696 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 07/01/2031 | 4500 | 4472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 07/01/2032 | 11200 | 11193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 07/01/2035 | 5080 | 5069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2041 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., New York State Thruway, Rev., AMT, 4.00%, 10/31/2034 | 600 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Sustainable Bond, JFK International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.50%, 12/31/2054 | 3000 | 2825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/30/2049 | 14750 | 14804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 12/31/2054 | 2000 | 2028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.38%, 06/30/2060 | 3920 | 3921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 06/30/2043 | 1585 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 06/30/2054 | 4500 | 4553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 12/31/2054 | 12000 | 12241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 12/31/2060 | 5000 | 5054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 6.00%, 06/30/2054 | 14075 | 14548 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Terminal 4 JFK International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2030 | 1710 | 1840 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 202 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 | 2189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2033 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2037 | 3500 | 3711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2038 | 1000 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Terminal 4 JFK International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2030 | 4170 | 4486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2035 | 1000 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Terminal 4 John F Kennedy International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/01/2038 | 300 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/01/2039 | 300 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/01/2040 | 1475 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/01/2041 | 300 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 12/01/2042 | 300 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2026 | 995 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2027 | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2028 | 200 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2037 | 250 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2038 | 2250 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2039 | 1000 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/01/2042 | 1000 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/15/2042 | 1500 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 207, Rev., AMT, 5.00%, 09/15/2027 | 2210 | 2284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 207, Rev., AMT, 5.00%, 09/15/2028 | 1080 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 207, Rev., AMT, 5.00%, 09/15/2031 | 5000 | 5183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 226, Rev., AMT, 5.00%, 10/15/2031 | 4500 | 4972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 226, Rev., AMT, 5.00%, 10/15/2032 | 1250 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 226, Rev., AMT, 5.00%, 10/15/2036 | 2040 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 242, Rev., AMT, 5.00%, 12/01/2042 | 7000 | 7344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 197, Rev., AMT, 5.00%, 11/15/2032 | 3000 | 3042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 206, Rev., AMT, 5.00%, 11/15/2032 | 3000 | 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 221, Rev., AMT, 5.00%, 07/15/2031 | 1620 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 221, Rev., AMT, 5.00%, 07/15/2032 | 2620 | 2815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated 211, Rev., 4.00%, 09/01/2043 | 18590 | 18156 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated Bond 233, Rev., 5.00%, 08/01/2038 | 670 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated Bond Two, Rev., AMT, 5.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | 8963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated Bond Two Hund, Rev., AMT, 5.00%, 01/15/2039 | 1250 | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 221, Rev., AMT, 4.00%, 07/15/2039 | 5000 | 4984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 221, Rev., AMT, 4.00%, 07/15/2040 | 3715 | 3676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated One Hundred Eighty, Series 222, Rev., 4.00%, 07/15/2036 | 10250 | 10552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Consolidated One Hundred Eighty Third, Rev., 4.00%, 12/15/2039 | 6000 | 5979 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of New York Mortgage Agency Homeowner Mortgage Revenue, Social Bonds, Series 253, Rev., SONYMA, AMT, 4.70%, 10/01/2038 | 1980 | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of New York Mortgage Agency, Social Bonds, Series 233, Rev., 3.00%, 10/01/2045 | 1315 | 1295 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of New York Mortgage Agency, Social Bonds 242, Rev., SONYMA, 3.50%, 10/01/2052 | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suffolk Regional Off-Track Betting Co., Rev., 6.00%, 12/01/2053 | 1000 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 05/15/2054 | 9940 | 10449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 2.00%, 05/15/2045 (z) | 4250 | 4095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2041 | 1975 | 1982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2042 | 2000 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2043 | 3500 | 3808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2045 | 2000 | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2047 | 2500 | 2594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2049 | 3040 | 3120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 05/15/2047 | 1000 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority Sales Tax Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 05/15/2049 | 2600 | 2697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 05/15/2054 | 2355 | 2432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.25%, 05/15/2059 | 16710 | 17448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.25%, 05/15/2064 | 5000 | 5203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 5.25%, 05/15/2064 | 24000 | 24878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Green Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, Rev., 5.00%, 11/15/2027 | 1155 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E-2B, Rev., 5.00%, 11/15/2032 | 575 | 659 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 203

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Rev., 5.00%, 05/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5250 | 5417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Rev., 5.00%, 11/15/2026 | 2440 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Green Bonds, Rev., 5.00%, 11/15/2029 | 1615 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Sales Tax Revenue, MTA Bridges & Tunnels TBTA Capital Lockbox Fund, Rev., 5.25%, 05/15/2062 | 7500 | 7776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Senior, Series C, Rev., 5.00%, 05/15/2040 | 5000 | 5402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2050 (z) | 7000 | 7057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.25%, 05/15/2052 | 10000 | 10393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C1-A, Rev., 5.00%, 05/15/2038 | 2000 | 2182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Senior Lien MTA Bridges & Tunnels |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2035 | 2000 | 2245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2036 | 2000 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2038 | 4240 | 4657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, TBTA Capital Lockbox Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.50%, 12/01/2056 | 4085 | 4040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2036 | 500 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2043 | 1400 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Rev., 4.00%, 09/01/2036 | 750 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp; TSASC, Inc., Series B, Rev., 5.00%, 06/01/2048 | 6780 | 5876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/15/2031 | 3000 | 3300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, Rev., 5.00%, 12/15/2039 | 1000 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TE2, Rev., 5.00%, 06/15/2033 | 2370 | 2660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TE2, Rev., 5.00%, 12/15/2039 | 1100 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TE2, Rev., 5.00%, 12/15/2040 | 400 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TE2, Rev., 5.00%, 12/15/2041 | 830 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, Restructuring Bonds, Series TE, Rev., 5.00%, 12/15/2029 | 1500 | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Rev., 5.00%, 07/01/2056 (e) | 2000 | 1760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Westchester Med. Ctr. Obligated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2047 | 5610 | 5754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.75%, 11/01/2048 | 1400 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.75%, 11/01/2049 | 2000 | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.25%, 11/01/2052 | 420 | 422 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Westchester Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2046 | 3500 | 3238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Regional Off-Track Betting Corp., Rev., 3.00%, 12/01/2026 (e) | 140 | 138 |
|  |  | 1682197 |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Carolina — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority, Atrium Health, Series B, Rev., 1.95%, 01/15/2048 (z) | 2285 | 2150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charlotte-Mecklenburg Hospital Authority, The Atrium Health, Series D, Rev., 3.63%, 01/15/2048 (z) | 2200 | 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte Airport Revenue, Rev., 5.00%, 07/01/2040 | 2375 | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte Airport Revenue, Airport, Series A, Rev., 4.00%, 07/01/2036 | 1520 | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte Airport Revenue, Charlotte Douglas International, Rev., AMT, 5.00%, 07/01/2026 | 1315 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte Airport Special Facilities Revenue, Charlotte Douglas International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2049 | 5000 | 5107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2049 | 7335 | 7411 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte NC Water & Sewer System Revenue, Rev., 5.00%, 07/01/2041 | 500 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Charlotte, Airport Special Facilities Revenue, Series B, Rev., AMT, 5.00%, 07/01/2027 | 1315 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Mebane, Combined Utilities Revenue, Rev., 4.00%, 08/01/2044 | 1175 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus County Industrial Facilities & Pollution Control Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.45%, 11/01/2033 (z) | 2500 | 2508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.20%, 05/01/2034 | 1000 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Macon NC, Rev., 4.00%, 10/01/2043 | 650 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Asheville Regional Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2040 | 500 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2041 | 415 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2048 | 13150 | 13503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inlivian, Rev., 3.30%, 11/10/2043 (z) | 1130 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Department of Transportation, I-77 Hot Lanes Project, Rev., AMT, 5.00%, 06/30/2054 | 5325 | 5223 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 3.20%, 07/01/2056 (z) | 3760 | 3760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.35%, 01/01/2044 | 1075 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.55%, 07/01/2044 | 835 | 842 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 204 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Carolina — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 920 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5880 | 6453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 44, Rev., 2.30%, 01/01/2031 | 1030 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 44, Rev., 4.00%, 07/01/2050 | 180 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 45, Rev., GNMA/FNMA/FHLMC, 1.90%, 01/01/2032 | 1525 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, 1998 Trust Agreement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5, Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2056 | 2120 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 59A, Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2057 | 4020 | 4582 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Home Ownership, Series 47, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051 | 620 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Sustainable Bond 1998 Trust Agency, Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 2075 | 2244 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Sustainable Bonds 1998 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.90%, 07/01/2043 | 4915 | 5064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 4685 | 5053 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Lutheran Services for the Aging, Rev., 4.00%, 03/01/2041 | 1050 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Penick Village Project, Series A, Rev., 5.50%, 09/01/2054 | 460 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Presbyterian Homes Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/01/2027 | 600 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/01/2040 | 1600 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/01/2045 | 2250 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Rex Healthcare, Series A, Rev., 5.00%, 07/01/2031 | 1760 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, The Forest at Duke Project, Rev., 4.00%, 09/01/2041 | 830 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, The United Methodist Retirement Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2050 | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.13%, 10/01/2045 | 535 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.13%, 10/01/2056 | 2000 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Vidant Health, Rev., 5.00%, 06/01/2045 | 1145 | 1145 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Carolina — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Education Assistance Authority, Series A, Rev., AMT, 5.00%, 06/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Education Assistance Authority, Senior Bonds, Series A, Rev., AMT, 5.00%, 06/01/2043 | 1230 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Senior Lien, Rev., 5.00%, 01/01/2038 | 2375 | 2474 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Triangle Expressway System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2053 | 2000 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2058 | 14995 | 15314 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., 5.00%, 01/01/2049 | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raleigh Durham Airport Authority, Series A, Rev., AMT, 5.00%, 05/01/2032 | 505 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of North Carolina, Series B, Rev., 5.00%, 05/01/2030 | 2080 | 2301 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of North Carolina, Build Nc Programs, Series B, Rev., 5.00%, 05/01/2027 | 2750 | 2842 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of North Carolina, Grant Anticipation Revenue, Rev., 5.00%, 03/01/2029 | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of North Carolina at Chapel Hill, Series A, Rev., (United States SOFR \* 0.67 + 1.05%), 3.58%, 12/01/2041 (aa) | 3000 | 3009 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of North Carolina at Wilmington, Rev., 5.00%, 06/01/2028 | 1400 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Carolina University, Series B, Rev., 5.00%, 04/01/2031 | 2120 | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilmington Housing Authority, Avenue Flats, Rev., 2.95%, 05/01/2044 (z) | 720 | 720 |
|  |  | 139368 |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Dakota — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cass County Joint Water Resource District, Series A, Rev., CNTY GTD, 3.45%, 04/01/2027 | 17250 | 17253 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Grand Forks, Altru Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2031 | 1500 | 1605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2041 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Horace |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.50%, 05/01/2039 | 1780 | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 4.75%, 05/01/2044 | 1885 | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 05/01/2050 | 1350 | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Ward, Trinity Obligation Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 06/01/2043 | 3000 | 2793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 06/01/2048 | 5000 | 4438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 06/01/2053 | 2000 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.65%, 07/01/2044 | 5000 | 5066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.00%, 07/01/2051 | 1235 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 01/01/2050 | 460 | 463 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 205

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Dakota — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Home Mortgage Financing Program, Series A, Rev., 3.00%, 01/01/2052 | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Finance, Series D, Rev., 4.25%, 01/01/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Social Bonds, Series B, Rev., 3.00%, 07/01/2052 | 765 | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Social Bonds Home Mortgage Finance Program, Rev., 5.75%, 01/01/2054 | 455 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Social Bonds Home Mortgage Financing, Rev., 5.75%, 07/01/2053 | 1125 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Sustainable Bonds Home Mortgage, Rev., 6.25%, 01/01/2054 | 3520 | 3807 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Public Finance Authority, Rev., 5.00%, 10/01/2038 | 4840 | 5521 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of North Dakota, Series A, COP, 4.00%, 06/01/2046 | 1480 | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Fargo Public School District No. 6, Series C, GO, 4.00%, 08/01/2026 | 300 | 302 |
|  |  | 55623 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2036 (p) | 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2037 (p) | 1600 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2030 (p) | 700 | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 11/15/2046 (p) | 6275 | 6416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical, Rev., 4.00%, 11/15/2042 | 1265 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akron Bath Copley Joint Township Hospital District, Summa Health Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2034 (p) | 500 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2035 (p) | 1000 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2038 (p) | 750 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Fremont Energy Center Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/15/2036 | 1750 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2026 | 600 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Prairie State Energy Campus, Rev., 5.00%, 02/15/2026 | 2500 | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B2, Rev., 5.00%, 06/01/2055 | 21415 | 17335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., Zero Coupon, 06/01/2057 | 9000 | 666 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chillicothe, Adena Health System, Rev., 5.00%, 12/01/2047 | 10410 | 10328 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Cincinnati, Mercer Commons Phase 2 Project, Rev., 5.00%, 11/01/2035 | 1085 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus Metropolitan Housing Authority, Rev., 4.00%, 06/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, Rev., AMT, 5.00%, 01/01/2033 | 4275 | 4749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, John Glenn Columbus International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2044 | 2700 | 2871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 01/01/2041 | 6500 | 7016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2029 (e) | 720 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2038 (e) | 1345 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority, Bridge Park D Block Project, Series A, Rev., 5.00%, 12/01/2051 | 1750 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus-Franklin County Finance Authority, Dering Family Homes Project, Rev., HUD, 5.00%, 07/01/2045 (z) | 2200 | 2231 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Allen OH Hospital Facilities Revenue, Rev., 4.00%, 12/01/2040 | 1415 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Allen, Hospital Facilities Revenue, Series A, Rev., 5.00%, 08/01/2027 | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Butler, UC Health, Rev., 5.00%, 11/15/2030 | 1300 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Franklin, Nationwide Children's Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2040 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2031 | 1000 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hamilton OH Sewer System Revenue, Rev., 5.00%, 12/01/2049 | 2915 | 3048 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hamilton, Trihealth, Inc. Obligated Group, Rev., 5.00%, 08/15/2040 | 1510 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hamilton, Uc Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 08/01/2039 | 1000 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 08/01/2042 | 3000 | 3197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 08/01/2051 | 1000 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hamilton, UC Health, Rev., 5.00%, 09/15/2050 | 9255 | 9001 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lucas, ProMedica Healthcare Obligated Group, Rev., 5.25%, 11/15/2048 | 3120 | 3071 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami, Improvement, Kettering Health Network, Rev., 5.00%, 08/01/2049 | 2000 | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Montgomery, Dayton Children's Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2027 | 725 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2029 | 145 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2033 | 230 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Montgomery, Kettering Health Network Obligations, Rev., 4.00%, 08/01/2041 | 1200 | 1174 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 206 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Van Wert, Van Wert Health Obligated, Rev., 6.13%, 12/01/2049 (p) | 1800 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Warren, Otterbein Homes Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2031 | 845 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2032 | 800 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cuyahoga Metropolitan Housing Authority, Wade Park Apartments, Rev., HUD, 3.32%, 12/01/2027 (z) | 800 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin County Convention Facilities Authority, Greater Columbus Convention Center, Rev., 5.00%, 12/01/2044 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson County Port Authority, JSW Steel USA Ohio, Rev., AMT, 5.00%, 12/01/2053 (e) (z) | 5835 | 5968 |
| &nbsp;&nbsp;&nbsp;&nbsp; JobsOhio Beverage System, Statewide Senior Lien Liquor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2041 | 2500 | 2770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2042 | 2550 | 2793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2043 | 2500 | 2709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2044 | 2500 | 2685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2053 | 4210 | 4395 |
| &nbsp;&nbsp;&nbsp;&nbsp; JobsOhio Beverage System, Taxable, Series A, Rev., 2.83%, 01/01/2038 (p) | 14605 | 12286 |
| &nbsp;&nbsp;&nbsp;&nbsp; JobsOhio Beverage System, Unrefunded Taxable, Series A, Rev., 2.83%, 01/01/2038 | 395 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2028 | 515 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2030 | 1005 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2037 | 925 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northeast Ohio Medical University, Rev., BAM, 5.00%, 12/01/2043 | 1475 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.70%, 04/01/2028 | 3345 | 3354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.70%, 10/01/2028 | 3345 | 3356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, American Electric Power Co. Project, Rev., AMT, 2.50%, 08/01/2040 (z) | 2500 | 2391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, AMG Vanadium Project, Rev., AMT, 5.00%, 07/01/2049 (e) | 9000 | 8101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Dayton Power & Light, Rev., AMT, 4.25%, 11/01/2040 (z) | 7000 | 7107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Duke Energy, Rev., AMT, 4.25%, 11/01/2039 (z) | 7205 | 7318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Rev., AMT, 2.50%, 11/01/2042 (z) | 1000 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Rev., 4.00%, 10/01/2050 | 1500 | 1196 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Case Western Reserve, Rev., (SIFMA Municipal Swap Index + 0.23%), 3.55%, 12/01/2042 (aa) | 155 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Case Western Reserve University, Rev., 5.00%, 12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, Senior University Circle, Inc., Rev., 5.00%, 01/15/2050 | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, University of Dayton, Rev., 5.00%, 02/01/2034 | 1125 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.35%, 07/01/2043 (z) | 5000 | 5041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2055 | 1225 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 09/01/2048 | 655 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Marsh Run Homes Project, Rev., 3.20%, 01/01/2046 (z) | 1500 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Mortgage Backed Securities Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 3.25%, 09/01/2052 | 5175 | 5128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.38%, 03/01/2056 | 5725 | 6545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Tyler's Creek, Rev., 3.15%, 01/01/2044 (z) | 6375 | 6383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio State University (The), Sustainable Bonds Multiyear Debt, Rev., 4.00%, 12/01/2041 | 2060 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Turnpike & Infrastructure Commission, Infrastructure Projects, Series A, Rev., 4.00%, 02/15/2038 | 1500 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Turnpike & Infrastructure Commission, Junior Lien Infrastructure |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2028 | 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2033 | 365 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2029 | 500 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2039 | 4000 | 4574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2043 | 2250 | 2464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2030 | 3000 | 3357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.00%, 12/01/2034 | 125 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority Water Pollution Control Loan Fund, Sustainable Bonds Water Pollution, Rev., 5.00%, 12/01/2033 | 4420 | 5150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Sustainability Bond, Series A, Rev., 5.00%, 06/01/2031 | 300 | 338 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 207

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Water Pollution Control Loan Fund, Sustainable Bond, Series D, Rev., 5.00%, 12/01/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | 1603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 12/01/2048 | 4865 | 4658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2053 | 5985 | 6071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, 3CDC Obligated Group Parking Facilities, Rev., 5.00%, 12/01/2060 | 7400 | 7464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, Subordinated Duke Energy, Rev., 5.00%, 12/01/2063 | 3000 | 3020 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, 3.55%, 01/07/2026 (z) | 20250 | 20250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2039 (p) | 105 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 08/15/2048 | 3000 | 3197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 03/01/2034 | 1000 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, 5.00%, 11/01/2043 | 10000 | 10934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X, GO, 5.00%, 05/01/2035 | 300 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, 2025 Cleveland, Rev., 5.00%, 01/01/2039 (p) | 90 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Administrative Building Fund Program, Rev., 5.00%, 10/01/2042 | 4595 | 5031 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Cleveland Clinic Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2033 | 2410 | 2701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2034 | 2425 | 2703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2027 | 940 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Common Schools, Series C, GO, 5.00%, 03/15/2030 | 125 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Garvee |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., 5.00%, 12/15/2028 | 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Rev., 5.00%, 12/15/2028 | 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Rev., 5.00%, 12/15/2031 | 1000 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Higher Education, Series C, GO, 5.00%, 08/01/2028 (p) | 350 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Infrastructure Improvement, GO, 5.00%, 03/01/2034 | 1000 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Premier Health Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2039 | 1320 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2041 | 1450 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2028 | 680 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, University Hospital Health, Rev., VRDO, 3.55%, 01/02/2026 (z) | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, University Hospitals Health, Rev., 4.00%, 01/15/2037 | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, University Hospitals Health System, Series A, Rev., 5.00%, 01/15/2041 | 1000 | 1000 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, University Hospitals Health System, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | 6821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/15/2036 | 2230 | 2504 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Unrefunded 2025 Cleveland, Rev., 5.00%, 01/01/2039 | 375 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit County Development Finance Authority, University of Akron Parking Project, Rev., 5.63%, 12/01/2048 | 4645 | 4858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates, Series 2025-BAML-6046, Rev., LOC: Bank of America NA, LIQ: Bank of America NA, 3.35%, 05/01/2065 (e) (z) | 20000 | 20000 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Ohio State University, Multiyear Debt Issuance, Rev., 5.00%, 06/01/2035 (w) | 11000 | 12920 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Cincinnati |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 06/01/2042 | 3500 | 3762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 06/01/2044 | 3545 | 3808 |
|  |  | 370201 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oklahoma — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Creek County Educational Facilities Authority, Sapulpa Public Schools Project, Rev., BAM, 4.13%, 09/01/2048 | 4250 | 4066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand River Dam Authority, Rev., 5.00%, 06/01/2037 | 1850 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Capitol Improvement Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2043 | 1000 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2044 | 1250 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma City Economic Development Trust, Increment District #8 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2032 | 1640 | 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2033 | 5000 | 5238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/01/2034 | 4440 | 4620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma City Water Utilities Trust, Rev., 5.25%, 07/01/2059 | 10000 | 10621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Integris, Series A, Rev., 4.00%, 08/15/2038 | 2000 | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Integris Obligated Group, Rev., VRDO, 3.65%, 01/07/2026 (z) | 1610 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, OU Health Project, Series A, Rev., 5.50%, 08/15/2037 (e) | 1110 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, OU Medicine Project, Series B, Rev., 5.50%, 08/15/2057 | 4000 | 3965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 09/01/2055 | 760 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 6.50%, 03/01/2057 | 2000 | 2294 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 208 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oklahoma — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2057 | 4375 | 4979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Housing Finance Agency, Home Ownership Loan Program, Rev., GNMA/FNMA/FHLMC, 6.50%, 09/01/2054 | 2500 | 2795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Municipal Power Authority, Series A, Rev., 5.25%, 01/01/2051 | 4000 | 4260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.75%, 01/01/2033 | 1000 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2037 | 1665 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority, Senior Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2039 | 2500 | 2840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 01/01/2046 | 5000 | 5393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 01/01/2047 | 3000 | 3226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2041 | 1750 | 1948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 10/01/2050 | 4200 | 4089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 10/01/2026 | 1255 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, Drinking Water Program 2019 Master, Rev., 4.00%, 04/01/2048 | 13950 | 13150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, State Loan Program, Series C, Rev., 5.00%, 10/01/2046 | 1285 | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osage County Industrial Authority, Rev., 5.75%, 09/01/2053 | 1000 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tulsa County Independent School District No. 1 Tulsa, Series B, GO, 2.00%, 09/01/2026 | 1500 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Oklahoma, Series A, Rev., BAM, 5.00%, 07/01/2042 | 1740 | 1875 |
|  |  | 94922 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oregon — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astoria Hospital Facilities Authority, Rev., 5.25%, 08/01/2054 | 1340 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Portland Sewer System Revenue, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2031 | 1335 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2039 | 3500 | 3976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2043 | 1125 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Portland Water System Revenue, Second Lien, Series A, Rev., 4.00%, 05/01/2039 | 500 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson County School District No. 5 Ashland, GO, SCH BD GTY, 5.00%, 06/15/2030 | 1000 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medford Hospital Facilities Authority, Asante Project, Series A, Rev., 4.00%, 08/15/2045 | 9740 | 9082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multnomah County School District No. 1 Portland, GO, SCH BD GTY, 5.00%, 06/15/2028 | 1850 | 1962 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oregon — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon Health & Science University, Series B1, Rev., 5.00%, 07/01/2046 (z) | 1500 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Samaritan Health Services, Rev., 5.00%, 10/01/2040 | 1750 | 1796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Samaritan Health Services Project, Rev., 5.00%, 10/01/2031 | 1740 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State Lottery, Series A, Rev., 5.00%, 04/01/2033 | 1000 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Portland Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 24B, Rev., AMT, 5.00%, 07/01/2037 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27A, Rev., AMT, 5.00%, 07/01/2028 | 1595 | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27A, Rev., AMT, 5.00%, 07/01/2034 | 1455 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27A, Rev., AMT, 5.00%, 07/01/2036 | 1000 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Portland Airport Revenue, Green Bonds, Rev., AMT, 5.00%, 07/01/2036 | 500 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Portland Airport Revenue, Portland International Air, Rev., AMT, 5.00%, 07/01/2035 | 1270 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Portland Airport Revenue, Portland International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2026 | 1145 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2031 | 2230 | 2381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 25B, Rev., AMT, 5.00%, 07/01/2039 | 1020 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Portland OR Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2047 | 5000 | 5008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2040 | 2000 | 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2041 | 1895 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2049 | 23500 | 24473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2054 | 16250 | 16782 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Municipal Products Trust, Inc., Series 2025-E, Rev., LOC: Royal Bank of Canada, LIQ: Royal Bank of Canada, 3.35%, 09/01/2026 (e) (z) | 12475 | 12475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority, Capital Manor Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/15/2032 | 185 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/15/2040 | 750 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salem Hospital Facility Authority, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2046 | 3000 | 3005 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, GO, 5.25%, 05/01/2042 | 500 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon Department of Transportation, Subordinate, Series A, Rev., 5.00%, 11/15/2036 | 9095 | 9742 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon Housing & Community Services Department, Series C, Rev., 3.00%, 01/01/2052 | 2715 | 2685 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 209

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oregon — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon Housing & Community Services Department, Single Family Mortgage Program, Series A, Rev., 3.00%, 07/01/2052 | 405 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Article XI Q, Series F, GO, 5.00%, 05/01/2030 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Article XI Q State Project, GO, 5.00%, 05/01/2030 | 405 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Article XI-Q State Project, Series A, GO, 5.00%, 05/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Veterans Welfare Bonds, GO, 5.50%, 12/01/2053 | 225 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon, Veterans Welfare Bonds Series, GO, 3.00%, 12/01/2051 | 920 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamhill Clackamas & Washington Counties School District No. 29J Newberg, Series B, GO, SCH BD GTY, 4.00%, 06/15/2039 | 3620 | 3655 |
|  |  | 125711 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Territory — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Multifamily ML Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 0.00%, 12/25/2036 (z) | 1739 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 0.00%, 11/25/2038 (z) | 11835 | 11152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 0.00%, 12/25/2038 (z) | 3958 | 3494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 0.00%, 08/25/2040 (z) | 3563 | 3603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-ML10, Class AUS, Rev., 2.03%, 01/25/2038 (e) | 326 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Multifamily VRD Certificates, Series A, Rev., 2.25%, 12/15/2037 | 935 | 743 |
|  |  | 20998 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adams County General Authority, Rev., 5.00%, 06/01/2039 | 1750 | 1839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 01/01/2046 | 11800 | 10593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 01/01/2056 | 8920 | 7681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2039 | 2635 | 2674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, Health Network Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2033 | 1000 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/01/2047 | 1560 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center, Rev., 4.00%, 07/15/2037 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Sanitary Authority, Rev., 5.75%, 06/01/2047 | 2250 | 2442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County, Hospital Development Authority, Pittsburg University Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 07/15/2036 | 4795 | 4845 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/15/2027 | 765 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County, Sanitary Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 06/01/2035 | 400 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 06/01/2036 | 675 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 06/01/2030 | 500 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allentown Commercial and Industrial Development Authority, Executive Education Academy, Rev., 5.00%, 07/01/2040 (e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 05/01/2032 (e) | 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 05/01/2032 (e) | 1250 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development Authority, Forward Delivery, Rev., 5.00%, 05/01/2042 | 1000 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development Authority, Neuweiler Lofts Project, Rev., 6.25%, 05/01/2042 (e) | 2010 | 2030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allentown Neighborhood Improvement Zone Development Authority, Senior Tax Revenue, Rev., 6.00%, 05/01/2042 (e) | 180 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berks County Municipal Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 0.00%, 06/30/2044 | 1647 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/30/2039 | 3054 | 2749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 06/30/2034 | 243 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 7.00%, 06/30/2039 | 700 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 8.00%, 06/30/2034 | 510 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Region Water, Water Revenue, Rev., 5.00%, 07/15/2032 | 1000 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chester County Industrial Development Authority, Avon Grove Charter School, Rev., 5.00%, 03/01/2027 | 185 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chester County School Authority, Chester County Intermediate Unit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 04/01/2037 | 1000 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 04/01/2039 | 1000 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 04/01/2040 | 1550 | 1676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 04/01/2043 | 1000 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Lancaster, GO, BAM, 5.00%, 11/01/2047 | 6665 | 6817 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2047 | 8270 | 8325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2034 | 5680 | 5810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2035 | 2235 | 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 4.00%, 07/01/2050 | 1500 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 07/01/2028 | 10000 | 10506 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Airport Revenue, Private Activity, Rev., AMT, 4.00%, 07/01/2041 | 1100 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia PA Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2029 | 1435 | 1536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2042 | 4440 | 4476 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 210 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.25%, 07/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.25%, 07/01/2043 | 2400 | 2571 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia Water & Wastewater Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2040 | 2790 | 2971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2045 | 7000 | 7246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 06/01/2042 | 4650 | 4975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Tobacco Master Settlement Payment, Rev., 4.00%, 06/01/2039 | 37340 | 36772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania, Series 1, GO, 4.00%, 03/01/2035 | 3650 | 3725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania, Bidding Group C First Series, Series 1, GO, 4.00%, 09/01/2040 | 5000 | 5141 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lehigh, Lehigh Valley Health Network, Rev., 5.00%, 07/01/2044 | 1350 | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lehigh, St. Luke's Hospital Project, Rev., (SIFMA Municipal Swap Index + 1.10%), 4.42%, 08/15/2038 (aa) | 355 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Municipal Authority, Rev., 5.00%, 05/01/2030 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Municipal Authority, Unrefunded Diakon Lutheran, Rev., 5.00%, 01/01/2038 | 2035 | 2036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware Valley Regional Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMBAC, 5.50%, 08/01/2028 | 2795 | 2985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., (CME Term SOFR 3 Month \* 0.67 + 0.75%), 3.47%, 06/01/2037 (aa) | 250 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Doylestown Hospital Authority, Rev., 5.00%, 07/01/2046 | 11195 | 11223 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuBois Hospital Authority, Penn Highlands Healthcare Bay, Rev., BAM, 4.00%, 07/15/2043 | 6450 | 6056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Sewer Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 12/01/2043 | 1440 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 12/01/2046 | 2500 | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geisinger Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/15/2039 | 3150 | 3125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/15/2047 | 2500 | 2222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2039 | 2155 | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geisinger Authority, Geisinger Health System Obligated Group, Rev., 5.00%, 04/01/2050 | 7000 | 7071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geisinger Authority, Geisinger Health System Obligation Group, Rev., 4.00%, 04/01/2039 | 10500 | 10423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geisinger Authority, Geisinger Health System Se, Rev., 5.00%, 02/15/2045 | 5560 | 5594 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospitals & Higher Education Facilities Authority of Philadelphia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2033 | 2950 | 2993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2034 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority, Auth Masonic Villages Project, Rev., 5.13%, 11/01/2038 | 1675 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority, Penn State Health, Rev., 5.00%, 11/01/2037 | 600 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster County Hospital Authority/PA, Rev., 5.00%, 08/15/2046 | 1960 | 1966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster Industrial Development Authority, Landis Homes Retirement Community, Rev., 4.00%, 07/01/2056 | 765 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster Municipal Authority, Rev., 5.00%, 05/01/2049 | 900 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lehigh County Industrial Development Authority, PPL Electric Utilities Project, Series A, Rev., 3.00%, 09/01/2029 | 3455 | 3467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroe County Hospital Authority/PA, Rev., 5.10%, 06/15/2039 (e) | 4890 | 4926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monroeville Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/15/2029 | 1425 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/15/2038 | 1200 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/15/2039 | 2000 | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Rev., 4.00%, 05/01/2038 | 250 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Rev., 4.00%, 09/01/2044 | 1610 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Rev., 5.00%, 11/15/2049 | 5000 | 5006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Constellation Energy, Rev., 4.10%, 04/01/2053 (z) | 8435 | 8652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Retirement Life Communities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2033 | 1500 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/15/2045 | 2780 | 2802 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Castle Sanitation Authority, Series A, Rev., 3.00%, 06/01/2029 | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norristown Area School District, GO, 5.00%, 09/01/2026 | 1500 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northampton County General Purpose Authority, Rev., 5.00%, 08/15/2048 | 1125 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northampton County General Purpose Authority, St. Luke's University Health Network |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2046 | 5030 | 5040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2049 | 4000 | 4097 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 211

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Manor School District, Series A, GO, 4.00%, 03/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3205 | 3207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.45%, 04/01/2034 (z) | 1040 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/15/2048 | 2055 | 1823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.25%, 07/01/2041 (z) | 8000 | 8088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2038 | 1890 | 1895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/01/2038 (z) | 1500 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority Parking System Revenue, Senior Insured Capitol |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2041 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2042 | 1035 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.13%, 01/01/2043 | 1070 | 1065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2034 | 2000 | 2176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Core Natural Resources, Inc., Rev., AMT, 5.45%, 01/01/2051 (e) (z) | 500 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Covanta Project Sustainable, Rev., AMT, 3.25%, 08/01/2039 (e) | 2515 | 1982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Pennsylvania Bridges Finco LP P3 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2030 | 3460 | 3479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2034 | 10670 | 10718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/30/2042 | 1250 | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Philadelphia Biosolids Facility |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2028 | 1590 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2029 | 450 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 01/01/2031 | 800 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Republic Services, Inc. Project, Series B1, Rev., AMT, 3.45%, 04/01/2049 (z) | 6540 | 6540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2057 | 6730 | 6638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 06/30/2035 | 1500 | 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 06/30/2042 | 5640 | 6027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.75%, 06/30/2048 | 3750 | 3924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.75%, 12/31/2062 | 2500 | 2611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 6.00%, 06/30/2061 | 1150 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, The PennDOT Major Bridges, Rev., AMT, 5.25%, 06/30/2053 | 2000 | 2027 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, UPMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 03/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | 3915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 4.00%, 04/15/2045 | 5440 | 4938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 02/15/2042 | 1330 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, UPMC Obligated Group, Series B, Rev., 5.00%, 03/15/2050 | 6000 | 6113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Villanova University Project, Rev., 5.00%, 08/01/2049 | 2525 | 2645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Waste Management Project, Rev., 0.95%, 12/01/2033 (z) | 2000 | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Rev., AMT, 1.10%, 06/01/2031 (z) | 2000 | 1955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.40%, 08/01/2045 (z) | 3400 | 3401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.60%, 10/01/2046 (z) | 10000 | 10034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/01/2031 | 1270 | 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., AMT, 4.75%, 06/01/2046 | 1170 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., AMT, 5.00%, 06/01/2030 | 700 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., AMT, 5.00%, 06/01/2031 | 2130 | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., AMT, 5.00%, 06/01/2032 | 4150 | 4457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., AMT, 5.00%, 06/01/2033 | 8810 | 9474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., AMT, 5.00%, 06/01/2034 | 3500 | 3734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 2.45%, 06/01/2041 | 75 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 06/01/2026 | 95 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Education Assistance Agency, Senior |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.13%, 06/01/2045 | 395 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 06/01/2028 | 3775 | 3878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/15/2049 | 4000 | 3595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 08/15/2055 | 2500 | 2712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, Trustees University, Series A, Rev., 4.00%, 02/15/2043 | 1000 | 987 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 212 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | 2536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2049 | 3000 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, University Pennsylvania Health System, Series A, Rev., 4.00%, 08/15/2035 | 1170 | 1181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, Unrefunded 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AT1, Rev., 4.00%, 06/15/2032 | 2790 | 2795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AT1, Rev., 4.00%, 06/15/2035 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.50%, 10/01/2044 | 5000 | 5021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.60%, 10/01/2044 | 7500 | 7553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 10/01/2054 | 3700 | 4015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 124B, Rev., 3.65%, 10/01/2042 | 1870 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 129, Rev., 3.40%, 10/01/2049 | 1400 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 133, Rev., 3.00%, 10/01/2050 | 2010 | 1987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 149A, Rev., 6.50%, 10/01/2055 | 1875 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 150A, Rev., 4.90%, 10/01/2040 | 7500 | 7884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Fairhill Phase I, Rev., HUD, 3.15%, 01/01/2046 (z) | 900 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Social Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.85%, 10/01/2043 | 4000 | 4092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 10/01/2053 | 1285 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Social Bonds, Series 141A, Rev., 5.75%, 10/01/2053 | 2445 | 2598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Sustainable Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 144A, Rev., 4.45%, 10/01/2044 | 2000 | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 144A, Rev., 6.00%, 10/01/2054 | 2395 | 2590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Sustainable Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 151-A, Rev., 6.25%, 10/01/2055 | 6000 | 6859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022, Rev., 4.25%, 10/01/2052 | 1410 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2037 | 2100 | 2426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2043 | 715 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2045 (z) | 1440 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 12/01/2027 | 1000 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 12/01/2034 | 1000 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 12/01/2046 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2041 | 1250 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2053 | 6380 | 6643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 12/01/2044 | 2500 | 2587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, Rev., 5.25%, 06/01/2047 | 2465 | 2498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 12/01/2039 | 3000 | 3067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2026 | 400 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2027 | 500 | 524 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2041 | 1680 | 1877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2043 | 460 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 12/01/2047 | 3000 | 3176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 12/01/2040 | 1400 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 12/01/2042 | 1555 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 12/01/2027 | 345 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 12/01/2041 | 1560 | 1676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 12/01/2046 | 2110 | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Subordinate, Series B, Rev., 5.00%, 12/01/2038 | 1500 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Motor License, Rev., 5.00%, 12/01/2040 | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Subordinate, Rev., 5.00%, 12/01/2030 | 1750 | 1829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Subordinated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, LOC: Bank of America NA, 3.32%, 01/07/2026 (z) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B2, Rev., 5.00%, 06/01/2027 | 2480 | 2561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2033 | 1250 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2039 (e) | 740 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Children's Hospital of Philadelphia, Rev., 4.00%, 07/01/2037 | 2000 | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, String Theory Charter School, Rev., 5.00%, 06/15/2040 (e) | 900 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, Thomas Jefferson University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2032 | 1110 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2035 | 1105 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 09/01/2047 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Gas Works Co., Series A, Rev., 4.00%, 08/01/2045 | 5000 | 4835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenixville Area School District, GO, 4.00%, 11/15/2040 | 695 | 701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pittsburgh School District, GO, BAM, 4.00%, 09/01/2042 | 2240 | 2226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pittsburgh Water & Sewer Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 09/01/2036 | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 09/01/2038 | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 09/01/2045 | 2250 | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pittsburgh Water & Sewer Authority, First Lien, Series A, Rev., 5.00%, 09/01/2048 | 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ridley School District, GO, BAM, 5.25%, 11/15/2039 | 4545 | 4840 |
| &nbsp;&nbsp;&nbsp;&nbsp; School District of Philadelphia, Series A, GO, BAM, 4.00%, 09/01/2039 | 7500 | 7673 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 213

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; School District of Philadelphia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 09/01/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 1858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 09/01/2046 | 6610 | 6152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2027 | 610 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2031 | 245 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 09/01/2035 | 3000 | 3133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 09/01/2035 | 5000 | 5064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 09/01/2037 | 2000 | 2022 |
| &nbsp;&nbsp;&nbsp;&nbsp; School District of Philadelphia (The), Green Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 09/01/2027 | 895 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 09/01/2028 | 485 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 09/01/2029 | 450 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scranton School District, Series E, GO, BAM, 4.00%, 12/01/2037 | 1025 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeastern Pennsylvania Transportation Authority, Asset Improvement Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2041 | 3000 | 3277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2042 | 1500 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2047 | 7750 | 8134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sports & Exhibition Authority of Pittsburgh and Allegheny County |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2027 | 2250 | 2302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2028 | 2590 | 2707 |
| &nbsp;&nbsp;&nbsp;&nbsp; State College Area School District, GO, 5.00%, 03/15/2040 | 2500 | 2501 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2032 | 4520 | 4592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2033 | 3320 | 3370 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, Northampton County Area Community |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 03/01/2029 | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 03/01/2030 | 640 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 03/01/2031 | 500 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 03/01/2027 | 715 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 03/01/2028 | 755 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, Philadelphia Community College, Rev., BAM, 5.00%, 06/15/2028 | 5505 | 5510 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Public School Building Authority, Philadelphia School District, Rev., 5.00%, 06/01/2030 | 3480 | 3538 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Pennsylvania State University, Rev., 5.00%, 09/01/2043 | 1570 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp; The School District of Philadelphia, Series A, GO, 5.00%, 09/01/2044 | 16500 | 16854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union County Hospital Authority, Evangelical Community Hospital, Rev., 5.00%, 08/01/2048 | 7500 | 7470 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Pittsburgh-of the Commonwealth System of Higher Education, Panthers Pitt Asset Notes, Rev., 5.00%, 04/15/2032 | 5000 | 5693 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Pittsburgh-of the Commonwealth System of Higher Education, University Capital Project, Rev., 5.00%, 02/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5720 | 6764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westmoreland County Industrial Development Authority, Excela Health Project, Series A, Rev., 5.00%, 07/01/2028 | 1400 | 1448 |
|  |  | 675844 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Puerto Rico — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, Note Claims, 0.00%, 11/01/2051 (z) | 9754 | 5706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, Restructured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 4.00%, 07/01/2033 | 481 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.63%, 07/01/2027 | 5045 | 5153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.63%, 07/01/2029 | 2000 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 5.75%, 07/01/2031 | 2008 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Zero Coupon, 07/01/2033 | 7410 | 5362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, Subordinate, Note Claims, Series CW, 0.00%, 11/01/2043 (z) | 15836 | 10135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico, Subordinated, Note Claims, Series CL, 0.00%, 11/01/2051 (z) | 4180 | 2733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AAA, Rev., 5.25%, 07/01/2023 (d) | 100 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CCC, Rev., 4.63%, 07/01/2025 (d) | 100 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DDD, Rev., 5.00%, 07/01/2020 (d) | 570 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NN, Rev., NATL, 4.75%, 07/01/2033 | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT, Rev., 5.00%, 07/01/2020 (d) | 285 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT, Rev., 5.00%, 07/01/2021 (d) | 100 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT, Rev., 5.00%, 07/01/2037 (d) | 1200 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX, Rev., 4.63%, 07/01/2025 (d) | 100 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series XX, Rev., 4.75%, 07/01/2026 (d) | 295 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Rev., 4.25%, 07/01/2020 (d) | 470 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Rev., 5.25%, 07/01/2019 (d) | 580 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series ZZ, Rev., 5.25%, 07/01/2023 (d) | 500 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority, Libor, Series UU, Rev., (CME Term SOFR 3 Month \* 0.67 + 0.52%), 3.36%, 07/01/2029 (aa) | 365 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., Zero Coupon, 07/01/2031 | 2925 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 07/01/2058 | 21950 | 21132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 4.55%, 07/01/2040 | 1385 | 1385 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 214 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Puerto Rico — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 4.75%, 07/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | 2828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 4.33%, 07/01/2040 | 10000 | 9784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A2, Rev., 4.78%, 07/01/2058 | 2250 | 2101 |
|  |  | 76782 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Rhode Island — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Rev., 5.25%, 05/15/2054 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Brown University, Series A, Rev., 4.00%, 09/01/2037 | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Lifespan Health System, Rev., 5.00%, 05/15/2039 | 5500 | 5508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Housing & Mortgage Finance Corp., Rev., FHA, 3.60%, 10/01/2054 (z) | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Housing and Mortgage Finance Corp., Series 71, Rev., GNMA COLL, 3.75%, 10/01/2049 | 180 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73A, Rev., 0.95%, 04/01/2026 | 500 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73A, Rev., 1.10%, 04/01/2027 | 300 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73A, Rev., 1.65%, 10/01/2029 | 715 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 73A, Rev., 3.00%, 10/01/2050 | 665 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Housing and Mortgage Finance Corp., Social Bonds, Series 75A, Rev., 3.00%, 10/01/2051 | 1630 | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Student Loan Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.63%, 12/01/2037 | 690 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.13%, 12/01/2041 | 915 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.13%, 12/01/2043 | 1345 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 12/01/2044 | 3895 | 3923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Student Loan Authority, Senior Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 12/01/2029 | 370 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 4.13%, 12/01/2043 | 1835 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Turnpike & Bridge Authority, Rev., 5.00%, 10/01/2040 | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Series B, Rev., 4.50%, 06/01/2045 | 1945 | 1927 |
|  |  | 24333 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Carolina — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charleston County Airport District, Rev., 5.00%, 07/01/2042 | 1650 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Columbia Waterworks & Sewer System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 | 2745 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Carolina — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 02/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | 5004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/01/2036 | 1085 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/01/2037 | 1500 | 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/01/2038 | 1500 | 1675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lexington County Health Services District, Inc., Lexmed Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2030 | 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/01/2031 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical University Hospital Authority, Indian Land Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., FHA, 5.25%, 05/15/2043 | 5105 | 5378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., FHA, 5.25%, 05/15/2044 | 4380 | 4587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., FHA, 5.25%, 11/15/2050 | 2500 | 2574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patriots Energy Group Financing Agency, Series B1, Rev., 5.25%, 02/01/2054 (z) | 14400 | 15567 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.50%, 11/01/2054 | 2300 | 2232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2038 | 3975 | 3978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/01/2047 (p) | 7480 | 7285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 11/01/2046 | 2000 | 2155 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, American Leadership Academy, Rev., 5.50%, 06/15/2033 | 9500 | 9401 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Beaufort Memorial Hospital & South of Broad Healthcare Projects, Rev., 5.50%, 11/15/2044 | 500 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, McLeod Health Projects, Rev., 5.00%, 11/01/2048 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Series A, Rev., 5.00%, 05/01/2030 | 1500 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Prisma Health Obligation Group, Rev., 5.00%, 05/01/2043 | 2000 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Rolling Green Village Project, Rev., 5.75%, 12/01/2060 (e) | 1585 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Ports Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2043 | 5680 | 5748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2055 | 2000 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2037 | 3250 | 3678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2039 | 4000 | 4309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2042 | 3250 | 3519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2043 | 2800 | 2976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2033 | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2034 | 2000 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2037 | 2000 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2038 | 520 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 | 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2029 | 85 | 92 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 215

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Carolina — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | 4961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2032 | 1000 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2037 | 2025 | 2283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2043 | 1500 | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.25%, 12/01/2050 | 3000 | 3153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2036 | 2200 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2040 | 1000 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 12/01/2041 | 2000 | 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Bond Exchange, Series A, Rev., 5.00%, 12/01/2050 | 4290 | 4290 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Obligations, Series C, Rev., 5.00%, 12/01/2027 | 1600 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Unrefunded Obligations, Series E, Rev., 5.25%, 12/01/2055 | 7000 | 7002 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 01/01/2055 | 3255 | 3600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.00%, 01/01/2052 | 465 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2052 | 615 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 07/01/2055 | 3290 | 3733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 3.25%, 01/01/2052 | 3850 | 3825 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina State Housing Finance & Development Authority, Seneca Mill Lofts Apartments Project, Rev., 3.25%, 01/01/2046 (z) | 4120 | 4134 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Transportation Infrastructure Bank, Rev., 5.00%, 10/01/2039 | 5000 | 5138 |
|  |  | 158663 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Dakota — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lincoln, GO, 5.00%, 12/01/2048 | 3000 | 3109 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Lincoln, Augustana College Association, Rev., 4.00%, 08/01/2041 | 250 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Dakota Health & Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/01/2045 | 2525 | 2531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2046 | 2000 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Dakota Health & Educational Facilities Authority, Avera Health, Series A, Rev., 5.25%, 07/01/2054 | 10000 | 10498 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 11/01/2055 | 3180 | 3560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 11/01/2055 | 1035 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 3.50%, 05/01/2051 | 580 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3945 | 4270 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Dakota — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority, Homeownership Mortgage, Series B, Rev., 3.00%, 11/01/2051 | 1760 | 1735 |
|  |  | 29699 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tennessee — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chattanooga Health Educational & Housing Facility Board, Commonspirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., 5.00%, 08/01/2028 | 305 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/01/2044 | 1000 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Clarksville Water Sewer & Gas Revenue, Rev., 5.00%, 02/01/2041 (p) | 965 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Memphis Storm Water System Revenue, Rev., 5.00%, 10/01/2044 | 3365 | 3419 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2031 | 600 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2032 | 850 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 12/01/2050 | 1225 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland Health & Educational Facilities Board, Rev., 5.25%, 08/15/2054 | 14700 | 15454 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Coffee, GO, 5.00%, 06/01/2026 | 250 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Rutherford TN, GO, 3.00%, 04/01/2033 | 6625 | 6582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson City Health & Educational Facilities Board, Tapestry at Roan Hill, Rev., HUD, 3.60%, 12/01/2027 (z) | 3000 | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knox County Health Educational & Housing Facility Board, University of Tennessee Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., BAM, 5.00%, 07/01/2039 | 500 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, Rev., BAM, 5.25%, 07/01/2049 | 1365 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knoxville's Community Development Corp., Willow Place Project, Rev., HUD, 3.75%, 12/01/2027 (z) | 2400 | 2405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Memphis-Shelby County Airport Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2032 | 270 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2043 | 2055 | 2075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Belmont University, Rev., 5.25%, 05/01/2048 | 1250 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, HV Land Co. Apartments, Rev., 3.35%, 06/01/2044 (z) | 1550 | 1550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Parkwood Villa Apartments, Rev., 3.15%, 12/01/2042 (z) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1002 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 216 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tennessee — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Vanderbilt University Medical Center, Rev., 5.00%, 07/01/2046 | 1285 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bond, Vanderbilt University Medical Center, Series A, Rev., 5.00%, 07/01/2040 | 7555 | 7596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Sports Authority, Series A, Rev., 5.25%, 07/01/2053 | 4000 | 4165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Sports Authority, Stadium Project Senior Lien, Series A, Rev., 5.25%, 07/01/2048 | 2925 | 3071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County Electric Revenue, Series A, Rev., 5.00%, 05/15/2043 | 1500 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue, Rev., 5.00%, 07/01/2039 | 2045 | 2313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Knoxville Airport Authority, Series A, Rev., 5.25%, 06/01/2054 | 4235 | 4441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Nashville Airport Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2026 | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 07/01/2027 | 170 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.25%, 07/01/2033 | 270 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.25%, 07/01/2047 | 3500 | 3618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.50%, 07/01/2038 | 1625 | 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rutherford County Health & Educational Facilities Board, Ascension Senior Credit, Rev., 5.00%, 11/15/2048 (z) | 5685 | 6216 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Tennessee, GO, 5.00%, 05/01/2041 | 7470 | 8187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennergy Corp., Series A, Rev., 4.00%, 12/01/2051 (z) | 5500 | 5593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennergy Corp., Gas Supply Bonds, Series A, Rev., 5.50%, 10/01/2053 (z) | 5000 | 5363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/01/2052 (z) | 18000 | 19229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2035 | 28305 | 30436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Energy Acquisition Corp., Gas Project, Series A1, Rev., 5.00%, 05/01/2053 (z) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | 9253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency, Series 2A, Rev., 6.00%, 01/01/2056 | 1295 | 1450 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Tennessee — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee Housing Development Agency, Sustainable Bonds, Series 1A, Rev., 4.50%, 07/01/2044 | 1220 | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williamson County Industrial Development Board, Wood Duck Court Apartments, Rev., HUD, 5.00%, 05/01/2042 (z) | 1460 | 1484 |
|  |  | 163259 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamo Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/15/2042 | 2505 | 2713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/15/2045 | 6740 | 7127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alief Independent School District, GO, PSF-GTD, 2.00%, 02/15/2038 | 1890 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allen Independent School District, GO, PSF-GTD, 4.38%, 02/15/2050 | 2600 | 2591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anson Education Facilities Corp., Arlington Classics Academy, Rev., 5.00%, 08/15/2045 | 1370 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.88%, 06/15/2054 (e) | 1050 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2035 (e) | 2500 | 2634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., PSF-GTD, 4.00%, 08/15/2026 | 265 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., PSF-GTD, 4.00%, 08/15/2030 | 425 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., PSF-GTD, 5.00%, 08/15/2031 | 555 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Legacy Traditional Schools |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.13%, 02/15/2041 | 815 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 02/15/2042 (e) | 250 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austin Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2048 | 3500 | 3646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.25%, 08/01/2053 | 1500 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austin Convention Enterprises, Inc., First Tier Convention Center, Rev., 5.00%, 01/01/2033 | 1125 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austin Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2026 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/01/2038 | 500 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barbers Hill Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2032 | 500 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2035 | 3000 | 3338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bastrop Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040 | 2000 | 2183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beaumont Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 3.00%, 02/15/2033 | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2028 | 1535 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bells Independent School District, GO, PSF-GTD, 4.25%, 02/15/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310 | 2227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bexar County Hospital District, Certificates Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 02/15/2039 | 1090 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/15/2043 | 2750 | 2911 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 217

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bexar County Hospital District, Certificates of Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/15/2036 | 370 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/15/2037 | 230 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Board of Regents of the University of Texas System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 08/15/2030 | 1000 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 08/15/2027 | 1000 | 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boerne Independent School District, GO, PSF-GTD, 3.13%, 02/01/2053 (z) | 1735 | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazoria County Municipal Utility District No. 40 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 09/01/2038 | 685 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.13%, 09/01/2039 | 720 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazoria County Toll Road Authority, Subordinated Lien, Series A, Rev., CNTY GTD, 5.00%, 03/01/2033 | 1670 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazos Higher Education Authority, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 04/01/2045 | 2110 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Rev., AMT, 4.50%, 04/01/2046 | 7320 | 7453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazosport Independent School District, GO, PSF-GTD, 5.00%, 02/15/2030 | 1925 | 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Area Housing Finance Corp., Redwood Apartments, Rev., 3.20%, 01/01/2041 (z) | 2395 | 2395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrollton-Farmers Branch Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 02/15/2053 | 5000 | 4604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2026 | 2500 | 2507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Castleberry Independent School District, GO, PSF-GTD, 5.00%, 02/15/2041 | 700 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celina Independent School District, GO, PSF-GTD, 5.00%, 02/15/2031 | 500 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2037 | 1285 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2040 | 800 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2051 | 1250 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2037 | 1000 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2046 | 7800 | 8014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., BAN, 5.00%, 01/01/2027 | 2000 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2032 | 2750 | 3104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2039 | 600 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2040 | 500 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2045 | 3595 | 3685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.00%, 01/01/2033 | 480 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 5.00%, 01/01/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 | 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Subordinated Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2037 | 1000 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2038 | 1000 | 1129 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Turnpike System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2037 | 10000 | 11260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2038 | 7690 | 8611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2040 | 2500 | 2750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chapel Hill Independent School District/Smith County, GO, PSF-GTD, 5.00%, 02/15/2039 | 700 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Austin, Certificates Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2032 | 1750 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2033 | 1100 | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2034 | 1750 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Arlington TX Water & Wastewater System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2037 | 1445 | 1631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2039 | 1445 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Arlington, Tax, Increment Reinvestment Zone, Tax Allocation, 4.00%, 08/15/2041 | 1000 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2039 | 2675 | 3038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2040 | 1000 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2041 | 2430 | 2709 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/15/2041 | 1500 | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/15/2042 | 1585 | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/15/2043 | 3500 | 3665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/15/2044 | 2500 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin Electric Utility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2048 | 6210 | 6467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2031 | 1595 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin TX Water & Wastewater System Revenue, Rev., 5.00%, 11/15/2041 | 6500 | 7172 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin Water & Wastewater System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2036 | 185 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2041 | 1510 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2041 | 7000 | 7068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/15/2032 | 1000 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin, Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/15/2029 | 1400 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 11/15/2040 | 1500 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2030 | 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2033 | 1130 | 1143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2036 | 3335 | 3416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 11/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin, Electric Utility Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2038 | 1265 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2037 | 1505 | 1598 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 218 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/15/2038 | 1340 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin, Public Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2033 | 5000 | 5771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 09/01/2034 | 2800 | 3263 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin, Refunding & Public Improvement, GO, 5.00%, 09/01/2033 | 620 | 681 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Beaumont TX Waterworks & Sewer System Revenue, Rev., BAM, 5.00%, 09/01/2049 | 2000 | 2062 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Celina TX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, BAM, 5.00%, 09/01/2040 | 1200 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special Assessment, 5.25%, 09/01/2046 (e) | 1120 | 1121 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Celina, Mosaic Public Improvement District Special Assessment, 5.13%, 09/01/2044 (e) | 2150 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Corpus Christi TX Utility System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/15/2041 | 2110 | 2307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/15/2042 | 2750 | 2972 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Corpus Christi, Utility System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/15/2028 | 1885 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/15/2039 | 1000 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dallas Housing Finance Corp., Rev., FHA, 5.00%, 08/01/2027 (z) | 350 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dallas Housing Finance Corp., Estates at Ferguson, Rev., 5.00%, 07/01/2042 (z) | 1010 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dallas TX, GO, 4.00%, 02/15/2043 | 6000 | 5899 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dallas Waterworks & Sewer System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2032 | 1250 | 1270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/01/2047 | 5000 | 5271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 10/01/2031 | 1500 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dallas, Fair Park Venue Project Senior, Special Tax, 6.25%, 08/15/2053 (e) (z) | 3400 | 3402 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Dallas, Waterworks & Sewer System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 10/01/2039 | 7470 | 7573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 4.00%, 10/01/2040 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 10/01/2029 | 1125 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Denton, GO, 2.00%, 02/15/2032 | 1345 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Denton, Certificates Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 02/15/2034 | 2565 | 2310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 2.00%, 02/15/2035 | 2625 | 2318 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Eagle Pass, Certificates Obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 03/01/2039 | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 03/01/2041 | 680 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of El Paso TX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.00%, 08/15/2042 (p) | 10900 | 10796 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Fort Worth, GO, 4.00%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | 1198 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Fort Worth TX Water & Sewer System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2037 | 2305 | 2566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2038 | 1390 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2041 | 710 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Galveston TX Wharves & Terminal Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 08/01/2039 | 750 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 08/01/2041 | 1050 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 08/01/2042 | 700 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 08/01/2043 | 1100 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 08/01/2044 | 700 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Haslet, Improvement Area Second Project, Special Assessment, 3.25%, 09/01/2031 (e) | 500 | 457 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.25%, 07/15/2033 | 3000 | 3219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 07/01/2028 | 470 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System Revenue, Subordinated Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2035 | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 4.00%, 07/01/2040 | 3570 | 3464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2028 | 1440 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2029 | 1580 | 1688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2034 | 2500 | 2673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2037 | 2000 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2026 | 1000 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 07/01/2027 | 995 | 1030 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System Revenue, United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.50%, 07/15/2037 | 8565 | 9309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.50%, 07/15/2039 | 2000 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System Revenue, United Airlines, Inc. Terminal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 07/15/2041 | 4365 | 3966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/15/2033 | 6000 | 6437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/15/2034 | 4000 | 4304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 07/15/2035 | 6240 | 6810 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Combined Utility System Revenue, First Lien, Series A, Rev., 4.00%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Hotel Occupancy Tax & Special Revenue, Convention & Entertainment, Rev., 4.00%, 09/01/2029 | 280 | 293 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 219

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston TX, GO, 5.25%, 03/01/2049 | 16000 | 17020 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston TX Airport System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 07/01/2040 | 2850 | 3130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.50%, 07/01/2043 | 2500 | 2726 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston, Airport System Revenue, Special Facilities, United Airlines, Inc., Rev., AMT, 5.00%, 07/15/2028 | 600 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston, Combined Utility System Revenue, First Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2029 | 1100 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 11/15/2029 | 3100 | 3383 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Hutto TX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 4.13%, 08/01/2049 | 2500 | 2373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 08/01/2043 | 1220 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Justin, Timberbrook Public Improvement, Special Assessment, 3.00%, 09/01/2031 (e) | 315 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Lavon, Elevon Public Improvement District, Special Assessment, 5.00%, 09/15/2044 (e) | 500 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Lubbock Electric Light & Power System Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2026 | 800 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2027 | 785 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2035 | 1345 | 1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2038 | 1045 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/15/2040 | 1200 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of McKinney Waterworks & Sewer System Revenue, Rev., 5.00%, 03/15/2026 | 350 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Mesquite, Solterra Public Improvement District Improvement, Special Assessment, 5.50%, 09/01/2045 (e) | 750 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Palestine, Certificates Obligation, GO, 4.00%, 02/15/2046 | 5000 | 4696 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Pflugerville, Certificates of Obligation, GO, 4.00%, 08/01/2049 | 2750 | 2530 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Plano, GO, 4.00%, 09/01/2043 | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Round Rock TX, GO, 4.13%, 08/15/2046 | 3210 | 3113 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/01/2042 | 2380 | 2597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/01/2044 | 2250 | 2415 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio Electric & Gas Systems Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660 | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2033 | 1795 | 1837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2035 | 1650 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/01/2038 | 4000 | 4582 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 02/01/2040 | 3000 | 3338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 02/01/2049 | 5000 | 5317 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio Electric & Gas Systems Revenue, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/01/2037 | 1000 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.08%, 02/01/2055 (z) | 17930 | 17990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/01/2035 | 2200 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 1.13%, 12/01/2045 (z) | 6510 | 6375 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio TX Electric & Gas Systems Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2036 | 1680 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2040 | 1000 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 02/01/2044 | 1660 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 02/01/2049 | 4000 | 4253 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio, Electric & Gas Systems Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/01/2027 | 2000 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 5.25%, 02/01/2054 | 4500 | 4770 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Sugar Land TX, GO, 5.00%, 02/15/2037 | 1060 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Texas City TX, GO, 5.00%, 02/15/2045 | 10455 | 10933 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Waco TX, GO, 5.00%, 02/01/2049 | 3000 | 3144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Creek Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2044 | 2875 | 3073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 5.00%, 02/15/2033 | 760 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleburne Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2036 (p) | 1065 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 4.00%, 08/15/2044 | 4045 | 3875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 4.00%, 02/15/2055 (z) | 7000 | 7311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 08/15/2035 | 1300 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 08/15/2037 | 500 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 08/15/2038 | 2905 | 3205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 08/15/2041 | 2550 | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 08/15/2042 | 625 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 08/15/2044 | 2270 | 2394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.25%, 02/15/2043 | 3900 | 4187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.25%, 02/15/2044 | 2000 | 2130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., Idea Public School |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.00%, 08/15/2026 | 1840 | 1865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 08/15/2035 | 415 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 08/15/2047 | 1300 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 4.00%, 08/15/2036 | 700 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 4.00%, 08/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 5.00%, 08/15/2026 | 55 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 5.00%, 08/15/2027 | 30 | 31 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 220 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 5.00%, 08/15/2028 | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, Rev., PSF-GTD, 5.00%, 08/15/2030 | 215 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., International Leadership of Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.25%, 02/15/2045 | 1000 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., PSF-GTD, 5.25%, 02/15/2049 | 2000 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clifton Higher Education Finance Corp., International Leadership of Texas, Inc., Rev., PSF-GTD, 5.00%, 08/15/2028 | 900 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collin County Community College District, Series A, GO, 4.00%, 08/15/2035 | 1600 | 1637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comal Independent School District, GO, PSF-GTD, 5.00%, 02/01/2042 | 750 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conroe Independent School District, GO, PSF-GTD, 5.00%, 02/15/2038 | 3800 | 4333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cotulla Independent School District, GO, PSF-GTD, 5.00%, 02/15/2028 | 1250 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Bexar |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 06/15/2040 | 11085 | 11087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 06/15/2043 (p) | 2000 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Bexar TX, GO, 4.00%, 06/15/2038 | 2205 | 2232 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Collin, GO, 5.00%, 02/15/2029 | 2000 | 2145 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Dallas, Certificates of Obligation, GO, 5.00%, 08/15/2041 | 2550 | 2762 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Denton, GO, 5.00%, 07/15/2027 | 1000 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Denton TX, GO, 4.00%, 07/15/2043 | 2800 | 2760 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of El Paso, Series A, GO, 5.00%, 02/15/2027 | 1430 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Harris, Series A, GO, 5.00%, 10/01/2029 | 1150 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Harris, Subordinate, Series A, GO, 5.00%, 08/15/2026 | 1750 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Nueces, GO, 5.00%, 02/15/2029 | 460 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowley Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/01/2043 | 5000 | 5412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/01/2044 | 2750 | 2952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/01/2045 | 2630 | 2815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cypress-Fairbanks Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, PSF-GTD, 5.00%, 02/15/2037 | 2000 | 2273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, PSF-GTD, 5.00%, 02/15/2038 | 1330 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 12/01/2051 | 2000 | 1799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 11/01/2050 | 4000 | 4129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 11/01/2030 | 5000 | 5429 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Independent School District, Series B, GO, PSF-GTD, 3.00%, 02/15/2034 | 1370 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Metrocare Services, Rev., 5.25%, 11/01/2050 | 2250 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Del Valle Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 06/15/2031 | 3085 | 3253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 06/15/2032 | 3405 | 3582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 06/15/2033 | 5740 | 6012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 06/15/2034 | 3280 | 3418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denton Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2027 | 600 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2034 | 950 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2038 | 5000 | 5702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2042 | 2000 | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1, GO, PSF-GTD, 4.00%, 08/15/2055 (z) | 5000 | 5165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B2, GO, PSF-GTD, 4.00%, 08/15/2055 (z) | 1000 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, PSF-GTD, 5.00%, 08/15/2031 | 1335 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Mountain and Saginaw Independent School District, GO, PSF-GTD, 5.00%, 08/15/2043 | 3070 | 3319 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Montgomery County Improvement District, Sales Tax Revenue, Rev., 5.00%, 08/15/2041 | 500 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Paso County Hospital District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/15/2034 | 3205 | 3624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 02/15/2035 | 1800 | 2048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flour Bluff Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2041 | 2000 | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2042 | 3200 | 3449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2043 | 1800 | 1924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forney Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2040 | 600 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2043 | 2075 | 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.25%, 08/15/2041 | 500 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 3.00%, 08/15/2037 | 3585 | 3428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 3.00%, 08/15/2038 | 4950 | 4660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Bend Grand Parkway Toll Road Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., CNTY GTD, 5.00%, 03/01/2026 | 750 | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., CNTY GTD, 5.00%, 03/01/2027 | 285 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., CNTY GTD, 5.00%, 03/01/2029 | 390 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., CNTY GTD, 5.00%, 03/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Bend Independent School District, Series B, GO, PSF-GTD, 0.72%, 08/01/2051 (z) | 595 | 585 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 221

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fort Worth Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040 | 1750 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galveston County Municipal Utility District No. 59, GO, 4.25%, 06/01/2039 | 975 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garland Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2037 | 500 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 5.00%, 02/15/2037 | 3500 | 3911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgetown Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 2.00%, 08/15/2034 | 6155 | 5445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2043 | 2100 | 2267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goose Creek Consolidated Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 900 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Parkway Transportation Corp., Grand Parkway System, Rev., 4.00%, 10/01/2045 | 10125 | 9498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Texoma Utility Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.25%, 10/01/2042 | 1000 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.25%, 10/01/2045 | 1150 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Texoma Utility Authority, City of Sherman Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2037 | 3060 | 3425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2038 | 1450 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 10/01/2049 | 10000 | 10346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAM, 4.00%, 10/01/2043 | 1940 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenwood Independent School District, GO, PSF-GTD, 4.00%, 02/15/2054 | 5315 | 4918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Series A, Rev., 5.00%, 05/15/2050 (z) | 8000 | 8747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2041 | 1000 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., LOC: TD Bank NA, 2.35%, 10/01/2045 (z) | 2400 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 10/01/2037 | 1790 | 1819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2038 | 1000 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 10/01/2038 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Flood Control District, Series A, GO, 5.00%, 10/01/2029 | 1700 | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Flood Control District, Sustainability Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 09/15/2041 | 2500 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 4.00%, 09/15/2048 | 9000 | 8352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County Industrial Development Corp., Energy Transfer, Rev., 4.05%, 11/01/2050 (z) | 5000 | 5145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County, Toll Road Authority, First Lien, Rev., 5.00%, 08/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County-Houston Sports Authority, Senior Lien, Series A, Rev., 5.00%, 11/15/2029 | 3010 | 3257 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hays Consolidated Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 02/15/2042 | 18160 | 18163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2038 | 1000 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2040 | 1305 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hidalgo County Regional Mobility Authority, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2032 | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2033 | 575 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 12/01/2034 | 750 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houston Higher Education Finance Corp., Houston Baptist University, Rev., 4.00%, 10/01/2051 | 1100 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houston Higher Education Finance Corp., Kipp Inc, Rev., PSF-GTD, 4.00%, 08/15/2040 | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houston Independent School District, Series A, GO, 5.00%, 07/15/2045 (z) | 20400 | 21439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hurst-Euless-Bedford Independent School District, GO, PSF-GTD, 5.00%, 08/15/2038 | 1490 | 1680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hutto Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 02/01/2055 (z) | 2620 | 2706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/01/2048 | 2400 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Irving Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2028 | 500 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2035 | 2300 | 2590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2038 | 4375 | 4821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2041 | 250 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jarrell Independent School District, GO, PSF-GTD, 5.00%, 02/15/2037 | 725 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Judson Independent School District, GO, PSF-GTD, 4.00%, 02/01/2053 | 5000 | 4605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Katy Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2027 | 3000 | 3084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2036 | 1340 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2042 | 1000 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2043 | 1505 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2046 | 2560 | 2703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, PSF-GTD, 5.00%, 02/15/2036 | 2475 | 2479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilgore Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 450 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klein Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 08/01/2046 | 4000 | 3801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/01/2028 | 4270 | 4533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lake Houston Redevelopment Authority, Rev., 4.00%, 09/01/2035 | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lake Travis Independent School District, School Building, Series A, GO, PSF-GTD, 5.00%, 02/15/2043 (p) | 1090 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2029 | 150 | 161 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 222 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2041 | 1500 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2043 | 2100 | 2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 5.00%, 02/15/2058 | 4335 | 4464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legacy Denton Public Facility Corp., Roselawn Village, Rev., 3.15%, 11/01/2043 (z) | 3000 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Hill Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/01/2040 | 1890 | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/01/2041 | 2020 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Llano Independent School District, GO, PSF-GTD, 5.00%, 02/15/2032 | 1350 | 1353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Longview Independent School District, GO, PSF-GTD, 5.00%, 02/15/2043 | 1750 | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Love Field Airport Modernization Corp., Southwest Airlines Co Project, Rev., AMT, 5.00%, 11/01/2028 | 1075 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2031 | 4795 | 5369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2032 | 5000 | 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.25%, 05/15/2043 | 3500 | 3808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/15/2027 | 420 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 05/15/2039 (z) | 3000 | 3128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2030 | 1000 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2051 | 3500 | 3568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado, River Authority, Transmission Services Contract, Rev., 5.00%, 05/15/2029 | 100 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mansfield Independent School District, GO, PSF-GTD, 3.00%, 08/01/2036 | 1000 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matagorda County Navigation District No. 1, Central Power & Light Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.25%, 05/01/2030 | 825 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 2.60%, 11/01/2029 | 3500 | 3391 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKinney Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 1245 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medina Valley Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 0.82%, 02/15/2051 (z) | 445 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2040 | 3000 | 3275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midland County Hospital District, Rev., BAM, 5.25%, 05/15/2054 | 2170 | 2254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2050 (p) | 990 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midland Independent School District, Unrefunded, GO, PSF-GTD, 5.00%, 02/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mission Economic Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 0.00%, 06/01/2048 (z) | 5665 | 5698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 06/01/2054 (z) | 2475 | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/01/2064 (z) | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Caney Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2037 | 625 | 705 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2040 | 1375 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2041 | 2000 | 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2044 | 1250 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 08/15/2043 | 1375 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 08/15/2045 | 2035 | 2189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 08/15/2049 | 3000 | 3258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2047 | 2000 | 1877 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Bella Vida Facility Living |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 10/01/2030 | 2000 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.63%, 10/01/2030 | 2000 | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Brazos Presbyterian Homes, Inc., Rev., 5.25%, 01/01/2036 | 1000 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Children's Health System, Series A, Rev., 5.00%, 08/15/2047 | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., NCCD College Station Project, Series A, Rev., 5.00%, 07/01/2035 | 9400 | 9272 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Westminster Project, Rev., 4.00%, 11/01/2049 | 100 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corporation, Series A, Rev., 4.00%, 08/15/2040 | 3400 | 3313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newark Higher Education Finance Corp., Austin Achieve Public Schools, Rev., PSF-GTD, 5.00%, 06/15/2038 | 1365 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp; North East Independent School District, GO, PSF-GTD, 3.75%, 08/01/2049 (z) | 1500 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Fort Bend Water Authority, Rev., BAM, 5.00%, 12/15/2026 | 1520 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Higher Education Authority, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.13%, 06/01/2045 | 4405 | 4338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.50%, 06/01/2046 | 3105 | 3139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/01/2031 | 800 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/01/2032 | 500 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/01/2033 | 390 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System Revenue, Rev., 3.00%, 09/01/2041 | 575 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System, Rev., 4.50%, 06/01/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | 3003 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., Zero Coupon, 01/01/2035 | 10000 | 7439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2031 | 3000 | 3328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2035 | 3250 | 3705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 01/01/2044 | 3225 | 3492 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 223

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Capital Appreciation, First Tier, Rev., Zero Coupon, 01/01/2030 | 1500 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 01/01/2035 | 2000 | 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2037 | 1500 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2040 | 4000 | 4304 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Second Tier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 01/01/2049 | 4000 | 3634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2048 | 2335 | 2365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2035 | 2100 | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2036 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 4.00%, 01/01/2037 | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2027 | 215 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 01/01/2033 | 1000 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northside Independent School District, GO, PSF-GTD, 3.55%, 06/01/2050 (z) | 4000 | 4048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2040 | 1000 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2041 | 2225 | 2452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2055 | 10000 | 10364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.25%, 02/15/2055 | 3820 | 4047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 5.00%, 02/15/2036 | 1000 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2042 (p) | 1505 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Odessa Junior College District, Consolidated Fund, Rev., 4.00%, 07/01/2026 | 1015 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pasadena Independent School District, GO, PSF-GTD, 5.00%, 02/15/2047 | 2000 | 2071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 1075 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pecos Barstow Toyah Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2027 | 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2039 | 500 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permanent University Fund - Texas A&M University System, Board of Regents, Rev., 5.00%, 07/01/2042 | 1695 | 1822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permanent University Fund - Texas A&M University System, Board Of Regents, Rev., 5.00%, 07/01/2039 | 1500 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plano Independent School District, GO, 5.00%, 02/15/2027 | 650 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2026 | 850 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2029 | 1250 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of Houston of Harris County Texas, First Lien, Rev., 5.00%, 10/01/2048 | 8500 | 8808 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Beaumont Navigation District, Jefferson Gulf Coast Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 2.00%, 01/01/2027 (e) | 550 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 2.25%, 01/01/2029 (e) | 800 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 2.88%, 01/01/2041 (e) | 120 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Beaumont Industrial Development Authority, Taxable Jefferson Gulf Coast Energy, Rev., 4.10%, 01/01/2028 (e) | 8000 | 7285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District, Rev., AMT, 5.00%, 01/01/2039 (e) | 4250 | 4192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Beaumont Navigation District, Taxable Jefferson Gulf Coast, Rev., 10.00%, 07/01/2026 (e) | 4000 | 4016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosper Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 5.00%, 02/15/2030 | 25 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 5.00%, 02/15/2038 | 1000 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red River Education Finance Corp., Rev., 5.00%, 03/15/2035 | 1430 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwall Independent School District, GO, PSF-GTD, 5.00%, 02/15/2027 | 1335 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Round Rock Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSF-GTD, 5.00%, 08/01/2044 (z) | 10000 | 11036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, GO, PSF-GTD, 5.00%, 08/01/2027 | 1000 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royse City Independent School District, GO, PSF-GTD, 5.00%, 02/15/2039 | 1000 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Angelo Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2042 | 5500 | 5995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2043 | 9010 | 9723 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Antonio Education Facilities Corp., University of The Incarnate Word |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/01/2038 | 2065 | 1927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/01/2041 | 1000 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Antonio Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013F, Rev., 1.00%, 05/01/2043 (z) | 6000 | 5881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/15/2034 | 2375 | 2491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., 5.00%, 05/15/2046 | 6670 | 6864 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Antonio Water System, Junior Lien, Series A, Rev., 5.00%, 05/15/2043 | 3500 | 3581 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Marcos Consolidated Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830 | 1902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/15/2040 | 2000 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherman Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2036 | 1335 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2037 | 1000 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, PSF-GTD, 5.00%, 02/15/2053 | 2000 | 2065 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 224 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Socorro Independent School District, GO, PSF-GTD, 4.00%, 08/15/2040 | 2575 | 2573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Independent School District, GO, PSF-GTD, 5.00%, 02/01/2027 | 410 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spring Branch Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/01/2043 | 1250 | 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/01/2044 | 1625 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spring Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 08/15/2030 | 600 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.25%, 08/15/2044 | 5000 | 5495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.25%, 08/15/2046 | 12500 | 13527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanton Independent School District, GO, PSF-GTD, 5.00%, 02/15/2037 | 1100 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 10/01/2042 | 6170 | 6789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 08/01/2030 | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, Public Finance Authority, GO, 5.00%, 10/01/2026 | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., VRDO, LOC: TD Bank NA, 1.65%, 01/02/2026 (z) | 13400 | 13400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2038 | 5000 | 5217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Ascension Senior Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2051 (z) | 19900 | 22478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2042 | 15000 | 14419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/15/2045 | 4195 | 4206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Rev., 5.50%, 11/15/2047 | 12415 | 13136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott And White Health, Rev., 5.00%, 11/15/2052 (z) | 1890 | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/01/2041 | 1975 | 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2030 | 1000 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources, Rev., 5.00%, 02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | 5038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant Regional Water District Water Supply System Revenue, Rev., 5.00%, 03/01/2036 | 3500 | 3965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XG0585, Rev., LOC: Barclays Bank plc, LIQ: Barclays Bank plc, 2.70%, 07/01/2064 (e) (z) | 24075 | 24075 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-XF3424, GO, PSF-GTD, LIQ: Barclays Bank plc, 3.35%, 02/15/2055 (e) (z) | 2250 | 2250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terrell Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/01/2039 | 1000 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/01/2040 | 1000 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 08/01/2041 | 1000 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas A&M University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2036 | 5000 | 5749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2037 | 1000 | 1141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2042 | 4830 | 5268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas A&M University, Financing System, Series B, Rev., 4.00%, 05/15/2043 | 20595 | 20388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA COLL, 6.00%, 07/01/2054 | 1985 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA COLL, 4.00%, 03/01/2050 | 255 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., GNMA COLL, 6.00%, 03/01/2053 | 500 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA COLL, 6.00%, 03/01/2054 | 2995 | 3290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, Social Bonds, Series A, Rev., GNMA, 3.00%, 01/01/2052 | 1605 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Department of Housing & Community Affairs, Sustainable Bond, Series B, Rev., GNMA COLL, 5.75%, 01/01/2053 | 880 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Department of Housing and Community Affairs, Series B, Rev., GNMA COLL, 4.90%, 07/01/2045 | 3000 | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2030 | 3300 | 3537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2031 | 2000 | 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corp. IV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.50%, 01/01/2054 (z) | 15815 | 16806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.50%, 01/01/2054 (z) | 9795 | 10888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corporation V, Rev., 5.00%, 01/01/2055 (z) | 5835 | 6297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition & Supply Corporation VI, Rev., 5.00%, 01/01/2036 | 13000 | 13912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. I, Series D, Rev., 6.25%, 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840 | 2929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Municipal Power Agency, Rev., 3.00%, 09/01/2038 | 500 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., Rev., AMT, 5.00%, 06/30/2058 | 32560 | 31757 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 225

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 12/31/2030 | 3970 | 4129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/30/2033 | 1000 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., Senior Lien Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.38%, 06/30/2037 | 1750 | 1860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.38%, 06/30/2038 | 3955 | 4195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 06/30/2041 | 1425 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 06/30/2043 | 2750 | 2870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., Senior Lien North Tarrant Express Project, Rev., AMT, 5.50%, 12/31/2058 | 6000 | 6216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas State Affordable Housing Corp., Juniper Creek Apartments, Rev., 3.75%, 07/01/2044 (z) | 485 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas State Affordable Housing Corp., Norman Commons, Rev., 3.63%, 01/01/2045 (z) | 565 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas State University System, Rev., 5.00%, 03/15/2041 | 2550 | 2788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Transportation Commission, Transportation Commission Mobility, GO, 0.65%, 10/01/2041 (z) | 4500 | 4467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Transportation Finance Corp., Subordinated Bond SH 288 System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2038 | 3500 | 4012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2042 | 1750 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2044 | 1955 | 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 10/01/2050 | 38000 | 40416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2035 | 4000 | 4001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.25%, 10/15/2041 | 2000 | 2065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2026 | 2250 | 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2037 | 4400 | 5080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2038 | 8740 | 10005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/15/2040 | 7535 | 8451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2028 | 115 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2038 | 1900 | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board, Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.25%, 10/15/2051 | 2890 | 2747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.38%, 10/15/2054 | 3835 | 3657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.38%, 10/15/2059 | 1610 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2039 | 3000 | 3367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board, Revolving Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2038 | 500 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2028 | 625 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2028 | 100 | 106 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board, State Revolving Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/01/2037 | 2015 | 2059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2027 | 2835 | 2944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board, State Water Implementation Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 10/15/2033 | 2000 | 1999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2043 | 5400 | 5326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 10/15/2033 | 1900 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/15/2026 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2030 | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 10/15/2047 | 2480 | 2510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 04/15/2049 | 11535 | 11766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board, State Water Implementation Revenue, Rev., 5.25%, 10/15/2046 | 2000 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travis County Housing Finance Corp., Airport Gateway Apartments, Rev., 4.13%, 06/01/2045 (z) | 190 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity River Authority Central Regional Wastewater System Revenue, Rev., 5.00%, 08/01/2029 | 1500 | 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Houston |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2034 | 2000 | 2239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 02/15/2041 | 2000 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Texas, Series C, Rev., 5.00%, 08/15/2028 | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upper Trinity Regional Water District, Rev., BAM, 4.25%, 08/01/2049 | 1500 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uptown Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 4.00%, 09/01/2033 | 400 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, 4.00%, 09/01/2035 | 995 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victory Street Public Facility Corp., Independence Heights II, Rev., 3.15%, 01/01/2047 (z) | 3540 | 3545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waco Educational Finance Corp., Baylor University Issue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2035 | 1500 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 03/01/2036 | 750 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waller Consolidated Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 02/15/2040 | 2800 | 3039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 2199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, BAM, 5.00%, 02/15/2042 | 6550 | 6997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2042 | 2500 | 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2043 | 4000 | 4297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waxahachie Independent School District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.00%, 02/15/2049 | 2500 | 2348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 4.25%, 02/15/2053 | 1670 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2028 | 1250 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2029 | 1370 | 1469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2035 | 1135 | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2040 | 1000 | 1105 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 226 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2041 | 1000 | 1093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2042 | 1000 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2043 | 1500 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSF-GTD, 5.00%, 02/15/2044 | 900 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weslaco Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040 | 500 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitesboro Independent School District, GO, PSF-GTD, 5.00%, 02/15/2028 | 550 | 578 |
|  |  | 1592570 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utah — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Desert Public Infrastructure District, Special Assessment, 5.63%, 12/01/2053 (e) | 2135 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Salt Lake City Airport Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2037 | 5000 | 5335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2046 | 5000 | 5076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 07/01/2047 | 2560 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 07/01/2040 | 2400 | 2601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 07/01/2041 | 1000 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 07/01/2042 | 2750 | 2927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 07/01/2048 | 2750 | 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Utah, IHC Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 05/15/2045 | 10020 | 9175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 05/15/2050 | 3000 | 3052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 05/15/2060 (z) | 625 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Downtown East Streetcar Sewer Public Infrastructure District, Senior Lien, Series A, GO, 6.00%, 03/01/2053 (e) | 1415 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/15/2035 (e) | 1425 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2036 | 1650 | 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2037 | 1700 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2038 | 1650 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2039 | 2300 | 2432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2042 | 1000 | 1098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2043 | 545 | 592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 06/01/2050 | 9170 | 9785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Firefly Public Infrastructure District No. 1 Assessment Area No. 1, Special Assessment, 5.63%, 12/01/2043 (e) | 517 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermountain Power Agency, Series A, Rev., 5.00%, 07/01/2030 | 500 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mida Cormont Public Infrastructure District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 0.00%, 06/01/2055 (e) | 500 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A1, GO, 6.25%, 06/01/2055 (e) | 1000 | 1049 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utah — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MIDA Mountain Village Public Infrastructure District, Series 1, Tax Allocation, 5.50%, 06/01/2055 (e) | 1000 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, Subordinate, Series 2, Tax Allocation, 5.75%, 06/15/2044 (e) | 3295 | 3374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mountain Veterans Program Public Infrastructure District, Tax Allocation, 5.20%, 06/01/2054 (e) | 1190 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Point Phase 1 Public Infrastructure District No. 1, Series A1, Rev., 5.88%, 03/01/2045 | 1250 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provo School District, GO, SCH BD GTY, 5.00%, 06/15/2028 | 2000 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Bridge Public Infrastructure District No. 1, Senior Infrastructure District, Series 1A, GO, 3.63%, 02/01/2035 (e) | 600 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Utah |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 3.00%, 07/01/2034 | 2000 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 07/01/2029 | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timpanogos Special Service District, Rev., 5.00%, 06/01/2054 | 11150 | 11556 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Utah (The), Series A, Rev., 5.00%, 08/01/2039 | 1505 | 1543 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Utah, Board of Regents, Series A, Rev., 4.00%, 08/01/2040 | 1750 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Housing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.60%, 07/01/2044 | 2245 | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054 | 1700 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 2575 | 2876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 01/01/2054 | 1340 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 4.45%, 01/01/2044 | 1350 | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 4.65%, 01/01/2049 | 1945 | 1918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054 | 1885 | 2073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645 | 5207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, Rev., GNMA/FNMA/FHLMC, 6.50%, 07/01/2055 | 5000 | 5734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Housing Corp., Drawdown New City, Rev., FHA HUD, 3.63%, 02/01/2026 | 906 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Housing Corp., The Cooperative 1581, Rev., 3.18%, 07/01/2045 (z) | 1500 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Municipal Power Agency, Rev., 5.00%, 07/01/2038 | 8900 | 8943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Telecommunication Open Infrastructure Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2027 | 130 | 134 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 227

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utah — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2031 | 210 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2035 | 700 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2037 | 2250 | 2511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Transit Authority, Rev., 5.00%, 12/15/2043 | 950 | 1039 |
|  |  | 130900 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Vermont — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermont Housing Finance Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044 | 2035 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/01/2049 | 160 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermont Municipal Bond Bank, Vermont State Colleges System, Series A, Rev., 4.00%, 10/01/2034 | 250 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermont Student Assistance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.13%, 06/15/2036 | 460 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.25%, 06/15/2037 | 780 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.38%, 06/15/2038 | 690 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.50%, 06/15/2039 | 735 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 06/15/2030 | 600 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 06/15/2031 | 700 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 06/15/2032 | 950 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 2.38%, 06/15/2039 | 390 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermont Student Assistance Corporation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 06/15/2037 | 2225 | 2309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 06/15/2038 | 1620 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 06/15/2039 | 1540 | 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.13%, 06/15/2040 | 1495 | 1517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.25%, 06/15/2041 | 1355 | 1375 |
|  |  | 16347 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virgin Islands — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Islands Hotel Development Financing Corp., Senior Lien Frenchmans Reef Hotel, Rev., 5.75%, 02/01/2045 (w) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | 4525 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Redevelopment & Housing Authority, 431 S Columbus Street, Block 4, Rev., HUD, 3.20%, 12/01/2054 (z) | 1055 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arlington County Industrial Development Authority, Barcroft Apartments, Rev., 3.10%, 12/01/2055 (z) | 670 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Bay Bridge & Tunnel District, Rev., 5.00%, 07/01/2046 | 2930 | 2933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, Rev., 5.00%, 07/01/2051 | 4000 | 4002 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Virginia, Series B, GO, 5.00%, 06/01/2027 | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Fairfax Sewer Revenue, Series A, Rev., 5.00%, 07/15/2037 | 685 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Fairfax, Public Improvement, Series A, GO, 5.00%, 10/01/2031 (p) | 945 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, Rev., 4.00%, 05/15/2048 | 20615 | 19019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, Inova Health System Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 05/15/2042 | 3440 | 3382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 05/15/2029 | 2000 | 2158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax County Redevelopment & Housing Authority, Dominion Square North Project, Rev., 5.00%, 01/01/2045 (z) | 1700 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halifax County Industrial Development Authority, Rev., 3.80%, 12/01/2041 (z) | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hampton Roads Sanitation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2036 | 1000 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2037 | 1600 | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 11/01/2038 | 1500 | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability Commission, Series A, Rev., BAN, 5.00%, 07/01/2027 | 6310 | 6536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hampton Roads Transportation Accountability Commission, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., BAN, 5.00%, 07/01/2026 (p) | 1130 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2031 | 1500 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., TRAN, 5.00%, 07/01/2038 (p) | 1000 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 07/01/2039 | 2100 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henrico County Economic Development Authority, Rev., 5.00%, 11/01/2035 | 7105 | 8199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isle of Wight County Economic Development Authority, Riverside Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2036 | 750 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2037 | 500 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/01/2043 | 1620 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/01/2053 | 5000 | 5255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isle Wight County Industrial Development Authority, Rev., 5.25%, 07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | 3180 |
| &nbsp;&nbsp;&nbsp;&nbsp; James City County Economic Development Authority, Williamsburg Landing, Series A, Rev., 4.00%, 12/01/2035 | 150 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lynchburg Economic Development Authority, Centra Health Obligation Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.00%, 01/01/2051 | 4750 | 3298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2029 | 700 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Airport Authority, Rev., 5.00%, 07/01/2038 | 1175 | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Redevelopment & Housing Authority, Braywood Manor Apartments Project, Rev., HUD, 5.00%, 05/01/2043 (z) | 350 | 352 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 228 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Redevelopment & Housing Authority, Fort Norfolk Retirement Community Harbor, Rev., 4.38%, 01/01/2039 | 1400 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Richmond Redevelopment & Housing Authority, Joyfield at German School Road, Rev., 3.10%, 12/01/2055 (z) | 555 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roanoke Economic Development Authority, Carilion Clinic Obligation Group, Rev., 5.00%, 07/01/2047 | 2000 | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tender Option Bond Trust Receipts/Certificates, Series 2024-BAML6038, Rev., AMT, LOC: Bank of America NA, LIQ: Bank of America NA, 2.80%, 08/31/2027 (e) (z) | 15120 | 15120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Beach Development Authority, Temps 50Sm Westminster Canterbury, Rev., 5.38%, 09/01/2029 | 2000 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Beach Development Authority, Westminster Canterbury, Rev., 5.00%, 09/01/2044 | 2215 | 2187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Beach Development Authority, Westminster Canterbury on Chesapeake Bay, Rev., 6.50%, 09/01/2043 | 3300 | 3635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/01/2036 | 12500 | 12566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.00%, 02/01/2028 | 4000 | 4001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 4.00%, 02/01/2034 | 3500 | 3605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, 21st Century College & Equipment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/01/2044 | 5000 | 4884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2028 | 1000 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, 21st Century College and Equipment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 02/01/2040 | 1815 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2029 | 1000 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2033 | 3750 | 4089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia College Building Authority, Marymount University Project, Series A, Rev., 5.00%, 07/01/2045 (e) | 1000 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Commonwealth University Health System Authority, Rev., VRDO, LOC: TD Bank NA, 2.45%, 01/02/2026 (z) | 14400 | 14400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.13%, 07/01/2056 (z) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605 | 4605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.40%, 10/01/2044 | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.70%, 07/01/2040 | 930 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E1, Rev., 4.35%, 10/01/2044 | 685 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rev., 4.50%, 07/01/2045 | 735 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rev., 5.05%, 11/01/2047 | 1750 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Port Authority, Series B, Rev., AMT, 5.00%, 07/01/2045 (p) | 5000 | 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Public Building Authority, Rev., 5.00%, 08/01/2034 | 4000 | 4688 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Public Building Authority, Bidding Group 1, Series A, Rev., 5.00%, 08/01/2033 | 1000 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Public School Authority, Series B, Rev., 5.00%, 08/01/2052 | 3670 | 3819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Resources Authority, Virginia Pooled Financing, Rev., 5.00%, 11/01/2028 | 1510 | 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Resources Authority, Virginia Pooled Financing Program, Rev., 5.00%, 11/01/2028 | 1000 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, National Senior Campuses, Series A, Rev., 5.00%, 01/01/2032 | 1500 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien 95 Express |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2032 | 400 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2033 | 2320 | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 01/01/2036 | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2037 | 1000 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien Elizabeth River, Rev., AMT, 3.00%, 01/01/2041 | 4000 | 3353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien, 495 Hot |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/30/2040 | 3735 | 3882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 06/30/2041 | 3470 | 3577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2047 | 3000 | 3001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien, Elizabeth River |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.00%, 01/01/2041 | 4740 | 3901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 01/01/2030 | 3125 | 3191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 01/01/2033 | 1500 | 1534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.00%, 01/01/2034 | 2250 | 2290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Transform 66 P3 Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2047 | 2575 | 2487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2052 | 8425 | 8068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 12/31/2056 | 10750 | 10188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williamsburg Economic Development Authority, Williamsburg Properties LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | 1154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 07/01/2053 | 5100 | 5382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winchester Economic Development Authority, Valley Health Systems Obligation, Rev., 4.00%, 01/01/2037 | 2000 | 2000 |
|  |  | 243885 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chelan County Public Utility District No. 1, Series C, Rev., AMT, 5.00%, 07/01/2026 | 1285 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Seattle Municipal Light & Power Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 09/01/2040 | 1000 | 998 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 229

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2034 | 1500 | 1747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2035 | 545 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2041 | 1000 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., (SIFMA Municipal Swap Index + 0.25%), 3.57%, 05/01/2045 (aa) | 2000 | 1989 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Seattle Municipal Light & Power Revenue, Green Bond, Series A, Rev., 4.00%, 07/01/2040 | 1300 | 1311 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Seattle WA Municipal Light & Power Revenue, Series A, Rev., 4.00%, 01/01/2047 | 10000 | 9364 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Seattle, Drainage & Wastewater Revenue, Rev., 4.00%, 05/01/2044 | 945 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Tacoma, Electric System Revenue, Series A, Rev., 4.00%, 01/01/2042 | 5460 | 5368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clark County Public Utility District No. 1, Rev., 4.00%, 01/01/2034 | 665 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Grant, GO, 5.25%, 12/01/2047 | 1000 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of King |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 12/01/2042 | 5155 | 5588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 12/01/2034 | 1335 | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest, Series A, Rev., 5.00%, 07/01/2039 | 1000 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest Washington, Project 3 Electric Revenue, Series C, Rev., 5.00%, 07/01/2027 | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Northwest, Columbia Generating Station |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2035 | 5265 | 5266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 07/01/2042 | 1625 | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fircrest Properties, Sustainable Bonds State of Water, Rev., 5.50%, 06/01/2049 | 3000 | 3225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grant County Public Hospital District No. 2, GO, 5.50%, 12/01/2044 | 900 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 01/01/2040 | 1250 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 01/01/2043 (p) | 1555 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grant County Public Utility District No. 2, Priest Rapids Hydroelectric Project, Rev., 2.92%, 01/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grant County, Public Utility District No. 2, Electric Revenue, Series 2017-O, Rev., 5.00%, 01/01/2047 | 4950 | 5022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson County Public Hospital District No. 2, Jefferson Healthcare, Series A, Rev., 6.63%, 12/01/2043 | 7500 | 7913 |
| &nbsp;&nbsp;&nbsp;&nbsp; King & Snohomish Counties School District No. 417 Northshore, GO, SCH BD GTY, 5.00%, 12/01/2042 | 3855 | 4208 |
| &nbsp;&nbsp;&nbsp;&nbsp; King County Housing Authority, Rev., 5.00%, 11/01/2029 | 1325 | 1404 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; King County School District No. 401 Highline, GO, SCH BD GTY, 5.00%, 12/01/2041 | 5030 | 5456 |
| &nbsp;&nbsp;&nbsp;&nbsp; King County School District No. 405 Bellevue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, SCH BD GTY, 3.00%, 12/01/2037 | 5385 | 5116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, SCH BD GTY, 3.00%, 12/01/2038 | 1925 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma, GO, SCH BD GTY, 5.00%, 12/01/2048 | 4000 | 4214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pierce County School District No. 10 Tacoma, Social Bonds, Series B, GO, SCH BD GTY, 4.00%, 12/01/2042 | 10000 | 9924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pierce County, Sumner School District No. 320, GO, SCH BD GTY, 5.00%, 12/01/2040 | 1600 | 1798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., AMT, 5.00%, 05/01/2036 | 2000 | 2037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., AMT, 5.00%, 05/01/2028 | 4000 | 4189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle Industrial Development Corp., Special Facilities Delta Airline, Rev., AMT, 5.00%, 04/01/2030 | 2000 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle WA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2028 | 2250 | 2364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 04/01/2029 | 3000 | 3187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 07/01/2031 | 3450 | 3797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, AMT, 5.00%, 06/01/2048 | 10000 | 10272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2043 | 5000 | 5357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 07/01/2044 | 14000 | 14809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle, Intermediate Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2026 | 1000 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2028 | 900 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 04/01/2028 | 2250 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2028 | 1000 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 04/01/2030 | 4000 | 4249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 04/01/2032 | 2110 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 04/01/2044 | 2000 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2046 | 3500 | 3556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 08/01/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 08/01/2047 | 1000 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 05/01/2026 | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 05/01/2028 | 1415 | 1453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 05/01/2034 | 3455 | 3530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.00%, 08/01/2034 | 5000 | 5441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., AMT, 5.25%, 05/01/2042 | 5000 | 5056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skagit County Public Hospital District No. 1, Rev., 5.50%, 12/01/2054 | 4500 | 4610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skagit County Public Hospital District No. 1, Improvement Skagit Regional Health, Rev., 5.00%, 12/01/2031 | 2145 | 2169 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 230 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spokane County School District No. 81 Spokane, Series C, GO, SCH BD GTY, 5.00%, 12/01/2034 | 2000 | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 4.00%, 06/01/2043 | 2975 | 2954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, GO, 5.00%, 08/01/2038 | 1500 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 06/01/2034 | 1000 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A3, GO, 5.00%, 08/01/2044 | 1000 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2036 | 1475 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, 5.00%, 08/01/2040 | 3890 | 4137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 07/01/2027 | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 06/01/2035 | 4760 | 5178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 02/01/2042 | 1000 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 06/01/2044 | 5000 | 5326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 06/01/2045 | 2900 | 3071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, 4.00%, 07/01/2033 | 2000 | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, AMBAC, Zero Coupon, 12/01/2029 | 1000 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R, GO, 5.00%, 02/01/2031 | 1000 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R, GO, 5.00%, 08/01/2031 | 750 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R, GO, 5.00%, 08/01/2040 | 1545 | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RC, GO, 5.00%, 08/01/2029 | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2017A, GO, 5.00%, 08/01/2027 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2022B, GO, 4.00%, 02/01/2035 | 500 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2022D, GO, 4.00%, 07/01/2028 | 3140 | 3263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series R-2024C, GO, 5.00%, 08/01/2039 | 6980 | 7884 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, Bid Group 1, Series C, GO, 5.00%, 02/01/2028 | 1490 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, Bid Group 2, Series C, GO, 5.00%, 02/01/2046 | 7000 | 7409 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, Motor Vehicle Fuel Tax, GO, 5.00%, 06/01/2050 | 25000 | 26188 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, MVFT/VRF GO Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 06/01/2034 | 4080 | 4537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, GO, 5.00%, 06/01/2038 | 2775 | 3021 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, Various Purpose, Series A, GO, 5.00%, 08/01/2041 | 10000 | 10341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Three Rivers Regional Wastewater Authority, Sustainable Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 09/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 4.00%, 09/01/2043 | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thurston County School District No. 111 Olympia, GO, SCH BD GTY, 5.00%, 12/01/2026 | 1275 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Washington |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2026 (p) | 1500 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2048 | 15000 | 15129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2040 | 805 | 880 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2041 | 810 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2042 | 1325 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 09/01/2043 | 2350 | 2487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 09/01/2055 | 5000 | 5290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Multicare Health System, Series B, Rev., 5.00%, 08/15/2037 | 1200 | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Seattle Cancer Care Alliance, Rev., 4.00%, 12/01/2040 (e) | 1510 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Seattle Children's Hospital, Series A, Rev., 4.00%, 10/01/2045 | 7500 | 7000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Unrefunded Providence Health, Rev., 5.00%, 10/01/2041 | 9500 | 9508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Unrefunded Providence Health & Services, Rev., 5.00%, 10/01/2044 | 4365 | 4367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Virginia Mason Medical Center, Rev., 5.00%, 08/15/2036 | 5500 | 5618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Convention Center Public Facilities District, Rev., 5.00%, 07/01/2058 | 6150 | 6093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Convention Center Public Facilities District, Subordinated, Rev., 4.00%, 07/01/2058 | 1760 | 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Convention Center Public Facilities District, Subordinated Sustainable Bond, Rev., 5.00%, 07/01/2032 | 1540 | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 0.00%, 03/01/2050 | 7018 | 6881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.38%, 04/20/2037 | 2373 | 2246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 3.50%, 12/20/2035 | 5474 | 5324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.25%, 07/01/2055 (e) | 10600 | 10688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.25%, 07/01/2064 (e) | 10040 | 10056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, Rev., 0.00%, 11/20/2041 (z) | 3489 | 3356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Ardea at Totem Lake Apartments, Rev., 5.00%, 12/01/2043 (z) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6540 | 6591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Downtowner Apartments Project, Rev., LIQ: FHLMC, 3.70%, 07/01/2030 | 2000 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Social Bond, Series 2N, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2051 | 605 | 594 |
|  |  | 408754 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 231

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **West Virginia — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Ohio Special District Excise Tax Revenue, Fort Henry Economic Opportunity Development District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 06/01/2045 | 1000 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.50%, 06/01/2054 | 850 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monongalia County Commission Excise Tax District, Series A, Rev., 4.13%, 06/01/2043 (e) | 460 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monongalia County Commission Special District, Refunding and Improvement, University Town Center, Series A, Rev., 5.50%, 06/01/2037 (e) | 1050 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monongalia County Commission Special District, University Town Center, Series A, Rev., 5.75%, 06/01/2043 (e) | 500 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 3.30%, 01/01/2041 (z) | 6000 | 6046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.63%, 04/15/2055 (z) | 2600 | 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Provident Group Marshall Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2035 | 3150 | 3490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2036 | 3000 | 3303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 07/01/2037 | 2250 | 2459 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, Rev., 5.75%, 09/01/2043 | 5250 | 5651 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, Cabell Huntington Hospital, Rev., 5.00%, 01/01/2043 | 3000 | 2808 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, Improvement, University Health System Obligation, Rev., 5.00%, 06/01/2052 | 7000 | 6917 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Housing Development Fund, Sustainable Bonds, Series A, Rev., 4.40%, 11/01/2044 | 4000 | 4009 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Parkways Authority, Senior Lien, Rev., 5.00%, 06/01/2038 | 1000 | 1085 |
|  |  | 42343 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Milwaukee, Promissory Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N3, GO, 5.00%, 04/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | 6079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N4, GO, 5.00%, 04/01/2030 | 10150 | 11032 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Milwaukee, Sewerage System Revenue, Series S7, Rev., 5.00%, 06/01/2026 | 2665 | 2687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milwaukee Metropolitan Sewerage District, Green Bond, Series A, GO, 3.00%, 10/01/2031 | 1700 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Milwaukee Metropolitan Sewerage District, Green Bond Climate Bond Certificate, GO, 4.00%, 10/01/2043 | 6150 | 6154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.20%, 12/01/2037 | 2450 | 2507 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.75%, 06/30/2060 | 18750 | 19349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.75%, 12/31/2065 | 12000 | 12356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 6.50%, 06/30/2060 | 3000 | 3295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 6.50%, 12/31/2065 | 3000 | 3283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, A Challenge Foundation Academy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.63%, 07/01/2043 (e) | 700 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.88%, 07/01/2053 (e) | 1650 | 1676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Astro Texas Land Project, Rev., 5.00%, 12/15/2036 (e) | 1768 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Carmelite System, Social Bonds, Rev., 5.00%, 01/01/2045 | 1105 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Celanese Project, Series C, Rev., AMT, 4.30%, 11/01/2030 | 5350 | 5348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, CFP3 Eastern Michigan University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.00%, 07/01/2029 | 500 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.25%, 07/01/2034 | 260 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.25%, 07/01/2042 | 5625 | 5944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.38%, 07/01/2047 | 8025 | 8351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., BAM, 5.50%, 07/01/2052 | 6005 | 6269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, CHF Wilmington LLC University, Rev., 5.00%, 07/01/2053 | 3970 | 3973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Duke Energy Progress, Rev., 3.70%, 10/01/2046 (z) | 1565 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Givens Estates, Rev., 4.00%, 12/01/2041 | 1000 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Kahala Nui Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2040 | 450 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2041 | 715 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, KU Campus Development Corp. Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2041 | 3000 | 3003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 03/01/2046 | 6495 | 6495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Lake Norman Charter School, Rev., 5.00%, 06/15/2064 | 4630 | 4375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Lenoir Rhyne University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | 1680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2037 | 1705 | 1748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Miami Waterworld Center Project, Tax Allocation, 5.00%, 06/01/2041 (e) | 4570 | 4644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Point College Prep Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 06/15/2030 (e) | 200 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/15/2041 (e) | 250 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, PRG Oxford Properties, LLC Project, Rev., BAM, 5.00%, 07/01/2045 | 1275 | 1313 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 232 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Renown Regional Medical Center Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2026 | 500 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2027 | 425 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2028 | 600 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 06/01/2034 | 1000 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Senior Lien Grand Hyatt Sanitary |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2052 | 1335 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/01/2062 | 9090 | 8826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Senior Lien, Grand Hyatt San Antonio Hotel Acquisition Project, Rev., 5.00%, 02/01/2042 | 4000 | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Two Steps Project, Rev., Zero Coupon, 12/15/2034 (e) | 2132 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, United Methodist Retirement, Rev., 4.00%, 10/01/2026 | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Waste Management, Inc. Project, Rev., AMT, 1.10%, 07/01/2029 (z) | 1445 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 05/01/2026 | 7000 | 7057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 5.00%, 05/01/2027 | 2400 | 2480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 5.00%, 05/01/2030 | 1000 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 5.00%, 05/01/2035 | 1375 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1, GO, 5.00%, 05/01/2036 | 1000 | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, GO, 5.00%, 05/01/2034 | 1000 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, GO, 5.00%, 05/01/2037 | 3000 | 3481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, GO, 5.00%, 05/01/2027 | 2000 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 4.00%, 05/01/2039 | 500 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO, 5.00%, 05/01/2035 | 10580 | 11325 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals & Clinics, Rev., 5.00%, 04/01/2027 | 900 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals & Clinics, Green Bond University of Wisconsin Hospital, Rev., 4.00%, 04/01/2035 | 440 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Wisconsin Hospitals & Clinics, Green Bonds, Rev., 4.00%, 04/01/2046 | 4120 | 3896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Center District, Capital Appreciation Senior Dedicated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., Zero Coupon, 12/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., Zero Coupon, 12/15/2039 | 1750 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., Zero Coupon, 12/15/2040 | 1650 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., Zero Coupon, 12/15/2028 | 545 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Center District, Junior Dedicated, Series D, Rev., Zero Coupon, 12/15/2045 | 8500 | 3355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Department of Transportation, Series A, Rev., 5.00%, 07/01/2027 | 1675 | 1736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.50%, 11/15/2039 | 4000 | 4004 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2029 | 5940 | 6396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 10/01/2030 | 6355 | 6965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/15/2040 | 7000 | 7760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority Revenue, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2027 | 500 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Advocate Aurora Health Care |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/15/2035 | 1250 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/15/2037 | 1605 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 08/15/2038 | 1680 | 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Advocate Aurora Healthcare, Rev., 5.00%, 08/15/2054 (z) | 2590 | 2616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Ascension Health, Rev., 4.00%, 11/15/2043 (p) | 155 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Ascension Health Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 11/15/2039 | 10500 | 10274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 11/15/2035 | 4500 | 4524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2036 | 1500 | 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Aspirus, Inc. Obligated Group, Rev., 5.00%, 08/15/2052 | 5000 | 4982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Bellin Memorial Hospital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/01/2045 | 2500 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.25%, 12/01/2048 | 3000 | 3180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Beloit Health System, Inc., Rev., 4.00%, 07/01/2046 | 1870 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Forensic Science and Protective Medicine Facility Project, Rev., 5.00%, 08/01/2027 (e) | 7000 | 7058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Froedtert Health, Series A, Rev., 4.00%, 04/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 | 2727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/01/2030 | 1280 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 04/01/2033 | 1010 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc. Obligated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 04/01/2039 | 5000 | 4989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 04/01/2035 | 1325 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Gundersen Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2035 | 545 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.00%, 10/15/2036 | 2100 | 2146 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 233

------

## Six Circles Tax Aware Bond Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
|  **Municipal Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2047 | 8955 | 8973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 02/15/2051 (p) (z) | 2600 | 2639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/15/2042 | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 02/15/2046 | 8935 | 8937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, The Medical College of Wisconsin, Rev., 4.00%, 12/01/2046 | 3000 | 2695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, The Milwaukee Regional Medical Center, Rev., 5.00%, 04/01/2044 | 2500 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Three Pillars Senior Living Communities, Rev., 4.19%, 08/15/2055 | 1000 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health & Educational Facilities Authority, Unrefunded Ascension Health Alliance, Rev., 4.00%, 11/15/2043 | 1890 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 08/01/2058 (z) | 245 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rev., 4.00%, 03/01/2047 | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Rev., GNMA/FNMA/FHLMC, 6.00%, 03/01/2055 | 1940 | 2103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Sustainable Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., GNMA/FNMA/FHLMC, 4.38%, 09/01/2044 | 7000 | 7041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FNMA/FHLMC, 6.00%, 03/01/2055 | 690 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority Housing Revenue, Series E, Rev., HUD, 3.88%, 11/01/2054 (z) | 735 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing & Economic Development Authority, Social Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 3.00%, 03/01/2052 | 520 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 09/01/2052 | 840 | 827 |
|  |  | 321737 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wyoming** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Municipalities Electric Power Systems Joint Powers Board, Rev., 5.25%, 06/01/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Laramie, Cheyenne Regional Medical Center, Rev., 4.00%, 05/01/2026 | 615 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Sweetwater, Idaho Power Company Project, Rev., 1.70%, 07/15/2026 | 1045 | 1034 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wyoming — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyoming Community Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 6.00%, 12/01/2054 | 460 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Rev., 3.00%, 06/01/2049 | 605 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Rev., VRDO, LIQ: Royal Bank of Canada, 3.25%, 01/07/2026 (z) | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 06/01/2050 | 695 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3, Rev., GNMA/FNMA/FHLMC, 4.70%, 12/01/2043 | 5000 | 5101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6, Rev., 3.90%, 12/01/2034 | 1975 | 1975 |
|  |  | 14618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds<br>(Cost $14,155,308) |  | 14094099 |
|  | **NUMBER OF<br>WARRANTS** |  |
|  **Warrant — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BL Train Holdings West LLC, expiring 11/26/2035 (a) (bb) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $— (h)) | 9 | — (h) |
|  | **PRINCIPAL<br>AMOUNT($)** |  |
|  **Short-Term Investments — 0.9%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bonds — 0.1%** (t) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles, Rev., TRAN, 5.00%, 06/25/2026 | 18500 | 18750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denton Independent School District, Series C, GO, PSF-GTD, 5.00%, 08/15/2026 | 1000 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hampton Roads Sanitation District, Series A, Rev., 5.00%, 07/15/2026 | 1505 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Katy Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Stone Bridge Lofts Project, Rev., 3.35%, 04/01/2026 | 750 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico Electric Power Authority, Series AAA, Rev., 5.25%, 07/01/2026 (d) | 2450 | 1635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds |  | 24677 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 234 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | **PRINCIPAL**<br> **AMOUNT($)** | VALUE($) |
|  **Short-Term Investments — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits** — **0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman & Co., 2.98%, 01/02/2026 | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 2.98%, 01/02/2026 | 111044 | 111044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 2.98%, 01/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  | 111981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $137,386) |  | 136658 |
|  **Total Investments — 99.0%<br>(Cost — $14,298,729)** |  | 14236775 |
|  **Other Assets in Excess of Liabilities — 1.0%** |  | 149529 |
|  **NET ASSETS — 100.0%** |  | $14386304 |

---

Percentages indicated are based on net assets.

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

#### NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
**AS OF DECEMBER 31, 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 |
| SONYMA | State of New York Mortgage Agency |
| SOFR | Secured Overnight Financing Rate |
| TRAN | Tax & Revenue Anticipation Note |

---

---

| | |
|:---|:---|
| VRDO | Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of December 31, 2025. |
| (a) | Non-income producing security. |
| (d) | Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued. |
| (e) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
| (g) | Amount rounds to less than 0.05%. |
| (h) | Amount rounds to less than 500 shares/principal or $500. |
| (p) | Security is prerefunded or escrowed to maturity. |
| (t) | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (w) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (z) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2025. |
| (aa) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2025. |
| (bb) | Security has been valued using significant unobservable inputs. |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 235

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Asset-Backed Securities — 2.3%** | **Asset-Backed Securities — 2.3%** | **Asset-Backed Securities — 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AmeriCredit Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 5.80%, 12/18/2028 | 240 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A3, 5.43%, 01/18/2029 | 674 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.02%, 02/20/2027 (e) | 383 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class A, (United States 30 Day Average SOFR + 1.10%), 4.97%, 12/26/2031 (e) (aa) | 275 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class B, 4.98%, 01/16/2029 | 1670 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class B, 5.18%, 11/15/2028 | 2200 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class B, 6.39%, 05/15/2029 | 1245 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class A3, 5.50%, 01/16/2029 | 1002 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027 | 86 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, Series 2021-N1, Class A, 0.70%, 01/10/2028 | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A3, 5.84%, 01/18/2028 (e) | 828 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class A4, 5.78%, 10/15/2030 (e) | 1000 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A3, 5.83%, 02/15/2028 (e) | 661 | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPS Auto Receivables Trust, Series 2024-A, Class D, 6.13%, 04/15/2030 (e) | 630 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Drive Auto Receivables Trust, Series 2025-1, Class A2, 4.87%, 08/15/2028 | 203 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exeter Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class C, 5.74%, 05/15/2029 | 737 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class D, 5.98%, 09/16/2030 | 120 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4A, Class A3, 4.39%, 09/17/2029 | 1780 | 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Lease Trust, Series 2024-A, Class B, 5.29%, 06/15/2027 | 1230 | 1237 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLS Auto Receivables Issuer Trust, Series 2025-3A, Class A3, 4.44%, 03/15/2029 (e) | 1441 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.15%, 05/20/2032 (e) | 501 | 510 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; LAD Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 6.43%, 12/15/2028 (e) | 1695 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A3, 5.61%, 08/15/2028 (e) | 789 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, 4.64%, 11/15/2027 (e) | 116 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Auto Receivables Trust, Series 2025-1A, Class A3, 4.73%, 06/17/2030 (e) | 240 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merchants Fleet Funding LLC, Series 2024-1A, Class A, 5.82%, 04/20/2037 (e) | 979 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93%, 03/15/2028 | 1202 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Octane Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class A2, 5.80%, 07/20/2032 (e) | 247 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class A2, 4.94%, 05/20/2030 (e) | 1012 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7, Class C, 6.69%, 03/17/2031 | 1130 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1, Class C, 5.09%, 05/15/2030 | 847 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3, Class C, 5.77%, 11/15/2030 | 775 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class C, 5.45%, 03/15/2030 | 900 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class B, 5.78%, 07/16/2029 | 1395 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2, Class C, 5.84%, 06/17/2030 | 700 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3, Class B, 5.55%, 09/17/2029 | 325 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class B, 4.88%, 03/17/2031 | 315 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp; SFS Auto Receivables Securitization Trust, Series 2024-1A, Class A3, 4.95%, 05/21/2029 (e) | 918 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Funding Auto Loan Trust, Series 2025-1, Class A, 4.75%, 07/16/2035 (e) | 1025 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Automobile Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class D, 6.79%, 11/15/2028 (e) | 560 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class C, 6.02%, 09/15/2028 (e) | 995 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B, 5.55%, 11/15/2027 (e) | 1360 | 1366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class C, 5.65%, 02/15/2029 (e) | 1155 | 1168 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 236 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class D, 6.02%, 10/15/2029 (e) | 505 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 5.91%, 04/15/2030 (e) | 590 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class B, 4.63%, 01/15/2031 (e) | 1560 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Flooring Master Trust, Series 2024-1A, Class A, 5.43%, 02/15/2028 (e) | 1110 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Automobile ABS |  | 39817 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Asset Securitization Trust, Series 2024-A, Class 1A, 5.61%, 02/15/2029 (e) | 920 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Master Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A, 4.99%, 02/15/2033 (e) | 450 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A, Class A, 4.67%, 07/15/2033 (e) | 750 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL CLO 1 Ltd., (Cayman Islands), Series 2019-1A, Class ARR, (CME Term SOFR 3 Month + 1.20%), 5.08%, 10/20/2034 (e) (aa) | 1860 | 1861 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL CLO 14 Ltd., (Cayman Islands), Series 2021-14A, Class AR, (CME Term SOFR 3 Month + 1.13%), 5.00%, 12/02/2034 (e) (aa) | 1000 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegany Park CLO Ltd., (Cayman Islands), Series 2019-1A, Class ARR, (CME Term SOFR 3 Month + 1.10%), 4.98%, 01/20/2035 (e) (aa) | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apidos CLO Xxv, (Cayman Islands), Series 2016-25A, Class A1R3, (CME Term SOFR 3 Month + 1.14%), 5.02%, 01/20/2037 (e) (aa) | 500 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARES LX CLO Ltd., (Cayman Islands), Series 2021-60A, Class AR, (CME Term SOFR 3 Month + 1.18%), 5.06%, 07/18/2034 (e) (aa) | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares LXV CLO Ltd., (Cayman Islands), Series 2022-65A, Class A1R, (CME Term SOFR 3 Month + 1.12%), 4.98%, 07/25/2034 (e) (aa) | 290 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO 2019-1, (Cayman Islands), Series 2019-1A, Class AR2, (CME Term SOFR 3 Month + 1.23%), 5.11%, 04/19/2034 (e) (aa) | 1500 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO 2022-3 Ltd., (Jersey), Series 2022-3A, Class A1R, (CME Term SOFR 3 Month + 1.16%), 5.04%, 07/17/2035 (e) (aa) | 870 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barings CLO Ltd. 2021-III, (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.13%), 5.01%, 01/18/2035 (e) (aa) | 720 | 720 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Battalion CLO IX Ltd., (Cayman Islands), Series 2015-9A, Class BRR, (CME Term SOFR 3 Month + 1.60%), 5.50%, 07/15/2031 (e) (aa) | 1050 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Battalion CLO XI Ltd., (Cayman Islands), Series 2017-11A, Class AR2, (CME Term SOFR 3 Month + 1.13%), 5.00%, 04/24/2034 (e) (aa) | 610 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Diamond CLO 2021-1 Ltd., (Cayman Islands), Series 2021-1A, Class A1AR, (CME Term SOFR 3 Month + 1.25%), 5.11%, 11/22/2034 (e) (aa) | 550 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canyon CLO 2020-2 Ltd., (Cayman Islands), Series 2020-2A, Class AR2, (CME Term SOFR 3 Month + 1.03%), 4.93%, 10/15/2034 (e) (aa) | 2550 | 2545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO 2015-4 Ltd., (Cayman Islands), Series 2015-4A, Class AJR3, (CME Term SOFR 3 Month + 1.20%), 5.08%, 07/20/2032 (e) (aa) | 1500 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO 2015-5 Ltd., (Cayman Islands), Series 2015-5A, Class A2R4, (CME Term SOFR 3 Month + 1.20%), 5.08%, 01/20/2032 (e) (aa) | 1490 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO 2016-1 Ltd., (Cayman Islands), Series 2016-1A, Class A1R3, (CME Term SOFR 3 Month + 1.09%), 4.97%, 04/20/2034 (e) (aa) | 450 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle US CLO 2021-9 Ltd., (Cayman Islands), Series 2021-9A, Class AR, (CME Term SOFR 3 Month + 1.11%), 4.99%, 10/20/2034 (e) (aa) | 1070 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cathedral Lake VI Ltd., (Cayman Islands), Series 2021-6A, Class ANR, (CME Term SOFR 3 Month + 1.20%), 5.06%, 04/25/2034 (e) (aa) | 570 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clover CLO 2021-3 LLC, Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.07%), 4.93%, 01/25/2035 (e) (aa) | 940 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Cent CLO 30 Ltd., (Cayman Islands), Series 2020-30A, Class A1R2, (CME Term SOFR 3 Month + 1.05%), 4.65%, 01/20/2034 (e) (aa) | 850 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Cent CLO 32 Ltd., (Cayman Islands), Series 2022-32A, Class A1R2, (CME Term SOFR 3 Month + 1.12%), 4.99%, 07/24/2034 (e) (aa) | 940 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Equipment Finance Trust, Series 2023-3, Class D, 6.75%, 10/22/2029 (e) | 1005 | 1013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dryden 104 CLO Ltd., (Cayman Islands), Series 2022-104A, Class A1R, (CME Term SOFR 3 Month + 1.29%), 5.18%, 08/20/2034 (e) (aa) | 980 | 981 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 237

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dryden 86 CLO Ltd., (Cayman Islands), Series 2020-86A, Class A1R2, (CME Term SOFR 3 Month + 1.13%), 5.01%, 07/17/2034 (e) (aa) | 1260 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greywolf CLO IV Ltd., (Cayman Islands), Series 2019-1A, Class A2R2, (CME Term SOFR 3 Month + 1.80%), 5.68%, 04/17/2034 (e) (aa) | 1350 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp; HPEFS Equipment Trust, Series 2025-1A, Class A3, 4.43%, 09/20/2032 (e) | 560 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR CLO 23 Ltd., (Cayman Islands), Series 23, Class BR, (CME Term SOFR 3 Month + 1.55%), 5.43%, 10/20/2031 (e) (aa) | 1190 | 1191 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR CLO 26 Ltd., (Cayman Islands), Series 26, Class ARR, (CME Term SOFR 3 Month + 1.10%), 5.00%, 10/15/2034 (e) (aa) | 1000 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR CLO 40 Ltd., (Jersey), Series 40A, Class AR, (CME Term SOFR 3 Month + 1.30%), 5.18%, 10/20/2034 (e) (aa) | 1710 | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCM Ltd., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 33A, Class AR, (CME Term SOFR 3 Month + 1.18%), 5.06%, 07/20/2034 (e) (aa) | 640 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 35A, Class A1R, (CME Term SOFR 3 Month + 1.08%), 4.98%, 10/15/2034 (e) (aa) | 680 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lendmark Funding Trust, Series 2021-2A, Class A, 2.00%, 04/20/2032 (e) | 915 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Park Funding LVII Ltd., (Cayman Islands), Series 2022-57A, Class A1R, (CME Term SOFR 3 Month + 1.28%), 5.14%, 07/27/2034 (e) (aa) | 1770 | 1771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-AA, Class A, 1.86%, 03/20/2036 (e) | 910 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class A, 2.10%, 11/20/2036 (e) | 1395 | 1359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navesink CLO 4 Ltd., (Cayman Islands), Series 2025-4A, Class A1, (CME Term SOFR 3 Month + 1.28%), 5.20%, 10/15/2037 (e) (aa) | 730 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO 50 Ltd., (Jersey), Series 2022-50A, Class AR, (CME Term SOFR 3 Month + 1.25%), 5.11%, 07/23/2036 (e) (aa) | 2280 | 2281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ocean Trails CLO XI, (Cayman Islands), Series 2021-11A, Class AR, (CME Term SOFR 3 Month + 1.03%), 4.91%, 07/20/2034 (e) (aa) | 1350 | 1345 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; OCP CLO 2023-26 Ltd., (Jersey), Series 2023-26A, Class AR, (CME Term SOFR 3 Month + 1.08%), 4.96%, 04/17/2037 (e) (aa) | 2000 | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Octagon Investment Partners 41 Ltd., (Cayman Islands), Series 2019-2A, Class A1R2, (CME Term SOFR 3 Month + 1.09%), 4.99%, 10/15/2033 (e) (aa) | 2050 | 2048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Octagon Investment Partners 44 Ltd., (Cayman Islands), Series 2019-1A, Class AR2, (CME Term SOFR 3 Month + 1.15%), 5.05%, 10/15/2034 (e) (aa) | 720 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Octagon Investment Partners 45 Ltd., (Cayman Islands), Series 2019-1A, Class A1RR, (CME Term SOFR 3 Month + 1.15%), 5.05%, 04/15/2035 (e) (aa) | 800 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp; OFSI BSL IX Ltd., (Cayman Islands), Series 2018-1A, Class AR, (CME Term SOFR 3 Month + 1.19%), 5.09%, 07/15/2031 (e) (aa) | 2593 | 2593 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, 3.14%, 10/14/2036 (e) | 535 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1, 1.55%, 06/16/2036 (e) | 290 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A, 5.94%, 05/15/2034 (e) | 165 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class A, 5.50%, 06/14/2038 (e) | 1360 | 1405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parallel Ltd., (Cayman Islands), Series 2023-1A, Class A1R, (CME Term SOFR 3 Month + 1.39%), 5.27%, 07/20/2036 (e) (aa) | 1080 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regatta XXII Funding Ltd., (Cayman Islands), Series 2022-2A, Class A1R2, (CME Term SOFR 3 Month + 1.26%), 4.93%, 01/15/2039 (e) (aa) | 5000 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandstone Peak Ltd., (Cayman Islands), Series 2021-1A, Class A1R, (CME Term SOFR 3 Month + 1.28%), 5.18%, 10/15/2034 (e) (aa) | 2500 | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCF Equipment Leasing LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A3, 5.52%, 01/20/2032 (e) | 145 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A3, 5.11%, 11/21/2033 (e) | 415 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signal Peak CLO 4 Ltd., (Cayman Islands), Series 2017-4A, Class AR2, (CME Term SOFR 3 Month + 1.12%), 4.98%, 10/26/2034 (e) (aa) | 1170 | 1169 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 238 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XII Ltd., (Cayman Islands), Series 2020-12A, Class A1R2, (CME Term SOFR 3 Month + 1.05%), 4.91%, 04/25/2033 (e) (aa) | 454 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XVI Ltd., (Cayman Islands), Series 2021-16A, Class A1R, (CME Term SOFR 3 Month + 1.13%), 5.01%, 07/20/2034 (e) (aa) | 850 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture 28A CLO Ltd., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-28AA, Class A1RR, (CME Term SOFR 3 Month + 1.11%), 4.99%, 10/20/2034 (e) (aa) | 1000 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-28AA, Class A2RR, (CME Term SOFR 3 Month + 1.45%), 5.33%, 10/20/2034 (e) (aa) | 2200 | 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture 45 CLO Ltd., (Jersey), Series 2022-45A, Class A1R, (CME Term SOFR 3 Month + 1.27%), 5.15%, 07/20/2035 (e) (aa) | 580 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust, Series 2024-7, Class A, 4.35%, 08/20/2032 (e) | 235 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya CLO 2016-1 Ltd., (Cayman Islands), Series 2016-1A, Class A1R, (CME Term SOFR 3 Month + 1.33%), 5.22%, 01/20/2031 (e) (aa) | 669 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wellfleet CLO 2021-3 Ltd., (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.20%), 5.10%, 01/15/2035 (e) (aa) | 940 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wind River 2021-4 CLO Ltd., (Cayman Islands), Series 2021-4A, Class AR, (CME Term SOFR 3 Month + 1.23%), 5.10%, 01/20/2035 (e) (aa) | 320 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wind River 2022-1 CLO Ltd., (Cayman Islands), Series 2022-1A, Class AR, (CME Term SOFR 3 Month + 1.35%), 5.23%, 07/20/2035 (e) (aa) | 2250 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wingspire Equipment Finance LLC, Series 2025-1A, Class A2, 4.33%, 09/20/2033 (e) | 1390 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zais CLO 16 Ltd., (Cayman Islands), Series 2020-16A, Class A1R2, (CME Term SOFR 3 Month + 1.13%), 5.01%, 10/20/2034 (e) (aa) | 710 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Other ABS |  | 77268 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Student Loan ABS — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Student Loan ABS — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Student Loan ABS — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (e) | 276 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $117,111) |  | 117346 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Collateralized Mortgage Obligations — 0.2%** | **Collateralized Mortgage Obligations — 0.2%** | **Collateralized Mortgage Obligations — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Series, Series 2025-R01, Class 1M1, (United States 30 Day Average SOFR + 1.10%), 4.97%, 01/25/2045 (e) (aa) | 73 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, (United States 30 Day Average SOFR + 2.40%), 6.27%, 12/25/2042 (e) (aa) | 217 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R03, Class 2M1, (United States 30 Day Average SOFR + 1.15%), 5.02%, 03/25/2044 (e) (aa) | 327 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1A1, (United States 30 Day Average SOFR + 1.00%), 4.87%, 02/25/2045 (e) (aa) | 240 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC STACR REMIC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M2, (United States 30 Day Average SOFR + 2.50%), 6.37%, 01/25/2042 (e) (aa) | 324 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M2, (United States 30 Day Average SOFR + 3.75%), 7.62%, 02/25/2042 (e) (aa) | 400 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M2, (United States 30 Day Average SOFR + 4.35%), 8.22%, 04/25/2042 (e) (aa) | 175 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA1, Class M1A, (United States 30 Day Average SOFR + 2.00%), 5.87%, 05/25/2043 (e) (aa) | 201 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA2, Class A1, (United States 30 Day Average SOFR + 1.25%), 5.12%, 05/25/2044 (e) (aa) | 989 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA3, Class A1, (United States 30 Day Average SOFR + 1.05%), 4.92%, 10/25/2044 (e) (aa) | 278 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA3, Class M1, (United States 30 Day Average SOFR + 1.00%), 4.87%, 10/25/2044 (e) (aa) | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HQA1, Class M1, (United States 30 Day Average SOFR + 1.25%), 5.12%, 03/25/2044 (e) (aa) | 356 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class A1, 4.91%, 09/25/2070 (e) (z) | 658 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM16, Class A1, 4.91%, 08/25/2065 (e) (z) | 383 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM17, Class A1FC, SUB, 4.85%, 08/25/2065 (e) | 2975 | 2981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM21, Class A1FC, SUB, 4.92%, 10/25/2065 (e) | 750 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series 2019-HY1, Class M2, (CME Term SOFR 1 Month + 2.11%), 5.85%, 10/25/2048 (e) (aa) | 385 | 400 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 239

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Verus Securitization Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1, 0.82%, 01/25/2066 (e) (z) | 115 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-12, Class A1FC, SUB, 4.86%, 12/25/2070 (e) | 1000 | 1001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total WL Collateral CMO |  | 9893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations<br>(Cost $9,891) |  | 9893 |
|  **Commercial Mortgage-Backed Securities — 0.8%** | **Commercial Mortgage-Backed Securities — 0.8%** | **Commercial Mortgage-Backed Securities — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ACREC Ltd., (Cayman Islands), Series 2021-FL1, Class A, (CME Term SOFR 1 Month + 1.26%), 5.00%, 10/16/2036 (e) (aa) | 128 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty Commercial Real Estate Notes LLC, Series 2025-FL1, Class A, (CME Term SOFR 1 Month + 1.35%), 5.09%, 01/20/2043 (e) (aa) | 460 | 459 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARDN Mortgage Trust, Series 2025-ARCP, Class A, (CME Term SOFR 1 Month + 1.75%), 5.50%, 06/15/2035 (e) (aa) | 350 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; BANK5, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR11, Class A3, 5.89%, 11/15/2057 | 1640 | 1725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR8, Class A3, 5.88%, 08/15/2057 | 450 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C29, Class A2, 4.74%, 09/15/2057 | 700 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C34, Class A3, 5.66%, 05/15/2058 | 550 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C33, Class A4, 5.84%, 03/15/2058 | 310 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp; BDS LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL15, Class A, (CME Term SOFR 1 Month + 1.40%), 5.13%, 03/19/2043 (e) (aa) | 590 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL16, Class A, (CME Term SOFR 1 Month + 1.40%), 5.40%, 07/19/2043 (e) (aa) | 550 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2, Class A5, 3.88%, 02/15/2051 (z) | 90 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B11, Class A5, 3.54%, 05/15/2052 | 410 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V7, Class A3, 6.23%, 05/15/2056 (z) | 690 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V9, Class A3, 5.60%, 08/15/2057 | 1000 | 1040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-V11, Class A3, 5.91%, 11/15/2057 (z) | 1020 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V14, Class A4, 5.66%, 04/15/2057 | 700 | 733 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V16, Class A3, 5.44%, 08/15/2058 (z) | 470 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-V18, Class A3, 5.18%, 10/15/2058 | 1110 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5C8, Class A3, 5.63%, 12/15/2057 (z) | 1410 | 1469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C11, Class A3, 5.67%, 07/15/2058 | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class A, (CME Term SOFR 1 Month + 1.44%), 5.19%, 02/15/2039 (e) (aa) | 204 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL5, Class A, (CME Term SOFR 1 Month + 1.39%), 5.14%, 03/15/2041 (e) (aa) | 316 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BCAT, Class A, (CME Term SOFR 1 Month + 1.38%), 5.13%, 08/15/2042 (e) (aa) | 393 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp; BX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-OC11, Class E, 3.94%, 12/09/2041 (e) (z) | 3005 | 2773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class A, (CME Term SOFR 1 Month + 1.44%), 5.19%, 04/15/2041 (e) (aa) | 822 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, (CME Term SOFR 1 Month + 1.14%), 4.89%, 03/15/2030 (e) (aa) | 279 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-TAIL, Class A, (CME Term SOFR 1 Month + 1.40%), 5.15%, 06/15/2035 (e) (aa) | 310 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A4, 3.01%, 01/15/2053 | 1910 | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36, Class A5, 3.62%, 02/10/2049 | 379 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P4, Class A4, 2.90%, 07/10/2049 | 275 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P7, Class A4, 3.71%, 04/14/2050 | 1000 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONE Trust, Series 2024-DFW1, Class A, (CME Term SOFR 1 Month + 1.64%), 5.39%, 08/15/2041 (e) (aa) | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBC Mortgage Trust, Series 2025-DBC, Class A, (CME Term SOFR 1 Month + 1.35%), 5.10%, 11/15/2042 (e) (aa) | 390 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/2051 | 1260 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp; FS Rialto Issuer LLC, Series 2025-FL10, Class A, (CME Term SOFR 1 Month + 1.39%), 5.12%, 08/19/2042 (e) (aa) | 1050 | 1049 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 240 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS6, Class A2, 3.16%, 05/10/2050 | 637 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GSA1, Class A4, 3.05%, 11/10/2052 | 1670 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.47%, 01/13/2040 (e) (z) | 750 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, 03/15/2050 | 565 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp; KIND Commercial Mortgage Trust, Series 2024-1, Class A, (CME Term SOFR 1 Month + 1.89%), 5.64%, 08/15/2041 (e) (aa) | 310 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; LoanCore Issuer Ltd., (Cayman Islands), Series 2022-CRE7, Class A, (United States 30 Day Average SOFR + 1.55%), 5.49%, 01/17/2037 (e) (aa) | 162 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1 LLC, Series 2022-FL9, Class A, (CME Term SOFR 1 Month + 2.15%), 5.88%, 06/19/2037 (e) (aa) | 1047 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp; MF1 Ltd., (Cayman Islands), Series 2021-FL7, Class A, (CME Term SOFR 1 Month + 1.19%), 4.93%, 10/16/2036 (e) (aa) | 29 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C29, Class A4, 3.33%, 05/15/2049 | 900 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C1, Class A3, 5.64%, 03/15/2058 | 640 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust, Series 2024-NSTB, Class A, 3.90%, 09/24/2057 (e) (z) | 923 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp; PFP Ltd., (Cayman Islands), Series 2025-12, Class A, (CME Term SOFR 1 Month + 1.49%), 5.22%, 12/18/2042 (e) (aa) | 790 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCK Trust, Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (e) | 720 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCG Trust, Series 2025-SNIP, Class A, (CME Term SOFR 1 Month + 1.50%), 5.25%, 09/15/2042 (e) (aa) | 520 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (CME Term SOFR 1 Month + 1.44%), 5.19%, 02/15/2042 (e) (aa) | 540 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C9, Class A4, 4.12%, 03/15/2051 (z) | 660 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class A4, 3.04%, 12/15/2052 | 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bank NA, Series 2025-SUP1, Class B, 5.58%, 02/25/2032 (e) | 275 | 275 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC25, Class A4, 3.64%, 12/15/2059 |  | 500 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C42, Class A3, 3.33%, 12/15/2050 |  | 958 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50, Class A5, 3.73%, 05/15/2052 |  | 90 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C51, Class A3, 3.06%, 06/15/2052 |  | 717 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5C4, Class A3, 5.67%, 05/15/2058 |  | 631 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial MBS |  |  | 38818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $38,467) |  |  | 38818 |
|  **Convertible Bonds — 0.1%** | **Convertible Bonds — 0.1%** | **Convertible Bonds — 0.1%** | **Convertible Bonds — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 03/15/2026 |  | 165 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/15/2028 |  | 657 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  |  | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp., 1.75%, 05/15/2028 |  | 781 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., Zero Coupon, 05/01/2026 |  | 566 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worldline SA, (France), Reg. S, Zero Coupon, 07/30/2026 | EUR | 22 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  |  | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure LP, 2.50%, 06/15/2026 (e) |  | 2447 | 2401 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE, (Germany), Reg. S, 0.88%, 05/20/2032 | EUR | 100 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust LP, 1.88%, 11/15/2029 (e) |  | 151 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  |  | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ocado Group plc, (United Kingdom), Reg. S, 6.25%, 08/06/2029 | GBP | 200 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds<br>(Cost $5,001) |  |  | 4959 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 241

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — 69.2%** | **Corporate Bonds — 69.2%** | **Corporate Bonds — 69.2%** | **Corporate Bonds — 69.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advancion Sciences, Inc., 9.25% (cash), 11/01/2026 (e) (v) |  | 518 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc., 6.88%, 05/15/2043 |  | 1225 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASK Chemicals Deutschland Holding GmbH, (Germany), Reg. S, 10.00%, 11/15/2029 | EUR | 850 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems Dutch Holding B BV, (Netherlands), 7.25%, 02/15/2031 (e) |  | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC, 3.38%, 02/15/2029 (e) |  | 643 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, (Multinational), 4.75%, 06/15/2027 (e) |  | 172 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/2026 |  | 248 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2031 | EUR | 500 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/2030 |  | 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2033 |  | 618 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.83%, 07/15/2029 |  | 162 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 11/15/2028 |  | 303 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/15/2032 |  | 190 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/2031 |  | 100 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 11/15/2030 |  | 230 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/15/2033 |  | 195 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 02/15/2034 |  | 431 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerdia Finanz GmbH, (Germany), 9.38%, 10/03/2031 (e) |  | 150 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (e) |  | 64 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/2027 |  | 1905 | 1910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2028 (e) |  | 1085 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/2033 (e) |  | 555 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Energy Finance SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/2028 (e) |  | 40 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, 02/15/2031 (e) |  | 70 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028 (e) |  | 217 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc., 3.88%, 09/01/2028 (e) |  | 3115 | 3045 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQUATE Petrochemical Co. KSC, (Kuwait), Reg. S, 4.25%, 11/03/2026 |  | 427 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp; FIS Fabbrica Italiana Sintetici SpA, (Italy), Reg. S, 5.63%, 08/01/2027 | EUR | 100 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/01/2029 |  | 59 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2049 |  | 88 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 05/18/2033 |  | 68 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/18/2053 |  | 88 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.37%), 8.45%, 11/01/2055 (aa) |  | 200 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; GC Treasury Center Co. Ltd., (Thailand), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.82%), 6.50%, 09/10/2030 (e) (x) (aa) |  | 1000 | 1011 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.16%), 7.13%, 03/10/2035 (e) (x) (aa) |  | 1000 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; HB Fuller Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2027 |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/2028 |  | 72 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herens Holdco Sarl, (Luxembourg), 4.75%, 05/15/2028 (e) |  | 394 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herens Midco Sarl, (Luxembourg), Reg. S, 5.25%, 05/15/2029 | EUR | 1000 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntsman International LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/2031 |  | 97 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2029 |  | 159 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICL Group Ltd., (Israel), Reg. S, 6.38%, 05/31/2038 (e) |  | 4700 | 4864 |
| &nbsp;&nbsp;&nbsp;&nbsp; INEOS Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 04/15/2029 | EUR | 3125 | 3222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.63%, 05/15/2028 | EUR | 400 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/2028 (e) |  | 63 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/2029 (e) |  | 99 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; INEOS Quattro Finance 2 Plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.50%, 03/15/2029 | EUR | 1150 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 03/15/2029 (e) |  | 62 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingevity Corp., 3.88%, 11/01/2028 (e) |  | 90 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innophos Holdings, Inc., 11.50%, 06/15/2029 (e) |  | 80 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inversion Escrow Issuer LLC, 6.75%, 08/01/2032 (e) |  | 2047 | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lune Holdings Sarl, (Luxembourg), Reg. S, 5.63%, 11/15/2028 | EUR | 211 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings, Inc., 8.00%, 10/01/2029 (e) |  | 494 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methanex US Operations, Inc., 6.25%, 03/15/2032 (e) |  | 809 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies, Inc., 5.00%, 07/01/2028 (e) |  | 103 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nufarm Australia Ltd. / Nufarm Americas, Inc., (Australia), 5.00%, 01/27/2030 (e) |  | 60 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; OCP SA, (Morocco), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 06/23/2031 |  | 4400 | 4116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 06/23/2051 |  | 4900 | 4048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp., 6.63%, 04/01/2033 (e) |  | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp., 4.25%, 10/01/2028 (e) |  | 630 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 10/01/2029 | EUR | 100 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/2029 (e) |  | 60 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/2031 (e) |  | 3602 | 3685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/2033 (e) |  | 3867 | 3886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perimeter Holdings LLC, 6.25%, 01/15/2034 (e) (w) |  | 1638 | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rain Carbon, Inc., 12.25%, 09/01/2029 (e) |  | 28 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol Financing USA LLC, Reg. S, 8.75%, 05/03/2029 |  | 3700 | 3756 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 242 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/2028 (e) |  | 164 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/01/2029 (e) |  | 140 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Invictus Intermediate II Sarl, (Luxembourg), 5.00%, 10/30/2029 (e) |  | 2218 | 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp; SNF Group SACA, (France), 3.38%, 03/15/2030 (e) |  | 524 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc., 5.63%, 09/30/2033 (e) |  | 1000 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tronox, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/2029 (e) |  | 610 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 09/30/2030 (e) |  | 86 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vibrantz Technologies, Inc., 9.00%, 02/15/2030 (e) |  | 83 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/2027 (e) |  | 957 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/2029 (e) |  | 2763 | 2630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/2032 (e) |  | 1266 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/01/2031 (e) |  | 43 | 44 |
|  |  |  | 63073 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ahlstrom Holding 3 Oy, (Finland), 4.88%, 02/04/2028 (e) |  | 14 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domtar Corp., 6.75%, 10/01/2028 (e) |  | 99 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fedrigoni SpA, (Italy), Reg. S, 6.13%, 06/15/2031 | EUR | 100 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiber Midco SpA, (Italy), Reg. S, 10.75% (PIK), 06/15/2029 (v) | EUR | 100 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnera Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/2029 (e) |  | 47 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/2031 (e) |  | 1063 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercer International, Inc., 12.88%, 10/01/2028 (e) |  | 65 | 50 |
|  |  |  | 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Algoma Steel, Inc., (Canada), 9.13%, 04/15/2029 (e) |  | 15 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Big River Steel LLC / BRS Finance Corp., 6.63%, 01/31/2029 (e) |  | 3124 | 3147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp., 5.63%, 03/01/2034 (e) |  | 668 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celsa Opco SA, (Spain), 8.25%, 12/15/2030 (e) | EUR | 4235 | 5156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Champion Iron Canada, Inc., (Canada), 7.88%, 07/15/2032 (e) |  | 680 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/2029 (e) |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/2031 (e) |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/2040 |  | 30 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2030 (e) |  | 1300 | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/01/2029 (e) |  | 1492 | 1545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/15/2032 (e) |  | 110 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/01/2033 (e) |  | 515 | 536 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/2031 (e) | 1000 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 01/15/2034 (e) | 98 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2033 (e) | 1244 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/15/2035 (e) | 1267 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSN Inova Ventures, (Cayman Islands), Reg. S, 6.75%, 01/28/2028 | 2000 | 1852 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSN Resources SA, (Luxembourg), Reg. S, 7.63%, 04/17/2026 | 975 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infrabuild Australia Pty Ltd., (Australia), 14.50%, 11/15/2028 (e) | 137 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mineral Resources Ltd., (Australia), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/01/2031 (e) | 121 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/2027 (e) | 105 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/2030 (e) | 136 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/01/2028 (e) | 1968 | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Steel Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 06/01/2037 | 60 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/01/2029 | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale Overseas Ltd., (Cayman Islands), 6.40%, 06/28/2054 | 862 | 880 |
|  |  | 23466 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining — 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Mining — 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Mining — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Nederland Holding BV, (Netherlands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/31/2029 (e) | 55 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/2031 (e) | 140 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alumina Pty Ltd., (Australia), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/2030 (e) | 80 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/15/2032 (e) | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta plc, (United Kingdom), Reg. S, 2.38%, 10/14/2030 | 4900 | 4441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aris Mining Corp., (Canada), 8.00%, 10/31/2029 (e) | 249 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arsenal AIC Parent LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/01/2030 (e) | 455 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 10/01/2031 (e) | 3565 | 3923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capstone Copper Corp., (Canada), 6.75%, 03/31/2033 (e) | 438 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Aluminum Co., 6.88%, 08/01/2032 (e) | 365 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc., 5.13%, 02/15/2029 (e) | 259 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/2027 (e) | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/01/2030 (e) | 140 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellium SE, (France), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/2029 (e) | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/2028 (e) | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/2032 (e) | 1814 | 1873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile, (Chile), | &nbsp;&nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile, (Chile), | &nbsp;&nbsp;&nbsp;&nbsp; Corp. Nacional del Cobre de Chile, (Chile), |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 08/01/2047 | 4800 | 3936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.95%, 01/08/2034 | 2200 | 2300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eldorado Gold Corp., (Canada), 6.25%, 09/01/2029 (e) | 1553 | 1566 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 243

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Mining — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Mining — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Mining — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; ERO Copper Corp., (Canada), 6.50%, 02/15/2030 (e) |  | 1187 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/2034 (e) |  | 2379 | 2501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/01/2033 (e) |  | 1551 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 06/01/2031 (e) |  | 550 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 03/01/2029 (e) |  | 2344 | 2468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Treasury Pty Ltd., (Australia), 4.38%, 04/01/2031 (e) |  | 79 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport Indonesia PT, (Indonesia), Reg. S, 4.76%, 04/14/2027 |  | 1400 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore Funding LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/27/2027 (e) |  | 746 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.19%, 04/01/2030 (e) |  | 347 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34%, 04/04/2027 (e) |  | 176 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%, 04/04/2029 (e) |  | 973 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/08/2028 (e) |  | 159 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/06/2028 (e) |  | 83 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Co., 7.25%, 02/15/2028 |  | 512 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2026 (e) |  | 2237 | 2239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/2029 (e) |  | 1761 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT, (Indonesia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.45%, 05/15/2030 |  | 3300 | 3406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.80%, 05/15/2050 |  | 1600 | 1561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd., (Canada), 7.88%, 01/23/2030 (e) |  | 1400 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp; JW Aluminum Continuous Cast Co., 10.25%, 04/01/2030 (e) |  | 125 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2031 (e) |  | 1669 | 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/01/2034 (e) |  | 1501 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Gold, Inc., (Canada), 6.88%, 04/01/2032 (e) |  | 1878 | 1993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novelis Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2031 (e) |  | 1566 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/30/2030 (e) |  | 2274 | 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/2033 (e) |  | 1640 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/30/2030 (e) |  | 466 | 484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novelis Sheet Ingot GmbH, (Germany), Reg. S, 3.38%, 04/15/2029 | EUR | 300 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perenti Finance Pty Ltd., (Australia), 7.50%, 04/26/2029 (e) |  | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stillwater Mining Co., Reg. S, 4.00%, 11/16/2026 |  | 970 | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taseko Mines Ltd., (Canada), 8.25%, 05/01/2030 (e) |  | 284 | 302 |
|  |  |  | 56467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  |  | 144445 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 11.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 11.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 11.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 11.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028 (e) |  | 60 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/15/2031 (e) |  | 1900 | 1990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2029 (e) |  | 2137 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/2033 (e) |  | 1959 | 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/2028 (e) |  | 714 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/01/2030 (e) |  | 1828 | 1925 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMG Media Corp., 8.88%, 06/18/2029 (e) |  | 428 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dotdash Meredith, Inc., 7.63%, 06/15/2032 (e) |  | 92 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Media Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/2031 |  | 180 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2028 |  | 190 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2030 |  | 180 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/2029 |  | 130 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/01/2033 (e) |  | 208 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neptune Bidco US, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.29%, 04/15/2029 (e) |  | 521 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 05/15/2031 (e) |  | 538 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outfront Media Capital LLC / Outfront Media Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029 (e) |  | 627 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/2030 (e) |  | 725 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2027 (e) |  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 02/15/2031 (e) |  | 70 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stagwell Global LLC, 5.63%, 08/15/2029 (e) |  | 170 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summer BC Holdco B Sarl, (Luxembourg), Reg. S, 5.88%, 02/15/2030 | EUR | 1250 | 1354 |
|  |  |  | 14275 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ANGI Group LLC, 3.88%, 08/15/2028 (e) |  | 339 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., 5.13%, 12/01/2029 |  | 1854 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arches Buyer, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2028 (e) |  | 130 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/01/2028 (e) |  | 90 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beignet Investor LLC, 6.58%, 05/30/2049 (e) |  | 23115 | 24491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cablevision Lightpath LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/2027 (e) |  | 1110 | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/2028 (e) |  | 730 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cars.com, Inc., 6.38%, 11/01/2028 (e) |  | 69 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Group LLC / Cogent Finance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2032 (e) |  | 80 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/2027 (e) |  | 115 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; eDreams ODIGEO SA, (Spain), Reg. S, 4.88%, 12/30/2030 | EUR | 2050 | 2243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering — Ingegneria Informatica — SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.63%, 02/15/2030 | EUR | 2875 | 3623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 11.13%, 05/15/2028 | EUR | 117 | 146 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 244 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Future plc, (United Kingdom), Reg. S, 6.75%, 07/10/2030 | GBP | 1475 | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/2033 (e) |  | 938 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/30/2027 (e) |  | 250 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 09/30/2030 (e) |  | 190 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Images, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 11/15/2030 (e) |  | 316 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 02/21/2030 (e) |  | 90 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.00%, 03/01/2028 (e) |  | 48 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC / GD Finance Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2029 (e) |  | 781 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2027 (e) |  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; ION Platform Finance US, Inc. / ION Platform Finance Sarl, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/01/2028 (e) |  | 60 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 (e) |  | 785 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2028 (e) |  | 74 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/01/2029 (e) |  | 1029 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 08/01/2029 (e) |  | 308 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/30/2029 (e) |  | 407 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group Holdings II LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/2031 (e) |  | 225 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/2030 (e) |  | 160 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/2028 (e) |  | 90 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/2027 (e) |  | 36 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/2029 (e) |  | 110 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/2033 (e) |  | 885 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newfold Digital Holdings Group, Inc., 11.75%, 04/30/2029 (e) |  | 112 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV, (Netherlands), 3.26%, 01/19/2027 (e) |  | 400 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.26%, 01/19/2027 |  | 3100 | 3056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.99%, 01/19/2052 |  | 3800 | 3021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 4.74%), 4.25%, 04/22/2027 (x) (aa) | EUR | 4528 | 5162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.96%), 6.25%, 04/22/2031 (e) (x) (aa) |  | 152 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.25%), 8.13%, 12/15/2029 (e) (x) (aa) |  | 443 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 04/15/2029 (e) |  | 1021 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 02/15/2027 (e) |  | 1953 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/01/2033 (e) |  | 1380 | 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/2034 (e) |  | 702 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc., 4.50%, 08/15/2029 (e) |  | 1547 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Group BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 02/01/2030 | EUR | 10765 | 12606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 10/31/2031 | EUR | 5884 | 7058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 02/15/2031 | EUR | 1700 | 2053 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayfair LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/2032 (e) |  | 142 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/31/2029 (e) |  | 122 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/15/2030 (e) |  | 102 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc., 4.63%, 10/15/2030 (e) |  | 70 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZipRecruiter, Inc., 5.00%, 01/15/2030 (e) |  | 80 | 63 |
|  |  |  | 85252 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 2.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Media — 2.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Media — 2.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Media — 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2029 |  | 40 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 01/15/2029 (e) |  | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 07/15/2032 (e) |  | 21 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arqiva Broadcast Finance plc, (United Kingdom), Reg. S, 8.63%, 07/01/2030 | GBP | 900 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beasley Mezzanine Holdings LLC, 9.20%, 08/01/2028 (e) |  | 30 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belo Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/15/2027 |  | 140 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 06/01/2027 |  | 130 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block Communications, Inc., 4.88%, 03/01/2028 (e) |  | 80 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc., 4.00%, 11/15/2030 (e) |  | 30 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC / CCO Holdings Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/2031 (e) |  | 3967 | 3646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2034 (e) |  | 2285 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030 (e) |  | 852 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2032 |  | 2951 | 2649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033 (e) |  | 990 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030 (e) |  | 726 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032 (e) |  | 1359 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 (e) |  | 4208 | 4175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/2027 (e) |  | 1998 | 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/2029 (e) |  | 190 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2026 (e) |  | 1000 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/2029 (e) |  | 1512 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/01/2031 (e) |  | 162 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2031 (e) |  | 125 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/2030 (e) |  | 135 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031 (e) |  | 190 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2030 (e) |  | 7790 | 2782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 (e) |  | 1760 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/2028 (e) |  | 720 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2027 (e) |  | 2570 | 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030 (e) |  | 2275 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2029 (e) |  | 476 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2028 (e) |  | 130 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 05/15/2028 (e) |  | 2320 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 01/31/2029 (e) |  | 1159 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cumulus Media New Holdings, Inc., 8.00%, 07/01/2029 (e) |  | 40 | 11 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 245

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Digi Romania SA, (Romania), 4.63%, 10/29/2031 (e) | EUR | 3550 | 4162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directv Financing LLC, 8.88%, 02/01/2030 (e) |  | 1495 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directv Financing LLC / Directv Financing Co-Obligor, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/15/2027 (e) |  | 2035 | 2047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 02/15/2031 (e) |  | 906 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/2030 |  | 152 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/20/2028 |  | 515 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/2029 |  | 83 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/2037 |  | 63 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/2049 |  | 60 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 06/01/2040 |  | 111 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; DISH DBS Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/2029 |  | 237 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026 (e) |  | 2346 | 2275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028 (e) |  | 2962 | 2908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 07/01/2028 |  | 175 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/2026 |  | 10083 | 9960 |
| &nbsp;&nbsp;&nbsp;&nbsp; DISH Network Corp., 11.75%, 11/15/2027 (e) |  | 6037 | 6283 |
| &nbsp;&nbsp;&nbsp;&nbsp; EW Scripps Co. (The), 9.88%, 08/15/2030 (e) |  | 140 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2030 (e) |  | 120 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2031 (e) |  | 713 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 08/15/2033 (e) |  | 1841 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 07/15/2032 (e) |  | 1404 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 07/15/2029 (e) |  | 173 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028 (e) |  | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2031 (e) |  | 30 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/2030 (e) |  | 120 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 05/01/2029 (e) |  | 114 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 05/01/2030 (e) |  | 123 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCPR Senior Secured Financing DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/2029 (e) |  | 90 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027 (e) |  | 1317 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGraw-Hill Education, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/01/2028 (e) |  | 110 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/01/2031 (e) |  | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/2029 (e) |  | 139 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midcontinent Communications, 8.00%, 08/15/2032 (e) |  | 124 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/2028 (e) |  | 324 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/2027 (e) |  | 584 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/2027 |  | 126 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/01/2028 |  | 657 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/2029 |  | 373 | 364 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (IBOR USD 3 Month + 3.90%), 6.25%, 02/28/2057 (aa) |  | 208 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.00%), 6.38%, 03/30/2062 (aa) |  | 450 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 07/30/2030 |  | 285 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radiate Holdco LLC / Radiate Finance, Inc., 9.25% (Blend (cash 6.00% + PIK 3.25%)), 03/25/2030 (e) (v) |  | 512 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scripps Escrow II, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/2029 (e) |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/2031 (e) |  | 70 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/31/2032 (e) |  | 67 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2030 (e) |  | 70 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/15/2033 (e) |  | 1998 | 2087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 02/15/2033 (e) |  | 60 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Radio LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/2026 (e) |  | 541 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/2031 (e) |  | 148 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2028 (e) |  | 666 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/2030 (e) |  | 180 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2027 (e) |  | 953 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2029 (e) |  | 90 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summer BidCo BV, (Netherlands), Reg. S, 10.00% (cash), 02/15/2029 (v) | EUR | 5856 | 6947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrise FinCo. I BV, (Netherlands), 4.88%, 07/15/2031 (e) |  | 816 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/2028 |  | 184 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2029 |  | 136 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele Columbus AG, (Germany), Reg. S, 10.00% (PIK), 01/01/2029 (v) | EUR | 2216 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenet Finance Luxembourg Notes Sarl, (Luxembourg), 5.50%, 03/01/2028 (e) |  | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univision Communications, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2029 (e) |  | 236 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 06/30/2030 (e) |  | 140 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/15/2028 (e) |  | 3296 | 3414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/31/2031 (e) |  | 944 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 08/01/2032 (e) |  | 2745 | 2949 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPCB Finance VII Ltd., (Cayman Islands), Reg. S, 3.63%, 06/15/2029 | EUR | 3691 | 4317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban One, Inc., 7.63%, 04/01/2031 (e) (bb) |  | 33 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Versant Media Group, Inc., 7.25%, 01/30/2031 (e) |  | 542 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 07/15/2030 | EUR | 1501 | 1647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2030 (e) |  | 160 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Secured Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 01/15/2030 | GBP | 1700 | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030 (e) |  | 513 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2029 (e) |  | 1958 | 1929 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 246 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes III DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/2028 (e) | GBP | 700 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 07/15/2028 | GBP | 7092 | 9307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes IV DAC, (Ireland), 5.00%, 07/15/2028 (e) |  | 856 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp; VZ Secured Financing BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2032 (e) |  | 1280 | 1163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2033 (e) |  | 101 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; VZ Vendor Financing II BV, (Netherlands), Reg. S, 2.88%, 01/15/2029 | EUR | 4754 | 5277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziggo Bond Co. BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/28/2030 (e) |  | 230 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/2032 (e) | EUR | 3572 | 3948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziggo BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 01/15/2030 | EUR | 5009 | 5556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/2030 (e) |  | 299 | 282 |
|  |  |  | 135084 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 7.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 7.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 7.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 7.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice Financing SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 01/15/2028 | EUR | 7310 | 5903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 08/15/2029 | EUR | 10878 | 8685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2028 (e) |  | 1050 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/2029 (e) |  | 1679 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 07/15/2027 (e) |  | 70 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice Finco SA, (Luxembourg), Reg. S, 4.75%, 01/15/2028 | EUR | 2038 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice France Lux 3 / Altice Holdings 1, (Luxembourg), 10.00%, 01/15/2033 (e) |  | 149 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice France SA, (France), 0.00%, 12/31/2049 | EUR | 9 | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 10/15/2030 | EUR | 353 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 10/15/2031 | EUR | 770 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 07/15/2032 | EUR | 77 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/2032 (e) | EUR | 12826 | 14342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2031 (e) |  | 1219 | 1157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/2032 (e) |  | 2540 | 2435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/15/2030 (e) |  | 2260 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/15/2032 (e) |  | 2024 | 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/01/2029 (e) | EUR | 2695 | 3149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/2029 (e) |  | 2509 | 2582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.88%, 11/01/2029 (e) | EUR | 1415 | 1694 |
| &nbsp;&nbsp;&nbsp;&nbsp; APLD ComputeCo. LLC, 9.25%, 12/15/2030 (e) |  | 779 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axiata SPV2 Bhd., (Malaysia), Reg. S, 2.16%, 08/19/2030 |  | 8300 | 7518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bell Telephone Co. of Canada or Bell Canada, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.39%), 6.88%, 09/15/2055 (aa) |  | 167 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.36%), 7.00%, 09/15/2055 (aa) |  | 158 | 166 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; British Telecommunications plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.99%), 4.25%, 11/23/2081 (e) (aa) |  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.49%), 4.88%, 11/23/2081 (e) (aa) |  | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cipher Compute LLC, 7.13%, 11/15/2030 (e) |  | 2221 | 2262 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/2029 (e) |  | 2199 | 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/01/2028 (e) |  | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/2027 (e) |  | 482 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 12/15/2031 (e) |  | 282 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope Technologies LLC, 5.00%, 03/15/2027 (e) |  | 522 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connect Finco Sarl / Connect US Finco LLC, (Multinational), 9.00%, 09/15/2029 (e) |  | 1077 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connect Holding II LLC, 10.50%, 04/03/2031 (e) |  | 388 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel Group Holdings Ltd., (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1B14, , Zero Coupon, 12/31/2030 (e) (bb) |  | 95 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3B14, , Zero Coupon, 12/31/2030 (e) (bb) |  | 64 | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd. / Difl US LLC, (Multinational), 8.63%, 08/01/2032 (e) |  | 1945 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75% (cash), 11/30/2030 (v) |  | 5973 | 6118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/30/2029 |  | 4372 | 4835 |
| &nbsp;&nbsp;&nbsp;&nbsp; eircom Finance DAC, (Ireland), Reg. S, 5.00%, 04/30/2031 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embarq LLC, 8.00%, 06/01/2036 |  | 200 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eutelsat SA, (France), Reg. S, 1.50%, 10/13/2028 | EUR | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fibercop SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/18/2029 | EUR | 5100 | 5626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 10/12/2027 | EUR | 11502 | 13361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 3.00%), 5.03%, 06/30/2031 (aa) | EUR | 4400 | 5206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 06/30/2032 | EUR | 5008 | 5982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/30/2034 (e) |  | 735 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 02/15/2028 | EUR | 1755 | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 07/18/2036 (e) |  | 234 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 06/04/2038 (e) |  | 39 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.88%, 07/31/2028 | EUR | 2225 | 2855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flash Compute LLC, 7.25%, 12/31/2030 (e) |  | 1601 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2028 (e) |  | 6789 | 6801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 (e) |  | 4725 | 4740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/2029 |  | 958 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2030 (e) |  | 404 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/2029 (e) |  | 625 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 03/15/2031 (e) |  | 877 | 923 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 247

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/2030 (e) |  | 2179 | 2275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Florida LLC, Series E, 6.86%, 02/01/2028 |  | 32 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier North, Inc., Series G, 6.73%, 02/15/2028 |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI LLC, 4.75%, 10/15/2028 (e) |  | 95 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoTo Group, Inc., 5.50%, 05/01/2028 (e) |  | 130 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iliad Holding SAS, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 04/15/2030 | EUR | 300 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/2030 (e) | EUR | 11074 | 13435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 04/15/2031 | EUR | 6885 | 8631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/2028 (e) |  | 2733 | 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/15/2032 (e) |  | 1904 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/15/2031 (e) |  | 1089 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaixo Bondco Telecom SA, (Spain), Reg. S, 5.13%, 09/30/2029 | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 3.77%), 6.00%, 09/21/2027 (x) (aa) | EUR | 3820 | 4706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/2029 (e) |  | 269 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/2029 (e) |  | 1134 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2028 (e) |  | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/2029 (e) |  | 1964 | 1909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 06/30/2033 (e) |  | 5720 | 5851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/31/2034 (e) |  | 7808 | 8047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 01/15/2036 (e) |  | 4448 | 4560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lorca Telecom Bondco SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 09/18/2027 | EUR | 2040 | 2396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 04/30/2029 | EUR | 4200 | 5129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/2030 (e) |  | 404 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/2029 (e) |  | 60 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029 (e) |  | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 10/15/2032 (e) |  | 1180 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series P, 7.60%, 09/15/2039 |  | 60 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series U, 7.65%, 03/15/2042 |  | 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matterhorn Telecom SA, (Luxembourg), Reg. S, 5.25%, 07/31/2028 | CHF | 1750 | 2262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Odido Group Holding BV, (Netherlands), Reg. S, 5.50%, 01/15/2030 | EUR | 4762 | 5633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Odido Holding BV, (Netherlands), Reg. S, 3.75%, 01/15/2029 | EUR | 4751 | 5587 |
| &nbsp;&nbsp;&nbsp;&nbsp; PLT VII Finance Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 3.50%), 5.60%, 06/15/2031 (aa) | EUR | 2750 | 3250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/2031 (e) | EUR | 1231 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 06/15/2031 | EUR | 775 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proximus SADP, (Belgium), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.41%), 4.75%, 07/02/2031 (x) (aa) | EUR | 900 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.59%), 5.25%, 03/15/2082 (e) (aa) |  | 346 | 346 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.65%), 7.00%, 04/15/2055 (aa) |  | 350 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.62%), 7.13%, 04/15/2055 (aa) |  | 320 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sable International Finance Ltd., (Cayman Islands), 7.13%, 10/15/2032 (e) |  | 1590 | 1609 |
| &nbsp;&nbsp;&nbsp;&nbsp; SES SA, (Luxembourg), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.59%), 6.00%, 09/12/2054 (aa) | EUR | 325 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 07/06/2029 | EUR | 4739 | 5374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 09/19/2029 | EUR | 3756 | 4374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 04/15/2028 | EUR | 11364 | 13577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 01/08/2029 | EUR | 1350 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 07/08/2032 | EUR | 6481 | 7722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 07/10/2033 | EUR | 2000 | 2410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.46%), 6.50%, 10/29/2062 (aa) | EUR | 4000 | 4328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprint Capital Corp., 6.88%, 11/15/2028 |  | 1025 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDC Net A/S, (Denmark), Reg. S, 6.50%, 06/01/2031 | EUR | 1975 | 2571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia Capital SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/30/2034 |  | 33 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/2033 |  | 70 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 07/18/2036 |  | 35 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 06/04/2038 |  | 594 | 658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 02/15/2028 | EUR | 628 | 793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.88%, 07/31/2028 | EUR | 4390 | 5752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications co Telekom Srbija AD Belgrade, (Serbia), Reg. S, 7.00%, 10/28/2029 |  | 2300 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica Europe BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 8 Year + 2.62%), 2.38%, 02/12/2029 (x) (aa) | EUR | 8100 | 9038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 8 Year + 3.07%), 2.88%, 06/24/2027 (x) (aa) | EUR | 2000 | 2319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 6 Year + 2.87%), 2.88%, 02/24/2028 (x) (aa) | EUR | 3300 | 3796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.12%), 5.75%, 01/15/2032 (x) (aa) | EUR | 2300 | 2861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate + 3.35%), 6.14%, 02/03/2030 (x) (aa) | EUR | 1200 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.62%), 6.75%, 06/07/2031 (x) (aa) | EUR | 6500 | 8440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 09/15/2030 |  | 130 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telesat Canada / Telesat LLC, (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/2027 (e) |  | 41 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/06/2026 (e) |  | 60 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2027 (e) |  | 30 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.69%), 6.38%, 06/09/2056 (aa) |  | 50 | 50 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 248 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.77%), 6.63%, 10/15/2055 (aa) |  | 244 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.52%), 6.63%, 06/09/2056 (aa) |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.71%), 7.00%, 10/15/2055 (aa) |  | 230 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/2028 (e) |  | 1265 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2029 (e) |  | 1570 | 1508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 06/15/2032 (e) |  | 450 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/2027 (e) |  | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2028 (e) |  | 80 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/30/2031 (e) |  | 130 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc., 3.75%, 10/01/2029 (e) |  | 420 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vmed O2 UK Financing I plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 01/31/2031 | EUR | 6379 | 7158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 01/31/2029 | GBP | 1675 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/2031 (e) |  | 1184 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 07/15/2031 | GBP | 7441 | 8887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/2031 (e) |  | 765 | 706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 04/15/2032 | EUR | 8965 | 10593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/2033 (e) |  | 718 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/2032 (e) |  | 150 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.07%), 5.13%, 06/04/2081 (aa) |  | 100 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD Semi-annual Swap Rate 5 Year + 4.87%), 7.00%, 04/04/2079 (aa) |  | 526 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 3.84%), 8.00%, 08/30/2086 (aa) | GBP | 5870 | 8646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Windstream Services LLC, 7.50%, 10/15/2033 (e) |  | 1019 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031 (e) |  | 3829 | 4020 |
| &nbsp;&nbsp;&nbsp;&nbsp; WULF Compute LLC, 7.75%, 10/15/2030 (e) |  | 2691 | 2772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25% (cash), 03/09/2030 (e) (v) |  | 2155 | 2047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.75% (cash), 09/09/2030 (e) (v) |  | 916 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zegona Finance plc, (United Kingdom), 8.63%, 07/15/2029 (e) |  | 655 | 695 |
|  |  |  | 357137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  |  | 591748 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 11.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 11.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 11.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 11.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Canada, (Canada), 3.88%, 08/15/2026 (e) |  | 566 | 563 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Air France-KLM, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.58%), 5.75%, 05/21/2030 (x) (aa) |  | EUR 2,500 | 2976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co., 7.25%,<br>08/15/2027 (e) |  | 38 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/2028 (e) |  | 1055 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/2029 (e) |  | 499 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc. / AAdvantage Loyalty IP Ltd., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/2026 (e) |  | 215 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029 (e) |  | 1289 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp; AS Mileage Plan IP Ltd., (Cayman Islands), 5.02%, 10/20/2029 (e) |  | 934 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avianca Midco 2 plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 12/01/2028 (e) |  | 294 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 02/14/2030 (e) |  | 244 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp. / JetBlue Loyalty LP, (Multinational), 9.88%, 09/20/2031 (e) |  | 558 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneSky Flight LLC, 8.88%, 12/15/2029 (e) |  | 225 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co., 4.38%, 11/15/2028 |  | 250 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit Airlines Pass Through Trust 2015-1A, Series A, 4.10%, 04/01/2028 |  | 149 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportes Aereos Portugueses SA, (Portugal), Reg. S, 5.13%, 11/15/2029 | EUR | 1000 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines 2014-1 Class A Pass Through Trust, Series A, 4.00%, 04/11/2026 |  | 187 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Pass Through Trust, Series 20-1, Class A, 5.88%, 10/15/2027 |  | 1265 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2026 (e) |  | 1290 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/2029 (e) |  | 1066 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp; VistaJet Malta Finance plc / Vista Management Holding, Inc., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/01/2030 (e) |  | 285 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/01/2027 (e) |  | 2099 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 06/01/2028 (e) |  | 707 | 731 |
|  |  |  | 17555 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2032 (e) | EUR | 7702 | 9215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 07/15/2032 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00% (cash), 07/15/2033 (e) (v) |  | 1848 | 2039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Champ Acquisition Corp., 8.38%, 12/01/2031 (e) |  | 92 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2031 (e) |  | 174 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/2029 (e) |  | 287 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Goose SpA, (Italy), (EURIBOR 3 Month + 3.75%), 5.81%, 05/15/2031 (e) (aa) | EUR | 4813 | 5720 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 249

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc., 4.13%, 11/15/2029 (e) |  | 676 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Levi Strauss & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2031 (e) |  | 415 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2030 (e) | EUR | 3967 | 4734 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&S Holdings LLC, 8.38%, 10/01/2031 (e) |  | 99 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc., 7.25%, 07/15/2030 (e) |  | 159 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; VF Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/25/2032 | EUR | 2350 | 2187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/23/2027 |  | 90 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/23/2030 |  | 104 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/07/2029 | EUR | 102 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/2033 |  | 60 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 11/01/2037 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; William Carter Co. (The), 7.38%, 02/15/2031 (e) |  | 65 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc., 4.00%, 08/15/2029 (e) |  | 2527 | 2336 |
|  |  |  | 28622 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/30/2031 (e) |  | 210 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/2027 (e) |  | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/2029 (e) |  | 130 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/2033 (e) |  | 613 | 623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd., (Jersey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 03/31/2029 (e) |  | 213 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 10.38%, 03/31/2029 | GBP | 825 | 1012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/2026 |  | 1235 | 1223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/09/2027 |  | 600 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/05/2026 |  | 1374 | 1382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/06/2029 |  | 452 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/08/2029 |  | 1402 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 05/17/2027 |  | 1507 | 1530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/07/2029 |  | 625 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 05/12/2028 |  | 225 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 06/10/2026 |  | 343 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 11/04/2027 |  | 325 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/27/2028 |  | 168 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2027 |  | 230 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.29%), 5.28%, 01/07/2030 (aa) |  | 229 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/08/2027 |  | 491 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 07/15/2029 |  | 151 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/17/2029 |  | 641 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Capital America, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/2028 (e) |  | 248 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/24/2027 (e) |  | 417 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/08/2029 (e) |  | 589 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 09/21/2028 (e) |  | 735 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/16/2029 (e) |  | 72 | 76 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2027 (e) |  | 180 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/2028 (e) |  | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Poindexter & Co., Inc., 8.75%, 12/15/2031 (e) |  | 611 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Flyer Holdings, Inc., 9.25%, 07/01/2030 (e) |  | 477 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 09/16/2026 (e) |  | 418 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/09/2026 (e) |  | 640 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/15/2028 (e) |  | 80 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/09/2028 (e) |  | 142 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/13/2027 (e) |  | 66 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 09/13/2029 (e) |  | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/29/2028 (e) |  | 118 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/30/2030 (e) |  | 1476 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 09/15/2026 (e) |  | 972 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 09/15/2028 (e) |  | 151 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/17/2027 (e) |  | 642 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 09/17/2030 (e) |  | 600 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/17/2029 (e) | EUR | 1837 | 2217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/17/2033 (e) | EUR | 2028 | 2444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 07/17/2033 | EUR | 1775 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/17/2030 (e) |  | 1135 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/17/2032 (e) |  | 2249 | 2384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/17/2035 (e) |  | 1647 | 1752 |
| &nbsp;&nbsp;&nbsp;&nbsp; PM General Purchaser LLC, 9.50%, 10/01/2028 (e) |  | 1791 | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCI Banque SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.75%), 5.50%, 10/09/2034 (aa) | EUR | 100 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.84%), 6.13%, 09/24/2030 (x) (aa) | EUR | 4800 | 5670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC, 10.00%, 01/15/2031 (e) |  | 318 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis Finance US, Inc., 5.35%, 03/17/2028 (e) |  | 400 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen Group of America Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/14/2026 (e) |  | 200 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/25/2027 (e) |  | 400 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/12/2026 (e) |  | 222 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/16/2026 (e) |  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen International Finance NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.17%), 5.49%, 11/15/2030 (x) (aa) | EUR | 3700 | 4487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.49%), 5.99%, 11/15/2033 (x) (aa) | EUR | 100 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series PNC5, Reg. S, (EUR Swap Rate 5 Year + 4.29%), 7.50%, 09/06/2028 (x) (aa) | EUR | 900 | 1153 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 250 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp., 4.50%, 10/15/2028 (e) |  | 40 | 37 |
|  |  |  | 48193 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 2.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd., (Jersey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/15/2033 (e) |  | 110 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/2031 (e) |  | 110 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adler Pelzer Holding GmbH, (Germany), Reg. S, 9.50%, 04/01/2027 | EUR | 400 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 |  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/15/2032 (e) |  | 537 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/01/2028 |  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/2033 (e) |  | 440 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd., (Jersey), (CMT Index 5 Year + 3.39%), 6.88%, 12/15/2054 (aa) |  | 250 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarios Global LP / Clarios US Finance Co., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2031 (e) | EUR | 8385 | 9994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/2028 (e) |  | 1591 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2030 (e) |  | 1523 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/2032 (e) |  | 3242 | 3364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper-Standard Automotive, Inc., 5.63% (cash), 05/15/2027 (e) (v) |  | 70 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/2030 |  | 259 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2032 |  | 425 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2027 |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/2028 |  | 440 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/2029 (e) |  | 73 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forvia SE, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 06/15/2029 | EUR | 924 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/2031 (e) | EUR | 2049 | 2474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 03/15/2031 | EUR | 725 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 06/15/2031 | EUR | 9648 | 11731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 06/15/2030 | EUR | 7672 | 9396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/2033 (e) |  | 78 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/15/2030 (e) |  | 57 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.75%, 05/31/2032 (e) |  | 788 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gestamp Automocion SA, (Spain), 4.38%, 10/15/2030 (e) | EUR | 1650 | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/2027 |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2029 |  | 248 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/30/2031 |  | 194 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2031 |  | 111 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/30/2033 |  | 94 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/2030 |  | 93 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/15/2028 |  | 20 | 21 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; IHO Verwaltungs GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75% (cash), 11/15/2029 (v) | EUR | 1725 | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00% (cash), 11/15/2031 (v) | EUR | 5207 | 6607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75% (cash), 11/15/2030 (e) (v) |  | 150 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00% (cash), 11/15/2032 (e) (v) |  | 100 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.75% (cash), 05/15/2028 (v) | EUR | 5305 | 6515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahle GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 05/14/2028 | EUR | 200 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.13%, 07/15/2032 | EUR | 2525 | 3126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Opmobility, (France), Reg. S, 4.30%, 02/05/2031 | EUR | 500 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phinia, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032 (e) |  | 362 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2029 (e) |  | 215 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/2032 (e) |  | 709 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/15/2033 (e) |  | 311 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029 (e) |  | 110 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schaeffler AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 03/28/2030 | EUR | 6300 | 7578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 04/01/2031 | EUR | 6500 | 8054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., 8.00%, 11/17/2028 (e) |  | 3151 | 3161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc., 7.00%, 04/30/2028 |  | 1050 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valeo SE, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 03/23/2032 | EUR | 700 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 05/20/2031 | EUR | 1600 | 1937 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZF Europe Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.50%, 10/23/2027 | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 10/23/2029 | EUR | 2900 | 3194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 01/31/2029 | EUR | 3100 | 3632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.13%, 03/13/2029 | EUR | 2000 | 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00%, 06/12/2030 | EUR | 11800 | 14609 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZF Finance GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 05/03/2028 | EUR | 900 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 05/25/2027 | EUR | 1200 | 1401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 09/21/2028 | EUR | 1700 | 1967 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZF North America Capital, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/23/2030 (e) |  | 147 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/14/2028 (e) |  | 1145 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/23/2032 (e) |  | 220 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 04/14/2030 (e) |  | 151 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/24/2031 (e) |  | 782 | 790 |
|  |  |  | 123775 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; American Builders & Contractors Supply Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/2029 (e) |  | 71 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/2028 (e) |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azelis Finance NV, (Belgium), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 09/25/2029 | EUR | 900 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/25/2029 (e) | EUR | 3729 | 4488 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 251

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/2028 (e) |  | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Corp., 6.88%, 07/01/2029 (e) |  | 497 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2028 (e) |  | 120 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 03/15/2031 (e) |  | 214 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resideo Funding, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2029 (e) |  | 248 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2032 (e) |  | 726 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Velocity Vehicle Group LLC, 8.00%, 06/01/2029 (e) |  | 369 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Windsor Holdings III LLC, 8.50%, 06/15/2030 (e) |  | 895 | 946 |
|  |  |  | 8911 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 888 Acquisitions Ltd., (Gibraltar), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 09/30/2031 (e) | EUR | 3641 | 3435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 10.75%, 05/15/2030 | GBP | 2635 | 2986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affinity Interactive, 6.88%, 12/15/2027 (e) |  | 100 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allen Media LLC / Allen Media Co-Issuer, Inc., 10.50%, 02/15/2028 (e) |  | 110 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allwyn Entertainment Financing UK plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.25%, 04/30/2030 | EUR | 4860 | 6003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/30/2029 (e) |  | 88 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc., 7.50%, 02/15/2029 (e) |  | 42 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banijay Entertainment SAS, (France), 8.13%, 05/01/2029 (e) |  | 80 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyne USA, Inc., 4.75%, 05/15/2029 (e) |  | 159 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brightstar Lottery PLC / Brightstar Global Solutions Corp., (United Kingdom), 5.75%, 01/15/2033 (e) |  | 1046 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2029 (e) |  | 2745 | 2633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/2032 (e) |  | 51 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2032 (e) |  | 1023 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/2030 (e) |  | 3313 | 3431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028 (e) |  | 140 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2027 (e) |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/2030 (e) |  | 1289 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/2031 (e) |  | 1976 | 2049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cinemark USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2028 (e) |  | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/01/2032 (e) |  | 298 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cirsa Finance International Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/15/2031 (e) | EUR | 2975 | 3589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 03/15/2029 | EUR | 3587 | 4382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire Resorts, Inc., 7.75%, 11/01/2026 (e) |  | 201 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Treasury DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/04/2031 (e) | EUR | 1250 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 04/29/2029 (e) |  | 1472 | 1520 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp. / Raptor LLC, (Multinational), 8.75%, 11/15/2029 (e) |  | 466 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intralot Capital Luxembourg SA, (Luxembourg), 6.75%, 10/15/2031 (e) | EUR | 2500 | 2924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Entertainment, Inc., 6.75%, 02/15/2029 (e) |  | 1475 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp; LHMC Finco 2 Sarl, (Luxembourg), Reg. S, 9.38% (PIK), 05/15/2030 (v) | EUR | 4155 | 5075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/2033 (e) |  | 1488 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/2029 (e) |  | 140 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/01/2031 (e) |  | 408 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2028 (e) |  | 57 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 (e) |  | 681 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/2027 (e) |  | 144 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loarre Investments Sarl, (Luxembourg), Reg. S, 6.50%, 05/15/2029 | EUR | 3900 | 4718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottomatica Group SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/31/2031 (e) | EUR | 3397 | 4111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/2030 (e) | EUR | 10332 | 12552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/2031 (e) |  | 1216 | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 05/01/2029 (e) |  | 1846 | 1816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/2030 (e) |  | 356 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.88%, 04/15/2031 (e) |  | 198 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.25%, 12/15/2029 (e) |  | 25 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motion Bondco DAC, (Ireland), 6.63%, 11/15/2027 (e) |  | 455 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motion Finco Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.38%, 06/15/2030 | EUR | 1500 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 02/15/2032 (e) |  | 46 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Odeon Finco plc, (United Kingdom), 12.75%, 11/01/2027 (e) |  | 829 | 855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Gaming GTA LP / OTG Co-Issuer, Inc., (Canada), 8.00%, 08/01/2030 (e) |  | 57 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/2029 (e) |  | 425 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/2027 (e) |  | 474 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Playtech Plc, (Isle of Man), Reg. S, 5.88%, 06/28/2028 | EUR | 1000 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/2029 (e) |  | 421 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/2031 (e) |  | 423 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resorts World Las Vegas LLC / RWLV Capital, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 04/16/2029 |  | 100 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.45%, 07/27/2030 (e) |  | 100 | 99 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 252 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp., 6.63%, 02/01/2033 (e) |  | 1524 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., 6.25%, 10/15/2030 (e) |  | 829 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scientific Games Holdings LP / Scientific Games US FinCo., Inc., 6.63%, 03/01/2030 (e) |  | 2029 | 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029 (e) |  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2027 (e) |  | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 05/15/2031 (e) |  | 94 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2029 |  | 70 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/2027 |  | 1080 | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2028 |  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc. / Canada's Wonderland Co., 6.63%, 05/01/2032 (e) |  | 120 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Speedway Motorsports LLC / Speedway Funding II, Inc., 4.88%, 11/01/2027 (e) |  | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starz Capital Holdings 1, Inc., 6.00%, 04/15/2030 (e) |  | 579 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/2030 (e) |  | 458 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/2032 (e) |  | 434 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voyager Parent LLC, 9.25%, 07/01/2032 (e) |  | 3109 | 3299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/2027 |  | 716 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/2029 |  | 947 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 03/15/2032 |  | 391 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/17/2030 | EUR | 650 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 05/17/2033 | EUR | 3136 | 3451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/2042 |  | 3850 | 2718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/2052 |  | 3062 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/2029 (e) |  | 2030 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033 (e) |  | 1263 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/15/2031 (e) |  | 863 | 934 |
|  |  |  | 105469 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food Service — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Food Service — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Food Service — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Food Service — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark Services, Inc., 5.00%, 02/01/2028 (e) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; gategroup Finance Luxembourg SA, (Luxembourg), Reg. S, 3.00%, 02/28/2027 | CHF | 50 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo, Inc., 5.15%, 08/15/2030 (e) |  | 200 | 205 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food Service — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Food Service — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Food Service — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; TKC Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/2028 (e) | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/2029 (e) | 120 | 123 |
|  |  | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adams Homes, Inc., 9.25%, 10/15/2028 (e) | 228 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashton Woods USA LLC / Ashton Woods Finance Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029 (e) | 790 | 755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/2030 (e) | 935 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2028 (e) | 1575 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/01/2033 (e) | 486 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2027 | 2625 | 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/15/2029 | 2037 | 2082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/2031 (e) | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/2030 (e) | 2707 | 2522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 (e) | 2104 | 2037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/2027 (e) | 405 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Communities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2029 (e) | 160 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/15/2033 (e) | 741 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/15/2030 (e) | 509 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 08/15/2028 (e) | 677 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire Communities Corp., (Canada), 9.75%, 05/01/2029 (e) | 1306 | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2028 (e) | 1617 | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/2033 (e) | 985 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc., 5.75%, 02/01/2028 (e) | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; K Hovnanian Enterprises, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/01/2031 (e) | 592 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 10/01/2033 (e) | 1097 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Home, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/2031 | 350 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/2029 | 1625 | 1618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/15/2030 | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2029 (e) | 70 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/2032 (e) | 309 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 12/15/2028 (e) | 773 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/15/2030 | 450 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/01/2028 | 788 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattamy Group Corp., (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/2030 (e) | 1127 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/15/2033 (e) | 1152 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp., 3.88%, 04/15/2029 (e) | 287 | 282 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 253

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Miller Homes Group Finco plc, (United Kingdom), (EURIBOR 3 Month + 4.25%), 6.31%, 10/15/2030 (e) (aa) | EUR 5,057 | 6021 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Home Co., Inc. (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/01/2030 (e) | 485 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 10/01/2029 (e) | 1007 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shea Homes LP / Shea Homes Funding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2028 | 1360 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/2029 | 937 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp; STL Holding Co. LLC, 8.75%, 02/15/2029 (e) | 1000 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/01/2030 (e) | 270 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2028 (e) | 800 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2032 (e) | 688 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thor Industries, Inc., 4.00%, 10/15/2029 (e) | 90 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2027 | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/2028 | 1506 | 1532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries, Inc., 6.25%, 07/15/2028 (e) | 60 | 60 |
|  |  | 42852 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Furnishings — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Home Furnishings — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Home Furnishings — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; FXI Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 11/15/2030 (e) | 80 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.00% (cash), 11/15/2029 (e) (v) | 48 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc., 3.50%, 11/15/2027 | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Somnigroup International, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/2031 (e) | 295 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029 (e) | 170 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/15/2031 | 50 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2046 | 80 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/2050 | 70 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/14/2032 | 50 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/26/2029 | 49 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/01/2043 | 30 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2033 | 45 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2034 | 49 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/2030 | 480 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/2033 | 1455 | 1411 |
|  |  | 2807 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CD&R Smokey Buyer, Inc. / Radio Systems Corp., 9.50%, 10/15/2029 (e) | 80 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co., 4.13%, 10/15/2030 | 14 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/15/2027 | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/2030 | 163 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/15/2029 | 33 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/15/2032 | 957 | 929 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 04/01/2036 |  | 52 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2046 |  | 771 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 06/01/2028 (e) |  | 550 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/2031 |  | 1851 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/2032 |  | 1773 | 1664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/2029 |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/2026 |  | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; SWF Holdings I Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2029 (e) |  | 70 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/06/2029 (e) |  | 6402 | 2561 |
|  |  |  | 8550 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acushnet Co., 5.63%, 12/01/2033 (e) |  | 292 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amer Sports Co., 6.75%, 02/16/2031 (e) |  | 585 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp., (Panama), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2028 (e) |  | 3835 | 3779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/2029 (e) |  | 169 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 01/15/2030 | EUR | 1606 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/15/2030 (e) |  | 51 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/01/2032 (e) |  | 267 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/2031 (e) |  | 892 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/2033 (e) |  | 1365 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 01/15/2028 |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/15/2029 (e) |  | 430 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival plc, (United Kingdom), 4.13%, 07/15/2031 (e) | EUR | 800 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deuce Finco plc, (United Kingdom), 7.00%, 11/20/2031 (e) | GBP | 4000 | 5446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingpin Intermediate Holdings LLC, 7.25%, 10/15/2032 (e) |  | 56 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2027 (e) |  | 400 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/15/2030 (e) |  | 1017 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp; MajorDrive Holdings IV LLC, 6.38%, 06/01/2029 (e) |  | 763 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCL Corp. Ltd., (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/2031 (e) |  | 471 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/01/2030 (e) |  | 612 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/2033 (e) |  | 1686 | 1685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/2032 (e) |  | 365 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2029 (e) |  | 835 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCL Finance Ltd., (Bermuda), 6.13%, 03/15/2028 (e) |  | 2516 | 2589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/01/2029 (e) |  | 80 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/01/2032 (e) |  | 991 | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Bidco plc, (United Kingdom), Reg. S, 8.25%, 10/11/2028 | EUR | 2950 | 3628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd., (Liberia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/2028 |  | 907 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2026 (e) |  | 498 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/2027 (e) |  | 462 | 466 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 254 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026 (e) |  | 231 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028 (e) |  | 631 | 642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/15/2029 (e) |  | 248 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 03/15/2030 (e) |  | 747 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.13%, 07/15/2030 (e) |  | 220 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; TUI AG, (Germany), Reg. S, 5.88%, 03/15/2029 | EUR | 6092 | 7407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Cruises Ltd., (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2033 (e) |  | 1414 | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029 (e) |  | 1051 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 07/15/2031 (e) |  | 1225 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Ocean Cruises Ship VII Ltd., (Bermuda), 5.63%, 02/15/2029 (e) |  | 1438 | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp; VOC Escrow Ltd., (Bermuda), 5.00%, 02/15/2028 (e) |  | 1365 | 1365 |
|  |  |  | 47595 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/2027 |  | 180 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2031 (e) |  | 1690 | 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essendi SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 11/15/2031 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2031 (e) | EUR | 8574 | 10330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 05/15/2032 | EUR | 1175 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/15/2029 (e) | EUR | 4907 | 6057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 10/15/2029 | EUR | 3476 | 4290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Star BVI Ltd., (British Virgin Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.95%, 10/02/2026 | EUR | 1800 | 2103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 05/18/2026 |  | 1600 | 1594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.05%, 01/27/2027 |  | 5600 | 5485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.80%, 09/09/2029 |  | 1000 | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Full House Resorts, Inc., 8.25%, 02/15/2028 (e) |  | 60 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genting New York LLC / GENNY Capital, Inc., 7.25%, 10/01/2029 (e) |  | 136 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2032 (e) |  | 1668 | 1548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/2029 (e) |  | 190 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2031 (e) |  | 306 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/2030 |  | 218 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/31/2034 (e) |  | 806 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/2033 (e) |  | 290 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/2029 (e) |  | 130 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2033 (e) |  | 325 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/2032 (e) |  | 544 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/2031 (e) |  | 68 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029 (e) |  | 140 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2032 (e) |  | 116 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.88%, 04/01/2027 |  | 80 | 80 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., 5.25%, 06/30/2029 |  | 146 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/18/2026 |  | 435 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 06/01/2027 |  | 25 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/2029 (e) |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028 |  | 30 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2033 (e) |  | 59 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melco Resorts Finance Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/04/2029 (e) |  | 868 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/17/2027 (e) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 07/17/2027 |  | 96 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/21/2028 (e) |  | 310 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/24/2033 (e) |  | 103 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 04/17/2032 (e) |  | 807 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM China Holdings Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2027 (e) |  | 130 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/26/2031 (e) |  | 265 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2028 |  | 2151 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2027 |  | 1610 | 1623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/2029 |  | 622 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/2032 |  | 1049 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motel One GmbH, (Germany), Reg. S, 7.75%, 04/02/2031 | EUR | 2920 | 3664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Station Casinos LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2028 (e) |  | 140 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2031 (e) |  | 388 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/2032 (e) |  | 436 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Studio City Finance Ltd., (British Virgin Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2029 (e) |  | 300 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/2028 (e) |  | 190 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/2029 (e) |  | 110 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/2030 (e) |  | 90 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/2027 |  | 140 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/01/2033 (e) |  | 106 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028 (e) |  | 148 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027 (e) |  | 240 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Macau Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/2029 (e) |  | 1138 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2027 (e) |  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/26/2028 (e) |  | 3199 | 3193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2034 (e) |  | 320 | 324 |
|  |  |  | 58885 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Office Furnishings — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Office Furnishings — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Office Furnishings — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Office Furnishings — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; HNI Corp., 5.13%, 01/18/2029 (e) |  | 70 | 69 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 255

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1011778 BC ULC / New Red Finance, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2029 (e) |  | 175 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/2028 (e) |  | 174 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030 (e) |  | 3625 | 3451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/2028 (e) |  | 769 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/2029 (e) |  | 123 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Academy Ltd., 6.00%, 11/15/2027 (e) |  | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/01/2027 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2032 |  | 50 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/2030 |  | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/01/2030 (e) |  | 225 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 08/01/2033 (e) |  | 176 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agrifarma SpA, (Italy), Reg. S, 4.50%, 10/31/2028 | EUR | 1598 | 1895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arko Corp., 5.13%, 11/15/2029 (e) |  | 1270 | 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (e) |  | 109 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030 |  | 73 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032 (e) |  | 32 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/2028 |  | 29 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/01/2030 (e) |  | 97 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.69%, 01/15/2027 |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/2036 |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/01/2035 |  | 75 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/01/2033 |  | 61 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/2029 |  | 30 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 07/15/2037 |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer, Inc., 9.50%, 07/01/2032 (e) |  | 150 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. / OSI Restaurant Partners LLC, 5.13%, 04/15/2029 (e) |  | 30 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc., 6.00%, 11/15/2029 (e) |  | 90 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boots Group Finco LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/31/2032 (e) | EUR | 5195 | 6309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 08/31/2032 (e) | GBP | 1874 | 2612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brinker International, Inc., 8.25%, 07/15/2030 (e) |  | 2109 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bubbles Bidco SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 4.25%), 6.27%, 09/30/2031 (aa) | EUR | 101 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 09/30/2031 | EUR | 200 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bubbles Bidco SPA, (Italy), 6.50%, 09/30/2031 (e) | EUR | 1320 | 1591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% (cash), 06/01/2030 (e) (v) |  | 5165 | 5411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00% (cash), 06/01/2031 (e) (v) |  | 7962 | 8985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cougar JV Subsidiary LLC, 8.00%, 05/15/2032 (e) |  | 139 | 149 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc., 4.00%, 10/01/2029 (e) |  | 316 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dufry One BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 04/15/2028 | EUR | 3120 | 3672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 05/23/2032 | EUR | 1150 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp; eG Global Finance plc, (United Kingdom), 12.00%, 11/30/2028 (e) |  | 933 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eroski S Coop, (Spain), 5.75%, 05/15/2031 (e) | EUR | 5943 | 7241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas LP / Ferrellgas Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/2029 (e) |  | 35 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 01/15/2031 (e) |  | 396 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029 (e) |  | 715 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/2030 (e) |  | 1991 | 1892 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstCash, Inc., 6.88%, 03/01/2032 (e) |  | 122 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fressnapf Holding SE, (Germany), Reg. S, 5.25%, 10/31/2031 | EUR | 4206 | 4932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/2029 (e) |  | 104 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/01/2031 (e) |  | 1825 | 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Auto Holdings Ltd. / AAG FH UK Ltd., (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 01/15/2029 (e) |  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 01/15/2032 (e) |  | 23 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 08/15/2029 (e) |  | 24 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldstory SAS, (France), Reg. S, 6.75%, 02/01/2030 | EUR | 1719 | 2096 |
| &nbsp;&nbsp;&nbsp;&nbsp; GPS Hospitality Holding Co. LLC / GPS Finco Inc, 7.00%, 08/15/2028 (e) |  | 70 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/2028 (e) |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/15/2030 (e) |  | 553 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ken Garff Automotive LLC, 4.88%, 09/15/2028 (e) |  | 63 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 4.75%, 06/01/2027 (e) |  | 118 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/2031 |  | 70 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 07/17/2045 |  | 67 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 06/01/2030 (e) |  | 20 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lagardere SA, (France), Reg. S, 4.75%, 06/12/2030 | EUR | 1600 | 1919 |
| &nbsp;&nbsp;&nbsp;&nbsp; LBM Acquisition LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2029 (e) |  | 1790 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 06/15/2031 (e) |  | 210 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCM Investments Holdings II LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/2029 (e) |  | 1615 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 08/01/2031 (e) |  | 158 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/01/2029 (e) |  | 535 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2030 (e) |  | 975 | 979 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 256 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2030 (e) |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 07/15/2034 (e) |  | 68 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 08/01/2033 (e) |  | 50 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michaels Cos., Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/2028 (e) |  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/01/2029 (e) |  | 181 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil USA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 (e) |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/2027 |  | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordstrom, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2027 |  | 60 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/2031 |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2044 |  | 49 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/15/2028 |  | 69 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park River Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/2031 (e) |  | 162 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 12/31/2030 (e) |  | 1352 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc., 3.75%, 06/15/2029 |  | 31 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetSmart LLC / PetSmart Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/2032 (e) |  | 585 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 09/15/2033 (e) |  | 136 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Punch Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.88%, 12/30/2030 | GBP | 2475 | 3396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/30/2030 (e) | GBP | 4112 | 5643 |
| &nbsp;&nbsp;&nbsp;&nbsp; QVC, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/15/2034 |  | 40 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/15/2043 |  | 40 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2029 (e) |  | 83 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; QXO Building Products, Inc., 6.75%, 04/30/2032 (e) |  | 2155 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC, 11.00%, 12/15/2029 (e) |  | 280 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032 |  | 544 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGUS LLC, 11.00%, 12/15/2029 (e) |  | 145 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2029 (e) |  | 26 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/2031 (e) |  | 70 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Building Products Holdings LLC / SBP Finance Corp., 7.75%, 10/15/2029 (e) |  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Staples, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 09/01/2029 (e) |  | 1056 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75%, 01/15/2030 (e) |  | 150 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stonegate Pub Co. Financing 2019 plc, (United Kingdom), Reg. S, (EURIBOR 3 Month + 6.63%), 8.69%, 07/31/2029 (aa) |  | EUR 1,950 | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suburban Propane Partners LP / Suburban Energy Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 (e) |  | 67 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/01/2027 |  | 1675 | 1677 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Superior Plus LP / Superior General Partner, Inc., (Canada), 4.50%, 03/15/2029 (e) |  | 851 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co., 4.63%, 07/15/2029 (e) |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victra Holdings LLC / Victra Finance Corp., 8.75%, 09/15/2029 (e) |  | 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, 7.38%, 11/15/2030 (e) |  | 4259 | 4410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/2031 |  | 358 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/31/2032 |  | 355 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2030 (e) |  | 265 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/2043 |  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/2032 |  | 280 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/2037 |  | 70 | 77 |
|  |  |  | 97225 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Toys/Games/Hobbies — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Toys/Games/Hobbies — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Toys/Games/Hobbies — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Toys/Games/Hobbies — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Asmodee Group AB, (Sweden), 4.25%, 12/15/2031 (e) | EUR | 1250 | 1482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc., 3.90%, 11/19/2029 |  | 857 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/17/2030 |  | 680 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/15/2027 (e) |  | 1898 | 1899 |
|  |  |  | 4909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  |  | 596049 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 11.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 11.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 11.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 11.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BAT Capital Corp., 3.56%, 08/15/2027 |  | 503 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp., 2.00%, 04/21/2026 |  | 1000 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc., 6.00%, 06/15/2030 (e) |  | 309 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2030 (e) |  | 1271 | 1318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/27/2027 (e) |  | 403 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc., (Japan), 5.25%, 06/15/2030 (e) |  | 539 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kernel Holding SA, (Luxembourg), Reg. S, 6.75%, 10/27/2027 |  | 1500 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tereos Finance Groupe I SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.88%, 04/30/2030 | EUR | 1400 | 1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.25%, 04/15/2028 | EUR | 775 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turning Point Brands, Inc., 7.63%, 03/15/2032 (e) |  | 203 | 216 |
|  |  |  | 8238 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bacardi-Martini BV, (Netherlands), 5.55%, 02/01/2030 (e) |  | 482 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, (British Virgin Islands), 5.25%, 04/27/2029 (e) |  | 670 | 664 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 257

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/15/2028 |  | 310 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/15/2027 |  | 203 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc. / Triton Water Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/30/2029 (e) |  | 130 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/2029 (e) |  | 64 | 64 |
|  |  |  | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cidron Aida Finco Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/27/2031 (e) | EUR | 7474 | 9074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 10/27/2031 (e) | GBP | 3968 | 5510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc., 3.88%, 08/15/2028 (e) |  | 70 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S / Genmab Finance LLC, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/15/2032 (e) |  | 591 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 12/15/2033 (e) |  | 1059 | 1116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/12/2030 |  | 626 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/13/2027 |  | 108 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/02/2030 |  | 122 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/25/2031 |  | 1241 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/02/2029 |  | 242 | 249 |
|  |  |  | 18710 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 4.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 4.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 4.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ADT Security Corp. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/2029 (e) |  | 130 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/2033 (e) |  | 732 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc., 5.50%, 03/01/2028 (e) |  | 734 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegis Lux 1a Sarl, (Luxembourg), 5.63% (PIK), 10/29/2031 (e) (v) | EUR | 10513 | 12514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albion Financing 1 Sarl / Aggreko Holdings, Inc., (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 05/21/2030 | EUR | 400 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/21/2030 (e) | EUR | 11955 | 14490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/21/2030 (e) |  | 1600 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 7.88%, 02/15/2031 (e) |  | 5328 | 5615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC / Allied Universal Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2029 (e) |  | 3080 | 3048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 06/15/2030 (e) |  | 2359 | 2457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 Sarl, (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/2028 (e) |  | 6773 | 6671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 06/01/2028 | GBP | 1545 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alta Equipment Group, Inc., 9.00%, 06/01/2029 (e) |  | 359 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amber Finco plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.63%, 07/15/2029 | EUR | 2001 | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/2029 (e) | EUR | 4924 | 6077 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029 (e) |  | 63 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/2031 (e) |  | 2015 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp; APCOA Group GmbH, (Germany), Reg. S, 6.00%, 04/15/2031 | EUR | 5393 | 6451 |
| &nbsp;&nbsp;&nbsp;&nbsp; APi Group DE, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/15/2029 (e) |  | 583 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2029 (e) |  | 34 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Capital, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/01/2029 (e) |  | 1000 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/2027 (e) |  | 712 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC / Avis Budget Finance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/2028 (e) |  | 1500 | 1463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/2029 (e) |  | 89 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2027 (e) |  | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/15/2031 (e) |  | 101 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/2030 (e) |  | 51 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 06/15/2032 (e) |  | 130 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Finance Plc, (Jersey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00%, 02/28/2029 | EUR | 1911 | 2308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.25%, 07/31/2030 | EUR | 2649 | 3220 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCP V Modular Services Finance II plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 11/30/2028 | EUR | 5248 | 5824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 07/10/2031 | EUR | 147 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/10/2031 (e) | EUR | 2768 | 3033 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCP V Modular Services Finance plc, (United Kingdom), Reg. S, 6.75%, 11/30/2029 | EUR | 1424 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belron UK Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 10/15/2029 | EUR | 200 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2029 (e) |  | 1028 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/2026 |  | 1311 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/2030 (e) |  | 1486 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/2033 (e) |  | 1272 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/2032 |  | 1648 | 1714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boels Topholding BV, (Netherlands), Reg. S, 5.75%, 05/15/2030 | EUR | 5041 | 6126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, 7.50%, 01/15/2031 (e) |  | 3804 | 4043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC / GTCR W Dutch Finance Sub BV, (Multinational), Reg. S, 8.50%, 01/15/2031 |  | GBP 1,450 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brink's Co. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/2027 (e) |  | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/2029 (e) |  | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/2032 (e) |  | 647 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carriage Services, Inc., 4.25%, 05/15/2029 (e) |  | 100 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Champions Financing, Inc., 8.75%, 02/15/2029 (e) |  | 70 | 69 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 258 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cimpress plc, (Ireland), 7.38%, 09/15/2032 (e) |  | 90 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clarivate Science Holdings Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/01/2028 (e) |  | 2210 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/2029 (e) |  | 1812 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 |  | 160 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/2029 |  | 93 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPI CG, Inc., 10.00%, 07/15/2029 (e) |  | 70 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Currenta Group Holdings Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2030 (e) | EUR | 2100 | 2491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 05/15/2030 | EUR | 700 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 4.00%), 6.06%, 05/15/2032 (aa) | EUR | 800 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dcli Bidco LLC, 7.75%, 11/15/2029 (e) |  | 785 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/01/2029 (e) |  | 68 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 09/15/2029 (e) |  | 508 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp; DP World Ltd., (United Arab Emirates), Reg. S, 4.70%, 09/30/2049 |  | 1000 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp; EquipmentShare.com, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 05/15/2032 (e) |  | 120 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 05/15/2028 (e) |  | 210 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garda World Security Corp., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2029 (e) |  | 445 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/2031 (e) |  | 103 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2028 (e) |  | 782 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 08/01/2032 (e) |  | 2155 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/15/2032 (e) |  | 1837 | 1871 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEO Group, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 04/15/2029 |  | 930 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 04/15/2031 |  | 223 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/2028 |  | 110 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2028 |  | 539 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/2030 |  | 901 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Co., 5.63%, 12/01/2033 (e) |  | 86 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon University, 5.13%, 10/01/2028 |  | 80 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/15/2031 (e) |  | 650 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/15/2034 (e) |  | 625 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/2029 (e) |  | 796 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/2030 (e) |  | 1415 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/2033 (e) |  | 1023 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hertz Corp. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/2026 (e) |  | 19 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 (e) |  | 110 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.63%, 07/15/2029 (e) |  | 291 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; House of HR Group BV, (Netherlands), Reg. S, 9.00%, 11/03/2029 | EUR | 880 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; ION Platform Finance Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/30/2030 (e) | EUR | 1481 | 1684 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/30/2032 (e) | EUR | 1481 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.88%, 05/01/2029 | EUR | 594 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp; ION Platform Finance US, Inc., 7.88%, 09/30/2032 (e) |  | 2918 | 2769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kapla Holding SAS, (France), Reg. S, 5.00%, 04/30/2031 | EUR | 108 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry, 4.63%, 12/15/2027 (e) |  | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Financiere Atalian SAS, (France), Reg. S, 8.50% (Blend (cash 3.50% + PIK 5.00%)), 06/30/2028 (v) |  | EUR 155 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loxam SAS, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2030 (e) | EUR | 2280 | 2696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2031 (e) | EUR | 1989 | 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matthews International Corp., 8.63%, 10/01/2027 (e) |  | 1130 | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco Corp., 6.50%, 05/15/2029 (e) |  | 2731 | 2713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobius Merger Sub, Inc., 9.00%, 06/01/2030 (e) |  | 60 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multiversity SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 4.25%), 6.32%, 05/17/2031 (aa) | EUR | 300 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.13%, 05/17/2031 | EUR | 2895 | 3633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 05/17/2031 (e) | EUR | 5016 | 6295 |
| &nbsp;&nbsp;&nbsp;&nbsp; NESCO Holdings II, Inc., 5.50%, 04/15/2029 (e) |  | 1085 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp; OT Midco, Inc., 10.00%, 02/15/2030 (e) |  | 70 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paysafe Finance PLC / Paysafe Holdings US Corp., (Multinational), 4.00%, 06/15/2029 (e) |  | 50 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pelabuhan Indonesia Persero PT, (Indonesia), Reg. S, 5.38%, 05/05/2045 |  | 2100 | 1984 |
| &nbsp;&nbsp;&nbsp;&nbsp; PeopleCert Wisdom Issuer plc, (United Kingdom), 5.50%, 06/15/2031 (e) | EUR | 1950 | 2304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC / Prime Finance, Inc., 3.38%, 08/31/2027 (e) |  | 270 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc., 6.00%, 11/15/2029 (e) |  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q-Park Holding I BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 09/01/2030 | EUR | 1650 | 1966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 03/01/2029 | EUR | 1986 | 2398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, 6.88%, 11/15/2031 (e) |  | 825 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rekeep SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.00%, 09/15/2029 | EUR | 550 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 09/15/2029 (e) | EUR | 648 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Terminix Funding LLC, 5.00%, 04/28/2030 (e) |  | 738 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp; RR Donnelley & Sons Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 08/01/2029 (e) |  | 1127 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 08/01/2029 (e) |  | 167 | 171 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 259

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; RRD Intermediate Holdings, Inc., 11.00% (cash), 12/01/2030 (e) (v) |  | 74 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; RRD Parent, Inc., 10.00% (PIK), 10/15/2031 (e) (v) |  | 137 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rutas 2 & 7 Finance Ltd., (Cayman Islands), Reg. S, Zero Coupon, 09/30/2036 |  | 953 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre Financial Borrower LLC, 11.13%, 06/15/2029 (e) |  | 1117 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Corp. International, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/2030 |  | 150 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2031 |  | 1288 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/2027 |  | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/2029 |  | 120 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2032 |  | 1254 | 1276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2027 |  | 1270 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/2033 (e) | EUR | 3244 | 3904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 05/15/2033 | EUR | 2525 | 3039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/2032 (e) |  | 2612 | 2697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signal Parent, Inc., 6.13%, 04/01/2029 (e) |  | 50 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotheby's, 7.38%, 10/15/2027 (e) |  | 2378 | 2364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotheby's / Bidfair Holdings, Inc., 5.88%, 06/01/2029 (e) |  | 527 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; StoneMor, Inc., 8.50%, 05/15/2029 (e) |  | 185 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030 (e) |  | 108 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techem Verwaltungsgesellschaft 675 mbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/2032 (e) | EUR | 1250 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 3.00%), 5.07%, 07/15/2032 (aa) | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 07/15/2029 | EUR | 3815 | 4629 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriNet Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2029 (e) |  | 110 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 08/15/2031 (e) |  | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triton Container International Ltd., (Bermuda), 2.05%, 04/15/2026 (e) |  | 1133 | 1124 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2032 |  | 1907 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/2027 |  | 90 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031 |  | 307 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2030 |  | 90 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/2028 |  | 805 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/2030 |  | 1411 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2033 (e) |  | 1685 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/2034 (e) |  | 130 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Upbound Group, Inc., 6.38%, 02/15/2029 (e) |  | 163 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc., 3.63%, 06/15/2031 (e) |  | 844 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisure Holding AB, (Sweden), Reg. S, 5.50%, 05/15/2030 | EUR | 7274 | 8860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritiv Operating Co., 10.50%, 11/30/2030 (e) |  | 1445 | 1554 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; VM Consolidated, Inc., 5.50%, 04/15/2029 (e) |  | 44 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; VT Topco, Inc., 8.50%, 08/15/2030 (e) |  | 405 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wand NewCo. 3, Inc., 7.63%, 01/30/2032 (e) |  | 738 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc., 6.50%, 03/15/2033 (e) |  | 1273 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Scotsman, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/15/2028 (e) |  | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/2029 (e) |  | 223 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/15/2030 (e) |  | 640 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/01/2031 (e) |  | 90 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worldline SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.88%, 06/30/2027 | EUR | 600 | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 09/12/2028 | EUR | 4800 | 5081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 11/27/2029 | EUR | 600 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 06/10/2030 | EUR | 700 | 718 |
|  |  |  | 229616 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/2029 (e) |  | 74 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/2028 (e) |  | 171 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Opal Bidco SAS, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/31/2032 (e) | EUR | 3084 | 3739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/31/2032 (e) |  | 388 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; P&L Development LLC / PLD Finance Corp., 12.00% (cash), 05/15/2029 (e) (v) |  | 271 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co., (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/15/2030 |  | 70 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/2044 |  | 20 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/30/2032 |  | 185 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Brands, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/2031 (e) |  | 172 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/2028 (e) |  | 138 | 138 |
|  |  |  | 5217 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 2.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Food — 2.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Food — 2.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Food — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2029 (e) |  | 190 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/2027 (e) |  | 1769 | 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/2030 (e) |  | 185 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/31/2031 (e) |  | 914 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/31/2034 (e) |  | 1451 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/2028 (e) |  | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033 (e) |  | 65 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2028 (e) |  | 987 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/2027 |  | 3251 | 3182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 09/15/2028 (e) |  | 509 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bellis Acquisition Co. plc , (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.00%, 07/01/2031 | EUR | 1749 | 1992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/01/2031 (e) | EUR | 1557 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.13%, 05/14/2030 | GBP | 11851 | 14858 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 260 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Food — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Food — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Food — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Boparan Finance plc, (United Kingdom), Reg. S, 9.38%, 11/07/2029 | GBP | 1778 | 2555 |
| &nbsp;&nbsp;&nbsp;&nbsp; C&S Group Enterprises LLC, 5.00%, 12/15/2028 (e) |  | 90 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chobani Holdco II LLC, 8.75% (cash), 10/01/2029 (e) (v) |  | 2644 | 2822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chobani LLC / Chobani Finance Corp., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2028 (e) |  | 1187 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 07/01/2029 (e) |  | 1849 | 1929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc., 4.85%, 11/01/2028 |  | 1380 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Global Finance BV, (Netherlands), 4.50%, 07/15/2032 (e) | EUR | 500 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp; ELO SACA, (France), Reg. S, 2.88%, 01/29/2026 | EUR | 700 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiesta Purchaser, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 03/01/2031 (e) |  | 230 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 09/15/2032 (e) |  | 300 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flora Food Management BV, (Netherlands), Reg. S, 6.88%, 07/02/2029 | EUR | 4825 | 5632 |
| &nbsp;&nbsp;&nbsp;&nbsp; FR Bondco SAS, (France), 6.88%, 10/31/2032 (e) | EUR | 2000 | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Froneri Lux FinCo. Sarl, (Luxembourg), 4.75%, 08/01/2032 (e) | EUR | 11577 | 13707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 08/01/2032 | EUR | 169 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2032 (e) |  | 121 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iceland Bondco plc, (United Kingdom), Reg. S, 4.38%, 05/15/2028 | GBP | 4002 | 5255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc., 4.00%, 06/15/2031 (e) |  | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Irca SpA, (Italy), Reg. S, (EURIBOR 3 Month + 3.75%), 5.85%, 12/15/2029 (aa) | EUR | 183 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl / JBS USA Food Co. / JBS Lux Co. Sarl, (Luxembourg), 3.00%, 02/02/2029 |  | 346 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (e) |  | 726 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke FrieslandCampina NV, (Netherlands), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.85%), 4.85%, 10/23/2029 (x) (aa) | EUR | 2675 | 3179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/31/2030 (e) |  | 1148 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/31/2032 (e) |  | 375 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/2028 (e) |  | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land O'Lakes Capital Trust I, 7.45%, 03/15/2028 (e) |  | 160 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lion / Polaris Lux 4 SA, (Luxembourg), Reg. S, (EURIBOR 3 Month + 3.63%), 5.64%, 07/01/2029 (aa) | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Market Bidco Finco plc, (United Kingdom), 6.75%, 01/31/2031 (e) | EUR | 2844 | 3306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 01/31/2031 | EUR | 3775 | 4388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.75%, 01/31/2031 | GBP | 1475 | 1956 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Food — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Food — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Food — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; NBM US Holdings, Inc., 7.00%, 05/14/2026 (e) |  | 1535 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods Bondco plc, (United Kingdom), Reg. S, 2.50%, 06/24/2028 | EUR | 525 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/2029 (e) |  | 200 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2027 (e) |  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/2032 (e) |  | 1027 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/2032 |  | 1000 | 925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/2031 |  | 990 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/2031 (e) |  | 554 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/2030 (e) |  | 2755 | 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/15/2032 (e) |  | 166 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2034 (e) |  | 299 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/2033 (e) |  | 399 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/2036 (e) |  | 1433 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roquette Freres SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.25%), 5.49%, 11/25/2029 (x) (aa) | EUR | 3500 | 4209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safeway, Inc., 7.25%, 02/01/2031 |  | 50 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sammontana Italia SpA, (Italy), Reg. S, (EURIBOR 3 Month + 3.75%), 5.78%, 10/15/2031 (aa) | EUR | 925 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 4.63%, 03/01/2029 (e) |  | 548 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc., 4.00%, 09/01/2028 |  | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc., 6.75%, 10/15/2028 (e) |  | 739 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/2030 (e) |  | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2029 (e) |  | 151 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/2033 (e) |  | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/2032 (e) |  | 403 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031 (e) |  | 160 | 160 |
|  |  |  | 101784 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 180 Medical, Inc., 3.88%, 10/15/2029 (e) |  | 615 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor Funding, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 07/15/2028 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/2029 (e) |  | 109 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/2028 (e) |  | 1146 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., (Canada), 8.38%, 10/01/2028 (e) |  | 2137 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Netherlands BV and Bausch & Lomb, Inc., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 3.88%), 5.87%, 01/15/2031 (aa) | EUR | 1000 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (EURIBOR 3 Month + 3.88%), 5.87%, 01/15/2031 (e) (aa) | EUR | 1225 | 1462 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 261

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 12/01/2028 |  | 276 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/2030 |  | 956 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc., (CMT Index 5 Year + 4.38%), 8.38%, 09/12/2055 (aa) |  | 289 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 (e) |  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2030 (e) |  | 122 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc., 3.25%, 02/15/2029 (e) |  | 187 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp., 6.50%, 04/01/2033 (e) |  | 297 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/2029 (e) |  | 6662 | 6504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029 (e) |  | 3205 | 3223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower LP / Medline Co-Issuer, Inc., 6.25%, 04/01/2029 (e) |  | 286 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neogen Food Safety Corp., 8.63%, 07/20/2030 (e) |  | 268 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/01/2029 |  | 489 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 02/25/2027 |  | 92 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2028 (e) |  | 104 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2027 |  | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp., 7.88%, 10/15/2027 (e) |  | 130 | 133 |
|  |  |  | 20228 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2029 (e) |  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2028 (e) |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/15/2033 (e) |  | 51 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adventist Health System, Series 2025, 4.74%, 12/01/2030 |  | 1105 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; AHP Health Partners, Inc., 5.75%, 07/15/2029 (e) |  | 539 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAB SELAS, (France), Reg. S, 3.38%, 02/01/2028 | EUR | 9733 | 11102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/15/2028 |  | 680 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/2027 |  | 2302 | 2288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerba Healthcare SACA, (France), Reg. S, 3.50%, 05/31/2028 | EUR | 9940 | 8461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2031 (e) |  | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/2028 (e) |  | 305 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHS / Community Health Systems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2031 (e) |  | 1229 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030 (e) |  | 1422 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2029 (e) |  | 434 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/2030 (e) |  | 150 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2029 (e) |  | 150 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 01/15/2034 (e) |  | 4513 | 4740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 01/15/2032 (e) |  | 917 | 1001 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Clariane SE, (France), Reg. S, 7.88%, 06/27/2030 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentra Health Services, Inc., 6.88%, 07/15/2032 (e) |  | 163 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 (e) |  | 3664 | 3386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/2030 (e) |  | 4851 | 4716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/2033 (e) |  | 251 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/01/2032 (e) |  | 451 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2028 |  | 280 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/2031 |  | 130 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2030 |  | 260 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ephios Subco 3 Sarl, (Luxembourg), Reg. S, 7.88%, 01/31/2031 | EUR | 3848 | 4819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE, (Luxembourg), Reg. S, (EURIBOR 3 Month + 4.24%), 6.75%, 04/24/2028 (x) (aa) | EUR | 1800 | 2246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc., 7.50%, 07/01/2030 (e) |  | 245 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care US Finance III, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 12/01/2026 (e) |  | 150 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/16/2031 (e) |  | 150 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/2029 (e) |  | 530 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Medical Response, Inc., 7.38%, 10/01/2032 (e) |  | 193 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp; HAH Group Holding Co. LLC, 9.75%, 10/01/2031 (e) |  | 586 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc., 7.50%, 11/06/2033 |  | 450 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Service Corp. A Mutual Legal Reserve Co, 5.20%, 06/15/2029 (e) |  | 124 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc., 4.50%, 10/01/2029 (e) |  | 1107 | 1088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 04/30/2028 (e) |  | 522 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Mutual Holdings, Inc., 6.20%, 11/15/2034 (e) |  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Icon Investments Six DAC, (Ireland), 5.85%, 05/08/2029 |  | 1835 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.75%, 03/15/2026 | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2027 (e) |  | 700 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/15/2028 |  | 667 | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/2029 |  | 387 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/2032 (e) |  | 1067 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/2030 (e) |  | 14 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kedrion SpA, (Italy), 6.50%, 09/01/2029 (e) |  | 88 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laboratoire Eimer Selas, (France), Reg. S, 5.00%, 02/01/2029 | EUR | 664 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/2029 (e) |  | 2391 | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 02/15/2032 (e) |  | 843 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 08/15/2030 (e) |  | 591 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 06/01/2032 (e) |  | 1206 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 10/15/2030 (e) |  | 960 | 1053 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 262 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mehilainen Yhtiot Oy, (Finland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 06/30/2032 | EUR | 167 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/30/2032 (e) | EUR | 2998 | 3577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/2032 (e) |  | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/2028 (e) |  | 498 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2033 (e) |  | 469 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2031 (e) |  | 1143 | 1174 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, 5.75%, 12/31/2030 (e) |  | 2071 | 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option Care Health, Inc., 4.38%, 10/31/2029 (e) |  | 290 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc., 5.38%, 02/15/2030 (e) |  | 68 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (e) |  | 1908 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radiology Partners, Inc., 8.50%, 07/15/2032 (e) |  | 172 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.78% (PIK), 02/15/2030 (e) (v) |  | 130 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rede D'or Finance Sarl, (Luxembourg), Reg. S, 4.95%, 01/17/2028 |  | 453 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Medical Corp., 6.25%, 12/01/2032 (e) |  | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, 7.38%, 06/01/2031 (e) |  | 206 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Parent, Inc., 9.00%, 10/01/2030 (e) |  | 784 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc., 7.25%, 04/15/2032 (e) |  | 1996 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Team Health Holdings, Inc., 8.38%, 06/30/2028 (e) |  | 106 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/2029 |  | 2132 | 2100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/2030 |  | 6782 | 6654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/2028 |  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/2027 |  | 266 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/2032 (e) |  | 175 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/2033 (e) |  | 998 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/2028 |  | 742 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/2030 |  | 330 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/2031 |  | 669 | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/2031 |  | 22 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toledo Hospital (The), Series B, 5.33%, 11/15/2028 |  | 140 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., 4.63%, 10/15/2029 |  | 488 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Acute Care Solutions LLC, 9.75%, 05/15/2029 (e) |  | 441 | 444 |
|  |  |  | 93658 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Household Products/Wares — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Household Products/Wares — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Household Products/Wares — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Household Products/Wares — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ACCO Brands Corp., 4.25%, 03/15/2029 (e) |  | 2528 | 2344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kronos Acquisition Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 06/30/2031 (e) |  | 61 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 06/30/2032 (e) |  | 2000 | 882 |
|  |  |  | 3266 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1261229 BC Ltd., (Canada), 10.00%, 04/15/2032 (e) |  | 11475 | 11937 |
| &nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029 (e) |  | 958 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/2030 (e) |  | 2191 | 2137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/01/2028 (e) |  | 1337 | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032 (e) |  | 576 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Americas, Inc., 8.50%, 01/31/2027 (e) |  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/2028 (e) |  | 909 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/30/2028 (e) |  | 205 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029 (e) |  | 80 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/2030 (e) |  | 4840 | 3388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/2031 (e) |  | 80 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/15/2029 (e) |  | 150 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2028 (e) |  | 30 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 05/30/2029 (e) |  | 60 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 09/30/2028 (e) |  | 1366 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.00%, 10/15/2030 (e) |  | 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.11%), 3.13%, 11/12/2079 (aa) | EUR | 2700 | 3128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 4.46%), 5.38%, 03/25/2082 (aa) | EUR | 4300 | 5186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.27%), 5.50%, 09/13/2054 (aa) | EUR | 1600 | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.90%), 7.00%, 09/25/2083 (aa) | EUR | 8100 | 10459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC5, Reg. S, (EUR Swap Rate 5 Year + 3.43%), 6.63%, 09/25/2083 (aa) | EUR | 100 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer US Finance II LLC, 4.38%, 12/15/2028 (e) |  | 1667 | 1669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer US Finance LLC, 6.38%, 11/21/2030 (e) |  | 479 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands, Inc., 7.00%, 03/15/2030 (e) |  | 56 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheplapharm Arzneimittel GmbH, (Germany), 5.50%, 01/15/2028 (e) |  | 58 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EURIBOR 3 Month + 4.75%), 6.81%, 05/15/2030 (aa) | EUR | 700 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.13%, 06/15/2031 | EUR | 700 | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/2031 (e) | EUR | 2726 | 3271 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.52%), 6.75%, 12/10/2054 (aa) |  | 180 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.89%), 7.00%, 03/10/2055 (aa) |  | 703 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dolcetto Holdco SpA, (Italy), Reg. S, 5.63%, 07/14/2032 | EUR | 175 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc., 6.65%, 08/28/2028 |  | 51 | 53 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 263

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc., 8.50%, 04/15/2031 (e) |  | 170 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grifols SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 11/15/2027 | EUR | 600 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 10/15/2028 | EUR | 13335 | 15500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2028 (e) |  | 250 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.13%, 05/01/2030 | EUR | 1000 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 05/01/2030 (e) | EUR | 1627 | 2006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.50%, 05/01/2030 | EUR | 3650 | 4505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gruenenthal GmbH, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 05/15/2028 | EUR | 1861 | 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 11/15/2031 | EUR | 1925 | 2286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harrow, Inc., 8.63%, 09/15/2030 (e) |  | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; HLF Financing Sarl LLC / Herbalife International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/2029 (e) |  | 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 04/15/2029 (e) |  | 969 | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Securities DAC, (Ireland), 4.38%, 01/15/2029 (e) |  | 45 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nidda Healthcare Holding GmbH, (Germany), (EURIBOR 3 Month + 3.75%), 5.81%, 10/23/2030 (e) (aa) | EUR | 3287 | 3917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00%, 02/21/2030 | EUR | 2975 | 3629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. / Organon Foreign Debt Co-Issuer BV, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 04/30/2028 | EUR | 2100 | 2396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/2028 (e) |  | 1704 | 1660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/30/2031 (e) |  | 1154 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/2034 (e) |  | 58 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/15/2034 (e) |  | 70 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens & Minor, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/31/2029 (e) |  | 20 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/01/2030 (e) |  | 62 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032 (e) |  | 157 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rossini Sarl, (Luxembourg), Reg. S, 6.75%, 12/31/2029 | EUR | 215 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands II BV, (Netherlands), 4.38%, 05/09/2030 | EUR | 725 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/2026 |  | 1119 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2032 |  | 723 | 759 |
|  |  |  | 98380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  |  | 580965 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Holding Companies-Diversified — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Holding Companies-Diversified — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Holding Companies-Diversified — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Holding Companies-Diversified — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Benteler International AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.25%, 06/15/2031 | EUR | 2200 | 2775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/2031 (e) | EUR | 3831 | 4832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clue Opco LLC, 9.50%, 10/15/2031 (e) |  | 467 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProGroup AG, (Germany), Reg. S, 5.38%, 04/15/2031 | EUR | 2100 | 2523 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Holding Companies-Diversified — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Holding Companies-Diversified — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Holding Companies-Diversified — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Holding Companies-Diversified — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Stena International SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/2031 (e) |  | 160 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/15/2031 (e) |  | 162 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Diversified |  |  | 10953 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 7.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 7.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 7.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 7.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Coal — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Coal — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Coal — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Coal — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029 (e) |  | 160 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conuma Resources Ltd., (Canada), 13.13%, 05/01/2028 (e) |  | 68 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coronado Finance Pty Ltd., (Australia), 9.25%, 10/01/2029 (e) |  | 1920 | 1779 |
| &nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy, Inc., 4.88%, 06/30/2029 (e) |  | 175 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc., 7.88%, 12/01/2028 (e) |  | 60 | 61 |
|  |  |  | 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullinan Holdco Scsp, (Luxembourg), 8.50%, 10/15/2029 (e) | EUR | 6135 | 6297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenko Dutch BV, (Netherlands), 3.85%, 03/29/2026 (e) |  | 868 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.85%, 03/29/2026 |  | 995 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; TerraForm Power Operating LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2030 (e) |  | 255 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/31/2028 (e) |  | 251 | 251 |
|  |  |  | 8642 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 4.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 4.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 4.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 4.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adnoc Murban Rsc Ltd., (United Arab Emirates), 5.13%, 09/11/2054 (e) |  | 4100 | 3852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 09/11/2054 |  | 900 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029 (e) |  | 2649 | 2775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/2030 (e) |  | 191 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/01/2029 (e) |  | 964 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp., 4.38%, 10/15/2028 |  | 1670 | 1667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC / ARU Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/2029 (e) |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/2032 (e) |  | 530 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/2033 (e) |  | 920 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/01/2027 (e) |  | 1528 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp; BKV Upstream Midstream LLC, 7.50%, 10/15/2030 (e) |  | 98 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Breakwater Energy Holdings Sarl, (Luxembourg), 9.25%, 11/15/2030 (e) |  | 365 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2034 (e) |  | 164 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 06/15/2029 (e) |  | 422 | 441 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 264 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP / Calumet Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 01/15/2027 (e) |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/2028 (e) |  | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caturus Energy LLC, 8.50%, 02/15/2030 (e) |  | 1408 | 1466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/2030 (e) |  | 628 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2033 (e) |  | 593 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp; CITGO Petroleum Corp., 8.38%, 01/15/2029 (e) |  | 2873 | 2987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 (e) |  | 986 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 07/01/2028 (e) |  | 2710 | 2792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/01/2030 (e) |  | 860 | 902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 07/01/2031 (e) |  | 696 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 06/15/2033 (e) |  | 673 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2029 (e) |  | 185 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/01/2032 (e) |  | 767 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/2031 (e) |  | 119 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comstock Resources, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/2030 (e) |  | 1761 | 1713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/2029 (e) |  | 2585 | 2590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental Resources, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 11/15/2026 (e) |  | 1838 | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/2028 |  | 545 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031 (e) |  | 1210 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/2027 |  | 1129 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/2029 |  | 1048 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Finance LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/2033 (e) |  | 955 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 04/01/2032 (e) |  | 2548 | 2470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 01/15/2034 (e) |  | 572 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 02/15/2028 (e) |  | 1315 | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVR Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/2028 (e) |  | 122 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 01/15/2029 (e) |  | 196 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBR Land Holdings LLC, 6.25%, 12/01/2030 (e) |  | 442 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp., 5.25%, 10/15/2027 |  | 292 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co. / Diamond Finance LLC, (Cayman Islands), 8.50%, 10/01/2030 (e) |  | 676 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecopetrol SA, (Colombia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/02/2051 |  | 1900 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/18/2043 |  | 200 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/2032 |  | 2100 | 2161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 01/19/2036 |  | 2200 | 2263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 01/19/2029 |  | 1228 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empresa Nacional del Petroleo, (Chile), Reg. S, 6.15%, 05/10/2033 |  | 3500 | 3704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energean plc, (United Kingdom), 5.63%, 05/12/2031 (e) | EUR | 1200 | 1410 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA, (Italy), Reg. S, (EUR Swap Rate 5 Year + 2.08%), 4.50%, 01/21/2031 (x) (aa) | EUR | 125 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnQuest plc, (United Kingdom), 11.63%, 11/01/2027 (e) |  | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/2026 (e) |  | 881 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/2029 |  | 186 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 04/01/2029 |  | 172 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/01/2030 |  | 314 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/2030 |  | 186 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/2029 |  | 455 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/2030 |  | 719 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/2029 (e) |  | 536 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2029 (e) |  | 1476 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp; FORESEA Holding SA, (Luxembourg), 7.50%, 06/15/2030 (e) |  | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Marine, Inc., 7.00%, 06/01/2028 |  | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Operating Corp., 6.75%, 09/01/2029 (e) |  | 1071 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 12/01/2027 |  | 243 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 12/01/2029 |  | 186 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp., 7.88%, 10/01/2029 |  | 529 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp., 5.00%, 02/01/2028 |  | 660 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilcorp Energy I LP / Hilcorp Finance Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2029 (e) |  | 3538 | 3499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030 (e) |  | 20 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2031 (e) |  | 448 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/2028 (e) |  | 2094 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2032 (e) |  | 219 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/2034 (e) |  | 556 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/2035 (e) |  | 845 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/01/2033 (e) |  | 327 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ithaca Energy North Sea plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2031 (e) | EUR | 2350 | 2776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 10/15/2029 (e) |  | 170 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; KazMunayGas National Co. JSC, (Kazakhstan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 04/19/2047 |  | 2894 | 2741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 10/24/2048 |  | 747 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kosmos Energy Ltd., Reg. S, 7.13%, 04/04/2026 |  | 916 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraken Oil & Gas Partners LLC, 7.63%, 08/15/2029 (e) |  | 160 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leviathan Bond Ltd., (Israel), Reg. S, 6.75%, 06/30/2030 (e) |  | 1000 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Ridge Energy LLC, 8.75%, 02/15/2032 (e) |  | 80 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/2032 (e) |  | 527 | 542 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 265

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2033 (e) | 230 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/2032 (e) | 790 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2028 (e) | 1120 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031 (e) | 250 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp., 6.00%, 10/01/2032 | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., (Bermuda), 7.50%, 01/15/2028 (e) | 471 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 11/15/2032 (e) | 907 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 01/31/2030 (e) | 435 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noble Finance II LLC, 8.00%, 04/15/2030 (e) | 1116 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 10/15/2033 (e) | 804 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/15/2031 (e) | 234 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 08/01/2029 | 187 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/01/2031 | 1058 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/01/2031 | 127 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 07/15/2030 | 1297 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/01/2026 | 390 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 05/15/2028 | 182 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; PBF Holding Co. LLC / PBF Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/2028 | 140 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/15/2030 (e) | 487 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 03/15/2030 (e) | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Operating LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/01/2029 (e) | 849 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/2033 (e) | 822 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2032 (e) | 1142 | 1190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/2027 (e) | 1105 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pertamina Persero PT, (Indonesia), Reg. S, 6.50%, 11/07/2048 | 1000 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petrobras Global Finance BV, (Netherlands), 5.13%, 09/10/2030 | 867 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleos del Peru SA, (Peru), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 06/19/2032 | 6400 | 4720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 06/19/2047 | 4700 | 2988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleos Mexicanos, (Mexico), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 02/12/2048 | 20100 | 15776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/23/2045 | 3250 | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/2035 | 4400 | 4175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/16/2032 | 1200 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.69%, 01/23/2050 | 7700 | 6901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/02/2029 | 450 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petronas Capital Ltd., (Malaysia), 4.55%, 04/21/2050 (e) | 3700 | 3260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.55%, 04/21/2050 | 1200 | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Precision Drilling Corp., (Canada), 6.88%, 01/15/2029 (e) | 964 | 975 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; PRIO Luxembourg Holding Sarl, (Luxembourg), 6.75%, 10/15/2030 (e) |  | 3700 | 3599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Puma International Financing SA, (Luxembourg), 7.75%, 04/25/2029 (e) |  | 260 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; QatarEnergy, (Qatar), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.38%, 09/12/2026 |  | 1200 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 07/12/2041 |  | 14100 | 10858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.30%, 07/12/2051 |  | 10000 | 7007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raizen Fuels Finance SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.70%, 01/17/2035 |  | 900 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 07/08/2032 |  | 800 | 672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.45%, 03/05/2034 |  | 1100 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2030 (e) |  | 538 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/2029 |  | 834 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol E&P Capital Markets US LLC, 4.81%, 09/16/2028 (e) |  | 200 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Oil Finance Trust Series 2014-3, Reg. S, 9.75%, 01/06/2027 |  | 399 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Oil Finance Trust Series 2018-1, 8.20%, 04/06/2028 (e) |  | 71 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saturn Oil & Gas, Inc., (Canada), 9.63%, 06/15/2029 (e) |  | 46 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seadrill Finance Ltd., (Bermuda), 8.38%, 08/01/2030 (e) |  | 130 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2028 |  | 526 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2027 |  | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/2026 |  | 1242 | 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/01/2029 (e) |  | 455 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/01/2032 (e) |  | 130 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societatea Nationala de Gaze Naturale ROMGAZ SA, (Romania), Reg. S, 4.75%, 10/07/2029 | EUR | 1675 | 2017 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Oil Co. of the Azerbaijan Republic, (Azerbaijan), Reg. S, 6.95%, 03/18/2030 |  | 7900 | 8550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc., (Canada), 7.88%, 06/15/2026 |  | 103 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunoco LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2029 (e) |  | 1990 | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/01/2030 (e) |  | 2443 | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/2031 (e) |  | 575 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/2027 (e) |  | 1635 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2034 (e) |  | 568 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/2033 (e) |  | 255 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/2032 (e) |  | 1522 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/2029 (e) |  | 695 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 05/01/2032 (e) |  | 195 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.23%), 7.88%, 09/18/2030 (e) (x) (aa) |  | 3409 | 3502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunoco LP / Sunoco Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/2029 |  | 2131 | 2093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/2030 |  | 630 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2028 |  | 20 | 20 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 266 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2027 |  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/15/2028 (e) |  | 58 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talos Production, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 02/01/2029 (e) |  | 200 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 02/01/2031 (e) |  | 129 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tengizchevroil Finance Co. International Ltd., (Bermuda), 3.25%, 08/15/2030 (e) |  | 400 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 08/15/2030 |  | 1900 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 08/15/2026 |  | 2162 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp; TGNR Intermediate Holdings LLC, 5.50%, 10/15/2029 (e) |  | 1412 | 1398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transocean Aquila Ltd., (Cayman Islands), 8.00%, 09/30/2028 (e) |  | 36 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transocean International Ltd., (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 03/15/2038 |  | 90 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/2031 |  | 50 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 10/15/2032 (e) |  | 419 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 05/15/2029 (e) |  | 2783 | 2805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/2031 (e) |  | 574 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 02/15/2030 (e) |  | 1248 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transocean Titan Financing Ltd., (Cayman Islands), 8.38%, 02/01/2028 (e) |  | 65 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trident Energy Finance plc, (United Kingdom), 12.50%, 11/30/2029 (e) |  | 94 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uzbekneftegaz JSC, (Uzbekistan), Reg. S, 4.75%, 11/16/2028 |  | 3800 | 3657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd., (Bermuda), 8.38%, 04/30/2030 (e) |  | 897 | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Var Energi ASA, (Norway), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.77%), 7.86%, 11/15/2083 (aa) | EUR | 6359 | 8205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vermilion Energy, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/2030 (e) |  | 100 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/2033 (e) |  | 125 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viper Energy Partners LLC, 4.90%, 08/01/2030 |  | 313 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vital Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/31/2029 (e) |  | 1007 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/2032 (e) |  | 716 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 10/15/2030 |  | 77 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; W&T Offshore, Inc., 10.75%, 02/01/2029 (e) |  | 20 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029 (e) |  | 986 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintershall Dea Finance 2 BV, (Netherlands), Series NC8, Reg. S, (EUR Swap Rate 5 Year + 3.32%), 3.00%, 07/20/2028 (x) (aa) | EUR | 6700 | 7559 |
|  |  |  | 235435 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Archrock Partners LP / Archrock Partners Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/2028 (e) |  | 1162 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/2032 (e) |  | 1126 | 1161 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristow Group, Inc., 6.88%, 03/01/2028 (e) |  | 180 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; CHC Group LLC, (Cayman Islands), 11.75%, 09/01/2030 (e) |  | 177 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deepocean Ltd., (Jersey), 6.00%, 04/08/2031 (e) | EUR | 575 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enerflex, Inc., 6.88%, 01/15/2031 (e) |  | 196 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guara Norte Sarl, (Luxembourg), Reg. S, 5.20%, 06/15/2034 |  | 4346 | 4242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029 (e) |  | 226 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kodiak Gas Services LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2033 (e) |  | 1029 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/2035 (e) |  | 957 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/2029 (e) |  | 1614 | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nine Energy Service, Inc., 13.00%, 02/01/2028 |  | 30 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc., 6.00%, 02/01/2028 |  | 525 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp; OEG Finance plc, (United Kingdom), Reg. S, 7.25%, 09/27/2029 | EUR | 3450 | 4238 |
| &nbsp;&nbsp;&nbsp;&nbsp; SESI LLC, 7.88%, 09/30/2030 (e) |  | 367 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Holding LLC, 8.75%, 08/01/2031 (e) |  | 718 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp; TGS ASA, (Norway), 8.50%, 01/15/2030 (e) |  | 130 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc., 9.13%, 07/15/2030 (e) |  | 1270 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp; USA Compression Partners LP / USA Compression Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/2033 (e) |  | 1220 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/2029 (e) |  | 733 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viridien, (France), 10.00%, 10/15/2030 (e) |  | 42 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; WBI Operating LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2030 (e) |  | 135 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2033 (e) |  | 94 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weatherford International Ltd., (Bermuda), 6.75%, 10/15/2033 (e) |  | 1744 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yinson Boronia Production BV, (Netherlands), 8.95%, 07/31/2042 (e) |  | 2158 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.95%, 07/31/2042 |  | 1246 | 1357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yinson Production Financial Services Pte Ltd., (Singapore), Reg. S, 9.63%, 05/03/2029 (e) |  | 3900 | 4083 |
|  |  |  | 30939 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Partners LP / Antero Midstream Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/2029 (e) |  | 1420 | 1420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2028 (e) |  | 2627 | 2632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2033 (e) |  | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2034 (e) |  | 290 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/01/2032 (e) |  | 267 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Racer Midstream LLC / Blue Racer Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/2026 (e) |  | 613 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 07/15/2029 (e) |  | 841 | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/15/2032 (e) |  | 506 | 537 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 267

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Buckeye Partners LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/2026 | 188 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/2027 | 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/2028 (e) | 66 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/2044 | 116 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/2043 | 73 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/2030 (e) | 306 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/2033 | 60 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/01/2029 (e) | 287 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc., 4.63%, 10/15/2028 | 214 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNX Midstream Partners LP, 4.75%, 04/15/2030 (e) | 465 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 08/15/2028 (e) | 675 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.06%, 08/15/2026 (e) | 352 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 (e) | 2124 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delek Logistics Partners LP / Delek Logistics Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/01/2028 (e) | 237 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 06/30/2033 (e) | 462 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 03/15/2029 (e) | 296 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc., 4.13%, 06/15/2029 (e) | 1024 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc., (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.97%), 7.20%, 06/27/2054 (aa) | 299 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.12%), 7.38%, 03/15/2055 (aa) | 411 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/2027 (e) | 794 | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2029 (e) | 1201 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.68%), 6.50%, 02/15/2056 (aa) | 384 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.48%), 6.75%, 02/15/2056 (aa) | 198 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.83%), 7.13%, 10/01/2054 (aa) | 116 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 02/01/2031 (e) | 308 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.02%), 8.00%, 05/15/2054 (aa) | 1139 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, (CMT Index 5 Year + 5.31%), 7.13%, 05/15/2030 (x) (aa) | 457 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa) | 1134 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Excelerate Energy LP, 8.00%, 05/15/2030 (e) | 157 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genesis Energy LP / Genesis Energy Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/2028 | 104 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/15/2032 | 118 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 05/15/2033 | 571 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/2029 | 79 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 04/15/2030 | 80 | 84 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Partners LP / GLP Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/2029 | 516 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/01/2033 (e) | 466 | 476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/2032 (e) | 996 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harvest Midstream I LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/01/2028 (e) | 190 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/15/2032 (e) | 120 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Midstream Operations LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2030 (e) | 202 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/2028 (e) | 942 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/01/2028 (e) | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2029 (e) | 106 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Midstream Energy Partners LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2034 (e) | 1053 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 07/15/2032 (e) | 283 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT Holdings LLC, 6.50%, 08/01/2029 (e) | 1224 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc., 5.00%, 02/01/2029 | 66 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/2030 (e) | 93 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/2028 (e) | 698 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 (e) | 180 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Generation Gas Gathering LLC, 0.00%, 09/30/2029 (e) (bb) | 264 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.00%, 12/31/2049 (e) (bb) | 176 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 10.08%, 09/30/2029 (e) (bb) | 176 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; NFE Financing LLC, 12.00%, 11/15/2029 (e) | 1330 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGL Energy Operating LLC / NGL Energy Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/15/2029 (e) | 851 | 884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 02/15/2032 (e) | 1386 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGPL PipeCo. LLC, 4.88%, 08/15/2027 (e) | 387 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northriver Midstream Finance LP, (Canada), 6.75%, 07/15/2032 (e) | 417 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp; NuStar Logistics LP, 6.00%, 06/01/2026 | 825 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prairie Acquiror LP, 9.00%, 08/01/2029 (e) | 464 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp; QazaqGaz NC JSC, (Kazakhstan), Reg. S, 4.38%, 09/26/2027 | 1250 | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/2030 (e) | 420 | 413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/2029 (e) | 228 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2033 (e) | 90 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2040 (e) | 1755 | 1814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/15/2038 (e) | 300 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabal Trail Transmission LLC, 4.25%, 05/01/2028 (e) | 787 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026 | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure Holdings Ltd., (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.67%), 7.50%, 03/01/2055 (aa) | 90 | 96 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 268 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.95%), 7.63%, 03/01/2055 (aa) | 70 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027 | 702 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Gas Corridor CJSC, (Azerbaijan), Reg. S, 6.88%, 03/24/2026 | 9300 | 9360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC, 8.63%, 10/31/2029 (e) | 161 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2028 (e) | 2720 | 2721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/2030 (e) | 143 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2031 (e) | 520 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2034 (e) | 142 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 02/15/2029 (e) | 1410 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Partners LP / Targa Resources Partners Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2028 | 758 | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/2029 | 1637 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransMontaigne Partners LLC, 8.50%, 06/15/2030 (e) | 376 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/2029 (e) | 1177 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/2033 (e) | 18 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/2031 (e) | 94 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2030 (e) | 216 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2030 (e) | 223 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 06/01/2028 (e) | 592 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 06/01/2031 (e) | 1200 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 5.44%), 9.00%, 09/30/2029 (e) (x) (aa) | 3452 | 2726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/01/2029 (e) | 6874 | 7125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032 (e) | 2097 | 2166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/15/2030 (e) | 2492 | 2539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/2034 (e) | 2818 | 2886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/2034 (e) | 509 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/2036 (e) | 2979 | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/01/2033 (e) | 1769 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 05/01/2035 (e) | 1186 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Operating LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/2028 | 87 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/2031 | 230 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/01/2030 (e) | 1029 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whistler Pipeline LLC, 5.40%, 09/30/2029 (e) | 353 | 364 |
|  |  | 86755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 364009 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 12.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 12.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 12.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 12.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group plc, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.71%), 6.00%, 07/14/2031 (x) (aa) | EUR | 1675 | 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.33%), 6.61%, 09/13/2029 (e) (aa) |  | 416 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.39%), 7.13%, 10/30/2029 (x) (aa) | EUR | 800 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armor Holdco, Inc., 8.50%, 11/15/2029 (e) |  | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Comercial Portugues SA, (Portugal), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.78%), 8.13%, 01/18/2029 (x) (aa) | EUR | 2800 | 3560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Davivienda SA, (Colombia), Reg. S, (CMT Index 1 Year + 5.10%), 6.65%, 04/22/2031 (x) (aa) |  | 1300 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Sabadell SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 6.83%), 9.38%, 07/18/2028 (x) (aa) | EUR | 5000 | 6589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Mercantil del Norte SA, (Mexico), (CMT Index 5 Year + 4.07%), 8.38%, 05/20/2031 (e) (x) (aa) |  | 2800 | 2940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Nacional de Comercio Exterior SNC, (Mexico), 5.88%, 05/07/2030 (e) |  | 700 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangkok Bank PCL, (Thailand), 5.08%, 11/26/2035 (e) |  | 2600 | 2597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk. PT, (Indonesia), Reg. S, 3.75%, 03/30/2026 |  | 600 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.35%), 6.25%, 07/26/2030 (x) (aa) |  | 1525 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.68%), 6.63%, 05/01/2030 (x) (aa) |  | 2251 | 2345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group plc, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.10%), 2.03%, 09/30/2027 (e) (aa) |  | 922 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.62%), 5.60%, 03/20/2030 (e) (aa) |  | 334 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.41%), 4.38%, 03/15/2028 (x) (aa) |  | 265 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.23%), 5.37%, 02/25/2031 (aa) |  | 283 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.88%), 6.50%, 09/13/2027 (aa) |  | 462 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 5 Year + 3.69%), 7.63%, 03/15/2035 (x) (aa) |  | 487 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 5.43%), 8.00%, 03/15/2029 (x) (aa) |  | 200 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ICE Swap Rate GBP SONIA 5 Year + 5.64%), 9.25%, 09/15/2028 (x) (aa) | GBP | 5890 | 8565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 5 Year + 5.78%), 9.63%, 12/15/2029 (x) (aa) |  | 1451 | 1644 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 269

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.61%), 1.90%, 09/30/2028 (e) (aa) |  | 400 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.23%), 2.59%, 01/20/2028 (e) (aa) |  | 1086 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.28%), 5.28%, 11/19/2030 (e) (aa) |  | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOI Finance BV, (Netherlands), Reg. S, 7.50%, 02/16/2027 | EUR | 2200 | 2653 |
| &nbsp;&nbsp;&nbsp;&nbsp; BPCE SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.09%), 2.05%, 10/19/2027 (e) (aa) |  | 305 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/2026 (e) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA, (Spain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.86%), 3.63%, 09/14/2028 (x) (aa) | EUR | 1200 | 1367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.94%), 6.25%, 07/24/2032 (x) (aa) | EUR | 200 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One NA, (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 1.73%), 5.97%, 08/09/2028 (aa) |  | 282 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.17%), 4.50%, 09/11/2031 (aa) |  | 1375 | 1381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 0.87%), 4.79%, 03/04/2029 (aa) |  | 659 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.36%), 5.17%, 02/13/2030 (aa) |  | 1099 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.00%), 6.63%, 02/15/2031 (x) (aa) |  | 700 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series CC, (CMT Index 5 Year + 2.69%), 7.13%, 08/15/2029 (x) (aa) |  | 1036 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series DD, (CMT Index 1 Year + 2.76%), 7.00%, 08/15/2034 (x) (aa) |  | 336 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EE, (CMT Index 5 Year + 2.57%), 6.75%, 02/15/2030 (x) (aa) |  | 683 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FF, (CMT Index 5 Year + 2.73%), 6.95%, 02/15/2030 (x) (aa) |  | 410 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series GG, (CMT Index 5 Year + 2.89%), 6.88%, 08/15/2030 (x) (aa) |  | 506 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X, (CMT Index 5 Year + 3.42%), 3.88%, 02/18/2026 (x) (aa) |  | 2371 | 2363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.26%), 5.25%, 03/05/2031 (aa) |  | 1825 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.01%), 5.84%, 01/23/2030 (aa) |  | 388 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 4.39%), 4.25%, 10/09/2027 (x) (aa) | EUR | 2600 | 3034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.21%), 6.50%, 09/23/2029 (x) (aa) | EUR | 2300 | 2855 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG, (Germany), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.55%), 4.50%, 11/30/2026 (x) (aa) | EUR | 3800 | 4454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.69%), 6.75%, 10/30/2028 (x) (aa) | EUR | 5200 | 6367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.60%), 7.13%, 10/30/2030 (x) (aa) | EUR | 200 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.26%), 8.13%, 10/30/2029 (x) (aa) | EUR | 5600 | 7152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Pfandbriefbank AG, (Germany), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.86%), 7.13%, 10/04/2035 (aa) | EUR | 1200 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurobank SA, (Greece), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.70%), 4.00%, 02/07/2036 (aa) | EUR | 100 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., (United States SOFR + 1.41%), 5.23%, 03/12/2031 (aa) |  | 826 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp., (United States SOFR + 1.77%), 5.51%, 03/07/2031 (aa) |  | 328 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freedom Mortgage Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2027 (e) |  | 1595 | 1601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 10/01/2030 (e) |  | 879 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CME Term SOFR 3 Month + 1.56%), 4.22%, 05/01/2029 (aa) |  | 1657 | 1661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.58%), 5.22%, 04/23/2031 (aa) |  | 1395 | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.46%), 6.85%, 02/10/2030 (x) (aa) |  | 1266 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Y, (CMT Index 1 Year + 2.40%), 6.13%, 11/10/2034 (x) (aa) |  | 1199 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.03%), 4.90%, 03/03/2029 (aa) |  | 434 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.06%), 5.60%, 05/17/2028 (aa) |  | 286 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA, (Italy), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.60%), 4.20%, 06/01/2032 (e) (aa) |  | 770 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/15/2026 (e) |  | 410 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV, (Belgium), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.99%), 6.25%, 09/17/2031 (x) (aa) | EUR | 800 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Bank Ltd., (Australia), 3.62%, 06/03/2030 (e) |  | 239 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd., (Australia), (CME Term SOFR 3 Month + 1.63%), 3.76%, 11/28/2028 (e) (aa) |  | 506 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.22%), 5.04%, 07/19/2030 (aa) |  | 155 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.73%), 5.12%, 02/01/2029 (aa) |  | 476 | 486 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 270 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.63%), 5.45%, 07/20/2029 (aa) |  | 98 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, (United States SOFR + 1.07%), 4.36%, 10/22/2031 (aa) |  | 282 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Private Bank NA, (United States SOFR + 1.08%), 4.73%, 07/18/2031 (aa) |  | 250 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece SA, (Greece), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.15%), 5.88%, 06/28/2035 (aa) | EUR | 6055 | 7603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.65%), 8.00%, 01/03/2034 (aa) | EUR | 3017 | 3947 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.22%), 4.96%, 08/15/2030 (aa) |  | 296 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.75%), 8.13%, 11/10/2033 (x) (aa) |  | 580 | 653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Ljubljanska Banka dd, (Slovenia), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.23%), 6.88%, 01/24/2034 (aa) | EUR | 2200 | 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.33%), 4.90%, 05/13/2031 (aa) |  | 549 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W, (CMT Index 7 Year + 2.81%), 6.25%, 03/15/2030 (x) (aa) |  | 232 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Popular, Inc., (Puerto Rico), 7.25%, 03/13/2028 |  | 544 | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp; QNB Finance Ltd., (Cayman Islands), Reg. S, 4.50%, 07/24/2030 |  | 1500 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR Compounded Index + 1.07%), 4.32%, 09/22/2029 (aa) |  | 248 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 2.60%), 6.53%, 01/10/2029 (aa) |  | 990 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA, (France), (CMT Index 5 Year + 3.79%), 8.13%, 11/21/2029 (e) (x) (aa) |  | 274 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (CMT Index 5 Year + 5.45%)10.00%, 11/14/2028 (aa) (x) |  | 2200 | 2446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.05%), 5.69%, 05/14/2028 (e) (aa) |  | 256 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.85%), 6.75%, 02/08/2028 (e) (aa) |  | 400 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Bank, 5.63%, 08/23/2027 |  | 1056 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), (Canada), (CMT Index 5 Year + 2.98%), 7.25%, 07/31/2084 (aa) |  | 595 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Vakiflar Bankasi TAO, (Turkey), 7.25%, 07/31/2030 (e) |  | 1600 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG, (Switzerland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 0.85%), 1.49%, 08/10/2027 (e) (aa) |  | 1067 | 1050 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (IBOR USD 3 Month + 1.41%), 3.87%, 01/12/2029 (e) (aa) |  | 806 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 2.05%), 4.70%, 08/05/2027 (e) (aa) |  | 1194 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 1 Year + 1.52%), 5.43%, 02/08/2030 (e) (aa) |  | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 5 Year + 3.12%), 6.60%, 08/05/2030 (e) (x) (aa) |  | 400 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 5 Year + 3.63%), 6.85%, 09/10/2029 (e) (x) (aa) |  | 200 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 5 Year + 3.08%), 7.00%, 02/10/2030 (e) (x) (aa) |  | 400 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 5 Year + 3.30%), 7.00%, 02/05/2035 (e) (x) (aa) |  | 221 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 5 Year + 3.18%), 7.13%, 08/10/2034 (e) (x) (aa) |  | 600 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (USD SOFR ICE Swap Rate 5 Year + 4.16%), 7.75%, 04/12/2031 (e) (x) (aa) |  | 600 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.75%), 9.25%, 11/13/2028 (e) (x) (aa) |  | 200 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.76%), 9.25%, 11/13/2033 (e) (x) (aa) |  | 365 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicaja Banco SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 2.80%), 5.50%, 06/22/2034 (aa) | EUR | 1400 | 1726 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp, (United States SOFR + 1.06%), 5.05%, 02/12/2031 (aa) |  | 2007 | 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uzbek Industrial and Construction Bank ATB, (Uzbekistan), 8.95%, 07/24/2029 (e) |  | 1000 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.95%, 07/24/2029 |  | 200 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vakifbank DPR, 6.83%, 03/15/2035 (bb) |  | 2200 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valley National Bancorp, (CME Term SOFR 3 Month + 2.78%), 6.25%, 09/30/2032 (aa) |  | 110 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc., 6.63%, 04/01/2033 (e) |  | 348 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.37%), 4.97%, 04/23/2029 (aa) |  | 319 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.50%), 5.20%, 01/23/2030 (aa) |  | 244 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.74%), 5.57%, 07/25/2029 (aa) |  | 178 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.79%), 6.30%, 10/23/2029 (aa) |  | 786 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.77%), 6.85%, 09/15/2029 (x) (aa) |  | 614 | 642 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 271

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorp NA, (United States SOFR + 1.16%), 4.70%, 08/18/2028 (aa) | 756 | 756 |
|  |  | 140551 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 2.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 2.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AG Issuer LLC, 6.25%, 03/01/2028 (e) | 461 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp., 4.63%, 10/01/2028 | 1002 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aircastle Ltd. / Aircastle Ireland DAC, (Bermuda), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2030 (e) | 188 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/2030 (e) | 150 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aircastle Ltd., (Bermuda), 5.95%, 02/15/2029 (e) | 187 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aretec Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2029 (e) | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 08/15/2030 (e) | 108 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp., 9.75%, 09/01/2030 (e) | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Warehouse Lending Co. LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 01/15/2028 (e) | 600 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2030 (e) | 750 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avation Group S Pte Ltd., (Singapore), 8.50%, 05/15/2031 (e) | 34 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/2026 (e) | 614 | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027 (e) | 337 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/2029 (e) | 630 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avilease Capital Ltd., (Cayman Islands), 4.75%, 11/12/2030 (e) | 627 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolon Holdings Funding Ltd., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/21/2026 (e) | 305 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 (e) | 397 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/21/2028 (e) | 81 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/2027 (e) | 251 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/2028 (e) | 74 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2029 (e) | 453 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2029 (e) | 585 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azorra Finance Ltd., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/2031 (e) | 587 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/2030 (e) | 1108 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/2031 (e) | 455 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 4.30%), 8.38%, 06/15/2035 (e) (aa) | 550 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/2028 (e) | 182 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2030 (e) | 230 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/15/2033 (e) | 86 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 07/01/2031 (e) | 230 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIMA Finance DAC, (Ireland), Reg. S, 2.95%, 09/05/2029 | 3609 | 3388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities Global Holdings LLC, 5.50%, 06/18/2030 (e) | 500 | 514 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cobra AcquisitionCo. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/01/2029 (e) |  | 70 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 11/01/2029 (e) |  | 68 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/2028 (e) |  | 240 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/2031 (e) |  | 200 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credicorp Capital Sociedad Titulizadora SA, (Peru), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.70%, 03/05/2045 (e) | PEN | 8200 | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 10.10%, 12/15/2043 (e) | PEN | 6300 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Acceptance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/2030 (e) |  | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 12/15/2028 (e) |  | 90 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; CrossCountry Intermediate HoldCo LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2030 (e) |  | 895 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/2032 (e) |  | 335 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 06/01/2028 | GBP | 4008 | 5173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/15/2031 (e) |  | 825 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/2030 (e) |  | 300 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/01/2029 (e) |  | 950 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Issuances SA, (Luxembourg), Reg. S, (EURIBOR 1 Month + 3.00%), 4.99%, 08/14/2026 (aa) |  | EUR 117 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 08/01/2029 (e) |  | 90 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 12/15/2028 (e) |  | 108 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable America Global Funding, 4.65%, 06/09/2028 (e) |  | 234 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc., 7.38%, 04/01/2032 (e) |  | 100 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance of America Funding LLC, 8.88%, 11/30/2026 (e) |  | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners LLC, 6.75%, 09/15/2031 (e) |  | 1064 | 1096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freedom Funding Center LLC, 12.00% (cash), 10/01/2032 (e) (v) |  | 1047 | 1099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freedom Mortgage Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/2031 (e) |  | 274 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/01/2033 (e) |  | 62 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 04/01/2032 (e) |  | 568 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 05/15/2031 (e) |  | 1908 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 02/01/2029 (e) |  | 1653 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garfunkelux Holdco 3 SA, (Luxembourg), Reg. S, 9.00%, 09/01/2028 | EUR | 187 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garfunkelux Holdco 4 SA, (Luxembourg), Reg. S, 10.50% (Blend (cash 0.02% + PIK 10.48%)), 05/01/2030 (v) | EUR | 26 | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; GGAM Finance Ltd., (Cayman Islands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2030 (e) |  | 326 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2029 (e) |  | 536 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/15/2027 (e) |  | 2345 | 2398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/15/2028 (e) |  | 980 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd., (Cayman Islands), 8.75%, 09/01/2027 (e) |  | 1580 | 1638 |
| &nbsp;&nbsp;&nbsp;&nbsp; goeasy Ltd., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/2030 (e) |  | 110 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/15/2031 (e) |  | 1305 | 1221 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 272 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/01/2030 (e) |  | 1795 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 07/01/2029 (e) |  | 150 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 12/01/2028 (e) |  | 575 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hightower Holding LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2029 (e) |  | 32 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 01/31/2030 (e) |  | 70 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intrum Investments And Financing AB, (Sweden), Reg. S, 8.00%, 09/11/2027 | EUR | 167 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group / JSG Finance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2029 (e) |  | 861 | 847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/01/2032 (e) |  | 571 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/2033 (e) |  | 1080 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 04/30/2031 (e) |  | 177 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Finance LLC / JFIN Co-Issuer Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2028 (e) |  | 760 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/2031 (e) |  | 480 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/2026 (e) |  | 635 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 05/15/2030 (e) |  | 189 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/15/2029 (e) |  | 195 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jerrold Finco plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.50%, 06/15/2031 | GBP | 1750 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.88%, 04/15/2030 | GBP | 9991 | 13822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kona Spc Ltd., (Cayman Islands), (EURIBOR 1 year + 3.55%), 5.72%, 09/15/2026 (e) (aa) |  | EUR 1,000 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp; LD Holdings Group LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/2028 (e) |  | 358 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/01/2027 (e) |  | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; LFS Topco LLC, 8.75%, 07/15/2030 (e) |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2029 (e) |  | 596 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/2027 (e) |  | 1147 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/03/2028 |  | 192 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/15/2030 |  | 287 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd., (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/17/2030 (e) |  | 938 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 03/26/2029 (e) |  | 368 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Midcap Financial Issuer Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/2030 (e) |  | 909 | 852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/2028 (e) |  | 889 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/2028 |  | 235 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2027 |  | 2269 | 2273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/2029 |  | 111 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/01/2033 |  | 90 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/2026 |  | 1553 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 06/15/2032 |  | 242 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 07/25/2030 |  | 301 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 03/15/2031 |  | 60 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/2027 |  | 490 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/2028 |  | 1700 | 1657 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/2030 | 814 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/2029 | 916 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 05/15/2030 | 791 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/2033 | 1415 | 1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2028 | 851 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/15/2029 | 360 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2032 | 2398 | 2462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/2033 | 1695 | 1719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/2026 | 366 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/2031 | 1325 | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 09/15/2032 | 336 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/15/2031 | 456 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 03/15/2030 | 137 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaic Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/01/2032 (e) | 90 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/2033 (e) | 258 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc., 6.38%, 02/01/2027 (e) | 108 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panama Infrastructure Receivable Purchaser plc, (United Kingdom), Zero Coupon, 04/05/2032 (e) | 10200 | 7854 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2029 (e) | 2530 | 2475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/2031 (e) | 62 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2034 (e) | 200 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/2032 (e) | 2246 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/15/2033 (e) | 140 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 11/15/2030 (e) | 539 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/15/2029 (e) | 378 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp; PHH Escrow Issuer LLC / PHH Corp., 9.88%, 11/01/2029 (e) | 515 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Aviation Capital Ltd., (Ireland), 9.25%, 07/15/2030 (e) | 1701 | 1812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Financial Group LLC, 10.50%, 12/15/2029 (e) | 223 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRA Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 (e) | 150 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 02/01/2028 (e) | 152 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 01/31/2030 (e) | 1475 | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029 (e) | 120 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rfna LP, 7.88%, 02/15/2030 (e) | 70 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/01/2030 (e) | 5001 | 5171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/01/2033 (e) | 2445 | 2549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/2029 (e) | 1450 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/01/2032 (e) | 1607 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/2026 (e) | 3466 | 3415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/2029 (e) | 685 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/2031 (e) | 3812 | 3620 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Corp., 3.13%, 11/02/2026 | 800 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOCAR Turkey Enerji AS via Steas Funding 1 DAC, (Ireland), Reg. S, 7.23%, 03/17/2026 | 4600 | 4596 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 273

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis Financial Services US Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/2028 (e) |  | 1222 | 1239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 09/15/2030 (e) |  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stonebriar ABF Issuer LLC, 8.13%, 12/15/2030 (e) |  | 131 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stonex Escrow Issuer LLC, 6.88%, 07/15/2032 (e) |  | 100 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc., 7.88%, 03/01/2031 (e) |  | 218 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/04/2026 |  | 924 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/2027 |  | 141 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (United States SOFR + 1.40%), 5.02%, 07/29/2029 (aa) |  | 236 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIB Diversified Payment Rights Finance Company, Series 2024-H, 7.96%, 11/15/2034 (bb) |  | 3900 | 3900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titanium 2l Bondco Sarl, (Luxembourg), 6.25% (PIK), 01/14/2031 (v) | EUR | 7297 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrueNoord Capital DAC, (Ireland), 8.75%, 03/01/2030 (e) |  | 70 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/2029 (e) |  | 128 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/2027 (e) |  | 995 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2031 (e) |  | 1008 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/01/2030 (e) |  | 674 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp; VFH Parent LLC / Valor Co-Issuer, Inc., 7.50%, 06/15/2031 (e) |  | 150 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Global Funding, 4.60%, 11/24/2030 (e) |  | 584 | 587 |
|  |  |  | 149940 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acrisure LLC / Acrisure Finance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2029 (e) |  | 80 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2029 (e) |  | 58 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/2032 (e) |  | 40 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/06/2030 (e) |  | 150 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/2029 (e) |  | 3290 | 3413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 06/15/2029 (e) |  | 110 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd., (Hong Kong), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.20%, 09/16/2040 |  | 1650 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 09/30/2054 (e) |  | 4800 | 4613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/2027 (e) |  | 1704 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/2029 (e) |  | 1787 | 1787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2031 (e) |  | 136 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027 (e) |  | 2661 | 2677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2028 (e) |  | 214 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2031 (e) |  | 1635 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/01/2032 (e) |  | 646 | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE, (Germany), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.58%), 2.60%, 10/30/2031 (x) (aa) | EUR | 1000 | 1037 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; American National Group, Inc., (CMT Index 5 Year + 3.18%), 7.00%, 12/01/2055 (aa) |  | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; AmWINS Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/30/2029 (e) |  | 1411 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/15/2029 (e) |  | 40 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc., 7.50%, 07/15/2033 (e) |  | 498 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon Corp., 8.21%, 01/01/2027 |  | 2163 | 2243 |
| &nbsp;&nbsp;&nbsp;&nbsp; APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Investor, 7.88%, 11/01/2029 (e) |  | 362 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardonagh Finco Ltd., (Jersey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 02/15/2031 | EUR | 2711 | 3284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/15/2031 (e) | EUR | 2419 | 2930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/2031 (e) |  | 2123 | 2225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardonagh Group Finance Ltd., (Jersey), 8.88%, 02/15/2032 (e) |  | 3418 | 3552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc., 4.90%, 03/27/2028 |  | 202 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC and Asurion Co-Issuer, Inc., 8.00%, 12/31/2032 (e) |  | 2612 | 2710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Athene Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 08/19/2028 (e) |  | 1055 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 10/08/2029 (e) |  | 332 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/07/2030 (e) |  | 500 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 01/09/2029 (e) |  | 356 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/2031 (e) |  | 51 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 05/24/2026 (e) |  | 231 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/28/2028 (e) |  | 1136 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 04/09/2027 (e) |  | 354 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/10/2029 (e) |  | 555 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadstreet Partners Group LLC, 5.88%, 04/15/2029 (e) |  | 718 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc., 4.90%, 06/23/2030 |  | 844 | 857 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNO Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/08/2028 (e) |  | 244 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/11/2030 (e) |  | 264 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/10/2027 (e) |  | 315 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/09/2029 (e) |  | 117 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/04/2027 (e) |  | 1190 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Financial, Inc., (CMT Index 5 Year + 2.65%), 6.38%, 09/15/2054 (aa) |  | 386 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corebridge Global Funding, 5.20%, 01/12/2029 (e) |  | 316 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding, 5.45%, 03/03/2028 (e) |  | 107 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Global Funding, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/30/2026 (e) |  | 178 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/20/2028 (e) |  | 1208 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 09/08/2028 (e) |  | 160 | 161 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 274 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelis Insurance Holdings Ltd., (Bermuda), (CMT Index 5 Year + 4.28%), 7.75%, 06/15/2055 (aa) | 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; FWD Group Holdings Ltd., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/22/2030 (e) | 2100 | 2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84%, 09/22/2035 (e) | 1100 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp; GA Global Funding Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/23/2027 (e) | 467 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/18/2030 (e) | 676 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/08/2029 (e) | 275 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genworth Holdings, Inc., 6.50%, 06/15/2034 | 26 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Atlantic Fin Co., (CMT Index 5 Year + 3.55%), 7.25%, 03/01/2056 (e) (aa) | 95 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howden UK Refinance plc / Howden UK Refinance 2 plc / Howden US Refinance LLC, (United Kingdom), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/2031 (e) | 2585 | 2662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/15/2032 (e) | 1406 | 1452 |
| &nbsp;&nbsp;&nbsp;&nbsp; HUB International Ltd., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/01/2029 (e) | 119 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/2030 (e) | 5393 | 5662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/31/2032 (e) | 7810 | 8196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jackson National Life Global Funding, 3.05%, 04/29/2026 (e) | 800 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc., (Canada), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/01/2033 (e) | 528 | 510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 03/15/2030 (e) | 809 | 848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/2061 (e) | 30 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 03/15/2037 (e) | 20 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Financial Global Funding, 5.30%, 01/13/2030 (e) | 331 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp., 5.25%, 08/15/2028 | 1550 | 1550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of Omaha Cos. Global Funding, 5.45%, 12/12/2028 (e) | 551 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nassau Cos. of New York(The), 7.88%, 07/15/2030 (e) | 192 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panther Escrow Issuer LLC, 7.13%, 06/01/2031 (e) | 4568 | 4734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Protective Life Corp., 4.70%, 01/15/2031 (e) | 382 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/2030 (e) | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/01/2032 (e) | 900 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sammons Financial Group Global Funding, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 01/10/2028 (e) | 202 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/10/2029 (e) | 194 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; USI, Inc., 7.50%, 01/15/2032 (e) | 1593 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilton RE Ltd., (Canada), (CMT Index 5 Year + 5.27%), 6.00%, 10/22/2030 (e) (x) (aa) | 130 | 129 |
|  |  | 85768 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies — 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies — 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Developmental Holding Co. PJSC, (United Arab Emirates), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/08/2029 (e) | 1000 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/08/2034 (e) | 1500 | 1582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 05/08/2034 | 1000 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Debt Solutions BDC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/30/2030 | 324 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 07/29/2031 | 151 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Strategic, Inc.ome Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 01/15/2031 (e) | 352 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/09/2030 (e) | 364 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Specialty Finance, Inc., 5.95%, 03/15/2030 | 151 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock TCP Capital Corp., 6.95%, 05/30/2029 | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Private Credit Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/15/2026 | 643 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/2027 | 42 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/26/2027 | 116 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Secured Lending Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/2027 | 230 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/2026 | 647 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/2027 | 163 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/2027 | 724 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/15/2030 | 590 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/23/2026 | 42 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/08/2027 | 159 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Technology Finance Corp., 3.75%, 06/17/2026 (e) | 163 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group Diversified Holdings LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2032 (e) | 61 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/2029 (e) | 685 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaci First Investment Co., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 02/14/2030 | 2700 | 2731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 02/14/2035 | 8000 | 7956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 10/13/2032 | 21300 | 21996 |
| &nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc., (CMT Index 5 Year + 4.30%), 8.00%, 06/01/2056 (aa) | 88 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; HAT Holdings I LLC / HAT Holdings II LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/2026 (e) | 127 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 06/15/2027 (e) | 419 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Icahn Enterprises LP / Icahn Enterprises Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/2029 | 132 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2027 | 1369 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 06/15/2030 | 90 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 01/15/2029 | 740 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 11/15/2029 (e) | 1173 | 1172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Khazanah Capital Ltd., (Malaysia), Reg. S, 4.88%, 06/01/2033 | 4700 | 4813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospect Capital Corp., 3.44%, 10/15/2028 | 60 | 53 |
|  |  | 50952 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 275

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Reg Finance Co. LLC, 4.30%, 11/03/2030 |  | 713 | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Finance, Inc., (Canada), (CMT Index 5 Year + 2.08%), 6.30%, 01/15/2055 (aa) |  | 998 | 989 |
|  |  |  | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 3.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 3.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 3.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Adler Financing Sarl, (Luxembourg), Series 1L, 8.25% (PIK), 12/31/2028 (v) | EUR | 9839 | 12665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandrite Lake Lux Holdings Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 07/30/2030 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/30/2030 (e) | EUR | 2892 | 3457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstria Office AG, (Germany), Reg. S, 5.50%, 03/20/2031 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/15/2030 (e) |  | 93 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AI, 7.00%, 04/15/2030 |  | 720 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/2030 (e) |  | 106 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2029 (e) |  | 100 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 04/15/2030 (e) |  | 357 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown Finance Sarl, (Luxembourg), (ICE EURIBOR Swap Rate 5 Year + 2.35%), 5.00%, 04/16/2029 (x) (aa) | EUR | 3380 | 3854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 4.49%), 8.63%, 05/07/2029 (aa) (x) | GBP | 100 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 2.42%), 1.63%, 04/15/2026 (x) (aa) | EUR | 800 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRANICKS Group AG, (Germany), Reg. S, 2.25%, 09/22/2026 | EUR | 3800 | 3119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citycon Treasury BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 03/11/2030 | EUR | 1550 | 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 07/08/2031 | EUR | 100 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPI Property Group SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 07/22/2030 | EUR | 750 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 01/27/2032 | EUR | 2175 | 2564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.23%), 7.50%, 03/26/2031 (x) (aa) | EUR | 1533 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield US Borrower LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/2028 (e) |  | 153 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 09/01/2031 (e) |  | 352 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp; DEMIRE Deutsche Mittelstand Real Estate AG, (Germany), Reg. S, SUB, 5.00%, 12/31/2027 | EUR | 88 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; DL Invest Group PM SA, (Poland), Reg. S, 6.63%, 07/15/2030 | EUR | 2125 | 2482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emeria SASU, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 03/31/2028 | EUR | 110 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.75%, 03/31/2028 | EUR | 1159 | 1248 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Point Operating Co. LP, 8.00%, 10/01/2030 (e) |  | 675 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP China Holdings Ltd., (Hong Kong), Reg. S, 2.95%, 03/29/2026 |  | 2600 | 2561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand City Properties SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 2.18%), 1.50%, 03/09/2026 (x) (aa) | EUR | 100 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greystar Real Estate Partners LLC, 7.75%, 09/01/2030 (e) |  | 80 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heimstaden Bostad AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.15%), 2.63%, 02/01/2027 (x) (aa) | EUR | 4384 | 5004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.27%), 3.00%, 10/29/2027 (x) (aa) | EUR | 6873 | 7808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.91%), 3.38%, 01/30/2026 (x) (aa) | EUR | 1452 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.90%), 3.63%, 10/13/2026 (x) (aa) | EUR | 1302 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Corp. (The), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/2029 (e) |  | 2251 | 2187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/2031 (e) |  | 962 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/01/2028 (e) |  | 2280 | 2289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hunt Cos., Inc., 5.25%, 04/15/2029 (e) |  | 1875 | 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp; IWG US Finance LLC, Reg. S, 6.50%, 06/28/2030 | EUR | 1400 | 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennedy-Wilson, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/2029 |  | 104 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2030 |  | 73 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2031 |  | 70 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; MLP Group SA, (Poland), Reg. S, 6.13%, 10/15/2029 | EUR | 1800 | 2194 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Immo Holding SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.75%, 11/26/2026 | EUR | 800 | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.25%, 07/23/2027 | EUR | 4200 | 4925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 12/08/2028 | EUR | 3700 | 4404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.88%, 04/17/2028 | EUR | 4100 | 4984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 03/22/2029 | EUR | 7600 | 9309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Property Invest A/S, (Norway), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 10/01/2032 | EUR | 1025 | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.63%, 03/12/2030 | EUR | 1050 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samhallsbyggnadsbolaget i Norden AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 01/30/2026 (x) | EUR | 437 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.88%, 10/30/2026 (x) | EUR | 1983 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samhallsbyggnadsbolaget I Norden Holding AB, (Sweden), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 0.75%, 11/14/2028 | EUR | 8425 | 8365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.13%, 09/26/2029 | EUR | 6546 | 6308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.25%, 07/12/2027 | EUR | 12505 | 13958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 08/04/2026 | EUR | 7864 | 9118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 10/20/2029 | EUR | 4100 | 4502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unique Pub Finance Co. plc (The) , (United Kingdom), Series N, Reg. S, 6.46%, 03/30/2032 | GBP | 137 | 193 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 276 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Via Celere Desarrollos Inmobiliarios SA, (Spain), 4.88%, 04/15/2031 (e) | EUR | 7844 | 9165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vivion Investments Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50% (cash), 02/28/2029 (v) | EUR | 5311 | 6223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.25% (Blend (cash 6.50% + PIK 1.75%)), 08/31/2028 (v) | EUR | 20 | 24 |
|  |  |  | 155061 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/2029 (e) |  | 34 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty SR, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 07/15/2030 (e) |  | 989 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 12/15/2028 (e) |  | 447 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QIB, 5.00%, 12/30/2028 (e) |  | 150 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QIB, 8.50%, 10/15/2027 (e) |  | 108 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc., Series QIB, 4.50%, 03/15/2027 (e) |  | 116 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2027 (e) |  | 1375 | 1361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/01/2029 (e) |  | 97 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brandywine Operating Partnership LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/2027 |  | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/01/2029 |  | 40 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/15/2031 |  | 892 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30%, 03/15/2028 |  | 75 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 04/12/2029 |  | 72 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 04/01/2027 (e) |  | 758 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/2027 |  | 213 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/01/2028 |  | 63 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Healthcare Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/01/2031 |  | 205 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2028 |  | 2153 | 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/15/2030 (e) |  | 448 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp; EF Holdco / EF Cayman Hold / Ellington Fin REIT Cayman/TRS / EF Cayman Non-MTM, (Multinational), 7.38%, 09/30/2030 (e) |  | 68 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties, 4.75%, 12/15/2026 |  | 700 | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix Europe 2 Financing Corp. LLC, 4.60%, 11/15/2030 |  | 360 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globalworth Real Estate Investments Ltd., (Guernsey), Reg. S, 6.25%, 03/31/2030 | EUR | 1786 | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP Capital LP / GLP Financing II, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/15/2029 |  | 194 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/2028 |  | 717 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/2030 |  | 70 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/01/2027 |  | 152 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 04/01/2029 |  | 90 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/15/2028 |  | 80 | 79 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (e) |  | 951 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2031 (e) |  | 310 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2034 (e) | EUR | 10177 | 11630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/2027 (e) |  | 910 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/2029 (e) |  | 170 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028 (e) |  | 88 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/2028 (e) |  | 140 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2030 (e) |  | 448 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/2032 (e) |  | 171 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2033 (e) |  | 330 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029 (e) |  | 170 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 06/15/2029 (e) |  | 1882 | 1861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Millrose Properties, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/2032 (e) |  | 1398 | 1410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/01/2030 (e) |  | 2739 | 2803 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPT Operating Partnership LP / MPT Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 10/15/2026 | EUR | 4710 | 5258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/2031 |  | 3123 | 2271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/2029 |  | 110 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2027 |  | 210 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.00%, 02/15/2032 | EUR | 1300 | 1587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/2032 (e) | EUR | 600 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 02/15/2032 (e) |  | 1623 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/2029 (e) |  | 131 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/2028 (e) |  | 585 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/01/2030 (e) |  | 1511 | 1551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel LP / PEB Finance Corp., 6.38%, 10/15/2029 (e) |  | 280 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis Targeted US Logistics Fund LP, 4.25%, 01/15/2031 (e) |  | 507 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp; RHP Hotel Properties LP / RHP Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2029 (e) |  | 881 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/2027 |  | 75 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/01/2032 (e) |  | 1523 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/2033 (e) |  | 1400 | 1455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/15/2028 (e) |  | 32 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/01/2029 (e) |  | 164 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/15/2030 (e) |  | 510 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLJ Lodging Trust LP, 4.00%, 09/15/2029 (e) |  | 289 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/01/2029 |  | 990 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2027 |  | 194 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust, | &nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust, | &nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust, | &nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 09/30/2027 (e) |  | 793 | 716 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 277

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/2028 | 47 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/2030 | 48 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/2027 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/2029 | 50 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2027 | 76 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 06/15/2029 | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 11/15/2031 (e) | 1860 | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 06/15/2032 | 1811 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/2027 (e) | 1359 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/2028 (e) | 80 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031 (e) | 89 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2030 (e) | 429 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2030 (e) | 121 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/2030 (e) | 595 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/01/2029 (e) | 1548 | 1635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tanger Properties LP, 3.88%, 07/15/2027 | 764 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.00%, 01/15/2030 (e) | 102 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties LP / VICI Note Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2027 (e) | 1061 | 1054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2029 (e) | 935 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/2026 (e) | 621 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/2026 (e) | 332 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2027 (e) | 994 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty LP, 2.15%, 06/01/2026 | 793 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEA Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/2027 (e) | 384 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/2029 (e) | 201 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; XHR LP, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/2029 (e) | 50 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/15/2030 (e) | 475 | 491 |
|  |  | 70879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 654853 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Government — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Government — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Government — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Multi-National — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Multi-National — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Multi-National — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa Finance Corp., (Supranational), Reg. S, 2.87%, 08/13/2031 | 200 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 5.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 5.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 5.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (e) | 880 | 911 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/2029 | 313 | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/2031 | 714 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/2027 | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 08/15/2030 | 1476 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/04/2026 | 1343 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/15/2026 | 133 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/01/2027 | 63 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/2026 | 350 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/01/2029 | 220 | 213 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/2028 |  | 263 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 05/01/2027 |  | 142 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.26%, 05/01/2027 |  | 598 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 05/01/2029 |  | 385 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bombardier, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/2028 (e) |  | 143 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/2033 (e) |  | 2084 | 2203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/01/2032 (e) |  | 227 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 07/01/2031 (e) |  | 1748 | 1863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 05/01/2034 (e) |  | 732 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/01/2029 (e) |  | 80 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/15/2030 (e) |  | 1770 | 1913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Czechoslovak Group A/S, (Czech Republic), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 01/10/2031 | EUR | 4100 | 4994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/10/2031 (e) | EUR | 1390 | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Efesto Bidco SpA Efesto US LLC, (Italy), Series XR, 7.50%, 02/15/2032 (e) |  | 2804 | 2832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goat Holdco LLC, 6.75%, 02/01/2032 (e) |  | 548 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moog, Inc., 4.25%, 12/15/2027 (e) |  | 110 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/2026 |  | 774 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/2028 |  | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/2029 |  | 2413 | 2397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/2029 |  | 172 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2033 (e) |  | 3572 | 3656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/31/2034 (e) |  | 135 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/2029 (e) |  | 2172 | 2240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033 (e) |  | 4758 | 4882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/01/2032 (e) |  | 1984 | 2064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/2028 (e) |  | 749 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/31/2034 (e) |  | 3179 | 3311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/2030 (e) |  | 380 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 12/01/2031 (e) |  | 266 | 280 |
|  |  |  | 45641 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ACProducts Holdings, Inc., 6.38%, 05/15/2029 (e) |  | 90 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033 (e) |  | 802 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co., 4.88%, 07/01/2030 (e) |  | 60 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/2032 (e) |  | 171 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030 (e) |  | 235 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/2032 (e) |  | 90 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/2034 (e) |  | 125 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/2035 (e) |  | 435 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 (e) |  | 446 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/15/2029 (e) |  | 1575 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 08/15/2029 (e) |  | 70 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc., 9.75%, 07/15/2030 (e) |  | 592 | 613 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 278 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; EMRLD Borrower LP / Emerald Co-Issuer, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 12/15/2030 | EUR | 3546 | 4342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/15/2030 (e) |  | 3354 | 3496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/2031 (e) |  | 1810 | 1907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp., 5.75%, 03/01/2028 |  | 746 | 748 |
| &nbsp;&nbsp;&nbsp;&nbsp; HT Troplast GmbH, (Germany), Reg. S, 9.38%, 07/15/2028 | EUR | 3424 | 4173 |
| &nbsp;&nbsp;&nbsp;&nbsp; JELD-WEN, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/2027 (e) |  | 1024 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/01/2032 (e) |  | 162 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knife River Corp., 7.75%, 05/01/2031 (e) |  | 140 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc., 7.00%, 07/15/2032 (e) |  | 110 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (e) |  | 130 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (e) |  | 910 | 882 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Enterprise Stone & Lime Co., Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2028 (e) |  | 645 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/2028 (e) |  | 156 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oscar AcquisitionCo. LLC / Oscar Finance Inc, 9.50%, 04/15/2030 (e) |  | 70 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; PCF GmbH, (Germany), Reg. S, 4.75%, 04/15/2029 | EUR | 192 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Project Grand UK plc, (United Kingdom), Reg. S, 9.00%, 06/01/2029 | EUR | 2725 | 3340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/2032 (e) |  | 4250 | 4424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/2033 (e) |  | 993 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smyrna Ready Mix Concrete LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2028 (e) |  | 971 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/15/2031 (e) |  | 1208 | 1292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/2034 (e) |  | 600 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/01/2033 (e) |  | 1605 | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/15/2032 (e) |  | 1743 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/2031 (e) |  | 963 | 883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/2030 (e) |  | 2742 | 2647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2028 (e) |  | 290 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilsonart LLC, 11.00%, 08/15/2032 (e) |  | 769 | 687 |
|  |  |  | 41319 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Belden, Inc., Reg. S, 3.38%, 07/15/2027 | EUR | 2018 | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/31/2029 (e) |  | 55 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2028 (e) |  | 57 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/15/2033 (e) |  | 1318 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnerSys, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/15/2027 (e) |  | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/2032 (e) |  | 160 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molex Electronic Technologies LLC, 4.75%, 04/30/2028 (e) |  | 393 | 398 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO Distribution, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/15/2029 (e) |  | 130 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/15/2033 (e) |  | 86 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/2032 (e) |  | 1405 | 1467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/2028 (e) |  | 680 | 690 |
|  |  |  | 6750 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Castello BC Bidco SpA, (Italy), Reg. S, (EURIBOR 3 Month + 4.50%), 6.52%, 11/14/2031 (aa) | EUR | 700 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp., 5.00%, 12/15/2029 (e) |  | 206 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imola Merger Corp., 4.75%, 05/15/2029 (e) |  | 500 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029 (e) |  | 194 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/2030 (e) |  | 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensata Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 (e) |  | 575 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/2030 (e) |  | 936 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/2032 (e) |  | 676 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp., 4.30%, 01/17/2029 |  | 292 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc., 4.00%, 03/01/2029 (e) |  | 77 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 04/01/2026 |  | 483 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/01/2028 |  | 1875 | 1797 |
|  |  |  | 6584 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abertis Infraestructuras Finance BV, (Netherlands), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.62%), 4.87%, 11/28/2029 (x) (aa) | EUR | 3400 | 4110 |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM, 6.00%, 08/01/2033 (e) |  | 1475 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2029 (e) |  | 592 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/2032 (e) |  | 339 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artera Services LLC, 8.50%, 02/15/2031 (e) |  | 70 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASG Finance DAC, (Ireland), 9.75%, 05/15/2029 (e) |  | 61 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bioceanico Sovereign Certificate Ltd., (Cayman Islands), Reg. S, Zero Coupon, 06/05/2034 |  | 2481 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., 10.38%, 08/01/2030 (e) |  | 2013 | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 (e) |  | 278 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp. Quiport SA, (Ecuador), 9.00%, 12/15/2037 (e) |  | 300 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc., 4.50%, 04/15/2029 (e) |  | 448 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Infrastructure Solutions, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/01/2029 (e) |  | 160 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/2032 (e) |  | 182 | 194 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 279

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; GMR Hyderabad International Airport Ltd., (India), Reg. S, 4.25%, 10/27/2027 |  | 829 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 (e) |  | 130 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heathrow Finance plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 3.88%, 03/01/2027 | GBP | 3400 | 4495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.63%, 03/01/2031 | GBP | 7340 | 9949 |
| &nbsp;&nbsp;&nbsp;&nbsp; INNOVATE Corp., 10.50% (PIK), 02/01/2027 (e) (v) |  | 60 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Engineering Group, Inc., 6.35%, 08/18/2028 |  | 218 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kier Group plc, (United Kingdom), Reg. S, 9.00%, 02/15/2029 | GBP | 1450 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingston Airport Revenue Finance Ltd., (Cayman Islands), 6.75%, 12/15/2036 (e) |  | 800 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc., 4.50%, 08/15/2028 (e) |  | 1021 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montego Bay Airport Revenue Finance Ltd., (Cayman Islands), 6.60%, 06/15/2035 (e) |  | 1400 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028 (e) |  | 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/2029 (e) |  | 160 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/2032 (e) |  | 555 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/31/2034 (e) |  | 510 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tutor Perini Corp., 11.88%, 04/30/2029 (e) |  | 60 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weekley Homes LLC / Weekley Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/2028 (e) |  | 100 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/2034 (e) |  | 1167 | 1182 |
|  |  |  | 35616 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/2029 (e) |  | 110 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/2033 (e) |  | 463 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/01/2031 (e) |  | 180 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enviri Corp., 5.75%, 07/31/2027 (e) |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2028 (e) |  | 790 | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/2029 (e) |  | 1700 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/2029 (e) |  | 1750 | 1747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/2031 (e) |  | 972 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luna 1.5 Sarl, (Luxembourg), | &nbsp;&nbsp;&nbsp;&nbsp; Luna 1.5 Sarl, (Luxembourg), | &nbsp;&nbsp;&nbsp;&nbsp; Luna 1.5 Sarl, (Luxembourg), | &nbsp;&nbsp;&nbsp;&nbsp; Luna 1.5 Sarl, (Luxembourg), |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50% (PIK), 07/01/2032 (e) (v) | EUR | 4379 | 5351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00% (PIK), 07/01/2032 (e) (v) |  | 166 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luna 2 5 Sarl, (Luxembourg), Reg. S, 5.50%, 07/01/2032 | EUR | 100 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/2028 (e) |  | 306 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/2029 (e) |  | 926 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reworld Holding Corp., 4.88%, 12/01/2029 (e) |  | 2030 | 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Pro USA, Inc., 7.00%, 02/01/2033 (e) |  | 3082 | 3174 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wrangler Holdco Corp., 6.63%, 04/01/2032 (e) |  | 50 | 52 |
|  |  |  | 18034 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/2028 (e) |  | 64 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/2029 (e) |  | 86 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manitowoc Co., Inc. (The), 9.25%, 10/01/2031 (e) |  | 509 | 548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terex Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2029 (e) |  | 1290 | 1285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/2032 (e) |  | 1040 | 1067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Group Corp., 4.13%, 11/15/2028 (e) |  | 1146 | 1132 |
|  |  |  | 4179 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ATS Corp., (Canada), 4.13%, 12/15/2028 (e) |  | 154 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/01/2030 (e) |  | 2326 | 2424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 01/01/2031 (e) |  | 242 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esab Corp., 6.25%, 04/15/2029 (e) |  | 159 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech Finance, Inc., 4.63%, 12/23/2029 (e) |  | 55 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc., 9.88%, 12/23/2029 (e) |  | 248 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd. / Titan Co-Borrower LLC, (Canada), 9.00%, 02/15/2029 (e) |  | 2573 | 2698 |
| &nbsp;&nbsp;&nbsp;&nbsp; King US Bidco, Inc., (EURIBOR 3 Month + 3.25%), 5.24%, 12/01/2032 (e) (aa) | EUR | 1650 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/2028 (e) |  | 1571 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc., 4.00%, 06/15/2029 (e) |  | 126 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/2026 |  | 82 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 04/15/2028 |  | 1604 | 1660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 02/15/2030 |  | 691 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPX FLOW, Inc., 8.75%, 04/01/2030 (e) |  | 111 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, (Germany), Reg. S, 4.38%, 07/15/2027 | EUR | 300 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp; TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (e) |  | 4507 | 4508 |
|  |  |  | 17152 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Metal Fabricate/Hardware — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Metal Fabricate/Hardware — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Metal Fabricate/Hardware — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Metal Fabricate/Hardware — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/2027 (e) |  | 160 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/2030 (e) |  | 145 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park-Ohio Industries, Inc., 8.50%, 08/01/2030 (e) |  | 20 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 (e) |  | 845 | 832 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 280 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Metal Fabricate/Hardware — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Metal Fabricate/Hardware — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Metal Fabricate/Hardware — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Metal Fabricate/Hardware — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; TMS International Corp., 6.25%, 04/15/2029 (e) |  | 88 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vallourec SACA, (France), 7.50%, 04/15/2032 (e) |  | 573 | 608 |
|  |  |  | 1854 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amsted Industries, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/2030 (e) |  | 1249 | 1226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/15/2033 (e) |  | 95 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/2031 (e) |  | 290 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 08/01/2030 (e) |  | 80 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/2030 (e) |  | 605 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2033 (e) |  | 626 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calderys Financing LLC, 11.25%, 06/01/2028 (e) |  | 80 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enpro, Inc., 6.13%, 06/01/2033 (e) |  | 547 | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/2029 (e) |  | 74 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/2028 (e) |  | 90 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/2029 (e) |  | 1000 | 1003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 06/15/2030 (e) |  | 90 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand, Inc., 6.25%, 02/15/2029 |  | 784 | 802 |
| &nbsp;&nbsp;&nbsp;&nbsp; LSB Industries, Inc., 6.25%, 10/15/2028 (e) |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxam Prill Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 07/15/2030 | EUR | 150 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/15/2030 (e) |  | 180 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc., 7.75%, 07/15/2028 (e) |  | 1335 | 1387 |
|  |  |  | 7490 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardagh Group SA, (Luxembourg), 9.50%, 12/01/2030 (e) |  | 5631 | 6107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.50%, 12/01/2030 |  | 289 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00% (Blend (cash 5.50% + PIK 6.50%)), 12/01/2030 (e) (v) |  | 3842 | 3511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 12.00% (Blend (cash 4.50% + PIK 7.50%)), 12/01/2030 (v) | EUR | 1298 | 1398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.00%, (PIK) 12/01/2030 (e) (v) | EUR | 2941 | 3169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 09/01/2029 | EUR | 203 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/2028 (e) |  | 260 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2029 (e) |  | 2695 | 2537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/30/2031 (e) | EUR | 8622 | 10245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/30/2031 (e) |  | 933 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/2030 |  | 37 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2032 | EUR | 300 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/2033 (e) |  | 631 | 643 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cascades, Inc./Cascades USA, Inc., (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/2028 (e) |  | 140 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/2030 (e) |  | 190 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp., 4.75%, 08/15/2028 (e) |  | 48 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/15/2029 (e) |  | 897 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2032 (e) |  | 1462 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/2030 (e) |  | 1343 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/2030 (e) |  | 1612 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Americas LLC, 5.88%, 06/01/2033 (e) |  | 1375 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown European Holdings SACA, (France), 3.75%, 09/30/2031 (e) | EUR | 2509 | 2951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 03/15/2029 | EUR | 1673 | 2054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 05/15/2028 | EUR | 1555 | 1914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graham Packaging Co., Inc., 7.13%, 08/15/2028 (e) |  | 495 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iris Holding, Inc., 10.00%, 12/15/2028 (e) |  | 608 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kleopatra Finco Sarl, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 03/01/2026 (d) | EUR | 365 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.00%, 09/01/2029 (d) | EUR | 102 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; LABL, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/2028 (e) |  | 404 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 11/01/2029 (e) |  | 50 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 10/01/2031 (e) |  | 1717 | 913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/2028 (e) |  | 1595 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 07/15/2027 (e) |  | 1382 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/2027 (e) |  | 747 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/2030 (e) |  | 6528 | 6509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/2030 (e) |  | 667 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp; OI European Group BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2030 (e) |  | 47 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2028 (e) | EUR | 100 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/13/2027 (e) |  | 249 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 05/15/2031 (e) |  | 70 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 06/01/2032 (e) |  | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2027 (e) |  | 278 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2029 (e) |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/2032 (e) |  | 91 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/15/2033 (e) |  | 30 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. / Sealed Air Corp. US, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/2028 (e) |  | 60 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/2031 (e) |  | 417 | 434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/2028 |  | 62 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2031 (e) | EUR | 2750 | 3276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toucan FinCo. Ltd. / Toucan FinCo Can, Inc. / Toucan FinCo US LLC, (Multinational), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.25%, 05/15/2030 | EUR | 1675 | 1893 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 281

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 05/15/2030 (e) | EUR | 1393 | 1574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/15/2030 (e) |  | 910 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc., 12.75%, 12/31/2028 (e) |  | 2685 | 2751 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriMas Corp., 4.13%, 04/15/2029 (e) |  | 835 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.63%, 07/15/2030 | EUR | 300 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 07/15/2030 (e) |  | 874 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 01/15/2031 (e) |  | 432 | 469 |
|  |  |  | 70425 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shipbuilding — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Shipbuilding — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Shipbuilding — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Shipbuilding — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028 |  | 540 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beacon Mobility Corp., 7.25%, 08/01/2030 (e) |  | 90 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brightline East LLC, 11.00%, 01/31/2030 (e) |  | 123 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carriage Purchaser, Inc., 7.88%, 10/15/2029 (e) |  | 50 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMA CGM SA, (France), 4.88%, 01/15/2032 (e) | EUR | 3477 | 3963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 01/15/2031 | EUR | 1350 | 1586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2031 (e) | EUR | 2853 | 3351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaos Corp., (Marshall Island), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/15/2032 (e) |  | 109 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 03/01/2028 (e) |  | 80 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edge Finco plc, (United Kingdom), Reg. S, 8.13%, 08/15/2031 | GBP | 1800 | 2578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empresa de los Ferrocarriles del Estado, (Chile), Reg. S, 3.83%, 09/14/2061 |  | 1700 | 1178 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029 (e) |  | 64 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc., 6.25%, 04/15/2032 (e) |  | 1004 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc., 6.25%, 05/06/2029 |  | 2002 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobico Group plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.63%, 11/20/2028 | GBP | 830 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 09/26/2031 | EUR | 100 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rand Parent LLC, 8.50%, 02/15/2030 (e) |  | 498 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp; RXO, Inc., 7.50%, 11/15/2027 (e) |  | 434 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seaspan Corp., (Marshall Island), 5.50%, 08/01/2029 (e) |  | 198 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGL Group ApS, (Denmark), (EURIBOR 3 Month + 4.75%), 6.77%, 04/22/2030 (aa) | EUR | 100 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Leasing Co. LLC, 7.63%, 02/15/2030 (e) |  | 1126 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stonepeak Nile Parent LLC, 7.25%, 03/15/2032 (e) |  | 360 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watco Cos. LLC / Watco Finance Corp, 7.13%, 08/01/2032 (e) |  | 612 | 641 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/2028 (e) |  | 1601 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/01/2032 (e) |  | 195 | 205 |
|  |  |  | 22504 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Trucking & Leasing — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Trucking & Leasing — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Trucking & Leasing — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Trucking & Leasing — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation Investors LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2028 (e) |  | 1943 | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/15/2033 (e) |  | 998 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/2031 (e) |  | 1939 | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/2032 (e) |  | 1578 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 12/01/2030 (e) |  | 1357 | 1444 |
| &nbsp;&nbsp;&nbsp;&nbsp; GATX Corp., 5.40%, 03/15/2027 |  | 100 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP / PTL Finance Corp., 4.20%, 04/01/2027 (e) |  | 489 | 489 |
|  |  |  | 8693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  |  | 286753 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 2.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC, 6.63%, 05/01/2028 (e) |  | 88 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Almaviva-The Italian Innovation Co. SpA, (Italy), 5.00%, 10/30/2030 (e) | EUR | 1500 | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 10/30/2030 | EUR | 3595 | 4260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc., 7.25%, 08/01/2032 (e) |  | 294 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc., 4.63%, 05/15/2028 (e) |  | 232 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atos SE, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 1.04%, 12/18/2032 | EUR | 340 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 5.20%, 12/18/2030 | EUR | 6566 | 7609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 9.36%, 12/18/2029 | EUR | 10299 | 13867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 (e) |  | 123 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., 6.38%, 06/15/2033 (e) |  | 524 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cedacri SpA, (Italy), Reg. S, (EURIBOR 3 Month + 4.63%), 6.69%, 05/15/2028 (aa) | EUR | 100 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 (e) |  | 66 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane NXT Co., 4.20%, 03/15/2048 |  | 50 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., 3.00%, 02/15/2029 |  | 550 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc., 7.75%, 03/31/2030 (e) |  | 76 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortress Intermediate 3, Inc., 7.50%, 06/01/2031 (e) |  | 2182 | 2276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc., 4.50%, 07/01/2028 (e) |  | 623 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises, Inc., 6.63%, 05/15/2032 (e) |  | 126 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc., 4.75%, 09/30/2028 (e) |  | 628 | 615 |
| &nbsp;&nbsp;&nbsp;&nbsp; McAfee Corp., 7.38%, 02/15/2030 (e) |  | 3056 | 2665 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 282 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Computers — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Computers — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Computers — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp., 9.50%, 04/01/2029 (e) |  | 984 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028 (e) |  | 1670 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/2029 (e) |  | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pitney Bowes, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/2027 (e) |  | 40 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/15/2029 (e) |  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/2028 (e) |  | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/2033 (e) |  | 752 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte Ltd., (Singapore), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 06/01/2029 (e) |  | 70 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/2031 (e) |  | 22 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2034 (e) |  | 70 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/2030 (e) |  | 713 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 12/15/2029 (e) |  | 423 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/2031 (e) |  | 346 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 12/01/2032 (e) |  | 226 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unisys Corp., 10.63%, 01/15/2031 (e) |  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtusa Corp., 7.13%, 12/15/2028 (e) |  | 70 | 69 |
|  |  |  | 41974 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Office/Business & Equipment — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Office/Business & Equipment — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Office/Business & Equipment — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Office/Business & Equipment — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Xerox Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/2035 |  | 30 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/15/2039 |  | 46 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 10/15/2030 (e) |  | 79 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.50%, 04/15/2031 (e) |  | 79 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xerox Holdings Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2028 (e) |  | 85 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/30/2029 (e) |  | 50 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., 6.50%, 06/01/2032 (e) |  | 590 | 610 |
|  |  |  | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amkor Technology, Inc., 5.88%, 10/01/2033 (e) |  | 228 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; ams-OSRAM AG, (Austria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 10.50%, 03/30/2029 | EUR | 2600 | 3182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 03/30/2029 (e) |  | 184 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/25/2031 (e) |  | 400 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 01/25/2030 (e) |  | 1846 | 1932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/15/2029 |  | 156 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/05/2027 |  | 563 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kioxia Holdings Corp., (Japan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/24/2030 (e) |  | 168 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/24/2033 (e) |  | 584 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc., 5.05%, 03/15/2029 |  | 326 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp., 3.88%, 09/01/2028 (e) |  | 60 | 59 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; SK hynix, Inc., (South Korea), 6.50%, 01/17/2033 (e) |  | 2500 | 2756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 01/17/2033 |  | 900 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc., 4.00%, 06/15/2029 (e) |  | 30 | 29 |
|  |  |  | 11610 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Software — 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Software — 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Software — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., 6.50%, 02/15/2030 (e) |  | 6974 | 6953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., 5.25%, 05/15/2029 |  | 710 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camelot Finance SA, (Luxembourg), 4.50%, 11/01/2026 (e) |  | 225 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capstone Borrower, Inc., 8.00%, 06/15/2030 (e) |  | 1828 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 (e) |  | 220 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (e) |  | 896 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/31/2029 (e) |  | 1706 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/2033 (e) |  | 180 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 06/30/2032 (e) |  | 1806 | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029 (e) |  | 5838 | 6079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028 (e) |  | 70 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc., (Canada), 5.16%, 02/16/2029 (e) |  | 443 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreLogic, Inc., 4.50%, 05/01/2028 (e) |  | 2443 | 2396 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 02/01/2031 (e) |  | 613 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 06/01/2030 (e) |  | 3066 | 2850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dye & Durham Ltd., (Canada), 8.63%, 04/15/2029 (e) |  | 42 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic NV, (Netherlands), 4.13%, 07/15/2029 (e) |  | 265 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc., 2.95%, 02/15/2051 |  | 312 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc., 6.50%, 12/01/2029 (e) |  | 655 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/2028 (e) |  | 42 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/2033 (e) |  | 2135 | 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc., 3.75%, 05/21/2029 |  | 761 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc., 5.45%, 03/02/2028 |  | 276 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; IPD 3 BV, (Netherlands), 5.50%, 06/15/2031 (e) | EUR | 4943 | 5876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 06/15/2031 | EUR | 1900 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/2030 (e) |  | 203 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031 (e) |  | 83 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2029 (e) |  | 503 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp., (Canada), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2028 (e) |  | 125 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/01/2029 (e) |  | 172 | 163 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 283

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 12/01/2027 (e) | 425 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text Holdings, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/2030 (e) | 172 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/2031 (e) | 110 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/26/2030 | 2306 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/09/2029 | 742 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagaya US Holdings Co. LLC, 8.88%, 08/01/2030 (e) | 58 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp., 4.25%, 03/15/2029 (e) | 428 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc., 4.00%, 02/15/2028 (e) | 105 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rackspace Finance LLC, 3.50%, 05/15/2028 (e) | 55 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; RingCentral, Inc., 8.50%, 08/15/2030 (e) | 82 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp., 3.88%, 05/01/2030 (e) | 866 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Software, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/2029 (e) | 130 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/28/2028 (e) | 260 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/30/2027 (e) | 1520 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2032 (e) | 1114 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/2029 | 288 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/2031 | 352 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; UKG, Inc., 6.88%, 02/01/2031 (e) | 2960 | 3042 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Technology Group LLC, 8.50%, 04/10/2027 (e) | 70 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.88%, 02/01/2029 (e) | 432 | 408 |
|  |  | 53008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 107423 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 3.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 3.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 3.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 3.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/01/2028 | 1231 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.89%), 6.95%, 07/15/2055 (aa) | 80 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.20%), 7.60%, 01/15/2055 (aa) | 476 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; AL Jawaher Assets Co. Spc, (Oman), 4.66%, 10/29/2030 (e) | 1800 | 1782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander Funding Trust II, 7.47%, 07/31/2028 (e) | 819 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp., (Canada), (CMT Index 5 Year + 3.25%), 4.75%, 01/18/2082 (aa) | 250 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; SUB, 5.37%, 06/15/2026 | 753 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Finance LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/06/2027 (e) | 97 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/30/2029 (e) | 712 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Generation LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2034 (e) | 127 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/2032 (e) | 626 | 647 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Axia Energia, (Brazil), 6.50%, 01/11/2035 (e) |  | 1200 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp., 5.95%, 03/15/2028 |  | 98 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Buyer Ltd. / Atlantica Sustainable Infrastructure plc, (United Kingdom), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 02/15/2032 | EUR | 3213 | 3857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/2032 (e) | EUR | 5470 | 6567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/15/2032 (e) |  | 359 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calpine Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2028 (e) |  | 192 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/2029 (e) |  | 2025 | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 (e) |  | 3148 | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/2028 (e) |  | 2815 | 2818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Power US Holdings, Inc., 5.26%, 06/01/2028 (e) |  | 367 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc., Series B, (CMT Index 5 Year + 2.95%), 6.85%, 02/15/2055 (aa) |  | 248 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy Operating LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/2031 (e) |  | 59 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/2032 (e) |  | 434 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/2028 (e) |  | 234 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleco Corporate Holdings LLC, 3.74%, 05/01/2026 |  | 167 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comision Ejecutiva Hidroelectrica del Rio Lempa, (El Salvador), 8.65%, 01/24/2033 (e) |  | 2200 | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.65%, 01/24/2033 |  | 700 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comision Federal de Electricidad, (Mexico), 4.69%, 05/15/2029 (e) |  | 1100 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.70%, 01/24/2030 |  | 600 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.26%, 02/15/2052 (e) |  | 1000 | 936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.26%, 02/15/2052 |  | 400 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp; ContourGlobal Power Holdings SA, (Luxembourg), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.13%, 01/01/2028 | EUR | 2542 | 2976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 02/28/2030 | EUR | 2625 | 3158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/28/2030 (e) | EUR | 6342 | 7631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/28/2030 (e) |  | 906 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc., (CMT Index 5 Year + 2.21%), 6.63%, 05/15/2055 (aa) |  | 223 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp., (CMT Index 5 Year + 2.59%), 6.45%, 09/01/2054 (aa) |  | 156 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.66%), 7.88%, 06/15/2054 (aa) |  | 170 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.86%), 8.13%, 06/15/2053 (aa) |  | 262 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP SA, (Portugal), | &nbsp;&nbsp;&nbsp;&nbsp; EDP SA, (Portugal), | &nbsp;&nbsp;&nbsp;&nbsp; EDP SA, (Portugal), | &nbsp;&nbsp;&nbsp;&nbsp; EDP SA, (Portugal), |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 3.18%), 5.94%, 04/23/2083 (aa) | EUR | 1800 | 2224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.08%), 1.88%, 03/14/2082 (aa) | EUR | 5600 | 6148 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 284 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Eesti Energia A/S, (Estonia), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.17%), 7.88%, 07/15/2029 (x) (aa) | EUR | 4325 | 5234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA, (France), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.07%), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/06/2031 (x) (aa) | EUR | 4000 | 4651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/23/2028 (e) |  | 260 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 3.78%), 7.38%, 06/17/2035 (x) (aa) | GBP | 100 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Finance International NV, (Netherlands), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/2028 (e) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/30/2030 (e) |  | 244 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.01%), 4.25%, 01/14/2030 (x) (aa) | EUR | 2175 | 2588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energuate Trust 2 0, (Cayman Islands), 6.35%, 09/15/2035 (e) |  | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, (Spain), Reg. S, 5.38%, 12/30/2030 |  | 300 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA, (France), 5.25%, 04/10/2029 (e) |  | 200 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPH Financing International A/S, (Czech Republic), Reg. S, 6.65%, 11/13/2028 | EUR | 4000 | 5066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eskom Holdings, (South Africa), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.35%, 08/10/2028 |  | 3800 | 3937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.45%, 08/10/2028 |  | 5200 | 5576 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUSHI Finance, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.51%), 6.25%, 04/01/2056 (aa) |  | 127 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.14%), 7.63%, 12/15/2054 (aa) |  | 70 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy Missouri West, Inc., 5.15%, 12/15/2027 (e) |  | 166 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy, 5.95%, 02/01/2029 |  | 211 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fells Point Funding Trust, 3.05%, 01/31/2027 (e) |  | 726 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Co., Inc., 6.00%, 10/01/2033 (e) |  | 221 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Electric Corp. Ltd., (Israel), Reg. S, 4.25%, 08/14/2028 (e) |  | 4200 | 4151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leeward Renewable Energy Operations LLC, 4.25%, 07/01/2029 (e) |  | 250 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Utilities Co., 5.58%, 01/31/2029 (e) |  | 392 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lightning Power LLC, 7.25%, 08/15/2032 (e) |  | 262 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; MVM Energetika Zrt, (Hungary), Reg. S, 7.50%, 06/09/2028 |  | 3400 | 3595 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.05%), 6.38%, 08/15/2055 (aa) |  | 519 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 2.46%), 6.75%, 06/15/2054 (aa) |  | 270 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Niagara Mohawk Power Corp., 4.65%, 10/03/2030 (e) |  | 274 | 276 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/2029 (e) |  | 72 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/2031 (e) |  | 2254 | 2106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/2032 (e) |  | 1125 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 10/15/2030 (e) |  | 505 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/2029 (e) |  | 1283 | 1287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2028 |  | 120 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2029 (e) |  | 317 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2034 (e) |  | 1951 | 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2033 (e) |  | 1685 | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2036 (e) |  | 3172 | 3214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/2034 (e) |  | 832 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 5.92%), 10.25%, 03/15/2028 (e) (x) (aa) |  | 2257 | 2464 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp., 5.45%, 05/15/2029 |  | 101 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orsted A/S, (Denmark), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (UK Gilts 5 Year + 2.14%), 2.50%, 02/18/3021 (aa) | GBP | 134 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, (EUR Swap Rate 5 Year + 2.62%), 5.25%, 12/08/3022 (aa) | EUR | 1000 | 1202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Gas and Electric Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/2026 |  | 910 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/2027 |  | 889 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/04/2028 |  | 236 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/15/2027 |  | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 05/15/2029 |  | 481 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp; PacifiCorp., (CMT Index 5 Year + 3.32%), 7.38%, 09/15/2055 (aa) |  | 240 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 08/15/2028 (e) |  | 387 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.00%, 06/30/2050 |  | 3400 | 2512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.13%, 05/15/2027 |  | 1200 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 02/05/2050 |  | 600 | 477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 10/24/2042 |  | 2800 | 2618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 05/15/2047 |  | 1400 | 1274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.15%, 05/21/2048 |  | 3900 | 3961 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2028 |  | 835 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2030 |  | 181 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 3.88%), 7.38%, 03/15/2055 (aa) |  | 880 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSEG Power LLC, 5.20%, 05/15/2030 (e) |  | 483 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp; System Energy Resources, Inc., 6.00%, 04/15/2028 |  | 584 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/2034 (e) |  | 238 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2036 (e) |  | 204 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 06/01/2030 (e) |  | 90 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransAlta Corp., (Canada), 5.88%, 02/01/2034 (e) |  | 410 | 414 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 285

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinidad Generation UnLtd, (Trinidad and Tobago), 7.75%, 06/16/2033 (e) |  | 800 | 829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp., (CMT Index 5 Year + 5.74%), 7.00%, 12/15/2026 (e) (x) (aa) |  | 5232 | 5323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/2027 (e) |  | 343 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/15/2028 (e) |  | 593 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/2029 (e) |  | 3753 | 3705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/2027 (e) |  | 4050 | 4059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/2027 (e) |  | 557 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/2032 (e) |  | 1116 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/2031 (e) |  | 190 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp; VoltaGrid LLC, 7.38%, 11/01/2030 (e) |  | 4817 | 4773 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/2029 (e) |  | 50 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/2034 (e) |  | 1115 | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 01/15/2031 (e) |  | 1427 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 03/15/2033 (e) |  | 168 | 177 |
|  |  |  | 160368 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gas — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Gas — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Gas — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AltaGas Ltd., (Canada), (CMT Index 5 Year + 3.57%), 7.20%, 10/15/2054 (e) (aa) |  | 651 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp; AmeriGas Partners LP / AmeriGas Finance Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/20/2027 |  | 1026 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 06/01/2028 (e) |  | 70 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 06/01/2030 (e) |  | 469 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/2026 |  | 476 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/2030 |  | 965 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Gas Co. of Trinidad & Tobago Ltd, (Trinidad and Tobago), Reg. S, 6.05%, 01/15/2036 |  | 1600 | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA, (Italy), 5.00%, 05/28/2030 (e) |  | 236 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Industries, Inc., 5.02%, 04/15/2031 |  | 190 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Corp., 5.45%, 03/23/2028 |  | 72 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI International LLC, Reg. S, 2.50%, 12/01/2029 | EUR | 1300 | 1459 |
|  |  |  | 7165 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Water — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Water — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Water — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Water — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Thames Water Super Senior Issuer plc, (United Kingdom), Reg. S, 9.75%, 10/10/2027 | GBP | 100 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA, (France), Reg. S, (EUR Swap Rate 5 Year + 2.84%), 2.50%, 01/20/2029 (x) (aa) | EUR | 5300 | 5987 |
|  |  |  | 6142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  |  | 173675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds<br>(Cost 3,354,110) |  |  | 3511053 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Foreign Government Securities — 16.4%** | **Foreign Government Securities — 16.4%** | **Foreign Government Securities — 16.4%** | **Foreign Government Securities — 16.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Gospodarstwa Krajowego, (Poland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 03/13/2035 | EUR | 4500 | 5331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 10/31/2028 |  | 2500 | 2647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/09/2054 (e) |  | 2700 | 2803 |
| &nbsp;&nbsp;&nbsp;&nbsp; MFB Magyar Fejlesztesi Bank Zrt, (Hungary), Reg. S, 6.50%, 06/29/2028 |  | 7400 | 7711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Banks |  |  | 18492 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Municipal — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Municipal — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Municipal — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Ulaanbaatar Mongolia, (Mongolia), Reg. S, 7.75%, 08/21/2027 |  | 600 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea National Oil Corp., (South Korea), 4.88%, 04/03/2029 (e) |  | 1500 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 04/03/2029 |  | 200 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Oil & Gas |  |  | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Regional (State/Province) — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Regional (State/Province) — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Regional (State/Province) — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Regional (State/Province) — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Provincia de Buenos Aires Government Bonds, (Argentina), Reg. S, SUB, 6.63%, 09/01/2037 |  | 597 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 16.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 16.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 16.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 16.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Government International Bond, (United Arab Emirates), Reg. S, 3.88%, 04/16/2050 |  | 1300 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Angolan Government International Bond, (Angola), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.00%, 11/26/2029 |  | 9100 | 8889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.24%, 01/15/2031 |  | 1000 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.38%, 05/08/2048 |  | 5500 | 4841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.88%, 10/15/2035 |  | 1000 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argentine Republic Government International Bond, (Argentina), SUB, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/09/2030 |  | 352 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/09/2029 |  | 4624 | 4115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUB, 3.50%, 07/09/2041 |  | 38930 | 26959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUB, 4.13%, 07/09/2035 |  | 2600 | 1931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUB, 5.00%, 01/09/2038 |  | 2000 | 1550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avenir Issuer III Ireland DAC, (Ireland), Series 3Y, Reg. S, 6.00%, 03/22/2027 |  | 2592 | 2509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avenir Issuer IV Ireland DAC, (Ireland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2, Reg. S, 6.00%, 12/30/2027 |  | 2090 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4, Reg. S, 10.75%, 09/15/2028 |  | 700 | 707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bahrain Government International Bond, (Bahrain), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.25%, 01/25/2028 |  | 8900 | 8712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.45%, 09/16/2032 |  | 700 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 09/30/2031 |  | 2900 | 2876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 05/18/2034 |  | 1300 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/06/2037 (e) |  | 1200 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.63%, 10/06/2037 |  | 1300 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benin Government International Bond, (Benin), Reg. S, 6.88%, 01/19/2052 | EUR | 400 | 425 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 286 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Bermuda Government International Bond, (Bermuda), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.38%, 08/20/2030 |  | 914 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.72%, 01/25/2027 |  | 850 | 839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazilian Government International Bond, (Brazil), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/14/2050 |  | 800 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/22/2032 |  | 500 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/2034 |  | 950 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 05/13/2054 |  | 9750 | 9638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bulgaria Government International Bond, (Bulgaria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 8Y, Reg. S, 3.63%, 09/05/2032 | EUR | 8900 | 10752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13Y, Reg. S, 5.00%, 03/05/2037 |  | 3300 | 3290 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBB International Sukuk Programme Co. WLL, (Bahrain), 5.87%, 02/06/2034 (e) |  | 1700 | 1692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile Government International Bond, (Chile), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/2053 |  | 1500 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 01/22/2029 |  | 6400 | 6535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/05/2036 |  | 10200 | 10284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia Government International Bond, (Colombia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/22/2032 |  | 3600 | 3033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/25/2027 |  | 1600 | 1582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/26/2044 |  | 8600 | 6949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 04/25/2030 |  | 900 | 950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/02/2034 |  | 9300 | 9691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/20/2033 |  | 400 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/14/2035 |  | 1170 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 11/07/2054 |  | 2900 | 3075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costa Rica Government International Bond, (Costa Rica), 5.50%, 11/21/2030 (e) | EUR | 5500 | 6552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.63%, 04/30/2043 |  | 2200 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.30%, 11/13/2054 |  | 3500 | 3932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominican Republic International Bond, (Dominican Republic), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.50%, 01/30/2030 |  | 3300 | 3219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.30%, 01/21/2041 |  | 5000 | 4525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 02/22/2029 |  | 150 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/28/2035 (e) |  | 2100 | 2104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.95%, 01/25/2027 |  | 6050 | 6105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 02/22/2033 |  | 8700 | 8905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.85%, 01/27/2045 |  | 5600 | 5827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 01/29/2026 |  | 100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.63%, 04/20/2027 |  | 175 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Funding Luxco Sarl, (Luxembourg), 5.50%, 08/17/2030 (e) |  | 13730 | 13982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 08/17/2030 |  | 1500 | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecuador Government International Bond, (Ecuador), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, Zero Coupon, 07/31/2030 |  | 1236 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 5.00%, 07/31/2040 |  | 5200 | 4069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 6.90%, 07/31/2030 |  | 7510 | 7403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 6.90%, 07/31/2035 |  | 13047 | 11501 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Egypt Government International Bond, (Egypt), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 02/16/2026 |  | 2600 | 2591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 04/16/2026 | EUR | 11700 | 13729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 04/11/2031 | EUR | 14700 | 17719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.30%, 09/30/2033 |  | 800 | 824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.50%, 02/16/2061 |  | 5600 | 4883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.63%, 05/29/2032 |  | 2200 | 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.63%, 02/04/2030 |  | 4400 | 4884 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Salvador Government International Bond, (El Salvador), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.12%, 01/20/2050 |  | 800 | 735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.65%, 06/15/2035 |  | 5500 | 5729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.25%, 04/10/2032 |  | 1900 | 2047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.65%, 11/21/2054 (e) |  | 5600 | 6407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gabon Blue Bond Master Trust Series 2s, Reg. S, 6.10%, 08/01/2038 |  | 300 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gabon Government International Bond, (Gabon), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.63%, 02/06/2031 |  | 1200 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4Y, Reg. S, 9.50%, 02/18/2029 |  | 1800 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ghana Government International Bond, (Ghana), | &nbsp;&nbsp;&nbsp;&nbsp; Ghana Government International Bond, (Ghana), | &nbsp;&nbsp;&nbsp;&nbsp; Ghana Government International Bond, (Ghana), | &nbsp;&nbsp;&nbsp;&nbsp; Ghana Government International Bond, (Ghana), |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/03/2026 (e) |  | 322 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 1.50%, 01/03/2037 |  | 1400 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUB, 5.00%, 07/03/2029 (e) |  | 1964 | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 5.00%, 07/03/2029 |  | 6400 | 6277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Sukuk Ventures, (Qatar), 4.25%, 11/10/2035 (e) |  | 3800 | 3768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guatemala Government Bond, (Guatemala), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 06/05/2027 |  | 10400 | 10322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 04/24/2032 |  | 3000 | 3028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 08/06/2031 (e) |  | 1300 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.05%, 08/06/2031 |  | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/15/2036 (e) |  | 1600 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 02/06/2037 (e) |  | 2600 | 2782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.55%, 02/06/2037 |  | 2100 | 2247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.60%, 06/13/2036 |  | 4000 | 4302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/2055 (e) |  | 1200 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hazine Mustesarligi Varlik Kiralama A/S, (Turkey), 6.75%, 09/01/2030 (e) |  | 2200 | 2306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honduras Government International Bond, (Honduras), 8.63%, 11/27/2034 (e) |  | 1400 | 1575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary Government International Bond, (Hungary), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 06/16/2029 |  | 3150 | 3214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/26/2030 (e) |  | 1024 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.50%, 03/26/2036 |  | 2100 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.13%, 05/22/2028 |  | 3800 | 3941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 09/25/2052 |  | 2600 | 2761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 7.63%, 03/29/2041 |  | 7600 | 8910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia Government International Bond, (Indonesia), Reg. S, 6.63%, 02/17/2037 |  | 5300 | 6046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iraq International Bond, (Iraq), Reg. S, 5.80%, 01/15/2028 |  | 750 | 747 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 287

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Israel Government International Bond, (Israel), Series 5Y, 5.38%, 03/12/2029 |  | 1000 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivory Coast Government International Bond, (Ivory Coast), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.88%, 01/30/2032 | EUR | 2600 | 2964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 03/22/2030 | EUR | 4300 | 5068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 5.75%, 12/31/2032 |  | 172 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.63%, 03/22/2048 | EUR | 2700 | 2866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 10/17/2040 | EUR | 1500 | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.25%, 01/30/2037 |  | 8800 | 9584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jordan Government International Bond, (Jordan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 01/31/2027 |  | 7900 | 7944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.38%, 10/10/2047 |  | 800 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuwait International Government Bond, (Kuwait), Reg. S, 4.65%, 10/09/2035 |  | 6300 | 6278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Latvia Government International Bond, (Latvia), Reg. S, 5.13%, 07/30/2034 |  | 1200 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexican Udibonos, (Mexico), Series S, 3.00%, 12/03/2026 | MXN | 1040 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico Government International Bond, (Mexico), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/22/2031 |  | 1200 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/19/2038 | EUR | 2400 | 2805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/12/2110 |  | 3800 | 3186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/02/2032 |  | 3516 | 3612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 05/07/2054 |  | 1100 | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/29/2038 |  | 1600 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mongolia Government International Bond, (Mongolia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.50%, 07/07/2027 |  | 1600 | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.45%, 07/07/2031 |  | 2800 | 2567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 06/05/2029 (e) |  | 300 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.88%, 06/05/2029 |  | 100 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.65%, 01/19/2028 (e) |  | 300 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.65%, 01/19/2028 |  | 300 | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montenegro Government International Bond, (Montenegro), 7.25%, 03/12/2031 (e) |  | 1700 | 1813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morocco Government International Bond, (Morocco), Reg. S, 5.50%, 12/11/2042 |  | 1700 | 1622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nigeria Government International Bond, (Nigeria), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.13%, 09/28/2028 |  | 5500 | 5520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 11/28/2027 |  | 1500 | 1519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.38%, 09/28/2033 |  | 15409 | 15640 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Macedonia Government International Bond, (North Macedonia), Reg. S, 6.96%, 03/13/2027 | EUR | 3300 | 4022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oman Government International Bond, (Oman), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 06/15/2026 |  | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 01/25/2031 |  | 15900 | 17015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.75%, 01/17/2048 |  | 2700 | 2970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Republic of Uruguay, (Uruguay), 5.25%, 09/10/2060 |  | 6500 | 6068 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pakistan Government International Bond, (Pakistan), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 04/08/2026 |  | 2000 | 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.88%, 12/05/2027 |  | 4400 | 4431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 8.88%, 04/08/2051 |  | 2000 | 1969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panama Government International Bond, (Panama), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/17/2028 |  | 428 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2056 |  | 5200 | 3896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 03/28/2054 |  | 1800 | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/29/2026 |  | 450 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 03/01/2057 |  | 4800 | 5590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/01/2038 |  | 4000 | 4670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 09/30/2027 |  | 13315 | 14253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paraguay Government International Bond, (Paraguay), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.40%, 03/30/2050 |  | 2300 | 2149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.85%, 08/21/2033 |  | 6300 | 6681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/09/2036 (e) |  | 400 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 02/09/2036 |  | 600 | 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 03/04/2055 (e) |  | 1200 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.90%, 02/09/2031 (e) | PYG | 9789000 | 1413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 03/04/2035 (e) | PYG | 15550000 | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Penerbit SBSN Indonesia III, (Indonesia), Reg. S, 5.65%, 11/25/2054 |  | 1000 | 1008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peruvian Government International Bond, (Peru), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 07/28/2121 |  | 10300 | 5610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/2072 |  | 3900 | 2468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/30/2036 |  | 1600 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/08/2054 |  | 1690 | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 06/30/2055 |  | 1900 | 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 03/14/2037 |  | 6800 | 7515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 08/12/2037 (e) | PEN | 6300 | 1958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.95%, 08/12/2031 | PEN | 3800 | 1256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippine Government International Bond, (Philippines), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/05/2045 |  | 2600 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/2041 |  | 2500 | 2087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 09/05/2049 |  | 1200 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/2034 |  | 1500 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar Government International Bond, (Qatar), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.82%, 03/14/2049 |  | 2300 | 2168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.40%, 01/20/2040 |  | 1400 | 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Armenia International Bond, (Armenia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.60%, 02/02/2031 |  | 1700 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.95%, 09/26/2029 |  | 2200 | 2098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Cameroon International Bond, (Cameroon), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.95%, 07/07/2032 | EUR | 4200 | 4159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 9.50%, 07/31/2031 |  | 2000 | 1993 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 288 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Kenya Government International Bond, (Kenya), 7.88%, 10/09/2033 (e) |  | 1700 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.88%, 10/09/2033 |  | 4100 | 4100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.80%, 10/09/2038 (e) |  | 1600 | 1617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 03/05/2036 (e) |  | 3700 | 3946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.50%, 03/05/2036 |  | 300 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 02/16/2031 (e) |  | 2800 | 3063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 9.75%, 02/16/2031 |  | 5400 | 5906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Poland Government International Bond, (Poland), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 4.88%, 02/12/2030 |  | 1100 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 4.88%, 10/04/2033 |  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 5.38%, 02/12/2035 |  | 1900 | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 5.50%, 04/04/2053 |  | 9000 | 8630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of South Africa Government Bond, (South Africa), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2035, 8.88%, 02/28/2035 | ZAR | 181000 | 11372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2037, 8.50%, 01/31/2037 | ZAR | 59900 | 3583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of South Africa Government International Bond, (South Africa), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 11/19/2036 (e) |  | 2700 | 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 12/11/2055 (e) |  | 2000 | 1983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 11/19/2054 (e) |  | 2700 | 2903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 4.85%, 09/30/2029 |  | 3000 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 5.75%, 09/30/2049 |  | 4000 | 3379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 7.30%, 04/20/2052 |  | 3500 | 3537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Uzbekistan International Bond, (Uzbekistan), Reg. S, 3.90%, 10/19/2031 |  | 3300 | 3048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romanian Government International Bond, (Romania), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.12%, 07/16/2031 | EUR | 3400 | 3507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.13%, 03/07/2028 | EUR | 1100 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.63%, 12/02/2040 | EUR | 5600 | 4335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.00%, 02/27/2027 |  | 5800 | 5710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.38%, 01/28/2050 | EUR | 600 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.88%, 10/29/2035 | EUR | 2200 | 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.13%, 09/24/2031 | EUR | 1400 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.25%, 11/25/2027 |  | 1396 | 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 06/07/2033 | EUR | 2500 | 2970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 03/24/2035 |  | 300 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/24/2035 (e) |  | 1000 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/30/2029 (e) |  | 414 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.13%, 10/07/2037 | EUR | 300 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 09/18/2033 | EUR | 1700 | 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.38%, 01/30/2034 |  | 1800 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/30/2034 (e) |  | 1800 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 10/07/2045 | EUR | 300 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.63%, 02/17/2028 |  | 940 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/11/2039 (e) | EUR | 1900 | 2331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.13%, 01/17/2033 |  | 7700 | 8369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Government International Bond, (Saudi Arabia), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.45%, 02/02/2061 |  | 6000 | 3828 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 3.75%, 01/21/2055 |  | 1400 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.38%, 04/16/2029 |  | 5100 | 5130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.00%, 01/16/2034 |  | 2000 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.75%, 01/16/2054 |  | 800 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senegal Government International Bond, (Senegal), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 4.75%, 03/13/2028 | EUR | 4200 | 3417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.38%, 06/08/2037 | EUR | 6000 | 3826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 05/23/2033 |  | 5500 | 3185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 7Y, Reg. S, 7.75%, 06/10/2031 |  | 1300 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Serbia International Bond, (Serbia), | &nbsp;&nbsp;&nbsp;&nbsp; Serbia International Bond, (Serbia), | &nbsp;&nbsp;&nbsp;&nbsp; Serbia International Bond, (Serbia), | &nbsp;&nbsp;&nbsp;&nbsp; Serbia International Bond, (Serbia), |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 2.05%, 09/23/2036 | EUR | 2500 | 2292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/12/2034 (e) |  | 1400 | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.00%, 06/12/2034 |  | 1700 | 1760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.25%, 05/26/2028 |  | 6700 | 6942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 6.50%, 09/26/2033 |  | 1000 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Slovenia Government International Bond, (Slovenia), Reg. S, 5.00%, 09/19/2033 |  | 2500 | 2591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sri Lanka Government International Bond, (Sri Lanka), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 3.60%, 06/15/2035 |  | 5500 | 4180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 3.60%, 02/15/2038 |  | 3800 | 3463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suriname Government International Bond, (Suriname), 7.70%, 11/06/2030 (e) |  | 1800 | 1859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinidad & Tobago Government International Bond, (Trinidad and Tobago), 5.95%, 01/14/2031 (e) |  | 700 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 5.95%, 01/14/2031 |  | 200 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Government Bond, (Turkey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4Y, (Turkish Lira Overnight Reference Rate + 0.00%), 39.43%, 05/20/2026 (aa) | TRY | 9600 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4Y, (Turkish Lira Overnight Reference Rate + 0.00%), 39.43%, 05/17/2028 (aa) | TRY | 68600 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, (Turkish Lira Overnight Reference Rate + 0.00%), 39.43%, 08/19/2026 (aa) | TRY | 45900 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Government International Bond, (Turkey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 6Y, 9.38%, 03/14/2029 |  | 3200 | 3593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 10Y, 7.63%, 05/15/2034 |  | 6900 | 7493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 5.75%, 05/11/2047 |  | 9100 | 7471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 6.88%, 03/17/2036 |  | 10600 | 10904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Ihracat Kredi Bankasi A/S, (Turkey), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/03/2030 (e) |  | 1500 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/03/2028 (e) |  | 1100 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/06/2028 (e) |  | 500 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, 7.50%, 02/06/2028 |  | 200 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ukraine Government International Bond, (Ukraine), |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 0.00%, 02/01/2030 |  | 900 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 0.00%, 02/01/2034 |  | 8500 | 4038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 0.00%, 02/01/2035 |  | 2400 | 1358 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 289

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 0.00%, 02/01/2036 | 200 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 4.50%, 02/01/2029 | 2200 | 1639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 4.50%, 02/01/2034 | 12000 | 7324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 4.50%, 02/01/2035 | 2600 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reg. S, SUB, 4.50%, 02/01/2036 | 2600 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uruguay Government International Bond, (Uruguay), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/18/2050 | 4100 | 3865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/28/2034 | 2500 | 2664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zambia Government International Bond, (Zambia), Reg. S, 0.50%, 12/31/2053 | 2600 | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sovereign |  | 808131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities<br>(Cost $773,483) |  | 829437 |
|  **Mortgage-Backed Securities — 0.1%** | **Mortgage-Backed Securities — 0.1%** | **Mortgage-Backed Securities — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **FHLMC Collateral — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FHLMC Collateral — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **FHLMC Collateral — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Non Gold Pool, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ARM, (United States 30 Day Average SOFR + 2.13%), 5.20%, 08/01/2055 (aa) | 511 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARM, (United States 30 Day Average SOFR + 2.16%), 5.44%, 08/01/2055 (aa) | 2254 | 2291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total FHLMC Collateral |  | 2808 |
| &nbsp;&nbsp;&nbsp;&nbsp; **FNMA Collateral — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **FNMA Collateral — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **FNMA Collateral — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, | &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, | &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARM, (United States 30 Day Average SOFR + 2.30%), 5.02%, 02/01/2055 (aa) | 290 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARM, (United States 30 Day Average SOFR + 2.03%), 5.47%, 10/01/2055 (aa) | 1789 | 1817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARM, (United States 30 Day Average SOFR + 2.21%), 5.72%, 08/01/2055 (aa) | 445 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total FNMA Collateral |  | 2566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities<br>(Cost $5,372) |  | 5374 |
|  **U.S. Treasury Obligations — 1.0%** | **U.S. Treasury Obligations — 1.0%** | **U.S. Treasury Obligations — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bond, 4.88%, 08/15/2045 | 300 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/30/2027 | 13135 | 13139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/31/2027 | 8345 | 8348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/31/2027 | 15835 | 15871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/2028 | 3077 | 3094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028 (ee) | 6020 | 6056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/2026 (ee) | 3390 | 3405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/2026 (ff) | 1590 | 1591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 380 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 480 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sovereign |  | 52677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations<br>(Cost $52,502) |  | 52677 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE($) |
|  **Common Stocks — 0.4%** | **Common Stocks — 0.4%** | **Common Stocks — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Venator Materials plc, (United Kingdom) (a) (bb) | 4 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Xplore, Inc., (Canada) (bb) | 3 | — (a) |
| &nbsp;&nbsp;&nbsp;&nbsp; Xplore, Inc., (Canada) | 47 | 99 |
|  |  | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC (a) | 137 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel Holdings Bermuda Ltd. / Digicel International Finance Ltd., (Jamaica) (a) | 796 | 13733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 14060 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; LuxCo. 3 Sarl (a) | 366 | 6451 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Quorum Health Corp. (a) | 8 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 6455 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; ADLER Group SA, (Luxembourg) (a) (bb) | 1268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Power LLC (bb) | 25 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Power LLC | 22 | 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks<br>(Cost $12,756) |  | 22134 |
|  **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel Holdings Bermuda Ltd., expiring, (Bermuda) (a) (bb) | 56 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrellgas Escrow LLC, expiring (a) (bb) | 6 | 6467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks<br>(Cost $6,687) |  | 7161 |
|  | PRINCIPAL<br>AMOUNT($) |  |
|  **Loan Assignments — 3.7%** (o) | **Loan Assignments — 3.7%** (o) | **Loan Assignments — 3.7%** (o) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Discovery Purchaser Corp., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 7.61%, 10/04/2029 (aa) | 810 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecovyst Catalyst Technologies LLC, Second Amendment Term Loan, (CME Term SOFR 3 Month + 2.00%), 5.84%, 06/12/2031 (aa) | 207 | 207 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 290 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Herens Holdco Salr, Facility B (USD), (Switzerland), (CME Term SOFR 3 Month + 3.93%), 7.70%, 07/03/2028 (aa) |  | 1262 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Water US Holding Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B-6 Dollar Loan, (CME Term SOFR 3 Month + 3.00%), 6.67%, 11/03/2032 (aa) |  | 409 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term Loan, (CME Term SOFR 3 Month + 3.25%), 6.92%, 11/03/2032 (aa) |  | 817 | 811 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPC Group Inc., Initial Term Loan, (CME Term SOFR 6 Month + 5.75%), 9.39%, 12/16/2031 (aa) |  | 4035 | 3597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venator Materials LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First-Out B Term Loan, (CME Term SOFR 3 Month + 4.00%, 6.75% PIK), 10.75%, 07/16/2026 (d) (aa) |  | 987 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First-Out Term Loan, (CME SOFR 3 Month + 4.00%, 7.00% PIK), 10.75%, 07/16/2026 (d) (aa) |  | 982 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, (CME Term SOFR 3 Month + 2.00%, 7.00% PIK), 8.75%, 10/12/2028 (d) (aa) |  | 1400 | 280 |
|  |  |  | 8754 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Glatfelter Corp., Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.07%, 11/04/2031 (aa) |  | 304 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  |  | 9056 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 7.83%, 08/21/2028 (aa) |  | 805 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMG Media Corp., Term B-2 Loan (First Lien), (CME Term SOFR 1 Month + 3.50%), 7.27%, 06/18/2029 (u) (aa) |  | 328 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neptune BidCo US Inc., Dollar Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 9.01%, 04/11/2029 (aa) |  | 1007 | 995 |
|  |  |  | 2106 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AVIV Group GmbH, Facility B, (Germany), (EURIBOR 6 Month + 4.00%), 6.10%, 04/23/2032 (aa) | EUR | 2489 | 2942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital Inc., Initial Tranche A Term Loan, (CME Term SOFR 1 Month + 1.38%), 5.19%, 09/10/2027 (aa) |  | 1418 | 1417 |
| &nbsp;&nbsp;&nbsp;&nbsp; MH Sub I, LLC, 2023 May Incremental Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 7.97%, 05/03/2028 (u) (aa) |  | 159 | 148 |
|  |  |  | 4507 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings, LLC, September 2019 Initial Term Loan, (PRIME 3 Month + 1.50%), 8.25%, 04/15/2027 (u) (aa) |  | 2703 | 2357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Net, LLC, Term Loan (First Lien), 15.00% PIK, 01/02/2028 (aa) |  | 1015 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directv Financing, LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, (CME Term SOFR 3 Month + 5.00%), 9.10%, 08/02/2027 (aa) |  | 102 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term B Loan, (CME Term SOFR 3 Month + 5.50%), 9.34%, 02/17/2031 (aa) |  | 1594 | 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Television, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term D Loan, (CME Term SOFR 1 Month + 3.00%), 6.99%, 12/01/2028 (aa) |  | 402 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term F Loan, (CME Term SOFR 1 Month + 5.25%), 9.12%, 06/04/2029 (aa) |  | 10 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radiate Holdco, LLC, First Out Term Loan, (CME Term SOFR 1 Month + 1.50%), 7.33%, 09/25/2029 (u) (aa) |  | 6625 | 5068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summer (BC) Bidco B LLC, Extended Facility B (USD), (CME Term SOFR 3 Month + 5.00%), 8.93%, 02/15/2029 (aa) |  | 759 | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Versant Media Group, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.50%, 01/30/2031 (u) (aa) |  | 214 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Media Bristol LLC, Facility Q, (CME Term SOFR 1 Month + 3.25%), 7.11%, 01/31/2029 (aa) |  | 600 | 601 |
|  |  |  | 11400 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice Financing S.A., 2022 Refinancing Dollar Commitments, (Luxembourg), (CME Term SOFR 3 Month + 5.00%), 8.90%, 10/31/2027 (aa) |  | 1043 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altice France S.A., EUR TLB-14 Loan, (France), (EURIBOR 3 Month + 6.88%), 8.89%, 05/31/2031 (aa) | EUR | 3069 | 3601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commscope, LLC, Initial Term Loan, (CME Term SOFR 1 Month + 4.75%), 8.47%, 12/17/2029 (u) (aa) |  | 1388 | 1389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digicel International Finance Ltd., Initial Term Loan (First Lien), (Bermuda), (CME Term SOFR 3 Month + 5.25%), 9.02%, 08/06/2032 (aa) |  | 565 | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eircom Finco Sarl, Facility B6, (Luxembourg), (EURIBOR 1 Month + 2.75%), 4.67%, 05/15/2032 (aa) | EUR | 3000 | 3536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., Term B-4 Refinancing Loans, (CME Term SOFR 1 Month + 3.25%), 6.97%, 03/29/2032 (u) (aa) |  | 1596 | 1600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lorca Telecom Bidco, S.A., Facility B5, (United Kingdom), (EURIBOR 6 Month + 2.50%), 4.63%, 03/25/2031 (aa) | EUR | 4000 | 4709 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 291

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

(Amounts 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** | **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-1 Loan, (CME Term SOFR 1 Month + 2.35%), 4.35%, 04/16/2029 (aa) |  | 2077 | 2064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term B-2 Loan, (CME Term SOFR 1 Month + 2.35%), 6.18%, 04/15/2030 (aa) |  | 2477 | 2460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term A Loan, (CME Term SOFR 1 Month + 6.00%), 9.72%, 06/01/2028 (aa) |  | 256 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp; NJJ Continental S.A., Facility B3, (Switzerland), (EURIBOR 3 Month + 2.50%), 4.52%, 01/30/2032 (aa) | EUR | 600 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp; ViaSat, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.35%, 05/30/2030 (aa) |  | 665 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xplore, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan (First Lien), (Canada), (CME Term SOFR 1 Month + 1.50%), 5.33%, 10/24/2029 (u) (aa) |  | 84 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan (First Lien), (Canada), (CME Term SOFR 1 Month + 1.50%), 6.00%, 10/24/2031 (u) (aa) |  | 300 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., Initial Dollar Term Loan, (CME Term SOFR 1 Month + 0.50%), 6.83%, 03/11/2030 (aa) |  | 1267 | 1199 |
|  |  |  | 23775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  |  | 41788 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; AAdvantage Loyality IP Ltd., 2025 Replacement Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 2.25%), 6.13%, 04/20/2028 (aa) |  | 318 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc., 2020 Term Loan, (CME Term SOFR 3 Month + 1.75%), 5.69%, 01/29/2027 (aa) |  | 1570 | 1568 |
|  |  |  | 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; First Brands Group, LLC, 2021 Term Loan (Second Lien), (CME Term SOFR 1 Month + 10.50%), 14.49%, 03/30/2028 (aa) |  | 6690 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenneco, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term A Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 8.74%, 11/17/2028 (aa) |  | 1454 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 8.99%, 11/17/2028 (aa) |  | 723 | 710 |
|  |  |  | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp., 2024 Refinancing Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 4.75%), 8.44%, 11/01/2029 (aa) |  | 420 | 411 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Housewares — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; SWF Holdings I Corp., Tranche A-1 Term Loan (Super-Priority), (CME Term SOFR 1 Month + 4.50%), 8.33%, 12/19/2029 (aa) |  | 133 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; City Football Group Ltd., Term B-1 Loan, (United Kingdom), (CME Term SOFR 3 Month + 3.00%), 6.93%, 07/18/2030 (aa) |  | 562 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Other Term B-2 Loan, (CME Term SOFR 1 Month + 6.25%), 10.07%, 07/30/2029 |  | 88 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Other Term B-1 Loan, (CME Term SOFR 1 Month + 6.25%), 10.07%, 07/30/2029 |  | 77 | 68 |
|  |  |  | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc., 2022 Term A Loan, (CME Term SOFR 1 Month + 1.75%), 5.57%, 04/08/2027 (aa) |  | 1168 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Boots Group Finco L.P., Closing Date Dollar Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.21%, 08/30/2032 (aa) |  | 2009 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Breitling Holdings Sarl, Facility B, (Luxembourg), (EURIBOR 6 Month + 3.90%), 6.02%, 10/25/2028 (aa) | EUR | 2239 | 2396 |
| &nbsp;&nbsp;&nbsp;&nbsp; CD&R Firefly Bidco Ltd., Facility B10, (United Kingdom), (SONIA 3 Month + 4.75%), 8.72%, 04/29/2029 (aa) | GBP | 2800 | 3798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marshall Group Holding Sarl, Facility B, (Luxembourg), (EURIBOR 3 Month + 4.50%), 6.53%, 04/01/2032 (aa) | EUR | 3615 | 4243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower, LP, 2028 Refinancing Term Loan, (CME Term SOFR 1 Month + 1.75%), 5.47%, 10/23/2028 (aa) |  | 196 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term B-1 Loan, (CME Term SOFR 1 Month + 6.00%), 9.82%, 11/15/2029 (aa) |  | 396 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term B-2 Loan, (CME Term SOFR 1 Month + 6.00%), 9.82%, 11/15/2029 (aa) |  | 143 | 128 |
|  |  |  | 13127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  |  | 19573 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Consumer Health, Facility B4, (France), (EURIBOR 3 Month + 3.75%), 5.77%, 11/06/2028 (u) (aa) | EUR | 2457 | 2914 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 292 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AlixPartners, LLP, 2025 Refinancing Dollar Term Loan, (CME Term SOFR 1 Month + 2.00%), 5.72%, 08/12/2032 (aa) |  | 406 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 7 Replacement Euro Term Loan, (EURIBOR 1 Month + 3.75%), 5.65%, 08/20/2032 (aa) | EUR | 6564 | 7759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 7 Replacement U.S. Dollar Term Loan, (CME Term SOFR 1 Month + 3.25%), 6.97%, 08/20/2032 (aa) |  | 444 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amber Finco plc, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional Facility B3, (United Kingdom), (EURIBOR 1 Month + 3.25%), 0.00%, 06/11/2029 (u) (aa) | EUR | 1000 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Facility B3, (United Kingdom), (EURIBOR 3 Month + 3.25%), 5.27%, 06/11/2029 (aa) | EUR | 300 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camelot U.S. Acquisition LLC, Amendment No. 7 Incremental Term Loan, (CME Term SOFR 1 Month + 3.25%), 6.97%, 01/31/2031 (aa) |  | 808 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Champions Holdco, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.75%), 8.57%, 02/23/2029 (aa) |  | 861 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp; ION Platform Finance US, Inc., Initial Dollar Term Loan, (CME Term SOFR 3 Month + 3.75%), 7.42%, 10/07/2032 (aa) |  | 372 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jupiter Buyer, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.25%), 7.92%, 11/01/2031 (aa) |  | 731 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lernen Bidco Ltd., Facility B3 (USD), (United Kingdom), (SOFR 6 Month + 3.50%), 7.41%, 10/27/2031 (u) (aa) |  | 2413 | 2416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obol France 2.5 SAS, Facility B3, (France), (EURIBOR 6 Month + 5.00%), 7.10%, 12/31/2028 (aa) | EUR | 4250 | 4923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parexel International, Inc., Seventh Amendment Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.53%, 12/12/2031 (u) (aa) |  | 308 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polygon Group AB, Facility B, (Sweden), (EURIBOR 3 Month + 4.00%), 6.02%, 10/05/2028 (aa) | EUR | 1735 | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pye-Barker Fire & Safety, LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.97%, 12/16/2032 (u) (aa) |  | 284 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Delayed Draw Term Loan, (CME Term SOFR 1 Month + 2.50%), 0.00%, 12/16/2032 (u) (aa) |  | 42 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vortex Opco, LLC, Second-Out New Money Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 4.25%), 8.04%, 12/17/2028 (u) (aa) |  | 223 | 27 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wand Newco 3, Inc., Tranche B-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.22%, 01/30/2031 (aa) |  | 1304 | 1304 |
|  |  |  | 23899 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; ACP Tara Holdings, Inc., Term Loan, (CME Term SOFR 3 Month + 3.25%), 6.97%, 12/15/2032 (u) (aa) |  | 659 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Market Bidco Ltd., Facility B4 (GBP), (United Kingdom), (SONIA 3 Month + 5.25%), 9.32%, 11/04/2030 (aa) | GBP | 750 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., Third Amendment Term Loan, (Canada), (CME Term SOFR 1 Month + 4.25%), 7.97%, 01/15/2031 (aa) |  | 1606 | 1620 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Celeste BidCo B.V., Facility B2, (Netherlands), (EURIBOR 3 Month + 3.75%), 5.82%, 07/20/2029 (aa) | EUR | 3140 | 3725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cidron Atrium SE, Facility B1 (First Lien), (Germany), (EURIBOR 2 Month + 5.00%), 7.02%, 05/22/2028 (aa) | EUR | 2500 | 2960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elsan SAS, Facility B6, (France), (EURIBOR 3 Month + 3.50%), 5.58%, 06/16/2031 (aa) | EUR | 1977 | 2259 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-2 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.50%), 7.33%, 05/19/2031 (aa) |  | 403 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-1 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 7.65%, 05/19/2031 (aa) |  | 805 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange First Out Term Loan, (CME Term SOFR 3 Month + 3.75%), 7.59%, 12/31/2030 (aa) |  | 554 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quorum Health Corp., Term Loan (Exit), (CME Term SOFR 3 Month + 6.50%), 10.53% (PIK), 01/31/2028 (aa) |  | 706 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Out Term Loan, (CME Term SOFR 3 Month + 4.60%), 8.70%, 12/31/2030 (aa) |  | 429 | 402 |
|  |  |  | 11615 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, Amendment No. 1 Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.22%, 08/01/2032 (aa) |  | 804 | 810 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 293

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; Asterix AcquiCo GmbH, Facility B3, (Germany), (EURIBOR 3 Month + 3.75%), 5.82%, 03/29/2032 (aa) | 1500 | 1773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 7.47%, 04/23/2031 (aa) | 401 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skio Bidco B.V., Facility B, (Netherlands), (EURIBOR 6 Month + 3.00%), 5.09%, 06/16/2032 (aa) | 2881 | 3404 |
|  |  | 6384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 48086 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Holding Companies-Diversified — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Holding Companies-Diversified — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Holding Companies-Diversified — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; GN Loanco, LLC, Term B Loan, (CME Term SOFR 3 Month + 4.50%), 8.34%, 12/19/2030 (u) (aa) | 228 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Stakeholder Midstream, LLC, Initial Term Loan, (CME Term SOFR 6 Month + 4.00%), 8.04%, 01/01/2031 (aa) | 1207 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Holding LLC, Term B Loan (First Lien), (CME Term SOFR 1 Month + 4.50%), 8.22%, 07/31/2031 (aa) | 406 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziraat Katilim Bankasi Anonim Sirketi, Tranche B, (CME Term SOFR 3 Month + 3.00%), 6.82%, 06/15/2034 (aa) (bb) | 2400 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Apex Group Treasury Ltd., 2025 Refinancing EUR Term Loan, (Ireland), (EURIBOR 1 Month + 3.75%), 0.00%, 02/27/2032 (u) (aa) | 2000 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay Technologies Operating Company, LLC, Term B-5 Loan, (CME Term SOFR 1 Month + 1.75%), 5.47%, 04/28/2028 (aa) | 1474 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Midco Ltd, Initial Term Loan (First Lien), (Jersey), (CME Term SOFR 3 Month + 3.50%), 7.43%, 10/08/2032 (aa) | 401 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Setanta Aircraft Leasing Designated Activity Company, New Loan, (Ireland), (CME Term SOFR 3 Month + 1.75%), 5.42%, 11/06/2028 (aa) | 83 | 84 |
|  |  | 4202 |

---

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acrisure, LLC, 2024 Repricing Term B-6 Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 6.72%, 11/06/2030 (aa) |  | 569 | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asurion, LLC, | &nbsp;&nbsp;&nbsp;&nbsp; Asurion, LLC, | &nbsp;&nbsp;&nbsp;&nbsp; Asurion, LLC, | &nbsp;&nbsp;&nbsp;&nbsp; Asurion, LLC, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-12 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 7.97%, 09/19/2030 (aa) |  | 1819 | 1818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term B-13 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 7.97%, 09/19/2030 (aa) |  | 486 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-4 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.08%, 01/20/2029 (aa) |  | 1090 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRC Insurance Group, LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 1 Replacement Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.42%, 05/06/2031 (aa) |  | 538 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 4.75%), 8.42%, 05/06/2032 (aa) |  | 1587 | 1604 |
|  |  |  | 6081 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuren Delaware Holdco, Inc., Amendment No. 1 Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.47%, 07/30/2031 (aa) |  | 401 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artemis BidCo S.A.S., Facility B (EUR), (France), (EURIBOR 3 Month + 3.75%), 5.80%, 08/07/2032 (u) (aa) | EUR | 2952 | 3495 |
|  |  |  | 3898 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreLogic, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.50%), 7.33%, 06/02/2028 (aa) |  | 733 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  |  | 17314 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Government — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Government — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Government — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Government — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Cote d'Ivoire, Term Loan, (EURIBOR 6 Month + 3.05%), 5.15%, 03/08/2029 (aa) (bb) | EUR | 4000 | 4684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic of Tanzania, Term Loan, (CME Term SOFR 2 Month + 5.47%), 9.09%, 06/20/2030 (aa) (bb) |  | 5000 | 4981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Government |  |  | 9665 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Propulsion (BC) Newco LLC, Initial Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.22%, 12/01/2032 (u) (aa) |  | 210 | 211 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 294 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Chariot Buyer LLC, Term B Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.47%, 09/08/2032 (aa) | 396 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSOF Beacon, LLC, Term Loan B, (CME Term SOFR 1 Month + 2.50%), 6.28%, 12/09/2032 (u) (aa) | 172 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilsonart LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.25%), 7.92%, 08/05/2031 (aa) | 506 | 490 |
|  |  | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; LSF12 Crown US Commercial Bidco, LLC, 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.37%, 12/02/2031 (aa) | 705 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., Tranche C Term Loan, (CME Term SOFR 3 Month + 4.50%), 8.35%, 08/01/2030 (aa) | 1877 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcline FM Holdings, LLC, Term Loan (Add-On), (CME SOFR 3 Month + 2,75%), 6.60%, 06/23/2030 (u) (aa) | 61 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc., Term Loan, (CME Term SOFR 3 Month + 6.00%), 9.86%, 12/21/2029 (aa) | 623 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd., Amendment No. 5 Refinancing Term Loan, (Canada), (CME Term SOFR 3 Month + 3.75%), 7.53%, 02/15/2029 (aa) | 1602 | 1613 |
|  |  | 2306 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Metal Fabricate/Hardware — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Metal Fabricate/Hardware — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Metal Fabricate/Hardware — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Crosby US Acquisition Corp., Amendment No. 4 Replacement Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.22%, 08/16/2029 (aa) | 551 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BradyPLUS Holdings, LLC, Initial Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.26%, 12/29/2032 (u) (aa) | 756 | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iris Holding, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 8.69%, 06/28/2028 (aa) | 543 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp; LABL, Inc., Initial Dollar Term Loan, (CME Term SOFR 3 Month + 5.00%), 8.94%, 10/30/2028 (u) (aa) | 547 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Company, 2025 Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.22%, 04/15/2030 (u) (aa) | 432 | 422 |
|  |  | 2040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  | 8585 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 0.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas CC Acquisition Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Out Term C Loan, (CME Term SOFR 3 Month + 1.00%), 5.12%, 05/25/2029 (u) (aa) | 206 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Second Out Term B Loan, (CME Term SOFR 3 Month + 4.25%), 8.37%, 05/25/2029 (u) (aa) | 1418 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bingo Holdings I, LLC, Term B Loan, (CME Term SOFR 3 Month + 4.75%), 8.42%, 06/30/2032 (aa) | 648 | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clover Holdings 2, LLC, Initial Floating Rate Term Loan, (CME Term SOFR 1 Month + 3.75%), 7.52%, 12/09/2031 (u) (aa) | 3537 | 3534 |
| &nbsp;&nbsp;&nbsp;&nbsp; McAfee Corp., Second Amendment Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 3.00%), 6.72%, 03/01/2029 (aa) | 658 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp., New Term B Loan, (CME Term SOFR 3 Month + 3.00%), 6.70%, 04/16/2029 (aa) | 263 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; X Corp., Tranche B-3 Term Loan (First Lien), 9.50%, 10/26/2029 (aa) | 5045 | 5023 |
|  |  | 10882 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Software — 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Software — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Azalea TopCo, Inc., Existing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 6.72%, 04/30/2031 (aa) | 1303 | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boxer Parent Company Inc., Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.75%), 9.47%, 07/30/2032 (aa) | 1075 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Parent LLC, 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 6.92%, 07/06/2029 (aa) | 378 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cotiviti, Inc., Initial Fixed Rate Term Loan, 7.63%, 05/01/2031 (aa) | 12912 | 12484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darktrace Finco US LLC, Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.19%, 10/09/2031 (aa) | 147 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellucian Holdings Inc., Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 4.75%), 8.47%, 11/22/2032 (aa) | 987 | 994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finastra USA, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial USD Term Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 7.72%, 09/15/2032 (aa) | 1052 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 7.00%), 10.72%, 09/15/2033 (aa) | 324 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; RealPage, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 6.93%, 04/24/2028 (aa) | 678 | 678 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 295

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

(Amounts 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** | **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** | &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-1 Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 7.42%, 04/24/2028 (aa) |  | 400 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skillsoft Finance II, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.25%), 9.08%, 07/14/2028 (aa) |  | 589 | 418 |
|  |  |  | 19124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  |  | 30006 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Calpine Corp., 2024-2 Term Loan, (CME Term SOFR 1 Month + 1.75%), 5.47%, 02/15/2032 (aa) |  | 1500 | 1499 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc., 2025 Term B Loan, (CME Term SOFR 1 Month + 5.25%), 8.97%, 07/08/2030 (aa) |  | 407 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Power, LLC, Term Loan, (CME Term SOFR 3 Month + 5.50%), 9.17%, 07/20/2028 (aa) |  | 160 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  |  | 2049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments<br>(Cost $196,384) |  |  | 187958 |
|  | **NUMBER OF<br>WARRANTS** | **NUMBER OF<br>WARRANTS** |  |
|  **Warrant — 0.0%** | **Warrant — 0.0%** | **Warrant — 0.0%** | **Warrant — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.0%** (g) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group LLC, expiring, expiring 06/30/2026 (a) (bb)<br>(Cost $0) |  | 256 |  |
|  | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** |  |
|  **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Papers — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Papers — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Papers — 0.0%** (g) | &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Papers — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 01/13/2026 (e) (n) |  | 415 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 01/15/2026 (e) (n) |  | 426 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Papers |  |  | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Security — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Security — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Security — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Security — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa Treasury Bill, (South Africa), 7.43%, 08/05/2026 (n) | ZAR | 129800 | 7531 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 1.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, (0.90%), 01/05/2026 | CHF | 128 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman & Co., 2.38%, 01/02/2026 | HKD | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 01/02/2026 | EUR | 9740 | 11446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 01/02/2026 | GBP | 1840 | 2480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 53345 | 53345 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.08%, 01/02/2026 | CAD | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 1066 | 1066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, (3.79%), 01/02/2026 | SEK | 93 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%, 01/05/2026 | JPY | 6903 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 2336 | 2336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 2.98%, 01/02/2026 |  | 12223 | 12223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  |  | 83112 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government Agency Securities — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government Agency Securities — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government Agency Securities — 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government Agency Securities — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLB Discount Notes, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 06/24/2026 (n) |  | 1100 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 06/12/2026 (n) |  | 200 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 04/15/2026 (n) |  | 3500 | 3464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 06/05/2026 (n) |  | 3900 | 3842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/27/2026 (n) |  | 1500 | 1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/08/2026 (n) |  | 4700 | 4655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 03/20/2026 (n) |  | 1085 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 02/20/2026 (n) |  | 8800 | 8756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Agency Securities |  |  | 24559 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 02/03/2026 (n) (ii) |  | 700 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 04/02/2026 (n) |  | 1200 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 01/20/2026 (n) (ii) |  | 800 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 01/22/2026 (n) (ee) (ii) |  | 5800 | 5788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 01/06/2026 (n) |  | 700 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/24/2026 (n) (ii) |  | 400 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 02/12/2026 (n) (ee) (ii) |  | 1000 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 01/13/2026 (n) (ii) |  | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/08/2026 (n) |  | 409 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  |  | 11175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $126,895) |  |  | 127217 |
|  **Total Investments — 97.0%<br>(Cost — $4,698,659)** |  |  | **4914027** |
|  **Other Assets in Excess of Liabilities — 3.0%** | **Other Assets in Excess of Liabilities — 3.0%** | **Other Assets in Excess of Liabilities — 3.0%** | **150782** |
|  **NET ASSETS — 100.0%** |  |  | $**5064809** |

---

Percentages indicated are based on net assets.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 296 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts outstanding as of December 31, 2025:** | **Futures contracts outstanding as of December 31, 2025:** | **Futures contracts outstanding as of December 31, 2025:** | **Futures contracts outstanding as of December 31, 2025:** | **Futures contracts outstanding as of December 31, 2025:** | **Futures contracts outstanding as of December 31, 2025:** |
| **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** |
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  Euro BOBL | 690 | 03/2026 | EUR | 94631 | (439) |
|  Euro BTP Italian Government Bonds | 13 | 03/2026 | EUR | 1840 | (4) |
|  Euro Schatz | 1480 | 03/2026 | EUR | 185985 | (246) |
|  U.S. Treasury 2 Year Note | 1233 | 03/2026 | USD | 257350 | 86 |
|  U.S. Treasury 5 Year Note | 510 | 03/2026 | USD | 55829 | (84) |
|  U.S. Treasury 10 Year Note | 647 | 03/2026 | USD | 72975 | (228) |
|  U.S. Treasury Long Bond | 23 | 03/2026 | USD | 2674 | (16) |
|  U.S. Treasury Ultra Bond | 65 | 03/2026 | USD | 7766 | (95) |
|  U.S. Ultra Treasury 10 Year Note | 14 | 03/2026 | USD | 1615 | (5) |
|  |  |  |  |  | (1031) |
|  **Short Contracts** |  |  |  |  |  |
|  Euro Bund | (43) | 03/2026 | EUR | (6536) | 89 |
|  Euro-Oat French Government Bonds | (4) | 03/2026 | EUR | (569) | 2 |
|  U.S. Treasury 2 Year Note | (5) | 03/2026 | USD | (1044) | (–)(h |
|  U.S. Treasury 5 Year Note | (550) | 03/2026 | USD | (60271) | 154 |
|  U.S. Treasury Long Bond | (48) | 03/2026 | USD | (5591) | 43 |
|  U.S. Treasury Ultra Bond | (5) | 03/2026 | USD | (599) | 9 |
|  U.S. Ultra Treasury 10 Year Note | (73) | 03/2026 | USD | (8407) | 11 |
|  |  |  |  |  | 308 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | (723) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: |
| CURRENCY PURCHASED | CURRENCY PURCHASED | CURRENCY SOLD | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT<br>DATE | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  BRL | 9133 | USD | 1660 | Citibank, NA\* | 01/05/2026 | 7 |
|  USD | 3349 | BRL | 18157 | Citibank, NA \* | 01/05/2026 | 36 |
|  TRY | 33443 | USD | 743 | Barclays Bank plc | 01/12/2026 | 32 |
|  TRY | 1465 | USD | 32 | Barclays Bank plc | 01/13/2026 | 1 |
|  EUR | 2579 | USD | 2990 | Barclays Bank plc | 01/14/2026 | 42 |
|  TRY | 16637 | USD | 369 | Barclays Bank plc | 01/15/2026 | 16 |
|  NGN | 4395733 | USD | 2896 | Citibank, NA | 01/16/2026 | 124 |
|  TRY | 16012 | USD | 355 | Barclays Bank plc | 01/16/2026 | 15 |
|  TRY | 15215 | USD | 339 | Barclays Bank plc | 01/20/2026 | 11 |
|  NGN | 1724361 | USD | 1121 | Bank of America, NA | 01/21/2026 | 60 |
|  EUR | 12000 | USD | 13928 | Citibank, NA | 01/22/2026 | 186 |
|  EUR | 2447 | USD | 2838 | Citibank, NA | 01/22/2026 | 40 |
|  EUR | 22000 | USD | 25658 | Citibank, NA | 01/22/2026 | 218 |
|  USD | 225492 | EUR | 190774 | Citibank, NA | 01/22/2026 | 1109 |
|  EUR | 50000 | USD | 58596 | Citibank, NA | 01/22/2026 | 213 |
|  EUR | 30000 | USD | 35050 | Citibank, NA | 01/22/2026 | 235 |
|  EUR | 15000 | USD | 17438 | Citibank, NA | 01/22/2026 | 205 |
|  USD | 3511 | EUR | 2980 | Citibank, NA | 01/22/2026 | 6 |
|  USD | 234132 | EUR | 198184 | Citibank, NA | 01/22/2026 | 1033 |
|  EUR | 6284 | USD | 7257 | Citibank, NA | 01/22/2026 | 133 |
|  EUR | 7500 | USD | 8778 | Citibank, NA | 01/22/2026 | 43 |
|  EUR | 6013 | USD | 6995 | Citibank, NA | 01/22/2026 | 78 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 297

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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 December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  EUR | 85000 | USD | 99016 | Citibank, NA | 01/22/2026 | 958 |
|  EUR | 3408 | USD | 3959 | Citibank, NA | 01/22/2026 | 50 |
|  EUR | 160000 | USD | 186325 | Citibank, NA | 01/22/2026 | 1862 |
|  EUR | 5000 | USD | 5820 | Citibank, NA | 01/22/2026 | 61 |
|  EUR | 13000 | USD | 15137 | Citibank, NA | 01/22/2026 | 153 |
|  EUR | 5000 | USD | 5822 | Citibank, NA | 01/22/2026 | 59 |
|  EUR | 9000 | USD | 10520 | Citibank, NA | 01/22/2026 | 65 |
|  USD | 224054 | EUR | 189625 | Citibank, NA | 01/22/2026 | 1023 |
|  USD | 225933 | EUR | 191291 | Citibank, NA | 01/22/2026 | 942 |
|  USD | 169859 | EUR | 143870 | Citibank, NA | 01/22/2026 | 643 |
|  USD | 178471 | EUR | 151080 | Citibank, NA | 01/22/2026 | 776 |
|  EUR | 1500 | USD | 1756 | Citibank, NA | 01/22/2026 | 8 |
|  USD | 226563 | EUR | 191865 | Citibank, NA | 01/22/2026 | 897 |
|  EUR | 3102 | USD | 3627 | Citibank, NA | 01/22/2026 | 22 |
|  GBP | 3699 | USD | 4864 | Citibank, NA | 01/22/2026 | 122 |
|  GBP | 9500 | USD | 12787 | Citibank, NA | 01/22/2026 | 18 |
|  GBP | 32700 | USD | 43647 | Citibank, NA | 01/22/2026 | 430 |
|  GBP | 16000 | USD | 21501 | Citibank, NA | 01/22/2026 | 66 |
|  GBP | 10000 | USD | 13327 | Citibank, NA | 01/22/2026 | 153 |
|  GBP | 2500 | USD | 3334 | Citibank, NA | 01/22/2026 | 35 |
|  GBP | 3500 | USD | 4642 | Citibank, NA | 01/22/2026 | 75 |
|  GBP | 349 | USD | 460 | Citibank, NA | 01/22/2026 | 11 |
|  GBP | 2900 | USD | 3873 | Citibank, NA | 01/22/2026 | 36 |
|  TRY | 2870 | USD | 63 | Barclays Bank plc | 01/22/2026 | 3 |
|  TRY | 3026 | USD | 67 | Barclays Bank plc | 01/23/2026 | 2 |
|  EGP | 92682 | USD | 1895 | Morgan Stanley & Co.\* | 01/26/2026 | 34 |
|  TRY | 60817 | USD | 1346 | Barclays Bank plc | 02/02/2026 | 40 |
|  BRL | 3823 | USD | 684 | Citibank, NA\* | 02/03/2026 | 9 |
|  TRY | 77127 | USD | 1706 | Barclays Bank plc | 02/03/2026 | 50 |
|  EGP | 57228 | USD | 1168 | Citibank, NA\* | 02/04/2026 | 20 |
|  TRY | 78815 | USD | 1736 | Barclays Bank plc | 02/09/2026 | 51 |
|  TRY | 16174 | USD | 354 | Barclays Bank plc | 02/19/2026 | 10 |
|  NGN | 615981 | USD | 405 | Bank of America, NA | 02/20/2026 | 11 |
|  NGN | 611570 | USD | 405 | Bank of America, NA | 02/20/2026 | 8 |
|  TRY | 104392 | USD | 2287 | Barclays Bank plc | 02/20/2026 | 62 |
|  NGN | 119932 | USD | 80 | Morgan Stanley & Co. | 02/24/2026 | 1 |
|  TRY | 1860 | USD | 41 | Barclays Bank plc | 02/25/2026 | 1 |
|  TRY | 40578 | USD | 889 | Barclays Bank plc | 02/26/2026 | 20 |
|  TRY | 78658 | USD | 1729 | Barclays Bank plc | 03/04/2026 | 26 |
|  TRY | 9942 | USD | 218 | Barclays Bank plc | 03/11/2026 | 3 |
|  TRY | 3942 | USD | 86 | Barclays Bank plc | 03/12/2026 | 1 |
|  USD | 2360 | EUR | 2000 | Brown Brothers Harriman & Co. | 03/13/2026 | 2 |
|  USD | 5323 | EUR | 4500 | Brown Brothers Harriman & Co. | 03/13/2026 | 18 |
|  USD | 5904 | EUR | 5000 | Brown Brothers Harriman & Co. | 03/13/2026 | 9 |
|  TRY | 8088 | USD | 177 | Barclays Bank plc | 03/16/2026 | 2 |
|  USD | 323 | EUR | 273 | Barclays Bank plc | 03/18/2026 | 1 |
|  USD | 26897 | EUR | 22766 | BNP Paribas | 03/18/2026 | 52 |
|  TRY | 144184 | USD | 3147 | Bank of America, NA | 03/19/2026 | 33 |
|  TRY | 3080 | USD | 67 | Barclays Bank plc | 03/26/2026 | 1 |
|  EGP | 280711 | USD | 5510 | Morgan Stanley & Co.\* | 05/20/2026 | 108 |
|  NGN | 145875 | USD | 94 | Citibank, NA | 05/20/2026 | 1 |
|  USD | 94 | NGN | 153188 | Citibank, NA | 11/20/2026 | 1 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  | 12888 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 298 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: |
| CURRENCY PURCHASED | CURRENCY PURCHASED | CURRENCY SOLD | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT<br>DATE | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  BRL | 9153 | USD | 1690 | Bank of America, NA\* | 01/05/2026 | (20) |
|  USD | 1663 | BRL | 9153 | Bank of America, NA\* | 01/05/2026 | (7) |
|  BRL | 4347 | USD | 794 | Citibank, NA\* | 01/05/2026 | (1) |
|  BRL | 8471 | USD | 1563 | Citibank, NA\* | 01/05/2026 | (17) |
|  USD | 684 | BRL | 3795 | Citibank, NA\* | 01/05/2026 | (9) |
|  USD | 95 | PYG | 681625 | Bank of America, NA | 01/07/2026 | (8) |
|  USD | 1964 | EUR | 1701 | Morgan Stanley & Co. | 01/09/2026 | (35) |
|  USD | 1145 | GBP | 875 | Citibank, NA | 01/09/2026 | (35) |
|  USD | 2906 | EUR | 2500 | Brown Brothers Harriman & Co. | 01/12/2026 | (33) |
|  USD | 3522 | EUR | 3000 | Brown Brothers Harriman & Co. | 01/12/2026 | (5) |
|  USD | 204929 | EUR | 175000 | Brown Brothers Harriman & Co. | 01/12/2026 | (800) |
|  USD | 5793 | EUR | 5000 | Brown Brothers Harriman & Co. | 01/12/2026 | (85) |
|  USD | 4660 | EUR | 4000 | Brown Brothers Harriman & Co. | 01/12/2026 | (42) |
|  USD | 131156 | EUR | 112964 | Barclays Bank plc | 01/14/2026 | (1656) |
|  USD | 3853 | EUR | 3300 | Citibank, NA | 01/22/2026 | (28) |
|  USD | 583 | EUR | 500 | Citibank, NA | 01/22/2026 | (5) |
|  USD | 8868 | EUR | 7569 | Citibank, NA | 01/22/2026 | (35) |
|  USD | 4553 | EUR | 3889 | Citibank, NA | 01/22/2026 | (22) |
|  USD | 352 | EUR | 300 | Citibank, NA | 01/22/2026 | (1) |
|  USD | 2931 | EUR | 2523 | Citibank, NA | 01/22/2026 | (37) |
|  USD | 2207 | EUR | 1900 | Citibank, NA | 01/22/2026 | (27) |
|  USD | 3276 | EUR | 2821 | Citibank, NA | 01/22/2026 | (42) |
|  USD | 7851 | EUR | 6780 | Citibank, NA | 01/22/2026 | (124) |
|  EUR | 25000 | USD | 29432 | Citibank, NA | 01/22/2026 | (28) |
|  EUR | 15000 | USD | 17719 | Citibank, NA | 01/22/2026 | (77) |
|  EUR | 10100 | USD | 11897 | Citibank, NA | 01/22/2026 | (18) |
|  USD | 15984 | EUR | 13700 | Citibank, NA | 01/22/2026 | (129) |
|  USD | 5800 | EUR | 5000 | Citibank, NA | 01/22/2026 | (80) |
|  USD | 5189 | GBP | 3954 | Citibank, NA | 01/22/2026 | (140) |
|  USD | 200463 | GBP | 148886 | Citibank, NA | 01/22/2026 | (225) |
|  USD | 4995 | GBP | 3800 | Citibank, NA | 01/22/2026 | (127) |
|  USD | 661 | GBP | 500 | Citibank, NA | 01/22/2026 | (13) |
|  USD | 3403 | ZAR | 58948 | Barclays Bank plc | 01/26/2026 | (151) |
|  USD | 8537 | ZAR | 146830 | Morgan Stanley & Co. | 01/26/2026 | (316) |
|  INR | 364 | USD | 4 | Citibank, NA\* | 01/30/2026 | –(h) |
|  INR | 243 | USD | 3 | Citibank, NA\* | 01/30/2026 | –(h) |
|  INR | 810 | USD | 9 | Citibank, NA\* | 01/30/2026 | –(h) |
|  INR | 1092 | USD | 12 | Citibank, NA\* | 01/30/2026 | –(h) |
|  INR | 814 | USD | 9 | Citibank, NA\* | 01/30/2026 | –(h) |
|  INR | 1182 | USD | 13 | Citibank, NA\* | 01/30/2026 | –(h) |
|  USD | 195 | PYG | 1408290 | Bank of America, NA | 02/03/2026 | (18) |
|  USD | 268 | PYG | 1934443 | Bank of America, NA | 02/06/2026 | (24) |
|  USD | 4 | TRY | 194 | Barclays Bank plc | 02/09/2026 | –(h) |
|  USD | 123 | PYG | 885600 | Bank of America, NA | 02/12/2026 | (11) |
|  USD | 394 | CZK | 8141 | Barclays Bank plc | 03/11/2026 | (2) |
|  USD | 2389 | CHF | 1900 | Brown Brothers Harriman & Co. | 03/13/2026 | (27) |
|  USD | 2357 | EUR | 2000 | Brown Brothers Harriman & Co. | 03/13/2026 | (1) |
|  USD | 190806 | EUR | 163000 | Brown Brothers Harriman & Co. | 03/13/2026 | (1351) |
|  USD | 44038 | GBP | 33000 | Brown Brothers Harriman & Co. | 03/13/2026 | (437) |
|  USD | 183 | CHF | 144 | Morgan Stanley & Co. | 03/18/2026 | –(h) |
|  USD | 2437 | GBP | 1821 | Morgan Stanley & Co. | 03/18/2026 | (17) |
|  USD | 3797 | PEN | 12801 | Bank of America, NA\* | 03/18/2026 | (1) |
|  MXN | 24415 | USD | 1342 | Bank of America, NA | 04/20/2026 | –(h) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 299

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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 December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  USD | 2193 | PEN | 7819 | Citibank, NA\* | 05/26/2026 | (121) |
|  USD | 6939 | ZAR | 122845 | Bank of America, NA | 08/05/2026 | (362) |
|  USD | 663 | PEN | 2267 | Citibank, NA\* | 11/30/2026 | (3) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (6753) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | 6135 |

---

\* Non-deliverable forward.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: |
| **FLOATING RATE INDEX** (a) | FIXED RATE | PAY/RECEIVE<br>FLOATING RATE | MATURITY DATE | NOTIONAL<br>AMOUNT | NOTIONAL<br>AMOUNT | UPFRONT<br>PAYMENTS<br>(RECEIPTS)($) | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) | VALUE($) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Pay | 01/04/2027 | BRL | 69400 |  | (1238) | (1238) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Pay | 01/04/2027 | BRL | 45000 |  | (389) | (389) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Pay | 01/04/2027 | BRL | 3500 |  | (31) | (31) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Receive | 01/04/2027 | BRL | 69400 |  | (74) | (74) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Receive | 01/04/2027 | BRL | 50600 |  | 519 | 519 |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Pay | 01/02/2029 | BRL | 23900 |  | 17 | 17 |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Pay | 01/02/2029 | BRL | 40000 | 2 | 16 | 18 |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Pay | 01/02/2029 | BRL | 23500 |  | 10 | 10 |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Pay | 01/02/2029 | BRL | 30600 |  | (38) | (38) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Pay | 01/02/2029 | BRL | 28300 |  | 54 | 54 |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Pay | 01/02/2029 | BRL | 28300 |  | 38 | 38 |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% maturity | Pay | 01/02/2029 | BRL | 27900 | (19) | 1 | (18) |
|  Czech Interbank Offered Rates 6 Month | 4.25% annually | Pay | 04/18/2029 | CZK | 199400 | 246 | 143 | 389 |
|  Czech Interbank Offered Rates 6 Month | 3.53% annually | Pay | 07/15/2029 | CZK | 426900 | 34 | (163) | (129) |
|  Czech Interbank Offered Rates 6 Month | 3.08% annually | Pay | 10/03/2029 | CZK | 56700 | 47 | 20 | 67 |
|  Czech Interbank Offered Rates 6 Month | 3.49% annually | Pay | 10/30/2029 | CZK | 222300 | (66) | (34) | (100) |
|  Czech Interbank Offered Rates 6 Month | 3.36% annually | Receive | 05/29/2030 | CZK | 703200 | 321 | (294) | 27 |
|  EURIBOR 6 Month | 2.82% annually | Receive | 06/26/2029 | EUR | 24900 | 803 | (18) | 785 |
|  EURIBOR 6 Month | 2.50% annually | Receive | 03/18/2031 | EUR | 30300 | (74) | 254 | 180 |
|  EURIBOR 6 Month | 2.75% annually | Pay | 03/18/2036 | EUR | 8900 | 68 | (260) | (192) |
|  EURIBOR 6 Month | 3.00% annually | Receive | 03/18/2056 | EUR | 8590 | (172) | 684 | 512 |
|  United States SOFR | 3.75% annually | Receive | 06/20/2029 | USD | 25300 | 74 | (323) | (249) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 300 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: |
| **FLOATING RATE INDEX** (a) | FIXED RATE | PAY/RECEIVE<br>FLOATING RATE | MATURITY DATE | NOTIONAL<br>AMOUNT | NOTIONAL<br>AMOUNT | UPFRONT<br>PAYMENTS<br>(RECEIPTS)($) | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) | VALUE($) |
|  United States SOFR | 3.75% annually | Receive | 12/18/2029 | USD | 17300 | 14 | 213 | 227 |
|  United States SOFR | 3.75% annually | Pay | 12/18/2029 | USD | 21100 | 45 | 232 | 277 |
|  United States SOFR | 3.00% annually | Pay | 03/19/2030 | USD | 14100 | (763) | 388 | (375) |
|  United States SOFR | 3.25% annually | Pay | 06/18/2030 | USD | 2700 | 38 | (3) | 35 |
|  United States SOFR | 3.75% annually | Pay | 12/17/2030 | USD | 54500 | 694 | 16 | 710 |
|  United States SOFR | 3.75% annually | Pay | 06/20/2034 | USD | 4100 | –(h) | (2) | (2) |
|  United States SOFR | 3.75% annually | Pay | 06/20/2034 | USD | 29800 | (311) | 329 | 18 |
|  United States SOFR | 3.75% annually | Receive | 12/18/2034 | USD | 7100 | 294 | (286) | 8 |
|  United States SOFR | 3.75% annually | Receive | 06/20/2039 | USD | 700 | 39 | (19) | 20 |
|  United States SOFR | 3.50% annually | Pay | 06/20/2054 | USD | 18600 | (374) | (1815) | (2189) |
|  United States SOFR | 3.25% annually | Receive | 06/18/2055 | USD | 700 | (95) | (18) | (113) |
|  United States SOFR | 3.75% annually | Receive | 12/17/2055 | USD | 15200 | 963 | 128 | 1091 |
|  Total | Total | Total | Total | Total | Total | 1808 | (1943) | (135) |

---

(a) Value of floating rate index as of December 31, 2025 was as follows:

---

| | |
|:---|:---|
| FLOATING RATE INDEX |  |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.90% |
|  Czech Interbank Offered Rates 6 Month | 3.54% |
|  EURIBOR 6 Month | 2.11% |
|  United States SOFR | 3.87% |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: |  |  |
| REFERENCE OBLIGATION/INDEX | **FINANCING<br>RATE RECEIVED**<br> **BY THE 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)($) <sup>(5)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) | VALUE($) |
|  CMA CGM SA, 7.50%, 01/15/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2026 | 0.60 | EUR | 10 | 1 | (1) | — (h) |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Barclays Bank Plc<br> Wholesale | 06/20/2026 | 0.85 | USD | 300 | (9) | 10 | 1 |
|  Adler Real Estate, 3.00%, 04/27/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2026 | 3.37 | EUR | 100 | (3) | 4 | 1 |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Citibank, NA | 06/20/2026 | 0.85 | USD | 600 | (20) | 20 | – (h) |
|  Benin Government International Bond, 6.88%, 01/19/2052 | 1.00 | Quarterly | Citibank, NA | 06/20/2026 | 0.99 | USD | 175 | (6) | 6 | – (h) |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Citibank, NA | 06/20/2026 | 0.85 | USD | 325 | (10) | 11 | 1 |
|  Benin Government International Bond, 6.88%, 01/19/2052 | 1.00 | Quarterly | Barclays Bank Plc<br> Wholesale | 06/20/2026 | 0.99 | USD | 1000 | (34) | 35 | 1 |
|  Republic of Argentina, 1.00%, 07/09/2028 | 5.00 | Quarterly | Citibank, NA | 06/20/2027 | 5.53 | USD | 75 | (9) | 8 | (1) |
|  Republic of Argentina, 1.00%, 07/09/2028 | 5.00 | Quarterly | Bank of America, NA | 06/20/2027 | 5.53 | USD | 700 | (91) | 87 | (4) |
|  Republic of Argentina, 1.00%, 07/09/2028 | 5.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2027 | 5.53 | USD | 1075 | (97) | 91 | (6) |
|  State of Israel, 2.88%, 03/16/2026 | 1.00 | Quarterly | Citibank, NA | 06/20/2027 | 0.31 | USD | 4600 | (26) | 74 | 48 |
|  Republic of Argentina, 1.00%, 07/09/2028 | 5.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2027 | 5.53 | USD | 910 | (110) | 105 | (5) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 301

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025 (continued):** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025 (continued):** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025 (continued):** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025 (continued):** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025 (continued):** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025 (continued):** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025 (continued):** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025 (continued):** | **OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025 (continued):** | | |
| **REFERENCE OBLIGATION/INDEX** | **FINANCING<br>RATE RECEIVED**<br> **BY THE 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)($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** | **VALUE($)** |
|  CMA CGM SA, 7.50%, 01/15/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2027 | 0.92 | EUR | 70 | 2 | 3 | 5 |
|  CMA CGM SA, 7.50%, 01/15/2026 | 5.00 | Quarterly | Barclays Bank Plc | 06/20/2027 | 0.92 | EUR | 49 | 2 | 2 | 4 |
|  Adler Real Estate AG, 2.13%, 02/06/2024 | 5.00 | Quarterly | Bank of America, NA | 12/20/2027 | 2.36 | EUR | 200 | (50) | 61 | 11 |
|  Benin Government International Bond, 6.88%, 01/19/2052 | 1.00 | Quarterly | Citibank, NA | 06/20/2028 | 1.93 | USD | 400 | (27) | 18 | (9) |
|  ITRX EUR XOVER 12/29 | 5.00 | Quarterly | Goldman Sachs | 12/20/2029 | 2.17 | EUR | 164 | 26 | (6) | 20 |
|  Romanian Government International Bond, 2.75%, 02/26/2026 | 1.00 | Quarterly | Barclays Bank Plc<br> Wholesale | 12/20/2029 | 1.15 | USD | 1800 | (79) | 70 | (9) |
|  ITRX EUR XOVER 12/29 | 5.00 | Quarterly | BNP Paribas | 12/20/2029 | 2.17 | EUR | 307 | 39 | (2) | 37 |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Citibank, NA | 06/20/2030 | 2.37 | USD | 575 | (72) | 41 | (31) |
|  Republic o Nigeria, 6.13%, 09/28/2028 | 1.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2030 | 3.03 | USD | 120 | (32) | 23 | (9) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Barclays Bank Plc<br> Wholesale | 06/20/2030 | 1.14 | USD | 2800 | (98) | 83 | (15) |
|  Zegona Finance PLC, 6.75%, 07/15/2029 | 5.00 | Quarterly | BNP Paribas | 06/20/2030 | 1.13 | EUR | 69 | 12 | 1 | 13 |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Citibank, NA | 06/20/2030 | 1.14 | USD | 300 | (11) | 9 | (2) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2030 | 1.14 | USD | 1100 | (40) | 34 | (6) |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2030 | 2.37 | USD | 325 | (41) | 23 | (18) |
|  Saudi International Bond, 4.75%, 01/16/2030 | 1.00 | Quarterly | Barclays Bank Plc<br> Wholesale | 06/20/2030 | 0.62 | USD | 19600 | 273 | 39 | 312 |
|  Republic of Colombia, 10.37%, 01/28/2033 | 1.00 | Quarterly | Citibank, NA | 12/20/2030 | 2.08 | USD | 10900 | (546) | 35 | (511) |
|  Republic of Indonesia, 2.15%, 07/28/2031 | 1.00 | Quarterly | Morgan Stanley Capital Service | 12/20/2030 | 0.69 | USD | 7600 | 60 | 50 | 110 |
|  Forvia SE, 2.38%, 06/15/2027 | 5.00 | Quarterly | Barclays Bank Plc | 12/20/2030 | 2.43 | EUR | 646 | 65 | 23 | 88 |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Bank of America, NA | 12/20/2030 | 1.24 | USD | 7800 | (86) | 3 | (83) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Citibank, NA | 12/20/2030 | 1.24 | USD | 2100 | (28) | 6 | (22) |
|  Republic of Brazil, 3.75%, 09/12/2031 | 1.00 | Quarterly | Citibank, NA | 06/20/2035 | 2.22 | USD | 600 | (83) | 29 | (54) |
|  Republic of Brazil, 3.75%, 09/12/2031 | 1.00 | Quarterly | Bank of America, NA | 06/20/2035 | 2.22 | USD | 200 | (27) | 9 | (18) |
|  Total |  |  |  |  |  |  |  | (1155) | 1004 | (151) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: |
| **REFERENCE OBLIGATION/**<br> **INDEX** | **FINANCING**<br> **RATE PAID**<br> **BY THE 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)($) <sup>(5)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) | VALUE($) |
|  Morocco Government International Bond, 3.00%, 12/15/2032 | 1.00 | Quarterly | Barclays Bank Plc Wholesale | 06/20/2029 | 0.46 | USD | 2700 |  | (49) | (49) |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2029 | 0.64 | USD | 3400 | 25 | (67) | (42) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 302 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: |
| **REFERENCE OBLIGATION/**<br> **INDEX** | **FINANCING**<br> **RATE PAID**<br> **BY THE 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)($) <sup>(5)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) | VALUE($) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Barclays Bank Plc Wholesale | 06/20/2029 | 0.91 | USD | 50 | 2 | (2) | – (h) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Bank of America, NA | 06/20/2029 | 0.91 | USD | 1100 | 26 | (29) | (3) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Bank of America, NA | 12/20/2029 | 1.00 | USD | 1000 | 35 | (35) | – (h) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Barclays Bank Plc Wholesale | 12/20/2029 | 1.00 | USD | 400 | 12 | (13) | (1) |
|  Saudi Government International Bond, 4.00%, 04/17/2025 | 1.00 | Quarterly | Barclays Bank Plc Wholesale | 06/20/2034 | 0.98 | USD | 8500 | (94) | 77 | (17) |
|  Saudi Government International Bond, 4.00%, 04/17/2025 | 1.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2034 | 0.98 | USD | 5200 | (58) | 48 | (10) |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Barclays Bank Plc Wholesale | 06/20/2035 | 1.56 | USD | 1100 | 73 | (26) | 47 |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Citibank, NA | 06/20/2035 | 1.56 | USD | 1200 | 82 | (31) | 51 |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Bank of America, NA | 06/20/2035 | 1.56 | USD | 1550 | 107 | (41) | 66 |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2035 | 1.56 | USD | 650 | 45 | (18) | 27 |
|  Total |  |  |  |  |  |  |  | 255 | (186) | 69 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: |
| **REFERENCE OBLIGATION/**<br> **INDEX** | **FINANCING**<br> **RATE RECEIVED**<br> **BY THE FUND(%)** | **PAYMENT**<br> **FREQUENCY** | 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)($) <sup>(5)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) | VALUE($) |
|  CDX.EM.40 12/28 | 1.00 | Quarterly | 12/20/2028 | 0.80 | USD | 2200 | (73) | 86 | 13 |
|  CDX.NA.IG.41-V1 | 1.00 | Quarterly | 12/20/2028 | 0.29 | USD | 820 | 8 | 9 | 17 |
|  CDX.EM HY.40 12/28 | 1.00 | Quarterly | 12/20/2028 | 1.32 | USD | 15600 | (1416) | 1284 | (132) |
|  CDX.EM.41 06/29 | 1.00 | Quarterly | 06/20/2029 | 0.90 | USD | 700 | (27) | 29 | 2 |
|  CDX.NA.IG.42-V1 | 1.00 | Quarterly | 06/20/2029 | 0.35 | USD | 9353 | 195 | 8 | 203 |
|  CDX.EM HY.42 12/29 | 1.00 | Quarterly | 12/20/2029 | 1.59 | USD | 25000 | (1913) | 1392 | (521) |
|  CDX.NA.IG.43 | 1.00 | Quarterly | 12/20/2029 | 0.40 | USD | 6675 | 141 | 10 | 151 |
|  MARKIT CDX.EM.44 12/30 | 1.00 | Quarterly | 12/20/2030 | 1.24 | USD | 2925 | (66) | 36 | (30) |
|  CDX.NA.HY.45 12/30 | 5.00 | Quarterly | 12/20/2030 | 3.16 | USD | 40860 | 3106 | 64 | 3170 |
|  CDX.NA.HY.45 12/30 | 5.00 | Quarterly | 12/20/2030 | 3.16 | USD | 37960 | 2726 | 219 | 2945 |
|  CDX.NA.HY.45 12/30 | 5.00 | Quarterly | 12/20/2030 | 3.16 | USD | 6100 | 469 | 4 | 473 |
|  CDX.NA.HY.45 12/30 | 5.00 | Quarterly | 12/20/2030 | 3.16 | USD | 900 | 69 | 1 | 70 |
|  Total |  |  |  |  |  |  | 3219 | 3142 | 6361 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of December 31, 2025: |
| **REFERENCE OBLIGATION/**<br> **INDEX** | **FINANCING**<br> **RATE PAID**<br> **BY THE FUND(%)** | **PAYMENT**<br> **FREQUENCY** | 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)($) <sup>(5)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) | VALUE($) |
|  CDX.EM.42 12/29 | 1.00 | Quarterly | 12/20/2029 | 0.99 | USD | 10000 | 238 | (246) | (8) |
|  MARKIT ITRX EUR XOVER 12/31 | 5.00 | Quarterly | 12/20/2030 | 2.44 | EUR | 15100 | (1859) | (130) | (1989) |
|  MARKIT ITRX EUR XOVER 12/31 | 5.00 | Quarterly | 12/20/2030 | 2.44 | EUR | 10100 | (1259) | (71) | (1330) |
|  Total |  |  |  |  |  |  | (2880) | (447) | (3327) |

---

(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.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 303

------

## Six Circles Credit Opportunities Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

(2) The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

(3) Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

(4) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

(5) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

#### NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

#### AS OF DECEMBER 31, 2025

---

| | |
|:---|:---|
| ARM | — Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of December 31, 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 |
| IBOR | — Interbank Offered Rate |
| ICE | — Intercontinental Exchange |
| ITRX | — Markit iTraxx index |
| Reg. S | — Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. |
| REIT | — Real Estate Investment Trust |
| SOFR | — Secured Overnight Financing Rate |
| SONIA | — Sterling Overnight Interbank Average Rate |
| SUB | — Step-Up Bond. The interest rate shown is the rate in effect as of December 31, 2025. |
| (a) | — Non-income producing security. |
| (d) | — Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued. |
| (e) | — Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended.  |
| (g) | — Amount rounds to less than 0.05%. |
| (h) | — Amount rounds to less than 500 shares/principal or $500. |
| (n) | — The rate shown is the effective yield as of December 31, 2025. |

---

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

---

| | |
|:---|:---|
| (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 December 31, 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 December 31, 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 December 31, 2025. |
| (aa) | — Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2025. |
| (bb) | — Security has been valued using significant unobservable inputs. |
| (ee) | — Approximately $12,359 of these investments are restricted as collateral for swaps to various brokers. |
| (ff) | — Approximately $1,254 of these investments are restricted as collateral for futures to Citigroup Global Markets, Inc. |
| (ii) | — Approximately $2,265 of these investments are restricted as collateral for forwards to various brokers. |
| BRL | — Brazilian Real |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| CZK | — Czech Koruna |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 304 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | |
|:---|:---|
| EGP | — Egyptian Pound |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — Hong Kong Dollar |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| 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 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 305

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — 123.8%** |  |  |
|  **Asset-Backed Securities — 8.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Automobile ABS — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Heritage Auto Receivables Trust, Series 2024-1A, Class A2, 4.83%, 03/15/2028 (e) | 1444 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Auto Receivables Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N1, Class F, 4.55%, 01/10/2028 (e) | 252 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N2, Class E, 2.90%, 03/10/2028 (e) | 415 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-N3, Class A2, 4.84%, 12/10/2027 (e) | 30 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-N3, Class A3, 4.53%, 01/10/2029 (e) | 240 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-N3, Class B, 4.67%, 12/10/2030 (e) | 240 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-N3, Class C, 4.90%, 12/10/2030 (e) | 240 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P1, Class A3, 5.05%, 04/10/2029 (e) | 4228 | 4248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4, Class A2, 4.62%, 02/10/2028 | 346 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4, Class A3, 4.64%, 01/10/2030 | 1600 | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-P4, Class A4, 4.74%, 12/10/2030 | 1600 | 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flagship Credit Auto Trust, Series 2024-3, Class A, 4.88%, 11/15/2028 (e) | 907 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust, Series 2024-3, Class A2A, 4.29%, 01/20/2027 | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Automobile ABS |  | 11631 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Equity ABS — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACE Securities Corp. Home Equity Loan Trust Series, Series 2005-HE3, Class M4, (CME Term SOFR 1 Month + 1.06%), 4.79%, 05/25/2035 (aa) | 1274 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A3, (CME Term SOFR 1 Month + 0.71%), 4.45%, 10/25/2036 (aa) | 2788 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp; CWABS Asset-Backed Certificates Trust, Series 2006-2, Class M2, (CME Term SOFR 1 Month + 0.74%), 4.48%, 06/25/2036 (aa) | 2043 | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp; EFMT, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES1, Class A1, SUB, 5.52%, 01/26/2060 (e) | 5258 | 5296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A1A, SUB, 5.73%, 01/25/2060 (e) | 3397 | 3435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES2, Class A1A, SUB, 5.66%, 02/25/2060 (e) | 2874 | 2908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance of America HECM Buyout, Series 2024-HB1, Class A1A, 4.00%, 10/01/2034 (e) (z) | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE-WMC Mortgage Securities Trust, Series 2006-1, Class A2B, (CME Term SOFR 1 Month + 0.41%), 4.15%, 08/25/2036 (aa) | 7653 | 3229 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Equity ABS — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GSAA Home Equity Trust, Series 2007-5, Class 2A1B, (CME Term SOFR 1 Month + 0.39%), 4.13%, 04/25/2047 (aa) | 1739 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Beach Mortgage Loan Trust, Series 2006-8, Class 2A3, (CME Term SOFR 1 Month + 0.43%), 4.17%, 09/25/2036 (aa) | 2077 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Asset Backed Securities Trust, Series 2007-HE1, Class A4, (CME Term SOFR 1 Month + 0.67%), 4.41%, 05/25/2037 (aa) | 436 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust Series, Series 2006-HE6, Class A2B, (CME Term SOFR 1 Month + 0.41%), 4.28%, 11/25/2037 (aa) | 8548 | 2621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-WMC4, Class M6, (CME Term SOFR 1 Month + 1.16%), 4.90%, 04/25/2035 (aa) | 1523 | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newcastle Mortgage Securities Trust, Series 2006-1, Class M6, (CME Term SOFR 1 Month + 0.97%), 4.70%, 03/25/2036 (aa) | 2935 | 2844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option One Mortgage Loan Trust, Series 2007-CP1, Class 1A1, (CME Term SOFR 1 Month + 0.25%), 3.99%, 03/25/2037 (aa) | 529 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCKT Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES7, Class A1A, SUB, 5.16%, 10/25/2044 (e) | 82 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES1, Class A1A, SUB, 5.65%, 01/25/2045 (e) | 2494 | 2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES3, Class A1A, SUB, 5.55%, 03/25/2055 (e) | 2737 | 2765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renaissance Home Equity Loan Trust, Series 2005-1, Class AF5, SUB, 5.95%, 05/25/2035 | 219 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Home Equity ABS |  | 33906 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 522 Funding CLO 2020-6 Ltd., (Cayman Islands), Series 2020-6A, Class A1R2, (CME Term SOFR 3 Month + 1.20%), 5.06%, 10/23/2034 (e) (aa) | 3200 | 3201 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMMC CLO 24 Ltd., (Cayman Islands), Series 2021-24A, Class AR, (CME Term SOFR 3 Month + 1.20%), 5.08%, 01/20/2035 (e) (aa) | 3200 | 3200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anchorage Capital CLO 20 Ltd., (Cayman Islands), Series 2021-20A, Class A1R, (CME Term SOFR 3 Month + 1.10%), 4.98%, 01/20/2035 (e) (aa) | 3300 | 3296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anchorage Credit Funding 12 Ltd., (Cayman Islands), Series 2020-12A, Class A1, 3.18%, 10/25/2038 (e) | 1000 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anchorage Credit Funding 4 Ltd., (Cayman Islands), Series 2016-4A, Class AR, 2.72%, 04/27/2039 (e) | 1000 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arbour CLO VII DAC, (Ireland), Series 7A, Class BR, (EURIBOR 3 Month + 2.05%), 4.15%, 12/15/2038 (e) (aa) | EUR 1,000 | 1179 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 306 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |
|  **Asset-Backed Securities — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares LXII CLO Ltd., (Cayman Islands), Series 2021-62A, Class A1R, (CME Term SOFR 3 Month + 1.07%), 4.93%, 01/25/2034 (e) (aa) | 5300 | 5294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares XXVII CLO Ltd., (Cayman Islands), Series 2013-2A, Class AR3, (CME Term SOFR 3 Month + 1.15%), 5.01%, 10/28/2034 (e) (aa) | 3100 | 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO 2021-3 Ltd., (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.06%), 4.93%, 07/24/2034 (e) (aa) | 1500 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bain Capital Credit CLO 2021-5 Ltd., (Cayman Islands), Series 2021-5A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 5.01%, 10/23/2034 (e) (aa) | 3000 | 2997 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBAM European CLO I DAC, (Ireland), Series 1A, Class AR, (EURIBOR 3 Month + 0.87%), 2.89%, 07/22/2034 (e) (aa) | EUR 250 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canyon CLO 2020-1 Ltd., (Cayman Islands), Series 2020-1A, Class AR2, (CME Term SOFR 3 Month + 1.08%), 4.98%, 07/15/2034 (e) (aa) | 3200 | 3193 |
| &nbsp;&nbsp;&nbsp;&nbsp; CQS US CLO 2021-1 Ltd., (Cayman Islands), Series 2021-1A, Class AR, (CME Term SOFR 3 Month + 1.20%), 5.08%, 01/20/2035 (e) (aa) | 3200 | 3199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 15 Ltd., (Jersey), Series 2022-2A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 5.01%, 04/22/2035 (e) (aa) | 900 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortress Credit Bsl X Ltd., (Cayman Islands), Series 2021-1A, Class AR, (CME Term SOFR 3 Month + 1.10%), 5.01%, 04/20/2033 (e) (aa) | 5300 | 5299 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoodLeap Home Improvement Solutions Trust, Series 2025-2A, Class A, 5.32%, 06/20/2049 (e) | 2983 | 3016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greywolf CLO III Ltd., (Cayman Islands), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3RA, Class A1R2, (CME Term SOFR 3 Month + 1.23%), 5.09%, 04/22/2033 (e) (aa) | 436 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3RA, Class A2R2, (CME Term SOFR 3 Month + 1.85%), 5.71%, 04/22/2033 (e) (aa) | 500 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICG US CLO 2021-3 Ltd., (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.15%), 5.03%, 10/20/2034 (e) (aa) | 3300 | 3300 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCM Ltd., (Cayman Islands), Series 31A, Class AR, (CME Term SOFR 3 Month + 1.28%), 5.16%, 07/20/2034 (e) (aa) | 250 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lyra Music Assets Delaware LP, Series 2024-2A, Class A2, 5.76%, 12/22/2064 (e) | 2867 | 2901 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other ABS — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 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 | 3197 |
| &nbsp;&nbsp;&nbsp;&nbsp; OFSI BSL X Ltd., (Cayman Islands), Series 2021-10A, Class AR, (CME Term SOFR 3 Month + 1.27%), 5.15%, 04/20/2034 (e) (aa) |  | 3000 | 3003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagaya AI Debt Grantor Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10, Class A, 5.18%, 06/15/2032 (e) |  | 487 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10, Class B, 5.75%, 06/15/2032 (e) |  | 956 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10, Class C, 5.99%, 06/15/2032 (e) |  | 1048 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11, Class A, 5.09%, 07/15/2032 (e) |  | 809 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11, Class B, 5.64%, 07/15/2032 (e) |  | 322 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11, Class C, 5.87%, 07/15/2032 (e) |  | 363 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp; PK ALIFT Loan Funding 4 LP, Series 2024-2, Class A, 5.05%, 10/15/2039 (e) |  | 168 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; PK ALIFT Loan Funding 6 LP, Series 2025-1, Class A, 5.37%, 11/15/2042 (e) |  | 2816 | 2838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Providus CLO II DAC, (Ireland), Series 2A, Class ARR, (EURIBOR 3 Month + 1.16%), 3.17%, 10/15/2038 (e) (aa) | EUR | 250 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; RCKTL, Series 2025-2A, Class A, 4.48%, 11/27/2034 (e) |  | 2532 | 2535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reach ABS Trust, Series 2025-2A, Class A, 4.93%, 08/18/2032 (e) |  | 1556 | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Romark CLO — IV Ltd., (Cayman Islands), Series 2021-4A, Class A1R, (CME Term SOFR 3 Month + 1.14%), 5.07%, 07/10/2034 (e) (aa) |  | 2200 | 2198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagard-Halseypoint CLO 8 Ltd., (Cayman Islands), Series 2024-8A, Class A1, (CME Term SOFR 3 Month + 1.39%), 5.23%, 01/30/2038 (e) (aa) |  | 1000 | 1004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinitas CLO XIX Ltd., (Bermuda), Series 2022-19A, Class A1R, (CME Term SOFR 3 Month + 1.11%), 4.99%, 10/20/2033 (e) (aa) |  | 2734 | 2734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture 44 CLO Ltd., (Cayman Islands), Series 2021-44A, Class A1NR, (CME Term SOFR 3 Month + 1.14%), 5.02%, 10/20/2034 (e) (aa) |  | 3200 | 3197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Other ABS |  |  | 75722 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Student Loan ABS — 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A, Class B, 3.96%, 07/15/2042 (e) |  | 3400 | 3355 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 307

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |
|  **Asset-Backed Securities — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Student Loan ABS — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A, Class A1B, (United States 30 Day Average SOFR + 1.45%), 5.43%, 03/15/2056 (e) (aa) | 3061 | 3089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Student Loan ABS |  | 6444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $128,127) |  | 127703 |
|  **Collateralized Mortgage Obligations — 20.1%**  | **Collateralized Mortgage Obligations — 20.1%**  | **Collateralized Mortgage Obligations — 20.1%**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — 12.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4136, Class QS, IF, IO, (6.14% — United States 30 Day Average SOFR), 2.15%, 07/15/2042 (aa) | 774 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4851, Class PF, (United States 30 Day Average SOFR + 0.51%), 4.50%, 08/15/2057 (aa) | 730 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5008, Class DI, IO, 3.00%, 09/25/2050 | 575 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5010, Class IK, IO, 2.50%, 09/25/2050 | 57 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5010, Class JI, IO, 2.50%, 09/25/2050 | 209 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5013, Class IN, IO, 2.50%, 09/25/2050 | 70 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5038, Class MI, IO, 4.00%, 11/25/2050 | 4175 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5040, Class CI, IO, 4.00%, 11/25/2050 | 6486 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5059, Class IB, IO, 2.50%, 01/25/2051 | 663 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5069, Class MI, IO, 2.50%, 02/25/2051 | 5418 | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5070, Class CI, IO, 2.00%, 02/25/2051 | 66084 | 8974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5071, Class IH, IO, 2.50%, 02/25/2051 | 562 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5152, Class IC, IO, 3.00%, 10/25/2051 | 14996 | 2611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5196, Class DI, IO, 3.00%, 02/25/2052 | 16486 | 2652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5229, Class KI, IO, 4.50%, 08/25/2049 | 2268 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5273, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.12%, 11/25/2052 (aa) | 1393 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5274, Class IO, IO, 2.50%, 01/25/2051 | 577 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5426, Class BI, IO, 1.34%, 04/15/2049 (z) | 33170 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5471, Class FH, (United States 30 Day Average SOFR + 1.30%), 5.17%, 11/25/2054 (aa) | 9803 | 9858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5479, Class FA, (United States 30 Day Average SOFR + 1.20%), 5.07%, 12/25/2054 (aa) | 9769 | 9804 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5510, Class FM, (United States 30 Day Average SOFR + 1.15%), 5.02%, 02/25/2055 (aa) | 1671 | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5526, Class AI, IO, 4.50%, 06/25/2050 | 819 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5526, Class DI, IO, 4.50%, 02/15/2051 | 40165 | 9351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5534, Class FP, (United States 30 Day Average SOFR + 1.30%), 5.17%, 05/25/2055 (aa) | 8106 | 8115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5564, Class FB, (United States 30 Day Average SOFR + 1.20%), 5.07%, 08/25/2055 (aa) | 96 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5573, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.77%, 09/25/2055 (aa) | 4326 | 4344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5583, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.12%, 10/25/2055 (aa) | 9408 | 9466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5593, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.77%, 11/25/2055 (aa) | 4508 | 4527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5601, Class FC, (United States 30 Day Average SOFR + 1.05%), 4.92%, 11/25/2055 (aa) | 299 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Strips, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 358, Class PO, PO, Zero Coupon, 10/15/2047 | 1362 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 362, Class C4, IO, 3.00%, 12/15/2047 | 7898 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 397, Class C52, IO, 5.00%, 01/25/2053 | 413 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 408, Class C64, IO, 5.00%, 09/25/2053 | 2269 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Interest Strip, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 427, Class C21, IO, 2.00%, 03/25/2050 | 1828 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 428, Class C14, IO, 2.50%, 01/25/2048 | 734 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 429, Class C10, IO, 1.50%, 04/25/2037 | 3002 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 438, Class C28, IO, 5.00%, 08/25/2053 | 1893 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 439, Class C25, IO, 5.00%, 09/25/2053 | 1274 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 440, Class C50, IO, 4.50%, 10/25/2053 | 5126 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 440, Class C54, IO, 5.00%, 11/25/2053 | 33732 | 7265 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2, Class PO, PO, Zero Coupon, 01/25/2041 | 1795 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-61, Class FB, (United States 30 Day Average SOFR + 0.41%), 4.29%, 09/25/2050 (aa) | 331 | 308 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 308 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |
|  **Collateralized Mortgage Obligations — continued**  | **Collateralized Mortgage Obligations — continued**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-62, Class BI, IO, 2.00%, 09/25/2050 | 3175 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class DI, IO, 2.50%, 12/25/2050 | 1643 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class IG, IO, 3.00%, 12/25/2050 | 8558 | 1461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class NI, IO, 2.50%, 02/25/2051 | 619 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class TI, IO, 2.50%, 02/25/2051 | 12326 | 2089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-78, Class FC, (United States 30 Day Average SOFR + 1.25%), 5.12%, 11/25/2052 (aa) | 2266 | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class DI, IO, 2.00%, 05/25/2051 | 84571 | 10772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6, Class IO, IO, 3.50%, 11/25/2051 | 651 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-18, Class IO, IO, 4.00%, 11/25/2049 | 2498 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-67, Class FA, (United States 30 Day Average SOFR + 1.17%), 5.04%, 09/25/2054 (aa) | 10968 | 11001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-70, Class AE, 4.50%, 08/25/2052 | 2858 | 2845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-100, Class FB, (United States 30 Day Average SOFR + 1.35%), 5.22%, 01/25/2055 (aa) | 22686 | 22843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-100, Class FD, (United States 30 Day Average SOFR + 1.45%), 5.32%, 06/25/2054 (aa) | 13994 | 14116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-18, Class SM, IF, IO, (7.10% — United States 30 Day Average SOFR), 3.23%, 09/25/2054 (aa) | 29992 | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-35, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.87%, 05/25/2055 (aa) | 8288 | 8330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-49, Class FA, (United States 30 Day Average SOFR + 0.80%), 4.67%, 06/25/2055 (aa) | 1208 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-H24, Class KF, (CME Term SOFR 1 Year + 0.97%), 4.54%, 11/20/2066 (aa) | 172 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H16, Class F, (CME Term SOFR 1 Year + 0.77%), 4.63%, 08/20/2067 (aa) | 124 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H09, Class FA, (CME Term SOFR 1 Year + 1.22%), 4.98%, 04/20/2068 (aa) | 412 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H05, Class AF, (United States 30 Day Average SOFR + 1.50%), 5.42%, 03/20/2071 (aa) | 978 | 1002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H11, Class FE, (United States 30 Day Average SOFR + 0.78%), 4.70%, 05/20/2072 (aa) | 889 | 890 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-H16, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.82%, 08/20/2072 (aa) | 925 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-105, Class WF, (United States 30 Day Average SOFR + 1.00%), 4.92%, 06/20/2055 (aa) | 2063 | 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-134, Class NF, (United States 30 Day Average SOFR + 1.05%), 4.97%, 08/20/2055 (aa) | 14950 | 15009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-156, Class FV, (United States 30 Day Average SOFR + 0.80%), 4.72%, 09/20/2055 (aa) | 191 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-172, Class GF, (United States 30 Day Average SOFR + 1.00%), 4.92%, 10/20/2055 (aa) | 99 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-187, Class FC, (United States 30 Day Average SOFR + 0.95%), 4.87%, 11/20/2055 (aa) | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-H24, Class AF, (United States 30 Day Average SOFR + 0.73%), 4.71%, 01/20/2073 (aa) | 1062 | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Collateral CMO |  | 196128 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agency Collateral PAC CMO — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5018, Class IO, IO, 3.50%, 10/25/2050 | 6433 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5564, Class PF, (United States 30 Day Average SOFR + 1.20%), 5.07%, 08/25/2055 (aa) | 98 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Agency Collateral PAC CMO |  | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Home Mortgage Investment Trust, Series 2006-1, Class 12A1, (CME Term SOFR 1 Month + 0.51%), 4.25%, 03/25/2046 (aa) | 1112 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00%, 10/25/2054 (e) (z) | 1746 | 1712 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIM TRUST, Series 2025-R1, Class A1, SUB, 5.00%, 02/25/2099 (e) | 2955 | 2947 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSMC Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-RPL1, Class A2, 2.97%, 07/25/2057 (e) (z) | 3300 | 3117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL2, Class A1, 2.00%, 01/25/2060 (e) | 1854 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL3, Class A1, 2.00%, 01/25/2060 (e) (z) | 1057 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1, SUB, 4.10%, 07/25/2065 (e) | 3658 | 3578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merrill Lynch Alternative Note Asset Trust Series, Series 2007-OAR5, Class 1A1, 3.34%, 10/25/2047 (z) | 2440 | 598 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 309

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |
|  **Collateralized Mortgage Obligations — continued**  | **Collateralized Mortgage Obligations — continued**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MFA Trust, Series 2022-RPL1, Class A1, 3.30%, 08/25/2061 (e) (z) | 1702 | 1607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Mortgage Loan Trust, Series 2007-6XS, Class 2A6S, SUB, 6.20%, 02/25/2047 | 80 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3, Class A1, 5.04%, 07/25/2069 (e) (z) | 163 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL1, Class A1, SUB, 4.00%, 06/25/2064 | 3685 | 3612 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Residential Mortgage Loan Trust, Series 2021-INV2, Class A11, (United States 30 Day Average SOFR + 0.95%), 5.00%, 09/25/2051 (e) (aa) | 354 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp; NYMT Loan Trust, Series 2025-CP1, Class A1, 3.75%, 11/25/2069 (e) (z) | 3811 | 3680 |
| &nbsp;&nbsp;&nbsp;&nbsp; OBX Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM7, Class A1, SUB, 5.11%, 08/25/2062 (e) | 447 | 446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM17, Class A1, 5.61%, 11/25/2064 (e) (z) | 4888 | 4933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM4, Class A1, SUB, 5.40%, 02/25/2055 (e) | 3628 | 3653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceanview Mortgage Trust, Series 2025-3, Class AF1, (United States 30 Day Average SOFR + 0.95%), 4.82%, 05/25/2055 (e) (aa) | 2759 | 2749 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRET 2025-NPL10 LLC, Series A1, 4.25%, 10/25/2055 (e) | 5246 | 5181 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRET LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL11, Class A1, SUB, 5.19%, 10/25/2055 (e) | 5225 | 5235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL12, Class A1, SUB, 5.18%, 11/25/2055 (e) | 5290 | 5206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL5, Class A1, SUB, 6.24%, 05/25/2055 (e) | 5253 | 5282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL6, Class A1, SUB, 5.74%, 06/25/2055 (e) | 1479 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL7, Class A1, SUB, 5.66%, 07/25/2055 (e) | 7280 | 7298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL9, Class A1, SUB, 5.39%, 08/25/2055 (e) | 1896 | 1901 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRET Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL1, Class A1, SUB, 4.00%, 07/25/2069 (e) | 916 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL3, Class A1, SUB, 4.15%, 04/25/2065 (e) | 3504 | 3432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL4, Class A1, SUB, 4.00%, 03/25/2065 (e) | 5285 | 5189 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **WL Collateral CMO — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PRPM, Series 2024-NQM3, Class A1, SUB, 5.23%, 08/25/2069 (e) | 96 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRPM LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-6, Class A1, SUB, 5.70%, 11/25/2029 (e) | 1650 | 1651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7, Class A1, SUB, 5.87%, 11/25/2029 (e) | 2583 | 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RCF1, Class A1, SUB, 4.00%, 01/25/2054 (e) | 226 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL3, Class A1, SUB, 4.00%, 11/25/2054 (e) | 2885 | 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-4, Class A1, SUB, 6.18%, 06/25/2030 (e) | 3423 | 3429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5, Class A1, SUB, 5.73%, 07/25/2030 (e) | 2881 | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7, Class A1, SUB, 5.50%, 08/25/2030 (e) | 3453 | 3462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL2, Class A1, SUB, 3.75%, 04/25/2055 (e) | 3193 | 3121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-RPL5, Class A1, SUB, 4.50%, 06/25/2065 (e) | 5400 | 5316 |
| &nbsp;&nbsp;&nbsp;&nbsp; RALI Series Trust, Series 2007-QS1, Class 1A5, (CME Term SOFR 1 Month + 0.66%), 4.40%, 01/25/2037 (aa) | 1978 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Asset Securitization Trust, Series 2005-A5, Class A8, 5.50%, 05/25/2035 | 338 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2, Class 1A1, (CME Term SOFR 1 Month + 0.53%), 4.27%, 06/20/2036 (aa) | 93 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HYB1, Class A1A, 4.51%, 11/25/2063 (e) (z) | 2268 | 2274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Underwriting & Residential Finance Trust Series, Series 2006-AB3, Class A2C, (CME Term SOFR 1 Month + 0.59%), 4.33%, 09/25/2037 (aa) | 970 | 683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Structured Asset Mortgage Investments II Trust, Series 2005-AR8, Class A2, (Treasury Average 1 Year + 1.48%), 6.23%, 02/25/2036 (aa) | 1948 | 1682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust, Series 2017-6, Class A2, 3.00%, 10/25/2057 (e) (z) | 2000 | 1930 |
| &nbsp;&nbsp;&nbsp;&nbsp; VCAT LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL1, Class A1, SUB, 5.88%, 01/25/2055 (e) | 2362 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL2, Class A1, SUB, 5.98%, 01/25/2055 (e) | 4859 | 4873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NPL3, Class A1, SUB, 5.89%, 02/25/2055 (e) | 1998 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total WL Collateral CMO |  | 121058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations<br>(Cost $321,395) |  | 318391 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 310 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |
|  **Commercial Mortgage-Backed Securities — 1.4%**  | **Commercial Mortgage-Backed Securities — 1.4%**  | **Commercial Mortgage-Backed Securities — 1.4%**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial MBS — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACRES LLC, (Cayman Islands), Series 2025-FL3, Class A, (CME Term SOFR 1 Month + 1.62%), 5.35%, 08/18/2040 (e) (aa) | 2900 | 2904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series 2018-B6, Class A2, 4.20%, 10/10/2051 | 3991 | 3984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust, Series 2018-C6, Class A2, 4.24%, 11/10/2051 | 3877 | 3873 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Multifamily Structured Pass Through Certificates, Series Q034, Class APT2, 2.90%, 07/25/2054 (z) | 1076 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Foundation Bank Multifamily Housing Mortgage Loan Trust 2025-Q039, Series Q039, Class A, 2.75%, 06/25/2054 (z) | 200 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AGLN, Class A, (CME Term SOFR 1 Month + 1.64%), 5.39%, 07/15/2037 (e) (aa) | 3800 | 3805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-AURA, Class A, (CME Term SOFR 1 Month + 1.59%), 5.34%, 10/15/2042 (e) (aa) | 5300 | 5306 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSTN Trust, Series 2023-MAUI, Class A, 6.30%, 07/05/2037 (e) (z) | 1300 | 1324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial MBS |  | 22438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br>(Cost $22,346) |  | 22438 |
|  **Convertible Bond — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc., 1.13%, 03/15/2028<br>(Cost $475) | 545 | 444 |
|  **Corporate Bonds — 2.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arsenal AIC Parent LLC, 11.50%, 10/01/2031 (e) | 230 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 7.75%, 04/15/2028 (e) | 600 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neptune Bidco US, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.29%, 04/15/2029 (e) | 630 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38%, 05/15/2031 (e) | 635 | 651 |
|  |  | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beignet Investor LLC, 6.58%, 05/30/2049 (e) | 5220 | 5531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Images, Inc., 11.25%, 02/21/2030 (e) | 630 | 590 |
|  |  | 6121 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC, 11.75%, 01/31/2029 (e) | 1070 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directv Financing LLC / Directv Financing Co-Obligor, Inc., 10.00%, 02/15/2031 (e) | 470 | 480 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Media, Inc., 9.63%, 07/15/2032 (e) | 755 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univision Communications, Inc., 8.00%, 08/15/2028 (e) | 1465 | 1517 |
|  |  | 3578 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/2029 (e) | 90 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/2029 (e) | 485 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc., 10.00%, 10/15/2032 (e) | 220 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; WULF Compute LLC, 7.75%, 10/15/2030 (e) | 785 | 809 |
|  |  | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 13166 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC, (United States SOFR + 2.95%), 6.69%, 03/06/2026 (aa) | 905 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC, 10.00%, 01/15/2031 (e) | 2875 | 2826 |
|  |  | 3734 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 11/15/2029 (e) | 317 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.13%, 07/15/2030 (e) | 302 | 250 |
|  |  | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; eG Global Finance plc, (United Kingdom), 12.00%, 11/30/2028 (e) | 965 | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  | 5303 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, 7.88%, 02/15/2031 (e) | 1030 | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre Financial Borrower LLC, 11.13%, 06/15/2029 (e) | 635 | 643 |
|  |  | 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 (e) | 869 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., 11.00%, 10/15/2030 (e) | 1445 | 1585 |
|  |  | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1261229 BC Ltd., (Canada), 10.00%, 04/15/2032 (e) | 1065 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 5370 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 311

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Long Positions — continued** |  |  |
|  **Corporate Bonds — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029 (e) | 215 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 5.44%), 9.00%, 09/30/2029 (e) (x) (aa) | 1060 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/01/2029 (e) | 270 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032 (e) | 280 | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aretec Group, Inc., 10.00%, 08/15/2030 (e) | 315 | 339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hightower Holding LLC, 9.13%, 01/31/2030 (e) | 930 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Corp., 9.38%, 07/25/2030 | 400 | 445 |
|  |  | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acrisure LLC / Acrisure Finance, Inc., 8.50%, 06/15/2029 (e) | 300 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asurion LLC and Asurion Co-Issuer, Inc., 8.00%, 12/31/2032 (e) | 480 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc., (Canada), 8.50%, 03/15/2030 (e) | 725 | 760 |
|  |  | 1572 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust, Zero Coupon, 09/30/2027 (e) | 56 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 3392 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 06/30/2032 (e) | 530 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 09/30/2029 (e) | 2501 | 2604 |
| &nbsp;&nbsp;&nbsp;&nbsp; X.AI LLC / X.AI Co-Issuer Corp., 12.50%, 06/30/2030 | 580 | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 3775 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Supply LLC, 8.63%, 06/01/2030 (e) | 580 | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (CMT Index 5 Year + 6.93%), 8.00%, 10/15/2026 (e) (x) (aa) | 180 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, (CMT Index 5 Year + 5.05%), 8.88%, 01/15/2029 (e) (x) (aa) | 1040 | 1146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds<br>(Cost $34,607) |  | 34834 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Mortgage-Backed Securities — 35.4%**  | **Mortgage-Backed Securities — 35.4%**  | **Mortgage-Backed Securities — 35.4%**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **FNMA Collateral — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/01/2029 (gg) | 5011 | 5053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.36%, 12/01/2030 | 575 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.43%, 10/01/2030 | 3000 | 3040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.53%, 11/01/2030 | 2331 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.03%, 11/01/2032 (gg) | 12231 | 12587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 10/01/2032 | 354 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12%, 02/01/2030 | 1185 | 1225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 01/01/2030 | 1000 | 1035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/01/2044 | 572 | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 04/01/2029 | 2291 | 2373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 01/01/2032 | 1426 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 01/01/2030 | 1913 | 1988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/01/2031 | 249 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total FNMA Collateral |  | 32954 |
| &nbsp;&nbsp;&nbsp;&nbsp; **GNMA II Collateral — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA II Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/2051 | 201 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/20/2051 | 5392 | 4474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/20/2052 | 407 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/2055 | 28 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/2055 | 348 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/2055 (gg) | 3309 | 3229 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 01/01/2056 (w) | 23220 | 20905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 01/01/2056 (w) | 5000 | 4556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 02/01/2056 (w) | 3000 | 2733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 02/01/2056 (w) | 24900 | 23518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 02/01/2056 (w) | 26920 | 26241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 01/01/2056 (w) | 6950 | 6939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 01/01/2056 (w) | 1000 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 01/01/2056 (w) | 1000 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 01/01/2056 (w) | 2000 | 2067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 02/01/2056 (w) | 5000 | 5161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total GNMA II Collateral |  | 102712 |
| &nbsp;&nbsp;&nbsp;&nbsp; **UMBS Collateral — 26.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool, Single Family, 20 years, 6.50%, 05/01/2045 | 292 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2053 | 1703 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/2054 (gg) | 5281 | 5484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/2054 | 50 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2054 | 47 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/2054 | 47 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/2055 | 159 | 165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2055 | 56 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.50%, 02/01/2056 (w) | 16250 | 15001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 01/01/2056 (w) | 1900 | 1805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 02/01/2056 (w) | 3900 | 3702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.50%, 02/01/2056 (w) | 13000 | 12696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 01/01/2056 (w) | 10600 | 10582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.50%, 02/01/2056 (w) | 91300 | 92548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 02/01/2056 (w) | 30000 | 30795 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 312 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT($) | VALUE($) |
|  **Long Positions — continued** |  |  |
|  **Mortgage-Backed Securities — continued**  | **Mortgage-Backed Securities — continued**  | **Mortgage-Backed Securities — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **UMBS Collateral — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.00%, 03/01/2056 (w) | 69180 | 71008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 02/01/2056 (w) | 48900 | 50832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 6.50%, 03/01/2056 (w) | 13000 | 13523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA, 7.00%, 01/01/2056 (w) | 39665 | 41736 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, Single Family, 20 years, 6.50%, 05/01/2045 | 977 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2052 | 1776 | 1785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2054 (gg) | 3555 | 3586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2053 | 1177 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/2054 (gg) | 10824 | 11303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/2054 | 38 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/01/2055 | 1983 | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/2055 | 468 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/2053 | 353 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2054 | 3243 | 3438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2054 | 111 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/2054 | 75 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/2054 | 174 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/2055 | 3580 | 3808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/2055 (gg) | 12315 | 13084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/2055 (gg) | 20469 | 21629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/2055 (gg) | 8620 | 9150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total UMBS Collateral |  | 425461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities<br>(Cost $557,969) |  | 561127 |
|  **U.S. Treasury Obligations — 0.0%** (g) | **U.S. Treasury Obligations — 0.0%** (g) | **U.S. Treasury Obligations — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sovereign — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bond, 4.88%, 08/15/2045 | 151 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note, 4.25%, 08/15/2035 (ii) | 248 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Sovereign |  | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations<br>(Cost $382) |  | 403 |
| SECURITY DESCRIPTION | **SHARES** | VALUE ($) |
|  **Preferred Stock — 0.0%** (g) | **Preferred Stock — 0.0%** (g) | **Preferred Stock — 0.0%** (g) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acruise Holdings, Inc., Series A-2 (a) (bb)<br>(Cost $300) | 12 | 300 |
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT ($) | VALUE ($) |
|  **Loan Assignments — 17.4%** (o)  | **Loan Assignments — 17.4%** (o)  | **Loan Assignments — 17.4%** (o)  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nouryon Finance B.V., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 2024 B-1 Dollar Term Loan, (Netherlands), (CME Term SOFR 6 Month + 3.25%), 7.04%, 04/03/2028 (aa) | 731 | 731 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; November 2024 B-2 Dollar Term Loan, (Netherlands), (CME Term SOFR 3 Month + 3.25%), 7.16%, 04/03/2028 (aa) | 486 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 7.83%, 08/21/2028 (u) (aa) | 1525 | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMG Media Corp., Term B-2 Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.27%, 06/18/2029 (aa) | 2394 | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neptune BidCo US Inc., Dollar Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 9.01%, 04/11/2029 (aa) | 2768 | 2734 |
|  |  | 6488 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arches Buyer Inc., Refinancing Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.07%, 12/06/2027 (u) (aa) | 785 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero SE, Extended Dollar Term Loan, (Germany), (CME Term SOFR 3 Month + 5.00%), 8.84%, 12/12/2029 (aa) | 248 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp; MH Sub I, LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 May Incremental Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 7.97%, 05/03/2028 (aa) | 1069 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 December New Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 7.97%, 12/31/2031 (aa) | 713 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Replacement Term Loan (Second Lien), (CME Term SOFR 3 Month + 6.25%), 10.09%, 02/23/2029 (aa) | 830 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proofpoint, Inc., 2025-B Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 6.67%, 08/31/2028 (aa) | 1936 | 1944 |
|  |  | 5270 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc., Incremental Term B-4 Loan, (CME Term SOFR 1 Month + 2.00%), 5.83%, 05/03/2028 (aa) | 90 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings, LLC, September 2019 Initial Term Loan, (PRIME 3 Month + 1.50%), 8.25%, 04/15/2027 | 297 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directv Financing, LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, (CME Term SOFR 3 Month + 5.00%), 9.10%, 08/02/2027 (aa) | 22 | 22 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 313

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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**  | **Loan Assignments — continued**  | **Loan Assignments — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Refinancing Term B Loan, (CME Term SOFR 3 Month + 5.25%), 9.35%, 08/02/2029 (aa) | 1125 | 1128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Incremental Term B Loan, (CME Term SOFR 3 Month + 5.50%), 9.34%, 02/17/2031 (aa) | 362 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gray Television, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term D Loan, (CME Term SOFR 1 Month + 3.00%), 6.99%, 12/01/2028 (aa) | 972 | 972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term F Loan, (CME Term SOFR 1 Month + 5.25%), 9.12%, 06/04/2029 (aa) | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; iHeartCommunications, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.78%), 9.61%, 05/01/2029 (aa) | 1354 | 1236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radiate Holdco, LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (CME Term SOFR 1 Month + 1.50%), 3.57%, 06/26/2029 (aa) | 114 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Out Term Loan, (CME Term SOFR 1 Month + 1.50%), 7.33%, 09/25/2029 (aa) | 619 | 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, (CME Term SOFR 1 Month + 4.00%), 7.72%, 06/26/2029 (aa) | 114 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univision Communications Inc., 2024 Replacement Converted First-Lien Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.33%, 01/31/2029 (aa) | 1378 | 1373 |
|  |  | 6139 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope, LLC, Initial Term Loan, (CME Term SOFR 1 Month + 4.75%), 8.47%, 12/17/2029 (u) (aa) | 1105 | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connect Finco Sarl, Amendment No. 4 Term Loan, (Luxembourg), (CME Term SOFR 1 Month + 4.50%), 8.22%, 09/27/2029 (u) (aa) | 2057 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Subsea Communications Holding, Inc., 2025 Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.22%, 01/30/2031 (aa) | 627 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Topco, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fourth Amendment Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.55%, 11/30/2029 (aa) | 421 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second Amendment Refinancing Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.06%, 11/29/2030 (aa) | 1595 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Holdings, LLC, Initial Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.24%, 07/01/2031 (aa) | 817 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications Inc., Term B-4 Loan, (CME Term SOFR 1 Month + 2.25%), 5.97%, 09/20/2030 (aa) | 331 | 321 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Level 3 Financing, Inc., Term B-4 Refinancing Loans, (CME Term SOFR 1 Month + 3.25%), 6.97%, 03/29/2032 (u) (aa) | 3445 | 3453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies Inc., Term A Loan, (CME Term SOFR 1 Month + 6.00%), 9.72%, 06/01/2028 (aa) | 636 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp; QualityTech, LP, Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.28%, 11/04/2031 (aa) | 347 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp; ViaSat, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.35%, 05/30/2030 (u) (aa) | 464 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., Initial Dollar Term Loan, (CME Term SOFR 1 Month + 0.50%), 6.83%, 03/11/2030 (u) (aa) | 1121 | 1061 |
|  |  | 12872 |
|  **Total Communications** |  | 30769 |
|  **Consumer Cyclical — 1.9%** |  |  |
|  **Airlines — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AAdvantage Loyalty IP Ltd., 2025 Replacement Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 2.25%), 6.13%, 04/20/2028 (aa) | 2590 | 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCPE Pequod Buyer, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 3.00%), 6.72%, 11/25/2031 (aa) | 1782 | 1785 |
|  |  | 4380 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABG Intermediate Holdings 2 LLC, 2024-1 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 5.97%, 12/21/2028 (aa) | 1534 | 1535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada Goose Inc., 2025 Refinancing Term Loan, (Canada), (CME Term SOFR 3 Month + 3.50%), 7.37%, 08/23/2032 (aa) | 615 | 613 |
|  |  | 2148 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Autokiniton US Holdings, Inc., 2024 Replacement Term B Loan, (CME Term SOFR 1 Month + 4.00%), 7.83%, 04/06/2028 (u) (aa) | 2406 | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenneco Inc., Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 8.99%, 11/17/2028 (aa) | 600 | 589 |
|  |  | 2972 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Windsor Holdings III, LLC, 2025 Dollar Refinancing Term B Loan, (CME Term SOFR 1 Month + 2.75%), 6.47%, 08/01/2030 (aa) | 1075 | 1076 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 314 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT ($) | VALUE ($) |
|  **Loan Assignments — continued**  | **Loan Assignments — continued**  | **Loan Assignments — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc., Term Loan, (CME Term SOFR 1 Month + 7.00%), 10.73%, 01/04/2029 (aa) | 2339 | 2339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Incremental Term B Loan, (CME Term SOFR 1 Month + 2.25%), 5.97%, 02/06/2030 (aa) | 554 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term B-1 Loan, (CME Term SOFR 1 Month + 2.25%), 5.97%, 02/06/2031 (aa) | 870 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cinemark USA, Inc., Replacement Term Loan (2025), (CME Term SOFR 3 Month + 2.25%), 5.95%, 05/24/2030 (aa) | 386 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Finance US, Inc., First Amendment Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.34%, 12/02/2031 (u) (aa) | 2906 | 2861 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOC Borrower, LLC, Term B Loan, (CME Term SOFR 1 Month + 3.00%), 6.72%, 03/24/2032 (aa) | 1313 | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Formula One Management Ltd., Facility B, (United Kingdom), (CME Term SOFR 3 Month + 1.75%), 5.42%, 09/30/2031 (u) (aa) | 310 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ontario Gaming GTA Limited Partnership, Term B Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 4.25%), 7.92%, 08/01/2030 (aa) | 535 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; TKO Worldwide Holdings, LLC, Additional Term B-5 Loan (First Lien), (CME Term SOFR 3 Month + 2.00%), 5.87%, 11/21/2031 (aa) | 2809 | 2821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voyager Parent, LLC, Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 8.42%, 07/01/2032 (aa) | 474 | 474 |
|  |  | 12415 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Recess Holdings, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 7.62%, 02/20/2030 (aa) | 209 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL, Inc., 2025 Other Term B-1 Loan, (CME Term SOFR 1 Month + 6.25%), 10.07%, 07/30/2029 | 508 | 452 |
|  |  | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HRNI Holdings, LLC, Term B Loan, (CME Term SOFR 3 Month + 4.25%), 8.09%, 12/11/2028 (aa) | 728 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dave & Buster's, Inc., 2024 Refinancing Term B Loan, (CME Term SOFR 3 Month + 3.25%), 7.13%, 06/29/2029 (aa) | 198 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRB Holding Corp., 2025 Replacement Term B Loan, (CME Term SOFR 1 Month + 2.50%), 6.22%, 12/15/2030 (aa) | 2440 | 2445 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Petco Health and Wellness Company, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.18%, 03/03/2028 (aa) | 915 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre GLBL Inc., 2024 Term B-1 Loan, (CME Term SOFR 1 Month + 6.00%), 9.82%, 11/15/2029 (aa) | 369 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victra Holdings, LLC, Fifth Amendment Incremental Term Loan, (CME Term SOFR 3 Month + 3.75%), 7.42%, 03/29/2029 (u) (aa) | 1414 | 1414 |
|  |  | 5270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  | 29626 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Celsius, Inc., 2025 Refinancing Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.17%, 04/01/2032 (aa) | 625 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Brands Corp., 2025 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.25%), 5.92%, 03/31/2028 (aa) | 449 | 450 |
|  |  | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albion Financing 3 Sarl, 2025-A Refinancing U.S. Dollar Term Loan, (Luxembourg), (CME Term SOFR 3 Month + 3.00%), 6.87%, 05/21/2031 (aa) | 1172 | 1177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, Amendment No. 7 Replacement U.S. Dollar Term Loan, (CME Term SOFR 1 Month + 3.25%), 6.97%, 08/20/2032 (aa) | 1267 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anticimex Global AB, Facility B8, (Sweden), (SOFR 3 Month + 2.90%), 6.81%, 11/16/2028 | 406 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bach Finance Ltd., Fourteenth Amendment Dollar Term Loan (First Lien), (Cayman Islands), (CME Term SOFR 3 Month + 2.75%), 6.57%, 01/09/2032 (aa) | 1065 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belron Finance 2019 LLC, 2031 Dollar Term Loan, (CME Term SOFR 3 Month + 2.25%), 6.12%, 10/16/2031 (aa) | 2074 | 2084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boost Newco Borrower, LLC, USD Term B-2 Loan, (CME Term SOFR 3 Month + 2.00%), 5.67%, 01/31/2031 (aa) | 469 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mavis Tire Express Services Topco, Corp., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 6.92%, 05/04/2028 (aa) | 2064 | 2071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peloton Interactive, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.50%), 9.22%, 05/30/2029 (aa) | 267 | 269 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 315

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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**  | **Loan Assignments — continued**  | **Loan Assignments — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shift4 Payments, LLC, Amendment No. 2 Term Loan (First Lien), (CME Term SOFR 3 Month + 2.50%), 6.17%, 06/30/2032 (aa) | 249 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Townsquare Media, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 5.00%), 8.88%, 02/19/2030 (aa) | 501 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wand Newco 3, Inc., Tranche B-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.22%, 01/30/2031 (u) (aa) | 1365 | 1365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wash Bidco, Inc., Term Loan B, (CME Term SOFR 1 Month + 3.25%), 6.97%, 09/10/2032 (aa) | 800 | 806 |
|  |  | 11590 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Opal US LLC, Facility B4, (CME Term SOFR 3 Month + 3.00%), 6.69%, 04/28/2032 (u) (aa) | 3925 | 3946 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1440 Foods Topco, LLC, Initial Term Loan, (CME Term SOFR 1 Month + 5.00%), 8.72%, 10/31/2031 (aa) | 331 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snacking Investments BidCo Pty Ltd., 2025 U.S. Term Loan, (Australia), (CME Term SOFR 3 Month + 3.00%), 6.84%, 10/29/2032 (aa) | 390 | 392 |
|  |  | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Corp., Third Amendment Term Loan, (Canada), (CME Term SOFR 1 Month + 4.25%), 7.97%, 01/15/2031 (aa) | 507 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanger, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (CME Term SOFR 1 Month + 3.50%), 5.69%, 10/23/2031 (aa) | 53 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.22%, 10/23/2031 (aa) | 689 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medline Borrower, LP, 2028 Refinancing Term Loan, (CME Term SOFR 1 Month + 1.75%), 5.47%, 10/23/2028 (aa) | 359 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp., Term B Loan, (CME Term SOFR 1 Month + 4.00%), 7.72%, 08/20/2032 (aa) | 908 | 907 |
|  |  | 2521 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aveanna Healthcare LLC, 2025 Incremental Term Loan (First Lien), (CME Term SOFR 1 Month + 3.75%), 7.47%, 09/17/2032 (aa) | 928 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heartland Dental, LLC, 2025 Replacement Term Loan, (CME Term SOFR 1 Month + 3.75%), 7.47%, 08/25/2032 (aa) | 2232 | 2239 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LGC Science Group Holdings Ltd., Facility B3 (USD), (United Kingdom), (CME Term SOFR 1 Month + 4.00%), 7.72%, 01/21/2030 (aa) | 1023 | 1022 |
| &nbsp;&nbsp;&nbsp;&nbsp; LifePoint Health, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-1 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 7.65%, 05/17/2031 (aa) | 1403 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-2 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.50%), 7.33%, 05/19/2031 (aa) | 1647 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Parent, Inc., Term Loan B, (CME Term SOFR 3 Month + 4.00%), 7.67%, 09/27/2030 (aa) | 1072 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc., 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.42%, 12/19/2030 (aa) | 2610 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Team Health Holdings, Inc., 2028 Refinancing Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.34%, 06/30/2028 (u) (aa) | 1423 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Renal Care, Inc., Closing Date Term Loan, (CME Term SOFR 1 Month + 5.00%), 8.83%, 06/28/2028 (aa) | 769 | 722 |
|  |  | 13089 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Household Products/Wares — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lavender Dutch BorrowerCo B.V., Facility B (USD), (Netherlands), (CME Term SOFR 1 Month + 3.25%), 12/02/2032 (u) (aa) | 355 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1261229 B.C. Ltd., Initial Term Loan, (Canada), (CME Term SOFR 1 Month + 6.25%), 9.97%, 10/08/2030 (aa) | 796 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dechra Pharmaceuticals Holdings Ltd., Facility B1, (United Kingdom), (CME Term SOFR 6 Month + 3.25%), 7.45%, 01/27/2032 (aa) | 587 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financiere Mendel, Additional Term Facility 2 (USD), (France), (CME Term SOFR 1 Month + 2.75%), 11/08/2030 (u) (aa) | 746 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp; IVC Acquisition Ltd., Facility B12, (United Kingdom), (CME Term SOFR 3 Month + 3.75%), 7.75%, 12/06/2028 (aa) | 282 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paradigm Parent, LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.50%), 8.17%, 04/16/2032 (aa) | 454 | 398 |
|  |  | 2797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 36084 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TerraForm Power Operating, LLC, Specified Refinancing Term Loan, (CME Term SOFR 3 Month + 2.00%), 5.67%, 05/21/2029 (aa) | 453 | 453 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 316 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT ($) | VALUE ($) |
|  **Loan Assignments — continued**  | **Loan Assignments — continued**  | **Loan Assignments — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodnight Water Solutions Holdings, LLC, Term B Loan, (CME Term SOFR 1 Month + 4.00%), 7.72%, 06/04/2029 (aa) | 941 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazos Delaware II, LLC, 2025 B-2 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.27%, 02/11/2030 (aa) | 630 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp; NGL Energy Operating LLC, Term B Loan, (CME Term SOFR 1 Month + 3.50%), 7.22%, 02/03/2031 (aa) | 1310 | 1321 |
| &nbsp;&nbsp;&nbsp;&nbsp; NorthRiver Midstream Finance LP, Initial Term B Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 2.25%), 6.24%, 08/16/2030 (aa) | 451 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prairie Acquiror LP, Initial Term B-4 Loan, (CME Term SOFR 1 Month + 3.75%), 7.47%, 08/01/2029 (aa) | 362 | 364 |
|  |  | 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 4154 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chrysaor Bidco Sarl, Facility B1 (USD) Loan, (Luxembourg), (CME Term SOFR 1 Month + 3.25%), 10/30/2031 (u) (aa) | 530 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orbit Private Holdings I Ltd., 2025-1 Incremental Term Loan (First Lien), (United Kingdom), (CME Term SOFR 6 Month + 3.75%), 7.55%, 12/10/2031 (aa) | 521 | 523 |
|  |  | 1057 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aretec Group, Inc., Term B-4 Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 6.72%, 08/09/2030 (aa) | 290 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago US Midco III, LP, Closing Date Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.22%, 11/01/2032 (aa) | 668 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LP, 2024-1 Term Loan, (CME Term SOFR 3 Month + 2.00%), 5.67%, 10/31/2031 (aa) | 292 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edelman Financial Engines Center, LLC, The, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-2 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 6.72%, 04/07/2028 (aa) | 2229 | 2239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Refinancing Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 8.97%, 10/06/2028 (aa) | 200 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; EP Wealth Advisors, LLC, Closing Date Term Loan, (CME Term SOFR 3 Month + 3.00%), 6.67%, 10/18/2032 (aa) | 510 | 511 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Focus Financial Partners, LLC, Tranche C Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.22%, 09/15/2031 (u) (aa) | 3967 | 3973 |
| &nbsp;&nbsp;&nbsp;&nbsp; GTCR Everest Borrower, LLC, 2025 Term Loan, (CME Term SOFR 3 Month + 2.75%), 6.42%, 09/05/2031 (aa) | 1251 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp; HighTower Holding, LLC, Amendment No. 10 Replacement Term Loan, (CME Term SOFR 3 Month + 2.75%), 6.65%, 02/03/2032 (aa) | 99 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inception Holdco Sarl, Facility B9, (Luxembourg), (CME Term SOFR 3 Month + 3.25%), 6.92%, 04/18/2031 (aa) | 684 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jane Street Group, LLC, Seventh Amendment Extended Term Loan, (CME Term SOFR 3 Month + 2.00%), 5.82%, 12/15/2031 (aa) | 1235 | 1228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mermaid Bidco Inc., Facility B (USD), (CME Term SOFR 3 Month + 3.25%), 7.15%, 07/03/2031 (aa) | 454 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Advisor Solutions, Inc., 2025 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.11%, 09/24/2030 (aa) | 314 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Midco Ltd., Initial Term Loan (First Lien), (Jersey), (CME Term SOFR 3 Month + 3.50%), 7.43%, 10/08/2032 (aa) | 775 | 778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion US Finco, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 5.50%), 9.43%, 10/10/2033 (u) (aa) | 935 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaic Holdings, Inc., Initial Term Loan, (CME Term SOFR 6 Month + 3.00%), 6.60%, 07/30/2032 (aa) | 2233 | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp; PEX Holdings LLC, Term Loan, (CME Term SOFR 3 Month + 2.75%), 6.42%, 11/26/2031 (aa) | 323 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Speed Midco 3 Sarl, Facility B (USD), (Luxembourg), (CME Term SOFR 6 Month + 2.50%), 6.29%, 10/07/2032 (aa) | 625 | 627 |
|  |  | 17126 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acrisure, LLC, | &nbsp;&nbsp;&nbsp;&nbsp; Acrisure, LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Repricing Term B-6 Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 6.72%, 11/06/2030 (aa) | 1208 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term B Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 6.97%, 06/20/2032 (aa) | 184 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alera Group, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Alera Group, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 6.97%, 05/30/2032 (aa) | 2983 | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.50%), 9.22%, 05/30/2033 (aa) | 4474 | 4553 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 317

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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**  | **Loan Assignments — continued**  | **Loan Assignments — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate, LLC, 2025 Replacement Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.22%, 09/19/2031 (aa) | 4595 | 4604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asurion, LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Term B-13 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 7.97%, 09/19/2030 (aa) | 729 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-11 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.07%, 08/19/2028 (aa) | 763 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-3 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.08%, 01/31/2028 (aa) | 2280 | 2269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New B-4 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.08%, 01/20/2029 (aa) | 2819 | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRC Insurance Group, LLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No.1 Replacement Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.42%, 05/06/2031 (aa) | 1018 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 4.75%), 8.42%, 05/06/2032 (aa) | 4774 | 4826 |
| &nbsp;&nbsp;&nbsp;&nbsp; EG Group Ltd., New Facility B3 (USD), (United Kingdom), (CME Term SOFR 3 Month + 3.50%), 7.32%, 02/07/2028 (aa) | 1378 | 1382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub International Ltd., 2025 Incremental Term Loan, (CME Term SOFR 3 Month + 2.25%), 6.12%, 06/20/2030 (aa) | 4245 | 4266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones DesLauriers Insurance Management, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Jones DesLauriers Insurance Management, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (Canada), (CME Term SOFR 1 Month + 3.00%), 12/10/2032 (u) (aa) | 1260 | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 Repricing Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 2.75%), 6.59%, 03/15/2030 (aa) | 1173 | 1173 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneDigital Borrower LLC, | &nbsp;&nbsp;&nbsp;&nbsp; OneDigital Borrower LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 6.72%, 07/02/2031 (aa) | 548 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 8.97%, 07/02/2032 (aa) | 2045 | 2059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty, LLC, 2024 Term Loan, (CME Term SOFR 1 Month + 2.00%), 5.72%, 09/15/2031 (aa) | 332 | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2024 Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.22%, 07/31/2031 (aa) | 4271 | 4283 |
| &nbsp;&nbsp;&nbsp;&nbsp; USI, Inc., 2024-D Term Loan, (CME Term SOFR 3 Month + 2.25%), 5.92%, 11/21/2029 (aa) | 313 | 313 |
|  |  | 41527 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT ($) | VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Investment Companies — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuren Delaware Holdco, Inc., Amendment No. 1 Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.47%, 07/30/2031 (aa) | 650 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., Term B-6 Loan, (CME Term SOFR 1 Month + 3.00%), 6.72%, 12/10/2030 (aa) | 285 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daintree Bidco Pty Ltd., Term Loan B, (Australia), (CME Term SOFR 1 Month + 4.48%), 11/25/2032 (u) (aa) | 1240 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp; KREF Holdings X LLC, 2025 Replacement Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.25%, 03/05/2032 (aa) | 935 | 939 |
|  |  | 2456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 62818 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bleriot US Bidco Inc., 2024 Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.17%, 10/31/2030 (aa) | 468 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaman Corp., | &nbsp;&nbsp;&nbsp;&nbsp; Kaman Corp., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (CME Term SOFR 3 Month + 1.00%), 1.52%, 02/26/2032 (aa) | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, (CME Term SOFR 6 Month + 2.50%), 6.38%, 02/26/2032 (aa) | 696 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Tranche J Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.22%, 02/28/2031 (aa) | 2438 | 2447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Tranche K Term Loan, (CME Term SOFR 1 Month + 2.25%), 5.97%, 03/22/2030 (aa) | 1159 | 1162 |
|  |  | 4784 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chariot Buyer LLC, Term B Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.47%, 09/08/2032 (aa) | 1827 | 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc., 2025 Term B Loan, (CME Term SOFR 1 Month + 5.25%), 8.97%, 07/08/2030 (aa) | 798 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp; MI Windows and Doors, LLC, Term B-3 Loan, (CME Term SOFR 1 Month + 2.75%), 6.47%, 03/28/2031 (aa) | 609 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc., Tranche B-3 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 5.97%, 02/10/2032 (aa) | 3065 | 3074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watlow Electric Manufacturing Company, Initial Term Loan, (CME Term SOFR 3 Month + 3.00%), 6.84%, 03/02/2028 (aa) | 611 | 614 |
|  |  | 6897 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 318 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT ($) | VALUE ($) |
|  **Loan Assignments — continued**  | **Loan Assignments — continued**  | **Loan Assignments — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Group Holding, LLC, Incremental Term B-2 Facility, (CME Term SOFR 3 Month + 2.75%), 6.56%, 07/01/2031 (u) (aa) | 2012 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Filtration Group Corp., 2025-B Incremental Dollar Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.47%, 10/21/2028 (aa) | 3663 | 3680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ LLC, | &nbsp;&nbsp;&nbsp;&nbsp; Madison IAQ LLC, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Repriced Incremental Term Loan, (CME Term SOFR 3 Month + 2.75%), 6.64%, 11/08/2032 (aa) | 525 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, (CME Term SOFR 6 Month + 2.50%), 6.70%, 06/21/2028 (aa) | 1056 | 1061 |
|  |  | 5269 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hand/Machine Tools — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliance Laundry Systems LLC, Initial Term B Loan, (CME Term SOFR 3 Month + 2.25%), 6.07%, 08/19/2031 (aa) | 304 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Safety & Flow LLC, 2025-B Incremental Term B Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.23%, 09/26/2031 (aa) | 248 | 250 |
|  |  | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CPM Holdings, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.34%, 09/28/2028 (u) (aa) | 1602 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan, (CME Term SOFR 3 Month + 0.50%), 6.65%, 11/26/2032 (aa) | 299 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Refinancing Term Loan, (CME Term SOFR 3 Month + 3.25%), 6.92%, 11/26/2032 (aa) | 2134 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Amendment No. 3 Term Loan (Second Lien), (CME Term SOFR 3 Month + 6.00%), 9.93%, 05/21/2029 (aa) | 1229 | 1231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Husky Injection Molding Systems Ltd., Amendment No. 5 Refinancing Term Loan, (Canada), (CME Term SOFR 3 Month + 3.75%), 7.53%, 02/15/2029 (aa) | 1757 | 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp; INNIO Group Holding GmbH, 2025 Amended Facility B (USD) Loan, (Austria), (CME Term SOFR 3 Month + 2.25%), 6.13%, 11/02/2028 (aa) | 233 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin Buyer Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 7.67%, 12/14/2028 (aa) | 981 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro Mach Group, Inc., Amendment No. 6 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.47%, 10/16/2032 (u) (aa) | 2175 | 2188 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH, Facility B (USD), (Germany), (CME Term SOFR 6 Month + 2.75%), 6.95%, 04/30/2030 (u) (aa) |  | 2242 | 2254 |
|  |  |  | 12703 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LTI Holdings, Inc., 2024 Term Loan (First Lien), (CME Term SOFR 1 Month + 3.75%), 7.47%, 07/29/2029 (aa) |  | 4134 | 4155 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albea Beauty Holdings Sarl, Facility BA, (Luxembourg), (Euribor 3 Month + 5.00%), 7.02%, 12/31/2027 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Next Generation, Inc., 2024 Replacement Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.50%, 11/29/2030 (aa) |  | 2689 | 2693 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProAmpac PG Borrower LLC, 2024-1 Refinancing Term Loan, (CME Term SOFR 3 Month + 4.00%), 7.89%, 09/15/2028 (aa) |  | 361 | 361 |
|  |  |  | 3509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  |  | 39893 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 3.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaseya, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Kaseya, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Kaseya, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 6.72%, 03/20/2032 (aa) |  | 789 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.00%), 8.72%, 03/20/2033 (u) (aa) |  | 1376 | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp; McAfee Corp., Second Amendment Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 3.00%), 6.72%, 03/01/2029 (aa) |  | 3109 | 2859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trio BidCo, LLC, Closing Date Term B Loan, (CME Term SOFR 3 Month + 4.00%), 7.67%, 10/29/2032 (u) (aa) |  | 1289 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp; X Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-3 Term Loan (First Lien), 9.50%, 10/26/2029 |  | 2400 | 2390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-1 Loan (First Lien), (CME Term SOFR 6 Month + 6.50%), 10.45%, 10/26/2029 (aa) |  | 2747 | 2696 |
|  |  |  | 11369 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altar BidCo, Inc., Initial Term Loan (First Lien), (CME Term SOFR 12 Month + 3.10%), 6.78%, 02/01/2029 (u) (aa) |  | 644 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Icon Parent I, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Icon Parent I, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Icon Parent I, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.44%, 11/13/2031 (aa) |  | 1653 | 1655 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 319

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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**  | **Loan Assignments — continued**  | **Loan Assignments — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.00%), 8.84%, 11/12/2032 (aa) | 1890 | 1890 |
|  |  | 4182 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Systems, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Applied Systems, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tranche B-1 Term Loan (First Lien), (CME Term SOFR 3 Month + 2.50%), 6.17%, 02/24/2031 (aa) | 4723 | 4747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan (2024) (Second Lien), (CME Term SOFR 3 Month + 4.50%), 8.17%, 02/23/2032 (aa) | 2558 | 2596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ascend Learning, LLC, Amendment No. 5 Incremental Term Loan, (CME Term SOFR 1 Month + 3.00%), 6.72%, 12/11/2028 (aa) | 1246 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp; athenahealth Group Inc., Initial Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.47%, 02/15/2029 (aa) | 1446 | 1448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avalara, Inc., First Amendment Term Loan, (CME Term SOFR 3 Month + 2.75%), 6.42%, 03/26/2032 (aa) | 1423 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Parent LLC, 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 6.92%, 07/06/2029 (aa) | 895 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenth Amendment Tranche B-1 Term Loan, (CME Term SOFR 3 Month + 3.25%), 6.92%, 08/13/2032 (aa) | 2125 | 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenth Amendment Tranche B-2 Term Loan, (CME Term SOFR 3 Month + 3.25%), 6.92%, 03/21/2031 (aa) | 1137 | 1138 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConnectWise, LLC, Initial Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.43%, 09/29/2028 (aa) | 743 | 729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dawn Bidco, LLC, Term Loan, (CME Term SOFR 1 Month + 3.00%), 08/20/2032 (u) (aa) | 1255 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dye & Durham Corp., Term Loan B, (Canada), (CME Term SOFR 3 Month + 4.25%), 8.02%, 04/11/2031 (aa) | 729 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp; ECi Macola/MAX Holding, LLC, 2025 Repricing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.42%, 05/09/2030 (aa) | 440 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.47%, 10/09/2029 (u) (aa) | 4178 | 4199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 4.75%), 8.47%, 11/22/2032 (aa) | 2341 | 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epicor Software Corp., Term F Loan, (CME Term SOFR 1 Month + 2.50%), 6.22%, 05/30/2031 (u) (aa) | 4905 | 4918 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Financial Holdings LLC, 2025 Replacement Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 6.97%, 09/27/2030 (u) (aa) |  | 342 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Javelin Buyer, Inc., Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.00%), 8.82%, 12/06/2032 (aa) |  | 1060 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Playtika Holding Corp., Term B-1 Loan, (CME Term SOFR 1 Month + 2.75%), 6.58%, 03/13/2028 (aa) |  | 128 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris Newco, LLC, Euro Term Loan (First Lien), (EURIBOR 3 Month + 3.75%), 5.82%, 06/02/2028 (aa) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc., Initial Loan (Second Lien), (CME Term SOFR 3 Month + 5.00%), 8.67%, 05/09/2033 (aa) |  | 1650 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Project Boost Purchaser, LLC, 2025-2 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.42%, 07/16/2031 (aa) |  | 1566 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp; RealPage, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; RealPage, Inc., | &nbsp;&nbsp;&nbsp;&nbsp; RealPage, Inc., |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 6.93%, 04/24/2028 (aa) |  | 123 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-1 Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 7.42%, 04/24/2028 (aa) |  | 631 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Planet Borrower, LLC, Fourth Amendment Incremental Term Loan, (CME Term SOFR 1 Month + 4.00%), 7.72%, 09/08/2032 (aa) |  | 1280 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renaissance Holding Corp., 2024-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.00%), 7.72%, 04/05/2030 (aa) |  | 1286 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp; UKG Inc., 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.50%), 6.34%, 02/10/2031 (u) (aa) |  | 5672 | 5675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waystar Technologies, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 2.00%), 5.72%, 10/22/2029 (aa) |  | 548 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp; X.AI CORP., Term Loan, (CME Term SOFR 6 Month + 7.25%), 11.12%, 06/28/2030 (aa) |  | 667 | 657 |
|  |  |  | 45187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  |  | 60738 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Generation, LLC, Initial Term B Loan, (CME Term SOFR 1 Month + 2.00%), 5.72%, 09/30/2031 (aa) |  | 1575 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Power Generation, LLC, Tranche B-4 Term Loan, (CME Term SOFR 1 Month + 3.25%), 6.97%, 04/14/2029 (aa) |  | 249 | 250 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 320 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT ($) | PRINCIPAL<br>AMOUNT ($) | VALUE ($) |
|  **Loan Assignments — continued**  | **Loan Assignments — continued**  | **Loan Assignments — continued**  | **Loan Assignments — continued**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Renewables, LLC, Loan, (CME Term SOFR 3 Month + 2.00%), 5.82%, 12/15/2027 (aa) |  | 1798 | 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Generation, LLC, Term Loan B, (CME Term SOFR 3 Month + 3.25%), 7.09%, 08/11/2032 (aa) |  | 2379 | 2398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamilton Projects Acquiror, LLC, 2025-2 Repricing Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.22%, 05/30/2031 (aa) |  | 1181 | 1188 |
| &nbsp;&nbsp;&nbsp;&nbsp; MRP Buyer, LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (CME Term SOFR 3 Month + 3.25%), 5.46%, 06/04/2032 (aa) |  | 40 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Closing Date Term Loan, (CME Term SOFR 3 Month + 3.25%), 6.92%, 06/04/2032 (aa) |  | 518 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Supply, LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025-1 Incremental Term B Loan, (CME Term SOFR 3 Month + 2.00%), 5.67%, 11/25/2032 (aa) |  | 344 | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term B Loan, (CME Term SOFR 3 Month + 2.50%), 6.35%, 05/17/2030 (aa) |  | 1588 | 1592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024-1 Incremental Term B Loan, (CME Term SOFR 3 Month + 2.50%), 6.35%, 12/13/2031 (aa) |  | 1328 | 1333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  |  | 11039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments<br>(Cost $277,051) |  |  | 276337 |
|  **Short-Term Investments — 39.1%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreement — 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc., 3.93%, dated 12/31/2025 due 01/02/2026, repurchase price $2,700 collateralized by U.S. Treasury Bills, 0.00%, due 12/24/2026, with a value of $2,754 |  | 2700 | 2700 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 5.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.72%, 01/05/2026 | NZD | 39 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 01/02/2026 | AUD | 211 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 2273 | 2273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.79%), 01/02/2026 | SEK | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%, 01/05/2026 | JPY | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 01/02/2026 | SGD | 182 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/02/2026 | HKD | 1236 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 01/02/2026 (c) | EUR | 1334 | 1568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 01/02/2026 (c) | GBP | 849 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 (c) |  | 7580 | 7580 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — continued**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.08%, 01/02/2026 (c) | CAD | 375 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 55332 | 55332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%, 01/05/2026 | JPY | 512569 | 3273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 387 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 2.98%, 01/02/2026 (c) |  | 17633 | 17633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Time Deposits |  |  | 89928 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations — 33.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/07/2026 (n) (ii) |  | 8581 | 8501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/14/2026 (n) (ii) |  | 60 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 02/12/2026 (n) |  | 9336 | 9298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/29/2026 (c) (n) |  | 253200 | 252530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 03/12/2026 (n) |  | 1400 | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/24/2026 (n) |  | 11000 | 10913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 04/09/2026 (c) (n) |  | 3000 | 2971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 03/19/2026 (c) (n) |  | 35000 | 34739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 01/13/2026 (n) |  | 15730 | 15713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 02/17/2026 (n) |  | 7600 | 7566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 04/02/2026 (c) (n) |  | 20500 | 20318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 02/19/2026 (n) |  | 10000 | 9952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 03/10/2026 (n) |  | 3600 | 3577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 03/05/2026 (n) |  | 34000 | 33793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 03/26/2026 (c) (n) |  | 22500 | 22318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/17/2026 (n) (ii) |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 01/20/2026 (n) |  | 7000 | 6988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/03/2026 (n) |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/27/2026 (n) |  | 14300 | 14265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 02/03/2026 (n) |  | 9000 | 8972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 02/05/2026 (n) |  | 7000 | 6977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 01/22/2026 (n) |  | 12048 | 12024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 01/02/2026 (n) |  | 13875 | 13875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/08/2026 (c) (n) |  | 20500 | 20488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/15/2026 (n) |  | 9086 | 9074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  |  | 526307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $618,815) |  |  | 618935 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments — 123.8%**<br>**(Cost — $1,961,467)** |  |  | **1960912** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities in Excess of Other Assets — (23.8)%** | &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities in Excess of Other Assets — (23.8)%** | &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities in Excess of Other Assets — (23.8)%** | **(376934)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS — 100.0%** |  |  | $**1583978** |
|  **Short Positions — 2.7%** |  |  |  |
|  **Mortgage-Backed Securities — 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA or FHLMC, Single Family, 30 years, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.00%, 01/01/2056 (w) |  | 500 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 01/01/2056 (w) |  | 3300 | 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 02/01/2056 (w) |  | 11700 | 10362 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA, 4.00%, 01/01/2056 (w) |  | 1900 | 1804 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 321

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT($)** | **VALUE($)** |
|  **Short Positions — continued**  |  |  |
|  **Mortgage-Backed Securities — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 01/01/2056 (w) | 10600 | 10582 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA, 5.00%, 02/01/2056 (w) | 10100 | 10074 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA, Single Family, 30 years, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA, 2.50%, 01/01/2056 (w) | 4000 | 3457 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA, 3.00%, 02/01/2056 (w) | 3000 | 2698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities<br>(Cost $42,142) |  | 42178 |
|  **Total Securities Sold Short— 2.7%**<br> (Proceeds $42,142) |  | **42178** |

---

Percentages indicated are based on net assets.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded |
| DESCRIPTION | NUMBER OF<br>CONTRACTS | EXPIRATION<br>DATE | TRADING<br>CURRENCY | NOTIONAL<br>AMOUNT($) | VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** | **Long Contracts** |
|  30 Day Federal Funds Futures | 101 | 05/2026 | USD | 40714 | (75) |
|  90 Day Bank Accepted Bills | 22 | 06/2026 | AUD | 14563 | (23) |
|  90 Day Bank Accepted Bills | 18 | 09/2026 | AUD | 11908 | (14) |
|  90 Day Bank Accepted Bills | 15 | 12/2026 | AUD | 9923 | (14) |
|  90 Day Bank Accepted Bills | 9 | 03/2027 | AUD | 5951 | (5) |
|  90 Day Bank Accepted Bills | 6 | 06/2027 | AUD | 3963 | 1 |
|  ASX SPI 200 Index | 16 | 03/2026 | AUD | 2328 | (12) |
|  Australian Dollar | 371 | 03/2026 | USD | 24686 | 71 |
|  Australian Government 3 Year Bond | 19 | 03/2026 | AUD | 1330 | 1 |
|  Bovespa Index-Mini | 280 | 02/2026 | BRL | 1675 |  |
|  Brent Crude Oil | 56 | 01/2026 | USD | 3360 | 48 (c) |
|  Brent Crude Oil | 15 | 02/2026 | USD | 918 | (11)(c) |
|  Brent Crude Oil | 10 | 03/2026 | USD | 611 | (8)(c) |
|  British Pound | 327 | 03/2026 | USD | 27328 | 177 |
|  CAC40 10 Euro | 63 | 01/2026 | EUR | 6019 | 18 |
|  Canadian Dollar | 103 | 03/2026 | USD | 7553 | (21) |
|  Canadian Government 5 Year Bond | 2 | 03/2026 | CAD | 166 | (1) |
|  Canadian Government 10 Year Bond | 13 | 03/2026 | CAD | 1157 | (12) |
|  Cboe Volatility Index | 44 | 01/2026 | USD | 869 | (141) |
|  Cboe Volatility Index | 22 | 02/2026 | USD | 443 | (35) |
|  Cboe Volatility Index | 6 | 03/2026 | USD | 123 | (4) |
|  Coffee | 16 | 03/2026 | USD | 2345 | (252)(c) |
|  Coffee | 1 | 05/2026 | USD | 126 | (1)(c) |
|  Copper | 120 | 03/2026 | USD | 15727 | 1319 (c) |
|  Cotton | 5 | 03/2026 | USD | 162 | (1)(c) |
|  Cotton | 1 | 05/2026 | USD | 33 | (—)(c)(h) |
|  Cotton | 1 | 07/2026 | USD | 33 | — (c)(h) |
|  Crude Oil | 60 | 01/2026 | USD | 3452 | (6)(c) |
|  Crude Oil | 6 | 03/2026 | USD | 342 | 1 (c) |
|  Crude Oil | 3 | 04/2026 | USD | 171 | — (c)(h) |
|  Czech Koruna Cross-Rate | 4 | 03/2026 | EUR | 774 | 3 |
|  Dax Index | 19 | 03/2026 | EUR | 13564 | 218 |
|  Dollar Index | 359 | 03/2026 | USD | 35487 | (288) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 322 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded |
| DESCRIPTION | NUMBER OF<br>CONTRACTS | EXPIRATION<br>DATE | TRADING<br>CURRENCY | NOTIONAL<br>AMOUNT($) | VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  E-mini Dow Jones Industrial Average Index | 6 | 03/2026 | USD | 1467 | (17) |
|  E-mini Russell 2000 Index | 123 | 03/2026 | USD | 15858 | (495) |
|  Euro BTP Italian Government Bonds | 142 | 03/2026 | EUR | 20120 | (64) |
|  Euro Fx | 420 | 03/2026 | USD | 61727 | 118 |
|  Euro STOXX 50 Index | 135 | 03/2026 | EUR | 9139 | 128 |
|  Euro-Oat French Government Bonds | 5 | 03/2026 | EUR | 711 | (3) |
|  Feeder Cattle | 1 | 01/2026 | USD | 170 | 5 (c) |
|  Feeder Cattle | 2 | 03/2026 | USD | 326 | 20 (c) |
|  Frozen Concentrated Orange Juice | 1 | 03/2026 | USD | 31 | (1)(c) |
|  FTSE 100 Index | 83 | 03/2026 | GBP | 10917 | 205 |
|  FTSE MIB Index | 42 | 03/2026 | EUR | 10962 | 157 |
|  Gas Oil | 3 | 01/2026 | USD | 204 | (18)(c) |
|  Gas Oil | 6 | 02/2026 | USD | 385 | (13)(c) |
|  Gas Oil | 4 | 03/2026 | USD | 247 | (1)(c) |
|  Gasoline RBOB | 6 | 01/2026 | USD | 447 | (15)(c) |
|  Gasoline RBOB | 3 | 02/2026 | USD | 224 | (4)(c) |
|  Gasoline RBOB | 1 | 03/2026 | USD | 83 | (1)(c) |
|  Gasoline RBOB | 1 | 04/2026 | USD | 83 | (1)(c) |
|  Gasoline RBOB | 1 | 05/2026 | USD | 86 | (3)(c) |
|  Gold 100 oz | 77 | 02/2026 | USD | 32388 | 1038 (c) |
|  Hang Seng China Enterprise Index | 26 | 01/2026 | HKD | 1501 | (14) |
|  Hang Seng Index | 21 | 01/2026 | HKD | 3493 | (33) |
|  Hungarian Forint | 11 | 03/2026 | EUR | 1003 | (2) |
|  ICE 3 Month SONIA | 296 | 06/2027 | GBP | 96394 | 2 |
|  ICE 3 Month SONIA | 190 | 03/2028 | GBP | 61803 | (13) |
|  IFSC NIFTY 50 Index | 122 | 01/2026 | USD | 6446 | (35) |
|  Japanese Yen | 306 | 03/2026 | USD | 24696 | (145) |
|  KOSPI 200 Index | 55 | 03/2026 | KRW | 5531 | 272 |
|  Lean Hogs | 19 | 02/2026 | USD | 629 | 18 (c) |
|  Lean Hogs | 41 | 04/2026 | USD | 1463 | 12 (c) |
|  Live Cattle | 13 | 02/2026 | USD | 1136 | 68 (c) |
|  Live Cattle | 8 | 04/2026 | USD | 707 | 36 (c) |
|  Live Cattle | 5 | 06/2026 | USD | 426 | 28 (c) |
|  Live Cattle | 1 | 08/2026 | USD | 89 | — (c)(h) |
|  Long Gilt | 43 | 03/2026 | GBP | 5263 | 33 |
|  Mexican Peso | 2240 | 03/2026 | USD | 60739 | 996 |
|  Mini MSCI EAFE Index | 379 | 03/2026 | USD | 54828 | 167 |
|  MSCI Emerging Markets Index | 510 | 03/2026 | USD | 35647 | 344 |
|  NASDAQ 100 E-mini Index | 57 | 03/2026 | USD | 29479 | (458) |
|  Natural Gas | 5 | 01/2026 | EUR | 104 | 7 (c) |
|  Natural Gas | 5 | 01/2026 | GBP | 137 | 2 (c) |
|  New York Harbor ULSD | 3 | 01/2026 | USD | 276 | (9)(c) |
|  New York Harbor ULSD | 2 | 02/2026 | USD | 188 | (12) |
|  New York Harbor ULSD | 1 | 03/2026 | USD | 88 | (1)(c) |
|  Norwegian Krone Cross-Rate | 5 | 03/2026 | NOK | 735 | 2 |
|  OMXS 30 Index | 287 | 01/2026 | SEK | 8801 | 225 |
|  Palladium | 6 | 03/2026 | USD | 887 | 104 (c) |
|  Platinum | 22 | 04/2026 | USD | 2145 | 104 (c) |
|  Polish Zloty | 8 | 03/2026 | EUR | 1105 | 5 |
|  Robusta Coffee 10-Tonne | 6 | 03/2026 | USD | 242 | (5)(c) |
|  Robusta Coffee 10-Tonne | 2 | 05/2026 | USD | 77 | 1 (c) |
|  S&P 500 E-mini Index | 78 | 03/2026 | USD | 26960 | (80) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 323

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts outstanding as of December 31, 2025:** | **Futures contracts outstanding as of December 31, 2025:** | **Futures contracts outstanding as of December 31, 2025:** | **Futures contracts outstanding as of December 31, 2025:** | **Futures contracts outstanding as of December 31, 2025:** | **Futures contracts outstanding as of December 31, 2025:** |
| **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** |
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  S&P MidCap 400 E-mini Index | 24 | 03/2026 | USD | 8136 | (155) |
|  S&P Toronto Stock Exchange 60 Index | 47 | 03/2026 | CAD | 12679 | 73 |
|  SGX FTSE China A50 Index | 808 | 01/2026 | USD | 12406 | (60) |
|  SGX FTSE Taiwan Index | 66 | 01/2026 | USD | 6147 | 113 |
|  SGX MSCI Singapore Index | 158 | 01/2026 | SGD | 5478 | 1 |
|  SGX Nikkei | 30 | 03/2026 | JPY | 4840 | (9) |
|  Short Euro-BTP | 11 | 03/2026 | EUR | 1389 | (2) |
|  Silver | 18 | 03/2026 | USD | 4854 | 1500 (c) |
|  SOFR 3 Month | 31 | 03/2026 | USD | 7499 | (35) |
|  SOFR 3 Month | 75 | 09/2026 | USD | 18142 | (12) |
|  SOFR 3 Month | 150 | 03/2027 | USD | 36261 | 72 |
|  SOFR 3 Month | 563 | 09/2027 | USD | 136292 | 31 |
|  SOFR 3 Month | 101 | 03/2028 | USD | 24466 | (38) |
|  SOFR 3 Month | 119 | 12/2028 | USD | 28765 | (37) |
|  South African Rand | 38 | 03/2026 | USD | 1111 | 30 |
|  Soybean | 23 | 03/2026 | USD | 1259 | (55)(c) |
|  Swiss Franc | 9 | 03/2026 | USD | 1438 | (8) |
|  Swiss Market Index | 17 | 03/2026 | CHF | 2786 | 48 |
|  TOPIX Index | 50 | 03/2026 | JPY | 10835 | 61 |
|  U.S. Treasury 2 Year Note | 144 | 03/2026 | USD | 30097 | (31) |
|  U.S. Treasury 10 Year Note | 115 | 03/2026 | USD | 13065 | (135) |
|  U.S. Treasury Long Bond | 8 | 03/2026 | USD | 927 | (2) |
|  U.S. Treasury Ultra Bond | 25 | 03/2026 | USD | 3019 | (69) |
|  U.S. Ultra Treasury 10 Year Note | 66 | 03/2026 | USD | 7618 | (27) |
|  WTI Crude | 5 | 01/2026 | USD | 281 | 6 (c) |
|  WTI Crude | 6 | 02/2026 | USD | 346 | (3)(c) |
|  WTI Crude | 19 | 02/2026 | USD | 1100 | (13)(c) |
|  WTI Crude | 2 | 03/2026 | USD | 115 | (1)(c) |
|  WTI Crude | 1 | 05/2026 | USD | 58 | (—)(c)(h) |
|  |  |  |  |  | 4830 |
|  **Short Contracts** |  |  |  |  |  |
|  3MO Euro EURIBOR | (16) | 06/2026 | EUR | (4606) | 1 |
|  3MO Euro EURIBOR | (15) | 09/2026 | EUR | (4317) | 1 |
|  3MO Euro EURIBOR | (16) | 12/2026 | EUR | (4603) | 1 |
|  3MO Euro EURIBOR | (626) | 03/2027 | EUR | (180019) | 91 |
|  3MO Euro EURIBOR | (11) | 06/2027 | EUR | (3160) | — (h) |
|  3MO Euro EURIBOR | (9) | 09/2027 | EUR | (2583) | — (h) |
|  3MO Euro EURIBOR | (376) | 12/2027 | EUR | (107815) | (30) |
|  3MO Euro EURIBOR | (3) | 03/2028 | EUR | (859) | (–)(h) |
|  3MO Euro EURIBOR | (395) | 09/2028 | EUR | (113038) | (37) |
|  ASX SPI 200 Index | (3) | 03/2026 | AUD | (433) | (2) |
|  Australian Dollar | (160) | 03/2026 | USD | (10635) | (42) |
|  Australian Government 3 Year Bond | (239) | 03/2026 | AUD | (16736) | (11) |
|  Australian Government 10 Year Bond | (295) | 03/2026 | AUD | (21529) | (25) |
|  Bovespa | (210) | 01/2026 | BRL | (10601) |  |
|  Brent Crude Oil | (52) | 01/2026 | USD | (3105) | (60)(c) |
|  CAC40 10 Euro | (21) | 01/2026 | EUR | (2003) | (10) |
|  Canadian Dollar | (112) | 03/2026 | USD | (8154) | (35) |
|  Canadian Government 2 Year Bond | (2) | 03/2026 | CAD | (154) | — (h) |
|  Canadian Government 10 Year Bond | (95) | 03/2026 | CAD | (8334) | (34) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 324 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded |
| DESCRIPTION | NUMBER OF<br>CONTRACTS | EXPIRATION<br>DATE | TRADING<br>CURRENCY | NOTIONAL<br>AMOUNT($) | VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  Canola | (137) | 03/2026 | CAD | (1230) | 27 (c) |
|  Cocoa | (22) | 03/2026 | USD | (1375) | 41 (c) |
|  Cocoa | (1) | 05/2026 | USD | (59) | (2)(c) |
|  Corn | (170) | 03/2026 | USD | (3780) | 38 (c) |
|  Corn | (36) | 05/2026 | USD | (807) | (—)(c)(h) |
|  Corn | (7) | 07/2026 | USD | (160) | 1 (c) |
|  Corn | (2) | 09/2026 | USD | (45) | — (c)(h) |
|  Corn | (8) | 12/2026 | USD | (186) | 1 (c) |
|  Cotton | (96) | 03/2026 | USD | (3170) | 85 (c) |
|  Crude Oil | (57) | 01/2026 | USD | (3251) | (22)(c) |
|  Dollar Index | (74) | 01/2026 | KRW | (755) | 15 |
|  ECX Emission | (1) | 12/2026 | EUR | (99) | (4)(c) |
|  E-mini Russell 2000 Index | (31) | 03/2026 | USD | (3993) | 121 |
|  Euro BOBL | (360) | 03/2026 | EUR | (49212) | 68 |
|  Euro Bund | (169) | 03/2026 | EUR | (25392) | 56 |
|  Euro Buxl | (120) | 03/2026 | EUR | (15749) | 219 |
|  Euro Schatz | (1735) | 03/2026 | EUR | (217952) | 211 |
|  Euro STOXX 50 Index | (3) | 03/2026 | EUR | (204) | (2) |
|  Euro-Oat French Government Bonds | (65) | 03/2026 | EUR | (9192) | (20) |
|  FTSE 40 Index | (17) | 03/2026 | ZAR | (1104) | (18) |
|  FTSE 100 Index | (28) | 03/2026 | GBP | (3693) | (59) |
|  Gas Oil | (3) | 02/2026 | USD | (186) | (—)(c)(h) |
|  Gasoline RBOB | (18) | 01/2026 | USD | (1312) | 15 (c) |
|  Hard Red Winter Wheat | (286) | 03/2026 | USD | (7550) | 189 (c) |
|  Hard Red Winter Wheat | (14) | 05/2026 | USD | (379) | 9 (c) |
|  Hard Red Winter Wheat | (13) | 07/2026 | USD | (360) | 8 (c) |
|  IBEX 35 Index | (7) | 01/2026 | EUR | (1399) | (22) |
|  ICE 3 Month SONIA | (16) | 09/2026 | GBP | (5198) | (10) |
|  ICE 3 Month SONIA | (11) | 12/2026 | GBP | (3574) | (9) |
|  ICE 3 Month SONIA | (16) | 03/2027 | GBP | (5201) | (11) |
|  ICE 3 Month SONIA | (12) | 06/2027 | GBP | (3905) | (3) |
|  Israeli Shekel | (5) | 03/2026 | USD | (1553) | (16) |
|  Japan Government 10 Year Bond | (62) | 03/2026 | JPY | (52817) | 408 |
|  Japanese Yen | (1139) | 03/2026 | USD | (92531) | 1149 |
|  Korea 3-Year Bond | (54) | 03/2026 | KRW | (3944) | (8) |
|  Korea 10-Year Bond | (25) | 03/2026 | KRW | (1955) | (4) |
|  Lean Hogs | (5) | 02/2026 | USD | (163) | (7)(c) |
|  Lean Hogs | (2) | 04/2026 | USD | (72) | — (c)(h) |
|  Lean Hogs | (1) | 06/2026 | USD | (40) | (1)(c) |
|  London Cocoa | (8) | 03/2026 | GBP | (489) | 17 (c) |
|  London Cocoa | (6) | 05/2026 | GBP | (333) | (21)(c) |
|  Milling Wheat | (408) | 03/2026 | EUR | (4622) | 73 (c) |
|  Milling Wheat | (17) | 05/2026 | EUR | (199) | 8 (c) |
|  Milling Wheat | (6) | 09/2026 | EUR | (72) | 4 (c) |
|  Milling Wheat | (5) | 12/2026 | EUR | (61) | 2 (c) |
|  Natural Gas | (205) | 01/2026 | USD | (7745) | 189 (c) |
|  Natural Gas | (9) | 02/2026 | USD | (320) | 39 (c) |
|  Natural Gas | (4) | 03/2026 | USD | (146) | 20 (c) |
|  Natural Gas | (1) | 04/2026 | USD | (33) | — (c)(h) |
|  New York Harbor ULSD | (19) | 01/2026 | USD | (1706) | 13 (c) |
|  New Zealand Dollar | (206) | 03/2026 | USD | (11946) | 64 |
|  Nikkei 225 | (30) | 03/2026 | JPY | (1839) | 5 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 325

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures contracts outstanding as of December 31, 2025:** | **Futures contracts outstanding as of December 31, 2025:** | **Futures contracts outstanding as of December 31, 2025:** | **Futures contracts outstanding as of December 31, 2025:** | **Futures contracts outstanding as of December 31, 2025:** | **Futures contracts outstanding as of December 31, 2025:** |
| **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** | **Exchange Traded** |
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  Palladium | (3) | 03/2026 | USD | (426) | (69)(c) |
|  Platinum | (25) | 04/2026 | USD | (2654) | 99 (c) |
|  Rapeseed Euro | (1) | 01/2026 | EUR | (28) | 1 (c) |
|  Rapeseed Euro | (69) | 04/2026 | EUR | (1852) | 28 (c) |
|  Rapeseed Euro | (1) | 07/2026 | EUR | (27) | 1 (c) |
|  Red Spring Wheat | (87) | 03/2026 | USD | (2534) | 38 (c) |
|  Robusta Coffee 10-Tonne | (9) | 03/2026 | USD | (338) | (17)(c) |
|  S&P MidCap 400 E-mini Index | (4) | 03/2026 | USD | (1360) | 30 |
|  SGX FTSE Taiwan Index | (1) | 01/2026 | USD | (94) | (1) |
|  SGX Nikkei | (2) | 03/2026 | JPY | (321) | (1) |
|  Short Euro-BTP | (88) | 03/2026 | EUR | (11088) | (11) |
|  Silver | (9) | 03/2026 | USD | (2335) | (843)(c) |
|  SOFR 3 Month | (331) | 06/2026 | USD | (80214) | 372 |
|  SOFR 3 Month | (67) | 09/2026 | USD | (16213) | 18 |
|  SOFR 3 Month | (74) | 12/2026 | USD | (17939) | 23 |
|  SOFR 3 Month | (114) | 03/2027 | USD | (27647) | 33 |
|  SOFR 3 Month | (267) | 06/2027 | USD | (64671) | — (h) |
|  SOFR 3 Month | (88) | 09/2027 | USD | (21332) | 24 |
|  SOFR 3 Month | (70) | 12/2027 | USD | (16968) | 27 |
|  SOFR 3 Month | (77) | 03/2028 | USD | (18649) | 25 |
|  SOFR 3 Month | (43) | 06/2028 | USD | (10392) | (1) |
|  Soybean | (21) | 03/2026 | USD | (1139) | 39 (c) |
|  Soybean | (4) | 05/2026 | USD | (218) | 6 (c) |
|  Soybean | (3) | 07/2026 | USD | (168) | 7 (c) |
|  Soybean Meal | (11) | 03/2026 | USD | (347) | 18 (c) |
|  Soybean Meal | (42) | 05/2026 | USD | (1288) | 11 (c) |
|  Soybean Meal | (3) | 07/2026 | USD | (97) | 5 (c) |
|  Soybean Oil | (145) | 03/2026 | USD | (4254) | 30 (c) |
|  Soybean Oil | (3) | 05/2026 | USD | (94) | 5 (c) |
|  Soybean Oil | (1) | 07/2026 | USD | (31) | 1 (c) |
|  Soybean Oil | (1) | 08/2026 | USD | (30) | — (c)(h) |
|  Sugar | (347) | 02/2026 | USD | (6182) | 349 (c) |
|  Sugar | (18) | 04/2026 | USD | (302) | 6 (c) |
|  Sugar | (1) | 06/2026 | USD | (18) | 1 (c) |
|  Swedish Krona | (1) | 03/2026 | SEK | (149) | 2 |
|  Swiss Franc | (57) | 03/2026 | USD | (8990) | (64) |
|  U.S. Treasury 2 Year Note | (250) | 03/2026 | USD | (52205) | 7 |
|  U.S. Treasury 5 Year Note | (134) | 03/2026 | USD | (14677) | 30 |
|  U.S. Treasury 10 Year Note | (149) | 03/2026 | USD | (16843) | 90 |
|  U.S. Treasury Long Bond | (414) | 03/2026 | USD | (48560) | 705 |
|  U.S. Treasury Ultra Bond | (25) | 03/2026 | USD | (2951) | 1 |
|  U.S. Ultra Treasury 10 Year Note | (17) | 03/2026 | USD | (1966) | 11 |
|  Wheat | (10) | 03/2026 | USD | (272) | 19 (c) |
|  Wheat | (4) | 05/2026 | USD | (109) | 6 (c) |
|  Wheat | (2) | 07/2026 | USD | (55) | 2 (c) |
|  White Sugar | (10) | 02/2026 | USD | (210) | (4)(c) |
|  White Sugar | (5) | 04/2026 | USD | (104) | (2)(c) |
|  White Sugar | (1) | 07/2026 | USD | (21) | (—)(c)(h) |
|  WTI Crude | (4) | 02/2026 | USD | (231) | 2 (c) |
|  |  |  |  |  | 3723 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 8553 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 326 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: | Forward foreign currency exchange contracts outstanding as of December 31, 2025: |
| CURRENCY<br>PURCHASED | CURRENCY<br>PURCHASED | CURRENCY SOLD | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT<br>DATE | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) |
|  AUD | 212 | USD | 141 | Brown Brothers Harriman & Co. | 01/15/2026 | 1 |
|  USD | 128 | AUD | 191 | Brown Brothers Harriman & Co. | 01/15/2026 | 1 |
|  USD | 53 | AUD | 79 | Brown Brothers Harriman & Co. | 01/15/2026 | — (h) |
|  CAD | 42 | USD | 31 | Brown Brothers Harriman & Co. | 01/15/2026 | — (c)(h) |
|  USD | 61 | CAD | 83 | Brown Brothers Harriman & Co. | 01/15/2026 | — (h) |
|  USD | 48 | EUR | 41 | Brown Brothers Harriman & Co. | 01/15/2026 | — (h) |
|  USD | 2793 | EUR | 2371 | Brown Brothers Harriman & Co. | 01/15/2026 | 6 |
|  USD | 252 | EUR | 214 | Brown Brothers Harriman & Co. | 01/15/2026 | — (h) |
|  USD | 106 | EUR | 89 | Brown Brothers Harriman & Co. | 01/15/2026 | — (h) |
|  USD | 708 | EUR | 600 | Brown Brothers Harriman & Co. | 01/15/2026 | 3 |
|  USD | 58 | EUR | 49 | Brown Brothers Harriman & Co. | 01/15/2026 | — (h) |
|  USD | 143 | EUR | 122 | Brown Brothers Harriman & Co. | 01/15/2026 | — (h) |
|  USD | 400 | EUR | 340 | Brown Brothers Harriman & Co. | 01/15/2026 | — (h) |
|  USD | 1437 | EUR | 1220 | Brown Brothers Harriman & Co. | 01/15/2026 | 2 |
|  EUR | 290 | USD | 340 | Brown Brothers Harriman & Co. | 01/15/2026 | — (h) |
|  USD | 40 | EUR | 34 | Brown Brothers Harriman & Co. | 01/15/2026 | — (c)(h) |
|  USD | 411 | EUR | 349 | Brown Brothers Harriman & Co. | 01/15/2026 | 1 (c) |
|  USD | 56 | EUR | 47 | Brown Brothers Harriman & Co. | 01/15/2026 | — (c)(h) |
|  USD | 51 | EUR | 43 | Brown Brothers Harriman & Co. | 01/15/2026 | — (c)(h) |
|  EUR | 691 | USD | 812 | Brown Brothers Harriman & Co. | 01/15/2026 | 1 |
|  GBP | 111 | USD | 150 | Brown Brothers Harriman & Co. | 01/15/2026 | 1 |
|  GBP | 279 | USD | 373 | Brown Brothers Harriman & Co. | 01/15/2026 | 3 |
|  GBP | 77 | USD | 103 | Brown Brothers Harriman & Co. | 01/15/2026 | 1 |
|  GBP | 136 | USD | 181 | Brown Brothers Harriman & Co. | 01/15/2026 | 2 |
|  USD | 46 | GBP | 34 | Brown Brothers Harriman & Co. | 01/15/2026 | — (h) |
|  GBP | 43 | USD | 58 | Brown Brothers Harriman & Co. | 01/15/2026 | — (c)(h) |
|  USD | 61 | HKD | 471 | Brown Brothers Harriman & Co. | 01/15/2026 | — (h) |
|  USD | 55 | HKD | 424 | Brown Brothers Harriman & Co. | 01/15/2026 | — (h) |
|  JPY | 37221 | USD | 237 | Brown Brothers Harriman & Co. | 01/15/2026 | 1 |
|  USD | 91 | JPY | 14067 | Brown Brothers Harriman & Co. | 01/15/2026 | 1 |
|  USD | 1363 | JPY | 211462 | Brown Brothers Harriman & Co. | 01/15/2026 | 12 |
|  USD | 115 | JPY | 17906 | Brown Brothers Harriman & Co. | 01/15/2026 | — (h) |
|  USD | 51 | JPY | 7801 | Brown Brothers Harriman & Co. | 01/15/2026 | 1 |
|  SEK | 406 | USD | 44 | Brown Brothers Harriman & Co. | 01/15/2026 | — (h) |
|  USD | 1044 | SEK | 9591 | Brown Brothers Harriman & Co. | 01/15/2026 | 1 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | 38 |
|  USD | 1681 | EUR | 1448 | Barclays Bank plc | 01/14/2026 | (21) |
|  AUD | 147 | USD | 98 | Brown Brothers Harriman & Co. | 01/15/2026 | (—)(h) |
|  USD | 138 | AUD | 207 | Brown Brothers Harriman & Co. | 01/15/2026 | (—)(h) |
|  USD | 1185 | AUD | 1784 | Brown Brothers Harriman & Co. | 01/15/2026 | (6) |
|  CAD | 179 | USD | 131 | Brown Brothers Harriman & Co. | 01/15/2026 | (—)(h) |
|  USD | 43 | CAD | 59 | Brown Brothers Harriman & Co. | 01/15/2026 | (—)(c)(h) |
|  EUR | 79 | USD | 93 | Brown Brothers Harriman & Co. | 01/15/2026 | (1) |
|  USD | 58 | EUR | 50 | Brown Brothers Harriman & Co. | 01/15/2026 | (—)(h) |
|  USD | 1434 | EUR | 1223 | Brown Brothers Harriman & Co. | 01/15/2026 | (4) |
|  EUR | 77 | USD | 91 | Brown Brothers Harriman & Co. | 01/15/2026 | (—)(h) |
|  USD | 62 | EUR | 52 | Brown Brothers Harriman & Co. | 01/15/2026 | (—)(c)(h) |
|  USD | 35 | EUR | 30 | Brown Brothers Harriman & Co. | 01/15/2026 | (—)(c)(h) |
|  USD | 206 | EUR | 176 | Brown Brothers Harriman & Co. | 01/15/2026 | (1) |
|  USD | 1530 | GBP | 1142 | Brown Brothers Harriman & Co. | 01/15/2026 | (10) |
|  USD | 199 | GBP | 148 | Brown Brothers Harriman & Co. | 01/15/2026 | (1)(c) |
|  USD | 83 | GBP | 62 | Brown Brothers Harriman & Co. | 01/15/2026 | (1)(c) |
|  USD | 103 | GBP | 77 | Brown Brothers Harriman & Co. | 01/15/2026 | (1) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 327

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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 December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** |
| **CURRENCY<br>PURCHASED** | **CURRENCY<br>PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($)** |
|  HKD | 321 | USD | 41 | Brown Brothers Harriman & Co. | 01/15/2026 | (—)(h) |
|  HKD | 340 | USD | 44 | Brown Brothers Harriman & Co. | 01/15/2026 | (—)(h) |
|  HKD | 1069 | USD | 137 | Brown Brothers Harriman & Co. | 01/15/2026 | (—)(h) |
|  JPY | 47496 | USD | 305 | Brown Brothers Harriman & Co. | 01/15/2026 | (2) |
|  JPY | 13358 | USD | 86 | Brown Brothers Harriman & Co. | 01/15/2026 | (1) |
|  JPY | 11596 | USD | 75 | Brown Brothers Harriman & Co. | 01/15/2026 | (1) |
|  JPY | 17447 | USD | 112 | Brown Brothers Harriman & Co. | 01/15/2026 | (1) |
|  USD | 107 | JPY | 16759 | Brown Brothers Harriman & Co. | 01/15/2026 | (—)(h) |
|  USD | 57 | SEK | 526 | Brown Brothers Harriman & Co. | 01/15/2026 | (—)(h) |
|  USD | 45 | SEK | 411 | Brown Brothers Harriman & Co. | 01/15/2026 | (—)(h) |
|  SEK | 1524 | USD | 166 | Brown Brothers Harriman & Co. | 01/15/2026 | (1) |
|  SEK | 745 | USD | 81 | Brown Brothers Harriman & Co. | 01/15/2026 | (—)(h) |
|  USD | 53 | SGD | 68 | Brown Brothers Harriman & Co. | 01/15/2026 | (—)(h) |
|  USD | 1503 | EUR | 1286 | Morgan Stanley & Co. | 02/20/2026 | (11) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | (63) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | (25) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: | Centrally Cleared Interest Rate Swap contracts outstanding as of December 31, 2025: |
| **FLOATING RATE INDEX** (a) | FIXED RATE | PAY/ RECEIVE<br>FLOATING RATE | MATURITY<br>DATE | NOTIONAL<br>AMOUNT | NOTIONAL<br>AMOUNT | UPFRONT<br>PAYMENTS<br>(RECEIPTS)($) | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) | VALUE($) |
|  United States SOFR | 3.41% annually | Receive | 10/16/2032 | USD | 3000 |  | 37 | 37 |
|  United States SOFR | 3.48% annually | Receive | 10/21/2032 | USD | 3700 |  | 30 | 30 |
|  United States SOFR | 3.75% annually | Pay | 12/18/2034 | USD | 3300 | (7) | 10 | 3 |
|  United States SOFR | 3.25% annually | Receive | 03/19/2035 | USD | 4200 | 276 | (75) | 201 |
|  United States SOFR | 3.25% annually | Receive | 06/18/2035 | USD | 4200 | 123 | 74 | 197 |
|  United States SOFR | 3.75% annually | Receive | 09/17/2035 | USD | 23600 | (186) | 273 | 87 |
|  Total |  |  |  |  |  | 206 | 349 | 555 |

---

(a) Value of floating rate index as of December 31, 2025 was as follows:

---

| | |
|:---|:---|
| FLOATING RATE INDEX |  |
|  United States SOFR | 3.87% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: | Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of December 31, 2025: |
| REFERENCE<br>OBLIGATION/INDEX | **FINANCING**<br> **RATE RECEIVED**<br> **BY THE FUND(%)** | **PAYMENT**<br> **FREQUENCY** | MATURITY<br>DATE | **IMPLIED<br>CREDIT**<br> **SPREAD(%) <sup>(2)</sup>** | NOTIONAL<br>AMOUNT <sup>(3)</sup> | NOTIONAL<br>AMOUNT <sup>(3)</sup> | UPFRONT<br>PAYMENTS<br>(RECEIPTS)($) <sup>(4)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)($) | VALUE($) |
|  CDX.EM.44 12/30 | 1.00 | Quarterly | 12/20/2030 | 1.24 | USD | 2000 | (42) | 21 | (21) |
|  ITRX EUROPE 12/30 | 1.00 | Quarterly | 12/20/2030 | 0.51 | EUR | 7000 | 181 | 12 | 193 |
|  CDX.NA.IG.45 12/30 | 1.00 | Quarterly | 12/20/2030 | 0.50 | USD | 14000 | 320 | 1 | 321 |
|  ITRX EUR XOVER 12/30 | 5.00 | Quarterly | 12/20/2030 | 2.44 | EUR | 3000 | 373 | 22 | 395 |
|  ITRX EUR SNR FIN 12/30 | 1.00 | Quarterly | 12/20/2030 | 0.54 | EUR | 2000 | 46 | 4 | 50 |
|  Total |  |  |  |  |  |  | 878 | 60 | 938 |

---

(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.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 328 SIX CIRCLES TRUST DECEMBER 31, 2025

------

(2) Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included a particular index.

(3) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

(4) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| OTC Total Return Index Swap contracts outstanding as of December 31, 2025: | OTC Total Return Index Swap contracts outstanding as of December 31, 2025: | OTC Total Return Index Swap contracts outstanding as of December 31, 2025: | OTC Total Return Index Swap contracts outstanding as of December 31, 2025: | OTC Total Return Index Swap contracts outstanding as of December 31, 2025: | OTC Total Return Index Swap contracts outstanding as of December 31, 2025: | OTC Total Return Index Swap contracts outstanding as of December 31, 2025: | OTC Total Return Index Swap contracts outstanding as of December 31, 2025: | OTC Total Return Index Swap contracts outstanding as of December 31, 2025: | OTC Total Return Index Swap contracts outstanding as of December 31, 2025: |
| REFERENCE INDEX | **FLOATING RATE**<br> **PAID BY THE<br>FUND** | PAYMENT<br>FREQUENCY | COUNTERPARTY | MATURITY DATE | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($) | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) | VALUE ($) |
|  iBoxx USD Liquid Leveraged Loans Total Return Index | United States SOFR | Quarterly | Morgan Stanley & Co. | 03/20/2026 | USD | 3640 | (–)(h) | 6 | 6 |
|  iBoxx USD Liquid Leveraged Loans Total Return Index | United States SOFR | Quarterly | Morgan Stanley & Co. | 06/20/2026 | USD | 4000 | (–)(h) | 5 | 5 |
|  iBoxx USD Liquid Leveraged Loans Total Return Index | United States SOFR | Quarterly | Morgan Stanley & Co. | 03/20/2026 | USD | 1040 | (–)(h) | 40 | 40 |
|  Total | Total | Total | Total | Total | Total |  | (–)(h) | 51 | 51 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Written Put Option Contract on securities as of December 31, 2025: | Written Put Option Contract on securities as of December 31, 2025: | Written Put Option Contract on securities as of December 31, 2025: | Written Put Option Contract on securities as of December 31, 2025: | Written Put Option Contract on securities as of December 31, 2025: | Written Put Option Contract on securities as of December 31, 2025: | Written Put Option Contract on securities as of December 31, 2025: |  |  |
| DESCRIPTION | COUNTERPARTY | NUMBER<br>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%, 02/12/2056 | BofA<br>Securities,<br>Inc. | (3500) | USD | (614) | USD | 93.75 | 02/05/2026 | $(7) |
|  Total Written Options Contract (Premiums Received $8) | Total Written Options Contract (Premiums Received $8) | Total Written Options Contract (Premiums Received $8) | Total Written Options Contract (Premiums Received $8) | Total Written Options Contract (Premiums Received $8) | Total Written Options Contract (Premiums Received $8) | Total Written Options Contract (Premiums Received $8) | Total Written Options Contract (Premiums Received $8) | (7) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Purchased Call Interest Rate Swaptions contracts outstanding as of December 31, 2025: | Purchased Call Interest Rate Swaptions contracts outstanding as of December 31, 2025: | Purchased Call Interest Rate Swaptions contracts outstanding as of December 31, 2025: | Purchased Call Interest Rate Swaptions contracts outstanding as of December 31, 2025: | Purchased Call Interest Rate Swaptions contracts outstanding as of December 31, 2025: |  |  |
| DESCRIPTION | COUNTERPARTY | NUMBER OF<br>CONTRACTS | NOTIONAL<br>AMOUNT | EXERCISE<br>PRICE | EXPIRATION<br>DATE | VALUE |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1700 | 633 | 4.26 | 02/13/2035 | $67 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1700 | 622 | 4.25 | 02/20/2035 | 66 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1100 | 415 | 4.27 | 05/01/2035 | 43 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1000 | 401 | 4.47 | 06/04/2035 | 45 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 4000 | 1572 | 4.40 | 06/25/2035 | 173 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 4200 | 1752 | 4.64 | 07/23/2035 | 211 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2000 | 779 | 4.43 | 08/06/2035 | 88 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1400 | 566 | 4.69 | 08/27/2035 | 73 |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank, NA | 6200 | 61 | 2.50 | 05/29/2026 | 3 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 329

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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 December 31, 2025:** | **Purchased Call Interest Rate Swaptions contracts outstanding as of December 31, 2025:** | **Purchased Call Interest Rate Swaptions contracts outstanding as of December 31, 2025:** | **Purchased Call Interest Rate Swaptions contracts outstanding as of December 31, 2025:** | **Purchased Call Interest Rate Swaptions contracts outstanding as of December 31, 2025:** | | |
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 12800 | 95 | 2.50 | 06/16/2026 | 7 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 31000 | 232 | 2.50 | 06/17/2026 | 16 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 11300 | 97 | 2.60 | 06/17/2026 | 8 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 4800 | 31 | 2.70 | 03/23/2026 | 1 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 3000 | 78 | 3.13 | 04/14/2026 | 5 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 13900 | 145 | 3.19 | 03/04/2026 | 13 |
|  |  |  |  |  |  | 819 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Purchased Put Interest Rate Swaptions contracts outstanding as of December 31, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of December 31, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of December 31, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of December 31, 2025: | Purchased Put Interest Rate Swaptions contracts outstanding as of December 31, 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 | 3000 | 69 | 5.50 | 01/30/2026 | — (h) |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 20800 | 898 | 3.91 | 03/04/2026 | 114 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1400 | 566 | 4.69 | 08/27/2035 | 76 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2000 | 795 | 4.40 | 08/06/2035 | 123 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2100 | 876 | 4.64 | 07/23/2035 | 116 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2000 | 795 | 4.40 | 06/25/2035 | 123 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1000 | 401 | 4.47 | 06/04/2035 | 60 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1100 | 415 | 4.27 | 05/01/2035 | 72 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1700 | 622 | 4.25 | 02/20/2035 | 112 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1700 | 633 | 4.26 | 02/13/2035 | 111 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 49600 | 173 | 4.50 | 04/17/2026 | 13 |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank, NA | 3900 | 64 | 5.00 | 04/03/2026 | — (h) |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank, NA | 2900 | 54 | 5.00 | 03/31/2026 | — (h) |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank, NA | 2400 | 47 | 5.00 | 03/30/2026 | — (h) |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 3200 | 58 | 5.00 | 03/20/2026 | — (h) |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 38400 | 103 | 4.75 | 04/09/2026 | 2 |
|  7-Year Swaption, United States SOFR | Barclays Bank plc | 5100 | 77 | 5.00 | 04/06/2026 | — (h) |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 48500 | 159 | 4.75 | 05/15/2026 | 10 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 88000 | 124 | 5.00 | 3/30/2026 | 1 |
|  |  |  |  |  |  | 933 |
|  Total Purchased Interest Rate Swaptions contracts (Premiums Paid $3,357) | Total Purchased Interest Rate Swaptions contracts (Premiums Paid $3,357) | Total Purchased Interest Rate Swaptions contracts (Premiums Paid $3,357) | Total Purchased Interest Rate Swaptions contracts (Premiums Paid $3,357) | Total Purchased Interest Rate Swaptions contracts (Premiums Paid $3,357) | Total Purchased Interest Rate Swaptions contracts (Premiums Paid $3,357) | 1752 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 330 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Interest Rate Swaptions contracts on securities as of December 31, 2025:** | **Written Call Interest Rate Swaptions contracts on securities as of December 31, 2025:** | **Written Call Interest Rate Swaptions contracts on securities as of December 31, 2025:** | **Written Call Interest Rate Swaptions contracts on securities as of December 31, 2025:** | **Written Call Interest Rate Swaptions contracts on securities as of December 31, 2025:** | | |
|  **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  7-Year Swaption, United States SOFR | Bank of America, NA | (3800) | (79) | 3.20 | 03/30/2026 | $(7) |
|  7-Year Swaption, United States SOFR | Bank of America, NA | (3100) | (71) | 3.26 | 04/09/2026 | (8) |
|  7-Year Swaption, United States SOFR | Bank of America, NA | (4800) | (119) | 3.11 | 04/17/2026 | (8) |
|  |  |  |  |  |  | (23) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Written Put Interest Rate Swaptions contracts outstanding as of December 31, 2025: | Written Put Interest Rate Swaptions contracts outstanding as of December 31, 2025: | Written Put Interest Rate Swaptions contracts outstanding as of December 31, 2025: | Written Put Interest Rate Swaptions contracts outstanding as of December 31, 2025: | Written Put Interest Rate Swaptions contracts outstanding as of December 31, 2025: |  |  |  |
|  **DESCRIPTION** | **COUNTERPARTY** | NUMBER OF<br>CONTRACTS | NOTIONAL<br>AMOUNT | **EXERCISE<br>PRICE** | **EXERCISE<br>PRICE** | EXPIRATION<br>DATE | VALUE |
|  7-Year Swaption, United States SOFR | Bank of America, NA | (3100) | (90) |  | 3.63 | 04/14/2026 | (28) |
|  |  |  |  |  |  |  | (28) |
|  Total Written Interest Rate Swaptions contracts (Premiums Received $110) | Total Written Interest Rate Swaptions contracts (Premiums Received $110) | Total Written Interest Rate Swaptions contracts (Premiums Received $110) | Total Written Interest Rate Swaptions contracts (Premiums Received $110) | Total Written Interest Rate Swaptions contracts (Premiums Received $110) | Total Written Interest Rate Swaptions contracts (Premiums Received $110) | Total Written Interest Rate Swaptions contracts (Premiums Received $110) | (51) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
| COUNTERPARTY | **BORROWING**<br> **RATE** | **SETTLEMENT**<br> **DATE** | **MATURITY**<br> **DATE** | **AMOUNT**<br> **BORROWED** | **PAYABLE FOR**<br> **REVERSE**<br> **REPURCHASE**<br> **AGREEMENTS($)** | **COLLATERAL**<br> **PLEDGED/**<br> **(RECEIVED)($)** | **NET AMOUNT**<br> **(DUE TO)/ FROM**<br> **COUNTERPATRY($)** |
|  CITIGROUP GLOBAL MARKETS INC. | 3.97% | 12/11/2025 | 1/7/2026 | (6934) | (6950) | 6950 |  |
|  WELLS FARGO SECURITIES, LLC | 3.97% | 12/11/2025 | 1/7/2026 | (39669) | (39761) | 41397 | 1636 |
|  CREDIT AGRICOLE SECURITIES USA | 3.96% | 12/11/2025 | 1/7/2026 | (23592) | (23647) | 23647 |  |
|  |  |  |  |  | (70358) |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Accounted for as Secured Borrowings** | **Accounted for as Secured Borrowings** | **Accounted for as Secured Borrowings** | **Accounted for as Secured Borrowings** | **Accounted for as Secured Borrowings** | **Accounted for as Secured Borrowings** |
| Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements |
|  | OVERNIGHT AND<br>CONTINUOUS | UP TO 30 DAYS | 31-90 DAYS | GREATER THAN<br>90 DAYS | TOTAL |
|  Reverse Repurchase Agreements |  |  |  |  |  |
|  Mortgage Backed Securities |  | (70358) |  |  | (70358) |
|  Payable for Reverse Repurchase Agreements |  |  |  |  | (70358) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Total Return Swaps Outstanding as of December 31, 2025: | Total Return Swaps Outstanding as of December 31, 2025: | Total Return Swaps Outstanding as of December 31, 2025: | Total Return Swaps Outstanding as of December 31, 2025: | Total Return Swaps Outstanding as of December 31, 2025: | Total Return Swaps Outstanding as of December 31, 2025: | Total Return Swaps Outstanding as of December 31, 2025: |
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives 3.6% on long positions and short positions respectively, plus or minus spread (rates range from -0.25% to 0.3%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/16/2026 | (6543) | (17) | (83) | (100) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 331

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ALS Ltd. | (4) | (80) | 1 | 0.0 (g) |
|  ANZ Group Holdings Ltd. | (100) | (3620) | (5) | 0.0 (g) |
|  APA Group | (9) | (88) | 2 | 0.0 (g) |
|  ASX Ltd. | (2) | (81) | 1 | 0.0 (g) |
|  BHP Group Ltd. | (4) | (171) | (1) | 0.0 (g) |
|  BlueScope Steel Ltd. | (2) | (45) | — (h) | 0.0 (g) |
|  Brambles Ltd. | (4) | (92) | — (h) | 0.0 (g) |
|  CAR Group Ltd. | (3) | (78) | — (h) | 0.0 (g) |
|  Dexus | (2) | (14) | — (h) | 0.0 (g) |
|  Genesis Minerals Ltd. | (18) | (130) | — (h) | 0.0 (g) |
|  Goodman Group | (2) | (63) | (3) | 0.0 (g) |
|  Medibank Pvt Ltd. | (54) | (258) | (1) | 0.0 (g) |
|  National Australia Bank Ltd. | (51) | (2166) | (6) | 0.0 (g) |
|  NEXTDC Ltd. | (3) | (36) | — (h) | 0.0 (g) |
|  Northern Star Resources Ltd. | (31) | (822) | 3 | 0.0 (g) |
|  Ramelius Resources Ltd. | (15) | (62) | — (h) | 0.0 (g) |
|  Rio Tinto Ltd. | — (h) | (27) | — (h) | 0.0 (g) |
|  Scentre Group | (31) | (132) | — (h) | 0.0 (g) |
|  Sigma Healthcare Ltd. | (100) | (296) | 1 | 0.0 (g) |
|  Stockland | (3) | (18) | — (h) | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | (1) | (14) | 1 | 0.0 (g) |
|  Vicinity Ltd. | (25) | (65) | — (h) | 0.0 (g) |
|  Westpac Banking Corp. |  |  |  | 0.0 (g) |
|  WiseTech Global Ltd. | (11) | (736) | (9) | 0.0 (g) |
|  Woolworths Group Ltd. | (44) | (1304) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Cochlear Ltd. | (1) | (134) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(10532)** | **(16)** | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Ampol Ltd. | 4 | 128 | — (h) | 0.0 (g) |
|  Aristocrat Leisure Ltd. | 3 | 182 | 1 | 0.0 (g) |
|  Aurizon Holdings Ltd. | 27 | 96 | 1 | 0.0 (g) |
|  Coles Group Ltd. | 2 | 50 | — (h) | 0.0 (g) |
|  Evolution Mining Ltd. | 12 | 155 | (3) | 0.0 (g) |
|  Fortescue Ltd. | 2 | 48 | — (h) | 0.0 (g) |
|  GPT Group (The) | 38 | 211 | (4) | 0.0 (g) |
|  HUB24 Ltd. | — (h) | 12 | — (h) | 0.0 (g) |
|  Insurance Australia Group Ltd. | 53 | 419 | 3 | 0.0 (g) |
|  JB Hi-Fi Ltd. | — (h) | 34 | — (h) | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | 4 | 20 | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | 1 | 113 | — (h) | 0.0 (g) |
|  Mirvac Group | 48 | 99 | (1) | 0.0 (g) |
|  Orica Ltd. | 13 | 316 | (6) | 0.0 (g) |
|  Pro Medicus Ltd. | — (h) | 38 | — (h) | 0.0 (g) |
|  Qantas Airways Ltd. | 7 | 73 | 1 | 0.0 (g) |
|  QBE Insurance Group Ltd. | 5 | 90 | 1 | 0.0 (g) |
|  REA Group Ltd. | 1 | 141 | — (h) | 0.0 (g) |
|  Regis Resources Ltd. | 1 | 8 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 332 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Australia — continued** |  |  |  |  |
|  Sandfire Resources Ltd. | 30 | 521 | 6 | 0.0 (g) |
|  Santos Ltd. | 25 | 153 | 2 | 0.0 (g) |
|  SEEK Ltd. | 5 | 124 | (2) | 0.0 (g) |
|  Sonic Healthcare Ltd. | 5 | 110 | — (h) | 0.0 (g) |
|  Suncorp Group Ltd. | 3 | 48 | — (h) | 0.0 (g) |
|  Technology One Ltd. | 6 | 168 | (1) | 0.0 (g) |
|  Treasury Wine Estates Ltd. | 14 | 70 | 3 | 0.0 (g) |
|  Wesfarmers Ltd. | 1 | 44 | — (h) | 0.0 (g) |
|  Woodside Energy Group Ltd. | — (h) | 8 | — (h) | 0.0 (g) |
|  Worley Ltd. | 40 | 510 | (2) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3989 | (1) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (6543) | (17) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | NOTIONAL<br>VALUE <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives 2.5% on long positions and short positions respectively, plus or minus spread (rates range from -3.75% to -0.2%) which is denominated in CAD based on the local currencies of the positions within the swap | 10/13/2026 | (9052) | 13 | (39) | (26) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  AltaGas Ltd. | — (h) | (18) | — (h) | 0.0(g) |
|  ARC Resources Ltd. | (17) | (436) | (4) | 0.0(g) |
|  Bank of Montreal | (1) | (211) | — (h) | 0.0(g) |
|  Bank of Nova Scotia (The) | (9) | (854) | (5) | 0.0(g) |
|  Bombardier, Inc. | — (h) | (90) | 1 | 0.0(g) |
|  Brookfield Corp. | (5) | (342) | 2 | 0.0(g) |
|  CAE, Inc. | (9) | (381) | 8 | 0.0(g) |
|  Canadian National Railway Co. | (2) | (266) | (1) | 0.0(g) |
|  Canadian Utilities Ltd. | (15) | (620) | (8) | 0.0(g) |
|  Discovery Silver Corp. | (2) | (19) | 1 | 0.0(g) |
|  Fortis, Inc./Canada |  |  |  | 0.0(g) |
|  G Mining Ventures Corp. | (1) | (46) | 2 | 0.0(g) |
|  GFL Environmental, Inc. | (4) | (222) | 1 | 0.0(g) |
|  Gildan Activewear, Inc. | — (h) | (41) | — (h) | 0.0(g) |
|  Great-West Lifeco, Inc. | (1) | (58) | — (h) | 0.0(g) |
|  iA Financial Corp., Inc. | (3) | (518) | 2 | 0.0(g) |
|  Ivanhoe Mines Ltd. | — (h) | (7) | — (h) | 0.0(g) |
|  Keyera Corp. | (7) | (311) | (2) | 0.0(g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 333

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Canada — continued** |  |  |  |  |
|  Methanex Corp. | (1) | (54) | 1 | 0.0(g) |
|  National Bank of Canada | (1) | (95) | 1 | 0.0(g) |
|  NexGen Energy Ltd. | (16) | (204) | (1) | 0.0(g) |
|  Novagold Resources, Inc. | (1) | (17) | 1 | 0.0(g) |
|  Nutrien Ltd. | (3) | (270) | 3 | 0.0(g) |
|  Pembina Pipeline Corp. | (1) | (29) | (1) | 0.0(g) |
|  Peyto Exploration & Development Corp. | (23) | (519) | (4) | 0.0(g) |
|  Power Corp. of Canada | (4) | (275) | 2 | 0.0(g) |
|  Restaurant Brands International, Inc. | (1) | (133) | 3 | 0.0(g) |
|  Royal Bank of Canada | (1) | (348) | — (h) | 0.0(g) |
|  Shopify, Inc. | — (h) | (35) | 1 | 0.0(g) |
|  South Bow Corp. | (2) | (94) | 1 | 0.0(g) |
|  TC Energy Corp. | (6) | (419) | — (h) | 0.0(g) |
|  Torex Gold Resources, Inc. | (2) | (157) | 6 | 0.0(g) |
|  Toronto-Dominion Bank (The) | (4) | (568) | (4) | 0.0(g) |
|  Tourmaline Oil Corp. | (15) | (881) | (11) | 0.0(g) |
|  West Fraser Timber Co. Ltd. | — (h) | (25) | (1) | 0.0(g) |
|  Whitecap Resources, Inc. | (1) | (13) | — (h) | 0.0(g) |
|  **United States** |  |  |  |  |
|  Brookfield Asset Management Ltd. | (1) | (47) | — (h) | 0.0(g) |
|  Energy Fuels, Inc./Canada | (2) | (36) | 1 | 0.0(g) |
|  SSR Mining, Inc. | (12) | (393) | 18 | 0.0(g) |
|  **Total Short Positions of Total Return Swaps** |  | **(9052)** | **13** | **0.0**(g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(9052)** | **13** | **0.0**(g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives -0.08% 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 | (1432) | (1) | – | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Alcon AG | (1) | (59) | — (h) | 0.0 (g) |
|  Avolta AG | — (h) | (11) | — (h) | 0.0 (g) |
|  Belimo Holding AG | — (h) | (6) | — (h) | 0.0 (g) |
|  BKW AG | — (h) | (63) | — (h) | 0.0 (g) |
|  Geberit AG | (1) | (726) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 334 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Switzerland — continued** |  |  |  |  |
|  Givaudan SA | — (h) | (166) | (1) | 0.0 (g) |
|  Kuehne + Nagel International AG | — (h) | (49) | — (h) | 0.0 (g) |
|  Sandoz Group AG | (2) | (132) | 1 | 0.0 (g) |
|  Straumann Holding AG | — (h) | (7) | — (h) | 0.0 (g) |
|  Swiss Life Holding AG | — (h) | (202) | (1) | 0.0 (g) |
|  Swiss Prime Site AG | — (h) | (41) | — (h) | 0.0 (g) |
|  Swiss Re AG | (5) | (689) | (6) | 0.0 (g) |
|  Swisscom AG | — (h) | (108) | (2) | 0.0 (g) |
|  VAT Group AG | — (h) | (153) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2412) | (10) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | — (h) | 26 | — (h) | 0.0 (g) |
|  Accelleron Industries AG | — (h) | 29 | — (h) | 0.0 (g) |
|  Barry Callebaut AG | — (h) | 8 | — (h) | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | — (h) | 82 | (1) | 0.0 (g) |
|  Flughafen Zurich AG | — (h) | 15 | — (h) | 0.0 (g) |
|  Holcim AG | 1 | 41 | — (h) | 0.0 (g) |
|  Julius Baer Group Ltd. | — (h) | 14 | — (h) | 0.0 (g) |
|  Logitech International SA | — (h) | 33 | — (h) | 0.0 (g) |
|  Lonza Group AG | — (h) | 235 | 4 | 0.0 (g) |
|  Partners Group Holding AG | — (h) | 8 | — (h) | 0.0 (g) |
|  PSP Swiss Property AG | — (h) | 24 | — (h) | 0.0 (g) |
|  Schindler Holding AG | 1 | 282 | 2 | 0.0 (g) |
|  SGS SA | — (h) | 10 | — (h) | 0.0 (g) |
|  SIG Group AG | 4 | 37 | 4 | 0.0 (g) |
|  Sonova Holding AG | — (h) | 67 | — (h) | 0.0 (g) |
|  Sunrise Communications AG | — (h) | 4 | — (h) | 0.0 (g) |
|  Swatch Group AG (The) | — (h) | 4 | — (h) | 0.0 (g) |
|  Swissquote Group Holding SA | — (h) | 7 | — (h) | 0.0 (g) |
|  Temenos AG | — (h) | 15 | — (h) | 0.0 (g) |
|  UBS Group AG | 1 | 39 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 980 | 9 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1432) | (1) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in DKK based on the local currencies of the positions within the swap | 10/19/2026 | 1789 | (1) | 2 | 1 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 335

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Carlsberg A/S | — (h) | (151) | — (h) | 0.0 (g) |
|  Danske Bank A/S | (1) | (387) | (1) | 0.0 (g) |
|  Demant A/S | (1) | (150) | — (h) | 0.0 (g) |
|  DSV A/S | — (h) | (50) | — (h) | 0.0 (g) |
|  Novo Nordisk A/S | — (h) | (57) | (1) | 0.0 (g) |
|  Novonesis Novozymes B | (2) | (969) | (3) | 0.0 (g) |
|  Orsted A/S | (5) | (546) | (4) | 0.0 (g) |
|  ROCKWOOL A/S | (1) | (198) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(2508)** | **(9)** | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller — Maersk A/S | — (h) | 536 | 1 | 0.0 (g) |
|  Coloplast A/S | 1 | 430 | — (h) | 0.0 (g) |
|  Genmab A/S | — (h) | 39 | — (h) | 0.0 (g) |
|  Pandora A/S | 1 | 509 | — (h) | 0.0 (g) |
|  Tryg A/S | 15 | 2455 | 7 | 0.0 (g) |
|  Vestas Wind Systems A/S | 1 | 224 | 1 | 0.0 (g) |
|  Zealand Pharma A/S | — (h) | 104 | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **4297** | **8** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **1789** | **(1)** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.35%) which is denominated in EUR based on the local currencies of the positions within the swap | 10/15/2026 | (3221) | (35) | 21 | (14) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Austria |  |  |  |  |
|  OMV AG | (2) | (97) | (1) | 0.0 (g) |
|  Verbund AG | (1) | (44) | — (h) | 0.0 (g) |
| Belgium |  |  |  |  |
|  Anheuser-Busch InBev SA | (11) | (574) | (10) | 0.0 (g) |
|  Elia Group SA | — (h) | (11) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 336 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Belgium — continued |  |  |  |  |
|  KBC Group NV | (2) | (234) | 1 | 0.0 (g) |
|  Lotus Bakeries NV | — (h) | (23) | — (h) | 0.0 (g) |
|  Syensqo SA | (1) | (57) | (1) | 0.0 (g) |
|  UCB SA | (1) | (187) | (1) | 0.0 (g) |
| Finland |  |  |  |  |
|  Fortum OYJ | (9) | (156) | (2) | 0.0 (g) |
|  Kesko OYJ | (5) | (90) | (2) | 0.0 (g) |
|  Metso OYJ | (13) | (196) | (5) | 0.0 (g) |
|  Nordea Bank Abp | (12) | (183) | (3) | 0.0 (g) |
|  Orion OYJ | (1) | (39) | (1) | 0.0 (g) |
|  Stora Enso OYJ | (18) | (182) | (8) | 0.0 (g) |
|  UPM-Kymmene OYJ | (2) | (37) | (1) | 0.0 (g) |
| France |  |  |  |  |
|  Aeroports de Paris SA | (3) | (376) | 2 | 0.0 (g) |
|  Airbus SE | (7) | (1376) | (22) | 0.0 (g) |
|  Alstom SA | (2) | (53) | (1) | 0.0 (g) |
|  Amundi SA | — (h) | (20) | — (h) | 0.0 (g) |
|  Bouygues SA | (2) | (78) | — (h) | 0.0 (g) |
|  Carrefour SA | (2) | (27) | — (h) | 0.0 (g) |
|  Danone SA | (1) | (47) | — (h) | 0.0 (g) |
|  Dassault Aviation SA | — (h) | (95) | (1) | 0.0 (g) |
|  Edenred SE | (1) | (21) | — (h) | 0.0 (g) |
|  EssilorLuxottica SA | (2) | (564) | 6 | 0.0 (g) |
|  FDJ UNITED | — (h) | (4) | — (h) | 0.0 (g) |
|  Gaztransport Et Technigaz SA | — (h) | (60) | 1 | 0.0 (g) |
|  Getlink SE | (11) | (167) | — (h) | 0.0 (g) |
|  Hermes International SCA | — (h) | (131) | (1) | 0.0 (g) |
|  Nexans SA | — (h) | (4) | — (h) | 0.0 (g) |
|  Orange SA | (8) | (105) | (3) | 0.0 (g) |
|  Pernod Ricard SA | — (h) | (11) | — (h) | 0.0 (g) |
|  Renault SA | (3) | (126) | 3 | 0.0 (g) |
|  Rexel SA | (25) | (823) | (11) | 0.0 (g) |
|  Sartorius Stedim Biotech | (1) | (166) | (3) | 0.0 (g) |
|  Teleperformance SE | — (h) | (5) | — (h) | 0.0 (g) |
|  TotalEnergies SE | (1) | (78) | 1 | 0.0 (g) |
|  Unibail-Rodamco-Westfield | (1) | (70) | — (h) | 0.0 (g) |
| Germany |  |  |  |  |
|  BASF SE | (15) | (665) | (12) | 0.0 (g) |
|  Bayer AG | (7) | (249) | (13) | 0.0 (g) |
|  Bayerische Motoren Werke AG | — (h) | (12) | — (h) | 0.0 (g) |
|  Beiersdorf AG | (3) | (288) | (2) | 0.0 (g) |
|  Brenntag SE | (1) | (56) | — (h) | 0.0 (g) |
|  Commerzbank AG | (3) | (94) | (2) | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | (1) | (54) | (1) | 0.0 (g) |
|  Dr Ing hc F Porsche AG | (13) | (591) | (2) | 0.0 (g) |
|  Fresenius SE & Co. KGaA | — (h) | (9) | — (h) | 0.0 (g) |
|  Hannover Rueck SE | (2) | (437) | (2) | 0.0 (g) |
|  Infineon Technologies AG | (4) | (136) | (5) | 0.0 (g) |
|  KION Group AG | (1) | (50) | (1) | 0.0 (g) |
|  Puma SE | — (h) | (6) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 337

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Germany — continued** | | | | |
|  Siemens AG | — (h) | (31) | — (h) | 0.0 (g) |
|  Talanx AG | (1) | (105) | — (h) | 0.0 (g) |
|  Volkswagen AG | (2) | (221) | 2 | 0.0 (g) |
| **Ireland** |  |  |  |  |
|  AIB Group plc | (11) | (101) | 1 | 0.0 (g) |
|  Bank of Ireland Group plc | (7) | (108) | — (h) | 0.0 (g) |
|  Kingspan Group plc | (1) | (57) | — (h) | 0.0 (g) |
|  Ryanair Holdings plc | (1) | (40) | — (h) | 0.0 (g) |
| **Italy** |  |  |  |  |
|  A2A SpA | (16) | (36) | (1) | 0.0 (g) |
|  Brunello Cucinelli SpA | (2) | (230) | 5 | 0.0 (g) |
|  Buzzi SpA | (1) | (36) | — (h) | 0.0 (g) |
|  Davide Campari-Milano NV | (11) | (60) | — (h) | 0.0 (g) |
|  Ferrari NV | — (h) | (37) | — (h) | 0.0 (g) |
|  FinecoBank Banca Fineco SpA | (15) | (326) | (1) | 0.0 (g) |
|  Infrastrutture Wireless Italiane SpA | (12) | (96) | (2) | 0.0 (g) |
|  Moncler SpA | (5) | (278) | 9 | 0.0 (g) |
|  Prysmian SpA | (1) | (112) | (1) | 0.0 (g) |
|  Terna - Rete Elettrica Nazionale | (3) | (27) | — (h) | 0.0 (g) |
| **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | (1) | (35) | (1) | 0.0 (g) |
|  CVC Capital Partners plc | (13) | (179) | (1) | 0.0 (g) |
| **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | (20) | (578) | (4) | 0.0 (g) |
|  Akzo Nobel NV | (1) | (49) | (1) | 0.0 (g) |
|  EXOR NV | (1) | (78) | — (h) | 0.0 (g) |
|  Ferrovial SE | (2) | (113) | 2 | 0.0 (g) |
|  Heineken Holding NV | (1) | (68) | (2) | 0.0 (g) |
|  Heineken NV | (1) | (73) | (1) | 0.0 (g) |
|  IMCD NV | — (h) | (7) | — (h) | 0.0 (g) |
|  Prosus NV | (3) | (140) | — (h) | 0.0 (g) |
|  Randstad NV | (4) | (134) | (6) | 0.0 (g) |
|  Universal Music Group NV | (3) | (73) | (1) | 0.0 (g) |
| **Poland** |  |  |  |  |
|  InPost SA | (1) | (12) | — (h) | 0.0 (g) |
| **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (1319) | (1177) | (5) | 0.0 (g) |
|  Jeronimo Martins SGPS SA | (15) | (312) | — (h) | 0.0 (g) |
| **Spain** |  |  |  |  |
|  Banco Bilbao Vizcaya Argentaria SA | (2) | (39) | — (h) | 0.0 (g) |
|  Cellnex Telecom SA | (2) | (51) | (2) | 0.0 (g) |
|  EDP Renovaveis SA | (2) | (29) | (1) | 0.0 (g) |
|  Endesa SA | (1) | (27) | — (h) | 0.0 (g) |
|  Indra Sistemas SA | (3) | (144) | (1) | 0.0 (g) |
|  Industria de Diseno Textil SA | (8) | (472) | (2) | 0.0 (g) |
|  Mapfre SA | (3) | (14) | — (h) | 0.0 (g) |
| **Switzerland** |  |  |  |  |
|  STMicroelectronics NV | (2) | (37) | (1) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 338 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United Kingdom |  |  |  |  |
|  International Consolidated Airlines Group SA | (4) | (19) | — (h) | 0.0 (g) |
|  Total Short Positions of Total Return Swaps |  | (14925) | (118) | 0.0 (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Austria |  |  |  |  |
|  BAWAG Group AG | 3 | 435 | 13 | 0.0 (g) |
| Belgium |  |  |  |  |
|  Ageas SA | 8 | 505 | (1) | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | 1 | 86 | 1 | 0.0 (g) |
|  Sofina SA | — (h) | 34 | — (h) | 0.0 (g) |
| Finland |  |  |  |  |
|  Elisa OYJ | 6 | 235 | 6 | 0.0 (g) |
|  Kone OYJ | 1 | 55 | — (h) | 0.0 (g) |
|  Neste OYJ | 1 | 22 | 1 | 0.0 (g) |
|  Nokia OYJ | 1 | 6 | — (h) | 0.0 (g) |
|  Sampo OYJ | 2 | 18 | — (h) | 0.0 (g) |
|  Wartsila OYJ Abp | 2 | 56 | 1 | 0.0 (g) |
| France |  |  |  |  |
|  Air Liquide SA | — (h) | 12 | — (h) | 0.0 (g) |
|  AXA SA | 2 | 87 | — (h) | 0.0 (g) |
|  BNP Paribas SA | 1 | 50 | — (h) | 0.0 (g) |
|  Bollore SE | 7 | 33 | 1 | 0.0 (g) |
|  Bureau Veritas SA | 6 | 174 | — (h) | 0.0 (g) |
|  Covivio SA | — (h) | 11 | — (h) | 0.0 (g) |
|  Credit Agricole SA | 56 | 983 | — (h) | 0.0 (g) |
|  Gecina SA | 3 | 222 | 4 | 0.0 (g) |
|  Ipsen SA | 1 | 135 | (1) | 0.0 (g) |
|  Klepierre SA | 1 | 42 | — (h) | 0.0 (g) |
|  L'Oreal SA | — (h) | 17 | — (h) | 0.0 (g) |
|  Safran SA | — (h) | 38 | (1) | 0.0 (g) |
|  Sanofi SA | — (h) | 21 | — (h) | 0.0 (g) |
|  Societe Generale SA | 1 | 36 | — (h) | 0.0 (g) |
|  Sodexo SA | 1 | 33 | — (h) | 0.0 (g) |
|  SPIE SA | 3 | 161 | 1 | 0.0 (g) |
|  Thales SA | 4 | 897 | (3) | 0.0 (g) |
|  Valeo SE | 9 | 103 | 2 | 0.0 (g) |
|  Veolia Environnement SA | — (h) | 4 | — (h) | 0.0 (g) |
| Germany |  |  |  |  |
|  adidas AG | 1 | 231 | 4 | 0.0 (g) |
|  Aurubis AG | 2 | 241 | 7 | 0.0 (g) |
|  Continental AG | 1 | 68 | 2 | 0.0 (g) |
|  Deutsche Bank AG | 10 | 317 | 2 | 0.0 (g) |
|  Deutsche Boerse AG | — (h) | 18 | — (h) | 0.0 (g) |
|  Fresenius Medical Care AG | 3 | 110 | — (h) | 0.0 (g) |
|  GEA Group AG | 1 | 29 | — (h) | 0.0 (g) |
|  Henkel AG & Co. KGaA | 2 | 147 | (1) | 0.0 (g) |
|  HOCHTIEF AG | — (h) | 13 | — (h) | 0.0 (g) |
|  Knorr-Bremse AG | — (h) | 1 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 339

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **France — continued** | | | | |
|  LEG Immobilien SE | 1 | 58 | 2 | 0.0 (g) |
|  Nemetschek SE | 1 | 51 | (1) | 0.0 (g) |
|  Nordex SE | 1 | 33 | — (h) | 0.0 (g) |
|  SAP SE | — (h) | 51 | — (h) | 0.0 (g) |
|  Sartorius AG | — (h) | 87 | 1 | 0.0 (g) |
|  Scout24 SE | 3 | 241 | (1) | 0.0 (g) |
|  Siemens Healthineers AG | — (h) | 11 | — (h) | 0.0 (g) |
|  Symrise AG | — (h) | 23 | — (h) | 0.0 (g) |
|  Vonovia SE | 3 | 64 | 2 | 0.0 (g) |
| **Ireland** |  |  |  |  |
|  Kerry Group plc | 1 | 107 | 2 | 0.0 (g) |
| **Italy** |  |  |  |  |
|  Amplifon SpA | 29 | 393 | (2) | 0.0 (g) |
|  Banca Mediolanum SpA | 2 | 36 | — (h) | 0.0 (g) |
|  Eni SpA | 13 | 214 | 1 | 0.0 (g) |
|  Generali | — (h) | 6 | — (h) | 0.0 (g) |
|  Italgas SpA | 26 | 240 | 8 | 0.0 (g) |
|  Mediobanca Banca di Credito Finanziario SpA | 14 | 248 | 6 | 0.0 (g) |
|  Poste Italiane SpA | — (h) | 6 | — (h) | 0.0 (g) |
|  Saipem SpA | 7 | 17 | — (h) | 0.0 (g) |
| **Luxembourg** |  |  |  |  |
|  Eurofins Scientific SE | 5 | 313 | 3 | 0.0 (g) |
| **Netherlands** |  |  |  |  |
|  ASM International NV | — (h) | 83 | 1 | 0.0 (g) |
|  ASML Holding NV | — (h) | 136 | 4 | 0.0 (g) |
|  ASR Nederland NV | 1 | 66 | — (h) | 0.0 (g) |
|  BE Semiconductor Industries NV | 1 | 81 | 2 | 0.0 (g) |
|  Euronext NV | — (h) | 34 | — (h) | 0.0 (g) |
|  Koninklijke Ahold Delhaize NV | 34 | 1190 | 7 | 0.0 (g) |
|  Koninklijke Philips NV | 12 | 285 | 4 | 0.0 (g) |
|  QIAGEN NV | 1 | 48 | — (h) | 0.0 (g) |
|  Wolters Kluwer NV | 5 | 440 | (10) | 0.0 (g) |
| **Portugal** |  |  |  |  |
|  EDP SA | 177 | 682 | 12 | 0.0 (g) |
|  Galp Energia SGPS SA | 1 | 9 | — (h) | 0.0 (g) |
| **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | 2 | 132 | — (h) | 0.0 (g) |
|  Bankinter SA | 11 | 150 | — (h) | 0.0 (g) |
|  CaixaBank SA | 15 | 153 | 2 | 0.0 (g) |
|  Enagas SA | 14 | 182 | — (h) | 0.0 (g) |
|  Iberdrola SA | 1 | 27 | 1 | 0.0 (g) |
|  Unicaja Banco SA | 38 | 105 | 1 | 0.0 (g) |
| **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | — (h) | 16 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **11704** | **83** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(3221)** | **(35)** | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 340 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from -0.69% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 10/15/2026 | 747 | (55) | 9 | (46) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia |  |  |  |  |
|  Greatland Resources Ltd. | (1) | (5) | — (h) | 0.0 (g) |
| Bermuda |  |  |  |  |
|  Hiscox Ltd. | (1) | (10) | — (h) | 0.0 (g) |
| Ireland |  |  |  |  |
|  DCC plc | (1) | (57) | 1 | 0.0 (g) |
| Mexico |  |  |  |  |
|  Fresnillo plc | (2) | (52) | (2) | 0.0 (g) |
| United Kingdom |  |  |  |  |
|  3i Group plc | (11) | (360) | (3) | 0.0 (g) |
|  Associated British Foods plc | (2) | (33) | — (h) | 0.0 (g) |
|  AstraZeneca plc | (7) | (905) | (14) | 0.0 (g) |
|  Auto Trader Group plc | (3) | (15) | — (h) | 0.0 (g) |
|  Barratt Redrow plc | (9) | (33) | (1) | 0.0 (g) |
|  Berkeley Group Holdings plc | (1) | (54) | — (h) | 0.0 (g) |
|  BT Group plc | (36) | (65) | (1) | 0.0 (g) |
|  Bunzl plc | (3) | (63) | — (h) | 0.0 (g) |
|  Centrica plc | (82) | (138) | (1) | 0.0 (g) |
|  Convatec Group plc | (35) | (85) | (1) | 0.0 (g) |
|  Croda International plc | — (h) | (7) | — (h) | 0.0 (g) |
|  Diageo plc | — (h) | (6) | — (h) | 0.0 (g) |
|  Drax Group plc | (1) | (5) | — (h) | 0.0 (g) |
|  easyJet plc | (8) | (42) | — (h) | 0.0 (g) |
|  Haleon plc | (20) | (75) | (1) | 0.0 (g) |
|  Hikma Pharmaceuticals plc | (5) | (69) | (2) | 0.0 (g) |
|  Howden Joinery Group plc | (13) | (107) | (1) | 0.0 (g) |
|  International Consolidated Airlines Group SA | (17) | (73) | 1 | 0.0 (g) |
|  JD Sports Fashion plc | (25) | (21) | — (h) | 0.0 (g) |
|  Land Securities Group plc | (30) | (181) | (7) | 0.0 (g) |
|  Lloyds Banking Group plc | (29) | (28) | — (h) | 0.0 (g) |
|  LondonMetric Property plc | (39) | (72) | (2) | 0.0 (g) |
|  Marks & Spencer Group plc | (72) | (231) | (7) | 0.0 (g) |
|  Melrose Industries plc | (3) | (15) | — (h) | 0.0 (g) |
|  Mondi plc | (17) | (152) | (5) | 0.0 (g) |
|  National Grid plc | — (h) | (4) | — (h) | 0.0 (g) |
|  Persimmon plc | (3) | (39) | (1) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 341

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **United Kingdom — continued** | | | | |
|  Rentokil Initial plc | (28) | (124) | (1) | 0.0 (g) |
|  Rio Tinto plc | — (h) | (23) | — (h) | 0.0 (g) |
|  Segro plc | (1) | (9) | — (h) | 0.0 (g) |
|  Severn Trent plc | — (h) | (8) | — (h) | 0.0 (g) |
|  Shell plc | (10) | (259) | (5) | 0.0 (g) |
|  Spirax Group plc | — (h) | (22) | — (h) | 0.0 (g) |
|  SSE plc | (4) | (76) | (2) | 0.0 (g) |
|  Weir Group plc (The) | — (h) | (7) | — (h) | 0.0 (g) |
|  Whitbread plc | (1) | (15) | — (h) | 0.0 (g) |
|  Wise plc | (2) | (19) | — (h) | 0.0 (g) |
|  WPP plc | (111) | (364) | (13) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(3928)** | **(68)** | **0.0** (g) |
| **Long Positions** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| **Chile** |  |  |  |  |
|  Antofagasta plc | 2 | 49 | 2 | 0.0 (g) |
| **Ireland** |  |  |  |  |
|  Experian plc | 2 | 79 | — (h) | 0.0 (g) |
| **Switzerland** |  |  |  |  |
|  Coca-Cola HBC AG | 1 | 32 | — (h) | 0.0 (g) |
| **United Kingdom** |  |  |  |  |
|  Admiral Group plc | 3 | 108 | (1) | 0.0 (g) |
|  Airtel Africa plc | 3 | 10 | 1 | 0.0 (g) |
|  Anglo American plc | 1 | 42 | 3 | 0.0 (g) |
|  Aviva plc | 18 | 120 | 1 | 0.0 (g) |
|  Babcock International Group plc | 3 | 37 | — (h) | 0.0 (g) |
|  Bellway plc | — (h) | 6 | — (h) | 0.0 (g) |
|  British Land Co. plc (The) | 36 | 141 | 6 | 0.0 (g) |
|  Burberry Group plc | 1 | 8 | — (h) | 0.0 (g) |
|  Compass Group plc | 1 | 21 | (1) | 0.0 (g) |
|  Entain plc | 14 | 105 | 3 | 0.0 (g) |
|  Halma plc | — (h) | 8 | — (h) | 0.0 (g) |
|  IG Group Holdings plc | 3 | 39 | 1 | 0.0 (g) |
|  IMI plc | — (h) | — (h) | — (h) | 0.0 (g) |
|  Imperial Brands plc | 1 | 36 | — (h) | 0.0 (g) |
|  Intertek Group plc | 2 | 87 | (1) | 0.0 (g) |
|  J Sainsbury plc | 102 | 328 | 4 | 0.0 (g) |
|  JET2 plc | 2 | 21 | — (h) | 0.0 (g) |
|  Johnson Matthey plc | 5 | 102 | (1) | 0.0 (g) |
|  Kingfisher plc | 3 | 11 | — (h) | 0.0 (g) |
|  Legal & General Group plc | 33 | 85 | 2 | 0.0 (g) |
|  London Stock Exchange Group plc | 5 | 401 | 5 | 0.0 (g) |
|  M&G plc | 14 | 40 | 1 | 0.0 (g) |
|  NatWest Group plc | 12 | 75 | — (h) | 0.0 (g) |
|  Next plc | 4 | 595 | 4 | 0.0 (g) |
|  Pearson plc | 6 | 62 | — (h) | 0.0 (g) |
|  RELX plc | 8 | 253 | (3) | 0.0 (g) |
|  Rightmove plc | 1 | 6 | — (h) | 0.0 (g) |
|  Rolls-Royce Holdings plc | 69 | 797 | (5) | 0.0 (g) |
|  Sage Group plc (The) | 15 | 161 | (1) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 342 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United Kingdom — continued |  |  |  |  |
|  Schroders plc | 21 | 85 | 2 | 0.0 (g) |
|  Smiths Group plc | 20 | 484 | (13) | 0.0 (g) |
|  Standard Chartered plc | 9 | 153 | 3 | 0.0 (g) |
|  United Utilities Group plc | 6 | 76 | 1 | 0.0 (g) |
| United States |  |  |  |  |
|  Carnival plc | 1 | 12 | — (h) | 0.0 (g) |
|  Total Long Positions of Total Return Swaps |  | 4675 | 13 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 747 | (55) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from -2% to 0.3%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/16/2026 | (2366) | (8) | 11 | 3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Hong Kong |  |  |  |  |
|  BOC Hong Kong Holdings Ltd. | (4) | (157) | — (h) | 0.0 (g) |
|  CK Infrastructure Holdings Ltd. | (5) | (257) | — (h) | 0.0 (g) |
|  CLP Holdings Ltd. | (69) | (4761) | (5) | 0.0 (g) |
|  Cowell e Holdings, Inc. | (1) | (28) | — (h) | 0.0 (g) |
|  Hong Kong & China Gas Co. Ltd. | (34) | (240) | — (h) | 0.0 (g) |
|  MTR Corp. Ltd. | (106) | (3167) | 1 | 0.0 (g) |
|  Swire Pacific Ltd. | (1) | (32) | — (h) | 0.0 (g) |
|  Wharf Holdings Ltd./The | (5) | (113) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (8755) | (4) | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Hong Kong |  |  |  |  |
|  CK Asset Holdings Ltd. | 3 | 100 | — (h) | 0.0 (g) |
|  Galaxy Entertainment Group Ltd. | 60 | 2340 | (5) | 0.0 (g) |
|  Hong Kong Exchanges & Clearing Ltd. | 1 | 244 | — (h) | 0.0 (g) |
|  Link REIT | 101 | 3510 | 1 | 0.0 (g) |
|  SITC International Holdings Co. Ltd. | 2 | 56 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 343

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Singapore** | | | | |
|  ASMPT Ltd. | 2 | 139 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **6389** | **(4)** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(2366)** | **(8)** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from -3% to 0.6%) which is denominated in ILS based on the local currencies of the positions within the swap | 10/19/2026 | 494 | (9) | 1 | (8) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Israel |  |  |  |  |
|  Azrieli Group Ltd. | — (h) | (15) | (1) | 0.0 (g) |
|  Phoenix Financial Ltd. | — (h) | (64) | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (79) | 1 | 0.0 (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Israel |  |  |  |  |
|  Bank Hapoalim BM | 1 | 94 | (2) | 0.0 (g) |
|  Israel Discount Bank Ltd. | 9 | 348 | (8) | 0.0 (g) |
|  Nice Ltd. | — (h) | 131 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 573 | (10) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 494 | (9) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives 0.73% on long positions and short positions respectively, plus or minus spread (rates range from -1% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/17/2026 | 138915 | 177 | 104 | 281 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 344 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Finland |  |  |  |  |
|  Disco Corp. | (1) | (28338) | (4) | 0.0 (g) |
|  Hankyu Hanshin Holdings, Inc. | (5) | (20849) | (3) | 0.0 (g) |
|  Nordea Bank Abp | — (h) | (17480) | — (h) | 0.0 (g) |
| Japan |  |  |  |  |
|  Advantest Corp. |  |  |  | 0.0 (g) |
|  AGC, Inc. | (2) | (9470) | 1 | 0.0 (g) |
|  Asics Corp. | (19) | (72944) | 22 | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | (4) | (15095) | — (h) | 0.0 (g) |
|  Capcom Co. Ltd. | (2) | (7718) | (2) | 0.0 (g) |
|  Central Japan Railway Co. | (33) | (142263) | (5) | 0.0 (g) |
|  Chiba Bank Ltd./The | (1) | (1919) | — (h) | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | (4) | (8473) | (1) | 0.0 (g) |
|  Chugai Pharmaceutical Co. Ltd. | (2) | (14859) | — (h) | 0.0 (g) |
|  Cosmo Energy Holdings Co. Ltd. |  |  |  | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | (4) | (31872) | 1 | 0.0 (g) |
|  Daifuku Co. Ltd. | (10) | (47902) | (2) | 0.0 (g) |
|  East Japan Railway Co. |  |  |  | 0.0 (g) |
|  Ebara Corp. | (11) | (41207) | — (h) | 0.0 (g) |
|  Fuji Electric Co. Ltd. |  |  |  | 0.0 (g) |
|  Fujikura Ltd. | (1) | (17785) | 2 | 0.0 (g) |
|  GMO Payment Gateway, Inc. |  |  |  | 0.0 (g) |
|  Honda Motor Co. Ltd. | (21) | (32431) | 6 | 0.0 (g) |
|  Hoya Corp. |  |  |  | 0.0 (g) |
|  IHI Corp. | (2) | (5900) | 1 | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | (10) | (23896) | 3 | 0.0 (g) |
|  ITOCHU Corp. | (8) | (15029) | (5) | 0.0 (g) |
|  J Front Retailing Co. Ltd. | (7) | (16302) | — (h) | 0.0 (g) |
|  Japan Exchange Group, Inc. | (13) | (22331) | (1) | 0.0 (g) |
|  Japan Real Estate Investment Corp. |  |  |  | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | (1) | (6346) | 1 | 0.0 (g) |
|  JFE Holdings, Inc. |  |  |  | 0.0 (g) |
|  Kadokawa Corp. | (3) | (9424) | (3) | 0.0 (g) |
|  Kajima Corp. | — (h) | (589) | — (h) | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | (2) | (19150) | 10 | 0.0 (g) |
|  KDDI Corp. | (5) | (12392) | — (h) | 0.0 (g) |
|  Keyence Corp. | (1) | (28415) | — (h) | 0.0 (g) |
|  Kikkoman Corp. | (52) | (74841) | 3 | 0.0 (g) |
|  Kobe Bussan Co. Ltd. | (1) | (2967) | — (h) | 0.0 (g) |
|  Kokusai Electric Corp. | (2) | (11253) | (5) | 0.0 (g) |
|  Komatsu Ltd. | (5) | (25055) | — (h) | 0.0 (g) |
|  Konami Group Corp. | — (h) | (2131) | — (h) | 0.0 (g) |
|  Kurita Water Industries Ltd. | — (h) | (2560) | — (h) | 0.0 (g) |
|  Kyocera Corp. |  |  |  | 0.0 (g) |
|  Kyoto Financial Group, Inc. | (5) | (17945) | 1 | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | (11) | (18376) | (2) | 0.0 (g) |
|  Lasertec Corp. | (1) | (18132) | 2 | 0.0 (g) |
|  M3, Inc. | (4) | (8260) | (1) | 0.0 (g) |
|  Makita Corp. | (3) | (11885) | — (h) | 0.0 (g) |
|  Marubeni Corp. | (47) | (205694) | 1 | 0.0 (g) |
|  Maruwa Co. Ltd./Aichi | — (h) | (4381) | 1 | 0.0 (g) |
|  MatsukiyoCocokara & Co. | (2) | (6310) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 345

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Japan — continued** | | | | |
|  Mebuki Financial Group, Inc. | (5) | (5170) | 1 | 0.0 (g) |
|  Mercari, Inc. | (3) | (7794) | (3) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | (10) | (30662) | 3 | 0.0 (g) |
|  Mitsubishi Chemical Group Corp. | (10) | (9412) | (1) | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | (3) | (9944) | — (h) | 0.0 (g) |
|  Mitsubishi Motors Corp. | (7) | (2772) | — (h) | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | (3) | (14102) | (2) | 0.0 (g) |
|  Mitsui OSK Lines Ltd. | — (h) | (1798) | (1) | 0.0 (g) |
|  Nexon Co. Ltd. | (5) | (16974) | (2) | 0.0 (g) |
|  Nikon Corp. | (13) | (21952) | (1) | 0.0 (g) |
|  Nippon Building Fund, Inc. | — (h) | (56572) | (1) | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | (114) | (119177) | (2) | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | (9) | (42174) | 1 | 0.0 (g) |
|  Nissan Motor Co. Ltd. | (7) | (2687) | — (h) | 0.0 (g) |
|  Niterra Co. Ltd. | (5) | (37465) | 2 | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | (1) | (3523) | — (h) | 0.0 (g) |
|  Nitto Boseki Co. Ltd. | (1) | (9729) | 4 | 0.0 (g) |
|  Nitto Denko Corp. | — (h) | (1516) | — (h) | 0.0 (g) |
|  NTT, Inc. | (258) | (39882) | (5) | 0.0 (g) |
|  Oji Holdings Corp. | (63) | (53367) | (5) | 0.0 (g) |
|  Olympus Corp. | (8) | (16745) | — (h) | 0.0 (g) |
|  Organo Corp. | (2) | (24510) | (1) | 0.0 (g) |
|  Oriental Land Co. Ltd./Japan | (20) | (58793) | (2) | 0.0 (g) |
|  Osaka Gas Co. Ltd. | — (h) | (1080) | — (h) | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | (1) | (2638) | — (h) | 0.0 (g) |
|  Rakuten Bank Ltd. | — (h) | (1396) | — (h) | 0.0 (g) |
|  Renesas Electronics Corp. | (4) | (9198) | — (h) | 0.0 (g) |
|  Resonac Holdings Corp. | — (h) | (1301) | — (h) | 0.0 (g) |
|  Sanrio Co. Ltd. | (1) | (4947) | — (h) | 0.0 (g) |
|  SBI Holdings, Inc. | — (h) | (994) | — (h) | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | (2) | (26850) | (23) | 0.0 (g) |
|  SCSK Corp. |  |  |  | 0.0 (g) |
|  Sega Sammy Holdings, Inc. | (1) | (3401) | — (h) | 0.0 (g) |
|  Seibu Holdings, Inc. | (3) | (14732) | 1 | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | (1) | (3375) | — (h) | 0.0 (g) |
|  SG Holdings Co. Ltd. | (18) | (26901) | 4 | 0.0 (g) |
|  Shimadzu Corp. | (3) | (11497) | 2 | 0.0 (g) |
|  Shimano, Inc. | — (h) | (3332) | — (h) | 0.0 (g) |
|  Shin-Etsu Chemical Co. Ltd. | (8) | (37807) | (1) | 0.0 (g) |
|  Shionogi & Co. Ltd. | (1) | (3787) | (1) | 0.0 (g) |
|  Shiseido Co. Ltd. | (6) | (14396) | 3 | 0.0 (g) |
|  Socionext, Inc. | — (h) | (877) | — (h) | 0.0 (g) |
|  SoftBank Group Corp. | (18) | (81949) | 6 | 0.0 (g) |
|  Sojitz Corp. | (7) | (34909) | (1) | 0.0 (g) |
|  Subaru Corp. | (12) | (41354) | 10 | 0.0 (g) |
|  SUMCO Corp. | (2) | (2869) | (1) | 0.0 (g) |
|  Sumitomo Corp. | (5) | (28190) | — (h) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | (7) | (10663) | (1) | 0.0 (g) |
|  Sumitomo Pharma Co. Ltd. | (15) | (34709) | (3) | 0.0 (g) |
|  Sumitomo Realty & Development Co. Ltd. | (4) | (17510) | 1 | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | (2) | (9464) | — (h) | 0.0 (g) |
|  Suzuki Motor Corp. |  |  |  | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 346 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Japan — continued |  |  |  |  |
|  Taisei Corp. | (1) | (7350) | — (h) | 0.0 (g) |
|  Taiyo Yuden Co. Ltd. | (1) | (4187) | — (h) | 0.0 (g) |
|  Takashimaya Co. Ltd. | — (h) | (163) | — (h) | 0.0 (g) |
|  TDK Corp. | (7) | (14718) | 1 | 0.0 (g) |
|  Terumo Corp. |  |  |  | 0.0 (g) |
|  TIS, Inc. | (11) | (57127) | (1) | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | — (h) | (1630) | — (h) | 0.0 (g) |
|  Tohoku Electric Power Co., Inc. |  |  |  | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | (11) | (67645) | — (h) | 0.0 (g) |
|  Tokyo Metro Co. Ltd. | (1) | (773) | — (h) | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | (2) | (11724) | 1 | 0.0 (g) |
|  Tokyo Seimitsu Co. Ltd. | — (h) | (3315) | — (h) | 0.0 (g) |
|  Tokyu Corp. | (3) | (5232) | — (h) | 0.0 (g) |
|  TOPPAN Holdings, Inc. | (17) | (83131) | 28 | 0.0 (g) |
|  Toray Industries, Inc. | (25) | (25895) | 1 | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | (1) | (5428) | — (h) | 0.0 (g) |
|  Toyota Tsusho Corp. | (35) | (186381) | 8 | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | (102) | (122580) | 30 | 0.0 (g) |
|  Yamato Holdings Co. Ltd. | (20) | (43265) | (7) | 0.0 (g) |
|  Yokogawa Electric Corp. | (1) | (6503) | — (h) | 0.0 (g) |
|  Yokohama Financial Group, Inc. | (20) | (25483) | (1) | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | (10) | (65117) | 20 | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | — (h) | (902) | — (h) | 0.0 (g) |
|  ZOZO, Inc. | (7) | (9735) | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2845299) | 84 | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Japan |  |  |  |  |
|  Aisin Corp. | 2 | 4861 | (1) | 0.0 (g) |
|  Amada Co. Ltd. | 10 | 17841 | (2) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | 4 | 6251 | — (h) | 0.0 (g) |
|  Asahi Kasei Corp. | 62 | 85839 | 2 | 0.0 (g) |
|  Astellas Pharma, Inc. | 66 | 138169 | 4 | 0.0 (g) |
|  Canon, Inc. | — (h) | 476 | — (h) | 0.0 (g) |
|  CyberAgent, Inc. | 70 | 92726 | 9 | 0.0 (g) |
|  Dai Nippon Printing Co. Ltd. | 2 | 4111 | — (h) | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | 39 | 50752 | 1 | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | 1 | 2628 | — (h) | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | 7 | 20730 | 1 | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | 6 | 30726 | 3 | 0.0 (g) |
|  Denso Corp. | 3 | 7388 | — (h) | 0.0 (g) |
|  Dentsu Group, Inc. | 2 | 7313 |  | 0.0 (g) |
|  DMG Mori Co. Ltd. | 3 | 8689 | — (h) | 0.0 (g) |
|  ENEOS Holdings, Inc. | 223 | 244518 | 16 | 0.0 (g) |
|  Fujitsu Ltd. | 2 | 6816 | 1 | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | 3 | 16695 | – (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | 35 | 58383 | (5) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | 1 | 6094 | (1) | 0.0 (g) |
|  Hitachi Ltd. | — (h) | 2002 | — (h) | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | 88 | 103443 | 6 | 0.0 (g) |
|  Inpex Corp. | 19 | 60348 | (8) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 347

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Japan — continued** | | | | |
|  Isuzu Motors Ltd. | 23 | 56448 | (4) | 0.0 (g) |
|  Japan Airlines Co. Ltd. | 27 | 76850 | 1 | 0.0 (g) |
|  Japan Post Bank Co. Ltd. | 7 | 15399 | 6 | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | 14 | 22494 | 2 | 0.0 (g) |
|  Japan Tobacco, Inc. | 1 | 2874 | — (h) | 0.0 (g) |
|  Kansai Electric Power Co., Inc. (The) | 2 | 4920 | — (h) | 0.0 (g) |
|  Kao Corp. | 2 | 11947 | — (h) | 0.0 (g) |
|  Kawasaki Kisen Kaisha Ltd. | 6 | 11827 | 2 | 0.0 (g) |
|  Kobe Steel Ltd. | 1 | 2023 | — (h) | 0.0 (g) |
|  Kubota Corp. | 1 | 1608 | — (h) | 0.0 (g) |
|  LY Corp. | 148 | 61616 | 2 | 0.0 (g) |
|  MISUMI Group, Inc. | 9 | 21683 | (6) | 0.0 (g) |
|  Mitsubishi Corp. | 29 | 103463 | (4) | 0.0 (g) |
|  Mitsubishi Electric Corp. | 1 | 5144 | (1) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | 7 | 25191 | (1) | 0.0 (g) |
|  Mitsubishi UFJ Financial Group, Inc. | 15 | 38449 | — (h) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | 38 | 75091 | 11 | 0.0 (g) |
|  Mitsui Fudosan Co. Ltd. | 34 | 60109 | — (h) | 0.0 (g) |
|  MS&AD Insurance Group Holdings, Inc. | 3 | 12662 | (1) | 0.0 (g) |
|  NEC Corp. | 22 | 120242 | (12) | 0.0 (g) |
|  NGK Insulators Ltd. | 1 | 3704 | — (h) | 0.0 (g) |
|  NH Foods Ltd. | 5 | 32355 | (1) | 0.0 (g) |
|  NIDEC Corp., | 18 | 37011 | 5 | 0.0 (g) |
|  Nissan Chemical Corp. | — (h) | 1641 | — (h) | 0.0 (g) |
|  Nomura Holdings, Inc. | 4 | 5160 | — (h) | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | 17 | 16523 | 2 | 0.0 (g) |
|  Nomura Research Institute Ltd. | — (h) | 1812 | — (h) | 0.0 (g) |
|  Obayashi Corp. | 40 | 130967 | 1 | 0.0 (g) |
|  Obic Co. Ltd. | 1 | 5866 | — (h) | 0.0 (g) |
|  Omron Corp. | 9 | 33875 | 1 | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | 11 | 24651 | (1) | 0.0 (g) |
|  ORIX Corp. | 2 | 10843 | 1 | 0.0 (g) |
|  Otsuka Corp. | — (h) | 1310 | — (h) | 0.0 (g) |
|  Otsuka Holdings Co. Ltd. | 1 | 9990 | (1) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | 22 | 20734 | (3) | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | 8 | 73382 | (5) | 0.0 (g) |
|  Resona Holdings, Inc. | 1 | 1392 | — (h) | 0.0 (g) |
|  Secom Co. Ltd. | — (h) | 1119 | — (h) | 0.0 (g) |
|  Seiko Epson Corp. | 4 | 7168 | — (h) | 0.0 (g) |
|  Sekisui House Ltd. | 14 | 48592 | 7 | 0.0 (g) |
|  Shimizu Corp. | 8 | 21526 | 1 | 0.0 (g) |
|  Skylark Holdings Co. Ltd. | 3 | 10686 | (2) | 0.0 (g) |
|  SMC Corp. | 1 | 27020 | 1 | 0.0 (g) |
|  SoftBank Corp. | 732 | 156221 | 7 | 0.0 (g) |
|  Sompo Holdings, Inc. | 10 | 51138 | 4 | 0.0 (g) |
|  Sony Group Corp. | — (h) | 1584 | — (h) | 0.0 (g) |
|  Square Enix Holdings Co. Ltd. | 2 | 4505 | — (h) | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | 37 | 16463 | — (h) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | 5 | 21726 | 2 | 0.0 (g) |
|  Sysmex Corp. | 19 | 29196 | (1) | 0.0 (g) |
|  T&D Holdings, Inc. | 9 | 33124 | (4) | 0.0 (g) |
|  Takeda Pharmaceutical Co. Ltd. | 33 | 152698 | 31 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 348 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Japan — continued |  |  |  |  |
|  THK Co. Ltd. | 2 | 8581 | (1) | 0.0 (g) |
|  Tokio Marine Holdings, Inc. | 6 | 33174 | — (h) | 0.0 (g) |
|  Tokyo Electric Power Co. Holdings, Inc. | 16 | 10132 | 1 | 0.0 (g) |
|  Tokyo Electron Ltd. | 1 | 46438 | 10 | 0.0 (g) |
|  Tokyu Fudosan Holdings Corp. | 4 | 5168 | — (h) | 0.0 (g) |
|  Tosoh Corp. | 20 | 47325 | — (h) | 0.0 (g) |
|  Toyo Tire Corp. | 2 | 9391 | (2) | 0.0 (g) |
|  Trend Micro, Inc./Japan | 2 | 10148 | (3) | 0.0 (g) |
|  Unicharm Corp. | 3 | 2932 | — (h) | 0.0 (g) |
|  Yakult Honsha Co. Ltd. | 9 | 22091 | 1 | 0.0 (g) |
|  Yaskawa Electric Corp. | 19 | 88013 | 21 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 2984214 | 93 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 138915 | 177 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives 4% on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in NOK based on the local currencies of the positions within the swap | 10/15/2026 | (2480) | 11 | 9 | 20 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Norway |  |  |  |  |
|  Equinor ASA |  |  |  | 0.0 (g) |
|  Gjensidige Forsikring ASA | (5) | (1427) | (2) | 0.0 (g) |
|  Mowi ASA | (6) | (1418) | — (h) | 0.0 (g) |
|  Norsk Hydro ASA | (76) | (5869) | (5) | 0.0 (g) |
|  Orkla ASA | (12) | (1304) | (1) | 0.0 (g) |
|  Salmar ASA | — (h) | (172) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (10190) | (8) | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Norway |  |  |  |  |
|  Aker BP ASA | 9 | 2356 | 5 | 0.0 (g) |
|  Kongsberg Gruppen ASA | 8 | 2000 | (1) | 0.0 (g) |
|  Var Energi ASA | 106 | 3354 | 15 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 7710 | 19 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (2480) | 11 | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 349

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives 2.46% on long positions and short positions respectively, plus or minus spread (rates range from -0.4% to 0.4%) which is denominated in NZD based on the local currencies of the positions within the swap | 09/16/2026 | (803) | (3) | (1) | (4) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Auckland International Airport Ltd. | (68) | (558) | (4) | 0.0 (g) |
|  Infratil Ltd. | (23) | (254) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (812) | (3) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Fisher & Paykel Healthcare Corp. Ltd. | — (h) | 9 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 9 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (803) | (3) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month STIBOR on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in SEK based on the local currencies of the positions within the swap | 10/15/2026 | 6769 | 4 | – (h) | 4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Sweden |  |  |  |  |
|  Alfa Laval AB | — (h) | (27) | — (h) | 0.0 (g) |
|  Atlas Copco AB | (10) | (1611) | (2) | 0.0 (g) |
|  Epiroc AB | (5) | (903) | (1) | 0.0 (g) |
|  EQT AB | (2) | (760) | (2) | 0.0 (g) |
|  Hexagon AB | (5) | (542) | (1) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 350 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Sweden — continued |  |  |  |  |
|  Holmen AB | (2) | (731) | (1) | 0.0 (g) |
|  Investment AB Latour | (1) | (241) | (1) | 0.0 (g) |
|  Investor AB | (4) | (1303) | (3) | 0.0 (g) |
|  L E Lundbergforetagen AB | — (h) | (110) | — (h) | 0.0 (g) |
|  Lifco AB | — (h) | (82) | — (h) | 0.0 (g) |
|  Nibe Industrier AB | (32) | (1118) | (3) | 0.0 (g) |
|  Sagax AB | (1) | (200) | — (h) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | (12) | (1431) | (2) | 0.0 (g) |
|  Trelleborg AB | — (h) | (60) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (9119) | (16) | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Sweden |  |  |  |  |
|  AddTech AB | 7 | 2445 | 1 | 0.0 (g) |
|  Assa Abloy AB | 9 | 3239 | 3 | 0.0 (g) |
|  Beijer Ref AB | 3 | 506 | 1 | 0.0 (g) |
|  Boliden AB | 1 | 618 | 2 | 0.0 (g) |
|  Evolution AB | 1 | 805 | 1 | 0.0 (g) |
|  Industrivarden AB | 2 | 629 | 1 | 0.0 (g) |
|  Indutrade AB | 6 | 1487 | 1 | 0.0 (g) |
|  Sandvik AB | 3 | 976 | 1 | 0.0 (g) |
|  Securitas AB | 1 | 128 | — (h) | 0.0 (g) |
|  Sinch AB | 70 | 2145 | 7 | 0.0 (g) |
|  Skanska AB | 4 | 971 | — (h) | 0.0 (g) |
|  SKF AB | 6 | 1479 | 2 | 0.0 (g) |
|  SSAB AB | 1 | 98 | — (h) | 0.0 (g) |
|  Svenska Handelsbanken AB | 1 | 71 | — (h) | 0.0 (g) |
|  Swedish Orphan Biovitrum AB | — (h) | 56 | — (h) | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | 3 | 235 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 15888 | 20 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 6769 | 4 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives 1.32% on long positions and short positions respectively, plus or minus spread (rates range from -0.72% to 0.3%) which is denominated in SGD based on the local currencies of the positions within the swap | 09/16/2026 | (2286) | (16) | (4) | (20) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 351

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions** | | | | |
| **Common Stocks** | | | | |
| **China** | | | | |
|  Yangzijiang Shipbuilding Holdings Ltd. | (7) | (24) | – (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Keppel Ltd. | (22) | (223) | (2) | 0.0 (g) |
|  Oversea-Chinese Banking Corp. Ltd. | (1) | (24) | — (h) | 0.0 (g) |
|  Sembcorp Industries Ltd. | (3) | (20) | — (h) | 0.0 (g) |
|  Singapore Airlines Ltd. | (66) | (417) | (4) | 0.0 (g) |
|  Singapore Telecommunications Ltd. | (6) | (28) | — (h) | 0.0 (g) |
|  United Overseas Bank Ltd. | (44) | (1540) | (10) | 0.0 (g) |
|  Wilmar International Ltd. | (25) | (76) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(2352)** | **(16)** | **0.0** **(g)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  Singapore Technologies Engineering Ltd. | 8 | 66 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **66** | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(2286)** | **(16)** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day OBFR on long positions and short positions respectively, plus or minus spread (rates range from -1% to 0.2%) which is denominated in USD based on the local currencies of the positions within the swap | 10/13/2026 | 2487 | 33 | 8 | 41 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Bermuda |  |  |  |  |
|  Everest Group Ltd. | — (h) | (34) | — (h) | 0.0 (g) |
|  Golar LNG Ltd. | — (h) | (9) | — (h) | 0.0 (g) |
| Canada |  |  |  |  |
|  Waste Connections, Inc. | (1) | (166) | 2 | 0.0 (g) |
| Hong Kong |  |  |  |  |
|  Futu Holdings Ltd. | — (h) | (52) | — (h) | 0.0 (g) |
| Ireland |  |  |  |  |
|  Medtronic plc | — (h) | (6) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 352 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Israel |  |  |  |  |
|  Monday.com Ltd. | — (h) | (21) | — (h) | 0.0 (g) |
|  Nova Ltd. | — (h) | (60) | 1 | 0.0 (g) |
| United Kingdom |  |  |  |  |
|  Aon plc | — (h) | (9) | — (h) | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | (1) | (120) | 1 | 0.0 (g) |
|  Marex Group plc | — (h) | (6) | — (h) | 0.0 (g) |
|  nVent Electric plc | (2) | (254) | 2 | 0.0 (g) |
| United States |  |  |  |  |
|  AAON, Inc. | — (h) | (24) | — (h) | 0.0 (g) |
|  Abbott Laboratories | (9) | (1105) | (1) | 0.0 (g) |
|  AbbVie, Inc. | — (h) | (104) | — (h) | 0.0 (g) |
|  Advanced Drainage Systems, Inc. | — (h) | (17) | 1 | 0.0 (g) |
|  AGCO Corp. | — (h) | (32) | — (h) | 0.0 (g) |
|  Agilent Technologies, Inc. | (3) | (402) | 7 | 0.0 (g) |
|  AGNC Investment Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  Akamai Technologies, Inc. | — (h) | (3) | — (h) | 0.0 (g) |
|  Albertsons Cos., Inc. | (1) | (25) | — (h) | 0.0 (g) |
|  Alcoa Corp. | (1) | (66) | 1 | 0.0 (g) |
|  Alexandria Real Estate Equities, Inc. | (2) | (81) | — (h) | 0.0 (g) |
|  Amentum Holdings, Inc. | (4) | (115) | 3 | 0.0 (g) |
|  American Homes 4 Rent | — (h) | (5) | — (h) | 0.0 (g) |
|  Antero Midstream Corp. | (25) | (433) | (4) | 0.0 (g) |
|  APA Corp. | (1) | (22) | — (h) | 0.0 (g) |
|  Apollo Global Management, Inc. | — (h) | (26) | 1 | 0.0 (g) |
|  Appfolio, Inc. | (1) | (204) | 3 | 0.0 (g) |
|  Applied Materials, Inc. | (1) | (175) | 1 | 0.0 (g) |
|  AptarGroup, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Arrow Electronics, Inc. | (1) | (72) | 2 | 0.0 (g) |
|  AST SpaceMobile, Inc. | — (h) | (31) | 3 | 0.0 (g) |
|  Astera Labs, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  ATI, Inc. | (4) | (414) | 4 | 0.0 (g) |
|  Aurora Innovation, Inc. | (7) | (31) | 3 | 0.0 (g) |
|  AvalonBay Communities, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Avantor, Inc. | (1) | (6) | — (h) | 0.0 (g) |
|  Avery Dennison Corp. | — (h) | (20) | — (h) | 0.0 (g) |
|  Axon Enterprise, Inc. | — (h) | (35) | 2 | 0.0 (g) |
|  Bank of New York Mellon Corp. (The) | — (h) | (41) | — (h) | 0.0 (g) |
|  Becton Dickinson & Co. | — (h) | (8) | — (h) | 0.0 (g) |
|  Berkshire Hathaway, Inc. | — (h) | (197) | (1) | 0.0 (g) |
|  Best Buy Co., Inc. | (1) | (73) | 4 | 0.0 (g) |
|  BILL Holdings, Inc. | (1) | (37) | 1 | 0.0 (g) |
|  Boeing Co. (The) | (1) | (175) | — (h) | 0.0 (g) |
|  Broadcom, Inc. | (1) | (180) | (2) | 0.0 (g) |
|  Brown & Brown, Inc. | (14) | (1145) | 10 | 0.0 (g) |
|  Brown-Forman Corp. | (2) | (52) | 1 | 0.0 (g) |
|  Bunge Global SA | (1) | (130) | 1 | 0.0 (g) |
|  Burlington Stores, Inc. | — (h) | (25) | (1) | 0.0 (g) |
|  BWX Technologies, Inc. | (1) | (255) | 8 | 0.0 (g) |
|  BXP, Inc. | (9) | (613) | 17 | 0.0 (g) |
|  CareTrust REIT, Inc. | (2) | (78) | 1 | 0.0 (g) |
|  Carvana Co. | — (h) | (179) | 5 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 353

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Casella Waste Systems, Inc. | (1) | (96) | 2 | 0.0 (g) |
|  Caterpillar, Inc. | — (h) | (56) | 1 | 0.0 (g) |
|  Cava Group, Inc. | — (h) | (20) | — (h) | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | (46) | (370) | 5 | 0.0 (g) |
|  Celsius Holdings, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Cencora, Inc. | — (h) | (66) | — (h) | 0.0 (g) |
|  CF Industries Holdings, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Chewy, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Church & Dwight Co., Inc. | (10) | (867) | 4 | 0.0 (g) |
|  Cincinnati Financial Corp. | — (h) | (25) | 1 | 0.0 (g) |
|  Cisco Systems, Inc. | (2) | (168) | 2 | 0.0 (g) |
|  Citizens Financial Group, Inc. | (11) | (646) | 16 | 0.0 (g) |
|  Clorox Co. (The) | (1) | (52) | (1) | 0.0 (g) |
|  Cloudflare, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  CMS Energy Corp. | (4) | (308) | (1) | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | (6) | (936) | 66 | 0.0 (g) |
|  Coeur Mining, Inc. | (1) | (17) | 1 | 0.0 (g) |
|  Coherent Corp. | — (h) | (31) | 1 | 0.0 (g) |
|  Coinbase Global, Inc. | (1) | (177) | 16 | 0.0 (g) |
|  Colgate-Palmolive Co. | (1) | (45) | — (h) | 0.0 (g) |
|  Columbia Banking System, Inc. | (3) | (77) | 3 | 0.0 (g) |
|  Commvault Systems, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  ConocoPhillips | — (h) | (25) | — (h) | 0.0 (g) |
|  Constellation Energy Corp. | (1) | (206) | 3 | 0.0 (g) |
|  Cooper Cos., Inc. (The) | — (h) | (37) | 1 | 0.0 (g) |
|  Corcept Therapeutics, Inc. | — (h) | (15) | 9 | 0.0 (g) |
|  Core & Main, Inc. | (1) | (54) | 2 | 0.0 (g) |
|  Corpay, Inc. | — (h) | (14) | 1 | 0.0 (g) |
|  CoStar Group, Inc. | (2) | (163) | (2) | 0.0 (g) |
|  Crowdstrike Holdings, Inc. | — (h) | (35) | 1 | 0.0 (g) |
|  Cummins, Inc. |  |  |  | 0.0 (g) |
|  Datadog, Inc. | — (h) | — (h) | — (h) | 0.0 (g) |
|  Diamondback Energy, Inc. | (7) | (1039) | (13) | 0.0 (g) |
|  Dick's Sporting Goods, Inc. | — (h) | (52) | 3 | 0.0 (g) |
|  Dollar Tree, Inc. | — (h) | (19) | — (h) | 0.0 (g) |
|  Dominion Energy, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  DoorDash, Inc. | — (h) | (80) | 3 | 0.0 (g) |
|  DT Midstream, Inc. | (1) | (72) | — (h) | 0.0 (g) |
|  Duke Energy Corp. | (1) | (60) | — (h) | 0.0 (g) |
|  Eagle Materials, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  EastGroup Properties, Inc. | — (h) | (38) | 1 | 0.0 (g) |
|  Eastman Chemical Co. | (3) | (159) | (1) | 0.0 (g) |
|  Elanco Animal Health, Inc. | (25) | (555) | (8) | 0.0 (g) |
|  elf Beauty, Inc. | — (h) | (12) | 1 | 0.0 (g) |
|  Eli Lilly & Co. | — (h) | (56) | — (h) | 0.0 (g) |
|  Ensign Group, Inc. (The) | (1) | (265) | 7 | 0.0 (g) |
|  Entegris, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  EQT Corp. |  |  |  | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Esab Corp. | — (h) | (13) | — (h) | 0.0 (g) |
|  Essex Property Trust, Inc. | — (h) | (35) | — (h) | 0.0 (g) |
|  Exelon Corp. | — (h) | (8) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 354 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Expand Energy Corp. | (2) | (213) | (5) | 0.0 (g) |
|  Extra Space Storage, Inc. | — (h) | (29) | — (h) | 0.0 (g) |
|  Exxon Mobil Corp. | (1) | (118) | (2) | 0.0 (g) |
|  F&G Annuities & Life, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Fair Isaac Corp. | — (h) | (127) | 4 | 0.0 (g) |
|  FedEx Corp. | — (h) | (38) | 1 | 0.0 (g) |
|  Fidelity National Financial, Inc. | (8) | (442) | 4 | 0.0 (g) |
|  First Solar, Inc. | (1) | (196) | 16 | 0.0 (g) |
|  FirstCash Holdings, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  FirstEnergy Corp. | (8) | (341) | (3) | 0.0 (g) |
|  Flagstar Bank NA | (1) | (10) | — (h) | 0.0 (g) |
|  Flutter Entertainment plc | — (h) | (43) | 1 | 0.0 (g) |
|  Ford Motor Co. | (1) | (10) | — (h) | 0.0 (g) |
|  Fortinet, Inc. | (1) | (43) | 1 | 0.0 (g) |
|  Fortive Corp. | — (h) | (12) | — (h) | 0.0 (g) |
|  FTAI Aviation Ltd. | (2) | (295) | (45) | 0.0 (g) |
|  Gen Digital, Inc. | (3) | (75) | 1 | 0.0 (g) |
|  Generac Holdings, Inc. | — (h) | (26) | 1 | 0.0 (g) |
|  Genuine Parts Co. | (1) | (90) | 2 | 0.0 (g) |
|  Gilead Sciences, Inc. | — (h) | (59) | 1 | 0.0 (g) |
|  Gitlab, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Global Payments, Inc. | (2) | (138) | 7 | 0.0 (g) |
|  GLOBALFOUNDRIES, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Globalstar, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Goldman Sachs Group, Inc. (The) | — (h) | (352) | 8 | 0.0 (g) |
|  Graco, Inc. | (1) | (57) | 1 | 0.0 (g) |
|  Halliburton Co. | (1) | (16) | — (h) | 0.0 (g) |
|  Healthpeak Properties, Inc. | (1) | (19) | — (h) | 0.0 (g) |
|  Hecla Mining Co. | (1) | (19) | 1 | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | (11) | (265) | 7 | 0.0 (g) |
|  Hexcel Corp. | — (h) | (26) | — (h) | 0.0 (g) |
|  Hims & Hers Health, Inc. | — (h) | (12) | 1 | 0.0 (g) |
|  Hormel Foods Corp. | (2) | (59) | 1 | 0.0 (g) |
|  Host Hotels & Resorts, Inc. | (13) | (239) | 12 | 0.0 (g) |
|  Howmet Aerospace, Inc. | (1) | (139) | 2 | 0.0 (g) |
|  Humana, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Hyatt Hotels Corp. | (1) | (109) | 4 | 0.0 (g) |
|  IDACORP, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  IDEX Corp. | — (h) | (32) | — (h) | 0.0 (g) |
|  Impinj, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Ingersoll Rand, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Intel Corp. | (3) | (98) | (1) | 0.0 (g) |
|  InterDigital, Inc. | — (h) | (1) | — (h) | 0.0 (g) |
|  International Business Machines Corp. | (1) | (191) | 4 | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | (1) | (51) | (1) | 0.0 (g) |
|  International Paper Co. | (15) | (608) | (1) | 0.0 (g) |
|  Invesco Ltd. | (1) | (27) | 1 | 0.0 (g) |
|  J M Smucker Co. (The) | — (h) | (34) | 1 | 0.0 (g) |
|  Jacobs Solutions, Inc. | (1) | (175) | 4 | 0.0 (g) |
|  JBT Marel Corp. | (1) | (95) | 3 | 0.0 (g) |
|  JFrog Ltd. | — (h) | (11) | 1 | 0.0 (g) |
|  Jones Lang LaSalle, Inc. | — (h) | (14) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 355

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Kinetik Holdings, Inc. | (1) | (50) | (2) | 0.0 (g) |
|  KKR & Co., Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Klaviyo, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Kraft Heinz Co. (The) | (1) | (14) | — (h) | 0.0 (g) |
|  Krystal Biotech, Inc. | — (h) | (41) | 1 | 0.0 (g) |
|  Lamb Weston Holdings, Inc. | (1) | (51) | 1 | 0.0 (g) |
|  Lennox International, Inc. | — (h) | (30) | 1 | 0.0 (g) |
|  Levi Strauss & Co. | (3) | (68) | 2 | 0.0 (g) |
|  Liberty Broadband Corp. | (1) | (31) | — (h) | 0.0 (g) |
|  Life Time Group Holdings, Inc. | (1) | (21) | — (h) | 0.0 (g) |
|  Lincoln National Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  LKQ Corp. | (3) | (79) | — (h) | 0.0 (g) |
|  Loar Holdings, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Lowe's Cos., Inc. | (1) | (131) | 1 | 0.0 (g) |
|  LPL Financial Holdings, Inc. | — (h) | (42) | 2 | 0.0 (g) |
|  MACOM Technology Solutions Holdings, Inc. | (1) | (244) | 6 | 0.0 (g) |
|  Maplebear, Inc. | (1) | (60) | — (h) | 0.0 (g) |
|  Marriott International, Inc./MD | — (h) | (39) | — (h) | 0.0 (g) |
|  Marsh & McLennan Cos., Inc. | — (h) | (27) | — (h) | 0.0 (g) |
|  Masco Corp. | — (h) | (10) | — (h) | 0.0 (g) |
|  Match Group, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  McCormick & Co., Inc./MD | (2) | (137) | 2 | 0.0 (g) |
|  McDonald's Corp. | — (h) | (40) | 1 | 0.0 (g) |
|  Merck & Co., Inc. | (2) | (239) | (1) | 0.0 (g) |
|  Middleby Corp. (The) | (2) | (235) | 3 | 0.0 (g) |
|  Mirion Technologies, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Modine Manufacturing Co. | — (h) | (9) | — (h) | 0.0 (g) |
|  Mohawk Industries, Inc. | (1) | (75) | — (h) | 0.0 (g) |
|  Molson Coors Beverage Co. | (6) | (260) | (1) | 0.0 (g) |
|  Monolithic Power Systems, Inc. | (1) | (573) | 24 | 0.0 (g) |
|  Morningstar, Inc. | — (h) | (24) | — (h) | 0.0 (g) |
|  NetApp, Inc. | (3) | (279) | 10 | 0.0 (g) |
|  New York Times Co. (The) | — (h) | (20) | — (h) | 0.0 (g) |
|  NewMarket Corp. | — (h) | (13) | 1 | 0.0 (g) |
|  NextEra Energy, Inc. | (2) | (171) | — (h) | 0.0 (g) |
|  NIKE, Inc. | (1) | (63) | (7) | 0.0 (g) |
|  NiSource, Inc. | (15) | (624) | (5) | 0.0 (g) |
|  Norwegian Cruise Line Holdings Ltd. | (14) | (328) | 26 | 0.0 (g) |
|  NuScale Power Corp. | — (h) | (8) | 1 | 0.0 (g) |
|  Nuvalent, Inc. | — (h) | (22) | 1 | 0.0 (g) |
|  OGE Energy Corp. | (1) | (57) | — (h) | 0.0 (g) |
|  Okta, Inc. | (1) | (86) | 4 | 0.0 (g) |
|  Old National Bancorp | (3) | (60) | 3 | 0.0 (g) |
|  Old Republic International Corp. | (1) | (53) | 1 | 0.0 (g) |
|  Onestream, Inc. | (2) | (32) | 2 | 0.0 (g) |
|  O'Reilly Automotive, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Ormat Technologies, Inc. | — (h) | (40) | 1 | 0.0 (g) |
|  PACCAR, Inc. | (3) | (382) | 11 | 0.0 (g) |
|  Paramount Skydance Corp. | — (h) | (3) | — (h) | 0.0 (g) |
|  Paychex, Inc. | (2) | (203) | 5 | 0.0 (g) |
|  Pegasystems, Inc. | (2) | (118) | 5 | 0.0 (g) |
|  Permian Resources Corp. | (3) | (42) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 356 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Pinterest, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Planet Fitness, Inc. | (3) | (294) | 8 | 0.0 (g) |
|  PPL Corp. | (1) | (27) | — (h) | 0.0 (g) |
|  Primo Brands Corp. | (2) | (36) | — (h) | 0.0 (g) |
|  PTC, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Quanta Services, Inc. | — (h) | (59) | 2 | 0.0 (g) |
|  QuantumScape Corp. | (4) | (42) | 4 | 0.0 (g) |
|  QXO, Inc. | (4) | (89) | 11 | 0.0 (g) |
|  RadNet, Inc. | (1) | (97) | 4 | 0.0 (g) |
|  Range Resources Corp. | (9) | (311) | (4) | 0.0 (g) |
|  Realty, Inc.ome Corp. | — (h) | (24) | — (h) | 0.0 (g) |
|  Repligen Corp. | (1) | (86) | 1 | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | (19) | (756) | 31 | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | — (h) | (10) | 1 | 0.0 (g) |
|  Robinhood Markets, Inc. | — (h) | (11) | 1 | 0.0 (g) |
|  Rocket Cos., Inc. | (1) | (12) | — (h) | 0.0 (g) |
|  Rocket Lab Corp. | (1) | (39) | 4 | 0.0 (g) |
|  Roper Technologies, Inc. | — (h) | (131) | 1 | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | — (h) | (8) | 1 | 0.0 (g) |
|  Royal Gold, Inc. | — (h) | (39) | 2 | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | (1) | (46) | — (h) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | (1) | (100) | 3 | 0.0 (g) |
|  SailPoint, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Service Corp. International/US | (1) | (54) | 1 | 0.0 (g) |
|  SharkNinja, Inc. | — (h) | (11) | 1 | 0.0 (g) |
|  Sherwin-Williams Co. (The) | (2) | (702) | — (h) | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | — (h) | (34) | 1 | 0.0 (g) |
|  SiteOne Landscape Supply, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  SLM Corp. | — (h) | (8) | — (h) | 0.0 (g) |
|  Snap-on, Inc. | — (h) | (86) | 1 | 0.0 (g) |
|  SoFi Technologies, Inc. | (5) | (127) | 5 | 0.0 (g) |
|  SoundHound AI, Inc. | (8) | (89) | 10 | 0.0 (g) |
|  Southwest Airlines Co. | (3) | (135) | 3 | 0.0 (g) |
|  SPX Technologies, Inc. | — (h) | (22) | 1 | 0.0 (g) |
|  STAG Industrial, Inc. | — (h) | (17) | — (h) | 0.0 (g) |
|  StandardAero, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Starbucks Corp. | (1) | (48) | 1 | 0.0 (g) |
|  Starwood Property Trust, Inc. | (1) | (12) | — (h) | 0.0 (g) |
|  Steel Dynamics, Inc. | — (h) | (66) | 2 | 0.0 (g) |
|  StepStone Group, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Sterling Infrastructure, Inc. | — (h) | (45) | 1 | 0.0 (g) |
|  Strategy, Inc. | — (h) | (59) | 3 | 0.0 (g) |
|  Summit Therapeutics, Inc. | (3) | (52) | 2 | 0.0 (g) |
|  T Rowe Price Group, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Take-Two Interactive Software, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  TD SYNNEX Corp. | — (h) | (44) | 1 | 0.0 (g) |
|  Teledyne Technologies, Inc. | — (h) | (18) | — (h) | 0.0 (g) |
|  Teleflex, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Teradyne, Inc. |  |  |  | 0.0 (g) |
|  Terreno Realty Corp. | (4) | (227) | 6 | 0.0 (g) |
|  Tesla, Inc. | — (h) | (70) | 6 | 0.0 (g) |
|  Texas Pacific Land Corp. | — (h) | (40) | 2 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 357

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Thermo Fisher Scientific, Inc. | — (h) | (104) | (1) | 0.0 (g) |
|  Timken Co. (The) | — (h) | (25) | 1 | 0.0 (g) |
|  TKO Group Holdings, Inc. | — (h) | (47) | 1 | 0.0 (g) |
|  TPG, Inc. | (1) | (43) | 1 | 0.0 (g) |
|  Tractor Supply Co. | — (h) | (21) | 1 | 0.0 (g) |
|  TransDigm Group, Inc. | — (h) | (543) | (12) | 0.0 (g) |
|  Tyler Technologies, Inc. | — (h) | (58) | 1 | 0.0 (g) |
|  Tyson Foods, Inc. | (1) | (39) | — (h) | 0.0 (g) |
|  UDR, Inc. | (2) | (61) | (1) | 0.0 (g) |
|  UiPath, Inc. | (4) | (75) | 1 | 0.0 (g) |
|  UL Solutions, Inc. | — (h) | (33) | — (h) | 0.0 (g) |
|  UMB Financial Corp. | — (h) | (47) | 2 | 0.0 (g) |
|  United Parcel Service, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Unity Software, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  US Foods Holding Corp. | — (h) | (19) | — (h) | 0.0 (g) |
|  Valley National Bancorp | — (h) | (6) | — (h) | 0.0 (g) |
|  Verizon Communications, Inc. | (3) | (124) | (2) | 0.0 (g) |
|  Vertex Pharmaceuticals, Inc. | — (h) | (153) | 2 | 0.0 (g) |
|  VF Corp. | — (h) | (7) | — (h) | 0.0 (g) |
|  Viper Energy, Inc. | (2) | (63) | — (h) | 0.0 (g) |
|  Vontier Corp. | (8) | (300) | 6 | 0.0 (g) |
|  Walt Disney Co. (The) | — (h) | (55) | (1) | 0.0 (g) |
|  Warner Music Group Corp. | (4) | (108) | (3) | 0.0 (g) |
|  Watsco, Inc. | (1) | (209) | 6 | 0.0 (g) |
|  Watts Water Technologies, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  Webster Financial Corp. | (7) | (461) | 14 | 0.0 (g) |
|  WESCO International, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  West Pharmaceutical Services, Inc. | — (h) | (21) | — (h) | 0.0 (g) |
|  Western Alliance Bancorp | — (h) | (15) | 1 | 0.0 (g) |
|  Weyerhaeuser Co. | (2) | (44) | — (h) | 0.0 (g) |
|  Williams Cos., Inc. (The) | (2) | (127) | (3) | 0.0 (g) |
|  Wingstop, Inc. | (1) | (221) | 14 | 0.0 (g) |
|  Workday, Inc. | (1) | (141) | 2 | 0.0 (g) |
|  WW Grainger, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Wynn Resorts Ltd. | (3) | (437) | 20 | 0.0 (g) |
|  Xcel Energy, Inc. | (4) | (327) | — (h) | 0.0 (g) |
|  Yum! Brands, Inc. | (9) | (1455) | 37 | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | (4) | (199) | 7 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(34596)** | **542** | **0.0** (g) |
| **Long Positions** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| **Australia** |  |  |  |  |
|  Atlassian Corp. | — (h) | 33 | (1) | 0.0 (g) |
| **Bermuda** |  |  |  |  |
|  Essent Group Ltd. | 1 | 58 | (1) | 0.0 (g) |
|  Viking Holdings Ltd. | 1 | 74 | (2) | 0.0 (g) |
| **Canada** |  |  |  |  |
|  Lululemon Athletica, Inc. | 1 | 141 | (3) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 358 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Denmark |  |  |  |  |
|  Ascendis Pharma A/S | — (h) | 18 | — (h) | 0.0 (g) |
| Finland |  |  |  |  |
|  Amer Sports, Inc. | 6 | 215 | (4) | 0.0 (g) |
| France |  |  |  |  |
|  Abivax SA | — (h) | 33 | (1) | 0.0 (g) |
| Germany |  |  |  |  |
|  BioNTech SE | 2 | 177 | 6 | 0.0 (g) |
| Hong Kong |  |  |  |  |
|  Melco Resorts & Entertainment Ltd. | 1 | 8 | (1) | 0.0 (g) |
| Ireland |  |  |  |  |
|  AerCap Holdings NV | 9 | 1260 | (16) | 0.0 (g) |
|  Alkermes plc | 2 | 49 | (1) | 0.0 (g) |
|  Allegion plc | 1 | 98 | (1) | 0.0 (g) |
|  Aptiv plc | — (h) | 12 | — (h) | 0.0 (g) |
|  Eaton Corp. plc | — (h) | 106 | (1) | 0.0 (g) |
|  ICON plc | — (h) | 10 | — (h) | 0.0 (g) |
|  TE Connectivity plc | — (h) | 39 | (1) | 0.0 (g) |
| Israel |  |  |  |  |
|  Camtek Ltd./Israel | — (h) | 41 | — (h) | 0.0 (g) |
|  Check Point Software Technologies Ltd. | — (h) | 35 | (1) | 0.0 (g) |
| Luxembourg |  |  |  |  |
|  Millicom International Cellular SA | 1 | 54 | 2 | 0.0 (g) |
| Netherlands |  |  |  |  |
|  QIAGEN NV | 18 | 836 | (20) | 0.0 (g) |
| Norway |  |  |  |  |
|  Frontline plc | 2 | 43 | — (h) | 0.0 (g) |
| Puerto Rico |  |  |  |  |
|  Popular, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
| Sweden |  |  |  |  |
|  Spotify Technology SA | — (h) | 29 | — (h) | 0.0 (g) |
| Switzerland |  |  |  |  |
|  On Holding AG | 2 | 81 | (3) | 0.0 (g) |
|  Sportradar Group AG | 1 | 21 | 1 | 0.0 (g) |
| United Kingdom |  |  |  |  |
|  ARM Holdings plc | — (h) | 3 | — (h) | 0.0 (g) |
|  Pentair plc | — (h) | 26 | — (h) | 0.0 (g) |
| United States |  |  |  |  |
|  AECOM | — (h) | 33 | (1) | 0.0 (g) |
|  AES Corp. (The) | 3 | 41 | 1 | 0.0 (g) |
|  Affiliated Managers Group, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  Alaska Air Group, Inc. | 5 | 276 | (16) | 0.0 (g) |
|  Albemarle Corp. | 4 | 580 | (16) | 0.0 (g) |
|  Allison Transmission Holdings, Inc. | 2 | 213 | (6) | 0.0 (g) |
|  Alphabet, Inc. | — (h) | 84 | 1 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 359

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Amdocs Ltd. | 4 | 334 | 2 | 0.0 (g) |
|  Ameren Corp. | 2 | 200 | 1 | 0.0 (g) |
|  American Healthcare REIT, Inc. | 1 | 49 | (1) | 0.0 (g) |
|  American Tower Corp. | — (h) | 77 | 1 | 0.0 (g) |
|  American Water Works Co., Inc. | 1 | 85 | (1) | 0.0 (g) |
|  Ameriprise Financial, Inc. | — (h) | 79 | (1) | 0.0 (g) |
|  Amkor Technology, Inc. | 2 | 90 | (3) | 0.0 (g) |
|  Amphenol Corp. | 2 | 224 | — (h) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | — (h) | 43 | (1) | 0.0 (g) |
|  Aramark | — (h) | 17 | (1) | 0.0 (g) |
|  AT&T, Inc. | 4 | 92 | 1 | 0.0 (g) |
|  Autodesk, Inc. | — (h) | 21 | — (h) | 0.0 (g) |
|  Ball Corp. | 2 | 123 | 1 | 0.0 (g) |
|  Bank of America Corp. | 11 | 598 | (9) | 0.0 (g) |
|  Biogen, Inc. | — (h) | 31 | — (h) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | 1 | 32 | — (h) | 0.0 (g) |
|  Bio-Techne Corp. | — (h) | 6 | — (h) | 0.0 (g) |
|  BJ's Wholesale Club Holdings, Inc. | 1 | 66 | (3) | 0.0 (g) |
|  Block, Inc. | 3 | 187 | — (h) | 0.0 (g) |
|  BorgWarner, Inc. | 3 | 158 | (1) | 0.0 (g) |
|  Bridgebio Pharma, Inc. | 1 | 103 | (1) | 0.0 (g) |
|  Bright Horizons Family Solutions, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Brightstar Lottery plc | 7 | 115 | (4) | 0.0 (g) |
|  Brixmor Property Group, Inc. | 1 | 14 | — (h) | 0.0 (g) |
|  Cal-Maine Foods, Inc. | — (h) | 10 | (1) | 0.0 (g) |
|  Camden Property Trust | — (h) | 10 | — (h) | 0.0 (g) |
|  Carlisle Cos., Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  CarMax, Inc. | 11 | 434 | 6 | 0.0 (g) |
|  Carnival Corp. | 14 | 450 | (23) | 0.0 (g) |
|  CBRE Group, Inc. | — (h) | 1 | — (h) | 0.0 (g) |
|  Centene Corp. | 2 | 84 | 2 | 0.0 (g) |
|  Charles River Laboratories International, Inc. | 1 | 238 | (4) | 0.0 (g) |
|  Charles Schwab Corp. (The) | 1 | 54 | (1) | 0.0 (g) |
|  Chemed Corp. | — (h) | 26 | — (h) | 0.0 (g) |
|  Chevron Corp. | 1 | 94 | 2 | 0.0 (g) |
|  Chipotle Mexican Grill, Inc. | 1 | 27 | (1) | 0.0 (g) |
|  Chord Energy Corp. | 4 | 370 | 8 | 0.0 (g) |
|  Churchill Downs, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Cirrus Logic, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Clean Harbors, Inc. | 1 | 258 | (5) | 0.0 (g) |
|  Cleveland-Cliffs, Inc. | 9 | 117 | (4) | 0.0 (g) |
|  Coca-Cola Co. (The) | 1 | 83 | — (h) | 0.0 (g) |
|  Cognex Corp. | — (h) | 16 | — (h) | 0.0 (g) |
|  Comfort Systems USA, Inc. | — (h) | 43 | (1) | 0.0 (g) |
|  Commerce Bancshares, Inc. | 9 | 482 | (6) | 0.0 (g) |
|  Commercial Metals Co. | 1 | 42 | (1) | 0.0 (g) |
|  Conagra Brands, Inc. | 6 | 97 | — (h) | 0.0 (g) |
|  Constellation Brands, Inc. | — (h) | 34 | (1) | 0.0 (g) |
|  Construction Partners, Inc. | — (h) | 17 | (1) | 0.0 (g) |
|  Copart, Inc. | 2 | 63 | — (h) | 0.0 (g) |
|  Costco Wholesale Corp. | 2 | 1339 | 19 | 0.0 (g) |
|  Crane Co. | — (h) | 23 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 360 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Crown Castle, Inc. | 3 | 232 | 7 | 0.0 (g) |
|  Crown Holdings, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  CSX Corp. | 1 | 28 | — (h) | 0.0 (g) |
|  CubeSmart | 1 | 22 | — (h) | 0.0 (g) |
|  Cullen/Frost Bankers, Inc. | — (h) | 63 | (1) | 0.0 (g) |
|  Curtiss-Wright Corp. | — (h) | 47 | (1) | 0.0 (g) |
|  Darden Restaurants, Inc. | — (h) | 21 | (1) | 0.0 (g) |
|  DaVita, Inc. | 1 | 90 | (2) | 0.0 (g) |
|  Dell Technologies, Inc. | — (h) | 17 | — (h) | 0.0 (g) |
|  Digital Realty Trust, Inc. | 1 | 152 | 1 | 0.0 (g) |
|  Donaldson Co., Inc. | — (h) | 13 | (1) | 0.0 (g) |
|  Doximity, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  DR Horton, Inc. | — (h) | 54 | (1) | 0.0 (g) |
|  Dropbox, Inc. | 2 | 52 | (1) | 0.0 (g) |
|  Dycom Industries, Inc. | 1 | 300 | (8) | 0.0 (g) |
|  Dynatrace, Inc. | 6 | 256 | (7) | 0.0 (g) |
|  eBay, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Ecolab, Inc. | — (h) | 38 | (1) | 0.0 (g) |
|  Edwards Lifesciences Corp. | — (h) | 7 | — (h) | 0.0 (g) |
|  Elastic NV | — (h) | 6 | — (h) | 0.0 (g) |
|  Element Solutions, Inc. | 1 | 29 | (1) | 0.0 (g) |
|  EMCOR Group, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Emerson Electric Co. | — (h) | 16 | — (h) | 0.0 (g) |
|  Encompass Health Corp. | 1 | 55 | (1) | 0.0 (g) |
|  EOG Resources, Inc. | 1 | 63 | 1 | 0.0 (g) |
|  Equifax, Inc. | — (h) | 24 | — (h) | 0.0 (g) |
|  Essential Properties Realty Trust, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Etsy, Inc. | 7 | 364 | (2) | 0.0 (g) |
|  Evercore, Inc. | 1 | 393 | (12) | 0.0 (g) |
|  Eversource Energy | — (h) | 10 | — (h) | 0.0 (g) |
|  ExlService Holdings, Inc. | — (h) | 14 | — (h) | 0.0 (g) |
|  Expeditors International of Washington, Inc. | — (h) | 32 | (1) | 0.0 (g) |
|  Fidelity National Information Services, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Fifth Third Bancorp | 7 | 316 | (9) | 0.0 (g) |
|  First American Financial Corp. | 3 | 180 | (1) | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | — (h) | 95 | (1) | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Fiserv, Inc. | 1 | 69 | (1) | 0.0 (g) |
|  Five Below, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Flex Ltd. | 1 | 87 | (5) | 0.0 (g) |
|  Floor & Decor Holdings, Inc. | — (h) | 30 | (1) | 0.0 (g) |
|  Fluor Corp. | — (h) | 5 | — (h) | 0.0 (g) |
|  Fortune Brands Innovations, Inc. | 1 | 43 | (1) | 0.0 (g) |
|  Fox Corp. | 1 | 42 | — (h) | 0.0 (g) |
|  Franklin Resources, Inc. | 5 | 112 | (3) | 0.0 (g) |
|  Freeport-McMoRan, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Gaming and Leisure Properties, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Gap, Inc. (The) | 1 | 33 | (2) | 0.0 (g) |
|  General Electric Co. | 1 | 178 | (4) | 0.0 (g) |
|  General Motors Co. | 5 | 378 | (8) | 0.0 (g) |
|  Gentex Corp. | 1 | 29 | — (h) | 0.0 (g) |
|  Globe Life, Inc. | — (h) | 11 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 361

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  GoDaddy, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Group 1 Automotive, Inc. | — (h) | 18 | (1) | 0.0 (g) |
|  H&R Block, Inc. | 4 | 184 | 3 | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Hamilton Lane, Inc. | — (h) | 61 | (2) | 0.0 (g) |
|  Hanover Insurance Group, Inc. (The) | 1 | 254 | (4) | 0.0 (g) |
|  HCA Healthcare, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  HEICO Corp. | — (h) | 137 | (5) | 0.0 (g) |
|  Henry Schein, Inc. | 2 | 125 | (3) | 0.0 (g) |
|  HF Sinclair Corp. | 2 | 115 | (1) | 0.0 (g) |
|  Honeywell International, Inc. | 9 | 1807 | (8) | 0.0 (g) |
|  Houlihan Lokey, Inc. | 3 | 485 | (11) | 0.0 (g) |
|  Hubbell, Inc. | — (h) | 32 | (1) | 0.0 (g) |
|  HubSpot, Inc. | — (h) | 28 | — (h) | 0.0 (g) |
|  Huntington Ingalls Industries, Inc. | 2 | 562 | (21) | 0.0 (g) |
|  IES Holdings, Inc. | — (h) | 30 | (1) | 0.0 (g) |
|  Illinois Tool Works, Inc. | — (h) | 32 | (1) | 0.0 (g) |
|  Incyte Corp. | — (h) | 1 | — (h) | 0.0 (g) |
|  Installed Building Products, Inc. | — (h) | 21 | (1) | 0.0 (g) |
|  Intercontinental Exchange, Inc. | 5 | 795 | 2 | 0.0 (g) |
|  Invitation Homes, Inc. | 2 | 46 | 1 | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | 1 | 50 | (1) | 0.0 (g) |
|  ITT, Inc. | — (h) | 18 | — (h) | 0.0 (g) |
|  Jabil, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Jefferies Financial Group, Inc. | — (h) | 24 | (1) | 0.0 (g) |
|  KBR, Inc. | 5 | 192 | — (h) | 0.0 (g) |
|  KeyCorp. | 40 | 840 | (23) | 0.0 (g) |
|  Kimberly-Clark Corp. | 4 | 448 | 5 | 0.0 (g) |
|  Kirby Corp. | — (h) | 22 | — (h) | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | 1 | 83 | (6) | 0.0 (g) |
|  Kyndryl Holdings, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Labcorp Holdings, Inc. | — (h) | 94 | (2) | 0.0 (g) |
|  Lear Corp. | 1 | 80 | (2) | 0.0 (g) |
|  Leidos Holdings, Inc. | 1 | 247 | (8) | 0.0 (g) |
|  Lennar Corp. | 3 | 342 | (13) | 0.0 (g) |
|  Light & Wonder, Inc. | 2 | 242 | (1) | 0.0 (g) |
|  Linde plc | — (h) | 116 | 1 | 0.0 (g) |
|  Lithia Motors, Inc. | — (h) | 51 | (2) | 0.0 (g) |
|  Louisiana-Pacific Corp. | — (h) | 10 | — (h) | 0.0 (g) |
|  Lyft, Inc. | 4 | 76 | (2) | 0.0 (g) |
|  LyondellBasell Industries NV | — (h) | 13 | — (h) | 0.0 (g) |
|  Manhattan Associates, Inc. | 2 | 326 | (5) | 0.0 (g) |
|  MARA Holdings, Inc. | 21 | 211 | (24) | 0.0 (g) |
|  Marathon Petroleum Corp. | — (h) | 18 | — (h) | 0.0 (g) |
|  MarketAxess Holdings, Inc. | 1 | 123 | — (h) | 0.0 (g) |
|  MasTec, Inc. | — (h) | 47 | (2) | 0.0 (g) |
|  Medpace Holdings, Inc. | 1 | 628 | (11) | 0.0 (g) |
|  Meritage Homes Corp. | — (h) | 26 | — (h) | 0.0 (g) |
|  MetLife, Inc. | — (h) | 38 | (1) | 0.0 (g) |
|  Mettler-Toledo International, Inc. | — (h) | 698 | (9) | 0.0 (g) |
|  MGIC Investment Corp. | 1 | 26 | — (h) | 0.0 (g) |
|  MGM Resorts International | — (h) | 7 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 362 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Microchip Technology, Inc. | 5 | 335 | (13) | 0.0 (g) |
|  Microsoft Corp. | 4 | 1753 | (5) | 0.0 (g) |
|  Millrose Properties, Inc. | 1 | 30 | 1 | 0.0 (g) |
|  Molina Healthcare, Inc. | — (h) | 19 | 1 | 0.0 (g) |
|  Moody's Corp. | — (h) | 40 | — (h) | 0.0 (g) |
|  Mosaic Co. (The) | 1 | 17 | — (h) | 0.0 (g) |
|  Motorola Solutions, Inc. | — (h) | 53 | 1 | 0.0 (g) |
|  Neurocrine Biosciences, Inc. | 1 | 211 | (8) | 0.0 (g) |
|  NNN REIT, Inc. | 1 | 24 | — (h) | 0.0 (g) |
|  Northrop Grumman Corp. | — (h) | 26 | (1) | 0.0 (g) |
|  Nucor Corp. | — (h) | 2 | — (h) | 0.0 (g) |
|  NVR, Inc. | — (h) | 81 | (1) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | — (h) | 31 | (1) | 0.0 (g) |
|  Ollie's Bargain Outlet Holdings, Inc. | 3 | 330 | (3) | 0.0 (g) |
|  Onto Innovation, Inc. | — (h) | 19 | — (h) | 0.0 (g) |
|  Otis Worldwide Corp. | 1 | 59 | — (h) | 0.0 (g) |
|  Palantir Technologies, Inc. | 1 | 129 | (11) | 0.0 (g) |
|  Palo Alto Networks, Inc. | 1 | 198 | (5) | 0.0 (g) |
|  Paycom Software, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Paylocity Holding Corp. | — (h) | 34 | — (h) | 0.0 (g) |
|  Penske Automotive Group, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  PepsiCo., Inc. | 1 | 147 | (4) | 0.0 (g) |
|  Performance Food Group Co. | 3 | 292 | (7) | 0.0 (g) |
|  Pfizer, Inc. | 31 | 780 | (10) | 0.0 (g) |
|  PG&E Corp. | 46 | 735 | 4 | 0.0 (g) |
|  Philip Morris International, Inc. | — (h) | 29 | — (h) | 0.0 (g) |
|  Pilgrim's Pride Corp. | 1 | 20 | — (h) | 0.0 (g) |
|  Pinnacle West Capital Corp. | 2 | 206 | 2 | 0.0 (g) |
|  PJT Partners, Inc. | — (h) | 25 | (1) | 0.0 (g) |
|  Pool Corp. | — (h) | 89 | (1) | 0.0 (g) |
|  Progressive Corp. (The) | — (h) | 39 | — (h) | 0.0 (g) |
|  Prudential Financial, Inc. | — (h) | 44 | (1) | 0.0 (g) |
|  PTC Therapeutics, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  RBC Bearings, Inc. | — (h) | 38 | (1) | 0.0 (g) |
|  Regal Rexnord Corp. | — (h) | 16 | — (h) | 0.0 (g) |
|  Regions Financial Corp. | 1 | 20 | (1) | 0.0 (g) |
|  ResMed, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Revvity, Inc. | 3 | 318 | (3) | 0.0 (g) |
|  ROBLOX Corp. | — (h) | 31 | — (h) | 0.0 (g) |
|  RPM International, Inc. | 2 | 188 | (2) | 0.0 (g) |
|  RTX Corp. | 1 | 188 | (2) | 0.0 (g) |
|  Rubrik, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Salesforce, Inc. | — (h) | 30 | — (h) | 0.0 (g) |
|  Sandisk Corp | — (h) | 57 | (1) | 0.0 (g) |
|  SBA Communications Corp. | — (h) | 20 | — (h) | 0.0 (g) |
|  Seagate Technology Holdings plc | — (h) | 135 | (4) | 0.0 (g) |
|  SEI Investments Co. | 1 | 82 | (2) | 0.0 (g) |
|  ServiceNow, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Skyworks Solutions, Inc. | 1 | 45 | (1) | 0.0 (g) |
|  SLB Ltd. | 1 | 28 | — (h) | 0.0 (g) |
|  SOUTHSTATE BANK Corp., | 1 | 105 | (3) | 0.0 (g) |
|  Sprouts Farmers Market, Inc. | — (h) | 8 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 363

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  SS&C Technologies Holdings, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  State Street Corp. | — (h) | 36 | (1) | 0.0 (g) |
|  Stryker Corp. | — (h) | 9 | — (h) | 0.0 (g) |
|  Synchrony Financial | — (h) | 6 | — (h) | 0.0 (g) |
|  Sysco Corp. | — (h) | 17 | — (h) | 0.0 (g) |
|  Tapestry, Inc. | 7 | 903 | (8) | 0.0 (g) |
|  Taylor Morrison Home Corp. | 1 | 37 | — (h) | 0.0 (g) |
|  Tenet Healthcare Corp. | — (h) | 37 | — (h) | 0.0 (g) |
|  Tetra Tech, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Textron, Inc. | — (h) | 24 | (1) | 0.0 (g) |
|  TG Therapeutics, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  Thor Industries, Inc. | — (h) | 19 | (1) | 0.0 (g) |
|  T-Mobile US, Inc. | — (h) | 16 | — (h) | 0.0 (g) |
|  Toro Co. (The) | — (h) | 7 | — (h) | 0.0 (g) |
|  Trade Desk, Inc. (The) | 1 | 45 | 1 | 0.0 (g) |
|  TTM Technologies, Inc. | — (h) | 22 | (1) | 0.0 (g) |
|  Twilio, Inc. | — (h) | 19 | — (h) | 0.0 (g) |
|  Uber Technologies, Inc. | — (h) | 27 | — (h) | 0.0 (g) |
|  UFP Industries, Inc. | — (h) | 20 | — (h) | 0.0 (g) |
|  Universal Display Corp. | — (h) | 18 | — (h) | 0.0 (g) |
|  Unum Group | — (h) | 26 | — (h) | 0.0 (g) |
|  Urban Outfitters, Inc. | 1 | 68 | (4) | 0.0 (g) |
|  Veeva Systems, Inc. | — (h) | 35 | — (h) | 0.0 (g) |
|  VeriSign, Inc. | 3 | 764 | (10) | 0.0 (g) |
|  Verisk Analytics, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Vertiv Holdings Co. | — (h) | 42 | (1) | 0.0 (g) |
|  Vistra Corp. | — (h) | 73 | — (h) | 0.0 (g) |
|  Voya Financial, Inc. | 6 | 423 | (8) | 0.0 (g) |
|  Wayfair, Inc. | — (h) | 50 | (2) | 0.0 (g) |
|  Western Digital Corp. | — (h) | 55 | (1) | 0.0 (g) |
|  Westlake Corp. | 1 | 49 | — (h) | 0.0 (g) |
|  Woodward, Inc. | 3 | 987 | (40) | 0.0 (g) |
|  WP Carey, Inc. | — (h) | 31 | — (h) | 0.0 (g) |
|  XPO, Inc. | 1 | 72 | (3) | 0.0 (g) |
|  Xylem, Inc./NY | — (h) | 12 | — (h) | 0.0 (g) |
|  Zions Bancorp NA | — (h) | 9 | — (h) | 0.0 (g) |
|  Zoetis, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
| **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | — (h) | 34 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **37083** | **(509)** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **2487** | **33** | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 364 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day OBFR on long positions and short positions respectively, plus or minus spread (rates range from 0.45% to 0.45%) which is denominated in USD based on the local currencies of the positions within the swap | 11/17/2026 | 41 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Hongkong Land Holdings Ltd. | 4 | 27 | — (h) | 0.0 (g) |
|  Jardine Matheson Holdings Ltd. | — (h) | 14 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 41 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 41 | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/10/2027 | 410 | (2) | 13 | 11 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia |  |  |  |  |
|  ALS Ltd. | (4) | (92) | (2) | 0.0 (g) |
|  ANZ Group Holdings Ltd. | (5) | (176) | (3) | 0.0 (g) |
|  APA Group | (25) | (223) | 2 | 0.0 (g) |
|  ASX Ltd. | (10) | (527) | 15 | 0.0 (g) |
|  BHP Group Ltd. | (26) | (1143) | (21) | 0.0 (g) |
|  BlueScope Steel Ltd. | (2) | (45) | — (h) | 0.0 (g) |
|  Brambles Ltd. | (43) | (980) | (10) | 0.0 (g) |
|  CAR Group Ltd. | (9) | (269) | 2 | 0.0 (g) |
|  Genesis Minerals Ltd. | (34) | (222) | (16) | 0.0 (g) |
|  Lynas Rare Earths Ltd. | (14) | (179) | 1 | 0.0 (g) |
|  Medibank Pvt Ltd. | (3) | (16) | — (h) | 0.0 (g) |
|  NEXTDC Ltd. | (16) | (220) | 9 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 365

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Australia — continued** | | | | |
|  Northern Star Resources Ltd. | (13) | (346) | — (h) | 0.0 (g) |
|  Ramelius Resources Ltd. | (5) | (18) | (1) | 0.0 (g) |
|  Scentre Group | (13) | (55) | — (h) | 0.0 (g) |
|  Sigma Healthcare Ltd. | (59) | (172) | (1) | 0.0 (g) |
|  Stockland | (78) | (452) | 5 | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | (1) | (11) | 1 | 0.0 (g) |
|  Vicinity Ltd. | (154) | (392) | (1) | 0.0 (g) |
|  WiseTech Global Ltd. | (3) | (180) | 4 | 0.0 (g) |
|  Woolworths Group Ltd. | (4) | (116) | — (h) | 0.0 (g) |
| **Finland** |  |  |  |  |
|  Cochlear Ltd. | (1) | (170) | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(6004)** | **(14)** | **0.0** (g) |
| **Long Positions** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| **Australia** |  |  |  |  |
|  Ampol Ltd. | 7 | 219 | (4) | 0.0 (g) |
|  Aristocrat Leisure Ltd. | 2 | 94 | 2 | 0.0 (g) |
|  Aurizon Holdings Ltd. | 6 | 23 | — (h) | 0.0 (g) |
|  Coles Group Ltd. | 2 | 35 | — (h) | 0.0 (g) |
|  Commonwealth Bank of Australia | — (h) | 9 | — (h) | 0.0 (g) |
|  Computershare Ltd. | — (h) | 9 | — (h) | 0.0 (g) |
|  Evolution Mining Ltd. | 13 | 158 | 4 | 0.0 (g) |
|  Fortescue Ltd. | 1 | 17 | — (h) | 0.0 (g) |
|  GPT Group (The) | — (h) | — (h) | — (h) | 0.0 (g) |
|  HUB24 Ltd. | 2 | 238 | (3) | 0.0 (g) |
|  Insurance Australia Group Ltd. | 2 | 14 | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | 5 | 465 | 7 | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | 19 | 97 | – (h) | 0.0 (g) |
|  Macquarie Group Ltd. | — (h) | 89 | 1 | 0.0 (g) |
|  Mirvac Group | 63 | 130 | (1) | 0.0 (g) |
|  Orica Ltd. | 45 | 1073 | 18 | 0.0 (g) |
|  Pro Medicus Ltd. | — (h) | 105 | (4) | 0.0 (g) |
|  Qantas Airways Ltd. | 15 | 145 | 5 | 0.0 (g) |
|  QBE Insurance Group Ltd. | 7 | 126 | 2 | 0.0 (g) |
|  REA Group Ltd. | 1 | 177 | (3) | 0.0 (g) |
|  Regis Resources Ltd. | 1 | 10 | — (h) | 0.0 (g) |
|  Sandfire Resources Ltd. | 4 | 69 | 3 | 0.0 (g) |
|  Santos Ltd. | 210 | 1309 | (10) | 0.0 (g) |
|  SEEK Ltd. | 5 | 109 | 1 | 0.0 (g) |
|  Sonic Healthcare Ltd. | 2 | 38 | — (h) | 0.0 (g) |
|  Suncorp Group Ltd. | 3 | 44 | — (h) | 0.0 (g) |
|  Technology One Ltd. | 5 | 146 | 2 | 0.0 (g) |
|  Treasury Wine Estates Ltd. | 49 | 271 | (8) | 0.0 (g) |
|  Wesfarmers Ltd. | 12 | 986 | (2) | 0.0 (g) |
|  Worley Ltd. | 16 | 201 | 2 | 0.0 (g) |
| **New Zealand** |  |  |  |  |
|  Xero Ltd. | — (h) | 8 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **6414** | **12** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **410** | **(2)** | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 366 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in AUD based on the local currencies of the positions within the swap | 12/02/2049 | 14 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | — (h) | 14 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 14 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 14 | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL**<br> **VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives CABROVER on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/13/2027 | (9956) | 11 | (56) | (45) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Canada |  |  |  |  |
|  Alimentation Couche-Tard, Inc. | (12) | (852) | (16) | 0.0 (g) |
|  AltaGas Ltd. | — (h) | (14) | — (h) | 0.0 (g) |
|  ARC Resources Ltd. | (10) | (244) | (1) | 0.0 (g) |
|  Bank of Nova Scotia (The) | (1) | (103) | — (h) | 0.0 (g) |
|  Bombardier, Inc. | — (h) | (93) | (2) | 0.0 (g) |
|  Brookfield Corp. | (6) | (379) | (3) | 0.0 (g) |
|  Canadian Imperial Bank of Commerce | (3) | (346) | 8 | 0.0 (g) |
|  Canadian National Railway Co. | — (h) | (57) | — (h) | 0.0 (g) |
|  Canadian Utilities Ltd. | (6) | (265) | (4) | 0.0 (g) |
|  Cenovus Energy, Inc. | (4) | (93) | 3 | 0.0 (g) |
|  Discovery Silver Corp. | (2) | (18) | 1 | 0.0 (g) |
|  Franco-Nevada Corp. | (3) | (867) | 17 | 0.0 (g) |
|  G Mining Ventures Corp. | (7) | (284) | (9) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 367

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Canada — continued** | | | | |
|  GFL Environmental, Inc. | (5) | (301) | 6 | 0.0 (g) |
|  Gildan Activewear, Inc. | (2) | (162) | (5) | 0.0 (g) |
|  Great-West Lifeco, Inc. | (2) | (147) | (1) | 0.0 (g) |
|  iA Financial Corp., Inc. | (1) | (89) | (1) | 0.0 (g) |
|  Ivanhoe Mines Ltd. | (1) | (9) | (1) | 0.0 (g) |
|  Methanex Corp. | — (h) | (9) | — (h) | 0.0 (g) |
|  National Bank of Canada | (8) | (1449) | 4 | 0.0 (g) |
|  NexGen Energy Ltd. | (1) | (17) | — (h) | 0.0 (g) |
|  Novagold Resources, Inc. | (2) | (20) | 1 | 0.0 (g) |
|  Nutrien Ltd. | — (h) | (25) | — (h) | 0.0 (g) |
|  Open Text Corp. | (31) | (1434) | 29 | 0.0 (g) |
|  Peyto Exploration & Development Corp. | (8) | (174) | 1 | 0.0 (g) |
|  Power Corp. of Canada | (1) | (48) | — (h) | 0.0 (g) |
|  Restaurant Brands International, Inc. | (3) | (248) | 8 | 0.0 (g) |
|  Rogers Communications, Inc. | (15) | (762) | (14) | 0.0 (g) |
|  Royal Bank of Canada | (1) | (139) | (2) | 0.0 (g) |
|  South Bow Corp. | (4) | (148) | 2 | 0.0 (g) |
|  TC Energy Corp. | (3) | (258) | (1) | 0.0 (g) |
|  Torex Gold Resources, Inc. | (3) | (202) | (6) | 0.0 (g) |
|  Toromont Industries Ltd. | (3) | (465) | (3) | 0.0 (g) |
|  Tourmaline Oil Corp. | — (h) | (23) | — (h) | 0.0 (g) |
|  West Fraser Timber Co. Ltd. | (1) | (64) | (1) | 0.0 (g) |
|  Whitecap Resources, Inc. | (3) | (34) | — (h) | 0.0 (g) |
| **United States** |  |  |  |  |
|  Brookfield Asset Management Ltd. | (1) | (82) | 1 | 0.0 (g) |
|  Energy Fuels, Inc. | (1) | (20) | (1) | 0.0 (g) |
|  Galaxy Digital, Inc. | — (h) | (12) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(9956)** | **11** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(9956)** | **11** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 09/03/2027 | 749 | 38 | – | 38 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 368 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Switzerland |  |  |  |  |
|  Avolta AG | — (h) | (7) | — (h) | 0.0 (g) |
|  Banque Cantonale Vaudoise | — (h) | (4) | — (h) | 0.0 (g) |
|  Belimo Holding AG | — (h) | (42) | — (h) | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | — (h) | (117) | — (h) | 0.0 (g) |
|  Galderma Group AG | (1) | (144) | 5 | 0.0 (g) |
|  Geberit AG | — (h) | (99) | — (h) | 0.0 (g) |
|  Roche Holding AG | — (h) | (21) | (1) | 0.0 (g) |
|  Sandoz Group AG | (1) | (34) | — (h) | 0.0 (g) |
|  Straumann Holding AG | (1) | (80) | 2 | 0.0 (g) |
|  Swiss Life Holding AG | — (h) | (81) | (3) | 0.0 (g) |
|  Swiss Prime Site AG | (1) | (61) | (3) | 0.0 (g) |
|  Swiss Re AG | (1) | (118) | (2) | 0.0 (g) |
|  Swisscom AG | — (h) | (118) | (4) | 0.0 (g) |
|  VAT Group AG | — (h) | (44) | 1 | 0.0 (g) |
|  Zurich Insurance Group AG | — (h) | (91) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1061) | (7) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | 2 | 123 | 1 | 0.0 (g) |
|  Accelleron Industries AG | 1 | 69 | (2) | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | — (h) | 70 | — (h) | 0.0 (g) |
|  Cie Financiere Richemont SA | 1 | 197 | 6 | 0.0 (g) |
|  EMS-Chemie Holding AG | — (h) | 22 | — (h) | 0.0 (g) |
|  Flughafen Zurich AG | — (h) | 11 | — (h) | 0.0 (g) |
|  Holcim AG | 6 | 427 | 13 | 0.0 (g) |
|  Julius Baer Group Ltd. | 1 | 70 | 2 | 0.0 (g) |
|  Logitech International SA | — (h) | 4 | — (h) | 0.0 (g) |
|  Partners Group Holding AG | — (h) | 82 | 2 | 0.0 (g) |
|  PSP Swiss Property AG | — (h) | 15 | 1 | 0.0 (g) |
|  Schindler Holding AG | — (h) | 83 | 1 | 0.0 (g) |
|  SGS SA | 3 | 262 | 8 | 0.0 (g) |
|  SIG Group AG | — (h) | 4 | 1 | 0.0 (g) |
|  Sika AG | — (h) | 6 | — (h) | 0.0 (g) |
|  Sonova Holding AG | 1 | 192 | 1 | 0.0 (g) |
|  Sunrise Communications AG | — (h) | 4 | — (h) | 0.0 (g) |
|  Swatch Group AG (The) | — (h) | 15 | — (h) | 0.0 (g) |
|  Swissquote Group Holding SA | — (h) | 78 | 3 | 0.0 (g) |
|  Temenos AG | — (h) | 11 | 1 | 0.0 (g) |
|  UBS Group AG | 2 | 65 | 7 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1810 | 45 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 749 | 38 | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 369

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in DKK based on the local currencies of the positions within the swap | 09/03/2027 | 7359 | 15 | 1 | 16 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Carlsberg A/S | (1) | (518) | — (h) | 0.0 (g) |
|  Danske Bank A/S | (1) | (153) | (1) | 0.0 (g) |
|  Demant A/S | (1) | (175) | — (h) | 0.0 (g) |
|  DSV A/S | — (h) | (176) | (1) | 0.0 (g) |
|  Novo Nordisk A/S | (4) | (1322) | (6) | 0.0 (g) |
|  Novonesis Novozymes B | (4) | (1507) | (10) | 0.0 (g) |
|  Orsted A/S | (1) | (192) | 3 | 0.0 (g) |
|  ROCKWOOL A/S | — (h) | (28) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (4071) | (15) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller - Maersk A/S | — (h) | 583 | — (h) | 0.0 (g) |
|  Coloplast A/S | — (h) | 150 | (1) | 0.0 (g) |
|  Genmab A/S | 2 | 3315 | 4 | 0.0 (g) |
|  Pandora A/S | 6 | 3827 | 13 | 0.0 (g) |
|  Tryg A/S | 14 | 2210 | 12 | 0.0 (g) |
|  Vestas Wind Systems A/S | 7 | 1267 | 2 | 0.0 (g) |
|  Zealand Pharma A/S | — (h) | 78 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 11430 | 30 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 7359 | 15 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 09/03/2027 | (748) | 105 | 2 | 107 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 370 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Austria |  |  |  |  |
|  Erste Group Bank AG | (1) | (109) | (8) | 0.0 (g) |
|  OMV AG | (1) | (28) | — (h) | 0.0 (g) |
|  Verbund AG | (2) | (105) | (1) | 0.0 (g) |
| Belgium |  |  |  |  |
|  Anheuser-Busch InBev SA | — (h) | (19) | — (h) | 0.0 (g) |
|  D'ieteren Group | — (h) | (52) | (3) | 0.0 (g) |
|  Elia Group SA | (1) | (92) | (5) | 0.0 (g) |
|  KBC Group NV | — (h) | (1) | — (h) | 0.0 (g) |
|  Lotus Bakeries NV | — (h) | (45) | (2) | 0.0 (g) |
|  Syensqo SA | (1) | (66) | 2 | 0.0 (g) |
| Finland |  |  |  |  |
|  Fortum OYJ | (16) | (292) | 2 | 0.0 (g) |
|  Kesko OYJ | (5) | (91) | (4) | 0.0 (g) |
|  Nordea Bank Abp | (2) | (24) | (1) | 0.0 (g) |
|  Orion OYJ | (4) | (236) | (11) | 0.0 (g) |
|  Stora Enso OYJ | (8) | (79) | (5) | 0.0 (g) |
|  UPM-Kymmene OYJ | (1) | (16) | (1) | 0.0 (g) |
| Germany |  |  |  |  |
|  BASF SE | (3) | (121) | (1) | 0.0 (g) |
|  Bayer AG | (8) | (269) | (10) | 0.0 (g) |
|  Bayerische Motoren Werke AG | (1) | (55) | (1) | 0.0 (g) |
|  Beiersdorf AG | (1) | (124) | 1 | 0.0 (g) |
|  Brenntag SE | (6) | (277) | 1 | 0.0 (g) |
|  Commerzbank AG | (1) | (18) | (1) | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | (6) | (458) | (11) | 0.0 (g) |
|  Daimler Truck Holding AG | — (h) | (5) | — (h) | 0.0 (g) |
|  Dr Ing hc F Porsche AG | (4) | (175) | 3 | 0.0 (g) |
|  Hannover Rueck SE | — (h) | (5) | — (h) | 0.0 (g) |
|  Infineon Technologies AG | (2) | (75) | (5) | 0.0 (g) |
|  KION Group AG | — (h) | (7) | — (h) | 0.0 (g) |
|  Merck KGaA | — (h) | (25) | (1) | 0.0 (g) |
|  MTU Aero Engines AG | — (h) | (11) | — (h) | 0.0 (g) |
|  Puma SE | — (h) | (6) | — (h) | 0.0 (g) |
|  RWE AG | (12) | (540) | (22) | 0.0 (g) |
|  Talanx AG | (1) | (102) | (2) | 0.0 (g) |
|  thyssenkrupp AG | (1) | (9) | — (h) | 0.0 (g) |
|  Volkswagen AG | — (h) | (22) | 1 | 0.0 (g) |
| Ireland |  |  |  |  |
|  AIB Group plc | (9) | (78) | (2) | 0.0 (g) |
|  Bank of Ireland Group plc | (8) | (127) | (3) | 0.0 (g) |
|  Kingspan Group plc | (1) | (59) | 1 | 0.0 (g) |
|  Ryanair Holdings plc | (1) | (35) | — (h) | 0.0 (g) |
| Italy |  |  |  |  |
|  A2A SpA | (13) | (29) | — (h) | 0.0 (g) |
|  Brunello Cucinelli SpA | (1) | (96) | (1) | 0.0 (g) |
|  Buzzi SpA | (1) | (63) | 1 | 0.0 (g) |
|  Davide Campari-Milano NV | (19) | (113) | 8 | 0.0 (g) |
|  Ferrari NV | — (h) | (25) | — (h) | 0.0 (g) |
|  FinecoBank Banca Fineco SpA | (2) | (47) | (3) | 0.0 (g) |
|  Moncler SpA | (1) | (44) | 1 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 371

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Luxembourg** | | | | |
|  ArcelorMittal SA | (2) | (75) | — (h) | 0.0 (g) |
|  CVC Capital Partners plc | (7) | (101) | — (h) | 0.0 (g) |
|  Tenaris SA | (9) | (160) | 7 | 0.0 (g) |
| **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | (4) | (124) | (2) | 0.0 (g) |
|  Adyen NV | (1) | (761) | (15) | 0.0 (g) |
|  Aegon Ltd. | (38) | (245) | (5) | 0.0 (g) |
|  Akzo Nobel NV | (9) | (538) | (27) | 0.0 (g) |
|  EXOR NV | (3) | (232) | (2) | 0.0 (g) |
|  Ferrovial SE | (11) | (624) | 29 | 0.0 (g) |
|  Heineken Holding NV | — (h) | (17) | — (h) | 0.0 (g) |
|  Heineken NV | — (h) | (34) | — (h) | 0.0 (g) |
|  IMCD NV | (5) | (364) | (4) | 0.0 (g) |
|  Randstad NV | (4) | (124) | 1 | 0.0 (g) |
|  Stellantis NV | (81) | (822) | 62 | 0.0 (g) |
|  Universal Music Group NV | (21) | (463) | (11) | 0.0 (g) |
| **Poland** |  |  |  |  |
|  InPost SA | (1) | (9) | — (h) | 0.0 (g) |
| **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (291) | (251) | (11) | 0.0 (g) |
|  Jeronimo Martins SGPS SA | (4) | (85) | (1) | 0.0 (g) |
| **Spain** |  |  |  |  |
|  Acciona SA | — (h) | (51) | (1) | 0.0 (g) |
|  Banco Bilbao Vizcaya Argentaria SA | (7) | (144) | (4) | 0.0 (g) |
|  Cellnex Telecom SA | (1) | (29) | (2) | 0.0 (g) |
|  EDP Renovaveis SA | (11) | (132) | (3) | 0.0 (g) |
|  Industria de Diseno Textil SA | (1) | (47) | (2) | 0.0 (g) |
| **United Kingdom** |  |  |  |  |
|  International Consolidated Airlines Group SA | (8) | (39) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(9746)** | **(74)** | **0.0** **(g)** |
| **Long Positions** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| **Austria** |  |  |  |  |
|  BAWAG Group AG | 1 | 147 | 7 | 0.0 (g) |
| **Belgium** |  |  |  |  |
|  Ageas SA | 1 | 74 | 2 | 0.0 (g) |
|  Financiere de Tubize SA | — (h) | 28 | (1) | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | 1 | 90 | 3 | 0.0 (g) |
|  Sofina SA | — (h) | 7 | — (h) | 0.0 (g) |
| **Finland** |  |  |  |  |
|  Elisa OYJ | — (h) | 10 | — (h) | 0.0 (g) |
|  Neste OYJ | — (h) | 7 | 1 | 0.0 (g) |
|  Nokia OYJ | 5 | 24 | 2 | 0.0 (g) |
|  Sampo OYJ | 2 | 21 | — (h) | 0.0 (g) |
|  Wartsila OYJ Abp | 7 | 223 | (1) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 372 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Germany |  |  |  |  |
|  Allianz SE | — (h) | 129 | 3 | 0.0 (g) |
|  Aurubis AG | — (h) | 6 | — (h) | 0.0 (g) |
|  Continental AG | 2 | 148 | 4 | 0.0 (g) |
|  Deutsche Bank AG | — (h) | 6 | — (h) | 0.0 (g) |
|  Deutsche Boerse AG | — (h) | 35 | 1 | 0.0 (g) |
|  Deutsche Post AG | 7 | 341 | (3) | 0.0 (g) |
|  Deutsche Telekom AG | 39 | 1031 | 50 | 0.0 (g) |
|  Heidelberg Materials AG | 1 | 184 | — (h) | 0.0 (g) |
|  Henkel AG & Co. KGaA | 11 | 787 | (6) | 0.0 (g) |
|  HOCHTIEF AG | — (h) | 10 | — (h) | 0.0 (g) |
|  Knorr-Bremse AG | — (h) | 33 | 1 | 0.0 (g) |
|  LEG Immobilien SE | 1 | 39 | 1 | 0.0 (g) |
|  Mercedes-Benz Group AG | 1 | 45 | (1) | 0.0 (g) |
|  Nemetschek SE | 1 | 53 | — (h) | 0.0 (g) |
|  SAP SE | — (h) | 80 | (1) | 0.0 (g) |
|  Sartorius AG | — (h) | 22 | 1 | 0.0 (g) |
|  Scout24 SE | — (h) | 15 | — (h) | 0.0 (g) |
|  Siemens Energy AG | 1 | 149 | 6 | 0.0 (g) |
|  Siemens Healthineers AG | — (h) | 16 | — (h) | 0.0 (g) |
|  Symrise AG | 2 | 130 | 4 | 0.0 (g) |
|  Vonovia SE | 4 | 96 | 4 | 0.0 (g) |
| Ireland |  |  |  |  |
|  Kerry Group plc | 6 | 491 | 17 | 0.0 (g) |
| Italy |  |  |  |  |
|  Amplifon SpA | 7 | 99 | (1) | 0.0 (g) |
|  Eni SpA | 2 | 36 | 1 | 0.0 (g) |
|  Italgas SpA | — (h) | 3 | — (h) | 0.0 (g) |
|  Mediobanca Banca di Credito Finanziario SpA | 1 | 16 | 1 | 0.0 (g) |
|  Poste Italiane SpA | 5 | 101 | 3 | 0.0 (g) |
|  Snam SpA | 1 | 5 | — (h) | 0.0 (g) |
|  Unipol Assicurazioni SpA | 6 | 110 | 5 | 0.0 (g) |
| Netherlands |  |  |  |  |
|  ASM International NV | — (h) | 63 | — (h) | 0.0 (g) |
|  ASML Holding NV | — (h) | 87 | (1) | 0.0 (g) |
|  ASR Nederland NV | 4 | 236 | 5 | 0.0 (g) |
|  BE Semiconductor Industries NV | — (h) | 49 | 1 | 0.0 (g) |
|  Koninklijke Philips NV | 4 | 98 | 4 | 0.0 (g) |
|  NN Group NV | 9 | 603 | 17 | 0.0 (g) |
|  QIAGEN NV | 1 | 23 | — (h) | 0.0 (g) |
|  Wolters Kluwer NV | — (h) | 18 | (1) | 0.0 (g) |
| Portugal |  |  |  |  |
|  EDP SA | 29 | 111 | 4 | 0.0 (g) |
|  Galp Energia SGPS SA | 1 | 20 | 1 | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | 2 | 133 | (2) | 0.0 (g) |
|  Bankinter SA | 6 | 85 | 1 | 0.0 (g) |
|  Iberdrola SA | 77 | 1402 | 32 | 0.0 (g) |
|  Naturgy Energy Group SA | 2 | 52 | 2 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 373

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Spain — continued** | | | | |
|  Repsol SA | 68 | 1074 | 16 | 0.0 (g) |
|  Telefonica SA | 21 | 77 | (3) | 0.0 (g) |
| **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | — (h) | 20 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **8998** | **179** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(748)** | **105** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in EUR based on the local currencies of the positions within the swap | 12/02/2049 | (10) | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Spain** |  |  |  |  |
|  Grifols SA | (1) | (10) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (10) | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (10) | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 09/03/2027 | (188) | 22 | (20) | 2 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 374 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Hiscox Ltd. | (1) | (8) | — (h) | 0.0 (g) |
| Hong Kong |  |  |  |  |
|  Prudential plc | (35) | (393) | (18) | 0.0 (g) |
| Mexico |  |  |  |  |
|  Fresnillo plc | (6) | (166) | (38) | 0.0 (g) |
| United Kingdom |  |  |  |  |
|  3i Group plc | — (h) | (6) | — (h) | 0.0 (g) |
|  Associated British Foods plc | (10) | (218) | (5) | 0.0 (g) |
|  Auto Trader Group plc | (6) | (37) | 3 | 0.0 (g) |
|  B&M European Value Retail SA | (32) | (53) | (2) | 0.0 (g) |
|  Barratt Redrow plc | (9) | (31) | (3) | 0.0 (g) |
|  Berkeley Group Holdings plc | (2) | (66) | (3) | 0.0 (g) |
|  British American Tobacco plc | (2) | (82) | 2 | 0.0 (g) |
|  BT Group plc | (69) | (128) | 1 | 0.0 (g) |
|  Bunzl plc | (2) | (52) | 3 | 0.0 (g) |
|  Centrica plc | (96) | (161) | (2) | 0.0 (g) |
|  Convatec Group plc | (7) | (15) | (1) | 0.0 (g) |
|  Croda International plc | (2) | (42) | 1 | 0.0 (g) |
|  Diageo plc | (40) | (666) | 32 | 0.0 (g) |
|  easyJet plc | (52) | (257) | (9) | 0.0 (g) |
|  GSK plc | (2) | (30) | — (h) | 0.0 (g) |
|  Haleon plc | (15) | (54) | (1) | 0.0 (g) |
|  Hikma Pharmaceuticals plc | — (h) | (4) | — (h) | 0.0 (g) |
|  Howden Joinery Group plc | — (h) | (3) | — (h) | 0.0 (g) |
|  Informa plc | (19) | (170) | 2 | 0.0 (g) |
|  International Consolidated Airlines Group SA | (23) | (94) | — (h) | 0.0 (g) |
|  JD Sports Fashion plc | (85) | (69) | (4) | 0.0 (g) |
|  Land Securities Group plc | (13) | (77) | (7) | 0.0 (g) |
|  Lloyds Banking Group plc | (199) | (190) | (8) | 0.0 (g) |
|  LondonMetric Property plc | (16) | (29) | (2) | 0.0 (g) |
|  Marks & Spencer Group plc | (57) | (186) | (4) | 0.0 (g) |
|  Melrose Industries plc | (3) | (15) | (1) | 0.0 (g) |
|  Mondi plc | (4) | (33) | (2) | 0.0 (g) |
|  National Grid plc | (54) | (612) | (11) | 0.0 (g) |
|  Persimmon plc | (1) | (9) | (1) | 0.0 (g) |
|  Rentokil Initial plc | (16) | (70) | (4) | 0.0 (g) |
|  Rio Tinto plc | (1) | (52) | (5) | 0.0 (g) |
|  Segro plc | (26) | (182) | (12) | 0.0 (g) |
|  Severn Trent plc | (1) | (26) | (1) | 0.0 (g) |
|  Smith & Nephew plc | (2) | (20) | (1) | 0.0 (g) |
|  Spirax Group plc | — (h) | (28) | — (h) | 0.0 (g) |
|  SSE plc | (1) | (16) | — (h) | 0.0 (g) |
|  Tesco plc |  |  |  | 0.0 (g) |
|  Weir Group plc (The) | — (h) | (13) | — (h) | 0.0 (g) |
|  Whitbread plc | (1) | (13) | (1) | 0.0 (g) |
|  Wise plc | (1) | (8) | — (h) | 0.0 (g) |
|  WPP plc | (17) | (59) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (4443) | (102) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 375

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions** | | | | |
| **Common Stocks** | | | | |
|  **Chile** |  |  |  |  |
|  Antofagasta plc | 2 | 59 | 6 | 0.0 (g) |
| **Ireland** |  |  |  |  |
|  Experian plc | 3 | 114 | (1) | 0.0 (g) |
| **Switzerland** |  |  |  |  |
|  Coca-Cola HBC AG | 10 | 363 | 13 | 0.0 (g) |
| **United Kingdom** |  |  |  |  |
|  Admiral Group plc | 1 | 28 | — (h) | 0.0 (g) |
|  Airtel Africa plc | 9 | 29 | 3 | 0.0 (g) |
|  Anglo American plc | 1 | 20 | 2 | 0.0 (g) |
|  Aviva plc | 6 | 38 | 1 | 0.0 (g) |
|  Babcock International Group plc | 3 | 38 | (1) | 0.0 (g) |
|  BAE Systems plc | 56 | 943 | 15 | 0.0 (g) |
|  British Land Co. plc (The) | 4 | 17 | 1 | 0.0 (g) |
|  Compass Group plc | 18 | 427 | 6 | 0.0 (g) |
|  Entain plc | 5 | 38 | 2 | 0.0 (g) |
|  IG Group Holdings plc | 7 | 86 | 15 | 0.0 (g) |
|  IMI plc | 1 | 26 | — (h) | 0.0 (g) |
|  Imperial Brands plc | 2 | 55 | (2) | 0.0 (g) |
|  Intertek Group plc | 2 | 95 | 4 | 0.0 (g) |
|  J Sainsbury plc | 12 | 38 | — (h) | 0.0 (g) |
|  JET2 plc | 1 | 19 | 1 | 0.0 (g) |
|  Johnson Matthey plc | 1 | 14 | 1 | 0.0 (g) |
|  Kingfisher plc | 4 | 13 | — (h) | 0.0 (g) |
|  Legal & General Group plc | 50 | 125 | 9 | 0.0 (g) |
|  M&G plc | 38 | 105 | 5 | 0.0 (g) |
|  NatWest Group plc | 14 | 86 | 3 | 0.0 (g) |
|  RELX plc | 11 | 338 | (8) | 0.0 (g) |
|  Rightmove plc | 4 | 21 | — (h) | 0.0 (g) |
|  Sage Group plc (The) | 11 | 122 | (1) | 0.0 (g) |
|  Schroders plc | 8 | 32 | 2 | 0.0 (g) |
|  Smiths Group plc | 1 | 18 | — (h) | 0.0 (g) |
|  St James's Place plc | 1 | 11 | 1 | 0.0 (g) |
|  Standard Chartered plc | 20 | 357 | 17 | 0.0 (g) |
|  Taylor Wimpey plc | 29 | 29 | 2 | 0.0 (g) |
|  Vodafone Group plc | 564 | 539 | 25 | 0.0 (g) |
| **United States** |  |  |  |  |
|  Carnival plc | 1 | 12 | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **4255** | **124** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(188)** | **22** | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 376 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in GBP based on the local currencies of the positions within the swap | 12/02/2049 | (9) | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  Unilever plc | — (h) | (9) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (9) | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (9) | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in HKD based on the local currencies of the positions within the swap | 12/05/2049 | 56 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  SITC International Holdings Co. Ltd. | 2 | 56 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 56 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 56 | — (h) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 377

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives 4.22% on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/03/2029 | (202) | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  CK Infrastructure Holdings Ltd. | (4) | (202) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (202) | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (202) | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.3%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/10/2027 | (137) | (2) | – (h) | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Power Assets Holdings Ltd. | (1) | (53) | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  CLP Holdings Ltd. | (4) | (274) | (1) | 0.0 (g) |
|  Cowell e Holdings, Inc. | (1) | (28) | — (h) | 0.0 (g) |
|  Henderson Land Development Co. Ltd. | (13) | (378) | 2 | 0.0 (g) |
|  Hong Kong & China Gas Co. Ltd. | (26) | (184) | — (h) | 0.0 (g) |
|  Johnson Electric Holdings Ltd. | (2) | (44) | — (h) | 0.0 (g) |
|  MTR Corp. Ltd. | (6) | (182) | — (h) | 0.0 (g) |
|  Sun Hung Kai Properties Ltd. | (3) | (241) | 1 | 0.0 (g) |
|  Swire Pacific Ltd. | (3) | (195) | 1 | 0.0 (g) |
|  Wharf Holdings Ltd./The | (2) | (46) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1625) | 3 | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 378 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Galaxy Entertainment Group Ltd. | 1 | 39 | — (h) | 0.0 (g) |
|  WH Group Ltd. | 163 | 1449 | (5) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1488 | (5) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (137) | (2) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.7%) which is denominated in ILS based on the local currencies of the positions within the swap | 09/03/2027 | 312 | (1) | – | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Azrieli Group Ltd. | — (h) | (35) | (2) | 0.0 (g) |
|  Mizrahi Tefahot Bank Ltd. | — (h) | (30) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (65) | (1) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | 1 | 53 | (1) | 0.0 (g) |
|  Israel Discount Bank Ltd. | 2 | 69 | (1) | 0.0 (g) |
|  Nice Ltd. | 1 | 255 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 377 |  | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 312 | (1) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 379

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from -0.25% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/10/2027 | 502914 | 19 | 30 | 49 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Finland |  |  |  |  |
|  Hankyu Hanshin Holdings, Inc. | (9) | (35631) | 1 | 0.0 (g) |
|  Nordea Bank Abp | (1) | (30505) | (1) | 0.0 (g) |
| Japan |  |  |  |  |
|  AGC, Inc. | — (h) | (1057) | — (h) | 0.0 (g) |
|  Asics Corp. | — (h) | (1185) | — (h) | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | (2) | (8875) | 1 | 0.0 (g) |
|  Capcom Co. Ltd. | (1) | (4681) | — (h) | 0.0 (g) |
|  Central Japan Railway Co. | (2) | (8145) | 2 | 0.0 (g) |
|  Chiba Bank Ltd./The | (4) | (6058) | — (h) | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | (17) | (39193) | (5) | 0.0 (g) |
|  Chugai Pharmaceutical Co. Ltd. | (1) | (9172) | 1 | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | (1) | (9552) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | (1) | (5569) | 1 | 0.0 (g) |
|  Ebara Corp. | (3) | (11587) | 1 | 0.0 (g) |
|  Fujikura Ltd. | (2) | (28304) | 3 | 0.0 (g) |
|  Furukawa Electric Co. Ltd. | (1) | (5662) | (2) | 0.0 (g) |
|  Honda Motor Co. Ltd. | (15) | (24625) | 7 | 0.0 (g) |
|  Hoya Corp. | — (h) | (9628) | 1 | 0.0 (g) |
|  IHI Corp. | (5) | (15324) | 6 | 0.0 (g) |
|  ITOCHU Corp. | (24) | (45717) | (4) | 0.0 (g) |
|  J Front Retailing Co. Ltd. | (4) | (8926) | 1 | 0.0 (g) |
|  Japan Exchange Group, Inc. | (14) | (25083) | 9 | 0.0 (g) |
|  Japan Post Insurance Co. Ltd. | (9) | (39494) | (13) | 0.0 (g) |
|  Japan Real Estate Investment Corp. |  |  |  | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | (1) | (7411) | 3 | 0.0 (g) |
|  JFE Holdings, Inc. | (3) | (5772) | — (h) | 0.0 (g) |
|  Kadokawa Corp. | (20) | (62258) | — (h) | 0.0 (g) |
|  Kajima Corp. | — (h) | (1761) | — (h) | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | (1) | (8334) | 7 | 0.0 (g) |
|  Keyence Corp. | — (h) | (11302) | — (h) | 0.0 (g) |
|  Kikkoman Corp. | (25) | (36130) | 5 | 0.0 (g) |
|  Kinden Corp. | — (h) | (1346) | — (h) | 0.0 (g) |
|  Kioxia Holdings Corp. | (2) | (13800) | (12) | 0.0 (g) |
|  Kobe Bussan Co. Ltd. | (1) | (4757) | 1 | 0.0 (g) |
|  Kokusai Electric Corp. | (1) | (2258) | (3) | 0.0 (g) |
|  Komatsu Ltd. | (2) | (9519) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 380 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Japan — continued** | | | | |
|  Konami Group Corp. | — (h) | (2217) | 1 | 0.0 (g) |
|  Kurita Water Industries Ltd. | — (h) | (1303) | — (h) | 0.0 (g) |
|  Kyoto Financial Group, Inc. | (2) | (7605) | — (h) | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | (10) | (17029) | (1) | 0.0 (g) |
|  Lasertec Corp. | (2) | (60600) | 8 | 0.0 (g) |
|  M3, Inc. | (32) | (65709) | (6) | 0.0 (g) |
|  Makita Corp. | (10) | (49919) | 10 | 0.0 (g) |
|  Marubeni Corp. | — (h) | (910) | — (h) | 0.0 (g) |
|  Maruwa Co. Ltd./Aichi | — (h) | (4424) | 1 | 0.0 (g) |
|  MatsukiyoCocokara & Co. | (1) | (2588) | 1 | 0.0 (g) |
|  Mebuki Financial Group, Inc. | (1) | (966) | — (h) | 0.0 (g) |
|  Mercari, Inc. | (2) | (6747) | (1) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | (9) | (29281) | 9 | 0.0 (g) |
|  Mitsubishi Chemical Group Corp. | (51) | (46460) | (1) | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | (4) | (13967) | 1 | 0.0 (g) |
|  Mitsubishi Motors Corp. | (103) | (39044) | 4 | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | (2) | (8575) | 2 | 0.0 (g) |
|  MonotaRO Co. Ltd. | (4) | (10265) | (3) | 0.0 (g) |
|  Nikon Corp. | (6) | (10397) | 3 | 0.0 (g) |
|  Nintendo Co. Ltd. | (3) | (37933) | 19 | 0.0 (g) |
|  Nippon Building Fund, Inc. | — (h) | (30491) | 1 | 0.0 (g) |
|  NIPPON EXPRESS HOLDINGS, Inc. | (10) | (32820) | — (h) | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | (2) | (11460) | 2 | 0.0 (g) |
|  Nissan Motor Co. Ltd. | (42) | (17361) | 6 | 0.0 (g) |
|  Niterra Co. Ltd. | (5) | (31281) | (3) | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | (12) | (35762) | 11 | 0.0 (g) |
|  Nitto Denko Corp. | (3) | (13012) | 2 | 0.0 (g) |
|  NTT, Inc. | (61) | (9464) | (1) | 0.0 (g) |
|  Olympus Corp. | (10) | (19894) | 3 | 0.0 (g) |
|  Organo Corp. | (4) | (49413) | (7) | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | (3) | (7273) | 2 | 0.0 (g) |
|  Rakuten Bank Ltd. | (1) | (4352) | 1 | 0.0 (g) |
|  Renesas Electronics Corp. | (8) | (18161) | 1 | 0.0 (g) |
|  Resonac Holdings Corp. | (1) | (3168) | (1) | 0.0 (g) |
|  Ryohin Keikaku Co. Ltd. | (4) | (12718) | 7 | 0.0 (g) |
|  Sanrio Co. Ltd. | (3) | (13875) | 4 | 0.0 (g) |
|  SBI Holdings, Inc. | (18) | (63575) | 20 | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | (1) | (13140) | (13) | 0.0 (g) |
|  Sega Sammy Holdings, Inc. | (1) | (1263) | — (h) | 0.0 (g) |
|  Seibu Holdings, Inc. | — (h) | (1355) | — (h) | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | — (h) | (784) | — (h) | 0.0 (g) |
|  SG Holdings Co. Ltd. | (26) | (37332) | 5 | 0.0 (g) |
|  Shimadzu Corp. | (3) | (14928) | 5 | 0.0 (g) |
|  Shimano, Inc. | (1) | (8340) | 1 | 0.0 (g) |
|  Shin-Etsu Chemical Co. Ltd. | — (h) | (996) | — (h) | 0.0 (g) |
|  Shionogi & Co. Ltd. | (14) | (37565) | (9) | 0.0 (g) |
|  Shiseido Co. Ltd. | (2) | (4875) | 2 | 0.0 (g) |
|  Socionext, Inc. | (1) | (1980) | — (h) | 0.0 (g) |
|  Sojitz Corp. | (8) | (39590) | 1 | 0.0 (g) |
|  Subaru Corp. | (6) | (21715) | 6 | 0.0 (g) |
|  SUMCO Corp. | (16) | (20753) | (12) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | (2) | (2613) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 381

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Japan — continued** | | | | |
|  Sumitomo Realty & Development Co. Ltd. | (1) | (3216) | — (h) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | (3) | (15786) | 1 | 0.0 (g) |
|  Taiyo Yuden Co. Ltd. | (1) | (2463) | — (h) | 0.0 (g) |
|  Takashimaya Co. Ltd. | (2) | (2861) | — (h) | 0.0 (g) |
|  TDK Corp. | (7) | (16378) | 2 | 0.0 (g) |
|  TIS, Inc. | (2) | (8310) | (1) | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | (1) | (7593) | 3 | 0.0 (g) |
|  Tokyo Metro Co. Ltd. | (37) | (58194) | (1) | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | (2) | (9234) | — (h) | 0.0 (g) |
|  Tokyo Seimitsu Co. Ltd. | — (h) | (2054) | (1) | 0.0 (g) |
|  Tokyu Corp. | (3) | (5993) | — (h) | 0.0 (g) |
|  TOPPAN Holdings, Inc. | (3) | (14473) | 3 | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | (1) | (11270) | 3 | 0.0 (g) |
|  Toyota Tsusho Corp. | (3) | (13894) | 1 | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | (14) | (16347) | 4 | 0.0 (g) |
|  Yamato Holdings Co. Ltd. | (1) | (1986) | — (h) | 0.0 (g) |
|  Yokogawa Electric Corp. | (1) | (2460) | — (h) | 0.0 (g) |
|  Yokohama Financial Group, Inc. | (1) | (919) | — (h) | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | (2) | (10949) | 5 | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | — (h) | (3739) | 1 | 0.0 (g) |
|  ZOZO, Inc. | (2) | (2783) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(1746771)** | **112** | **0.0** (g) |
| **Long Positions** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| **Japan** |  |  |  |  |
|  Amada Co. Ltd. | 36 | 68464 | (10) | 0.0 (g) |
|  ANA Holdings, Inc. | 1 | 2896 | 1 | 0.0 (g) |
|  Asahi Group Holdings Ltd. | 56 | 97440 | (36) | 0.0 (g) |
|  Asahi Kasei Corp. | 8 | 10818 | (1) | 0.0 (g) |
|  Astellas Pharma, Inc. | 3 | 5486 | — (h) | 0.0 (g) |
|  BayCurrent, Inc. | 1 | 8637 | (1) | 0.0 (g) |
|  Credit Saison Co. Ltd. | 1 | 5422 | — (h) | 0.0 (g) |
|  CyberAgent, Inc. | 17 | 22186 | 3 | 0.0 (g) |
|  Dai Nippon Printing Co. Ltd. | 3 | 7061 | — (h) | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | 22 | 27832 | 1 | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | 4 | 13220 | (3) | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | 5 | 16054 | — (h) | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | 6 | 32332 | (1) | 0.0 (g) |
|  Daiwa Securities Group, Inc. | 2 | 2488 | — (h) | 0.0 (g) |
|  Denso Corp. | 45 | 96715 | 7 | 0.0 (g) |
|  Dentsu Group, Inc. | 4 | 12314 | — (h) | 0.0 (g) |
|  DMG Mori Co. Ltd. | 12 | 31922 | (4) | 0.0 (g) |
|  Eisai Co. Ltd. | — (h) | 1390 | — (h) | 0.0 (g) |
|  ENEOS Holdings, Inc. | 67 | 74962 | (4) | 0.0 (g) |
|  Food & Life Cos. Ltd. | — (h) | 2340 | — (h) | 0.0 (g) |
|  Fujitsu Ltd. | 23 | 97188 | 12 | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | 3 | 16224 | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | 8 | 12987 | (2) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | 2 | 7817 | — (h) | 0.0 (g) |
|  Hitachi Ltd. | 1 | 4341 | — (h) | 0.0 (g) |
|  Hulic Co. Ltd. | 2 | 3119 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 382 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Japan — continued |  |  |  |  |
|  Ibiden Co. Ltd. | — (h) | 1189 | 1 | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | 12 | 13876 | — (h) | 0.0 (g) |
|  Inpex Corp. | 11 | 34518 | (7) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | 8 | 12604 | 3 | 0.0 (g) |
|  Japan Tobacco, Inc. | 1 | 8177 | (2) | 0.0 (g) |
|  Kansai Electric Power Co., Inc. (The) | 3 | 6663 | — (h) | 0.0 (g) |
|  Kao Corp. | 10 | 63876 | — (h) | 0.0 (g) |
|  Kawasaki Kisen Kaisha Ltd. | 30 | 64515 | 6 | 0.0 (g) |
|  Kubota Corp. | 60 | 134232 | (15) | 0.0 (g) |
|  Kyocera Corp. | 62 | 138702 | (20) | 0.0 (g) |
|  LY Corp. | 9 | 3572 | — (h) | 0.0 (g) |
|  Mitsubishi Electric Corp. | 10 | 48561 | (14) | 0.0 (g) |
|  Mitsubishi HC Capital, Inc. | 2 | 1950 | — (h) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | 2 | 9379 | (3) | 0.0 (g) |
|  Mitsubishi UFJ Financial Group, Inc. | 1 | 1791 | — (h) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | 5 | 9425 | 1 | 0.0 (g) |
|  Mitsui Fudosan Co. Ltd. | 2 | 3920 | — (h) | 0.0 (g) |
|  MS&AD Insurance Group Holdings, Inc. | 12 | 45811 | (8) | 0.0 (g) |
|  Murata Manufacturing Co. Ltd. | 5 | 15374 | (1) | 0.0 (g) |
|  NGK Insulators Ltd. | 1 | 4733 | — (h) | 0.0 (g) |
|  NH Foods Ltd. | 4 | 25635 | (5) | 0.0 (g) |
|  NIDEC Corp., | 23 | 47170 | 17 | 0.0 (g) |
|  Nippon Electric Glass Co. Ltd. | 1 | 3668 | — (h) | 0.0 (g) |
|  Nippon Yusen KK | 1 | 3984 | — (h) | 0.0 (g) |
|  Nissan Chemical Corp. | 10 | 53096 | (3) | 0.0 (g) |
|  Nomura Holdings, Inc. | 4 | 5146 | — (h) | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | 52 | 49549 | 4 | 0.0 (g) |
|  Nomura Research Institute Ltd. | 1 | 4328 | (1) | 0.0 (g) |
|  Obayashi Corp. | 4 | 12110 | — (h) | 0.0 (g) |
|  Obic Co. Ltd. | 1 | 2971 | — (h) | 0.0 (g) |
|  Omron Corp. | 1 | 2385 | — (h) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | 16 | 35028 | (3) | 0.0 (g) |
|  Oracle Corp. Japan | — (h) | 1361 | — (h) | 0.0 (g) |
|  ORIX Corp. | — (h) | 1807 | — (h) | 0.0 (g) |
|  Otsuka Holdings Co. Ltd. | 3 | 30670 | (9) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | 26 | 25451 | (6) | 0.0 (g) |
|  Rakuten Group, Inc. | 90 | 85351 | 31 | 0.0 (g) |
|  Resona Holdings, Inc. | 3 | 4362 | (1) | 0.0 (g) |
|  Ricoh Co. Ltd. | 26 | 35659 | (2) | 0.0 (g) |
|  Secom Co. Ltd. | 2 | 8949 | — (h) | 0.0 (g) |
|  Seiko Epson Corp. | 1 | 2789 | — (h) | 0.0 (g) |
|  Shimizu Corp. | 10 | 26484 | (2) | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | 41 | 99776 | (4) | 0.0 (g) |
|  Skylark Holdings Co. Ltd. | 4 | 14020 | (4) | 0.0 (g) |
|  SoftBank Corp. | 37 | 8090 | — (h) | 0.0 (g) |
|  Sompo Holdings, Inc. | 1 | 6335 | — (h) | 0.0 (g) |
|  Sony Group Corp. | 1 | 4893 | — (h) | 0.0 (g) |
|  Square Enix Holdings Co. Ltd. | — (h) | 1145 | — (h) | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | 59 | 27044 | (5) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | 2 | 8989 | 1 | 0.0 (g) |
|  Sysmex Corp. | 10 | 15695 | 1 | 0.0 (g) |
|  T&D Holdings, Inc. | 5 | 17400 | 2 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 383

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Japan — continued** | | | | |
|  Terumo Corp. | 10 | 23573 | (1) | 0.0 (g) |
|  THK Co. Ltd. | 5 | 19237 | (5) | 0.0 (g) |
|  Tokio Marine Holdings, Inc. | 10 | 59629 | (2) | 0.0 (g) |
|  Tokyo Electric Power Co. Holdings Inc | 15 | 9659 | — (h) | 0.0 (g) |
|  Tokyo Electron Ltd. | — (h) | 9095 | 8 | 0.0 (g) |
|  Tokyu Fudosan Holdings Corp. | 3 | 4693 | (1) | 0.0 (g) |
|  Tosoh Corp. | 12 | 27054 | — (h) | 0.0 (g) |
|  Toyo Tire Corp. | 2 | 7127 | (1) | 0.0 (g) |
|  Trend Micro, Inc./Japan | 1 | 9633 | (3) | 0.0 (g) |
|  Unicharm Corp. | 116 | 104122 | (2) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **2249685** | **(93)** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **502914** | **19** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in JPY based on the local currencies of the positions within the swap | 12/06/2049 | 1243 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Kobe Steel Ltd. | 1 | 1243 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1243 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1243 | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day NOWA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in NOK based on the local currencies of the positions within the swap | 09/03/2027 | (292) | 9 | – | 9 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 384 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Mowi ASA | (1) | (315) | (1) | 0.0 (g) |
|  Norsk Hydro ASA | (9) | (708) | (2) | 0.0 (g) |
|  Orkla ASA | (1) | (129) | — (h) | 0.0 (g) |
|  Salmar ASA | (2) | (1185) | (1) | 0.0 (g) |
|  Telenor ASA | (17) | (2412) | (3) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (4749) | (7) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | 17 | 4168 | 15 | 0.0 (g) |
|  Var Energi ASA | 8 | 269 | 1 | 0.0 (g) |
|  Yara International ASA | — (h) | 20 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 4457 | 16 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (292) | 9 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in NZD based on the local currencies of the positions within the swap | 09/10/2027 | (68) | (1) | – (h) | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Infratil Ltd. | — (h) | (2) | — (h) | 0.0 (g) |
|  Meridian Energy Ltd. | (12) | (66) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (68) | (1) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (68) | (1) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 385

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day STIBOR on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in SEK based on the local currencies of the positions within the swap | 09/03/2027 | 2487 | 6 | 3 | 9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Alfa Laval AB | — (h) | (10) | — (h) | 0.0 (g) |
|  Atlas Copco AB | (22) | (3527) | (1) | 0.0 (g) |
|  Epiroc AB | (1) | (171) | — (h) | 0.0 (g) |
|  EQT AB | (3) | (1095) | (6) | 0.0 (g) |
|  H & M Hennes & Mauritz AB | — (h) | (53) | — (h) | 0.0 (g) |
|  Hexagon AB | (5) | (587) | — (h) | 0.0 (g) |
|  Holmen AB | (1) | (513) | (2) | 0.0 (g) |
|  Investor AB | (2) | (549) | (2) | 0.0 (g) |
|  L E Lundbergforetagen AB | (6) | (2993) | (8) | 0.0 (g) |
|  Lifco AB | — (h) | (48) | — (h) | 0.0 (g) |
|  Sagax AB | (2) | (304) | — (h) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | (13) | (1625) | (3) | 0.0 (g) |
|  Swedbank AB | — (h) | (3) | — (h) | 0.0 (g) |
|  Telia Co. AB | (20) | (766) | (3) | 0.0 (g) |
|  Trelleborg AB | (1) | (318) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (12562) | (25) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AddTech AB | 2 | 693 | (2) | 0.0 (g) |
|  Assa Abloy AB | — (h) | 147 | — (h) | 0.0 (g) |
|  Beijer Ref AB | 2 | 239 | (1) | 0.0 (g) |
|  Boliden AB | 9 | 4540 | 28 | 0.0 (g) |
|  Evolution AB | 4 | 2588 | (2) | 0.0 (g) |
|  Industrivarden AB | — (h) | 101 | — (h) | 0.0 (g) |
|  Indutrade AB | — (h) | 98 | — (h) | 0.0 (g) |
|  Securitas AB | 13 | 1871 | 5 | 0.0 (g) |
|  Sinch AB | 2 | 53 | — (h) | 0.0 (g) |
|  Skanska AB | 15 | 3678 | 1 | 0.0 (g) |
|  SKF AB | 1 | 183 | — (h) | 0.0 (g) |
|  SSAB AB | 3 | 226 | — (h) | 0.0 (g) |
|  Swedish Orphan Biovitrum AB | — (h) | 47 | — (h) | 0.0 (g) |
|  Tele2 AB | 4 | 585 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 15049 | 31 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 2487 | 6 | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 386 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.3%) which is denominated in SGD based on the local currencies of the positions within the swap | 09/10/2027 | (1369) | (12) | (11) | (23) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. | (11) | (38) | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  DBS Group Holdings Ltd. | (14) | (774) | (12) | 0.0 (g) |
|  Keppel Ltd. | (4) | (39) | (1) | 0.0 (g) |
|  Oversea-Chinese Banking Corp. Ltd. | (2) | (45) | — (h) | 0.0 (g) |
|  Sembcorp Industries Ltd. | (70) | (419) | (1) | 0.0 (g) |
|  Singapore Airlines Ltd. | (39) | (249) | (2) | 0.0 (g) |
|  Wilmar International Ltd. | (11) | (34) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1598) | (16) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  CapitaLand Ascendas REIT | 8 | 21 | — (h) | 0.0 (g) |
|  CapitaLand Investment Ltd./Singapore | 29 | 76 | 2 | 0.0 (g) |
|  Genting Singapore Ltd. | 47 | 34 | — (h) | 0.0 (g) |
|  Singapore Technologies Engineering Ltd. | 12 | 98 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 229 | 4 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1369) | (12) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day OBFR on long positions and short positions respectively, plus or minus spread (rates range from 0.3% to 0.3%) which is denominated in USD based on the local currencies of the positions within the swap | 10/29/2027 | 29 | – (h) | – | — (h) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 387

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Hongkong Land Holdings Ltd. | 2 | 15 | — (h) | 0.0 (g) |
|  Jardine Matheson Holdings Ltd. | — (h) | 14 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **29** | **—** (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **29** | **—** (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day OBFR on long positions and short positions respectively, plus or minus spread (rates range from -0.15% to 0.3%) which is denominated in USD based on the local currencies of the positions within the swap | 09/13/2027 | 6907 | 424 | (38) | 386 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Bermuda |  |  |  |  |
|  Everest Group Ltd. | — (h) | (70) | (2) | 0.0 (g) |
| Canada |  |  |  |  |
|  D-Wave Quantum, Inc. | — (h) | (9) | (1) | 0.0 (g) |
|  Waste Connections, Inc. | (1) | (115) | 1 | 0.0 (g) |
| Hong Kong |  |  |  |  |
|  Futu Holdings Ltd. | (1) | (83) | (1) | 0.0 (g) |
| Ireland |  |  |  |  |
|  Medtronic plc | (3) | (254) | 6 | 0.0 (g) |
|  Smurfit WestRock plc | — (h) | (13) | — (h) | 0.0 (g) |
| Israel |  |  |  |  |
|  Monday.com Ltd. | — (h) | (13) | — (h) | 0.0 (g) |
| Netherlands |  |  |  |  |
|  NXP Semiconductors NV | (2) | (500) | 32 | 0.0 (g) |
| Switzerland |  |  |  |  |
|  Amcor plc | (2) | (18) | — (h) | 0.0 (g) |
| United Kingdom |  |  |  |  |
|  Aon plc | — (h) | (30) | — (h) | 0.0 (g) |
|  CNH Industrial NV | (4) | (41) | 1 | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | (2) | (197) | 3 | 0.0 (g) |
|  Marex Group plc | — (h) | (9) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 388 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States |  |  |  |  |
|  A O Smith Corp. | (5) | (324) | 9 | 0.0 (g) |
|  AbbVie, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Acuity, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Advanced Drainage Systems, Inc. | (1) | (169) | 4 | 0.0 (g) |
|  AGCO Corp. | — (h) | (50) | 2 | 0.0 (g) |
|  Alliant Energy Corp. | (9) | (593) | 6 | 0.0 (g) |
|  Alnylam Pharmaceuticals, Inc. | (1) | (335) | (5) | 0.0 (g) |
|  American Financial Group, Inc. | (4) | (596) | 3 | 0.0 (g) |
|  American Homes 4 Rent | (1) | (16) | — (h) | 0.0 (g) |
|  American International Group, Inc. | (1) | (100) | 1 | 0.0 (g) |
|  Annaly Capital Management, Inc. | (1) | (27) |  | 0.0 (g) |
|  Antero Midstream Corp. | (2) | (44) | 1 | 0.0 (g) |
|  APA Corp. | (2) | (61) | 2 | 0.0 (g) |
|  Apollo Global Management, Inc. | — (h) | (24) | — (h) | 0.0 (g) |
|  Applied Digital Corp. | (2) | (38) | (3) | 0.0 (g) |
|  Arrow Electronics, Inc. | — (h) | (28) | 1 | 0.0 (g) |
|  Arrowhead Pharmaceuticals, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Arthur J Gallagher & Co. | — (h) | (17) | — (h) | 0.0 (g) |
|  AST SpaceMobile, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Astera Labs, Inc. | — (h) | (39) | (6) | 0.0 (g) |
|  ATI, Inc. | — (h) | (23) | (1) | 0.0 (g) |
|  AvalonBay Communities, Inc. | — (h) | (63) | (1) | 0.0 (g) |
|  Avantor, Inc. | (2) | (20) | — (h) | 0.0 (g) |
|  Axon Enterprise, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Bank of New York Mellon Corp. (The) | (1) | (65) | (1) | 0.0 (g) |
|  Baxter International, Inc. | (1) | (14) | — (h) | 0.0 (g) |
|  Berkshire Hathaway, Inc. | — (h) | (153) | 1 | 0.0 (g) |
|  BILL Holdings, Inc. | (3) | (166) | (1) | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | — (h) | (92) | 1 | 0.0 (g) |
|  Boeing Co. (The) | — (h) | (15) | — (h) | 0.0 (g) |
|  Broadcom, Inc. | — (h) | (26) | — (h) | 0.0 (g) |
|  Broadridge Financial Solutions, Inc. | — (h) | (49) | 1 | 0.0 (g) |
|  Brown & Brown, Inc. | — (h) | (25) | 1 | 0.0 (g) |
|  Brown-Forman Corp. | (1) | (22) | 3 | 0.0 (g) |
|  Bunge Global SA | — (h) | (29) | 1 | 0.0 (g) |
|  BXP, Inc. | (1) | (89) | 5 | 0.0 (g) |
|  CareTrust REIT, Inc. | (3) | (118) | 1 | 0.0 (g) |
|  Carrier Global Corp. | (6) | (325) | (2) | 0.0 (g) |
|  Carvana Co. | — (h) | (15) | 1 | 0.0 (g) |
|  Casella Waste Systems, Inc. | — (h) | (24) | 1 | 0.0 (g) |
|  Caterpillar, Inc. | — (h) | (121) | 3 | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | (11) | (86) | (4) | 0.0 (g) |
|  Celsius Holdings, Inc. | — (h) | (15) | (1) | 0.0 (g) |
|  Cencora, Inc. |  |  |  | 0.0 (g) |
|  CH Robinson Worldwide, Inc. | (6) | (999) | (20) | 0.0 (g) |
|  Chewy, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Ciena Corp. | (1) | (322) | (26) | 0.0 (g) |
|  Cincinnati Financial Corp. | — (h) | (13) | — (h) | 0.0 (g) |
|  Cisco Systems, Inc. | (2) | (192) | 3 | 0.0 (g) |
|  Clorox Co. (The) | (8) | (833) | 7 | 0.0 (g) |
|  Cloudflare, Inc. | (2) | (459) | (1) | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | — (h) | (81) | 6 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 389

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Coinbase Global, Inc. | — (h) | (32) | 3 | 0.0 (g) |
|  Colgate-Palmolive Co. | — (h) | (18) | — (h) | 0.0 (g) |
|  Columbia Banking System, Inc. | (2) | (67) | 3 | 0.0 (g) |
|  Commvault Systems, Inc. | — (h) | (34) | (2) | 0.0 (g) |
|  ConocoPhillips | (1) | (71) | — (h) | 0.0 (g) |
|  Constellation Energy Corp. | — (h) | (49) | 1 | 0.0 (g) |
|  Cooper Cos., Inc. (The) | (8) | (659) | (3) | 0.0 (g) |
|  Corcept Therapeutics, Inc. | (1) | (63) | 38 | 0.0 (g) |
|  Core & Main, Inc. | (1) | (38) | 2 | 0.0 (g) |
|  Corning, Inc. | (15) | (1320) | 8 | 0.0 (g) |
|  Corpay, Inc. | — (h) | (35) | 1 | 0.0 (g) |
|  CoStar Group, Inc. | (1) | (43) | (2) | 0.0 (g) |
|  Crowdstrike Holdings, Inc. | (1) | (487) | 19 | 0.0 (g) |
|  Cytokinetics, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Datadog, Inc. | (3) | (383) | 16 | 0.0 (g) |
|  Deckers Outdoor Corp. | — (h) | (38) | — (h) | 0.0 (g) |
|  Deere & Co. | — (h) | (58) | 2 | 0.0 (g) |
|  Dick's Sporting Goods, Inc. | (1) | (150) | 10 | 0.0 (g) |
|  Docusign, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Dominion Energy, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Domino's Pizza, Inc. | — (h) | (12) | 1 | 0.0 (g) |
|  DraftKings, Inc. | (4) | (139) | 4 | 0.0 (g) |
|  DT Midstream, Inc. | (4) | (446) | 1 | 0.0 (g) |
|  Eagle Materials, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  EastGroup Properties, Inc. | — (h) | (47) | 1 | 0.0 (g) |
|  Eastman Chemical Co. | (1) | (47) | — (h) | 0.0 (g) |
|  EchoStar Corp. | — (h) | (10) | — (h) | 0.0 (g) |
|  Entegris, Inc. | (1) | (56) | 4 | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | — (h) | (29) | 1 | 0.0 (g) |
|  Equity Residential | (2) | (112) | (4) | 0.0 (g) |
|  Erie Indemnity Co. | (1) | (197) | — (h) | 0.0 (g) |
|  Esab Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  Essex Property Trust, Inc. | — (h) | (26) | — (h) | 0.0 (g) |
|  Evergy, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Exelon Corp. | (1) | (51) | — (h) | 0.0 (g) |
|  Expand Energy Corp. | (2) | (208) | — (h) | 0.0 (g) |
|  Extra Space Storage, Inc. | — (h) | (24) | 1 | 0.0 (g) |
|  Exxon Mobil Corp. | — (h) | (38) | (1) | 0.0 (g) |
|  F&G Annuities & Life, Inc. | — (h) |  | — (h) | 0.0 (g) |
|  F5, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Fair Isaac Corp. | — (h) | (190) | 12 | 0.0 (g) |
|  Fastenal Co. | (11) | (481) | 28 | 0.0 (g) |
|  FedEx Corp. | — (h) | (133) | (2) | 0.0 (g) |
|  Fidelity National Financial, Inc. | — (h) | (13) | 1 | 0.0 (g) |
|  First Solar, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  FirstCash Holdings, Inc. | — (h) | (67) | 2 | 0.0 (g) |
|  Flutter Entertainment plc | — (h) | (13) | — (h) | 0.0 (g) |
|  Fortinet, Inc. | — (h) | (33) | 1 | 0.0 (g) |
|  Gen Digital, Inc. | (35) | (954) | 10 | 0.0 (g) |
|  Generac Holdings, Inc. | (3) | (413) | 58 | 0.0 (g) |
|  Genuine Parts Co. | — (h) | (47) | 3 | 0.0 (g) |
|  Gilead Sciences, Inc. | — (h) | (14) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 390 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Global Payments, Inc. | (1) | (58) | 3 | 0.0 (g) |
|  Globalstar, Inc. | — (h) | (19) | 2 | 0.0 (g) |
|  Globus Medical, Inc. | — (h) | (35) | — (h) | 0.0 (g) |
|  Goldman Sachs Group, Inc. (The) | — (h) | (106) | 1 | 0.0 (g) |
|  Graco, Inc. | (1) | (92) | 3 | 0.0 (g) |
|  Halliburton Co. | (1) | (20) | — (h) | 0.0 (g) |
|  Healthpeak Properties, Inc. | (29) | (487) | 17 | 0.0 (g) |
|  Hecla Mining Co. | (2) | (31) | (1) | 0.0 (g) |
|  Hexcel Corp. | (1) | (50) | — (h) | 0.0 (g) |
|  Home Depot, Inc. (The) | — (h) | (42) | 2 | 0.0 (g) |
|  Hormel Foods Corp. | (3) | (65) | 1 | 0.0 (g) |
|  Howmet Aerospace, Inc. | — (h) | (35) | (1) | 0.0 (g) |
|  Hubbell, Inc. |  |  |  | 0.0 (g) |
|  Huntington Ingalls Industries, Inc. |  |  |  | 0.0 (g) |
|  Hyatt Hotels Corp. | — (h) | (17) | 1 | 0.0 (g) |
|  IDACORP, Inc. | (1) | (149) | — (h) | 0.0 (g) |
|  IDEX Corp. | — (h) | (62) | — (h) | 0.0 (g) |
|  Ingersoll Rand, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Insmed, Inc. | — (h) | (6) | 1 | 0.0 (g) |
|  InterDigital, Inc. | — (h) | (9) | 1 | 0.0 (g) |
|  International Business Machines Corp. | (1) | (200) | 7 | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | (2) | (147) | (7) | 0.0 (g) |
|  International Paper Co. | — (h) | (13) | — (h) | 0.0 (g) |
|  Invesco Ltd. | (1) | (24) | — (h) | 0.0 (g) |
|  IonQ, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Iron Mountain, Inc. | — (h) | (39) | — (h) | 0.0 (g) |
|  J M Smucker Co. (The) | (7) | (717) | 27 | 0.0 (g) |
|  Jabil, Inc. |  |  |  | 0.0 (g) |
|  Jack Henry & Associates, Inc. | (5) | (885) | 24 | 0.0 (g) |
|  JBT Marel Corp. | — (h) | (68) | 2 | 0.0 (g) |
|  JFrog Ltd. | — (h) | (6) | — (h) | 0.0 (g) |
|  Johnson & Johnson | — (h) | (21) | — (h) | 0.0 (g) |
|  Karman Holdings, Inc. | — (h) | (19) | (1) | 0.0 (g) |
|  Kinetik Holdings, Inc. | (3) | (121) | (2) | 0.0 (g) |
|  KKR & Co., Inc. | (6) | (874) | 48 | 0.0 (g) |
|  Klaviyo, Inc. | (1) | (19) | (2) | 0.0 (g) |
|  Kraft Heinz Co. (The) | (1) | (21) | — (h) | 0.0 (g) |
|  Krystal Biotech, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Lamb Weston Holdings, Inc. | (3) | (158) | 47 | 0.0 (g) |
|  Lattice Semiconductor Corp. | (2) | (141) | 5 | 0.0 (g) |
|  Lennox International, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Leonardo DRS, Inc. | (2) | (53) | (1) | 0.0 (g) |
|  Liberty Broadband Corp. | — (h) | (4) | — (h) | 0.0 (g) |
|  Life Time Group Holdings, Inc. | (4) | (109) | (3) | 0.0 (g) |
|  Lincoln National Corp. | (1) | (26) | — (h) | 0.0 (g) |
|  Littelfuse, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Live Nation Entertainment, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  LKQ Corp. | (1) | (34) | — (h) | 0.0 (g) |
|  Loar Holdings, Inc. | — (h) | (1) | — (h) | 0.0 (g) |
|  LPL Financial Holdings, Inc. | — (h) | (56) | 2 | 0.0 (g) |
|  Lumen Technologies, Inc. | (2) | (14) | 1 | 0.0 (g) |
|  MACOM Technology Solutions Holdings, Inc. | — (h) | (6) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 391

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Maplebear, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Marriott International, Inc./MD | — (h) | (47) | — (h) | 0.0 (g) |
|  Matador Resources Co. | — (h) | (10) | — (h) | 0.0 (g) |
|  McCormick & Co., Inc. | (9) | (583) | 3 | 0.0 (g) |
|  McDonald's Corp. | — (h) | (107) | 4 | 0.0 (g) |
|  Merck & Co., Inc. | (1) | (65) | (3) | 0.0 (g) |
|  Middleby Corp. (The) | — (h) | (25) | — (h) | 0.0 (g) |
|  Mirion Technologies, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Modine Manufacturing Co. | — (h) | (28) | 1 | 0.0 (g) |
|  MongoDB, Inc. | (1) | (347) | (3) | 0.0 (g) |
|  Morningstar, Inc. | — (h) | (32) | (1) | 0.0 (g) |
|  Murphy USA, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  New York Times Co. (The) | (9) | (618) | (17) | 0.0 (g) |
|  NewMarket Corp. | — (h) | (15) | 1 | 0.0 (g) |
|  Nexstar Media Group, Inc. | — (h) | (99) | — (h) | 0.0 (g) |
|  NEXTracker, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  NIKE, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  NuScale Power Corp. | (2) | (43) | 8 | 0.0 (g) |
|  Nutanix, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Occidental Petroleum Corp. |  |  |  | 0.0 (g) |
|  Okta, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  Old National Bancorp | (2) | (53) | 2 | 0.0 (g) |
|  Old Republic International Corp. | (1) | (39) | — (h) | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Omnicom Group, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  O'Reilly Automotive, Inc. | (1) | (88) | 4 | 0.0 (g) |
|  Ormat Technologies, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  PACCAR, Inc. | (3) | (380) | 12 | 0.0 (g) |
|  Packaging Corp. of America | — (h) | (33) | — (h) | 0.0 (g) |
|  Paramount Skydance Corp. | (1) | (15) | 1 | 0.0 (g) |
|  Pegasystems, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  PennyMac Financial Services, Inc. | — (h) | (57) | (1) | 0.0 (g) |
|  Permian Resources Corp. | (4) | (56) | 1 | 0.0 (g) |
|  Phillips 66 | — (h) | (21) | 2 | 0.0 (g) |
|  Pinterest, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  PPL Corp. | (1) | (38) | (1) | 0.0 (g) |
|  Praxis Precision Medicines, Inc. | — (h) | (9) | (1) | 0.0 (g) |
|  Primerica, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Primo Brands Corp. | (2) | (36) | — (h) | 0.0 (g) |
|  Procore Technologies, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  PTC, Inc. | (3) | (592) | 3 | 0.0 (g) |
|  QUALCOMM, Inc. | (1) | (198) | 9 | 0.0 (g) |
|  Quanta Services, Inc. | — (h) | (124) | 3 | 0.0 (g) |
|  QXO, Inc. | (13) | (270) | 26 | 0.0 (g) |
|  RadNet, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Repligen Corp. | — (h) | (69) | (1) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | — (h) | (12) | 1 | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | — (h) | (20) | 1 | 0.0 (g) |
|  Robinhood Markets, Inc. | (3) | (326) | 6 | 0.0 (g) |
|  Rocket Cos., Inc. | (2) | (40) | (3) | 0.0 (g) |
|  Rocket Lab Corp. | (3) | (154) | (40) | 0.0 (g) |
|  Roper Technologies, Inc. | (1) | (445) | (2) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 392 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Royal Gold, Inc. | — (h) | (65) | 1 | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | (2) | (88) | 4 | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | (5) | (498) | 21 | 0.0 (g) |
|  Samsara, Inc. | (7) | (286) | 30 | 0.0 (g) |
|  Sempra | (5) | (468) | 2 | 0.0 (g) |
|  Service Corp. International | (1) | (79) | — (h) | 0.0 (g) |
|  SharkNinja, Inc. | (3) | (336) | 5 | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | — (h) | (57) | 3 | 0.0 (g) |
|  SLM Corp. | (2) | (45) | (1) | 0.0 (g) |
|  Snap-on, Inc. | — (h) | (39) | 1 | 0.0 (g) |
|  Snowflake, Inc. | (1) | (229) | (2) | 0.0 (g) |
|  Solventum Corp. | — (h) | (7) | — (h) | 0.0 (g) |
|  Southern Co. (The) | (1) | (92) | — (h) | 0.0 (g) |
|  Southwest Airlines Co. | — (h) | (8) | — (h) | 0.0 (g) |
|  SPX Technologies, Inc. | — (h) | (30) | 2 | 0.0 (g) |
|  STAG Industrial, Inc. | (4) | (135) | 3 | 0.0 (g) |
|  StandardAero, Inc. | (1) | (21) | (1) | 0.0 (g) |
|  Stanley Black & Decker, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Starbucks Corp. | (6) | (495) | 7 | 0.0 (g) |
|  Steel Dynamics, Inc. | (1) | (108) | — (h) | 0.0 (g) |
|  StepStone Group, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  STERIS plc | — (h) | (13) | — (h) | 0.0 (g) |
|  Sterling Infrastructure, Inc. | — (h) | (20) | 1 | 0.0 (g) |
|  Symbotic, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  T Rowe Price Group, Inc. | — (h) | (42) | 1 | 0.0 (g) |
|  Take-Two Interactive Software, Inc. | — (h) | (15) | (1) | 0.0 (g) |
|  Talen Energy Corp. | — (h) | (18) | (1) | 0.0 (g) |
|  TD SYNNEX Corp. | — (h) | (27) | — (h) | 0.0 (g) |
|  Teledyne Technologies, Inc. | — (h) | (21) | — (h) | 0.0 (g) |
|  Teleflex, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Tempus AI, Inc. | (3) | (199) | 28 | 0.0 (g) |
|  Teradyne, Inc. |  |  |  | 0.0 (g) |
|  Terreno Realty Corp. | — (h) | (16) | — (h) | 0.0 (g) |
|  Tesla, Inc. | — (h) | (124) | 9 | 0.0 (g) |
|  Texas Pacific Land Corp. | (1) | (341) | (9) | 0.0 (g) |
|  Thermo Fisher Scientific, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Timken Co. (The) | (1) | (47) | 1 | 0.0 (g) |
|  TKO Group Holdings, Inc. | (4) | (782) | (6) | 0.0 (g) |
|  TPG, Inc. | (1) | (41) | 2 | 0.0 (g) |
|  Tractor Supply Co. | (2) | (129) | 7 | 0.0 (g) |
|  TransDigm Group, Inc. | — (h) | (96) | (3) | 0.0 (g) |
|  Tyler Technologies, Inc. | — (h) | (31) | — (h) | 0.0 (g) |
|  Tyson Foods, Inc. | (6) | (380) | 6 | 0.0 (g) |
|  Ubiquiti, Inc. | — (h) | (19) | — (h) | 0.0 (g) |
|  UDR, Inc. | (4) | (147) | (4) | 0.0 (g) |
|  UiPath, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  UL Solutions, Inc. | — (h) | (21) | — (h) | 0.0 (g) |
|  United Airlines Holdings, Inc. | (3) | (308) | (12) | 0.0 (g) |
|  United Parcel Service, Inc. | (3) | (316) | 3 | 0.0 (g) |
|  Valley National Bancorp | (1) | (16) | — (h) | 0.0 (g) |
|  Vertex Pharmaceuticals, Inc. | — (h) | (160) | 1 | 0.0 (g) |
|  Viper Energy, Inc. | (3) | (105) | 2 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 393

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Vontier Corp. | (1) | (21) | — (h) | 0.0 (g) |
|  Waters Corp. | — (h) | (112) | 2 | 0.0 (g) |
|  Watsco, Inc. | — (h) | (22) | — (h) | 0.0 (g) |
|  Watts Water Technologies, Inc. | — (h) | (37) | 1 | 0.0 (g) |
|  Webster Financial Corp. |  |  |  | 0.0 (g) |
|  Welltower, Inc. | (1) | (230) | 6 | 0.0 (g) |
|  WESCO International, Inc. | (2) | (416) | 23 | 0.0 (g) |
|  West Pharmaceutical Services, Inc. | — (h) | (36) | — (h) | 0.0 (g) |
|  Western Alliance Bancorp | — (h) | (5) | — (h) | 0.0 (g) |
|  Weyerhaeuser Co. | (1) | (18) | — (h) | 0.0 (g) |
|  Workday, Inc. | (1) | (129) | — (h) | 0.0 (g) |
|  WW Grainger, Inc. | (1) | (871) | 17 | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | (1) | (53) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(34578)** | **590** | **0.0** (g) |
| **Long Positions** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| **Australia** |  |  |  |  |
|  Atlassian Corp. | — (h) | 16 | — (h) | 0.0 (g) |
| **Bermuda** |  |  |  |  |
|  Essent Group Ltd. | — (h) | 16 | — (h) | 0.0 (g) |
|  Viking Holdings Ltd. | — (h) | 10 | — (h) | 0.0 (g) |
| **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | — (h) | 31 | — (h) | 0.0 (g) |
| **Finland** |  |  |  |  |
|  Amer Sports, Inc. | 2 | 64 | (3) | 0.0 (g) |
| **Germany** |  |  |  |  |
|  BioNTech SE | 1 | 54 | 1 | 0.0 (g) |
| **Ireland** |  |  |  |  |
|  Aptiv plc | 1 | 70 | (1) | 0.0 (g) |
|  CRH plc | — (h) | 52 | (1) | 0.0 (g) |
|  ICON plc | — (h) | 5 | — (h) | 0.0 (g) |
|  TE Connectivity plc | — (h) | 8 | — (h) | 0.0 (g) |
| **Israel** |  |  |  |  |
|  Check Point Software Technologies Ltd. | — (h) | 12 | — (h) | 0.0 (g) |
|  Global-e Online Ltd. | — (h) | 7 | — (h) | 0.0 (g) |
|  Mobileye Global, Inc. | 4 | 42 | — (h) | 0.0 (g) |
|  Tower Semiconductor Ltd. | 2 | 220 | (1) | 0.0 (g) |
|  Wix.com Ltd. | — (h) | 7 | — (h) | 0.0 (g) |
| **Luxembourg** |  |  |  |  |
|  Millicom International Cellular SA | 1 | 62 | 2 | 0.0 (g) |
| **Netherlands** |  |  |  |  |
|  QIAGEN NV | — (h) | 11 | — (h) | 0.0 (g) |
| **Norway** |  |  |  |  |
|  Frontline plc | 1 | 30 | (1) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 394 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Puerto Rico |  |  |  |  |
|  Popular, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
| Singapore |  |  |  |  |
|  Grab Holdings Ltd. | 2 | 8 | — (h) | 0.0 (g) |
|  Sea Ltd. | 2 | 293 | 14 | 0.0 (g) |
| Sweden |  |  |  |  |
|  Spotify Technology SA | — (h) | 20 | — (h) | 0.0 (g) |
| Switzerland |  |  |  |  |
|  Chubb Ltd. | 2 | 625 | (1) | 0.0 (g) |
|  Garmin Ltd. | 2 | 439 | (9) | 0.0 (g) |
|  On Holding AG | 8 | 374 | (10) | 0.0 (g) |
|  Sportradar Group AG | 2 | 35 | 1 | 0.0 (g) |
| United Kingdom |  |  |  |  |
|  ARM Holdings plc | — (h) | 36 | (2) | 0.0 (g) |
|  Pentair plc | — (h) | 17 | — (h) | 0.0 (g) |
|  TechnipFMC plc | 7 | 303 | (11) | 0.0 (g) |
| United States |  |  |  |  |
|  Adobe, Inc. | 3 | 1083 | (4) | 0.0 (g) |
|  ADT, Inc. | 1 | 6 | — (h) | 0.0 (g) |
|  Advanced Micro Devices, Inc. | 1 | 164 | 8 | 0.0 (g) |
|  AECOM | 1 | 64 | (2) | 0.0 (g) |
|  AeroVironment, Inc. | — (h) | 52 | 1 | 0.0 (g) |
|  AES Corp. (The) | 3 | 41 | 1 | 0.0 (g) |
|  Agree Realty Corp. | — (h) | 9 | — (h) | 0.0 (g) |
|  Alaska Air Group, Inc. | 1 | 42 | (1) | 0.0 (g) |
|  Allstate Corp. (The) | 1 | 194 | (4) | 0.0 (g) |
|  Ally Financial, Inc. | — (h) | 21 | — (h) | 0.0 (g) |
|  Alphabet, Inc. | 1 | 394 | 6 | 0.0 (g) |
|  Altria Group, Inc. | — (h) | 16 | — (h) | 0.0 (g) |
|  Ameren Corp. | — (h) | 10 | — (h) | 0.0 (g) |
|  American Express Co. | 2 | 633 | (21) | 0.0 (g) |
|  American Healthcare REIT, Inc. | — (h) | 3 | — (h) | 0.0 (g) |
|  American Tower Corp. | — (h) | 33 | (1) | 0.0 (g) |
|  American Water Works Co., Inc. | — (h) | 54 | (1) | 0.0 (g) |
|  Ameriprise Financial, Inc. | — (h) | 23 | — (h) | 0.0 (g) |
|  AMETEK, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Amphenol Corp. | 2 | 297 | 12 | 0.0 (g) |
|  Analog Devices, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  API Group Corp. | — (h) | 5 | — (h) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | — (h) | 44 | (1) | 0.0 (g) |
|  Aramark | 5 | 177 | (4) | 0.0 (g) |
|  Armstrong World Industries, Inc. | 1 | 141 | 5 | 0.0 (g) |
|  AT&T, Inc. | 12 | 284 | 6 | 0.0 (g) |
|  Autodesk, Inc. | 1 | 318 | 2 | 0.0 (g) |
|  Ball Corp. | 1 | 54 | 1 | 0.0 (g) |
|  Bank of America Corp. | 3 | 174 | (1) | 0.0 (g) |
|  Bank OZK | 1 | 70 | (3) | 0.0 (g) |
|  Biogen, Inc. | — (h) | 82 | — (h) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | — (h) | 6 | 1 | 0.0 (g) |
|  BJ's Wholesale Club Holdings, Inc. | 1 | 77 | (1) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 395

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Block, Inc. | 1 | 77 | 1 | 0.0 (g) |
|  Booking Holdings, Inc. | — (h) | 600 | (11) | 0.0 (g) |
|  Booz Allen Hamilton Holding Corp. | 1 | 134 | (11) | 0.0 (g) |
|  BorgWarner, Inc. | 1 | 50 | — (h) | 0.0 (g) |
|  Boston Scientific Corp. | — (h) | 33 | 1 | 0.0 (g) |
|  Bright Horizons Family Solutions, Inc. | — (h) | 20 | — (h) | 0.0 (g) |
|  Brightstar Lottery plc | 4 | 62 | (2) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | 3 | 171 | (1) | 0.0 (g) |
|  Brixmor Property Group, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Cal-Maine Foods, Inc. | — (h) | 40 | (4) | 0.0 (g) |
|  Camden Property Trust | — (h) | 16 | 1 | 0.0 (g) |
|  CarMax, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Carnival Corp. | 3 | 97 | 7 | 0.0 (g) |
|  Casey's General Stores, Inc. | — (h) | 168 | 2 | 0.0 (g) |
|  CBRE Group, Inc. | 3 | 496 | 6 | 0.0 (g) |
|  Centene Corp. | — (h) | 13 | 1 | 0.0 (g) |
|  Charter Communications, Inc. | — (h) | 60 | — (h) | 0.0 (g) |
|  Chemed Corp. | 1 | 446 | (3) | 0.0 (g) |
|  Chevron Corp. | — (h) | 13 | — (h) | 0.0 (g) |
|  Chord Energy Corp. | — (h) | 15 | — (h) | 0.0 (g) |
|  Cintas Corp. | — (h) | 9 | — (h) | 0.0 (g) |
|  Cirrus Logic, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Cleveland-Cliffs, Inc. | 4 | 52 | 2 | 0.0 (g) |
|  Coca-Cola Co. (The) | 1 | 38 | (1) | 0.0 (g) |
|  Cognex Corp. | 2 | 78 | 2 | 0.0 (g) |
|  Cognizant Technology Solutions Corp. | — (h) | 12 | — (h) | 0.0 (g) |
|  Comcast Corp. | 29 | 817 | 49 | 0.0 (g) |
|  Comfort Systems USA, Inc. | — (h) | 445 | (16) | 0.0 (g) |
|  Commerce Bancshares, Inc. | 1 | 58 | (1) | 0.0 (g) |
|  Commercial Metals Co. | — (h) | 12 | — (h) | 0.0 (g) |
|  Conagra Brands, Inc. | 3 | 49 | (1) | 0.0 (g) |
|  Construction Partners, Inc. | — (h) | 54 | (1) | 0.0 (g) |
|  Copart, Inc. | — (h) | 19 | — (h) | 0.0 (g) |
|  Corteva, Inc. | 14 | 942 | 16 | 0.0 (g) |
|  Crane Co. | — (h) | 24 | (1) | 0.0 (g) |
|  Credo Technology Group Holding Ltd. | — (h) | 4 | — (h) | 0.0 (g) |
|  Crown Castle, Inc. | 1 | 65 | — (h) | 0.0 (g) |
|  Crown Holdings, Inc. | 1 | 68 | 1 | 0.0 (g) |
|  CSX Corp. | 22 | 818 | (20) | 0.0 (g) |
|  CubeSmart | — (h) | 6 | — (h) | 0.0 (g) |
|  Cullen/Frost Bankers, Inc. | 1 | 82 | (2) | 0.0 (g) |
|  Curtiss-Wright Corp. | — (h) | 55 | — (h) | 0.0 (g) |
|  Darden Restaurants, Inc. | 1 | 215 | (3) | 0.0 (g) |
|  Darling Ingredients, Inc. | 6 | 208 | (1) | 0.0 (g) |
|  DaVita, Inc. | 1 | 102 | (5) | 0.0 (g) |
|  Dell Technologies, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Devon Energy Corp. | 1 | 32 | — (h) | 0.0 (g) |
|  Digital Realty Trust, Inc. | 2 | 314 | 4 | 0.0 (g) |
|  Dollar General Corp. | 3 | 399 | (1) | 0.0 (g) |
|  Donaldson Co., Inc. | — (h) | 43 | (2) | 0.0 (g) |
|  Doximity, Inc. | — (h) | 16 | — (h) | 0.0 (g) |
|  DR Horton, Inc. | — (h) | 45 | (2) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 396 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Dropbox, Inc. | 4 | 98 | — (h) | 0.0 (g) |
|  Duolingo, Inc. | 1 | 129 | (7) | 0.0 (g) |
|  Dutch Bros, Inc. | 3 | 169 | 2 | 0.0 (g) |
|  Dynatrace, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Edison International | 10 | 593 | 9 | 0.0 (g) |
|  Edwards Lifesciences Corp. | — (h) | 5 | — (h) | 0.0 (g) |
|  Element Solutions, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  EMCOR Group, Inc. | — (h) | 3 | — (h) | 0.0 (g) |
|  Emerson Electric Co. | — (h) | 14 | — (h) | 0.0 (g) |
|  Encompass Health Corp. | — (h) | 30 | — (h) | 0.0 (g) |
|  EOG Resources, Inc. | 1 | 81 | (1) | 0.0 (g) |
|  Equinix, Inc. | 1 | 698 | 4 | 0.0 (g) |
|  Essential Properties Realty Trust, Inc. | 8 | 259 | (9) | 0.0 (g) |
|  Etsy, Inc. | — (h) | 23 | 1 | 0.0 (g) |
|  Evercore, Inc. | — (h) | 21 | — (h) | 0.0 (g) |
|  Eversource Energy | 6 | 440 | (7) | 0.0 (g) |
|  ExlService Holdings, Inc. | 2 | 72 | 2 | 0.0 (g) |
|  Expeditors International of Washington, Inc. | — (h) | 72 | (1) | 0.0 (g) |
|  Ferguson Enterprises, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  Fidelity National Information Services, Inc. | 1 | 49 | — (h) | 0.0 (g) |
|  First American Financial Corp. | — (h) | 13 | (1) | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | — (h) | 12 | — (h) | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Fiserv, Inc. | — (h) | 31 | (1) | 0.0 (g) |
|  Five Below, Inc. | 2 | 343 | 13 | 0.0 (g) |
|  Flex Ltd. | 1 | 88 | (10) | 0.0 (g) |
|  Floor & Decor Holdings, Inc. | — (h) | 21 | (1) | 0.0 (g) |
|  Fluor Corp. | — (h) | 4 | — (h) | 0.0 (g) |
|  Fortune Brands Innovations, Inc. | 1 | 44 | (2) | 0.0 (g) |
|  Fox Corp. | 7 | 432 | 12 | 0.0 (g) |
|  Franklin Resources, Inc. | 3 | 82 | 1 | 0.0 (g) |
|  Gap, Inc. (The) | — (h) | 5 | — (h) | 0.0 (g) |
|  Gartner, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  General Electric Co. | 1 | 216 | 5 | 0.0 (g) |
|  Globe Life, Inc. | 1 | 114 | (1) | 0.0 (g) |
|  GoDaddy, Inc. | 4 | 447 | 1 | 0.0 (g) |
|  Grand Canyon Education, Inc. | 1 | 81 | 2 | 0.0 (g) |
|  Group 1 Automotive, Inc. | 1 | 210 | (8) | 0.0 (g) |
|  H&R Block, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | 2 | 127 | 8 | 0.0 (g) |
|  Hamilton Lane, Inc. | — (h) | 44 | 2 | 0.0 (g) |
|  Hanover Insurance Group, Inc. (The) | — (h) | 8 | — (h) | 0.0 (g) |
|  Hasbro, Inc. | 1 | 90 | 1 | 0.0 (g) |
|  HCA Healthcare, Inc. | — (h) | 18 | — (h) | 0.0 (g) |
|  HEICO Corp. | — (h) | 61 | 2 | 0.0 (g) |
|  Henry Schein, Inc. | 3 | 207 | (5) | 0.0 (g) |
|  HF Sinclair Corp. | 1 | 36 | (3) | 0.0 (g) |
|  HubSpot, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  IES Holdings, Inc. | — (h) | 36 | (5) | 0.0 (g) |
|  Illinois Tool Works, Inc. | — (h) | 50 | (2) | 0.0 (g) |
|  Illumina, Inc. | — (h) | 36 | (1) | 0.0 (g) |
|  Ingredion, Inc. | — (h) | 28 | (1) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 397

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Installed Building Products, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Insulet Corp. | — (h) | — (h) | — (h) | 0.0 (g) |
|  Invitation Homes, Inc. | 1 | 28 | 1 | 0.0 (g) |
|  ITT, Inc. | 1 | 107 | — (h) | 0.0 (g) |
|  JB Hunt Transport Services, Inc. | — (h) | 26 | — (h) | 0.0 (g) |
|  Jefferies Financial Group, Inc. | — (h) | 14 | — (h) | 0.0 (g) |
|  KBR, Inc. | — (h) | 10 | (1) | 0.0 (g) |
|  Keurig Dr Pepper, Inc. | 11 | 322 | (13) | 0.0 (g) |
|  KeyCorp. | 1 | 25 | — (h) | 0.0 (g) |
|  Keysight Technologies, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Kimco Realty Corp. | — (h) | 8 | — (h) | 0.0 (g) |
|  Kinder Morgan, Inc. | 21 | 563 | 16 | 0.0 (g) |
|  Kirby Corp. | 5 | 575 | (1) | 0.0 (g) |
|  Kyndryl Holdings, Inc. | 1 | 32 | — (h) | 0.0 (g) |
|  Labcorp Holdings, Inc. | — (h) | 57 | (2) | 0.0 (g) |
|  Las Vegas Sands Corp. | 1 | 47 | (1) | 0.0 (g) |
|  Lear Corp. | — (h) | 36 | (1) | 0.0 (g) |
|  Leidos Holdings, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Lennar Corp. | 1 | 60 | (9) | 0.0 (g) |
|  Light & Wonder, Inc. | 2 | 160 | 7 | 0.0 (g) |
|  Linde plc | — (h) | 35 | 1 | 0.0 (g) |
|  Lithia Motors, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Louisiana-Pacific Corp. | — (h) | 19 | (1) | 0.0 (g) |
|  Lumentum Holdings, Inc. | — (h) | 20 | 2 | 0.0 (g) |
|  LyondellBasell Industries NV | 5 | 224 | — (h) | 0.0 (g) |
|  Marathon Petroleum Corp. | 1 | 185 | (23) | 0.0 (g) |
|  MasTec, Inc. | 1 | 138 | (2) | 0.0 (g) |
|  Meritage Homes Corp. | — (h) | 10 | (1) | 0.0 (g) |
|  MetLife, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  MGIC Investment Corp. | — (h) | 5 | — (h) | 0.0 (g) |
|  MGM Resorts International | — (h) | 19 | — (h) | 0.0 (g) |
|  Micron Technology, Inc. | — (h) | 100 | 20 | 0.0 (g) |
|  Moderna, Inc. | 17 | 509 | (7) | 0.0 (g) |
|  Molina Healthcare, Inc. | — (h) | 31 | 1 | 0.0 (g) |
|  Moody's Corp. | — (h) | 55 | 3 | 0.0 (g) |
|  Morgan Stanley | 7 | 1261 | (2) | 0.0 (g) |
|  Mosaic Co. (The) | 2 | 62 | (2) | 0.0 (g) |
|  Motorola Solutions, Inc. | 1 | 252 | 9 | 0.0 (g) |
|  Netflix, Inc. | 2 | 176 | — (h) | 0.0 (g) |
|  NNN REIT, Inc. | — (h) | 17 | — (h) | 0.0 (g) |
|  Nucor Corp. | 3 | 497 | 3 | 0.0 (g) |
|  NVIDIA Corp. | 1 | 115 | 7 | 0.0 (g) |
|  NVR, Inc. | — (h) | 61 | (2) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | — (h) | 65 | — (h) | 0.0 (g) |
|  Onto Innovation, Inc. | 1 | 190 | 2 | 0.0 (g) |
|  Oshkosh Corp. | — (h) | 44 | (2) | 0.0 (g) |
|  Otis Worldwide Corp. | – (h) | 35 | — (h) | 0.0 (g) |
|  Owens Corning | — (h) | 21 | (1) | 0.0 (g) |
|  Palo Alto Networks, Inc. | 1 | 249 | (2) | 0.0 (g) |
|  Parker-Hannifin Corp. | 2 | 1362 | (7) | 0.0 (g) |
|  Paycom Software, Inc. | 1 | 135 | (3) | 0.0 (g) |
|  Paylocity Holding Corp. | 2 | 368 | 10 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 398 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Penske Automotive Group, Inc. | — (h) | 8 | (1) | 0.0 (g) |
|  PepsiCo., Inc. | — (h) | 13 | (1) | 0.0 (g) |
|  PG&E Corp. | 1 | 10 | — (h) | 0.0 (g) |
|  Pilgrim's Pride Corp. | 1 | 54 | (1) | 0.0 (g) |
|  Pinnacle West Capital Corp. | 1 | 49 | — (h) | 0.0 (g) |
|  PJT Partners, Inc. | 1 | 188 | (3) | 0.0 (g) |
|  Principal Financial Group, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Procter & Gamble Co. (The) | 1 | 170 | (2) | 0.0 (g) |
|  Progressive Corp. (The) | — (h) | 45 | (1) | 0.0 (g) |
|  Prologis, Inc. | 1 | 149 | (3) | 0.0 (g) |
|  Prudential Financial, Inc. | — (h) | 35 | (1) | 0.0 (g) |
|  PTC Therapeutics, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Quest Diagnostics, Inc. | 2 | 438 | (25) | 0.0 (g) |
|  Regal Rexnord Corp. | — (h) | 22 | (1) | 0.0 (g) |
|  Reliance, Inc. | 1 | 415 | (4) | 0.0 (g) |
|  ResMed, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Revolution Medicines, Inc. | 3 | 249 | 2 | 0.0 (g) |
|  Revvity, Inc. | — (h) | 30 | — (h) | 0.0 (g) |
|  Rigetti Computing, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Rithm Capital Corp. | 8 | 94 | (2) | 0.0 (g) |
|  ROBLOX Corp. | 1 | 120 | (8) | 0.0 (g) |
|  Rockwell Automation, Inc. | 3 | 1279 | (40) | 0.0 (g) |
|  Roivant Sciences Ltd. | 1 | 13 | — (h) | 0.0 (g) |
|  Roku, Inc. | 1 | 59 | — (h) | 0.0 (g) |
|  Rubrik, Inc. | — (h) | 18 | (1) | 0.0 (g) |
|  Salesforce, Inc. | 1 | 234 | 9 | 0.0 (g) |
|  SBA Communications Corp. | 1 | 127 | — (h) | 0.0 (g) |
|  SEI Investments Co. | 5 | 380 | — (h) | 0.0 (g) |
|  ServiceNow, Inc. | — (h) | 22 | — (h) | 0.0 (g) |
|  Sirius XM Holdings, Inc. | 6 | 136 | (10) | 0.0 (g) |
|  Sprouts Farmers Market, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  SS&C Technologies Holdings, Inc. | 4 | 371 | 4 | 0.0 (g) |
|  State Street Corp. | — (h) | 22 | — (h) | 0.0 (g) |
|  Stifel Financial Corp. | — (h) | 6 | — (h) | 0.0 (g) |
|  Stryker Corp. | — (h) | 18 | — (h) | 0.0 (g) |
|  Synchrony Financial | 5 | 427 | 1 | 0.0 (g) |
|  Sysco Corp. | 4 | 323 | (7) | 0.0 (g) |
|  Tapestry, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Target Corp. | 1 | 66 | — (h) | 0.0 (g) |
|  Taylor Morrison Home Corp. | 3 | 213 | (10) | 0.0 (g) |
|  Tenet Healthcare Corp. | — (h) | 10 | — (h) | 0.0 (g) |
|  Tetra Tech, Inc. | 11 | 391 | (10) | 0.0 (g) |
|  Toll Brothers, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Toro Co. (The) | 5 | 335 | 24 | 0.0 (g) |
|  Trade Desk, Inc. (The) | 14 | 506 | 25 | 0.0 (g) |
|  Travelers Cos., Inc. (The) | — (h) | 10 | — (h) | 0.0 (g) |
|  Trimble, Inc. | 5 | 383 | (9) | 0.0 (g) |
|  TTM Technologies, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Twilio, Inc. | — (h) | 10 | 1 | 0.0 (g) |
|  Uber Technologies, Inc. | — (h) | 20 | — (h) | 0.0 (g) |
|  UFP Industries, Inc. | — (h) | 23 | — (h) | 0.0 (g) |
|  UnitedHealth Group, Inc. | — (h) | 97 | (3) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 399

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Universal Display Corp. | 1 | 105 | (2) | 0.0 (g) |
|  Unum Group | — (h) | 26 | — (h) | 0.0 (g) |
|  Urban Outfitters, Inc. | 4 | 341 | (31) | 0.0 (g) |
|  Ventas, Inc. | 9 | 696 | (12) | 0.0 (g) |
|  Veralto Corp. | — (h) | 26 | — (h) | 0.0 (g) |
|  Vertiv Holdings Co. | — (h) | 40 | 1 | 0.0 (g) |
|  Viatris, Inc. | 16 | 188 | 13 | 0.0 (g) |
|  VICI Properties, Inc. | 3 | 81 | (1) | 0.0 (g) |
|  Virtu Financial, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Visa, Inc. | 5 | 1768 | 19 | 0.0 (g) |
|  Vistra Corp. | — (h) | 53 | (2) | 0.0 (g) |
|  Voya Financial, Inc. | — (h) | 36 | — (h) | 0.0 (g) |
|  Walmart, Inc. | 9 | 1056 | (49) | 0.0 (g) |
|  Wayfair, Inc. | — (h) | 23 | — (h) | 0.0 (g) |
|  Waystar Holding Corp. | — (h) | 2 | — (h) | 0.0 (g) |
|  Westlake Corp. | 2 | 128 | — (h) | 0.0 (g) |
|  Woodward, Inc. | — (h) | 30 | — (h) | 0.0 (g) |
|  WP Carey, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  XPO, Inc. | — (h) | 60 | (4) | 0.0 (g) |
|  Xylem, Inc./NY | — (h) | 7 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **41485** | **(166)** | **0.0** **(g)** |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **6907** | **424** | **0.0** **(g)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from -0.39% to 0.3%) which is denominated in AUD based on the local currencies of the positions within the swap | 08/19/2026 | (2195) | (46) | (32) | (78) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions** | | | | |
| **Common Stocks** | | | | |
| **Australia** | | | | |
|  ALS Ltd. | (2) | (38) | (1) | 0.0 (g) |
|  ANZ Group Holdings Ltd. | (2) | (81) | — (h) | 0.0 (g) |
|  APA Group | (5) | (47) | — (h) | 0.0 (g) |
|  ASX Ltd. | (1) | (59) | 2 | 0.0 (g) |
|  BHP Group Ltd. | (16) | (695) | (13) | 0.0 (g) |
|  BlueScope Steel Ltd. | (2) | (40) | — (h) | 0.0 (g) |
|  Brambles Ltd. | (3) | (73) | (1) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 400 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Australia — continued |  |  |  |  |
|  CAR Group Ltd. | (18) | (569) | 5 | 0.0 (g) |
|  Charter Hall Group | (7) | (169) | 2 | 0.0 (g) |
|  Dexus | (3) | (19) | — (h) | 0.0 (g) |
|  Genesis Minerals Ltd. | (26) | (168) | (12) | 0.0 (g) |
|  Goodman Group | (57) | (1694) | (58) | 0.0 (g) |
|  Lynas Rare Earths Ltd. | — (h) | (6) | — (h) | 0.0 (g) |
|  NEXTDC Ltd. | (1) | (15) | 1 | 0.0 (g) |
|  Northern Star Resources Ltd. | (3) | (70) | — (h) | 0.0 (g) |
|  Pilbara Minerals Ltd. | (9) | (34) | (2) | 0.0 (g) |
|  Ramelius Resources Ltd. | (57) | (211) | (17) | 0.0 (g) |
|  Rio Tinto Ltd. | — (h) | (42) | (1) | 0.0 (g) |
|  Scentre Group | (20) | (83) | — (h) | 0.0 (g) |
|  Sigma Healthcare Ltd. | (122) | (354) | (2) | 0.0 (g) |
|  Stockland | (6) | (33) | — (h) | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | (1) | (17) | 2 | 0.0 (g) |
|  Transurban Group | (6) | (87) | 1 | 0.0 (g) |
|  Vicinity Ltd. | (18) | (46) | — (h) | 0.0 (g) |
|  Westpac Banking Corp. | (55) | (2152) | 11 | 0.0 (g) |
|  WiseTech Global Ltd. | (3) | (193) | 4 | 0.0 (g) |
|  Woolworths Group Ltd. | (8) | (221) | — (h) | 0.0 (g) |
|  Zip Co. Ltd. | (2) | (7) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Cochlear Ltd. | (3) | (787) | 7 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (8010) | (72) | 0.0 (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia |  |  |  |  |
|  Ampol Ltd. | 1 | 46 | (1) | 0.0 (g) |
|  Aristocrat Leisure Ltd. | 2 | 110 | 1 | 0.0 (g) |
|  Aurizon Holdings Ltd. | 93 | 324 | 10 | 0.0 (g) |
|  Coles Group Ltd. | 24 | 513 | (2) | 0.0 (g) |
|  Commonwealth Bank of Australia | 3 | 418 | 10 | 0.0 (g) |
|  Computershare Ltd. | 6 | 200 | — (h) | 0.0 (g) |
|  Evolution Mining Ltd. | 3 | 34 | 1 | 0.0 (g) |
|  Fortescue Ltd. | 13 | 297 | (5) | 0.0 (g) |
|  HUB24 Ltd. | — (h) | 21 | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | — (h) | 41 | — (h) | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | 5 | 26 | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | 2 | 310 | 2 | 0.0 (g) |
|  Mirvac Group | 166 | 339 | — (h) | 0.0 (g) |
|  Orica Ltd. | 9 | 215 | 3 | 0.0 (g) |
|  Pro Medicus Ltd. | 1 | 136 | (5) | 0.0 (g) |
|  Qantas Airways Ltd. | 14 | 139 | 5 | 0.0 (g) |
|  QBE Insurance Group Ltd. | 7 | 144 | 3 | 0.0 (g) |
|  REA Group Ltd. | 1 | 229 | (4) | 0.0 (g) |
|  Regis Resources Ltd. | 1 | 8 | — (h) | 0.0 (g) |
|  Sandfire Resources Ltd. | 5 | 93 | 4 | 0.0 (g) |
|  Santos Ltd. | 36 | 223 | (2) | 0.0 (g) |
|  SEEK Ltd. | 23 | 515 | 4 | 0.0 (g) |
|  Sonic Healthcare Ltd. | 3 | 63 | (1) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 401

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Australia — continued** | | | | |
|  South32 Ltd. | 65 | 228 | 2 | 0.0 (g) |
|  Technology One Ltd. | 2 | 49 | 1 | 0.0 (g) |
|  Telstra Group Ltd. | 50 | 242 | 1 | 0.0 (g) |
|  Treasury Wine Estates Ltd. | 26 | 142 | (4) | 0.0 (g) |
|  Wesfarmers Ltd. | 1 | 79 | — (h) | 0.0 (g) |
|  Worley Ltd. | 17 | 206 | 2 | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Xero Ltd. | 4 | 425 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **5815** | **26** | **0.0** **(g)** |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(2195)** | **(46)** | **0.0** **(g)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day CORRA on long positions and short positions respectively, plus or minus spread (rates range from -2.06% to 0.2%) which is denominated in CAD based on the local currencies of the positions within the swap | 08/18/2026 | (1276) | (9) | 3 | (6) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Canada |  |  |  |  |
|  Algonquin Power & Utilities Corp. | (3) | (27) | (1) | 0.0 (g) |
|  ARC Resources Ltd. | (4) | (90) | — (h) | 0.0 (g) |
|  Bank of Montreal | (1) | (133) | — (h) | 0.0 (g) |
|  Bank of Nova Scotia (The) | — (h) | (7) | — (h) | 0.0 (g) |
|  Bombardier, Inc. | — (h) | (75) | (2) | 0.0 (g) |
|  Brookfield Corp. | (9) | (540) | (4) | 0.0 (g) |
|  CAE, Inc. | (2) | (62) | (2) | 0.0 (g) |
|  Canadian Utilities Ltd. | (1) | (59) | (1) | 0.0 (g) |
|  Discovery Silver Corp. | (1) | (11) | 1 | 0.0 (g) |
|  Emera, Inc. | (15) | (1021) | (13) | 0.0 (g) |
|  G Mining Ventures Corp. | (31) | (1230) | (41) | 0.0 (g) |
|  GFL Environmental, Inc. | (1) | (81) | 2 | 0.0 (g) |
|  Gildan Activewear, Inc. | — (h) | (21) | (1) | 0.0 (g) |
|  Great-West Lifeco, Inc. | (14) | (952) | (3) | 0.0 (g) |
|  iA Financial Corp., Inc. | — (h) | (74) | (1) | 0.0 (g) |
|  IAMGOLD Corp. | (80) | (1748) | (53) | 0.0 (g) |
|  Ivanhoe Mines Ltd. | (2) | (24) | (2) | 0.0 (g) |
|  Methanex Corp. | (1) | (34) | — (h) | 0.0 (g) |
|  National Bank of Canada | (1) | (249) | 1 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 402 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Canada — continued |  |  |  |  |
|  NexGen Energy Ltd. | (3) | (32) | — (h) | 0.0 (g) |
|  Novagold Resources, Inc. | (3) | (42) | 2 | 0.0 (g) |
|  Nutrien Ltd. | (1) | (43) | — (h) | 0.0 (g) |
|  OR Royalties, Inc. | (3) | (147) | (2) | 0.0 (g) |
|  Pembina Pipeline Corp. | (1) | (66) | (1) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | (9) | (212) | — (h) | 0.0 (g) |
|  Power Corp. of Canada | (3) | (207) | 2 | 0.0 (g) |
|  Restaurant Brands International, Inc. | (1) | (79) | 2 | 0.0 (g) |
|  Royal Bank of Canada | (6) | (1345) | (17) | 0.0 (g) |
|  Saputo, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Secure Waste Infrastructure Corp. | — (h) | (7) | — (h) | 0.0 (g) |
|  South Bow Corp. | — (h) | (9) | — (h) | 0.0 (g) |
|  TC Energy Corp. | (1) | (107) | (1) | 0.0 (g) |
|  Torex Gold Resources, Inc. | (2) | (105) | (3) | 0.0 (g) |
|  Toronto-Dominion Bank (The) | (8) | (1018) | (14) | 0.0 (g) |
|  Tourmaline Oil Corp. | (1) | (66) | (1) | 0.0 (g) |
|  West Fraser Timber Co. Ltd. | — (h) | (10) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Asset Management Ltd. | (1) | (55) | — (h) | 0.0 (g) |
|  Energy Fuels, Inc./Canada | (2) | (36) | (1) | 0.0 (g) |
|  RB Global, Inc. | (19) | (2642) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (12679) | (153) | 0.0 (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Canada |  |  |  |  |
|  Agnico Eagle Mines Ltd. | — (h) | 47 | — (h) | 0.0 (g) |
|  Air Canada | 1 | 22 | 1 | 0.0 (g) |
|  AtkinsRealis Group, Inc. | 5 | 472 | 2 | 0.0 (g) |
|  B2Gold Corp. | 2 | 16 | — (h) | 0.0 (g) |
|  BCE, Inc. | 2 | 55 | — (h) | 0.0 (g) |
|  Cameco Corp. | 8 | 975 | 12 | 0.0 (g) |
|  Canadian Apartment Properties REIT | 10 | 378 | 6 | 0.0 (g) |
|  Canadian Pacific Kansas City Ltd. | 1 | 127 | (1) | 0.0 (g) |
|  CCL Industries, Inc. | 8 | 649 | 17 | 0.0 (g) |
|  Celestica, Inc. | 1 | 222 | (4) | 0.0 (g) |
|  CGI, Inc. | — (h) | 34 | — (h) | 0.0 (g) |
|  Colliers International Group, Inc. | 3 | 552 | 5 | 0.0 (g) |
|  Constellation Software, Inc./Canada | — (h) | 17 | — (h) | 0.0 (g) |
|  Descartes Systems Group, Inc. (The) | — (h) | 2 | — (h) | 0.0 (g) |
|  DPM Metals, Inc. | 5 | 193 | 6 | 0.0 (g) |
|  Element Fleet Management Corp. | 3 | 102 | 1 | 0.0 (g) |
|  Fairfax Financial Holdings Ltd. | — (h) | 35 | 1 | 0.0 (g) |
|  Finning International, Inc. | 3 | 217 | (1) | 0.0 (g) |
|  First Majestic Silver Corp. | 24 | 539 | 14 | 0.0 (g) |
|  First Quantum Minerals Ltd. | 7 | 247 | 16 | 0.0 (g) |
|  FirstService Corp. | — (h) | 14 | — (h) | 0.0 (g) |
|  Fortis, Inc./Canada | 4 | 285 | 1 | 0.0 (g) |
|  George Weston Ltd. | — (h) | 38 | — (h) | 0.0 (g) |
|  Hudbay Minerals, Inc. | 1 | 20 | 1 | 0.0 (g) |
|  IGM Financial, Inc. | 5 | 327 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 403

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Canada — continued** | | | | |
|  Imperial Oil Ltd. | 2 | 268 | (7) | 0.0 (g) |
|  Intact Financial Corp. | 1 | 415 | 5 | 0.0 (g) |
|  Kinross Gold Corp. | 14 | 543 | (1) | 0.0 (g) |
|  Loblaw Cos. Ltd. | 20 | 1244 | 6 | 0.0 (g) |
|  Lundin Gold, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Lundin Mining Corp. | 26 | 723 | 33 | 0.0 (g) |
|  Manulife Financial Corp. | 8 | 383 | 3 | 0.0 (g) |
|  Metro, Inc./CN | 1 | 101 | — (h) | 0.0 (g) |
|  Northland Power, Inc. | 15 | 254 | 6 | 0.0 (g) |
|  OceanaGold Corp. | 2 | 83 | 1 | 0.0 (g) |
|  Orla Mining Ltd. | 8 | 146 | — (h) | 0.0 (g) |
|  RioCan Real Estate Investment Trust | 7 | 128 | 1 | 0.0 (g) |
|  Stantec, Inc. | 2 | 274 | 1 | 0.0 (g) |
|  Sun Life Financial, Inc. | 3 | 214 | 4 | 0.0 (g) |
|  TELUS Corp. | 28 | 493 | 11 | 0.0 (g) |
|  Thomson Reuters Corp. | — (h) | 61 | — (h) | 0.0 (g) |
|  TMX Group Ltd. | — (h) | 18 | — (h) | 0.0 (g) |
|  TransAlta Corp. | 2 | 33 | (2) | 0.0 (g) |
|  Triple Flag Precious Metals Corp. | 1 | 64 | (1) | 0.0 (g) |
|  Wheaton Precious Metals Corp. | — (h) | 44 | — (h) | 0.0 (g) |
|  WSP Global, Inc. | — (h) | 16 | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Endeavour Mining plc | 2 | 152 | 7 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Infrastructure Corp. | 2 | 150 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **11403** | **144** | **0.0** **(g)** |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(1276)** | **(9)** | **0.0** **(g)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 08/19/2026 | (1635) | (14) | – | (14) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 404 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Switzerland |  |  |  |  |
|  Alcon AG | (2) | (96) | — (h) | 0.0 (g) |
|  Avolta AG | (1) | (37) | — (h) | 0.0 (g) |
|  Banque Cantonale Vaudoise | — (h) | (40) | (1) | 0.0 (g) |
|  Belimo Holding AG | — (h) | (34) | — (h) | 0.0 (g) |
|  Geberit AG | — (h) | (225) | — (h) | 0.0 (g) |
|  Givaudan SA | — (h) | (97) | (1) | 0.0 (g) |
|  Roche Holding AG | (4) | (1368) | (33) | 0.0 (g) |
|  Sandoz Group AG | (3) | (155) | — (h) | 0.0 (g) |
|  Straumann Holding AG | (3) | (251) | 7 | 0.0 (g) |
|  Swiss Life Holding AG | — (h) | (157) | (6) | 0.0 (g) |
|  Swiss Prime Site AG | (1) | (68) | (3) | 0.0 (g) |
|  Swiss Re AG | (1) | (83) | (1) | 0.0 (g) |
|  Swisscom AG | — (h) | (41) | (2) | 0.0 (g) |
|  VAT Group AG | — (h) | (13) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2665) | (40) | 0.0 (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Switzerland |  |  |  |  |
|  ABB Ltd. | 4 | 221 | 2 | 0.0 (g) |
|  Accelleron Industries AG | 1 | 61 | (2) | 0.0 (g) |
|  Barry Callebaut AG | — (h) | 12 | 1 | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | — (h) | 58 | — (h) | 0.0 (g) |
|  EMS-Chemie Holding AG | — (h) | 48 | — (h) | 0.0 (g) |
|  Flughafen Zurich AG | — (h) | 5 | — (h) | 0.0 (g) |
|  Holcim AG | 1 | 45 | 1 | 0.0 (g) |
|  Julius Baer Group Ltd. | 1 | 42 | 1 | 0.0 (g) |
|  Logitech International SA | — (h) | 12 | (1) | 0.0 (g) |
|  Lonza Group AG | — (h) | 15 | 1 | 0.0 (g) |
|  Partners Group Holding AG | — (h) | 209 | 5 | 0.0 (g) |
|  Schindler Holding AG | — (h) | 116 | 2 | 0.0 (g) |
|  SIG Group AG | 4 | 40 | 7 | 0.0 (g) |
|  Sika AG | — (h) | 23 | — (h) | 0.0 (g) |
|  Sonova Holding AG | — (h) | 20 | — (h) | 0.0 (g) |
|  Sunrise Communications AG | — (h) | 10 | 1 | 0.0 (g) |
|  Swatch Group AG (The) | — (h) | 9 | — (h) | 0.0 (g) |
|  Swissquote Group Holding SA | — (h) | 18 | 1 | 0.0 (g) |
|  UBS Group AG | 2 | 66 | 7 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1030 | 26 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1635) | (14) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 405

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/PAYABLES<br>($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in DKK based on the local currencies of the positions within the swap | 08/19/2026 | (1516) | (2) | – | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Carlsberg A/S | (1) | (563) | (1) | 0.0 (g) |
|  Danske Bank A/S | (5) | (1479) | (9) | 0.0 (g) |
|  Demant A/S | — (h) | (92) | — (h) | 0.0 (g) |
|  Novonesis Novozymes B | (1) | (460) | (3) | 0.0 (g) |
|  Orsted A/S | (2) | (340) | 6 | 0.0 (g) |
|  ROCKWOOL A/S | (4) | (996) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (3930) | (9) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller—Maersk A/S | — (h) | 482 | — (h) | 0.0 (g) |
|  Genmab A/S | — (h) | 121 | — (h) | 0.0 (g) |
|  Pandora A/S | 1 | 793 | 3 | 0.0 (g) |
|  Tryg A/S | 4 | 689 | 3 | 0.0 (g) |
|  Vestas Wind Systems A/S | 2 | 329 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 2414 | 7 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1516) | (2) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES<br>($) | VALUE<br>($) |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 08/19/2026 | (7359) | 61 | (8) | 53 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 406 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Austria |  |  |  |  |
|  Erste Group Bank AG | (5) | (459) | (32) | 0.0 (g) |
|  OMV AG | — (h) | (17) | — (h) | 0.0 (g) |
|  Verbund AG | (1) | (46) | (1) | 0.0 (g) |
| Belgium |  |  |  |  |
|  Anheuser-Busch InBev SA | (3) | (151) | — (h) | 0.0 (g) |
|  Elia Group SA | — (h) | (36) | (2) | 0.0 (g) |
|  Lotus Bakeries NV | — (h) | (45) | (2) | 0.0 (g) |
|  Syensqo SA | (3) | (232) | 7 | 0.0 (g) |
| Finland |  |  |  |  |
|  Fortum OYJ | (2) | (28) | — (h) | 0.0 (g) |
|  Kesko OYJ | (7) | (123) | (5) | 0.0 (g) |
|  Metso OYJ | (1) | (10) | — (h) | 0.0 (g) |
|  Nordea Bank Abp | (7) | (104) | (5) | 0.0 (g) |
|  Orion OYJ | (1) | (43) | (2) | 0.0 (g) |
|  Stora Enso OYJ | (2) | (16) | (1) | 0.0 (g) |
|  UPM-Kymmene OYJ | (3) | (82) | (5) | 0.0 (g) |
| France |  |  |  |  |
|  Aeroports de Paris SA | (2) | (263) | 46 | 0.0 (g) |
|  Amundi SA | (2) | (148) | (7) | 0.0 (g) |
|  Arkema SA | (1) | (51) | — (h) | 0.0 (g) |
|  BioMerieux | — (h) | (12) | — (h) | 0.0 (g) |
|  Bouygues SA | — (h) | (18) | — (h) | 0.0 (g) |
|  Cie de Saint-Gobain SA | (6) | (489) | 5 | 0.0 (g) |
|  Dassault Aviation SA | (1) | (348) | (2) | 0.0 (g) |
|  Dassault Systemes SE | (4) | (103) | (1) | 0.0 (g) |
|  Edenred SE | (1) | (23) | (1) | 0.0 (g) |
|  FDJ UNITED | (1) | (32) | (1) | 0.0 (g) |
|  Gaztransport Et Technigaz SA | — (h) | (23) | 1 | 0.0 (g) |
|  Getlink SE | (1) | (22) | (1) | 0.0 (g) |
|  Hermes International SCA | — (h) | (83) | — (h) | 0.0 (g) |
|  Kering SA | (3) | (941) | 11 | 0.0 (g) |
|  Orange SA | (5) | (74) | (2) | 0.0 (g) |
|  Pernod Ricard SA | (2) | (118) | 6 | 0.0 (g) |
|  Renault SA | (4) | (136) | 8 | 0.0 (g) |
|  Rexel SA | (8) | (264) | (5) | 0.0 (g) |
|  Sartorius Stedim Biotech | (2) | (450) | (7) | 0.0 (g) |
|  Teleperformance SE | (1) | (57) | (1) | 0.0 (g) |
|  TotalEnergies SE | (10) | (541) | (2) | 0.0 (g) |
|  Unibail-Rodamco-Westfield | — (h) | (11) | — (h) | 0.0 (g) |
| Germany |  |  |  |  |
|  BASF SE | (1) | (46) | — (h) | 0.0 (g) |
|  Bayer AG | (5) | (166) | (5) | 0.0 (g) |
|  Bayerische Motoren Werke AG | (8) | (786) | 18 | 0.0 (g) |
|  Beiersdorf AG | (2) | (216) | 1 | 0.0 (g) |
|  Brenntag SE | (3) | (145) | 1 | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | (1) | (109) | (3) | 0.0 (g) |
|  Delivery Hero SE | (3) | (73) | (3) | 0.0 (g) |
|  Hannover Rueck SE | — (h) | (7) | — (h) | 0.0 (g) |
|  Hensoldt AG | — (h) | (19) | — (h) | 0.0 (g) |
|  Infineon Technologies AG | (1) | (41) | (3) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 407

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Germany — continued** | | | | |
|  KION Group AG | (4) | (282) | (18) | 0.0 (g) |
|  Merck KGaA | (5) | (584) | (24) | 0.0 (g) |
|  Puma SE | — (h) | (5) | — (h) | 0.0 (g) |
|  RWE AG | — (h) | (8) | — (h) | 0.0 (g) |
|  Siemens AG | (2) | (459) | — (h) | 0.0 (g) |
|  Talanx AG | — (h) | (50) | (1) | 0.0 (g) |
|  TUI AG | (13) | (120) | (2) | 0.0 (g) |
|  Volkswagen AG | — (h) | (50) | 2 | 0.0 (g) |
|  Zalando SE | (19) | (459) | (38) | 0.0 (g) |
| **Ireland** |  |  |  |  |
|  AIB Group plc | (17) | (154) | (3) | 0.0 (g) |
|  Bank of Ireland Group plc | (24) | (382) | (10) | 0.0 (g) |
|  Kingspan Group plc | (1) | (45) | — (h) | 0.0 (g) |
|  Ryanair Holdings plc | (16) | (479) | 1 | 0.0 (g) |
| **Italy** |  |  |  |  |
|  A2A SpA | (48) | (110) | (1) | 0.0 (g) |
|  Brunello Cucinelli SpA | (1) | (74) | (1) | 0.0 (g) |
|  Buzzi SpA | (1) | (35) | 1 | 0.0 (g) |
|  Davide Campari-Milano NV | (5) | (31) | 2 | 0.0 (g) |
|  Ferrari NV | (3) | (1054) | (18) | 0.0 (g) |
|  Fincantieri SpA | (2) | (29) | 3 | 0.0 (g) |
|  FinecoBank Banca Fineco SpA | (1) | (27) | (2) | 0.0 (g) |
|  Infrastrutture Wireless Italiane SpA | (2) | (18) | (1) | 0.0 (g) |
|  Moncler SpA | (3) | (168) | 6 | 0.0 (g) |
|  Recordati Industria Chimica e Farmaceutica SpA | (3) | (158) | (1) | 0.0 (g) |
| **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | (2) | (69) | — (h) | 0.0 (g) |
|  CVC Capital Partners plc | (9) | (130) | — (h) | 0.0 (g) |
| **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | (34) | (1012) | (14) | 0.0 (g) |
|  Aegon Ltd. | (6) | (39) | (1) | 0.0 (g) |
|  Akzo Nobel NV | (2) | (99) | (5) | 0.0 (g) |
|  Argenx SE | (1) | (436) | 5 | 0.0 (g) |
|  EXOR NV | (5) | (331) | (3) | 0.0 (g) |
|  Ferrovial SE | (6) | (354) | 16 | 0.0 (g) |
|  Heineken Holding NV | (4) | (265) | (2) | 0.0 (g) |
|  Heineken NV | — (h) | (20) | — (h) | 0.0 (g) |
|  IMCD NV | (1) | (76) | (1) | 0.0 (g) |
|  ING Groep NV | (57) | (1339) | (46) | 0.0 (g) |
|  Randstad NV | (4) | (118) | 1 | 0.0 (g) |
|  Universal Music Group NV | (5) | (108) | (1) | 0.0 (g) |
|  **Poland** |  |  |  |  |
|  InPost SA | (7) | (78) | — (h) | 0.0 (g) |
| **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (98) | (85) | (4) | 0.0 (g) |
|  Jeronimo Martins SGPS SA | (3) | (59) | (1) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 408 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Spain |  |  |  |  |
|  Acciona SA | — (h) | (23) | (1) | 0.0 (g) |
|  Aena SME SA | (12) | (289) | — (h) | 0.0 (g) |
|  Amadeus IT Group SA | (6) | (393) | (5) | 0.0 (g) |
|  Banco Bilbao Vizcaya Argentaria SA | — (h) | (4) | — (h) | 0.0 (g) |
|  EDP Renovaveis SA | (4) | (44) | (1) | 0.0 (g) |
|  Endesa SA | (6) | (177) | 2 | 0.0 (g) |
|  Industria de Diseno Textil SA | (1) | (32) | (1) | 0.0 (g) |
|  Mapfre SA | (21) | (90) | (2) | 0.0 (g) |
| Switzerland |  |  |  |  |
|  STMicroelectronics NV | (14) | (318) | — (h) | 0.0 (g) |
| United Kingdom |  |  |  |  |
|  International Consolidated Airlines Group SA | (9) | (40) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (18016) | (164) | 0.0 (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Austria |  |  |  |  |
|  BAWAG Group AG | 1 | 128 | 6 | 0.0 (g) |
|  Raiffeisen Bank International AG | — (h) | 9 | — (h) | 0.0 (g) |
| Belgium |  |  |  |  |
|  Ageas SA | 1 | 72 | 2 | 0.0 (g) |
|  Financiere de Tubize SA | — (h) | 12 | (1) | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | 1 | 45 | 1 | 0.0 (g) |
|  Sofina SA | — (h) | 26 | 1 | 0.0 (g) |
| Finland |  |  |  |  |
|  Elisa OYJ | — (h) | 16 | — (h) | 0.0 (g) |
|  Kone OYJ | 1 | 33 | — (h) | 0.0 (g) |
|  Neste OYJ | 4 | 73 | 4 | 0.0 (g) |
|  Sampo OYJ | 50 | 504 | 19 | 0.0 (g) |
|  Wartsila OYJ Abp | 1 | 24 | — (h) | 0.0 (g) |
| France |  |  |  |  |
|  Accor SA | 9 | 438 | 13 | 0.0 (g) |
|  Air Liquide SA | 2 | 284 | 1 | 0.0 (g) |
|  AXA SA | 1 | 22 | — (h) | 0.0 (g) |
|  Bollore SE | 1 | 4 | — (h) | 0.0 (g) |
|  Bureau Veritas SA | 1 | 38 | 2 | 0.0 (g) |
|  Cie Generale des Etablissements Michelin SCA | 14 | 388 | 2 | 0.0 (g) |
|  Covivio SA | — (h) | 5 | — (h) | 0.0 (g) |
|  Eiffage SA | 1 | 85 | — (h) | 0.0 (g) |
|  Gecina SA | 1 | 114 | 2 | 0.0 (g) |
|  Ipsen SA | — (h) | 48 | (1) | 0.0 (g) |
|  Klepierre SA | 2 | 82 | 2 | 0.0 (g) |
|  L'Oreal SA | — (h) | 174 | (4) | 0.0 (g) |
|  Publicis Groupe SA | — (h) | 26 | — (h) | 0.0 (g) |
|  SCOR SE | 1 | 23 | 1 | 0.0 (g) |
|  Societe Generale SA | 1 | 85 | 3 | 0.0 (g) |
|  Sodexo SA | — (h) | 13 | (1) | 0.0 (g) |
|  SPIE SA | — (h) | 3 | — (h) | 0.0 (g) |
|  Veolia Environnement SA | 33 | 980 | 18 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 409

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
|  **Germany** |  |  |  |  |
|  Allianz SE | — (h) | 9 | — (h) | 0.0 (g) |
|  Continental AG | 2 | 139 | 4 | 0.0 (g) |
|  Deutsche Bank AG | 9 | 297 | 11 | 0.0 (g) |
|  Deutsche Lufthansa AG | 13 | 114 | (2) | 0.0 (g) |
|  Henkel AG & Co. KGaA | — (h) | 6 | — (h) | 0.0 (g) |
|  HOCHTIEF AG | — (h) | 9 | — (h) | 0.0 (g) |
|  Knorr-Bremse AG | 3 | 265 | 8 | 0.0 (g) |
|  LEG Immobilien SE | 1 | 43 | 1 | 0.0 (g) |
|  Mercedes-Benz Group AG | — (h) | 8 | — (h) | 0.0 (g) |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | — (h) | 126 | 2 | 0.0 (g) |
|  Nemetschek SE | 1 | 108 | — (h) | 0.0 (g) |
|  Nordex SE | 1 | 23 | — (h) | 0.0 (g) |
|  SAP SE | — (h) | 22 | — (h) | 0.0 (g) |
|  Sartorius AG | — (h) | 26 | 1 | 0.0 (g) |
|  Siemens Energy AG | — (h) | 52 | — (h) | 0.0 (g) |
|  Vonovia SE | 4 | 92 | 4 | 0.0 (g) |
| **Ireland** |  |  |  |  |
|  Kerry Group plc | 3 | 247 | 9 | 0.0 (g) |
| **Italy** |  |  |  |  |
|  Amplifon SpA | — (h) | 5 | — (h) | 0.0 (g) |
|  Azimut Holding SpA | 2 | 80 | 2 | 0.0 (g) |
|  Banca Mediolanum SpA | 9 | 179 | 6 | 0.0 (g) |
|  Banca Monte dei Paschi di Siena SpA | 47 | 395 | 41 | 0.0 (g) |
|  Leonardo SpA | 12 | 558 | 14 | 0.0 (g) |
|  Mediobanca Banca di Credito Finanziario SpA | 2 | 34 | 2 | 0.0 (g) |
|  Nexi SpA | 18 | 72 | 4 | 0.0 (g) |
|  Poste Italiane SpA | — (h) | 8 | — (h) | 0.0 (g) |
|  UniCredit SpA | 13 | 870 | 28 | 0.0 (g) |
|  Unipol Assicurazioni SpA | 1 | 21 | 1 | 0.0 (g) |
| **Luxembourg** |  |  |  |  |
|  Eurofins Scientific SE | 2 | 137 | 12 | 0.0 (g) |
| **Netherlands** |  |  |  |  |
|  ASM International NV | — (h) | 90 | — (h) | 0.0 (g) |
|  ASML Holding NV | 1 | 479 | (6) | 0.0 (g) |
|  ASR Nederland NV | 3 | 189 | 4 | 0.0 (g) |
|  BE Semiconductor Industries NV | 2 | 252 | 3 | 0.0 (g) |
|  Euronext NV | 1 | 82 | 3 | 0.0 (g) |
|  Koninklijke KPN NV | 103 | 403 | 5 | 0.0 (g) |
|  Koninklijke Philips NV | 2 | 51 | 2 | 0.0 (g) |
|  NN Group NV | 3 | 210 | 6 | 0.0 (g) |
|  QIAGEN NV | 1 | 55 | 1 | 0.0 (g) |
| **Portugal** |  |  |  |  |
|  EDP SA | 31 | 118 | 4 | 0.0 (g) |
|  Galp Energia SGPS SA | — (h) | 4 | — (h) | 0.0 (g) |
| **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | 3 | 231 | (4) | 0.0 (g) |
|  Bankinter SA | 6 | 86 | — (h) | 0.0 (g) |
|  CaixaBank SA | 16 | 163 | 6 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 410 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Spain — continued |  |  |  |  |
|  Enagas SA | 27 | 365 | (10) | 0.0 (g) |
|  Repsol SA | 1 | 16 | — (h) | 0.0 (g) |
|  Telefonica SA | 41 | 150 | (7) | 0.0 (g) |
| Switzerland |  |  |  |  |
|  DSM-Firmenich AG | — (h) | 14 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 10657 | 225 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (7359) | 61 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from -0.56% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 08/19/2026 | (523) | (43) | (6) | (49) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia |  |  |  |  |
|  Greatland Resources Ltd. | (1) | (5) | — (h) | 0.0 (g) |
| Bermuda |  |  |  |  |
|  Hiscox Ltd. | (1) | (11) | — (h) | 0.0 (g) |
| Hong Kong |  |  |  |  |
|  Prudential plc | (4) | (39) | (2) | 0.0 (g) |
| Ireland |  |  |  |  |
|  DCC plc | — (h) | (4) | — (h) | 0.0 (g) |
| Mexico |  |  |  |  |
|  Fresnillo plc | — (h) | (11) | (2) | 0.0 (g) |
| Peru |  |  |  |  |
|  Hochschild Mining plc | (1) | (5) | — (h) | 0.0 (g) |
| United Kingdom |  |  |  |  |
|  3i Group plc | (1) | (23) | (1) | 0.0 (g) |
|  Ashtead Group plc | — (h) | (10) | — (h) | 0.0 (g) |
|  Associated British Foods plc | (2) | (52) | (1) | 0.0 (g) |
|  AstraZeneca plc | — (h) | (6) | — (h) | 0.0 (g) |
|  Auto Trader Group plc | (2) | (13) | 1 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 411

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United Kingdom — continued** | | | | |
|  Barratt Redrow plc | (50) | (179) | (15) | 0.0 (g) |
|  Berkeley Group Holdings plc | (1) | (24) | (1) | 0.0 (g) |
|  British American Tobacco plc | — (h) | (12) | — (h) | 0.0 (g) |
|  BT Group plc | (308) | (569) | 4 | 0.0 (g) |
|  Bunzl plc | (7) | (145) | 11 | 0.0 (g) |
|  Centrica plc | (63) | (106) | (2) | 0.0 (g) |
|  Convatec Group plc | (8) | (17) | (1) | 0.0 (g) |
|  Croda International plc | — (h) | (9) | — (h) | 0.0 (g) |
|  Drax Group plc | (2) | (12) | (1) | 0.0 (g) |
|  easyJet plc | (24) | (117) | (4) | 0.0 (g) |
|  GSK plc | (1) | (11) | — (h) | 0.0 (g) |
|  Haleon plc | (4) | (13) | — (h) | 0.0 (g) |
|  Hikma Pharmaceuticals plc | (1) | (21) | (1) | 0.0 (g) |
|  Howden Joinery Group plc | (5) | (40) | (1) | 0.0 (g) |
|  International Consolidated Airlines Group SA | (6) | (25) | — (h) | 0.0 (g) |
|  JD Sports Fashion plc | (20) | (16) | (1) | 0.0 (g) |
|  Land Securities Group plc | (8) | (48) | (4) | 0.0 (g) |
|  Lloyds Banking Group plc | (61) | (58) | (2) | 0.0 (g) |
|  LondonMetric Property plc | (4) | (7) | — (h) | 0.0 (g) |
|  Marks & Spencer Group plc | (66) | (215) | (5) | 0.0 (g) |
|  Melrose Industries plc | (32) | (179) | (12) | 0.0 (g) |
|  Mondi plc | (3) | (27) | (1) | 0.0 (g) |
|  National Grid plc | (16) | (180) | (3) | 0.0 (g) |
|  Persimmon plc | (3) | (44) | (2) | 0.0 (g) |
|  Rentokil Initial plc | (111) | (477) | (26) | 0.0 (g) |
|  Segro plc | (9) | (63) | (4) | 0.0 (g) |
|  Severn Trent plc | (1) | (20) | (1) | 0.0 (g) |
|  Smith & Nephew plc | (4) | (50) | (2) | 0.0 (g) |
|  Spirax Group plc | — (h) | (17) | — (h) | 0.0 (g) |
|  SSE plc | (22) | (467) | (12) | 0.0 (g) |
|  Unilever plc | (13) | (652) | (3) | 0.0 (g) |
|  Whitbread plc | (8) | (191) | (16) | 0.0 (g) |
|  Wise plc | (10) | (91) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(4281)** | **(110)** | **0.0** **(g)** |
| **Long Positions** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| **Chile** |  |  |  |  |
|  Antofagasta plc | 1 | 17 | 1 | 0.0 (g) |
| **Ireland** |  |  |  |  |
|  Experian plc | 17 | 579 | (5) | 0.0 (g) |
| **United Kingdom** |  |  |  |  |
|  Admiral Group plc | 3 | 90 | 1 | 0.0 (g) |
|  Airtel Africa plc | 10 | 32 | 4 | 0.0 (g) |
|  Anglo American plc | 1 | 30 | 3 | 0.0 (g) |
|  Aviva plc | 14 | 94 | 3 | 0.0 (g) |
|  Babcock International Group plc | 2 | 27 | — (h) | 0.0 (g) |
|  Bellway plc | 1 | 15 | 1 | 0.0 (g) |
|  British Land Co. plc/The | 4 | 15 | 1 | 0.0 (g) |
|  Burberry Group plc | 12 | 164 | (7) | 0.0 (g) |
|  Compass Group plc | 2 | 38 | 1 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 412 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United Kingdom — continued |  |  |  |  |
|  Endeavour Mining plc | 3 | 100 | 10 | 0.0 (g) |
|  Entain plc | 7 | 53 | 3 | 0.0 (g) |
|  Games Workshop Group plc | — (h) | 32 | (1) | 0.0 (g) |
|  HSBC Holdings plc | 8 | 92 | 5 | 0.0 (g) |
|  IG Group Holdings plc | 4 | 45 | 8 | 0.0 (g) |
|  IMI plc | — (h) | — (h) | — (h) | 0.0 (g) |
|  Imperial Brands plc | 12 | 399 | (16) | 0.0 (g) |
|  Intertek Group plc | 3 | 146 | 6 | 0.0 (g) |
|  J Sainsbury plc | 16 | 52 | — (h) | 0.0 (g) |
|  JET2 plc | 1 | 7 | — (h) | 0.0 (g) |
|  Johnson Matthey plc | 2 | 36 | 2 | 0.0 (g) |
|  Kingfisher plc | 3 | 9 | — (h) | 0.0 (g) |
|  Legal & General Group plc | 57 | 142 | 10 | 0.0 (g) |
|  M&G plc | 8 | 23 | 1 | 0.0 (g) |
|  NatWest Group plc | 6 | 36 | 2 | 0.0 (g) |
|  Next plc | — (h) | 9 | — (h) | 0.0 (g) |
|  RELX plc | 4 | 129 | (3) | 0.0 (g) |
|  Rightmove plc | 2 | 11 | — (h) | 0.0 (g) |
|  Sage Group plc (The) | 42 | 457 | (3) | 0.0 (g) |
|  Schroders plc | 60 | 233 | 14 | 0.0 (g) |
|  Smiths Group plc | 10 | 225 | 1 | 0.0 (g) |
|  St James's Place plc | 7 | 93 | 5 | 0.0 (g) |
|  Standard Chartered plc | 7 | 119 | 6 | 0.0 (g) |
|  Taylor Wimpey plc | 15 | 15 | 1 | 0.0 (g) |
|  Vodafone Group plc | 181 | 173 | 8 | 0.0 (g) |
| United States |  |  |  |  |
|  Carnival plc | 1 | 21 | 5 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3758 | 67 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (523) | (43) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from -0.3% to 0.3%) which is denominated in HKD based on the local currencies of the positions within the swap | 08/19/2026 | 8277 | (10) | (3) | (13) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 413

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  BOC Hong Kong Holdings Ltd. | (7) | (249) | (1) | 0.0 (g) |
|  CK Infrastructure Holdings Ltd. | (6) | (349) | 1 | 0.0 (g) |
|  CLP Holdings Ltd. | (13) | (890) | (2) | 0.0 (g) |
|  Hong Kong & China Gas Co. Ltd. | (79) | (558) | 1 | 0.0 (g) |
|  Johnson Electric Holdings Ltd. | (2) | (44) | — (h) | 0.0 (g) |
|  MTR Corp. Ltd. | (4) | (121) | — (h) | 0.0 (g) |
|  Sino Land Co. Ltd. | (47) | (491) | 2 | 0.0 (g) |
|  Sun Hung Kai Properties Ltd. | (1) | (48) | — (h) | 0.0 (g) |
|  Swire Pacific Ltd. | (1) | (65) | — (h) | 0.0 (g) |
|  Wharf Holdings Ltd. (The) | (13) | (300) | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(3115)** | **3** | **0.0** **(g)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  AIA Group Ltd. | 123 | 9952 | (12) | 0.0 (g) |
|  CK Asset Holdings Ltd. | 6 | 236 | — (h) | 0.0 (g) |
|  Guotai Junan International Holdings Ltd. | 171 | 440 | (1) | 0.0 (g) |
|  Link REIT | 1 | 45 | — (h) | 0.0 (g) |
|  SITC International Holdings Co. Ltd. | 4 | 112 | — (h) | 0.0 (g) |
|  WH Group Ltd. | 36 | 320 | (1) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  ASMPT Ltd. | 3 | 240 | 1 | 0.0 (g) |
|  Mobvista, Inc. | 3 | 47 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **11392** | **(13)** | **0.0** **(g)** |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **8277** | **(10)** | **0.0** **(g)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from -0.55% to 0.55%) which is denominated in ILS based on the local currencies of the positions within the swap | 08/19/2026 | 1182 | (11) | – (h) | (11) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Azrieli Group Ltd. | — (h) | (23) | (1) | 0.0 (g) |
|  Mizrahi Tefahot Bank Ltd. | (3) | (652) | 12 | 0.0 (g) |
|  Phoenix Financial Ltd. | — (h) | (53) | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (728) | 13 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 414 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | 14 | 1110 | (22) | 0.0 (g) |
|  Bank Leumi Le-Israel BM | 8 | 562 | (5) | 0.0 (g) |
|  Elbit Systems Ltd. | — (h) | 106 | 4 | 0.0 (g) |
|  Israel Discount Bank Ltd. | 2 | 54 | (1) | 0.0 (g) |
|  Nice Ltd. | — (h) | 61 | — (h) | 0.0 (g) |
|  Nova Ltd. | — (h) | 17 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1910 | (24) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1182 | (11) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from -2.59% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 08/19/2026 | 532400 | 135 | 112 | 247 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Finland |  |  |  |  |
|  Nordea Bank Abp | (1) | (27407) | (1) | 0.0 (g) |
| Japan |  |  |  |  |
|  Advantest Corp. | (1) | (19450) | (1) | 0.0 (g) |
|  AGC, Inc. | (2) | (11625) | 1 | 0.0 (g) |
|  Ajinomoto Co., Inc. | (1) | (3364) | — (h) | 0.0 (g) |
|  Asics Corp. | (2) | (7675) | 1 | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | (2) | (8452) | 1 | 0.0 (g) |
|  Capcom Co. Ltd. | (4) | (15046) | (2) | 0.0 (g) |
|  Central Japan Railway Co. | (6) | (24887) | 7 | 0.0 (g) |
|  Chiba Bank Ltd. (The) | (5) | (8828) | (1) | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | (1) | (2125) | — (h) | 0.0 (g) |
|  Chugai Pharmaceutical Co. Ltd. | (3) | (24443) | 3 | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | (1) | (6368) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | (2) | (10632) | 2 | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. |  |  |  | 0.0 (g) |
|  Ebara Corp. | (5) | (19863) | 2 | 0.0 (g) |
|  Food & Life Cos. Ltd. |  |  |  | 0.0 (g) |
|  Fuji Electric Co. Ltd. | (1) | (10382) | (2) | 0.0 (g) |
|  Fuji Media Holdings, Inc. | (5) | (19391) | (3) | 0.0 (g) |
|  FUJIFILM Holdings Corp. | (37) | (129457) | 32 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 415

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Japan — continued** | | | | |
|  Fujikura Ltd. | — (h) | (5307) | — (h) | 0.0 (g) |
|  Furukawa Electric Co. Ltd. | (2) | (14154) | (6) | 0.0 (g) |
|  Honda Motor Co. Ltd. | (4) | (5794) | 2 | 0.0 (g) |
|  IHI Corp. |  |  |  | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | (1) | (1430) | — (h) | 0.0 (g) |
|  Isuzu Motors Ltd. |  |  |  | 0.0 (g) |
|  ITOCHU Corp. | (53) | (103106) | (10) | 0.0 (g) |
|  J Front Retailing Co. Ltd. | (8) | (17852) | 2 | 0.0 (g) |
|  Japan Exchange Group, Inc. | (17) | (30675) | 12 | 0.0 (g) |
|  Japan Post Insurance Co. Ltd. | — (h) | (1795) | (1) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | (2) | (13174) | 6 | 0.0 (g) |
|  JFE Holdings, Inc. | (1) | (995) | — (h) | 0.0 (g) |
|  Kadokawa Corp. | (3) | (10166) | — (h) | 0.0 (g) |
|  Kajima Corp. | (1) | (4108) | — (h) | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | (1) | (7143) | 6 | 0.0 (g) |
|  Keisei Electric Railway Co. Ltd. |  |  |  | 0.0 (g) |
|  Keyence Corp. | — (h) | (22604) | — (h) | 0.0 (g) |
|  Kikkoman Corp. | (23) | (33373) | 4 | 0.0 (g) |
|  Kioxia Holdings Corp. | (2) | (17480) | (15) | 0.0 (g) |
|  Kirin Holdings Co. Ltd. | (30) | (71710) | 5 | 0.0 (g) |
|  Kobe Bussan Co. Ltd. | (1) | (1982) | 1 | 0.0 (g) |
|  Kokusai Electric Corp. | (7) | (32064) | (44) | 0.0 (g) |
|  Komatsu Ltd. | (19) | (92685) | 1 | 0.0 (g) |
|  Konami Group Corp. | (4) | (88680) | 21 | 0.0 (g) |
|  Kurita Water Industries Ltd. | — (h) | (652) | — (h) | 0.0 (g) |
|  Kyoto Financial Group, Inc. | (2) | (7746) | 1 | 0.0 (g) |
|  Kyowa Kirin Co. Ltd. | (12) | (30127) | 4 | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | (6) | (9182) | — (h) | 0.0 (g) |
|  Lasertec Corp. | — (h) | (12120) | 2 | 0.0 (g) |
|  M3, Inc. | (5) | (10639) | (1) | 0.0 (g) |
|  Makita Corp. | (3) | (12235) | 3 | 0.0 (g) |
|  Marubeni Corp. | (3) | (13588) | 3 | 0.0 (g) |
|  Maruwa Co. Ltd./Aichi | (1) | (35392) | 8 | 0.0 (g) |
|  MatsukiyoCocokara & Co. | (3) | (7513) | 3 | 0.0 (g) |
|  Mebuki Financial Group, Inc. | (33) | (35087) | 7 | 0.0 (g) |
|  MEIJI Holdings Co. Ltd. | (2) | (5688) | (2) | 0.0 (g) |
|  Mercari, Inc. | (1) | (2454) | (1) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | (4) | (13818) | 4 | 0.0 (g) |
|  Mitsubishi Chemical Group Corp. | (2) | (1735) | — (h) | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | (7) | (25453) | 4 | 0.0 (g) |
|  Mitsubishi Motors Corp. | (31) | (11517) | 1 | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | (1) | (8004) | 1 | 0.0 (g) |
|  Mitsui Kinzoku Co. Ltd. |  |  |  | 0.0 (g) |
|  Mitsui OSK Lines Ltd. | (13) | (59540) | (11) | 0.0 (g) |
|  MonotaRO Co. Ltd. | (4) | (8776) | (3) | 0.0 (g) |
|  NEC Corp. |  |  |  | 0.0 (g) |
|  Nikon Corp. | (9) | (16598) | 5 | 0.0 (g) |
|  Nippon Building Fund, Inc. | — (h) | (50653) | 2 | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | (53) | (55095) | (2) | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | (2) | (10982) | 2 | 0.0 (g) |
|  Nippon Steel Corp. |  |  |  | 0.0 (g) |
|  Nissan Motor Co. Ltd. | (8) | (3209) | 1 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 416 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Japan — continued |  |  |  |  |
|  Nissin Foods Holdings Co. Ltd. | (3) | (8673) | — (h) | 0.0 (g) |
|  Niterra Co. Ltd. | (1) | (6811) | (1) | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | (22) | (62871) | 20 | 0.0 (g) |
|  Nitto Denko Corp. | (1) | (3827) | 1 | 0.0 (g) |
|  NTT, Inc. | (43) | (6713) | (1) | 0.0 (g) |
|  Oji Holdings Corp. |  |  |  | 0.0 (g) |
|  Olympus Corp. | (5) | (10434) | 1 | 0.0 (g) |
|  Organo Corp. | (1) | (10136) | (1) | 0.0 (g) |
|  Oriental Land Co. Ltd./Japan | — (h) | (573) | — (h) | 0.0 (g) |
|  Osaka Gas Co. Ltd. | (1) | (3782) | — (h) | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | (3) | (7273) | 2 | 0.0 (g) |
|  Rakuten Bank Ltd. | (7) | (48595) | 15 | 0.0 (g) |
|  Recruit Holdings Co. Ltd. |  |  |  | 0.0 (g) |
|  Renesas Electronics Corp. | (5) | (9740) | (1) | 0.0 (g) |
|  Resonac Holdings Corp. | (4) | (24081) | (5) | 0.0 (g) |
|  Ryohin Keikaku Co. Ltd. | (4) | (11809) | 6 | 0.0 (g) |
|  Sanrio Co. Ltd. | (1) | (2570) | 1 | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | — (h) | (2628) | (3) | 0.0 (g) |
|  SCSK Corp. |  |  |  | 0.0 (g) |
|  Sega Sammy Holdings, Inc. | (6) | (15920) | 3 | 0.0 (g) |
|  Seibu Holdings, Inc. | (2) | (8043) | 5 | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | (3) | (7314) | — (h) | 0.0 (g) |
|  SG Holdings Co. Ltd. | (1) | (1318) | — (h) | 0.0 (g) |
|  Shimadzu Corp. | (2) | (7472) | 2 | 0.0 (g) |
|  Shin-Etsu Chemical Co. Ltd. | — (h) | (498) | — (h) | 0.0 (g) |
|  Shionogi & Co. Ltd. | (2) | (4936) | (1) | 0.0 (g) |
|  Shiseido Co. Ltd. | (1) | (1463) | 1 | 0.0 (g) |
|  Socionext, Inc. | (18) | (38509) | 1 | 0.0 (g) |
|  Sojitz Corp. | (11) | (54140) | 10 | 0.0 (g) |
|  Subaru Corp. | (16) | (57296) | 19 | 0.0 (g) |
|  SUMCO Corp. | (5) | (5911) | (3) | 0.0 (g) |
|  Sumitomo Corp. |  |  |  | 0.0 (g) |
|  Sumitomo Realty & Development Co. Ltd. | (1) | (3216) | — (h) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | (12) | (55251) | 6 | 0.0 (g) |
|  Taisei Corp. |  |  |  | 0.0 (g) |
|  Taiyo Yuden Co. Ltd. | (1) | (4891) | — (h) | 0.0 (g) |
|  Takashimaya Co. Ltd. | (3) | (5089) | 1 | 0.0 (g) |
|  TDK Corp. | (10) | (21986) | 2 | 0.0 (g) |
|  TIS, Inc. | (2) | (7777) | (1) | 0.0 (g) |
|  Tohoku Electric Power Co., Inc. |  |  |  | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | (1) | (3822) | 1 | 0.0 (g) |
|  Tokyo Metro Co. Ltd. | (34) | (54284) | (2) | 0.0 (g) |
|  Tokyu Corp. | (1) | (1271) | — (h) | 0.0 (g) |
|  TOPPAN Holdings, Inc. | (4) | (21432) | 6 | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | (7) | (76636) | 23 | 0.0 (g) |
|  Toyota Tsusho Corp. | (2) | (10647) | 1 | 0.0 (g) |
|  West Japan Railway Co. |  |  |  | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | (17) | (20194) | 5 | 0.0 (g) |
|  Yamato Holdings Co. Ltd. |  |  |  | 0.0 (g) |
|  Yokogawa Electric Corp. | (1) | (5578) | — (h) | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | (1) | (5096) | 2 | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | (6) | (57951) | 15 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 417

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Japan — continued** | | | | |
|  ZOZO, Inc. | (9) | (11317) | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(2163249)** | **186** | **0.0** (g) |
| **Long Positions** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| **Japan** |  |  |  |  |
|  Aisin Corp. | 5 | 16409 | (6) | 0.0 (g) |
|  Amada Co. Ltd. | 19 | 36033 | (5) | 0.0 (g) |
|  ANA Holdings, Inc. | 1 | 2980 | — (h) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | 3 | 5733 | (2) | 0.0 (g) |
|  Asahi Kasei Corp. | 9 | 12083 | (1) | 0.0 (g) |
|  Bridgestone Corp. | 4 | 14724 | (4) | 0.0 (g) |
|  Credit Saison Co. Ltd. | 4 | 16684 | 1 | 0.0 (g) |
|  CyberAgent, Inc. | 17 | 21875 | 2 | 0.0 (g) |
|  Dai Nippon Printing Co. Ltd. | 6 | 16568 | (1) | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | 12 | 15793 | 1 | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | 4 | 12487 | — (h) | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | 6 | 28549 | — (h) | 0.0 (g) |
|  Dentsu Group, Inc. | 2 | 6336 | — (h) | 0.0 (g) |
|  DMG Mori Co. Ltd. | 5 | 13681 | (2) | 0.0 (g) |
|  Eisai Co. Ltd. | 9 | 39380 | 1 | 0.0 (g) |
|  ENEOS Holdings, Inc. | 5 | 5354 | — (h) | 0.0 (g) |
|  Fujitsu Ltd. | 4 | 16976 | 2 | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | 4 | 18252 | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | 10 | 16746 | (3) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | 10 | 47746 | 3 | 0.0 (g) |
|  Hitachi Ltd. | 2 | 7894 | — (h) | 0.0 (g) |
|  Hulic Co. Ltd. | 4 | 6412 | — (h) | 0.0 (g) |
|  Ibiden Co. Ltd. | 1 | 8323 | 7 | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | 19 | 22890 | — (h) | 0.0 (g) |
|  Inpex Corp. | 3 | 9355 | (2) | 0.0 (g) |
|  Japan Airlines Co. Ltd. | 4 | 10169 | — (h) | 0.0 (g) |
|  Japan Post Bank Co. Ltd. | 9 | 18823 | 7 | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | 86 | 137532 | 30 | 0.0 (g) |
|  Japan Tobacco, Inc. | 45 | 261093 | (57) | 0.0 (g) |
|  Kandenko Co. Ltd. | 1 | 3447 | — (h) | 0.0 (g) |
|  Kansai Electric Power Co., Inc. (The) | 4 | 8903 | — (h) | 0.0 (g) |
|  Kao Corp. | 2 | 11282 | — (h) | 0.0 (g) |
|  Kawasaki Kisen Kaisha Ltd. | 2 | 4731 | — (h) | 0.0 (g) |
|  Kubota Corp. | 3 | 5866 | (1) | 0.0 (g) |
|  Kyocera Corp. | 2 | 3372 | — (h) | 0.0 (g) |
|  LY Corp. | 36 | 15001 | — (h) | 0.0 (g) |
|  Mitsubishi Electric Corp. | 1 | 2885 | (1) | 0.0 (g) |
|  Mitsubishi HC Capital, Inc. | 3 | 3640 | — (h) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | 9 | 34067 | (7) | 0.0 (g) |
|  Mitsubishi UFJ Financial Group, Inc. | 17 | 42717 | (5) | 0.0 (g) |
|  Mitsui & Co. Ltd. | 44 | 204107 | 13 | 0.0 (g) |
|  Mitsui Chemicals, Inc. | 13 | 24740 | 3 | 0.0 (g) |
|  Mitsui Fudosan Co. Ltd. | 2 | 4012 | (1) | 0.0 (g) |
|  Mizuho Financial Group, Inc. | — (h) | 585 | — (h) | 0.0 (g) |
|  MS&AD Insurance Group Holdings, Inc. | 1 | 3407 | (1) | 0.0 (g) |
|  Murata Manufacturing Co. Ltd. | 51 | 167802 | (8) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 418 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Japan — continued |  |  |  |  |
|  NGK Insulators Ltd. | 3 | 9463 | (1) | 0.0 (g) |
|  NH Foods Ltd. | 2 | 10736 | (2) | 0.0 (g) |
|  NIDEC Corp., | 6 | 12625 | 4 | 0.0 (g) |
|  Nippon Yusen KK | 15 | 76692 | 10 | 0.0 (g) |
|  Nissan Chemical Corp. | 1 | 4876 | — (h) | 0.0 (g) |
|  Nomura Holdings, Inc. | 3 | 3859 | — (h) | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | 35 | 33701 | 3 | 0.0 (g) |
|  Nomura Research Institute Ltd. | 1 | 6642 | — (h) | 0.0 (g) |
|  Obayashi Corp. | 10 | 33385 | — (h) | 0.0 (g) |
|  Obic Co. Ltd. | 1 | 2962 | — (h) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | 54 | 119623 | (11) | 0.0 (g) |
|  Oracle Corp. Japan | 1 | 12244 | (2) | 0.0 (g) |
|  ORIX Corp. | 24 | 108884 | 6 | 0.0 (g) |
|  Otsuka Corp. | — (h) | 1328 | — (h) | 0.0 (g) |
|  Otsuka Holdings Co. Ltd. | — (h) | 2788 | (1) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | 24 | 23322 | (5) | 0.0 (g) |
|  Resona Holdings, Inc. | 47 | 72908 | (19) | 0.0 (g) |
|  Rohm Co. Ltd. | 8 | 17451 | 8 | 0.0 (g) |
|  Secom Co. Ltd. | 1 | 7267 | — (h) | 0.0 (g) |
|  Seiko Epson Corp. | 21 | 42230 | (1) | 0.0 (g) |
|  Shimizu Corp. | 28 | 75670 | (6) | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | 8 | 20537 | (1) | 0.0 (g) |
|  Skylark Holdings Co. Ltd. | 2 | 5958 | (2) | 0.0 (g) |
|  SoftBank Corp. | 7 | 1428 | — (h) | 0.0 (g) |
|  Sompo Holdings, Inc. | 1 | 7391 | 1 | 0.0 (g) |
|  Sony Group Corp. | 1 | 1997 | — (h) | 0.0 (g) |
|  Square Enix Holdings Co. Ltd. | 2 | 6009 | — (h) | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | 32 | 14506 | (2) | 0.0 (g) |
|  Sumitomo Electric Industries Ltd. | 6 | 42445 | (13) | 0.0 (g) |
|  Sumitomo Metal Mining Co. Ltd. | 9 | 51354 | 37 | 0.0 (g) |
|  Sumitomo Mitsui Financial Group, Inc. | 31 | 158808 | (10) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | 7 | 35009 | 2 | 0.0 (g) |
|  Suzuki Motor Corp. | 6 | 13764 | — (h) | 0.0 (g) |
|  Sysmex Corp. | 7 | 11361 | — (h) | 0.0 (g) |
|  T&D Holdings, Inc. | 5 | 17400 | 2 | 0.0 (g) |
|  Terumo Corp. | 2 | 5054 | — (h) | 0.0 (g) |
|  THK Co. Ltd. | 15 | 62312 | (17) | 0.0 (g) |
|  Tokio Marine Holdings, Inc. | 3 | 19292 | (1) | 0.0 (g) |
|  Tokyo Electric Power Co. Holdings Inc | 13 | 8542 | — (h) | 0.0 (g) |
|  Tokyo Electron Ltd. | — (h) | 9293 | 6 | 0.0 (g) |
|  Tokyu Fudosan Holdings Corp. | 1 | 1320 | — (h) | 0.0 (g) |
|  Tosoh Corp. | 23 | 53402 | — (h) | 0.0 (g) |
|  TOTO Ltd. | 12 | 50932 | 4 | 0.0 (g) |
|  Toyo Tire Corp. | 3 | 13817 | (2) | 0.0 (g) |
|  Trend Micro, Inc./Japan | 1 | 4129 | (1) | 0.0 (g) |
|  Unicharm Corp. | 10 | 9156 | — (h) | 0.0 (g) |
|  Yakult Honsha Co. Ltd. | 2 | 4333 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 2695649 | (51) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 532400 | 135 | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 419

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **Description** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day NOWA on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in NOK based on the local currencies of the positions within the swap | 08/19/2026 | 182 | 2 | – | 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Gjensidige Forsikring ASA | — (h) | (128) | — (h) | 0.0 (g) |
|  Mowi ASA | (3) | (722) | (2) | 0.0 (g) |
|  Norsk Hydro ASA | (18) | (1325) | (5) | 0.0 (g) |
|  Orkla ASA | (3) | (312) | (1) | 0.0 (g) |
|  Salmar ASA | — (h) | (145) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2632) | (8) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | 7 | 1841 | 7 | 0.0 (g) |
|  Kongsberg Gruppen ASA | — (h) | 106 | — (h) | 0.0 (g) |
|  Var Energi ASA | 27 | 867 | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 2814 | 10 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 182 | 2 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from -0.4% to -0.4%) which is denominated in NZD based on the local currencies of the positions within the swap | 08/19/2026 | (225) | 2 | (1) | 1 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 420 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| New Zealand |  |  |  |  |
|  Infratil Ltd. | (20) | (225) | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (225) | 2 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (225) | 2 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month STIBOR on long positions and short positions respectively, plus or minus spread (rates range from -0.7% to 0.26%) which is denominated in SEK based on the local currencies of the positions within the swap | 08/19/2026 | (11567) | (33) | – | (33) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Sweden |  |  |  |  |
|  Alfa Laval AB | (2) | (982) | (1) | 0.0 (g) |
|  Atlas Copco AB | (17) | (2742) | — (h) | 0.0 (g) |
|  Epiroc AB | (1) | (103) | — (h) | 0.0 (g) |
|  EQT AB | (4) | (1426) | (13) | 0.0 (g) |
|  Fastighets AB Balder | (6) | (396) | (2) | 0.0 (g) |
|  H & M Hennes & Mauritz AB | (19) | (3406) | (12) | 0.0 (g) |
|  Hexagon AB | (3) | (376) | (1) | 0.0 (g) |
|  Holmen AB | (5) | (1865) | (6) | 0.0 (g) |
|  Industrivarden AB | (1) | (258) | — (h) | 0.0 (g) |
|  Investment AB Latour | (3) | (682) | — (h) | 0.0 (g) |
|  Investor AB | (2) | (693) | (1) | 0.0 (g) |
|  L E Lundbergforetagen AB | (4) | (1883) | (5) | 0.0 (g) |
|  Lifco AB | — (h) | (111) | — (h) | 0.0 (g) |
|  Nibe Industrier AB | (3) | (110) | — (h) | 0.0 (g) |
|  Sagax AB | (2) | (455) | — (h) | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | (5) | (874) | (2) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | (37) | (4484) | (9) | 0.0 (g) |
|  Swedbank AB | (1) | (437) | (2) | 0.0 (g) |
|  Trelleborg AB | (5) | (1772) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (23055) | (54) | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Sweden |  |  |  |  |
|  AddTech AB | — (h) | 149 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 421

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Sweden — continued** | | | | |
|  Assa Abloy AB | — (h) | 163 | — (h) | 0.0 (g) |
|  Beijer Ref AB | 1 | 164 | (1) | 0.0 (g) |
|  Evolution AB | 3 | 2127 | (2) | 0.0 (g) |
|  Industrivarden AB | — (h) | 189 | 1 | 0.0 (g) |
|  Indutrade AB | 2 | 532 | — (h) | 0.0 (g) |
|  Saab AB | 4 | 2106 | 13 | 0.0 (g) |
|  Securitas AB | 3 | 426 | 1 | 0.0 (g) |
|  Sinch AB | 4 | 136 | — (h) | 0.0 (g) |
|  Skanska AB | 9 | 2374 | 1 | 0.0 (g) |
|  SKF AB | 4 | 926 | — (h) | 0.0 (g) |
|  Svenska Handelsbanken AB | 14 | 1793 | 7 | 0.0 (g) |
|  Tele2 AB | 3 | 403 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **11488** | **21** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(11567)** | **(33)** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from -0.31% to 0.3%) which is denominated in SGD based on the local currencies of the positions within the swap | 08/19/2026 | (520) | (3) | (4) | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| China |  |  |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. | (4) | (15) | — (h) | 0.0 (g) |
| Singapore |  |  |  |  |
|  Mapletree Logistics Trust |  |  |  | 0.0 (g) |
|  Oversea-Chinese Banking Corp. Ltd. | (6) | (108) | (2) | 0.0 (g) |
|  Sembcorp Industries Ltd. | (38) | (227) | — (h) | 0.0 (g) |
|  Singapore Airlines Ltd. | (47) | (295) | (3) | 0.0 (g) |
|  Singapore Telecommunications Ltd. | (2) | (7) | — (h) | 0.0 (g) |
|  Wilmar International Ltd. | (4) | (13) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (665) | (5) | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 422 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Singapore |  |  |  |  |
|  CapitaLand Investment Ltd./Singapore | 10 | 25 | 1 | 0.0 (g) |
|  Genting Singapore Ltd. | 24 | 17 | — (h) | 0.0 (g) |
|  Singapore Technologies Engineering Ltd. | 12 | 103 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 145 | 2 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (520) | (3) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from -1.42% to 0.3%) which is denominated in USD based on the local currencies of the positions within the swap | 08/18/2026 | (4234) | 218 | (45) | 173 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Bermuda |  |  |  |  |
|  Everest Group Ltd. | — (h) | (57) | (2) | 0.0 (g) |
| Canada |  |  |  |  |
|  Waste Connections, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
| Ireland |  |  |  |  |
|  Jazz Pharmaceuticals plc | (2) | (322) | (1) | 0.0 (g) |
|  Medtronic plc | (1) | (58) | 2 | 0.0 (g) |
| Israel |  |  |  |  |
|  Monday.com Ltd. | (1) | (129) | 3 | 0.0 (g) |
| Switzerland |  |  |  |  |
|  Amcor plc | (1) | (8) | — (h) | 0.0 (g) |
| Thailand |  |  |  |  |
|  Fabrinet | — (h) | (174) | 5 | 0.0 (g) |
| United Kingdom |  |  |  |  |
|  CNH Industrial NV | (28) | (267) | 9 | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | (1) | (72) | 1 | 0.0 (g) |
|  Marex Group plc | — (h) | (17) | — (h) | 0.0 (g) |
| United States |  |  |  |  |
|  AAON, Inc. | (2) | (151) | 1 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 423

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  AbbVie, Inc. | — (h) | (48) | — (h) | 0.0 (g) |
|  ACI Worldwide, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Acuity, Inc. | — (h) | (17) | — (h) | 0.0 (g) |
|  Advanced Drainage Systems, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  AGCO Corp. | (2) | (224) | 8 | 0.0 (g) |
|  AGNC Investment Corp. | (141) | (1459) | (51) | 0.0 (g) |
|  Air Products and Chemicals, Inc. | (2) | (371) | (3) | 0.0 (g) |
|  Akamai Technologies, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Albertsons Cos., Inc. | (32) | (553) | 5 | 0.0 (g) |
|  Alcoa Corp. | (1) | (40) | (6) | 0.0 (g) |
|  American Electric Power Co., Inc. | (2) | (273) | 1 | 0.0 (g) |
|  American Homes 4 Rent | — (h) | (8) | — (h) | 0.0 (g) |
|  American International Group, Inc. | (2) | (157) | 1 | 0.0 (g) |
|  Annaly Capital Management, Inc. | (3) | (57) | — (h) | 0.0 (g) |
|  Antero Midstream Corp. | (2) | (36) | — (h) | 0.0 (g) |
|  APA Corp. | (3) | (71) | 2 | 0.0 (g) |
|  Applied Digital Corp. | (1) | (23) | (2) | 0.0 (g) |
|  Applied Materials, Inc. | (1) | (162) | 3 | 0.0 (g) |
|  AptarGroup, Inc. | (2) | (211) | 1 | 0.0 (g) |
|  Archer Aviation, Inc. | (1) | (5) | — (h) | 0.0 (g) |
|  Arrow Electronics, Inc. | — (h) | (33) | 1 | 0.0 (g) |
|  Astera Labs, Inc. | — (h) | (5) | (1) | 0.0 (g) |
|  Aurora Innovation, Inc. | (8) | (35) | 3 | 0.0 (g) |
|  Automatic Data Processing, Inc. | (4) | (1098) | 32 | 0.0 (g) |
|  AvalonBay Communities, Inc. | — (h) | (23) | — (h) | 0.0 (g) |
|  Avantor, Inc. | (1) | (8) | — (h) | 0.0 (g) |
|  Axon Enterprise, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Axsome Therapeutics, Inc. | (1) | (181) | (45) | 0.0 (g) |
|  Bank of New York Mellon Corp. (The) | — (h) | (15) | — (h) | 0.0 (g) |
|  Baxter International, Inc. | (8) | (150) | 3 | 0.0 (g) |
|  Bentley Systems, Inc. | (4) | (166) | 9 | 0.0 (g) |
|  Best Buy Co., Inc. | (1) | (47) | 4 | 0.0 (g) |
|  BILL Holdings, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Boeing Co. (The) | — (h) | (58) | (3) | 0.0 (g) |
|  BrightSpring Health Services, Inc. | — (h) | (18) | — (h) | 0.0 (g) |
|  Broadcom, Inc. | — (h) | (125) | (2) | 0.0 (g) |
|  Broadridge Financial Solutions, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Brown-Forman Corp. | (1) | (38) | 4 | 0.0 (g) |
|  Bruker Corp. | — (h) | (11) | — (h) | 0.0 (g) |
|  Builders FirstSource, Inc. | (2) | (255) | 4 | 0.0 (g) |
|  Bunge Global SA | — (h) | (14) | 1 | 0.0 (g) |
|  Burlington Stores, Inc. | (2) | (601) | (43) | 0.0 (g) |
|  BXP, Inc. | (2) | (151) | 9 | 0.0 (g) |
|  CareTrust REIT, Inc. | (1) | (45) | 1 | 0.0 (g) |
|  Carvana Co. | — (h) | (141) | 8 | 0.0 (g) |
|  Casella Waste Systems, Inc. | (4) | (449) | 11 | 0.0 (g) |
|  Caterpillar, Inc. | — (h) | (192) | 5 | 0.0 (g) |
|  Cava Group, Inc. | (6) | (319) | (42) | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | (4) | (27) | (1) | 0.0 (g) |
|  Celsius Holdings, Inc. | (1) | (37) | (2) | 0.0 (g) |
|  Cencora, Inc. | (1) | (243) | 9 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 424 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  CF Industries Holdings, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Cincinnati Financial Corp. | — (h) | (57) | 1 | 0.0 (g) |
|  Cisco Systems, Inc. | (4) | (308) | 5 | 0.0 (g) |
|  Clorox Co. (The) | — (h) | (24) | — (h) | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | — (h) | (14) | 1 | 0.0 (g) |
|  Coeur Mining, Inc. | (1) | (17) | (1) | 0.0 (g) |
|  Coherent Corp. | — (h) | (44) | (1) | 0.0 (g) |
|  Colgate-Palmolive Co. | (4) | (295) | 2 | 0.0 (g) |
|  Columbia Banking System, Inc. | (17) | (490) | 20 | 0.0 (g) |
|  Commvault Systems, Inc. | (1) | (66) | (3) | 0.0 (g) |
|  Comstock Resources, Inc. | — (h) | (8) | (1) | 0.0 (g) |
|  ConocoPhillips | (1) | (102) | 1 | 0.0 (g) |
|  Constellation Energy Corp. | — (h) | (49) | 1 | 0.0 (g) |
|  Cooper Cos., Inc. (The) | — (h) | (31) | — (h) | 0.0 (g) |
|  Corcept Therapeutics, Inc. | — (h) | (8) | 5 | 0.0 (g) |
|  Core & Main, Inc. | (5) | (287) | 18 | 0.0 (g) |
|  Corpay, Inc. | — (h) | (19) | 1 | 0.0 (g) |
|  CoStar Group, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Cytokinetics, Inc. | (1) | (35) | (1) | 0.0 (g) |
|  Deckers Outdoor Corp. | — (h) | (17) | — (h) | 0.0 (g) |
|  Dick's Sporting Goods, Inc. | — (h) | (66) | 4 | 0.0 (g) |
|  Dillard's, Inc. | — (h) | (190) | 20 | 0.0 (g) |
|  Docusign, Inc. | (4) | (263) | (1) | 0.0 (g) |
|  Dollar Tree, Inc. | — (h) | (51) | 3 | 0.0 (g) |
|  Dominion Energy, Inc. | (15) | (920) | 19 | 0.0 (g) |
|  DoorDash, Inc. | — (h) | (78) | 1 | 0.0 (g) |
|  DT Midstream, Inc. | (1) | (120) | — (h) | 0.0 (g) |
|  Duke Energy Corp. | — (h) | (30) | — (h) | 0.0 (g) |
|  Eagle Materials, Inc. | (1) | (296) | 22 | 0.0 (g) |
|  East West Bancorp, Inc. | (1) | (120) | 1 | 0.0 (g) |
|  EastGroup Properties, Inc. | (2) | (453) | 13 | 0.0 (g) |
|  Eastman Chemical Co. | — (h) | (20) | — (h) | 0.0 (g) |
|  EchoStar Corp. | — (h) | (11) | — (h) | 0.0 (g) |
|  Ensign Group, Inc. (The) | — (h) | (7) | — (h) | 0.0 (g) |
|  Entegris, Inc. | (1) | (104) | 7 | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Essex Property Trust, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Expand Energy Corp. | (1) | (111) | — (h) | 0.0 (g) |
|  Exxon Mobil Corp. | — (h) | (3) | — (h) | 0.0 (g) |
|  F5, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Fair Isaac Corp. | — (h) | (298) | 19 | 0.0 (g) |
|  Federal Realty Investment Trust | (5) | (513) | 1 | 0.0 (g) |
|  FedEx Corp. | — (h) | (72) | (2) | 0.0 (g) |
|  FirstCash Holdings, Inc. | — (h) | (62) | 2 | 0.0 (g) |
|  Flagstar Bank NA | (9) | (118) | 5 | 0.0 (g) |
|  Flutter Entertainment plc | — (h) | (48) | 1 | 0.0 (g) |
|  Fortinet, Inc. | (2) | (165) | 4 | 0.0 (g) |
|  Fortive Corp. | (22) | (1242) | 3 | 0.0 (g) |
|  Gen Digital, Inc. | (3) | (92) | 1 | 0.0 (g) |
|  Generac Holdings, Inc. | — (h) | (17) | 2 | 0.0 (g) |
|  General Mills, Inc. | (7) | (351) | 4 | 0.0 (g) |
|  Genuine Parts Co. | — (h) | (32) | 2 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 425

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Gilead Sciences, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Glaukos Corp. | — (h) | (15) | — (h) | 0.0 (g) |
|  Global Payments, Inc. | (1) | (81) | 4 | 0.0 (g) |
|  GLOBALFOUNDRIES, Inc. | (4) | (134) | 8 | 0.0 (g) |
|  Globalstar, Inc. | — (h) | (5) | 1 | 0.0 (g) |
|  Globus Medical, Inc. | — (h) | (38) | — (h) | 0.0 (g) |
|  Graco, Inc. | (5) | (429) | 13 | 0.0 (g) |
|  GXO Logistics, Inc. | (3) | (160) | (1) | 0.0 (g) |
|  Healthpeak Properties, Inc. | (1) | (16) | 1 | 0.0 (g) |
|  Hecla Mining Co. | (1) | (16) | — (h) | 0.0 (g) |
|  Hexcel Corp. | (1) | (87) | — (h) | 0.0 (g) |
|  Hormel Foods Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  Howmet Aerospace, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Hyatt Hotels Corp. | (1) | (127) | 5 | 0.0 (g) |
|  IDACORP, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  IDEX Corp. | — (h) | (34) | — (h) | 0.0 (g) |
|  IDEXX Laboratories, Inc. | (1) | (508) | 17 | 0.0 (g) |
|  Insmed, Inc. | — (h) | (18) | 2 | 0.0 (g) |
|  InterDigital, Inc. | (1) | (242) | 22 | 0.0 (g) |
|  International Business Machines Corp. | (1) | (232) | 9 | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | (2) | (97) | (5) | 0.0 (g) |
|  International Paper Co. | (1) | (33) | (1) | 0.0 (g) |
|  Invesco Ltd. | (1) | (20) | — (h) | 0.0 (g) |
|  IonQ, Inc. | (1) | (54) | 2 | 0.0 (g) |
|  Iron Mountain, Inc. | — (h) | (33) | — (h) | 0.0 (g) |
|  Itron, Inc. | (2) | (233) | 6 | 0.0 (g) |
|  J M Smucker Co. (The) | — (h) | (16) | 1 | 0.0 (g) |
|  JBT Marel Corp. | — (h) | (11) | — (h) | 0.0 (g) |
|  JFrog Ltd. | — (h) | (13) | 1 | 0.0 (g) |
|  Johnson & Johnson | (1) | (273) | 4 | 0.0 (g) |
|  Karman Holdings, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Kinetik Holdings, Inc. | (1) | (44) | (1) | 0.0 (g) |
|  Kinsale Capital Group, Inc. | — (h) | (180) | — (h) | 0.0 (g) |
|  Klaviyo, Inc. | (1) | (16) | (2) | 0.0 (g) |
|  Kraft Heinz Co. (The) | (2) | (55) | 1 | 0.0 (g) |
|  Krystal Biotech, Inc. | — (h) | (27) | (1) | 0.0 (g) |
|  Kymera Therapeutics, Inc. | — (h) | (9) | 1 | 0.0 (g) |
|  Lamar Advertising Co. | (3) | (414) | 1 | 0.0 (g) |
|  Lamb Weston Holdings, Inc. | (1) | (77) | 23 | 0.0 (g) |
|  Lennox International, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Life Time Group Holdings, Inc. | (2) | (39) | (1) | 0.0 (g) |
|  Lincoln Electric Holdings, Inc. | (1) | (242) | 5 | 0.0 (g) |
|  Lincoln National Corp. | — (h) | (17) | — (h) | 0.0 (g) |
|  Lineage, Inc. | (3) | (93) | 3 | 0.0 (g) |
|  Littelfuse, Inc. | — (h) | (105) | 3 | 0.0 (g) |
|  Live Nation Entertainment, Inc. | (1) | (114) | (1) | 0.0 (g) |
|  LKQ Corp. | (3) | (80) | 1 | 0.0 (g) |
|  Loar Holdings, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  Loews Corp. | (7) | (708) | 1 | 0.0 (g) |
|  Lowe's Cos., Inc. | (1) | (355) | 11 | 0.0 (g) |
|  LPL Financial Holdings, Inc. | (1) | (556) | 24 | 0.0 (g) |
|  Lumen Technologies, Inc. | (1) | (6) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 426 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  MACOM Technology Solutions Holdings, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Maplebear, Inc. | (1) | (28) | — (h) | 0.0 (g) |
|  Marriott International, Inc./MD | (1) | (225) | (1) | 0.0 (g) |
|  Marsh & McLennan Cos., Inc. | — (h) | (33) | — (h) | 0.0 (g) |
|  Masco Corp. | — (h) | (10) | — (h) | 0.0 (g) |
|  Match Group, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  McCormick & Co., Inc./MD | (2) | (136) | 1 | 0.0 (g) |
|  Merck & Co., Inc. | (2) | (214) | (11) | 0.0 (g) |
|  Middleby Corp. (The) | — (h) | (11) | — (h) | 0.0 (g) |
|  Mirion Technologies, Inc. | (1) | (20) | 1 | 0.0 (g) |
|  MKS, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  Modine Manufacturing Co. | (1) | (160) | 9 | 0.0 (g) |
|  Mohawk Industries, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  Moog, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  MSCI, Inc. | (2) | (886) | (32) | 0.0 (g) |
|  Murphy USA, Inc. | (1) | (343) | 1 | 0.0 (g) |
|  New York Times Co. (The) | (1) | (57) | (1) | 0.0 (g) |
|  NewMarket Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  Newmont Corp. |  |  |  | 0.0 (g) |
|  NIKE, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  NOV, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  NuScale Power Corp. | — (h) | (3) | — (h) | 0.0 (g) |
|  Nuvalent, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  OGE Energy Corp. | (8) | (344) | 4 | 0.0 (g) |
|  Old National Bancorp | (4) | (89) | 3 | 0.0 (g) |
|  Old Republic International Corp. | (1) | (27) | — (h) | 0.0 (g) |
|  Omnicom Group, Inc. | (10) | (821) | (3) | 0.0 (g) |
|  Ormat Technologies, Inc. | — (h) | (22) | — (h) | 0.0 (g) |
|  PACCAR, Inc. | — (h) | (16) | 1 | 0.0 (g) |
|  Packaging Corp. of America | — (h) | (30) | — (h) | 0.0 (g) |
|  Paramount Skydance Corp. | (1) | (21) | 1 | 0.0 (g) |
|  Paychex, Inc. | (1) | (127) | 4 | 0.0 (g) |
|  PennyMac Financial Services, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Penumbra, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Permian Resources Corp. | (1) | (14) | — (h) | 0.0 (g) |
|  Phillips 66 | (2) | (261) | 23 | 0.0 (g) |
|  PPL Corp. | (8) | (285) | (6) | 0.0 (g) |
|  Primo Brands Corp. | (2) | (38) | — (h) | 0.0 (g) |
|  QXO, Inc. | (1) | (18) | 2 | 0.0 (g) |
|  Rambus, Inc. | — (h) | (21) | 1 | 0.0 (g) |
|  Range Resources Corp. | — (h) | (2) | — (h) | 0.0 (g) |
|  Raymond James Financial, Inc. | (5) | (737) | 10 | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Repligen Corp. | (1) | (139) | (3) | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | — (h) | (18) | 1 | 0.0 (g) |
|  Robinhood Markets, Inc. | — (h) | (49) | 1 | 0.0 (g) |
|  Rocket Cos., Inc. | (7) | (124) | (8) | 0.0 (g) |
|  Rocket Lab Corp. | (1) | (35) | (8) | 0.0 (g) |
|  Rollins, Inc. | (17) | (1043) | — (h) | 0.0 (g) |
|  Roper Technologies, Inc. | — (h) | (87) | — (h) | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | — (h) | (5) | — (h) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | — (h) | (47) | 2 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 427

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Service Corp. International/US | — (h) | (3) | — (h) | 0.0 (g) |
|  SharkNinja, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Shift4 Payments, Inc. | (3) | (205) | 10 | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  SiteOne Landscape Supply, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Snap-on, Inc. | — (h) | (85) | 1 | 0.0 (g) |
|  Snowflake, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Southwest Airlines Co. | (1) | (42) | — (h) | 0.0 (g) |
|  SPX Technologies, Inc. | (2) | (363) | 30 | 0.0 (g) |
|  STAG Industrial, Inc. | (1) | (28) | 1 | 0.0 (g) |
|  StandardAero, Inc. | (3) | (75) | (3) | 0.0 (g) |
|  Stanley Black & Decker, Inc. | — (h) | (36) | — (h) | 0.0 (g) |
|  Starwood Property Trust, Inc. | (3) | (59) | 2 | 0.0 (g) |
|  Steel Dynamics, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  StepStone Group, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  STERIS plc | — (h) | (6) | — (h) | 0.0 (g) |
|  Sterling Infrastructure, Inc. | — (h) | (17) | 1 | 0.0 (g) |
|  Strategy, Inc. | (1) | (219) | 17 | 0.0 (g) |
|  Super Micro Computer, Inc. | — (h) | (8) | 1 | 0.0 (g) |
|  TD SYNNEX Corp. | — (h) | (10) | — (h) | 0.0 (g) |
|  Teledyne Technologies, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Teleflex, Inc. | (3) | (366) | 14 | 0.0 (g) |
|  Teradyne, Inc. | (4) | (728) | 4 | 0.0 (g) |
|  Terreno Realty Corp. | (1) | (40) | 1 | 0.0 (g) |
|  Texas Pacific Land Corp. | — (h) | (39) | (1) | 0.0 (g) |
|  Thermo Fisher Scientific, Inc. | — (h) | (28) | — (h) | 0.0 (g) |
|  Timken Co. (The) | (4) | (315) | 10 | 0.0 (g) |
|  TKO Group Holdings, Inc. | — (h) | (65) | — (h) | 0.0 (g) |
|  TPG, Inc. | (5) | (328) | 13 | 0.0 (g) |
|  Tractor Supply Co. | (1) | (30) | 2 | 0.0 (g) |
|  TransDigm Group, Inc. | — (h) | (41) | (1) | 0.0 (g) |
|  Tyler Technologies, Inc. | — (h) | (42) | (1) | 0.0 (g) |
|  UDR, Inc. | (1) | (37) | (1) | 0.0 (g) |
|  UL Solutions, Inc. | (2) | (181) | (3) | 0.0 (g) |
|  UMB Financial Corp. | — (h) | (46) | 2 | 0.0 (g) |
|  United Parcel Service, Inc. | (1) | (116) | 1 | 0.0 (g) |
|  Universal Health Services, Inc. | (2) | (392) | 10 | 0.0 (g) |
|  US Foods Holding Corp. | — (h) | (16) | — (h) | 0.0 (g) |
|  Valley National Bancorp | (8) | (92) | 2 | 0.0 (g) |
|  Vertex Pharmaceuticals, Inc. | — (h) | (57) | — (h) | 0.0 (g) |
|  Viper Energy, Inc. | (2) | (92) | 2 | 0.0 (g) |
|  Vontier Corp. | (1) | (36) | — (h) | 0.0 (g) |
|  Waters Corp. | — (h) | (24) | — (h) | 0.0 (g) |
|  Watts Water Technologies, Inc. | (2) | (481) | 9 | 0.0 (g) |
|  Welltower, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  West Pharmaceutical Services, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  Western Alliance Bancorp | — (h) | (37) | 1 | 0.0 (g) |
|  Weyerhaeuser Co. | (20) | (478) | (7) | 0.0 (g) |
|  Williams Cos., Inc. (The) | (2) | (124) | (1) | 0.0 (g) |
|  Wingstop, Inc. | — (h) | (49) | — (h) | 0.0 (g) |
|  Workday, Inc. | — (h) | (70) | — (h) | 0.0 (g) |
|  WW Grainger, Inc. | — (h) | (83) | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(35761)** | **388** | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 428 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Bermuda |  |  |  |  |
|  Essent Group Ltd. | — (h) | 20 | — (h) | 0.0 (g) |
|  Viking Holdings Ltd. | — (h) | 27 | — (h) | 0.0 (g) |
| Denmark |  |  |  |  |
|  Ascendis Pharma A/S | — (h) | 18 | — (h) | 0.0 (g) |
| Germany |  |  |  |  |
|  BioNTech SE | — (h) | 6 | — (h) | 0.0 (g) |
| Ireland |  |  |  |  |
|  Accenture plc | 1 | 243 | (6) | 0.0 (g) |
|  Aptiv plc | 1 | 46 | (1) | 0.0 (g) |
|  CRH plc | 1 | 124 | (2) | 0.0 (g) |
|  Eaton Corp. plc | 1 | 347 | 2 | 0.0 (g) |
|  ICON plc | 1 | 219 | (2) | 0.0 (g) |
|  TE Connectivity plc | — (h) | 11 | — (h) | 0.0 (g) |
| Israel |  |  |  |  |
|  Check Point Software Technologies Ltd. | 2 | 293 | (3) | 0.0 (g) |
|  Global-e Online Ltd. | — (h) | 16 | — (h) | 0.0 (g) |
|  Mobileye Global, Inc. | 1 | 6 | — (h) | 0.0 (g) |
|  Oddity Tech Ltd. | — (h) | 4 | — (h) | 0.0 (g) |
|  Tower Semiconductor Ltd. | — (h) | 10 | — (h) | 0.0 (g) |
|  Wix.com Ltd. | 1 | 143 | 9 | 0.0 (g) |
| Luxembourg |  |  |  |  |
|  Millicom International Cellular SA | 1 | 62 | 2 | 0.0 (g) |
| Norway |  |  |  |  |
|  Frontline plc | 1 | 28 | (1) | 0.0 (g) |
| Puerto Rico |  |  |  |  |
|  Popular, Inc. | 1 | 78 | 1 | 0.0 (g) |
| Switzerland |  |  |  |  |
|  Garmin Ltd. | — (h) | 7 | — (h) | 0.0 (g) |
|  Sportradar Group AG | 2 | 52 | 2 | 0.0 (g) |
| United Kingdom |  |  |  |  |
|  ARM Holdings plc | 2 | 188 | (22) | 0.0 (g) |
|  Birkenstock Holding Plc | 2 | 69 | (7) | 0.0 (g) |
|  Pentair plc | 2 | 227 | (2) | 0.0 (g) |
|  TechnipFMC plc | — (h) | 6 | — (h) | 0.0 (g) |
| United States |  |  |  |  |
|  Advanced Micro Devices, Inc. | — (h) | 29 | 1 | 0.0 (g) |
|  AECOM | 4 | 358 | (10) | 0.0 (g) |
|  AeroVironment, Inc. | — (h) | 37 | 1 | 0.0 (g) |
|  Agree Realty Corp. | 7 | 529 | 1 | 0.0 (g) |
|  Alaska Air Group, Inc. | 1 | 46 | (1) | 0.0 (g) |
|  Alphabet, Inc. | 1 | 285 | 4 | 0.0 (g) |
|  Altria Group, Inc. | — (h) | 24 | (1) | 0.0 (g) |
|  Amazon.com, Inc. | 6 | 1422 | 53 | 0.0 (g) |
|  Amdocs Ltd. | — (h) | 23 | — (h) | 0.0 (g) |
|  Ameren Corp. | — (h) | 44 | — (h) | 0.0 (g) |
|  American Airlines Group, Inc. | 5 | 82 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 429

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  American Healthcare REIT, Inc. | 1 | 28 | — (h) | 0.0 (g) |
|  American Tower Corp. | — (h) | 58 | (1) | 0.0 (g) |
|  American Water Works Co., Inc. | 1 | 176 | (5) | 0.0 (g) |
|  Ameriprise Financial, Inc. | — (h) | 75 | — (h) | 0.0 (g) |
|  AMETEK, Inc. | 6 | 1281 | 13 | 0.0 (g) |
|  Apple, Inc. | 1 | 328 | (3) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | — (h) | 39 | (1) | 0.0 (g) |
|  AT&T, Inc. | 1 | 33 | 1 | 0.0 (g) |
|  Autodesk, Inc. | — (h) | 46 | — (h) | 0.0 (g) |
|  AutoZone, Inc. | — (h) | 419 | (12) | 0.0 (g) |
|  Badger Meter, Inc. | 1 | 195 | (10) | 0.0 (g) |
|  Ball Corp. | 2 | 128 | 3 | 0.0 (g) |
|  Bank of America Corp. | — (h) | 18 | — (h) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | — (h) | 11 | 1 | 0.0 (g) |
|  Bio-Techne Corp. | 6 | 345 | 1 | 0.0 (g) |
|  Block, Inc. | 1 | 86 | 1 | 0.0 (g) |
|  BorgWarner, Inc. | 1 | 59 | — (h) | 0.0 (g) |
|  Boston Scientific Corp. | — (h) | 16 | — (h) | 0.0 (g) |
|  Bright Horizons Family Solutions, Inc. | 3 | 279 | (7) | 0.0 (g) |
|  Brightstar Lottery plc | 2 | 39 | (1) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | 1 | 36 | — (h) | 0.0 (g) |
|  Brixmor Property Group, Inc. | 1 | 29 | — (h) | 0.0 (g) |
|  Cal-Maine Foods, Inc. | 1 | 56 | (5) | 0.0 (g) |
|  Cardinal Health, Inc. | 6 | 1197 | 33 | 0.0 (g) |
|  CarMax, Inc. | 2 | 62 | (3) | 0.0 (g) |
|  Carnival Corp. | 3 | 78 | 5 | 0.0 (g) |
|  CBRE Group, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  CDW Corp | 2 | 226 | (14) | 0.0 (g) |
|  Centene Corp. | 1 | 42 | 1 | 0.0 (g) |
|  Charter Communications, Inc. | — (h) | 42 | — (h) | 0.0 (g) |
|  Chemed Corp. | — (h) | 98 | (1) | 0.0 (g) |
|  Churchill Downs, Inc. | 1 | 159 | (5) | 0.0 (g) |
|  Cleveland-Cliffs, Inc. | 17 | 223 | 9 | 0.0 (g) |
|  CNX Resources Corp. | 1 | 52 | (2) | 0.0 (g) |
|  Coca-Cola Co. (The) | 1 | 74 | (1) | 0.0 (g) |
|  Cognex Corp. | 1 | 45 | 1 | 0.0 (g) |
|  Comfort Systems USA, Inc. | — (h) | 183 | (7) | 0.0 (g) |
|  Commerce Bancshares, Inc. | 1 | 28 | — (h) | 0.0 (g) |
|  Commercial Metals Co. | — (h) | 13 | — (h) | 0.0 (g) |
|  Conagra Brands, Inc. | 3 | 47 | (2) | 0.0 (g) |
|  Constellation Brands, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Construction Partners, Inc. | 1 | 91 | (1) | 0.0 (g) |
|  Copart, Inc. | 1 | 41 | 1 | 0.0 (g) |
|  Crane Co. | — (h) | 39 | (1) | 0.0 (g) |
|  Crown Castle, Inc. | 1 | 50 | — (h) | 0.0 (g) |
|  CubeSmart | 1 | 47 | — (h) | 0.0 (g) |
|  Cullen/Frost Bankers, Inc. | 1 | 110 | (2) | 0.0 (g) |
|  Curtiss-Wright Corp. | — (h) | 78 | — (h) | 0.0 (g) |
|  DaVita, Inc. | 1 | 81 | (4) | 0.0 (g) |
|  Digital Realty Trust, Inc. | — (h) | 62 | 1 | 0.0 (g) |
|  Donaldson Co., Inc. | — (h) | 13 | (1) | 0.0 (g) |
|  Doximity, Inc. | — (h) | 20 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 430 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  DR Horton, Inc. | 1 | 82 | (4) | 0.0 (g) |
|  Dropbox, Inc. | 24 | 681 | (1) | 0.0 (g) |
|  DuPont de Nemours, Inc. | 5 | 199 | (2) | 0.0 (g) |
|  eBay, Inc. | 2 | 172 | 9 | 0.0 (g) |
|  Ecolab, Inc. | 1 | 215 | 1 | 0.0 (g) |
|  Elastic NV | — (h) | 13 | — (h) | 0.0 (g) |
|  Element Solutions, Inc. | 1 | 15 | (1) | 0.0 (g) |
|  EMCOR Group, Inc. | — (h) | 309 | (6) | 0.0 (g) |
|  Encompass Health Corp. | — (h) | 23 | — (h) | 0.0 (g) |
|  EOG Resources, Inc. | 1 | 98 | (1) | 0.0 (g) |
|  Equifax, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Eversource Energy | — (h) | 5 | — (h) | 0.0 (g) |
|  Exelixis, Inc. | 1 | 25 | 1 | 0.0 (g) |
|  ExlService Holdings, Inc. | 2 | 80 | 2 | 0.0 (g) |
|  Expeditors International of Washington, Inc. | — (h) | 33 | (1) | 0.0 (g) |
|  Ferguson Enterprises, Inc. | — (h) | 18 | — (h) | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | — (h) | 21 | 1 | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | — (h) | 20 | — (h) | 0.0 (g) |
|  Fiserv, Inc. | 1 | 56 | (1) | 0.0 (g) |
|  Flex Ltd. | 1 | 48 | (5) | 0.0 (g) |
|  Fluor Corp. | — (h) | 21 | (2) | 0.0 (g) |
|  Fortune Brands Innovations, Inc. | 2 | 83 | (3) | 0.0 (g) |
|  Franklin Resources, Inc. | 3 | 77 | 1 | 0.0 (g) |
|  Freeport-McMoRan, Inc. | 1 | 34 | 2 | 0.0 (g) |
|  Gap, Inc. (The) | — (h) | 13 | (1) | 0.0 (g) |
|  Gartner, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Gates Industrial Corp. plc | 4 | 81 | (1) | 0.0 (g) |
|  GE Vernova, Inc. | — (h) | 230 | (9) | 0.0 (g) |
|  General Electric Co. | — (h) | 14 | — (h) | 0.0 (g) |
|  General Motors Co. | 1 | 47 | — (h) | 0.0 (g) |
|  Gentex Corp. | 2 | 48 | (1) | 0.0 (g) |
|  Globe Life, Inc. | 1 | 106 | (1) | 0.0 (g) |
|  Group 1 Automotive, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | — (h) | 15 | 1 | 0.0 (g) |
|  Hamilton Lane, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Hanover Insurance Group, Inc. (The) | — (h) | 30 | (1) | 0.0 (g) |
|  Hartford Insurance Group, Inc. (The) | 3 | 442 | (3) | 0.0 (g) |
|  HEICO Corp. | — (h) | 122 | 5 | 0.0 (g) |
|  HF Sinclair Corp. | 2 | 78 | (3) | 0.0 (g) |
|  Honeywell International, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  Houlihan Lokey, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  Hubbell, Inc. | — (h) | 71 | — (h) | 0.0 (g) |
|  Huntington Bancshares, Inc./OH | — (h) | 9 | — (h) | 0.0 (g) |
|  Illinois Tool Works, Inc. | — (h) | 111 | (5) | 0.0 (g) |
|  Illumina, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Installed Building Products, Inc. | — (h) | 24 | (1) | 0.0 (g) |
|  Interactive Brokers Group, Inc. | — (h) | 25 | 1 | 0.0 (g) |
|  Invitation Homes, Inc. | 2 | 63 | 2 | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  ITT, Inc. | — (h) | 49 | — (h) | 0.0 (g) |
|  Jabil, Inc. | — (h) | 38 | 1 | 0.0 (g) |
|  Jefferies Financial Group, Inc. | — (h) | 6 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 431

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Johnson Controls International plc | 3 | 361 | 9 | 0.0 (g) |
|  Keysight Technologies, Inc. | 3 | 614 | (13) | 0.0 (g) |
|  Kimco Realty Corp. | 1 | 21 | — (h) | 0.0 (g) |
|  Kirby Corp. | 1 | 108 | — (h) | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | 7 | 379 | (7) | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | 1 | 60 | 1 | 0.0 (g) |
|  Kroger Co. (The) | 2 | 145 | — (h) | 0.0 (g) |
|  Kyndryl Holdings, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  L3Harris Technologies, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Labcorp Holdings, Inc. | — (h) | 32 | (1) | 0.0 (g) |
|  Las Vegas Sands Corp. | — (h) | 14 | — (h) | 0.0 (g) |
|  Lear Corp. | 1 | 76 | (1) | 0.0 (g) |
|  Lennar Corp. | 1 | 57 | (6) | 0.0 (g) |
|  Liberty Media Corp-Liberty Formula One | 2 | 144 | 6 | 0.0 (g) |
|  Linde plc | — (h) | 35 | 1 | 0.0 (g) |
|  Lithia Motors, Inc. | — (h) | 34 | (1) | 0.0 (g) |
|  Louisiana-Pacific Corp. | — (h) | 22 | (1) | 0.0 (g) |
|  Lumentum Holdings, Inc. | — (h) | 44 | 5 | 0.0 (g) |
|  Lyft, Inc. | 1 | 13 | — (h) | 0.0 (g) |
|  Manhattan Associates, Inc. | — (h) | 24 | — (h) | 0.0 (g) |
|  MasTec, Inc. | 3 | 603 | (8) | 0.0 (g) |
|  Mastercard, Inc. | 2 | 928 | 3 | 0.0 (g) |
|  McKesson Corp. | 1 | 871 | (3) | 0.0 (g) |
|  Meritage Homes Corp. | 1 | 80 | (5) | 0.0 (g) |
|  MetLife, Inc. | 6 | 489 | (22) | 0.0 (g) |
|  Mettler-Toledo International, Inc. | — (h) | 21 | — (h) | 0.0 (g) |
|  MGIC Investment Corp. | 12 | 352 | 1 | 0.0 (g) |
|  MGM Resorts International | 3 | 116 | (3) | 0.0 (g) |
|  Micron Technology, Inc. | — (h) | 26 | 5 | 0.0 (g) |
|  Mid-America Apartment Communities, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Molina Healthcare, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Moody's Corp. | 1 | 490 | 23 | 0.0 (g) |
|  Mosaic Co. (The) | — (h) | 8 | — (h) | 0.0 (g) |
|  Motorola Solutions, Inc. | — (h) | 105 | 5 | 0.0 (g) |
|  NNN REIT, Inc. | 10 | 389 | (8) | 0.0 (g) |
|  Northrop Grumman Corp. | — (h) | 21 | — (h) | 0.0 (g) |
|  NRG Energy, Inc. | — (h) | 22 | — (h) | 0.0 (g) |
|  Nucor Corp. | — (h) | 11 | — (h) | 0.0 (g) |
|  NVR, Inc. | — (h) | 30 | (1) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | 3 | 509 | (2) | 0.0 (g) |
|  Ollie's Bargain Outlet Holdings, Inc. | 1 | 69 | (2) | 0.0 (g) |
|  Onto Innovation, Inc. | — (h) | 75 | 1 | 0.0 (g) |
|  Oshkosh Corp. | — (h) | 5 | — (h) | 0.0 (g) |
|  Otis Worldwide Corp. | 2 | 149 | (2) | 0.0 (g) |
|  Owens Corning | — (h) | 16 | — (h) | 0.0 (g) |
|  Parker-Hannifin Corp. | — (h) | 20 | — (h) | 0.0 (g) |
|  Paycom Software, Inc. | — (h) | 20 | — (h) | 0.0 (g) |
|  Penske Automotive Group, Inc. | — (h) | 11 | (1) | 0.0 (g) |
|  PepsiCo., Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Performance Food Group Co. | — (h) | 5 | — (h) | 0.0 (g) |
|  Pfizer, Inc. | 1 | 15 | (1) | 0.0 (g) |
|  PG&E Corp. | 2 | 30 | 1 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 432 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Philip Morris International, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Pilgrim's Pride Corp. | 1 | 23 | — (h) | 0.0 (g) |
|  Pinnacle West Capital Corp. | 2 | 156 | 1 | 0.0 (g) |
|  PJT Partners, Inc. | — (h) | 24 | — (h) | 0.0 (g) |
|  Pool Corp. | — (h) | 25 | — (h) | 0.0 (g) |
|  PPG Industries, Inc. | 5 | 503 | (6) | 0.0 (g) |
|  Principal Financial Group, Inc. | 7 | 644 | (17) | 0.0 (g) |
|  Procter & Gamble Co. (The) | 1 | 174 | (2) | 0.0 (g) |
|  Progressive Corp. (The) | — (h) | 24 | (1) | 0.0 (g) |
|  Prudential Financial, Inc. | 1 | 91 | (4) | 0.0 (g) |
|  Quest Diagnostics, Inc. | — (h) | 26 | (2) | 0.0 (g) |
|  RBC Bearings, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Reddit, Inc. | 1 | 216 | 11 | 0.0 (g) |
|  Regal Rexnord Corp. | — (h) | 31 | (2) | 0.0 (g) |
|  Regions Financial Corp. | — (h) | 9 | — (h) | 0.0 (g) |
|  Reliance, Inc. | — (h) | 27 | — (h) | 0.0 (g) |
|  ResMed, Inc. | — (h) | 61 | (3) | 0.0 (g) |
|  Revvity, Inc. | — (h) | 30 | — (h) | 0.0 (g) |
|  ROBLOX Corp. | 3 | 268 | (18) | 0.0 (g) |
|  Rockwell Automation, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Roku, Inc. | — (h) | 21 | — (h) | 0.0 (g) |
|  RPM International, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  RTX Corp. | — (h) | 25 | — (h) | 0.0 (g) |
|  Rubrik, Inc. | 2 | 136 | (6) | 0.0 (g) |
|  Salesforce, Inc. | — (h) | 51 | 2 | 0.0 (g) |
|  Sandisk Corp | — (h) | 13 | 1 | 0.0 (g) |
|  SBA Communications Corp. | — (h) | 13 | — (h) | 0.0 (g) |
|  Seagate Technology Holdings plc | — (h) | 15 | (1) | 0.0 (g) |
|  SEI Investments Co. | — (h) | 40 | — (h) | 0.0 (g) |
|  ServiceTitan, Inc. | — (h) | 15 | 1 | 0.0 (g) |
|  Simon Property Group, Inc. | 2 | 303 | 2 | 0.0 (g) |
|  SiTime Corp. | — (h) | 105 | (3) | 0.0 (g) |
|  Skyworks Solutions, Inc. | 1 | 33 | (1) | 0.0 (g) |
|  SLB Ltd. | 3 | 113 | (2) | 0.0 (g) |
|  Sprouts Farmers Market, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  SS&C Technologies Holdings, Inc. | — (h) | 14 | — (h) | 0.0 (g) |
|  State Street Corp. | — (h) | 7 | — (h) | 0.0 (g) |
|  Stifel Financial Corp. | — (h) | 14 | — (h) | 0.0 (g) |
|  Sysco Corp. | — (h) | 18 | — (h) | 0.0 (g) |
|  Tapestry, Inc. | — (h) | 18 | 1 | 0.0 (g) |
|  Target Corp. | — (h) | 19 | — (h) | 0.0 (g) |
|  Taylor Morrison Home Corp. | — (h) | 7 | — (h) | 0.0 (g) |
|  Tetra Tech, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Texas Roadhouse, Inc. | 1 | 234 | (5) | 0.0 (g) |
|  Textron, Inc. | 6 | 559 | (5) | 0.0 (g) |
|  Thor Industries, Inc. | — (h) | 25 | — (h) | 0.0 (g) |
|  TJX Cos., Inc. (The) | 4 | 690 | (14) | 0.0 (g) |
|  T-Mobile US, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Toll Brothers, Inc. | 1 | 185 | (7) | 0.0 (g) |
|  Toro Co. (The) | — (h) | 13 | 1 | 0.0 (g) |
|  Trade Desk, Inc. (The) | 1 | 29 | 1 | 0.0 (g) |
|  Trimble, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Twilio, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Uber Technologies, Inc. | — (h) | 6 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 433

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  United Therapeutics Corp. | — (h) | 247 | (6) | 0.0 (g) |
|  Universal Display Corp. | 1 | 131 | (3) | 0.0 (g) |
|  Urban Outfitters, Inc. | — (h) | 12 | (1) | 0.0 (g) |
|  US Bancorp | 1 | 32 | — (h) | 0.0 (g) |
|  Valero Energy Corp. | 1 | 230 | (4) | 0.0 (g) |
|  Vaxcyte, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Veeva Systems, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Veralto Corp. | — (h) | 32 | (1) | 0.0 (g) |
|  Verisk Analytics, Inc. | 1 | 285 | 7 | 0.0 (g) |
|  Vertiv Holdings Co. | — (h) | 5 | — (h) | 0.0 (g) |
|  Virtu Financial, Inc. | 3 | 98 | — (h) | 0.0 (g) |
|  Vistra Corp. | — (h) | 17 | (1) | 0.0 (g) |
|  Vulcan Materials Co. | 1 | 398 | (15) | 0.0 (g) |
|  Waste Management, Inc. | — (h) | 106 | 1 | 0.0 (g) |
|  Waystar Holding Corp. | — (h) | 2 | — (h) | 0.0 (g) |
|  WEC Energy Group, Inc. | — (h) | 36 | — (h) | 0.0 (g) |
|  Westlake Corp. | 1 | 58 | — (h) | 0.0 (g) |
|  Woodward, Inc. | — (h) | 108 | 1 | 0.0 (g) |
|  WP Carey, Inc. | 7 | 439 | (9) | 0.0 (g) |
|  XPO, Inc. | 1 | 89 | (7) | 0.0 (g) |
|  Xylem, Inc./NY | 1 | 148 | (2) | 0.0 (g) |
|  Zoetis, Inc. | — (h) | 16 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **31527** | **(170)** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(4234)** | **218** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.3% to 0.3%) which is denominated in USD based on the local currencies of the positions within the swap | 08/19/2026 | 62 | (1) | – | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Hongkong Land Holdings Ltd. | 2 | 14 | — (h) | 0.0 (g) |
|  Jardine Matheson Holdings Ltd. | 1 | 48 | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 62 | (1) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 62 | (1) | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 434 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from -0.4% to 0.29%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/15/2027 | 34 | (3) | (3) | (6) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia |  |  |  |  |
|  ALS Ltd. | (2) | (51) | — (h) | 0.0 (g) |
|  ANZ Group Holdings Ltd. | (8) | (303) | — (h) | 0.0 (g) |
|  APA Group | (3) | (28) | 1 | 0.0 (g) |
|  ASX Ltd. | (3) | (167) | 1 | 0.0 (g) |
|  BlueScope Steel Ltd. | (6) | (136) | — (h) | 0.0 (g) |
|  Brambles Ltd. | (5) | (124) | — (h) | 0.0 (g) |
|  CAR Group Ltd. | (5) | (142) | — (h) | 0.0 (g) |
|  Dexus | (4) | (32) | 1 | 0.0 (g) |
|  Genesis Minerals Ltd. | (30) | (218) | 1 | 0.0 (g) |
|  Lynas Rare Earths Ltd. | (2) | (20) | — (h) | 0.0 (g) |
|  Medibank Pvt Ltd. | (2) | (10) | — (h) | 0.0 (g) |
|  NEXTDC Ltd. | (1) | (18) | — (h) | 0.0 (g) |
|  Northern Star Resources Ltd. | (5) | (133) | 1 | 0.0 (g) |
|  Origin Energy Ltd. | (23) | (258) | (3) | 0.0 (g) |
|  Pilbara Minerals Ltd. | (31) | (124) | (4) | 0.0 (g) |
|  Ramelius Resources Ltd. | (11) | (45) | — (h) | 0.0 (g) |
|  Rio Tinto Ltd. | (6) | (875) | (9) | 0.0 (g) |
|  Scentre Group | (86) | (361) | — (h) | 0.0 (g) |
|  SGH Ltd. | (3) | (142) | 1 | 0.0 (g) |
|  Sigma Healthcare Ltd. | (65) | (191) | — (h) | 0.0 (g) |
|  Stockland | (12) | (74) | 2 | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | (3) | (33) | 1 | 0.0 (g) |
|  Transurban Group | (1) | (11) | — (h) | 0.0 (g) |
|  Vicinity Ltd. | (46) | (116) | (1) | 0.0 (g) |
|  Washington H Soul Pattinson & Co. Ltd. | — (h) | (11) | — (h) | 0.0 (g) |
|  Westpac Banking Corp. |  |  |  | 0.0 (g) |
|  WiseTech Global Ltd. | (3) | (231) | (3) | 0.0 (g) |
|  Woolworths Group Ltd. | (4) | (109) | — (h) | 0.0 (g) |
| Finland |  |  |  |  |
|  Cochlear Ltd. | (2) | (392) | — (h) | 0.0 (g) |
| New Zealand |  |  |  |  |
|  a2 Milk Co. Ltd./The | (2) | (18) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (4373) | (11) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 435

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions** | | | | |
| **Common Stocks** | | | | |
|  **Australia** |  |  |  |  |
|  Ampol Ltd. | 4 | 114 | — (h) | 0.0 (g) |
|  Aristocrat Leisure Ltd. | 1 | 79 | — (h) | 0.0 (g) |
|  Aurizon Holdings Ltd. | 32 | 115 | 1 | 0.0 (g) |
|  Coles Group Ltd. | 2 | 52 | — (h) | 0.0 (g) |
|  Computershare Ltd. | 2 | 57 | — (h) | 0.0 (g) |
|  Evolution Mining Ltd. | 1 | 15 | — (h) | 0.0 (g) |
|  Fortescue Ltd. | 5 | 103 | (1) | 0.0 (g) |
|  GPT Group (The) | 2 | 13 | — (h) | 0.0 (g) |
|  HUB24 Ltd. | — (h) | 38 | — (h) | 0.0 (g) |
|  Insurance Australia Group Ltd. | 3 | 20 | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | 2 | 225 | — (h) | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | 63 | 328 | (2) | 0.0 (g) |
|  Macquarie Group Ltd. | 1 | 155 | — (h) | 0.0 (g) |
|  Mineral Resources Ltd. | 1 | 28 | (1) | 0.0 (g) |
|  Mirvac Group | 52 | 109 | (1) | 0.0 (g) |
|  Orica Ltd. | 6 | 140 | (2) | 0.0 (g) |
|  Pro Medicus Ltd. | 2 | 487 | (2) | 0.0 (g) |
|  Qantas Airways Ltd. | 5 | 51 | — (h) | 0.0 (g) |
|  QBE Insurance Group Ltd. | 40 | 787 | 5 | 0.0 (g) |
|  REA Group Ltd. | 1 | 121 | — (h) | 0.0 (g) |
|  Regis Resources Ltd. | 1 | 10 | — (h) | 0.0 (g) |
|  Sandfire Resources Ltd. | 5 | 93 | 1 | 0.0 (g) |
|  Santos Ltd. | 13 | 79 | 1 | 0.0 (g) |
|  SEEK Ltd. | 3 | 68 | (1) | 0.0 (g) |
|  Sonic Healthcare Ltd. | 2 | 41 | — (h) | 0.0 (g) |
|  Suncorp Group Ltd. | 18 | 321 | 1 | 0.0 (g) |
|  Technology One Ltd. | 4 | 104 | (1) | 0.0 (g) |
|  Treasury Wine Estates Ltd. | 14 | 70 | 3 | 0.0 (g) |
|  Wesfarmers Ltd. | — (h) | 3 | — (h) | 0.0 (g) |
|  Woodside Energy Group Ltd. | 18 | 425 | 7 | 0.0 (g) |
|  Worley Ltd. | 11 | 139 | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | — (h) | 17 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **4407** | **8** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **34** | **(3)** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from -5.25% to 0.27%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/20/2027 | (113) | – (h) | 14 | 14 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 436 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  AGL Energy Ltd. | (6) | (60) | — (h) | 0.0 (g) |
|  Ampol Ltd. | (1) | (30) | — (h) | 0.0 (g) |
|  Aristocrat Leisure Ltd. | (1) | (35) | — (h) | 0.0 (g) |
|  Bellevue Gold Ltd. | (23) | (39) | — (h) | 0.0 (g) |
|  BHP Group Ltd. | (1) | (46) | — (h) | 0.0 (g) |
|  Boss Energy Ltd. | (51) | (74) | — (h) | 0.0 (g) |
|  Domino's Pizza Enterprises Ltd. | (6) | (130) | — (h) | 0.0 (g) |
|  DroneShield Ltd. | (27) | (84) | — (h) | 0.0 (g) |
|  Endeavour Group Ltd. | (10) | (38) | — (h) | 0.0 (g) |
|  Evolution Mining Ltd. | (12) | (150) | — (h) | 0.0 (g) |
|  Flight Centre Travel Group Ltd. | (3) | (42) | — (h) | 0.0 (g) |
|  Genesis Minerals Ltd. | (16) | (120) | — (h) | 0.0 (g) |
|  Greatland Resources Ltd. | (1) | (12) | — (h) | 0.0 (g) |
|  IDP Education Ltd. | (22) | (127) | — (h) | 0.0 (g) |
|  IGO Ltd. | (4) | (33) | — (h) | 0.0 (g) |
|  Iluka Resources Ltd. | (29) | (167) | — (h) | 0.0 (g) |
|  Liontown Ltd. | (19) | (30) | — (h) | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | (4) | (19) | — (h) | 0.0 (g) |
|  Lynas Rare Earths Ltd. | (8) | (95) | — (h) | 0.0 (g) |
|  Mineral Resources Ltd. | (7) | (370) | — (h) | 0.0 (g) |
|  National Australia Bank Ltd. |  |  |  | 0.0 (g) |
|  NEXTDC Ltd. | (2) | (24) | — (h) | 0.0 (g) |
|  Northern Star Resources Ltd. | (5) | (123) | — (h) | 0.0 (g) |
|  Paladin Energy Ltd. | (26) | (248) | — (h) | 0.0 (g) |
|  Pilbara Minerals Ltd. | (88) | (370) | — (h) | 0.0 (g) |
|  Ramsay Health Care Ltd. | (1) | (23) | — (h) | 0.0 (g) |
|  Reece Ltd. | (5) | (63) | — (h) | 0.0 (g) |
|  Rio Tinto Ltd. | (1) | (159) | — (h) | 0.0 (g) |
|  Sandfire Resources Ltd. | — (h) | (9) | — (h) | 0.0 (g) |
|  Scentre Group | (13) | (53) | — (h) | 0.0 (g) |
|  SGH Ltd. | (1) | (27) | — (h) | 0.0 (g) |
|  Sigma Healthcare Ltd. | (60) | (176) | — (h) | 0.0 (g) |
|  Steadfast Group Ltd. | (7) | (36) | — (h) | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | (14) | (160) | — (h) | 0.0 (g) |
|  Transurban Group | (1) | (18) | — (h) | 0.0 (g) |
|  Treasury Wine Estates Ltd. | (11) | (59) | — (h) | 0.0 (g) |
|  Vicinity Ltd. | (15) | (37) | — (h) | 0.0 (g) |
|  Washington H Soul Pattinson & Co. Ltd. | (2) | (63) | — (h) | 0.0 (g) |
|  Westgold Resources Ltd. | (10) | (64) | — (h) | 0.0 (g) |
|  Woolworths Group Ltd. | (4) | (104) | — (h) | 0.0 (g) |
|  Yancoal Australia Ltd. | (6) | (31) | — (h) | 0.0 (g) |
|  Zip Co. Ltd. | (34) | (113) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | — (h) | (15) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  James Hardie Industries plc | (17) | (528) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Amcor plc | (18) | (222) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Block, Inc. | — (h) | (37) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (4463) | — (h) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 437

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  APA Group | 4 | 34 | — (h) | 0.0 (g) |
|  ASX Ltd. | 1 | 40 | — (h) | 0.0 (g) |
|  Atlas Arteria Ltd. | 3 | 14 | — (h) | 0.0 (g) |
|  Bank of Queensland Ltd. | 2 | 11 | — (h) | 0.0 (g) |
|  BlueScope Steel Ltd. | 1 | 33 | — (h) | 0.0 (g) |
|  Brambles Ltd. | 2 | 46 | — (h) | 0.0 (g) |
|  Capricorn Metals Ltd. | 1 | 20 | — (h) | 0.0 (g) |
|  Challenger Ltd. | 1 | 14 | — (h) | 0.0 (g) |
|  Charter Hall Group | 2 | 50 | — (h) | 0.0 (g) |
|  Coles Group Ltd. | 6 | 133 | — (h) | 0.0 (g) |
|  Commonwealth Bank of Australia | 3 | 456 | — (h) | 0.0 (g) |
|  Computershare Ltd. | 5 | 173 | — (h) | 0.0 (g) |
|  Fortescue Ltd. | 2 | 44 | — (h) | 0.0 (g) |
|  Goodman Group | — (h) | 7 | — (h) | 0.0 (g) |
|  GPT Group (The) | 13 | 73 | — (h) | 0.0 (g) |
|  Insurance Australia Group Ltd. | 11 | 89 | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | 1 | 71 | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | 2 | 396 | — (h) | 0.0 (g) |
|  Medibank Pvt Ltd. | 3 | 14 | — (h) | 0.0 (g) |
|  Mirvac Group | 18 | 36 | — (h) | 0.0 (g) |
|  Netwealth Group Ltd. | — (h) | 12 | — (h) | 0.0 (g) |
|  Orica Ltd. | 3 | 61 | — (h) | 0.0 (g) |
|  Origin Energy Ltd. | 3 | 40 | — (h) | 0.0 (g) |
|  Perseus Mining Ltd. | 9 | 51 | — (h) | 0.0 (g) |
|  Pinnacle Investment Management Group Ltd. | 2 | 33 | — (h) | 0.0 (g) |
|  Pro Medicus Ltd. | — (h) | 14 | — (h) | 0.0 (g) |
|  Qantas Airways Ltd. | 5 | 55 | — (h) | 0.0 (g) |
|  QBE Insurance Group Ltd. | 9 | 185 | — (h) | 0.0 (g) |
|  Ramelius Resources Ltd. | 11 | 46 | — (h) | 0.0 (g) |
|  REA Group Ltd. | — (h) | 49 | — (h) | 0.0 (g) |
|  Regis Resources Ltd. | 4 | 32 | — (h) | 0.0 (g) |
|  Santos Ltd. | 21 | 131 | — (h) | 0.0 (g) |
|  Sonic Healthcare Ltd. | 1 | 28 | — (h) | 0.0 (g) |
|  South32 Ltd. | 54 | 193 | — (h) | 0.0 (g) |
|  Suncorp Group Ltd. | 12 | 205 | — (h) | 0.0 (g) |
|  Vault Minerals Ltd. | 5 | 29 | — (h) | 0.0 (g) |
|  Wesfarmers Ltd. | 2 | 155 | — (h) | 0.0 (g) |
|  Westpac Banking Corp. | 13 | 517 | — (h) | 0.0 (g) |
|  WiseTech Global Ltd. | 1 | 52 | — (h) | 0.0 (g) |
|  Woodside Energy Group Ltd. | 8 | 193 | — (h) | 0.0 (g) |
|  Worley Ltd. | 3 | 38 | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | — (h) | 68 | — (h) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  a2 Milk Co. Ltd./The | 6 | 52 | — (h) | 0.0 (g) |
|  Fisher & Paykel Healthcare Corp. Ltd. | 1 | 20 | — (h) | 0.0 (g) |
|  Xero Ltd. | 1 | 139 | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Life360, Inc. | 1 | 32 | — (h) | 0.0 (g) |
|  Newmont Corp. | — (h) | 55 | — (h) | 0.0 (g) |
|  ResMed, Inc. | 3 | 111 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **4350** | **—** **(h)** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(113)** | **—** **(h)** | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 438 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DISC on long positions and short positions respectively, plus or minus spread (rates range from -2.04% to 0.2%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/21/2027 | (4785) | – (h) | (19) | (19) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Air Canada | (3) | (66) | — (h) | 0.0 (g) |
|  Algonquin Power & Utilities Corp. | (4) | (30) | — (h) | 0.0 (g) |
|  Alimentation Couche-Tard, Inc. | (1) | (84) | — (h) | 0.0 (g) |
|  Allied Properties Real Estate Investment Trust | (1) | (8) | — (h) | 0.0 (g) |
|  Aritzia, Inc. | — (h) | (26) | — (h) | 0.0 (g) |
|  AtkinsRealis Group, Inc. | (1) | (116) | — (h) | 0.0 (g) |
|  Aya Gold & Silver, Inc. | (2) | (45) | — (h) | 0.0 (g) |
|  B2Gold Corp. | (13) | (82) | — (h) | 0.0 (g) |
|  Baytex Energy Corp. | (17) | (75) | — (h) | 0.0 (g) |
|  BCE, Inc. | (5) | (151) | — (h) | 0.0 (g) |
|  Bombardier, Inc. | (1) | (158) | — (h) | 0.0 (g) |
|  Boralex, Inc. | (1) | (30) | — (h) | 0.0 (g) |
|  Brookfield Corp. | (4) | (242) | — (h) | 0.0 (g) |
|  CAE, Inc. | (1) | (23) | — (h) | 0.0 (g) |
|  Canadian Pacific Kansas City Ltd. | (5) | (525) | — (h) | 0.0 (g) |
|  Capstone Copper Corp. | (7) | (91) | — (h) | 0.0 (g) |
|  CCL Industries, Inc. | (1) | (70) | — (h) | 0.0 (g) |
|  CGI, Inc. | (1) | (113) | — (h) | 0.0 (g) |
|  Colliers International Group, Inc. | — (h) | (43) | — (h) | 0.0 (g) |
|  Descartes Systems Group, Inc. (The) | — (h) | (30) | — (h) | 0.0 (g) |
|  Discovery Silver Corp. | (5) | (46) | — (h) | 0.0 (g) |
|  Dollarama, Inc. | (1) | (127) | — (h) | 0.0 (g) |
|  DPM Metals, Inc. | (1) | (31) | — (h) | 0.0 (g) |
|  Element Fleet Management Corp. | (2) | (78) | — (h) | 0.0 (g) |
|  Equinox Gold Corp. | (4) | (84) | — (h) | 0.0 (g) |
|  ERO Copper Corp. | — (h) | (12) | — (h) | 0.0 (g) |
|  Finning International, Inc. | — (h) | (25) | — (h) | 0.0 (g) |
|  First Quantum Minerals Ltd. | (2) | (65) | — (h) | 0.0 (g) |
|  FirstService Corp. | — (h) | (40) | — (h) | 0.0 (g) |
|  Freehold Royalties Ltd. | (3) | (40) | — (h) | 0.0 (g) |
|  G Mining Ventures Corp. | (3) | (109) | — (h) | 0.0 (g) |
|  Gibson Energy, Inc. | (1) | (25) | — (h) | 0.0 (g) |
|  Gildan Activewear, Inc. | (1) | (91) | — (h) | 0.0 (g) |
|  goeasy Ltd. | — (h) | (10) | — (h) | 0.0 (g) |
|  Great-West Lifeco, Inc. | (1) | (55) | — (h) | 0.0 (g) |
|  Hudbay Minerals, Inc. | (2) | (57) | — (h) | 0.0 (g) |
|  Ivanhoe Mines Ltd. | (16) | (243) | — (h) | 0.0 (g) |
|  K92 Mining, Inc. | (1) | (26) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 439

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Canada — continued** |  |  |  |  |
|  Keyera Corp. | (1) | (25) | — (h) | 0.0 (g) |
|  Lundin Gold, Inc. | (1) | (135) | — (h) | 0.0 (g) |
|  Lundin Mining Corp. | (1) | (37) | — (h) | 0.0 (g) |
|  NexGen Energy Ltd. | (6) | (81) | — (h) | 0.0 (g) |
|  OceanaGold Corp. | — (h) | (10) | — (h) | 0.0 (g) |
|  Open Text Corp. | (2) | (100) | — (h) | 0.0 (g) |
|  OR Royalties, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Orla Mining Ltd. | (2) | (31) | — (h) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | (3) | (62) | — (h) | 0.0 (g) |
|  PrairieSky Royalty Ltd. | (1) | (15) | — (h) | 0.0 (g) |
|  Premium Brands Holdings Corp. | — (h) | (11) | — (h) | 0.0 (g) |
|  Quebecor, Inc. | (2) | (114) | — (h) | 0.0 (g) |
|  Rogers Communications, Inc. | (7) | (342) | — (h) | 0.0 (g) |
|  Saputo, Inc. | (1) | (24) | — (h) | 0.0 (g) |
|  Secure Waste Infrastructure Corp. | (1) | (22) | — (h) | 0.0 (g) |
|  South Bow Corp. | (3) | (122) | — (h) | 0.0 (g) |
|  Sun Life Financial, Inc. | (1) | (65) | — (h) | 0.0 (g) |
|  TELUS Corp. | (2) | (27) | — (h) | 0.0 (g) |
|  Thomson Reuters Corp. | (1) | (97) | — (h) | 0.0 (g) |
|  Torex Gold Resources, Inc. | (1) | (45) | — (h) | 0.0 (g) |
|  Toromont Industries Ltd. | — (h) | (28) | — (h) | 0.0 (g) |
|  Tourmaline Oil Corp. | (3) | (164) | — (h) | 0.0 (g) |
|  TransAlta Corp. | (1) | (15) | — (h) | 0.0 (g) |
|  Vermilion Energy, Inc. | (2) | (21) | — (h) | 0.0 (g) |
|  West Fraser Timber Co. Ltd. | — (h) | (37) | — (h) | 0.0 (g) |
|  Whitecap Resources, Inc. | (9) | (106) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Energy Fuels, Inc. | (1) | (21) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(4936)** | **—** **(h)** | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Cenovus Energy, Inc. | 7 | 151 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **151** | **—** **(h)** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(4785)** | **—** **(h)** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DISC on long positions and short positions respectively, plus or minus spread (rates range from 0.2% to 0.2%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/17/2027 | 6215 | – (h) | 23 | 23 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 440 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  AltaGas Ltd. | 1 | 25 | — (h) | 0.0 (g) |
|  Atco Ltd. | — (h) | 26 | — (h) | 0.0 (g) |
|  Athabasca Oil Corp. | 3 | 20 | — (h) | 0.0 (g) |
|  Bank of Montreal | 2 | 280 | — (h) | 0.0 (g) |
|  Bank of Nova Scotia (The) | 3 | 349 | — (h) | 0.0 (g) |
|  Canadian Apartment Properties REIT | — (h) | 10 | — (h) | 0.0 (g) |
|  Canadian Imperial Bank of Commerce | 2 | 302 | — (h) | 0.0 (g) |
|  Canadian National Railway Co. | — (h) | 10 | — (h) | 0.0 (g) |
|  Canadian Tire Corp. Ltd. | — (h) | 8 | — (h) | 0.0 (g) |
|  Canadian Utilities Ltd. | 1 | 32 | — (h) | 0.0 (g) |
|  Centerra Gold, Inc. | 1 | 20 | — (h) | 0.0 (g) |
|  Constellation Software, Inc./Canada | — (h) | 162 | — (h) | 0.0 (g) |
|  Emera, Inc. | — (h) | 19 | — (h) | 0.0 (g) |
|  Empire Co. Ltd. | — (h) | 14 | — (h) | 0.0 (g) |
|  Fairfax Financial Holdings Ltd. | — (h) | 118 | — (h) | 0.0 (g) |
|  Fortis, Inc. | 1 | 53 | — (h) | 0.0 (g) |
|  Franco-Nevada Corp. | — (h) | 47 | — (h) | 0.0 (g) |
|  George Weston Ltd. | — (h) | 33 | — (h) | 0.0 (g) |
|  Hydro One Ltd. | 1 | 33 | — (h) | 0.0 (g) |
|  iA Financial Corp., Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  IGM Financial, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  Imperial Oil Ltd. | 1 | 131 | — (h) | 0.0 (g) |
|  Kinaxis, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Loblaw Cos. Ltd. | 3 | 162 | — (h) | 0.0 (g) |
|  Magna International, Inc. | 1 | 62 | — (h) | 0.0 (g) |
|  Manulife Financial Corp. | 16 | 819 | — (h) | 0.0 (g) |
|  MDA Space Ltd. | — (h) | 10 | — (h) | 0.0 (g) |
|  Methanex Corp. | — (h) | 11 | — (h) | 0.0 (g) |
|  Metro, Inc./CN | — (h) | 33 | — (h) | 0.0 (g) |
|  Nutrien Ltd. | 1 | 98 | — (h) | 0.0 (g) |
|  Pembina Pipeline Corp. | 2 | 82 | — (h) | 0.0 (g) |
|  Power Corp. of Canada | 2 | 160 | — (h) | 0.0 (g) |
|  RioCan Real Estate Investment Trust | 1 | 18 | — (h) | 0.0 (g) |
|  Royal Bank of Canada | 3 | 782 | — (h) | 0.0 (g) |
|  Suncor Energy, Inc. | 16 | 987 | — (h) | 0.0 (g) |
|  TC Energy Corp. | 4 | 275 | — (h) | 0.0 (g) |
|  TMX Group Ltd. | — (h) | 21 | — (h) | 0.0 (g) |
|  Toronto-Dominion Bank (The) | 7 | 876 | — (h) | 0.0 (g) |
|  Wheaton Precious Metals Corp. | — (h) | 16 | — (h) | 0.0 (g) |
|  WSP Global, Inc. | — (h) | 16 | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Asset Management Ltd. | 1 | 61 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 6215 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 6215 | — (h) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 441

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DISC on long positions and short positions respectively, plus or minus spread (rates range from -1.34% to 0.2%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/14/2027 | 9082 | (4) | (8) | (12) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Algonquin Power & Utilities Corp. | (37) | (318) | 2 | 0.0 (g) |
|  AltaGas Ltd. | (12) | (486) | (4) | 0.0 (g) |
|  ARC Resources Ltd. | (8) | (210) | (2) | 0.0 (g) |
|  Aris Mining Corp. | (1) | (16) | — (h) | 0.0 (g) |
|  Bank of Montreal | — (h) | (36) | — (h) | 0.0 (g) |
|  Bank of Nova Scotia (The) | — (h) | (20) | — (h) | 0.0 (g) |
|  Bombardier, Inc. | (4) | (1026) | 11 | 0.0 (g) |
|  CAE, Inc. | (2) | (74) | 1 | 0.0 (g) |
|  Canadian Imperial Bank of Commerce | (1) | (94) | 1 | 0.0 (g) |
|  Canadian National Railway Co. | — (h) | (13) | — (h) | 0.0 (g) |
|  Canadian Utilities Ltd. | (4) | (156) | (2) | 0.0 (g) |
|  Cenovus Energy, Inc. | (4) | (82) | (1) | 0.0 (g) |
|  Discovery Silver Corp. | (2) | (17) | 1 | 0.0 (g) |
|  Enbridge, Inc. | (7) | (424) | (6) | 0.0 (g) |
|  Equinox Gold Corp. | (80) | (1633) | 69 | 0.0 (g) |
|  G Mining Ventures Corp. | (1) | (24) | 1 | 0.0 (g) |
|  GFL Environmental, Inc. | (6) | (373) | 1 | 0.0 (g) |
|  Gildan Activewear, Inc. | (14) | (1253) | 13 | 0.0 (g) |
|  Great-West Lifeco, Inc. | (1) | (60) | — (h) | 0.0 (g) |
|  iA Financial Corp., Inc. | (1) | (234) | 1 | 0.0 (g) |
|  Ivanhoe Mines Ltd. | (35) | (540) | (4) | 0.0 (g) |
|  Methanex Corp. | (6) | (343) | 7 | 0.0 (g) |
|  National Bank of Canada | — (h) | (59) | 1 | 0.0 (g) |
|  Novagold Resources, Inc. | (4) | (50) | 3 | 0.0 (g) |
|  Nutrien Ltd. | (2) | (183) | 2 | 0.0 (g) |
|  Pembina Pipeline Corp. | (7) | (335) | (6) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | (5) | (104) | — (h) | 0.0 (g) |
|  Power Corp. of Canada | (11) | (823) | 5 | 0.0 (g) |
|  Restaurant Brands International, Inc. | (1) | (138) | 3 | 0.0 (g) |
|  Saputo, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Secure Waste Infrastructure Corp. | (6) | (103) | 1 | 0.0 (g) |
|  Shopify, Inc. | (4) | (831) | 32 | 0.0 (g) |
|  South Bow Corp. | (2) | (62) | — (h) | 0.0 (g) |
|  TC Energy Corp. | (9) | (649) | 3 | 0.0 (g) |
|  Torex Gold Resources, Inc. | (1) | (77) | 3 | 0.0 (g) |
|  Whitecap Resources, Inc. | (108) | (1221) | (16) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 442 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Energy Fuels, Inc. | (2) | (33) | 1 | 0.0 (g) |
|  Galaxy Digital, Inc. | — (h) | (12) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (12123) | 122 | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Agnico Eagle Mines Ltd. | — (h) | 74 | (3) | 0.0 (g) |
|  Air Canada | 22 | 442 | (9) | 0.0 (g) |
|  Alamos Gold, Inc. | 9 | 484 | (17) | 0.0 (g) |
|  Aritzia, Inc. | 10 | 1156 | (7) | 0.0 (g) |
|  AtkinsRealis Group, Inc. | — (h) | 22 | — (h) | 0.0 (g) |
|  Cameco Corp. | 1 | 112 | — (h) | 0.0 (g) |
|  Canadian Apartment Properties REIT | 9 | 315 | 1 | 0.0 (g) |
|  Capital Power Corp. | 5 | 274 | (2) | 0.0 (g) |
|  CCL Industries, Inc. | 1 | 111 | — (h) | 0.0 (g) |
|  Celestica, Inc. | — (h) | 73 | (2) | 0.0 (g) |
|  CGI, Inc. | 13 | 1610 | (14) | 0.0 (g) |
|  Colliers International Group, Inc. | — (h) | 40 | — (h) | 0.0 (g) |
|  Constellation Software, Inc./Canada | — (h) | 20 | — (h) | 0.0 (g) |
|  Descartes Systems Group, Inc. (The) | 1 | 67 | (1) | 0.0 (g) |
|  Dollarama, Inc. | 5 | 1102 | 3 | 0.0 (g) |
|  DPM Metals, Inc. | 2 | 100 | (2) | 0.0 (g) |
|  Eldorado Gold Corp. | 1 | 64 | (2) | 0.0 (g) |
|  Fairfax Financial Holdings Ltd. | — (h) | 386 | 7 | 0.0 (g) |
|  First Quantum Minerals Ltd. | 5 | 164 | 2 | 0.0 (g) |
|  Fortis, Inc./Canada | 12 | 871 | 9 | 0.0 (g) |
|  George Weston Ltd. | 1 | 67 | — (h) | 0.0 (g) |
|  Hudbay Minerals, Inc. | 3 | 84 | — (h) | 0.0 (g) |
|  IGM Financial, Inc. | 1 | 49 | (1) | 0.0 (g) |
|  Imperial Oil Ltd. | 1 | 66 | 1 | 0.0 (g) |
|  Intact Financial Corp. | — (h) | 41 | — (h) | 0.0 (g) |
|  Kinross Gold Corp. | 5 | 221 | (7) | 0.0 (g) |
|  Loblaw Cos. Ltd. | 1 | 69 | — (h) | 0.0 (g) |
|  Lundin Gold, Inc. | — (h) | 44 | (2) | 0.0 (g) |
|  Magna International, Inc. | 16 | 1210 | (18) | 0.0 (g) |
|  Manulife Financial Corp. | 4 | 208 | (1) | 0.0 (g) |
|  Metro, Inc./CN | 13 | 1322 | 4 | 0.0 (g) |
|  Northland Power, Inc. | 19 | 343 | 3 | 0.0 (g) |
|  OceanaGold Corp. | 11 | 421 | (8) | 0.0 (g) |
|  Quebecor, Inc. | 3 | 149 | — (h) | 0.0 (g) |
|  RioCan Real Estate Investment Trust | 12 | 220 | 1 | 0.0 (g) |
|  Stantec, Inc. | 2 | 323 | — (h) | 0.0 (g) |
|  Sun Life Financial, Inc. | 1 | 104 | — (h) | 0.0 (g) |
|  Suncor Energy, Inc. | 31 | 1824 | 42 | 0.0 (g) |
|  TELUS Corp. | 5 | 95 | 3 | 0.0 (g) |
|  TFI International, Inc. | 3 | 436 | (9) | 0.0 (g) |
|  Thomson Reuters Corp. | 7 | 1235 | (9) | 0.0 (g) |
|  TMX Group Ltd. | 16 | 862 | (1) | 0.0 (g) |
|  TransAlta Corp. | 4 | 73 | 1 | 0.0 (g) |
|  Triple Flag Precious Metals Corp. | 3 | 158 | (5) | 0.0 (g) |
|  Wheaton Precious Metals Corp. | 1 | 242 | (7) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 443

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  Endeavour Mining plc | 26 | 1907 | (47) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Infrastructure Corp. | 31 | 1945 | (29) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **21205** | **(126)** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **9082** | **(4)** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 09/15/2027 | (1838) | (13) | – | (13) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Alcon AG | — (h) | (26) | — (h) | 0.0 (g) |
|  Avolta AG | — (h) | (11) | — (h) | 0.0 (g) |
|  Banque Cantonale Vaudoise | — (h) | (24) | — (h) | 0.0 (g) |
|  Belimo Holding AG | — (h) | (13) | — (h) | 0.0 (g) |
|  Galderma Group AG | — (h) | (5) | — (h) | 0.0 (g) |
|  Geberit AG | — (h) | (107) | — (h) | 0.0 (g) |
|  Givaudan SA | — (h) | (235) | (2) | 0.0 (g) |
|  Kuehne + Nagel International AG | — (h) | (12) | — (h) | 0.0 (g) |
|  Sandoz Group AG | (9) | (502) | 5 | 0.0 (g) |
|  Straumann Holding AG | (1) | (100) | 1 | 0.0 (g) |
|  Swiss Life Holding AG | (1) | (1204) | (5) | 0.0 (g) |
|  Swiss Prime Site AG | (2) | (265) | (4) | 0.0 (g) |
|  Swiss Re AG | (2) | (230) | (2) | 0.0 (g) |
|  Swisscom AG | (1) | (707) | (12) | 0.0 (g) |
|  VAT Group AG | — (h) | (34) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (3475) | (19) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | 14 | 842 | 7 | 0.0 (g) |
|  Accelleron Industries AG | 1 | 61 | (1) | 0.0 (g) |
|  Barry Callebaut AG | — (h) | 23 | 1 | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | — (h) | 105 | (1) | 0.0 (g) |
|  EMS-Chemie Holding AG | — (h) | 5 | — (h) | 0.0 (g) |
|  Holcim AG | 1 | 62 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 444 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Switzerland — continued** |  |  |  |  |
|  Julius Baer Group Ltd. | 3 | 159 | (1) | 0.0 (g) |
|  Partners Group Holding AG | — (h) | 5 | — (h) | 0.0 (g) |
|  PSP Swiss Property AG | — (h) | 17 | — (h) | 0.0 (g) |
|  Schindler Holding AG | — (h) | 50 | — (h) | 0.0 (g) |
|  SGS SA | — (h) | 9 | — (h) | 0.0 (g) |
|  Sika AG | — (h) | 51 | — (h) | 0.0 (g) |
|  Sonova Holding AG | 1 | 154 | – (h) | 0.0 (g) |
|  Swissquote Group Holding SA | — (h) | 4 | — (h) | 0.0 (g) |
|  UBS Group AG | 2 | 90 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1637 | 6 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1838) | (13) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from -3.94% to 0.23%) which is denominated in CHF based on the local currencies of the positions within the swap | 09/22/2027 | (5655) | – (h) | – | – (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  ams-OSRAM AG | (2) | (18) | – (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Adecco Group AG | (2) | (40) | – (h) | 0.0 (g) |
|  Alcon AG | (8) | (502) | – (h) | 0.0 (g) |
|  Allreal Holding AG | — (h) | (16) | – (h) | 0.0 (g) |
|  ALSO Holding AG | — (h) | (14) | – (h) | 0.0 (g) |
|  Amrize Ltd. | (12) | (528) | – (h) | 0.0 (g) |
|  Aryzta AG | — (h) | (8) | – (h) | 0.0 (g) |
|  Avolta AG | — (h) | (9) | – (h) | 0.0 (g) |
|  Bachem Holding AG | (2) | (117) | – (h) | 0.0 (g) |
|  Banque Cantonale Vaudoise | (1) | (60) | – (h) | 0.0 (g) |
|  Barry Callebaut AG | — (h) | (397) | – (h) | 0.0 (g) |
|  BKW AG | — (h) | (66) | – (h) | 0.0 (g) |
|  Bossard Holding AG | — (h) | (6) | – (h) | 0.0 (g) |
|  Bucher Industries AG | — (h) | (15) | – (h) | 0.0 (g) |
|  Cembra Money Bank AG | — (h) | (19) | – (h) | 0.0 (g) |
|  Clariant AG | (12) | (89) | – (h) | 0.0 (g) |
|  DocMorris AG | (3) | (16) | – (h) | 0.0 (g) |
|  Dottikon Es Holding AG | — (h) | (3) | – (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 445

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Switzerland — continued** |  |  |  |  |
|  EFG International AG | (4) | (73) | — (h) | 0.0 (g) |
|  Emmi AG | — (h) | (23) | — (h) | 0.0 (g) |
|  Flughafen Zurich AG | — (h) | (113) | — (h) | 0.0 (g) |
|  Forbo Holding AG | — (h) | (13) | — (h) | 0.0 (g) |
|  Galderma Group AG | (3) | (465) | — (h) | 0.0 (g) |
|  Galenica AG | — (h) | (24) | — (h) | 0.0 (g) |
|  Givaudan SA | — (h) | (296) | — (h) | 0.0 (g) |
|  Helvetia Holding AG | — (h) | (34) | — (h) | 0.0 (g) |
|  Idorsia Ltd. | (17) | (72) | — (h) | 0.0 (g) |
|  Implenia AG | — (h) | (36) | — (h) | 0.0 (g) |
|  Julius Baer Group Ltd. | (7) | (418) | — (h) | 0.0 (g) |
|  Komax Holding AG | — (h) | (3) | — (h) | 0.0 (g) |
|  Kuehne + Nagel International AG | (3) | (432) | — (h) | 0.0 (g) |
|  Kuros Biosciences AG | (1) | (41) | — (h) | 0.0 (g) |
|  Lonza Group AG | (1) | (425) | — (h) | 0.0 (g) |
|  Medacta Group SA | — (h) | (7) | — (h) | 0.0 (g) |
|  Mobimo Holding AG | — (h) | (22) | — (h) | 0.0 (g) |
|  Montana Aerospace AG | (1) | (33) | — (h) | 0.0 (g) |
|  Nestle SA | (22) | (1770) | — (h) | 0.0 (g) |
|  OC Oerlikon Corp. AG Pfaffikon | (5) | (17) | — (h) | 0.0 (g) |
|  Partners Group Holding AG | — (h) | (59) | — (h) | 0.0 (g) |
|  PolyPeptide Group AG | — (h) | (2) | — (h) | 0.0 (g) |
|  PSP Swiss Property AG | (1) | (127) | — (h) | 0.0 (g) |
|  R&S Group Holding AG | (1) | (16) | — (h) | 0.0 (g) |
|  Roche Holding AG | (3) | (1109) | — (h) | 0.0 (g) |
|  Sandoz Group AG | (6) | (374) | — (h) | 0.0 (g) |
|  Schweiter Technologies AG | — (h) | (1) | — (h) | 0.0 (g) |
|  SGS SA | (2) | (144) | — (h) | 0.0 (g) |
|  Siegfried Holding AG | — (h) | (28) | — (h) | 0.0 (g) |
|  SIG Group AG | (3) | (28) | — (h) | 0.0 (g) |
|  Sika AG | (1) | (210) | — (h) | 0.0 (g) |
|  SKAN Group AG | — (h) | (2) | — (h) | 0.0 (g) |
|  Softwareone Holding AG | (3) | (24) | — (h) | 0.0 (g) |
|  St Galler Kantonalbank AG | — (h) | (7) | — (h) | 0.0 (g) |
|  Stadler Rail AG | — (h) | (5) | — (h) | 0.0 (g) |
|  Straumann Holding AG | (3) | (317) | — (h) | 0.0 (g) |
|  Sulzer AG | — (h) | (4) | — (h) | 0.0 (g) |
|  Sunrise Communications AG | (1) | (29) | — (h) | 0.0 (g) |
|  Swatch Group AG (The) | — (h) | (11) | — (h) | 0.0 (g) |
|  Swiss Prime Site AG | (2) | (198) | — (h) | 0.0 (g) |
|  Swiss Re AG | (4) | (560) | — (h) | 0.0 (g) |
|  Swisscom AG | — (h) | (186) | — (h) | 0.0 (g) |
|  Swissquote Group Holding SA | — (h) | (147) | — (h) | 0.0 (g) |
|  Tecan Group AG | — (h) | (46) | — (h) | 0.0 (g) |
|  Temenos AG | — (h) | (8) | — (h) | 0.0 (g) |
|  UBS Group AG | (33) | (1217) | — (h) | 0.0 (g) |
|  VAT Group AG | (1) | (325) | — (h) | 0.0 (g) |
|  Vontobel Holding AG | (1) | (50) | — (h) | 0.0 (g) |
|  Ypsomed Holding AG | — (h) | (84) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(11558)** | — (h) | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 446 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | 9 | 557 | — (h) | 0.0 (g) |
|  Accelleron Industries AG | — (h) | 25 | — (h) | 0.0 (g) |
|  Basilea Pharmaceutica Ag Allschwil | 1 | 37 | — (h) | 0.0 (g) |
|  Belimo Holding AG | — (h) | 5 | — (h) | 0.0 (g) |
|  Burckhardt Compression Holding AG | — (h) | 68 | — (h) | 0.0 (g) |
|  Burkhalter Holding AG | — (h) | 2 | — (h) | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | — (h) | 12 | — (h) | 0.0 (g) |
|  Cie Financiere Richemont SA | 4 | 773 | — (h) | 0.0 (g) |
|  Comet Holding AG | — (h) | 21 | — (h) | 0.0 (g) |
|  Daetwyler Holding AG | — (h) | 4 | — (h) | 0.0 (g) |
|  DKSH Holding AG | — (h) | 19 | — (h) | 0.0 (g) |
|  dormakaba Holding AG | — (h) | 4 | — (h) | 0.0 (g) |
|  EMS-Chemie Holding AG | — (h) | 50 | — (h) | 0.0 (g) |
|  Holcim AG | 8 | 621 | — (h) | 0.0 (g) |
|  Huber + Suhner AG | — (h) | 18 | — (h) | 0.0 (g) |
|  Inficon Holding AG | — (h) | 6 | — (h) | 0.0 (g) |
|  Interroll Holding AG | — (h) | 22 | — (h) | 0.0 (g) |
|  Kardex Holding AG | — (h) | 19 | — (h) | 0.0 (g) |
|  Logitech International SA | 7 | 604 | — (h) | 0.0 (g) |
|  Mobilezone Holding AG | — (h) | 6 | — (h) | 0.0 (g) |
|  Novartis AG | 13 | 1473 | — (h) | 0.0 (g) |
|  Schindler Holding AG | 1 | 325 | — (h) | 0.0 (g) |
|  Sensirion Holding AG | — (h) | 3 | — (h) | 0.0 (g) |
|  SFS Group AG | — (h) | 8 | — (h) | 0.0 (g) |
|  Swiss Life Holding AG | — (h) | 160 | — (h) | 0.0 (g) |
|  Vaudoise Assurances Holding SA | — (h) | 2 | — (h) | 0.0 (g) |
|  VZ Holding AG | — (h) | 40 | — (h) | 0.0 (g) |
|  Zurich Insurance Group AG | 2 | 1019 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 5903 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (5655) | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one week CIBOR on long positions and short positions respectively, plus or minus spread (rates range from -0.38% to 0.25%) which is denominated in DKK based on the local currencies of the positions within the swap | 09/22/2027 | 1233 | – (h) | (4) | (4) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 447

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Ambu A/S | (2) | (185) | — (h) | 0.0 (g) |
|  Coloplast A/S | (1) | (456) | — (h) | 0.0 (g) |
|  DSV A/S | (7) | (10908) | — (h) | 0.0 (g) |
|  FLSmidth & Co. A/S | (1) | (252) | — (h) | 0.0 (g) |
|  ISS A/S | (1) | (150) | — (h) | 0.0 (g) |
|  Matas A/S | (1) | (86) | — (h) | 0.0 (g) |
|  Netcompany Group A/S | (1) | (407) | — (h) | 0.0 (g) |
|  NKT A/S | — (h) | (375) | — (h) | 0.0 (g) |
|  Novonesis Novozymes B | (8) | (3402) | — (h) | 0.0 (g) |
|  Orsted A/S | (5) | (646) | — (h) | 0.0 (g) |
|  Royal Unibrew A/S | — (h) | (202) | — (h) | 0.0 (g) |
|  Zealand Pharma A/S | — (h) | (87) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(17156)** | **—** **(h)** | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Alm Brand A/S | 1 | 14 | — (h) | 0.0 (g) |
|  AP Moller - Maersk A/S | — (h) | 1552 | — (h) | 0.0 (g) |
|  Chemometec A/S | — (h) | 43 | — (h) | 0.0 (g) |
|  D/S Norden A/S | — (h) | 94 | — (h) | 0.0 (g) |
|  Danske Bank A/S | 6 | 1961 | — (h) | 0.0 (g) |
|  Demant A/S | 1 | 138 | — (h) | 0.0 (g) |
|  Genmab A/S | 3 | 6571 | — (h) | 0.0 (g) |
|  Gubra A/S | — (h) | 80 | — (h) | 0.0 (g) |
|  Jyske Bank A/S | — (h) | 203 | — (h) | 0.0 (g) |
|  Novo Nordisk A/S | 3 | 919 | — (h) | 0.0 (g) |
|  Pandora A/S | 2 | 1518 | — (h) | 0.0 (g) |
|  Ringkjoebing Landbobank A/S | — (h) | 311 | — (h) | 0.0 (g) |
|  ROCKWOOL A/S | — (h) | 87 | — (h) | 0.0 (g) |
|  Scandinavian Tobacco Group A/S | — (h) | 10 | — (h) | 0.0 (g) |
|  Schouw & Co. A/S | — (h) | 29 | — (h) | 0.0 (g) |
|  Sydbank A/S | 1 | 293 | — (h) | 0.0 (g) |
|  Tryg A/S | 1 | 160 | — (h) | 0.0 (g) |
|  Vestas Wind Systems A/S | 25 | 4378 | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  TORM plc | — (h) | 28 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **18389** | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **1233** | — (h) | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 448 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in DKK based on the local currencies of the positions within the swap | 09/15/2027 | (6651) | (21) | – | (21) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Carlsberg A/S | (1) | (577) | (1) | 0.0 (g) |
|  Danske Bank A/S | (20) | (6200) | (15) | 0.0 (g) |
|  Demant A/S | (1) | (306) | (1) | 0.0 (g) |
|  DSV A/S | — (h) | (47) | — (h) | 0.0 (g) |
|  Novo Nordisk A/S | (1) | (222) | (2) | 0.0 (g) |
|  Novonesis Novozymes B | (6) | (2286) | (6) | 0.0 (g) |
|  Orsted A/S | (1) | (119) | (1) | 0.0 (g) |
|  ROCKWOOL A/S | (1) | (289) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (10046) | (27) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller - Maersk A/S | — (h) | 1246 | 2 | 0.0 (g) |
|  Coloplast A/S | — (h) | 14 | — (h) | 0.0 (g) |
|  Genmab A/S | — (h) | 170 | (1) | 0.0 (g) |
|  Pandora A/S | 1 | 777 | 1 | 0.0 (g) |
|  Tryg A/S | 5 | 887 | 3 | 0.0 (g) |
|  Vestas Wind Systems A/S | 2 | 270 | 1 | 0.0 (g) |
|  Zealand Pharma A/S | — (h) | 31 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3395 | 6 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (6651) | (21) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from -5% to 0.23%) which is denominated in EUR based on the local currencies of the positions within the swap | 09/22/2027 | 6428 | – (h) | 24 | 24 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 449

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Belgium** |  |  |  |  |
|  Anheuser-Busch InBev SA | (13) | (731) | — (h) | 0.0 (g) |
|  Azelis Group NV | (8) | (74) | — (h) | 0.0 (g) |
|  CMB Tech NV | (2) | (14) | — (h) | 0.0 (g) |
|  Elia Group SA | (1) | (123) | — (h) | 0.0 (g) |
|  Fagron | — (h) | (6) | — (h) | 0.0 (g) |
|  Financiere de Tubize SA | — (h) | (10) | — (h) | 0.0 (g) |
|  KBC Ancora | — (h) | (17) | — (h) | 0.0 (g) |
|  KBC Group NV | (1) | (141) | — (h) | 0.0 (g) |
|  Lotus Bakeries NV | — (h) | (47) | — (h) | 0.0 (g) |
|  Melexis NV | — (h) | (20) | — (h) | 0.0 (g) |
|  Montea NV | — (h) | (4) | — (h) | 0.0 (g) |
|  Syensqo SA | (1) | (83) | — (h) | 0.0 (g) |
|  Umicore SA | (8) | (148) | — (h) | 0.0 (g) |
|  VGP NV | — (h) | (42) | — (h) | 0.0 (g) |
|  Warehouses De Pauw CVA | (3) | (67) | — (h) | 0.0 (g) |
|  X-Fab Silicon Foundries SE | (1) | (7) | — (h) | 0.0 (g) |
|  Xior Student Housing NV | — (h) | (6) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Harvia OYJ | — (h) | (5) | — (h) | 0.0 (g) |
|  Huhtamaki OYJ | (2) | (71) | — (h) | 0.0 (g) |
|  Kesko OYJ | (1) | (22) | — (h) | 0.0 (g) |
|  Metsa Board OYJ | (3) | (10) | — (h) | 0.0 (g) |
|  Metso OYJ | (8) | (124) | — (h) | 0.0 (g) |
|  Neste OYJ | — (h) | (6) | — (h) | 0.0 (g) |
|  Nokian Renkaat OYJ | (5) | (49) | — (h) | 0.0 (g) |
|  Outokumpu OYJ | (14) | (64) | — (h) | 0.0 (g) |
|  Stora Enso OYJ | (10) | (107) | — (h) | 0.0 (g) |
|  Terveystalo OYJ | — (h) | (2) | — (h) | 0.0 (g) |
|  TietoEVRY OYJ | — (h) | (5) | — (h) | 0.0 (g) |
|  Tokmanni Group Corp. | (2) | (16) | — (h) | 0.0 (g) |
|  UPM-Kymmene OYJ | (2) | (46) | — (h) | 0.0 (g) |
|  Vaisala OYJ | — (h) | (9) | — (h) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Accor SA | (1) | (40) | — (h) | 0.0 (g) |
|  Aeroports de Paris SA | (1) | (84) | — (h) | 0.0 (g) |
|  Air France-KLM | (22) | (258) | — (h) | 0.0 (g) |
|  Air Liquide SA | (4) | (703) | — (h) | 0.0 (g) |
|  Airbus SE | (3) | (620) | — (h) | 0.0 (g) |
|  Alstom SA | (15) | (372) | — (h) | 0.0 (g) |
|  Ayvens SA | (5) | (55) | — (h) | 0.0 (g) |
|  BioMerieux | — (h) | (28) | — (h) | 0.0 (g) |
|  Capgemini SE | (2) | (328) | — (h) | 0.0 (g) |
|  Christian Dior SE | — (h) | (3) | — (h) | 0.0 (g) |
|  Cie de Saint-Gobain SA | (12) | (1080) | — (h) | 0.0 (g) |
|  Clariane SE | (9) | (34) | — (h) | 0.0 (g) |
|  Elior Group SA | (6) | (16) | — (h) | 0.0 (g) |
|  Elis SA | (5) | (110) | — (h) | 0.0 (g) |
|  Engie SA | (4) | (99) | — (h) | 0.0 (g) |
|  EssilorLuxottica SA | (2) | (411) | — (h) | 0.0 (g) |
|  Exosens SAS | (1) | (72) | — (h) | 0.0 (g) |
|  FDJ UNITED | (1) | (29) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 450 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **France — continued** |  |  |  |  |
|  Forvia SE | (8) | (110) | — (h) | 0.0 (g) |
|  Gecina SA | — (h) | (8) | — (h) | 0.0 (g) |
|  Inventiva SACA | (2) | (7) | — (h) | 0.0 (g) |
|  Kering SA | (1) | (450) | — (h) | 0.0 (g) |
|  LISI SA | — (h) | (8) | — (h) | 0.0 (g) |
|  Medincell SA | (1) | (13) | — (h) | 0.0 (g) |
|  Mersen SA | (1) | (14) | — (h) | 0.0 (g) |
|  Opmobility | — (h) | (3) | — (h) | 0.0 (g) |
|  OVH Groupe SA | (1) | (7) | — (h) | 0.0 (g) |
|  Pernod Ricard SA | (2) | (153) | — (h) | 0.0 (g) |
|  Remy Cointreau SA | (1) | (51) | — (h) | 0.0 (g) |
|  Rexel SA | (4) | (125) | — (h) | 0.0 (g) |
|  Sartorius Stedim Biotech | (1) | (259) | — (h) | 0.0 (g) |
|  Schneider Electric SE | (1) | (171) | — (h) | 0.0 (g) |
|  SEB SA | — (h) | (11) | — (h) | 0.0 (g) |
|  SMCP SA | (1) | (7) | — (h) | 0.0 (g) |
|  Societe Generale SA | (9) | (651) | — (h) | 0.0 (g) |
|  Sodexo SA | (3) | (138) | — (h) | 0.0 (g) |
|  SOITEC | (2) | (39) | — (h) | 0.0 (g) |
|  Sopra Steria Group | — (h) | (7) | — (h) | 0.0 (g) |
|  Trigano SA | — (h) | (20) | — (h) | 0.0 (g) |
|  Virbac SACA | — (h) | (3) | — (h) | 0.0 (g) |
|  Viridien | — (h) | (38) | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  adidas AG | (4) | (646) | — (h) | 0.0 (g) |
|  AIXTRON SE | (7) | (130) | — (h) | 0.0 (g) |
|  Auto1 Group SE | (5) | (148) | — (h) | 0.0 (g) |
|  BASF SE | (7) | (319) | — (h) | 0.0 (g) |
|  Bayer AG | (11) | (409) | — (h) | 0.0 (g) |
|  Bayerische Motoren Werke AG | (1) | (68) | — (h) | 0.0 (g) |
|  Bechtle AG | (2) | (73) | — (h) | 0.0 (g) |
|  Brenntag SE | (5) | (234) | — (h) | 0.0 (g) |
|  Carl Zeiss Meditec AG | (1) | (41) | — (h) | 0.0 (g) |
|  Daimler Truck Holding AG | (6) | (206) | — (h) | 0.0 (g) |
|  Deutsche Post AG | (3) | (163) | — (h) | 0.0 (g) |
|  Deutsche Telekom AG | (31) | (848) | — (h) | 0.0 (g) |
|  Deutz AG | (2) | (15) | — (h) | 0.0 (g) |
|  Douglas AG | — (h) | (5) | — (h) | 0.0 (g) |
|  E.ON SE | (16) | (255) | — (h) | 0.0 (g) |
|  Elmos Semiconductor SE | — (h) | (7) | — (h) | 0.0 (g) |
|  Energiekontor AG | — (h) | (4) | — (h) | 0.0 (g) |
|  Evonik Industries AG | (2) | (28) | — (h) | 0.0 (g) |
|  Evotec SE | (12) | (64) | — (h) | 0.0 (g) |
|  Fraport AG Frankfurt Airport Services Worldwide | (1) | (88) | — (h) | 0.0 (g) |
|  Fresenius Medical Care AG | (3) | (134) | — (h) | 0.0 (g) |
|  Fresenius SE & Co. KGaA | (8) | (387) | — (h) | 0.0 (g) |
|  Gerresheimer AG | (6) | (172) | — (h) | 0.0 (g) |
|  GRENKE AG | — (h) | (3) | — (h) | 0.0 (g) |
|  HOCHTIEF AG | (1) | (179) | — (h) | 0.0 (g) |
|  Hypoport SE | — (h) | (8) | — (h) | 0.0 (g) |
|  Infineon Technologies AG | (42) | (1582) | — (h) | 0.0 (g) |
|  Jenoptik AG | (1) | (28) | — (h) | 0.0 (g) |
|  Kloeckner & Co. SE | (1) | (6) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 451

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Germany — continued** |  |  |  |  |
|  LANXESS AG | — (h) | (8) | — (h) | 0.0 (g) |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | — (h) | (9) | — (h) | 0.0 (g) |
|  Nagarro SE | — (h) | (12) | — (h) | 0.0 (g) |
|  Norma Group SE | (1) | (10) | — (h) | 0.0 (g) |
|  Porsche Automobil Holding SE | (4) | (147) | — (h) | 0.0 (g) |
|  Puma SE | (14) | (316) | — (h) | 0.0 (g) |
|  PVA TePla AG | — (h) | — (h) | — (h) | 0.0 (g) |
|  RENK Group AG | (3) | (140) | — (h) | 0.0 (g) |
|  Rheinmetall AG | (1) | (1419) | — (h) | 0.0 (g) |
|  RWE AG | (24) | (1089) | — (h) | 0.0 (g) |
|  Salzgitter AG | (1) | (33) | — (h) | 0.0 (g) |
|  Sartorius AG | (1) | (162) | — (h) | 0.0 (g) |
|  Schaeffler AG | (3) | (27) | — (h) | 0.0 (g) |
|  Siemens Healthineers AG | (3) | (132) | — (h) | 0.0 (g) |
|  Siltronic AG | (1) | (65) | — (h) | 0.0 (g) |
|  Stabilus SE | (1) | (13) | — (h) | 0.0 (g) |
|  SUSS MicroTec SE | (1) | (45) | — (h) | 0.0 (g) |
|  Symrise AG | (8) | (536) | — (h) | 0.0 (g) |
|  TAG Immobilien AG | (12) | (156) | — (h) | 0.0 (g) |
|  TeamViewer SE | (4) | (22) | — (h) | 0.0 (g) |
|  Traton SE | (2) | (69) | — (h) | 0.0 (g) |
|  TUI AG | (14) | (124) | — (h) | 0.0 (g) |
|  United Internet AG | — (h) | (11) | — (h) | 0.0 (g) |
|  Volkswagen AG | — (h) | (48) | — (h) | 0.0 (g) |
|  Vonovia SE | (1) | (22) | — (h) | 0.0 (g) |
|  Vossloh AG | — (h) | (14) | — (h) | 0.0 (g) |
|  Wacker Chemie AG | (1) | (89) | — (h) | 0.0 (g) |
|  **Greece** |  |  |  |  |
|  Metlen Energy & Metals plc | (1) | (22) | — (h) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Amplifon SpA | (1) | (16) | — (h) | 0.0 (g) |
|  Brunello Cucinelli SpA | — (h) | (11) | — (h) | 0.0 (g) |
|  Davide Campari-Milano NV | (20) | (112) | — (h) | 0.0 (g) |
|  Prysmian SpA | (7) | (589) | — (h) | 0.0 (g) |
|  Sanlorenzo SpA/Ameglia | — (h) | (8) | — (h) | 0.0 (g) |
|  Technoprobe SpA | (4) | (46) | — (h) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  APERAM SA | (3) | (92) | — (h) | 0.0 (g) |
|  ArcelorMittal SA | (22) | (860) | — (h) | 0.0 (g) |
|  CVC Capital Partners plc | (5) | (74) | — (h) | 0.0 (g) |
|  Eurofins Scientific SE | (3) | (214) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  Aalberts NV | (2) | (56) | — (h) | 0.0 (g) |
|  ABN AMRO Bank NV | (8) | (230) | — (h) | 0.0 (g) |
|  Akzo Nobel NV | (3) | (169) | — (h) | 0.0 (g) |
|  AMG Critical Materials NV | (1) | (34) | — (h) | 0.0 (g) |
|  ASM International NV | (1) | (347) | — (h) | 0.0 (g) |
|  Basic-Fit NV | (1) | (34) | — (h) | 0.0 (g) |
|  Corbion NV | — (h) | (7) | — (h) | 0.0 (g) |
|  CTP NV | (2) | (35) | — (h) | 0.0 (g) |
|  EXOR NV | (1) | (44) | — (h) | 0.0 (g) |
|  Ferrovial SE | (3) | (147) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 452 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Netherlands — continued** |  |  |  |  |
|  Flow Traders Ltd. | (1) | (19) | — (h) | 0.0 (g) |
|  Heineken Holding NV | (1) | (79) | — (h) | 0.0 (g) |
|  Heineken NV | (4) | (305) | — (h) | 0.0 (g) |
|  IMCD NV | (4) | (310) | — (h) | 0.0 (g) |
|  Koninklijke Philips NV | (12) | (272) | — (h) | 0.0 (g) |
|  Randstad NV | — (h) | (14) | — (h) | 0.0 (g) |
|  Stellantis NV | (62) | (587) | — (h) | 0.0 (g) |
|  TKH Group NV | (1) | (43) | — (h) | 0.0 (g) |
|  Van Lanschot Kempen NV | (1) | (54) | — (h) | 0.0 (g) |
|  **Poland** |  |  |  |  |
|  InPost SA | (20) | (210) | — (h) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (132) | (118) | — (h) | 0.0 (g) |
|  EDP SA | (80) | (313) | — (h) | 0.0 (g) |
|  Jeronimo Martins SGPS SA | (6) | (116) | — (h) | 0.0 (g) |
|  Mota-Engil SGPS SA | (32) | (159) | — (h) | 0.0 (g) |
|  Navigator Co. SA/The | (1) | (4) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Acciona SA | (1) | (106) | — (h) | 0.0 (g) |
|  Acerinox SA | (9) | (114) | — (h) | 0.0 (g) |
|  Banco Santander SA | (31) | (311) | — (h) | 0.0 (g) |
|  Cellnex Telecom SA | (21) | (581) | — (h) | 0.0 (g) |
|  CIE Automotive SA | — (h) | (11) | — (h) | 0.0 (g) |
|  Corp. ACCIONA Energias Renovables SA | (1) | (13) | — (h) | 0.0 (g) |
|  EDP Renovaveis SA | (20) | (239) | — (h) | 0.0 (g) |
|  Fluidra SA | (2) | (38) | — (h) | 0.0 (g) |
|  Gestamp Automocion SA | (1) | (2) | — (h) | 0.0 (g) |
|  Grenergy Renovables SA | (1) | (126) | — (h) | 0.0 (g) |
|  Industria de Diseno Textil SA | (13) | (747) | — (h) | 0.0 (g) |
|  Pharma Mar SA | — (h) | (8) | — (h) | 0.0 (g) |
|  Puig Brands SA | (4) | (62) | — (h) | 0.0 (g) |
|  Sacyr SA | (8) | (31) | — (h) | 0.0 (g) |
|  Solaria Energia y Medio Ambiente SA | (16) | (290) | — (h) | 0.0 (g) |
|  Tecnicas Reunidas SA | — (h) | (10) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  STMicroelectronics NV | (10) | (216) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Allfunds Group Plc | (3) | (28) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (28362) | — (h) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Belgium** |  |  |  |  |
|  Ackermans & van Haaren NV | — (h) | 38 | — (h) | 0.0 (g) |
|  Aedifica SA | 1 | 38 | — (h) | 0.0 (g) |
|  Ageas SA | 2 | 99 | — (h) | 0.0 (g) |
|  Barco NV | 1 | 16 | — (h) | 0.0 (g) |
|  Bekaert SA | 1 | 28 | — (h) | 0.0 (g) |
|  Colruyt Group N.V | 1 | 17 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 453

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Belgium — continued** |  |  |  |  |
|  D'ieteren Group | — (h) | 45 | — (h) | 0.0 (g) |
|  Galapagos NV | — (h) | 13 | — (h) | 0.0 (g) |
|  Gimv NV | — (h) | 3 | — (h) | 0.0 (g) |
|  Proximus SADP | 1 | 5 | — (h) | 0.0 (g) |
|  Solvay SA | 1 | 25 | — (h) | 0.0 (g) |
|  UCB SA | 4 | 906 | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Hiab OYJ | 1 | 30 | — (h) | 0.0 (g) |
|  Kemira OYJ | — (h) | 8 | — (h) | 0.0 (g) |
|  Kone OYJ | 5 | 320 | — (h) | 0.0 (g) |
|  Konecranes OYJ | 2 | 148 | — (h) | 0.0 (g) |
|  Mandatum OYJ | 7 | 49 | — (h) | 0.0 (g) |
|  Nokia OYJ | 113 | 627 | — (h) | 0.0 (g) |
|  Orion OYJ | 1 | 47 | — (h) | 0.0 (g) |
|  QT Group OYJ | 1 | 25 | — (h) | 0.0 (g) |
|  Sampo OYJ | 33 | 337 | — (h) | 0.0 (g) |
|  Wartsila OYJ Abp | 12 | 378 | — (h) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Alten SA | — (h) | 22 | — (h) | 0.0 (g) |
|  Amundi SA | 2 | 121 | — (h) | 0.0 (g) |
|  ARGAN SA | — (h) | 8 | — (h) | 0.0 (g) |
|  AXA SA | 20 | 800 | — (h) | 0.0 (g) |
|  Beneteau SACA | — (h) | 4 | — (h) | 0.0 (g) |
|  BNP Paribas SA | 4 | 302 | — (h) | 0.0 (g) |
|  Bollore SE | 9 | 41 | — (h) | 0.0 (g) |
|  Bouygues SA | 13 | 593 | — (h) | 0.0 (g) |
|  Bureau Veritas SA | 15 | 417 | — (h) | 0.0 (g) |
|  Carmila SA | 1 | 13 | — (h) | 0.0 (g) |
|  Carrefour SA | 13 | 179 | — (h) | 0.0 (g) |
|  Cie des Alpes | — (h) | 3 | — (h) | 0.0 (g) |
|  Cie Generale des Etablissements Michelin SCA | 3 | 83 | — (h) | 0.0 (g) |
|  Coface SA | 2 | 34 | — (h) | 0.0 (g) |
|  Covivio SA | 1 | 55 | — (h) | 0.0 (g) |
|  Danone SA | 3 | 245 | — (h) | 0.0 (g) |
|  Derichebourg SA | 1 | 5 | — (h) | 0.0 (g) |
|  Eiffage SA | — (h) | 59 | — (h) | 0.0 (g) |
|  Esso SA Francaise | — (h) | 4 | — (h) | 0.0 (g) |
|  Eurazeo SE | — (h) | 18 | — (h) | 0.0 (g) |
|  Exail Technologies SA | — (h) | 17 | — (h) | 0.0 (g) |
|  Gaztransport Et Technigaz SA | 3 | 451 | — (h) | 0.0 (g) |
|  Getlink SE | 4 | 65 | — (h) | 0.0 (g) |
|  Hermes International SCA | — (h) | 656 | — (h) | 0.0 (g) |
|  ICADE | — (h) | 7 | — (h) | 0.0 (g) |
|  Imerys SA | 1 | 12 | — (h) | 0.0 (g) |
|  Ipsen SA | — (h) | 50 | — (h) | 0.0 (g) |
|  IPSOS SA | 1 | 29 | — (h) | 0.0 (g) |
|  JCDecaux SE | 1 | 22 | — (h) | 0.0 (g) |
|  Kaufman & Broad SA | — (h) | 10 | — (h) | 0.0 (g) |
|  Klepierre SA | 9 | 296 | — (h) | 0.0 (g) |
|  LVMH Moet Hennessy Louis Vuitton SE | 1 | 361 | — (h) | 0.0 (g) |
|  Metropole Television SA | 1 | 17 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 454 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **France — continued** |  |  |  |  |
|  Nexans SA | 1 | 178 | — (h) | 0.0 (g) |
|  Planisware SA | — (h) | 12 | — (h) | 0.0 (g) |
|  Pluxee NV | — (h) | 5 | — (h) | 0.0 (g) |
|  Publicis Groupe SA | 2 | 140 | — (h) | 0.0 (g) |
|  Rubis SCA | 1 | 37 | — (h) | 0.0 (g) |
|  Safran SA | 3 | 879 | — (h) | 0.0 (g) |
|  Sanofi SA | 9 | 763 | — (h) | 0.0 (g) |
|  SCOR SE | 3 | 89 | — (h) | 0.0 (g) |
|  Societe BIC SA | — (h) | 18 | — (h) | 0.0 (g) |
|  SPIE SA | 2 | 87 | — (h) | 0.0 (g) |
|  Technip Energies NV | 6 | 199 | — (h) | 0.0 (g) |
|  Teleperformance SE | 2 | 108 | — (h) | 0.0 (g) |
|  Television Francaise 1 SA | 2 | 17 | — (h) | 0.0 (g) |
|  Thales SA | 7 | 1583 | — (h) | 0.0 (g) |
|  Ubisoft Entertainment SA | 7 | 44 | — (h) | 0.0 (g) |
|  Valeo SE | — (h) | 5 | — (h) | 0.0 (g) |
|  Vallourec SACA | 1 | 14 | — (h) | 0.0 (g) |
|  Veolia Environnement SA | 6 | 191 | — (h) | 0.0 (g) |
|  Vicat SACA | — (h) | 10 | — (h) | 0.0 (g) |
|  Vivendi SE | 42 | 99 | — (h) | 0.0 (g) |
|  VusionGroup | — (h) | 40 | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Allianz SE | — (h) | 84 | — (h) | 0.0 (g) |
|  AlzChem Group AG | — (h) | 36 | — (h) | 0.0 (g) |
|  Atoss Software SE | — (h) | 39 | — (h) | 0.0 (g) |
|  Aumovio SE | — (h) | 9 | — (h) | 0.0 (g) |
|  Beiersdorf AG | 1 | 84 | — (h) | 0.0 (g) |
|  Bilfinger SE | 1 | 142 | — (h) | 0.0 (g) |
|  CANCOM SE | — (h) | 5 | — (h) | 0.0 (g) |
|  Commerzbank AG | 12 | 421 | — (h) | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | — (h) | 31 | — (h) | 0.0 (g) |
|  Delivery Hero SE | 4 | 88 | — (h) | 0.0 (g) |
|  Deutsche Bank AG | 3 | 95 | — (h) | 0.0 (g) |
|  Deutsche Boerse AG | 3 | 746 | — (h) | 0.0 (g) |
|  Deutsche Lufthansa AG | 58 | 491 | — (h) | 0.0 (g) |
|  Deutsche Pfandbriefbank AG | 2 | 6 | — (h) | 0.0 (g) |
|  Draegerwerk AG & Co. KGaA | — (h) | 7 | — (h) | 0.0 (g) |
|  Duerr AG | — (h) | 7 | — (h) | 0.0 (g) |
|  DWS Group GmbH & Co. KGaA | 1 | 51 | — (h) | 0.0 (g) |
|  Eckert & Ziegler SE | 1 | 19 | — (h) | 0.0 (g) |
|  Fielmann Group AG | — (h) | 13 | — (h) | 0.0 (g) |
|  flatexDEGIRO AG | 7 | 239 | — (h) | 0.0 (g) |
|  Freenet AG | 7 | 206 | — (h) | 0.0 (g) |
|  Friedrich Vorwerk Group SE | — (h) | 20 | — (h) | 0.0 (g) |
|  FUCHS SE | 2 | 67 | — (h) | 0.0 (g) |
|  GEA Group AG | 3 | 190 | — (h) | 0.0 (g) |
|  GFT Technologies SE | — (h) | 7 | — (h) | 0.0 (g) |
|  Hannover Rueck SE | 1 | 376 | — (h) | 0.0 (g) |
|  Hapag-Lloyd AG | — (h) | 6 | — (h) | 0.0 (g) |
|  Heidelberg Materials AG | 2 | 537 | — (h) | 0.0 (g) |
|  HelloFresh SE | 9 | 53 | — (h) | 0.0 (g) |
|  Henkel AG & Co. KGaA | 2 | 127 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 455

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Germany — continued** |  |  |  |  |
|  Hornbach Holding AG & Co. KGaA | — (h) | 5 | — (h) | 0.0 (g) |
|  HUGO BOSS AG | 3 | 104 | — (h) | 0.0 (g) |
|  IONOS Group SE | 1 | 15 | — (h) | 0.0 (g) |
|  Jungheinrich AG | 2 | 71 | — (h) | 0.0 (g) |
|  K+S AG | 3 | 38 | — (h) | 0.0 (g) |
|  Knorr-Bremse AG | 1 | 137 | — (h) | 0.0 (g) |
|  Krones AG | — (h) | 6 | — (h) | 0.0 (g) |
|  LEG Immobilien SE | 1 | 55 | — (h) | 0.0 (g) |
|  Mercedes-Benz Group AG | 21 | 1277 | — (h) | 0.0 (g) |
|  MTU Aero Engines AG | — (h) | 50 | — (h) | 0.0 (g) |
|  Nemetschek SE | 1 | 110 | — (h) | 0.0 (g) |
|  Nordex SE | 6 | 161 | — (h) | 0.0 (g) |
|  Rational AG | — (h) | 120 | — (h) | 0.0 (g) |
|  SAF-Holland SE | — (h) | 1 | — (h) | 0.0 (g) |
|  SAP SE | 9 | 1876 | — (h) | 0.0 (g) |
|  Scout24 SE | 4 | 332 | — (h) | 0.0 (g) |
|  Sixt SE | — (h) | 30 | — (h) | 0.0 (g) |
|  Stroeer SE & Co. KGaA | — (h) | 3 | — (h) | 0.0 (g) |
|  Talanx AG | — (h) | 44 | — (h) | 0.0 (g) |
|  Wacker Neuson SE | — (h) | 7 | — (h) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  ACEA SpA | — (h) | 4 | — (h) | 0.0 (g) |
|  Avio SpA | 1 | 43 | — (h) | 0.0 (g) |
|  Banco BPM SpA | 2 | 24 | — (h) | 0.0 (g) |
|  BPER Banca SPA | 11 | 132 | — (h) | 0.0 (g) |
|  Generali | 17 | 619 | — (h) | 0.0 (g) |
|  Hera SpA | 6 | 26 | — (h) | 0.0 (g) |
|  Iren SpA | 10 | 26 | — (h) | 0.0 (g) |
|  Maire SpA | 2 | 25 | — (h) | 0.0 (g) |
|  MFE-MediaForEurope NV | 4 | 13 | — (h) | 0.0 (g) |
|  OVS SpA | 3 | 16 | — (h) | 0.0 (g) |
|  Poste Italiane SpA | 12 | 248 | — (h) | 0.0 (g) |
|  Reply SpA | — (h) | 40 | — (h) | 0.0 (g) |
|  Safilo Group SpA | 3 | 6 | — (h) | 0.0 (g) |
|  Saipem SpA | 138 | 335 | — (h) | 0.0 (g) |
|  Unipol Assicurazioni SpA | 2 | 44 | — (h) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  d'Amico International Shipping SA | 1 | 6 | — (h) | 0.0 (g) |
|  SES SA | 5 | 25 | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  Adyen NV | — (h) | 645 | — (h) | 0.0 (g) |
|  Aegon Ltd. | 33 | 219 | — (h) | 0.0 (g) |
|  Argenx SE | — (h) | 323 | — (h) | 0.0 (g) |
|  ASR Nederland NV | — (h) | 14 | — (h) | 0.0 (g) |
|  BE Semiconductor Industries NV | 4 | 547 | — (h) | 0.0 (g) |
|  Euronext NV | 2 | 248 | — (h) | 0.0 (g) |
|  Fugro NV | 1 | 8 | — (h) | 0.0 (g) |
|  ING Groep NV | 11 | 259 | — (h) | 0.0 (g) |
|  Koninklijke Ahold Delhaize NV | 2 | 85 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 456 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Netherlands — continued** |  |  |  |  |
|  Koninklijke BAM Groep NV | 5 | 42 | — (h) | 0.0 (g) |
|  Koninklijke Heijmans N.V | — (h) | 16 | — (h) | 0.0 (g) |
|  Koninklijke Vopak NV | 1 | 48 | — (h) | 0.0 (g) |
|  NN Group NV | 5 | 317 | — (h) | 0.0 (g) |
|  Pharming Group NV | 54 | 77 | — (h) | 0.0 (g) |
|  Prosus NV | 37 | 1944 | — (h) | 0.0 (g) |
|  SBM Offshore NV | 6 | 154 | — (h) | 0.0 (g) |
|  Signify NV | 3 | 67 | — (h) | 0.0 (g) |
|  Wolters Kluwer NV | 3 | 223 | — (h) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Corticeira Amorim SGPS SA | — (h) | 2 | — (h) | 0.0 (g) |
|  CTT-Correios de Portugal SA | 1 | 8 | — (h) | 0.0 (g) |
|  NOS SGPS SA | 9 | 37 | — (h) | 0.0 (g) |
|  REN - Redes Energeticas Nacionais SGPS SA | 4 | 13 | — (h) | 0.0 (g) |
|  Sonae SGPS SA | 26 | 43 | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | — (h) | 7 | — (h) | 0.0 (g) |
|  Aena SME SA | 34 | 816 | — (h) | 0.0 (g) |
|  Atresmedia Corp. de Medios de Comunicacion SA | 7 | 33 | — (h) | 0.0 (g) |
|  Bankinter SA | 28 | 393 | — (h) | 0.0 (g) |
|  CaixaBank SA | 93 | 967 | — (h) | 0.0 (g) |
|  Colonial SFL Socimi SA | 4 | 24 | — (h) | 0.0 (g) |
|  Construcciones y Auxiliar de Ferrocarriles SA | — (h) | 3 | — (h) | 0.0 (g) |
|  Ebro Foods SA | — (h) | 2 | — (h) | 0.0 (g) |
|  Elecnor SA | 1 | 17 | — (h) | 0.0 (g) |
|  Enagas SA | 25 | 331 | — (h) | 0.0 (g) |
|  Endesa SA | 24 | 744 | — (h) | 0.0 (g) |
|  Grifols SA | 1 | 5 | — (h) | 0.0 (g) |
|  HBX Group International plc | 1 | 8 | — (h) | 0.0 (g) |
|  Iberdrola SA | 37 | 691 | — (h) | 0.0 (g) |
|  Indra Sistemas SA | 9 | 437 | — (h) | 0.0 (g) |
|  Laboratorios Farmaceuticos Rovi SA | 1 | 32 | — (h) | 0.0 (g) |
|  Logista Integral SA | 2 | 68 | — (h) | 0.0 (g) |
|  Mapfre SA | 50 | 216 | — (h) | 0.0 (g) |
|  Melia Hotels International SA | 5 | 40 | — (h) | 0.0 (g) |
|  Merlin Properties Socimi SA | 8 | 103 | — (h) | 0.0 (g) |
|  Naturgy Energy Group SA | 4 | 116 | — (h) | 0.0 (g) |
|  Neinor Homes SA | 1 | 27 | — (h) | 0.0 (g) |
|  Redeia Corp. SA | 12 | 187 | — (h) | 0.0 (g) |
|  Repsol SA | 44 | 703 | — (h) | 0.0 (g) |
|  Telefonica SA | 49 | 172 | — (h) | 0.0 (g) |
|  Unicaja Banco SA | 113 | 314 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 34790 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 6428 | — (h) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 457

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from -0.75% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 09/15/2027 | 1145 | (41) | 60 | 19 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  Erste Group Bank AG | (1) | (64) | (2) | 0.0 (g) |
|  OMV AG | (3) | (125) | (1) | 0.0 (g) |
|  Verbund AG | (2) | (96) | (1) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Anheuser-Busch InBev SA | (5) | (273) | (5) | 0.0 (g) |
|  Elia Group SA | — (h) | (42) | (1) | 0.0 (g) |
|  KBC Group NV | (1) | (116) | 1 | 0.0 (g) |
|  Lotus Bakeries NV | — (h) | (70) | (1) | 0.0 (g) |
|  Syensqo SA | (1) | (56) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | (3) | (48) | (1) | 0.0 (g) |
|  Kesko OYJ | (10) | (183) | (5) | 0.0 (g) |
|  Nordea Bank Abp | (4) | (70) | (1) | 0.0 (g) |
|  Orion OYJ | (1) | (37) | — (h) | 0.0 (g) |
|  Stora Enso OYJ | (4) | (46) | (2) | 0.0 (g) |
|  UPM-Kymmene OYJ | (23) | (562) | (20) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Aeroports de Paris SA | (2) | (207) | 1 | 0.0 (g) |
|  Airbus SE | — (h) | (57) | (1) | 0.0 (g) |
|  Amundi SA | — (h) | (14) | — (h) | 0.0 (g) |
|  Arkema SA | — (h) | (16) | — (h) | 0.0 (g) |
|  BioMerieux | (2) | (201) | 1 | 0.0 (g) |
|  Bouygues SA | — (h) | (19) | — (h) | 0.0 (g) |
|  Carrefour SA | (13) | (192) | 1 | 0.0 (g) |
|  Danone SA | — (h) | (26) | — (h) | 0.0 (g) |
|  Dassault Aviation SA | — (h) | (36) | — (h) | 0.0 (g) |
|  Edenred SE | (9) | (167) | (1) | 0.0 (g) |
|  FDJ UNITED | (4) | (96) | (1) | 0.0 (g) |
|  Gaztransport Et Technigaz SA | (1) | (148) | 2 | 0.0 (g) |
|  Hermes International SCA | — (h) | (228) | (2) | 0.0 (g) |
|  Legrand SA | (1) | (190) | — (h) | 0.0 (g) |
|  Nexans SA | — (h) | (5) | — (h) | 0.0 (g) |
|  Orange SA | (43) | (594) | (14) | 0.0 (g) |
|  Renault SA | (6) | (208) | 4 | 0.0 (g) |
|  Rexel SA | (9) | (283) | (4) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 458 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **France — continued** |  |  |  |  |
|  Sartorius Stedim Biotech | (1) | (175) | (3) | 0.0 (g) |
|  TotalEnergies SE | (1) | (68) | — (h) | 0.0 (g) |
|  Unibail-Rodamco-Westfield | — (h) | (16) | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  BASF SE | (1) | (64) | (1) | 0.0 (g) |
|  Bayerische Motoren Werke AG | — (h) | (37) | — (h) | 0.0 (g) |
|  Beiersdorf AG | (2) | (149) | (1) | 0.0 (g) |
|  Brenntag SE | (3) | (128) | (1) | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | (1) | (90) | (1) | 0.0 (g) |
|  Daimler Truck Holding AG | — (h) | (19) | — (h) | 0.0 (g) |
|  Dr Ing hc F Porsche AG | (3) | (117) | — (h) | 0.0 (g) |
|  Hannover Rueck SE | (1) | (154) | (1) | 0.0 (g) |
|  Infineon Technologies AG | (4) | (146) | (5) | 0.0 (g) |
|  KION Group AG | (1) | (78) | (2) | 0.0 (g) |
|  MTU Aero Engines AG | — (h) | (69) | — (h) | 0.0 (g) |
|  RENK Group AG | — (h) | (8) | — (h) | 0.0 (g) |
|  Siemens AG | — (h) | (73) | (1) | 0.0 (g) |
|  Talanx AG | (1) | (62) | — (h) | 0.0 (g) |
|  thyssenkrupp AG | (10) | (96) | (1) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AIB Group plc | (15) | (140) | 1 | 0.0 (g) |
|  Bank of Ireland Group plc | (8) | (138) | — (h) | 0.0 (g) |
|  Kingspan Group plc | (1) | (67) | — (h) | 0.0 (g) |
|  Ryanair Holdings plc | (1) | (23) | — (h) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  A2A SpA | (39) | (90) | (1) | 0.0 (g) |
|  BPER Banca SPA | (11) | (124) | (2) | 0.0 (g) |
|  Brunello Cucinelli SpA | (2) | (172) | 4 | 0.0 (g) |
|  Buzzi SpA | (5) | (236) | 2 | 0.0 (g) |
|  Davide Campari-Milano NV | (100) | (554) | — (h) | 0.0 (g) |
|  FinecoBank Banca Fineco SpA | (2) | (47) | — (h) | 0.0 (g) |
|  Infrastrutture Wireless Italiane SpA | (4) | (30) | (1) | 0.0 (g) |
|  Moncler SpA | (2) | (103) | 3 | 0.0 (g) |
|  Terna - Rete Elettrica Nazionale | (13) | (112) | (2) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | (11) | (421) | (10) | 0.0 (g) |
|  CVC Capital Partners plc | (6) | (90) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | (1) | (22) | — (h) | 0.0 (g) |
|  Adyen NV | — (h) | (8) | — (h) | 0.0 (g) |
|  Aegon Ltd. | (3) | (23) | — (h) | 0.0 (g) |
|  Argenx SE | — (h) | (10) | — (h) | 0.0 (g) |
|  Ferrovial SE | (19) | (1045) | 21 | 0.0 (g) |
|  Heineken Holding NV | (1) | (85) | (2) | 0.0 (g) |
|  Heineken NV | — (h) | (5) | — (h) | 0.0 (g) |
|  IMCD NV | (1) | (45) | (1) | 0.0 (g) |
|  Randstad NV | (11) | (356) | (16) | 0.0 (g) |
|  Stellantis NV | (14) | (131) | — (h) | 0.0 (g) |
|  Universal Music Group NV | (4) | (93) | (1) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 459

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Poland** |  |  |  |  |
|  InPost SA | (7) | (72) | (3) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (94) | (84) | — (h) | 0.0 (g) |
|  Jeronimo Martins SGPS SA | (2) | (32) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Acciona SA | — (h) | (15) | — (h) | 0.0 (g) |
|  Banco Bilbao Vizcaya Argentaria SA | — (h) | (8) | — (h) | 0.0 (g) |
|  Banco Santander SA | (12) | (122) | (2) | 0.0 (g) |
|  Cellnex Telecom SA | (2) | (62) | (3) | 0.0 (g) |
|  EDP Renovaveis SA | (5) | (60) | (1) | 0.0 (g) |
|  Indra Sistemas SA | (5) | (259) | (2) | 0.0 (g) |
|  Mapfre SA | (5) | (21) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  STMicroelectronics NV | — (h) | (11) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  International Consolidated Airlines Group SA | (6) | (27) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(10967)** | **(86)** | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | 1 | 85 | 3 | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Ageas SA | — (h) | 15 | — (h) | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | 1 | 41 | — (h) | 0.0 (g) |
|  Sofina SA | — (h) | 16 | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Elisa OYJ | — (h) | 12 | 1 | 0.0 (g) |
|  Kone OYJ | 1 | 31 | — (h) | 0.0 (g) |
|  Neste OYJ | 1 | 22 | 1 | 0.0 (g) |
|  Nokia OYJ | 1 | 4 | — (h) | 0.0 (g) |
|  Wartsila OYJ Abp | 1 | 36 | — (h) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Air Liquide SA | 1 | 158 | — (h) | 0.0 (g) |
|  AXA SA | 24 | 988 | (4) | 0.0 (g) |
|  Bollore SE | 2 | 8 | — (h) | 0.0 (g) |
|  Bureau Veritas SA | 15 | 406 | (1) | 0.0 (g) |
|  Capgemini SE | 2 | 347 | (6) | 0.0 (g) |
|  Covivio SA | 3 | 175 | 3 | 0.0 (g) |
|  Engie SA | 32 | 709 | 12 | 0.0 (g) |
|  Gecina SA | 1 | 54 | 1 | 0.0 (g) |
|  Ipsen SA | 2 | 253 | (1) | 0.0 (g) |
|  Klepierre SA | 1 | 27 | — (h) | 0.0 (g) |
|  L'Oreal SA | — (h) | 83 | — (h) | 0.0 (g) |
|  Publicis Groupe SA | — (h) | 16 | — (h) | 0.0 (g) |
|  Societe Generale SA | 11 | 766 | 12 | 0.0 (g) |
|  Sodexo SA | 1 | 30 | — (h) | 0.0 (g) |
|  SPIE SA | — (h) | 12 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 460 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **France — continued** |  |  |  |  |
|  Valeo SE | 1 | 7 | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Allianz SE | — (h) | 110 | — (h) | 0.0 (g) |
|  Aurubis AG | — (h) | 22 | 1 | 0.0 (g) |
|  Continental AG | 4 | 281 | 7 | 0.0 (g) |
|  Deutsche Bank AG | — (h) | 15 | — (h) | 0.0 (g) |
|  Evonik Industries AG | 20 | 262 | 5 | 0.0 (g) |
|  Fresenius Medical Care AG | — (h) | 10 | — (h) | 0.0 (g) |
|  GEA Group AG | 1 | 42 | — (h) | 0.0 (g) |
|  Henkel AG & Co. KGaA | — (h) | 4 | — (h) | 0.0 (g) |
|  HOCHTIEF AG | — (h) | 60 | 1 | 0.0 (g) |
|  LEG Immobilien SE | 1 | 84 | 2 | 0.0 (g) |
|  Mercedes-Benz Group AG | 6 | 351 | 4 | 0.0 (g) |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | — (h) | 79 | — (h) | 0.0 (g) |
|  Nemetschek SE | — (h) | 40 | (1) | 0.0 (g) |
|  Nordex SE | — (h) | 6 | — (h) | 0.0 (g) |
|  SAP SE | 3 | 613 | (1) | 0.0 (g) |
|  Sartorius AG | — (h) | 33 | 1 | 0.0 (g) |
|  Scout24 SE | — (h) | 21 | — (h) | 0.0 (g) |
|  Siemens Energy AG | — (h) | 39 | 1 | 0.0 (g) |
|  Siemens Healthineers AG | — (h) | 7 | — (h) | 0.0 (g) |
|  Symrise AG | — (h) | 10 | — (h) | 0.0 (g) |
|  Vonovia SE | 5 | 113 | 3 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kerry Group plc | 1 | 50 | 1 | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Azimut Holding SpA | — (h) | 6 | — (h) | 0.0 (g) |
|  Generali | 2 | 60 | (1) | 0.0 (g) |
|  Intesa Sanpaolo SpA | 298 | 1751 | 14 | 0.0 (g) |
|  Italgas SpA | — (h) | 2 | — (h) | 0.0 (g) |
|  Mediobanca Banca di Credito Finanziario SpA | 12 | 214 | 5 | 0.0 (g) |
|  Poste Italiane SpA | 4 | 83 | — (h) | 0.0 (g) |
|  Saipem SpA | 261 | 647 | (17) | 0.0 (g) |
|  Snam SpA | — (h) | — (h) | — (h) | 0.0 (g) |
|  Unipol Assicurazioni SpA | — (h) | 4 | — (h) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Eurofins Scientific SE | 3 | 167 | 2 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ASM International NV | — (h) | 65 | 1 | 0.0 (g) |
|  ASML Holding NV | — (h) | 20 | 1 | 0.0 (g) |
|  ASR Nederland NV | 1 | 74 | — (h) | 0.0 (g) |
|  BE Semiconductor Industries NV | — (h) | 9 | — (h) | 0.0 (g) |
|  Euronext NV | — (h) | 57 | — (h) | 0.0 (g) |
|  Koninklijke Philips NV | 2 | 47 | — (h) | 0.0 (g) |
|  NN Group NV | 2 | 113 | 1 | 0.0 (g) |
|  QIAGEN NV | 10 | 405 | (3) | 0.0 (g) |
|  Wolters Kluwer NV | 4 | 388 | (9) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  EDP SA | 16 | 62 | 1 | 0.0 (g) |
|  Galp Energia SGPS SA | 1 | 9 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 461

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | 7 | 551 | 2 | 0.0 (g) |
|  Bankinter SA | 11 | 156 | — (h) | 0.0 (g) |
|  CaixaBank SA | 10 | 101 | 1 | 0.0 (g) |
|  Enagas SA | 22 | 290 | — (h) | 0.0 (g) |
|  Naturgy Energy Group SA | 3 | 69 | — (h) | 0.0 (g) |
|  Telefonica SA | 30 | 103 | 3 | 0.0 (g) |
|  Unicaja Banco SA | 8 | 22 | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | 1 | 84 | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **12112** | **45** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **1145** | **(41)** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from -6.69% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 09/15/2027 | 6602 | (13) | 9 | (4) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  BHP Group Ltd. | (7) | (164) | — (h) | 0.0 (g) |
|  Greatland Resources Ltd. | (1) | (3) | — (h) | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Hiscox Ltd. | (1) | (18) | — (h) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Canal+ SA | (6) | (16) | — (h) | 0.0 (g) |
|  **Georgia** |  |  |  |  |
|  TBC Bank Group plc | (1) | (27) | — (h) | 0.0 (g) |
|  **Gibraltar** |  |  |  |  |
|  Evoke plc | (7) | (2) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  C&C Group plc | (2) | (3) | — (h) | 0.0 (g) |
|  CRH plc | (1) | (108) | — (h) | 0.0 (g) |
|  DCC plc | — (h) | (7) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 462 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Ireland — continued** |  |  |  |  |
|  Experian plc | (5) | (155) | — (h) | 0.0 (g) |
|  Smurfit WestRock plc | (4) | (113) | — (h) | 0.0 (g) |
|  **Mexico** |  |  |  |  |
|  Fresnillo plc | (10) | (316) | (10) | 0.0 (g) |
|  **Peru** |  |  |  |  |
|  Hochschild Mining plc | (12) | (59) | — (h) | 0.0 (g) |
|  **South Africa** |  |  |  |  |
|  Investec plc | (1) | (7) | — (h) | 0.0 (g) |
|  Pan African Resources plc | (6) | (8) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ATALAYA MINING COPPER SA | (2) | (19) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Glencore plc | (371) | (1509) | — (h) | 0.0 (g) |
|  International Workplace Group plc | (17) | (41) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | (6) | (179) | (2) | 0.0 (g) |
|  Airtel Africa plc | (1) | (4) | — (h) | 0.0 (g) |
|  Ashtead Group plc | (4) | (185) | 9 | 0.0 (g) |
|  Associated British Foods plc | (3) | (60) | (1) | 0.0 (g) |
|  AstraZeneca plc | (2) | (209) | (1) | 0.0 (g) |
|  Auto Trader Group plc | (21) | (125) | 3 | 0.0 (g) |
|  B&M European Value Retail SA | (5) | (8) | (1) | 0.0 (g) |
|  Barratt Redrow plc | (61) | (230) | (4) | 0.0 (g) |
|  Berkeley Group Holdings plc | (2) | (65) | — (h) | 0.0 (g) |
|  Big Yellow Group plc | (1) | (6) | — (h) | 0.0 (g) |
|  Bodycote plc | (1) | (5) | — (h) | 0.0 (g) |
|  BP plc |  |  | — (h) | 0.0 (g) |
|  Breedon Group plc | (5) | (16) | — (h) | 0.0 (g) |
|  Bridgepoint Group plc | (9) | (26) | — (h) | 0.0 (g) |
|  British American Tobacco plc | — (h) | (11) | — (h) | 0.0 (g) |
|  BT Group plc | (17) | (32) | — (h) | 0.0 (g) |
|  Bunzl plc | (2) | (35) | — (h) | 0.0 (g) |
|  Capita plc | (4) | (18) | — (h) | 0.0 (g) |
|  Centrica plc | (25) | (43) | — (h) | 0.0 (g) |
|  Ceres Power Holdings plc | (11) | (24) | — (h) | 0.0 (g) |
|  Chemring Group plc | (3) | (16) | — (h) | 0.0 (g) |
|  Chesnara plc | (3) | (10) | — (h) | 0.0 (g) |
|  Coats Group plc | (42) | (35) | — (h) | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | (2) | (126) | — (h) | 0.0 (g) |
|  Compass Group plc | (10) | (248) | — (h) | 0.0 (g) |
|  Convatec Group plc | (18) | (44) | — (h) | 0.0 (g) |
|  Crest Nicholson Holdings plc | (5) | (8) | — (h) | 0.0 (g) |
|  Croda International plc | (7) | (199) | 1 | 0.0 (g) |
|  Currys plc | (6) | (8) | — (h) | 0.0 (g) |
|  Diageo plc | (21) | (343) | — (h) | 0.0 (g) |
|  Diploma plc | (1) | (40) | — (h) | 0.0 (g) |
|  easyJet plc | (20) | (103) | 1 | 0.0 (g) |
|  Elementis plc | (3) | (5) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 463

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **United Kingdom — continued** |  |  |  |  |
|  Energean plc | (5) | (41) | — (h) | 0.0 (g) |
|  Entain plc | (9) | (66) | — (h) | 0.0 (g) |
|  Future plc | (1) | (6) | — (h) | 0.0 (g) |
|  GB Group plc | (2) | (5) | — (h) | 0.0 (g) |
|  Genus plc | — (h) | (2) | — (h) | 0.0 (g) |
|  Great Portland Estates plc | (3) | (9) | — (h) | 0.0 (g) |
|  Greggs plc | (3) | (50) | — (h) | 0.0 (g) |
|  GSK plc | (52) | (950) | (10) | 0.0 (g) |
|  Haleon plc | (10) | (39) | — (h) | 0.0 (g) |
|  Hammerson plc | (9) | (30) | — (h) | 0.0 (g) |
|  Harbour Energy plc | (37) | (73) | — (h) | 0.0 (g) |
|  Helios Towers plc | (12) | (20) | — (h) | 0.0 (g) |
|  Hikma Pharmaceuticals plc | (5) | (73) | (1) | 0.0 (g) |
|  Hilton Food Group plc | (1) | (6) | — (h) | 0.0 (g) |
|  Hollywood Bowl Group plc | (3) | (9) | — (h) | 0.0 (g) |
|  Howden Joinery Group plc | (4) | (37) | — (h) | 0.0 (g) |
|  Ibstock plc | (3) | (4) | — (h) | 0.0 (g) |
|  IMI plc | — (h) | (5) | — (h) | 0.0 (g) |
|  Inchcape plc | (2) | (15) | — (h) | 0.0 (g) |
|  Informa plc | (11) | (100) | — (h) | 0.0 (g) |
|  International Consolidated Airlines Group SA | (15) | (63) | 1 | 0.0 (g) |
|  IP Group plc | (8) | (4) | — (h) | 0.0 (g) |
|  J D Wetherspoon plc | (1) | (7) | — (h) | 0.0 (g) |
|  JD Sports Fashion plc | (148) | (125) | — (h) | 0.0 (g) |
|  Johnson Matthey plc |  |  |  | 0.0 (g) |
|  Johnson Service Group plc | (6) | (9) | — (h) | 0.0 (g) |
|  Land Securities Group plc | (19) | (116) | (2) | 0.0 (g) |
|  Lloyds Banking Group plc | (37) | (36) | (1) | 0.0 (g) |
|  London Stock Exchange Group plc | (8) | (721) | — (h) | 0.0 (g) |
|  LondonMetric Property plc | (75) | (140) | (4) | 0.0 (g) |
|  Marks & Spencer Group plc | (31) | (100) | (3) | 0.0 (g) |
|  Marshalls plc | (2) | (4) | — (h) | 0.0 (g) |
|  Melrose Industries plc | (2) | (10) | — (h) | 0.0 (g) |
|  Metro Bank Holdings plc | (10) | (12) | — (h) | 0.0 (g) |
|  Mitie Group plc | (6) | (10) | — (h) | 0.0 (g) |
|  Mobico Group plc | (19) | (4) | — (h) | 0.0 (g) |
|  Molten Ventures plc | (2) | (11) | — (h) | 0.0 (g) |
|  Mondi plc | (24) | (219) | (1) | 0.0 (g) |
|  National Grid plc | (27) | (312) | — (h) | 0.0 (g) |
|  NCC Group plc | (4) | (6) | — (h) | 0.0 (g) |
|  Ocado Group plc | (9) | (21) | — (h) | 0.0 (g) |
|  Oxford Nanopore Technologies plc | (19) | (24) | — (h) | 0.0 (g) |
|  Pagegroup plc | (1) | (3) | — (h) | 0.0 (g) |
|  PayPoint plc | (1) | (4) | — (h) | 0.0 (g) |
|  Pennon Group plc | (3) | (18) | — (h) | 0.0 (g) |
|  Persimmon plc | (3) | (40) | (1) | 0.0 (g) |
|  Primary Health Properties plc | (10) | (9) | — (h) | 0.0 (g) |
|  RELX plc | (1) | (39) | — (h) | 0.0 (g) |
|  Rentokil Initial plc | (75) | (333) | (2) | 0.0 (g) |
|  Rio Tinto plc | (32) | (1876) | (19) | 0.0 (g) |
|  Savills plc | — (h) | (3) | — (h) | 0.0 (g) |
|  Segro plc | (4) | (32) | (1) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 464 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **United Kingdom — continued** |  |  |  |  |
|  Senior plc | (2) | (4) | — (h) | 0.0 (g) |
|  Severn Trent plc | (7) | (202) | (3) | 0.0 (g) |
|  Spirax Group plc | — (h) | (21) | — (h) | 0.0 (g) |
|  Spire Healthcare Group plc | (5) | (9) | — (h) | 0.0 (g) |
|  SSE plc | (29) | (636) | (2) | 0.0 (g) |
|  Supermarket, Inc.ome Reit PLC | (17) | (14) | — (h) | 0.0 (g) |
|  Tate & Lyle plc | (20) | (76) | — (h) | 0.0 (g) |
|  Tesco plc | (70) | (308) | (3) | 0.0 (g) |
|  Unilever plc | — (h) | (24) | — (h) | 0.0 (g) |
|  United Utilities Group plc | (3) | (32) | — (h) | 0.0 (g) |
|  Vistry Group plc | (2) | (13) | — (h) | 0.0 (g) |
|  Watches of Switzerland Group plc | (3) | (15) | — (h) | 0.0 (g) |
|  Weir Group plc (The) | (5) | (142) | — (h) | 0.0 (g) |
|  WH Smith plc | (1) | (4) | — (h) | 0.0 (g) |
|  Whitbread plc | (1) | (20) | — (h) | 0.0 (g) |
|  Wise plc | (2) | (17) | — (h) | 0.0 (g) |
|  WPP plc | (35) | (118) | (1) | 0.0 (g) |
|  Zigup plc | (2) | (7) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Carnival plc | (1) | (21) | — (h) | 0.0 (g) |
|  Flutter Entertainment plc | (1) | (116) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (12691) | (58) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Hiscox Ltd. | 1 | 15 | — (h) | 0.0 (g) |
|  **Chile** |  |  |  |  |
|  Antofagasta plc | 3 | 89 | 4 | 0.0 (g) |
|  **Hungary** |  |  |  |  |
|  Wizz Air Holdings Plc | 4 | 46 | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  DCC plc | — (h) | 19 | — (h) | 0.0 (g) |
|  Experian plc | 2 | 76 | (1) | 0.0 (g) |
|  Grafton Group plc | 1 | 11 | — (h) | 0.0 (g) |
|  Greencore Group plc | 1 | 2 | — (h) | 0.0 (g) |
|  **Isle of Man** |  |  |  |  |
|  Playtech Plc | 3 | 9 | — (h) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Plus500 Ltd. | 3 | 107 | — (h) | 0.0 (g) |
|  **Lithuania** |  |  |  |  |
|  Baltic Classifieds Group plc | 8 | 17 | — (h) | 0.0 (g) |
|  **Mexico** |  |  |  |  |
|  Fresnillo plc | 17 | 568 | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Glencore plc | 31 | 121 | 7 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 465

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | 8 | 260 | — (h) | 0.0 (g) |
|  4imprint Group plc | 1 | 41 | — (h) | 0.0 (g) |
|  Aberdeen Group plc | 73 | 150 | — (h) | 0.0 (g) |
|  Admiral Group plc | 13 | 408 | (1) | 0.0 (g) |
|  Airtel Africa plc | 6 | 22 | 2 | 0.0 (g) |
|  AJ Bell plc | 11 | 47 | — (h) | 0.0 (g) |
|  Anglo American plc | 16 | 482 | 25 | 0.0 (g) |
|  Ashmore Group plc | 8 | 14 | — (h) | 0.0 (g) |
|  Associated British Foods plc | 2 | 41 | — (h) | 0.0 (g) |
|  Auto Trader Group plc | 39 | 230 | — (h) | 0.0 (g) |
|  Aviva plc | 25 | 172 | — (h) | 0.0 (g) |
|  B&M European Value Retail SA | 28 | 47 | — (h) | 0.0 (g) |
|  Babcock International Group plc | 5 | 63 | — (h) | 0.0 (g) |
|  BAE Systems plc | 38 | 650 | — (h) | 0.0 (g) |
|  Balfour Beatty plc | 6 | 45 | — (h) | 0.0 (g) |
|  Barclays plc | 97 | 463 | — (h) | 0.0 (g) |
|  Beazley plc | 29 | 243 | — (h) | 0.0 (g) |
|  Bellway plc | — (h) | 4 | — (h) | 0.0 (g) |
|  Berkeley Group Holdings plc | 3 | 108 | — (h) | 0.0 (g) |
|  British Land Co. plc/The | 6 | 22 | — (h) | 0.0 (g) |
|  BT Group plc | 13 | 24 | — (h) | 0.0 (g) |
|  Bunzl plc | 3 | 59 | — (h) | 0.0 (g) |
|  Burberry Group plc | 13 | 169 | — (h) | 0.0 (g) |
|  Bytes Technology Group plc | 12 | 42 | — (h) | 0.0 (g) |
|  Card Factory plc | 1 | 1 | — (h) | 0.0 (g) |
|  Centrica plc | 134 | 227 | — (h) | 0.0 (g) |
|  Clarkson plc | 1 | 21 | — (h) | 0.0 (g) |
|  Close Brothers Group plc | 2 | 11 | — (h) | 0.0 (g) |
|  Compass Group plc | 1 | 26 | (1) | 0.0 (g) |
|  Convatec Group plc | 27 | 66 | — (h) | 0.0 (g) |
|  Costain Group plc | 1 | 2 | — (h) | 0.0 (g) |
|  Cranswick plc | — (h) | 4 | — (h) | 0.0 (g) |
|  Derwent London plc | 1 | 16 | — (h) | 0.0 (g) |
|  Drax Group plc | 15 | 122 | — (h) | 0.0 (g) |
|  Dunelm Group plc | 4 | 46 | — (h) | 0.0 (g) |
|  easyJet plc | 38 | 192 | — (h) | 0.0 (g) |
|  Endeavour Mining plc | — (h) | 14 | — (h) | 0.0 (g) |
|  Entain plc | 12 | 93 | 3 | 0.0 (g) |
|  Essentra plc | 1 | 1 | — (h) | 0.0 (g) |
|  Firstgroup plc | 13 | 26 | — (h) | 0.0 (g) |
|  Foresight Group Holdings Ltd. | 1 | 3 | — (h) | 0.0 (g) |
|  Forterra plc | 1 | 2 | — (h) | 0.0 (g) |
|  Games Workshop Group plc | 1 | 101 | — (h) | 0.0 (g) |
|  Gamma Communications plc | 1 | 14 | — (h) | 0.0 (g) |
|  Grainger plc | 3 | 6 | — (h) | 0.0 (g) |
|  GSK plc | 43 | 791 | — (h) | 0.0 (g) |
|  Haleon plc | 33 | 123 | — (h) | 0.0 (g) |
|  Halma plc | 10 | 364 | (5) | 0.0 (g) |
|  Hill & Smith plc | 1 | 11 | — (h) | 0.0 (g) |
|  Howden Joinery Group plc | 18 | 151 | — (h) | 0.0 (g) |
|  HSBC Holdings plc | 63 | 744 | — (h) | 0.0 (g) |
|  Hunting plc | 3 | 12 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 466 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **United Kingdom — continued** |  |  |  |  |
|  IG Group Holdings plc | 39 | 512 | 5 | 0.0 (g) |
|  IMI plc | 10 | 237 | — (h) | 0.0 (g) |
|  Imperial Brands plc | 1 | 26 | — (h) | 0.0 (g) |
|  IntegraFin Holdings plc | 7 | 26 | — (h) | 0.0 (g) |
|  International Consolidated Airlines Group SA | 100 | 413 | — (h) | 0.0 (g) |
|  Intertek Group plc | 8 | 383 | (3) | 0.0 (g) |
|  ITV plc | 61 | 50 | — (h) | 0.0 (g) |
|  J Sainsbury plc | 46 | 149 | 1 | 0.0 (g) |
|  JET2 plc | 1 | 12 | — (h) | 0.0 (g) |
|  Johnson Matthey plc | 1 | 24 | — (h) | 0.0 (g) |
|  Jupiter Fund Management plc | 13 | 21 | — (h) | 0.0 (g) |
|  Kainos Group plc | 2 | 18 | — (h) | 0.0 (g) |
|  Keller Group plc | 1 | 14 | — (h) | 0.0 (g) |
|  Kier Group plc | 4 | 8 | — (h) | 0.0 (g) |
|  Kingfisher plc | 47 | 147 | — (h) | 0.0 (g) |
|  Lancashire Holdings Ltd. | 6 | 40 | — (h) | 0.0 (g) |
|  Legal & General Group plc | 87 | 227 | 2 | 0.0 (g) |
|  Lion Finance Group plc | — (h) | 39 | — (h) | 0.0 (g) |
|  Liontrust Asset Management plc | 4 | 9 | — (h) | 0.0 (g) |
|  Lloyds Banking Group plc | 619 | 608 | — (h) | 0.0 (g) |
|  LondonMetric Property plc | 16 | 31 | — (h) | 0.0 (g) |
|  M&G plc | 34 | 97 | — (h) | 0.0 (g) |
|  Man Group plc/Jersey | 20 | 46 | — (h) | 0.0 (g) |
|  Marks & Spencer Group plc | 9 | 30 | — (h) | 0.0 (g) |
|  MONY Group plc | 14 | 26 | — (h) | 0.0 (g) |
|  Moonpig Group plc | 10 | 20 | — (h) | 0.0 (g) |
|  Morgan Advanced Materials plc | 1 | 3 | — (h) | 0.0 (g) |
|  Morgan Sindall Group plc | — (h) | 6 | — (h) | 0.0 (g) |
|  NatWest Group plc | 226 | 1472 | 2 | 0.0 (g) |
|  Next plc | 3 | 422 | 1 | 0.0 (g) |
|  Ninety One plc | 5 | 11 | — (h) | 0.0 (g) |
|  On the Beach Group plc | 3 | 7 | — (h) | 0.0 (g) |
|  OSB Group plc | 5 | 32 | — (h) | 0.0 (g) |
|  Oxford Instruments plc | 1 | 12 | — (h) | 0.0 (g) |
|  Paragon Banking Group plc | 4 | 38 | — (h) | 0.0 (g) |
|  Pearson plc | 36 | 380 | — (h) | 0.0 (g) |
|  Pets at Home Group Plc | 3 | 6 | — (h) | 0.0 (g) |
|  Phoenix Group Holdings plc | 10 | 74 | — (h) | 0.0 (g) |
|  Picton Property, Inc.ome Ltd | 9 | 6 | — (h) | 0.0 (g) |
|  QinetiQ Group plc | 3 | 14 | — (h) | 0.0 (g) |
|  Quilter plc | 25 | 46 | — (h) | 0.0 (g) |
|  Rathbones Group plc | — (h) | 2 | — (h) | 0.0 (g) |
|  Reckitt Benckiser Group plc | 7 | 450 | (1) | 0.0 (g) |
|  RELX plc | — (h) | 10 | — (h) | 0.0 (g) |
|  Renishaw plc | — (h) | 7 | — (h) | 0.0 (g) |
|  Rightmove plc | 52 | 268 | — (h) | 0.0 (g) |
|  Rolls-Royce Holdings plc | 136 | 1560 | — (h) | 0.0 (g) |
|  Rotork plc | 15 | 47 | — (h) | 0.0 (g) |
|  RS GROUP plc | 3 | 19 | — (h) | 0.0 (g) |
|  Safestore Holdings plc | 1 | 11 | — (h) | 0.0 (g) |
|  Sage Group plc (The) | 20 | 218 | (1) | 0.0 (g) |
|  Schroders plc | 40 | 161 | 3 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 467

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **United Kingdom — continued** |  |  |  |  |
|  Serco Group plc | 7 | 19 | — (h) | 0.0 (g) |
|  Shaftesbury Capital plc | 28 | 41 | — (h) | 0.0 (g) |
|  Smith & Nephew plc | 13 | 161 | — (h) | 0.0 (g) |
|  Smiths Group plc | 3 | 79 | (1) | 0.0 (g) |
|  Softcat plc | 3 | 46 | — (h) | 0.0 (g) |
|  Spirax Group plc | 1 | 41 | — (h) | 0.0 (g) |
|  St James's Place plc | 5 | 73 | — (h) | 0.0 (g) |
|  Standard Chartered plc | 58 | 1053 | 1 | 0.0 (g) |
|  Taylor Wimpey plc | 139 | 147 | 3 | 0.0 (g) |
|  Telecom Plus plc | 1 | 8 | — (h) | 0.0 (g) |
|  Tesco plc | 20 | 88 | — (h) | 0.0 (g) |
|  TP ICAP Group plc | 14 | 37 | — (h) | 0.0 (g) |
|  Trainline plc | 5 | 11 | — (h) | 0.0 (g) |
|  Travis Perkins plc | 3 | 22 | — (h) | 0.0 (g) |
|  Tritax Big Box REIT plc | 36 | 54 | — (h) | 0.0 (g) |
|  Trustpilot Group plc | 23 | 39 | — (h) | 0.0 (g) |
|  UNITE Group plc (The) | 10 | 56 | — (h) | 0.0 (g) |
|  Vesuvius plc | 2 | 8 | — (h) | 0.0 (g) |
|  Victrex plc | — (h) | 3 | — (h) | 0.0 (g) |
|  Vodafone Group plc | 395 | 387 | 5 | 0.0 (g) |
|  Volution Group plc | — (h) | 2 | — (h) | 0.0 (g) |
|  Whitbread plc | 1 | 19 | — (h) | 0.0 (g) |
|  Wickes Group plc | 4 | 10 | — (h) | 0.0 (g) |
|  Wise plc | 23 | 208 | — (h) | 0.0 (g) |
|  Workspace Group plc | 2 | 9 | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Carnival plc | 4 | 101 | (5) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **19293** | **45** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **6602** | **(13)** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from -2.63% to 0.3%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/15/2027 | 1816 | (8) | – | (8) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 468 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  BOC Hong Kong Holdings Ltd. | (15) | (585) | (1) | 0.0 (g) |
|  CK Infrastructure Holdings Ltd. | (5) | (286) | — (h) | 0.0 (g) |
|  CLP Holdings Ltd. | (2) | (103) | — (h) | 0.0 (g) |
|  Cowell e Holdings, Inc. | (2) | (56) | — (h) | 0.0 (g) |
|  Hong Kong & China Gas Co. Ltd. | (100) | (705) | 1 | 0.0 (g) |
|  MTR Corp. Ltd. | (8) | (239) | — (h) | 0.0 (g) |
|  Sun Hung Kai Properties Ltd. | (5) | (430) | — (h) | 0.0 (g) |
|  Swire Pacific Ltd. | (7) | (446) | 1 | 0.0 (g) |
|  **Macau** |  |  |  |  |
|  Sands China Ltd. | (17) | (348) | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (3198) | 3 | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  AIA Group Ltd. | 1 | 66 | — (h) | 0.0 (g) |
|  CK Asset Holdings Ltd. | 12 | 460 | (1) | 0.0 (g) |
|  CK Hutchison Holdings Ltd. | 34 | 1853 | (7) | 0.0 (g) |
|  Techtronic Industries Co. Ltd. | 29 | 2589 | (3) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Mobvista, Inc. | 3 | 46 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 5014 | (11) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1816 | (8) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from -7.75% to 0.27%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/21/2027 | 3976 | – (h) | 30 | 30 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  MMG Ltd. | (8) | (70) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 469

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **China** |  |  |  |  |
|  Akeso, Inc. | (24) | (2712) | — (h) | 0.0 (g) |
|  Aluminum Corp. of China Ltd | (6) | (73) | — (h) | 0.0 (g) |
|  ANTA Sports Products Ltd. | (4) | (338) | — (h) | 0.0 (g) |
|  AviChina Industry & Technology Co. Ltd. | (112) | (445) | — (h) | 0.0 (g) |
|  Baidu, Inc. | (43) | (5595) | — (h) | 0.0 (g) |
|  BYD Electronic International Co. Ltd. | (22) | (723) | — (h) | 0.0 (g) |
|  China Feihe Ltd. | (53) | (215) | — (h) | 0.0 (g) |
|  China Galaxy Securities Co. Ltd. | (32) | (316) | — (h) | 0.0 (g) |
|  China Literature Ltd. | (11) | (350) | — (h) | 0.0 (g) |
|  China Longyuan Power Group Corp. Ltd. | (8) | (53) | — (h) | 0.0 (g) |
|  China Railway Group Ltd. | (51) | (195) | — (h) | 0.0 (g) |
|  Chinasoft International Ltd. | (60) | (298) | — (h) | 0.0 (g) |
|  Country Garden Services Holdings Co. Ltd. | (5) | (30) | — (h) | 0.0 (g) |
|  GDS Holdings Ltd. | (17) | (570) | — (h) | 0.0 (g) |
|  Genscript Biotech Corp. | (22) | (273) | — (h) | 0.0 (g) |
|  Great Wall Motor Co. Ltd. | (18) | (275) | — (h) | 0.0 (g) |
|  Greentown China Holdings Ltd. | (33) | (275) | — (h) | 0.0 (g) |
|  Guotai Haitong Securities Co. Ltd. | (109) | (1814) | — (h) | 0.0 (g) |
|  Horizon Robotics | (100) | (868) | — (h) | 0.0 (g) |
|  Hua Hong Semiconductor Ltd. | (12) | (892) | — (h) | 0.0 (g) |
|  Huatai Securities Co. Ltd. | (30) | (561) | — (h) | 0.0 (g) |
|  InnoCare Pharma Ltd. | (16) | (197) | — (h) | 0.0 (g) |
|  Innovent Biologics, Inc. | (6) | (419) | — (h) | 0.0 (g) |
|  J&T Global Express Ltd. | (40) | (414) | — (h) | 0.0 (g) |
|  JD.com, Inc. | (28) | (3069) | — (h) | 0.0 (g) |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd. | (3) | (242) | — (h) | 0.0 (g) |
|  KE Holdings, Inc. | (1) | (33) | — (h) | 0.0 (g) |
|  Kingdee International Software Group Co. Ltd. | (68) | (904) | — (h) | 0.0 (g) |
|  Kuaishou Technology | (14) | (908) | — (h) | 0.0 (g) |
|  Li Auto, Inc. | (13) | (869) | — (h) | 0.0 (g) |
|  Longfor Group Holdings Ltd. | (4) | (30) | — (h) | 0.0 (g) |
|  Meitu, Inc. | (68) | (472) | — (h) | 0.0 (g) |
|  Meituan | (48) | (4907) | — (h) | 0.0 (g) |
|  MINISO Group Holding Ltd. | (8) | (277) | — (h) | 0.0 (g) |
|  New Oriental Education & Technology Group, Inc. | (10) | (406) | — (h) | 0.0 (g) |
|  NIO, Inc. | (11) | (437) | — (h) | 0.0 (g) |
|  Postal Savings Bank of China Co. Ltd. | (22) | (117) | — (h) | 0.0 (g) |
|  SenseTime Group, Inc. | (1094) | (2407) | — (h) | 0.0 (g) |
|  Shandong Gold Mining Co. Ltd. | — (h) | (9) | — (h) | 0.0 (g) |
|  Shandong Weigao Group Medical Polymer Co. Ltd. | (11) | (56) | — (h) | 0.0 (g) |
|  Shenzhou International Group Holdings Ltd. | (1) | (43) | — (h) | 0.0 (g) |
|  Smoore International Holdings Ltd. | (8) | (95) | — (h) | 0.0 (g) |
|  West China Cement Ltd. | (40) | (124) | — (h) | 0.0 (g) |
|  WuXi XDC Cayman, Inc. | (7) | (404) | — (h) | 0.0 (g) |
|  XD, Inc. | (2) | (130) | — (h) | 0.0 (g) |
|  Xinyi Solar Holdings Ltd. | (164) | (488) | — (h) | 0.0 (g) |
|  XPeng, Inc. | (19) | (1508) | — (h) | 0.0 (g) |
|  Yankuang Energy Group Co. Ltd. | (14) | (135) | — (h) | 0.0 (g) |
|  Zai Lab Ltd. | (22) | (296) | — (h) | 0.0 (g) |
|  Zhaojin Mining Industry Co. Ltd. | (18) | (553) | — (h) | 0.0 (g) |
|  Zhejiang Sanhua Intelligent Controls Co. Ltd. | (8) | (291) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 470 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **China — continued** |  |  |  |  |
|  Zhuzhou CRRC Times Electric Co. Ltd. | (1) | (30) | — (h) | 0.0 (g) |
|  ZTO Express Cayman, Inc. | (4) | (568) | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  AIA Group Ltd. | (13) | (1007) | — (h) | 0.0 (g) |
|  Alibaba Group Holding Ltd. | (36) | (5098) | — (h) | 0.0 (g) |
|  Alibaba Health Information Technology Ltd. | (54) | (273) | — (h) | 0.0 (g) |
|  Brilliance China Automotive Holdings Ltd. | (34) | (138) | — (h) | 0.0 (g) |
|  Budweiser Brewing Co. APAC Ltd | (47) | (358) | — (h) | 0.0 (g) |
|  Cathay Pacific Airways Ltd. | (9) | (112) | — (h) | 0.0 (g) |
|  CGN Mining Co. Ltd. | (110) | (340) | — (h) | 0.0 (g) |
|  China Everbright Environment Group Ltd. | (2) | (10) | — (h) | 0.0 (g) |
|  China Medical System Holdings Ltd. | (4) | (51) | — (h) | 0.0 (g) |
|  China Overseas Land & Investment Ltd. | (39) | (478) | — (h) | 0.0 (g) |
|  China Resources Land Ltd. | (17) | (462) | — (h) | 0.0 (g) |
|  China Ruyi Holdings Ltd. | (36) | (79) | — (h) | 0.0 (g) |
|  CK Asset Holdings Ltd. | (4) | (138) | — (h) | 0.0 (g) |
|  CK Hutchison Holdings Ltd. | (7) | (344) | — (h) | 0.0 (g) |
|  CLP Holdings Ltd. | (3) | (209) | — (h) | 0.0 (g) |
|  Geely Automobile Holdings Ltd. | (95) | (1700) | — (h) | 0.0 (g) |
|  HUTCHMED China Ltd. | (30) | (618) | — (h) | 0.0 (g) |
|  Johnson Electric Holdings Ltd. | (5) | (148) | — (h) | 0.0 (g) |
|  Kingboard Laminates Holdings Ltd. | (9) | (119) | — (h) | 0.0 (g) |
|  Link REIT |  |  |  | 0.0 (g) |
|  MTR Corp. Ltd. | (10) | (298) | — (h) | 0.0 (g) |
|  Techtronic Industries Co. Ltd. | (2) | (180) | — (h) | 0.0 (g) |
|  United Laboratories International Holdings Ltd./The | (8) | (93) | — (h) | 0.0 (g) |
|  Wharf Real Estate Investment Co. Ltd. | (2) | (49) | — (h) | 0.0 (g) |
|  Xinyi Glass Holdings Ltd. | (10) | (83) | — (h) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  PRADA SpA | (1) | (58) | — (h) | 0.0 (g) |
|  **Macau** |  |  |  |  |
|  Sands China Ltd. | (10) | (188) | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  ASMPT Ltd. | (5) | (366) | — (h) | 0.0 (g) |
|  **Taiwan** |  |  |  |  |
|  Minth Group Ltd. | (18) | (571) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  BeOne Medicines Ltd. | (2) | (305) | — (h) | 0.0 (g) |
|  Samsonite Group SA | (8) | (149) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (51801) | — (h) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  China Gold International Resources Corp. Ltd. | 3 | 455 | — (h) | 0.0 (g) |
|  **China** |  |  |  |  |
|  3SBio, Inc. | 17 | 411 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 471

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **China — continued** |  |  |  |  |
|  AAC Technologies Holdings, Inc. | 14 | 546 | — (h) | 0.0 (g) |
|  Anhui Conch Cement Co. Ltd. | 1 | 11 | — (h) | 0.0 (g) |
|  Bank of China Ltd. | 354 | 1579 | — (h) | 0.0 (g) |
|  Bank of Communications Co. Ltd. | 16 | 103 | — (h) | 0.0 (g) |
|  Bilibili, Inc. | 5 | 1049 | — (h) | 0.0 (g) |
|  CGN Power Co. Ltd. | 9 | 26 | — (h) | 0.0 (g) |
|  China CITIC Bank Corp. Ltd. | 16 | 111 | — (h) | 0.0 (g) |
|  China Construction Bank Corp. | 689 | 5298 | — (h) | 0.0 (g) |
|  China Hongqiao Group Ltd. | 9 | 277 | — (h) | 0.0 (g) |
|  China International Capital Corp. Ltd. | 5 | 94 | — (h) | 0.0 (g) |
|  China Life Insurance Co. Ltd. | 41 | 1123 | — (h) | 0.0 (g) |
|  China Merchants Bank Co. Ltd. | 27 | 1399 | — (h) | 0.0 (g) |
|  China National Building Material Co. Ltd. | 8 | 41 | — (h) | 0.0 (g) |
|  China Nonferrous Mining Corp. Ltd. | 10 | 147 | — (h) | 0.0 (g) |
|  China Pacific Insurance Group Co. Ltd. | 8 | 282 | — (h) | 0.0 (g) |
|  China Petroleum & Chemical Corp. | 102 | 476 | — (h) | 0.0 (g) |
|  China Resources Mixc Lifestyle Services Ltd. | 1 | 52 | — (h) | 0.0 (g) |
|  China Tower Corp. Ltd. | 9 | 98 | — (h) | 0.0 (g) |
|  Chongqing Rural Commercial Bank Co. Ltd. | 7 | 43 | — (h) | 0.0 (g) |
|  CITIC Ltd. | 47 | 567 | — (h) | 0.0 (g) |
|  CITIC Securities Co. Ltd. | 1 | 27 | — (h) | 0.0 (g) |
|  CMOC Group Ltd. | 57 | 1097 | — (h) | 0.0 (g) |
|  Contemporary Amperex Technology Co. Ltd. | 1 | 303 | — (h) | 0.0 (g) |
|  COSCO SHIPPING Holdings Co. Ltd. | 110 | 1512 | — (h) | 0.0 (g) |
|  CSPC Pharmaceutical Group Ltd. | 44 | 371 | — (h) | 0.0 (g) |
|  Dongyue Group Ltd. | 9 | 97 | — (h) | 0.0 (g) |
|  Everest Medicines Ltd. | 1 | 37 | — (h) | 0.0 (g) |
|  Fuyao Glass Industry Group Co. Ltd. | 1 | 81 | — (h) | 0.0 (g) |
|  GF Securities Co. Ltd. | 8 | 148 | — (h) | 0.0 (g) |
|  Giant Biogene Holding Co. ltd | 10 | 346 | — (h) | 0.0 (g) |
|  Haidilao International Holding Ltd. | 2 | 29 | — (h) | 0.0 (g) |
|  Haier Smart Home Co. Ltd. | 5 | 116 | — (h) | 0.0 (g) |
|  Hansoh Pharmaceutical Group Co. Ltd. | 8 | 289 | — (h) | 0.0 (g) |
|  InnoScience Suzhou Technology Holding Co. Ltd. | 6 | 463 | — (h) | 0.0 (g) |
|  JD Health International, Inc. | 5 | 261 | — (h) | 0.0 (g) |
|  JD Logistics, Inc. | 9 | 102 | — (h) | 0.0 (g) |
|  Jiangxi Copper Co. Ltd. | 8 | 343 | — (h) | 0.0 (g) |
|  Kingsoft Corp. Ltd. | 5 | 154 | — (h) | 0.0 (g) |
|  Lenovo Group Ltd. | 108 | 1000 | — (h) | 0.0 (g) |
|  Li Ning Co. Ltd. | 28 | 523 | — (h) | 0.0 (g) |
|  Midea Group Co. Ltd. | 3 | 289 | — (h) | 0.0 (g) |
|  Mixue Group | — (h) | 123 | — (h) | 0.0 (g) |
|  NetEase, Inc. | 13 | 2768 | — (h) | 0.0 (g) |
|  New China Life Insurance Co. Ltd. | 36 | 1935 | — (h) | 0.0 (g) |
|  Nongfu Spring Co. Ltd. | — (h) | 9 | — (h) | 0.0 (g) |
|  People's Insurance Co. Group of China Ltd/The | 69 | 466 | — (h) | 0.0 (g) |
|  PetroChina Co. Ltd. | 338 | 2832 | — (h) | 0.0 (g) |
|  PICC Property & Casualty Co. Ltd. | 44 | 720 | — (h) | 0.0 (g) |
|  Pop Mart International Group Ltd. | 13 | 2515 | — (h) | 0.0 (g) |
|  Q Technology Group Co. Ltd. | 3 | 25 | — (h) | 0.0 (g) |
|  Qunabox Group Ltd. | 1 | 24 | — (h) | 0.0 (g) |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd. | 4 | 78 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 472 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **China — continued** |  |  |  |  |
|  Sinopharm Group Co. Ltd. | 5 | 93 | — (h) | 0.0 (g) |
|  Sinotruk Hong Kong Ltd. | 7 | 193 | — (h) | 0.0 (g) |
|  Sunny Optical Technology Group Co. Ltd. | 30 | 1980 | — (h) | 0.0 (g) |
|  Tencent Music Entertainment Group | 3 | 173 | — (h) | 0.0 (g) |
|  Tingyi Cayman Islands Holding Corp. | 6 | 71 | — (h) | 0.0 (g) |
|  Tongcheng Travel Holdings Ltd. | 9 | 206 | — (h) | 0.0 (g) |
|  TravelSky Technology Ltd. | 5 | 51 | — (h) | 0.0 (g) |
|  UBTech Robotics Corp. Ltd. | 2 | 272 | — (h) | 0.0 (g) |
|  Weichai Power Co. Ltd. | 9 | 170 | — (h) | 0.0 (g) |
|  WuXi AppTec Co. Ltd. | 6 | 632 | — (h) | 0.0 (g) |
|  Wuxi Biologics Cayman, Inc. | 4 | 126 | — (h) | 0.0 (g) |
|  Xiaomi Corp. | 65 | 2555 | — (h) | 0.0 (g) |
|  Yum China Holdings, Inc. | — (h) | 166 | — (h) | 0.0 (g) |
|  Zhejiang Leapmotor Technology Co. Ltd. | 9 | 457 | — (h) | 0.0 (g) |
|  Zijin Mining Group Co. Ltd. | 12 | 428 | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  BOC Hong Kong Holdings Ltd. | 20 | 788 | — (h) | 0.0 (g) |
|  China Resources Gas Group Ltd. | 4 | 93 | — (h) | 0.0 (g) |
|  China Taiping Insurance Holdings Co. Ltd. | 4 | 82 | — (h) | 0.0 (g) |
|  Chow Tai Fook Jewellery Group Ltd. | — (h) | 2 | — (h) | 0.0 (g) |
|  CK Infrastructure Holdings Ltd. | 1 | 58 | — (h) | 0.0 (g) |
|  Galaxy Entertainment Group Ltd. | 8 | 306 | — (h) | 0.0 (g) |
|  Guangdong Investment Ltd. | 6 | 41 | — (h) | 0.0 (g) |
|  Hang Lung Properties Ltd. | 21 | 181 | — (h) | 0.0 (g) |
|  Henderson Land Development Co. Ltd. | 7 | 197 | — (h) | 0.0 (g) |
|  Hong Kong Exchanges & Clearing Ltd. | 14 | 5543 | — (h) | 0.0 (g) |
|  Kunlun Energy Co. Ltd. | 26 | 193 | — (h) | 0.0 (g) |
|  NetEase Cloud Music, Inc. | — (h) | 65 | — (h) | 0.0 (g) |
|  Orient Overseas International Ltd. | 3 | 314 | — (h) | 0.0 (g) |
|  Sino Biopharmaceutical Ltd. | 103 | 637 | — (h) | 0.0 (g) |
|  SITC International Holdings Co. Ltd. | 8 | 223 | — (h) | 0.0 (g) |
|  Swire Pacific Ltd. | 3 | 188 | — (h) | 0.0 (g) |
|  VSTECS Holdings Ltd. | 2 | 16 | — (h) | 0.0 (g) |
|  WH Group Ltd. | 72 | 624 | — (h) | 0.0 (g) |
|  **Macau** |  |  |  |  |
|  MGM China Holdings Ltd. | 2 | 26 | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Trip.com Group Ltd. | 2 | 1053 | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  HSBC Holdings plc | 30 | 3672 | — (h) | 0.0 (g) |
|  Standard Chartered plc | 3 | 529 | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Nexteer Automotive Group Ltd. | 16 | 102 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 55777 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 3976 | — (h) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 473

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from -0.75% to 0.75%) which is denominated in ILS based on the local currencies of the positions within the swap | 09/14/2028 | 295 | (1) | 1 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Azrieli Group Ltd. | — (h) | (19) | — (h) | 0.0 (g) |
|  Phoenix Financial Ltd. | (2) | (309) | 9 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (328) | 9 | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | 1 | 111 | (1) | 0.0 (g) |
|  Elbit Systems Ltd. | — (h) | 103 | 1 | 0.0 (g) |
|  Israel Discount Bank Ltd. | 10 | 376 | (10) | 0.0 (g) |
|  Nice Ltd. | — (h) | 33 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 623 | (10) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 295 | (1) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from -4.31% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/15/2027 | (1200617) | (79) | (36) | (115) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 474 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Fast Retailing Co. Ltd. | (3) | (177971) | 9 | 0.0 (g) |
|  Hankyu Hanshin Holdings, Inc. | (4) | (13514) | (2) | 0.0 (g) |
|  Hikari Tsushin, Inc. | — (h) | (17480) | — (h) | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  Aeon Co. Ltd. | (47) | (114017) | (20) | 0.0 (g) |
|  Ajinomoto Co., Inc. | (1) | (2989) | — (h) | 0.0 (g) |
|  Asics Corp. | (1) | (3555) | 1 | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | (1) | (5870) | — (h) | 0.0 (g) |
|  Capcom Co. Ltd. | (18) | (61295) | (21) | 0.0 (g) |
|  Central Japan Railway Co. | (2) | (9053) | — (h) | 0.0 (g) |
|  Chiba Bank Ltd. (The) | (35) | (60202) | (1) | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | (2) | (4001) | (1) | 0.0 (g) |
|  Chugai Pharmaceutical Co. Ltd. | (2) | (16525) | — (h) | 0.0 (g) |
|  Cosmo Energy Holdings Co. Ltd. |  |  |  | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | (1) | (4781) | — (h) | 0.0 (g) |
|  Daikin Industries Ltd. | (2) | (46506) | 2 | 0.0 (g) |
|  Disco Corp. |  |  |  | 0.0 (g) |
|  East Japan Railway Co. | (34) | (137082) | (24) | 0.0 (g) |
|  Ebara Corp. | (6) | (21338) | — (h) | 0.0 (g) |
|  Fuji Electric Co. Ltd. | (2) | (26853) | (3) | 0.0 (g) |
|  Fuji Media Holdings, Inc. |  |  |  | 0.0 (g) |
|  FUJIFILM Holdings Corp. | (4) | (13829) | 1 | 0.0 (g) |
|  Fujikura Ltd. | (1) | (14228) | 2 | 0.0 (g) |
|  GMO Payment Gateway, Inc. |  |  |  | 0.0 (g) |
|  Honda Motor Co. Ltd. | (6) | (9176) | 2 | 0.0 (g) |
|  Ibiden Co. Ltd. |  |  |  | 0.0 (g) |
|  IHI Corp. | — (h) | (843) | — (h) | 0.0 (g) |
|  ITOCHU Corp. | (2) | (3757) | (1) | 0.0 (g) |
|  J Front Retailing Co. Ltd. | (9) | (20268) | 1 | 0.0 (g) |
|  Japan Exchange Group, Inc. | (6) | (9332) | — (h) | 0.0 (g) |
|  Japan Post Insurance Co. Ltd. | (2) | (8943) | — (h) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | (3) | (24589) | 5 | 0.0 (g) |
|  JFE Holdings, Inc. | (65) | (126262) | (23) | 0.0 (g) |
|  Kadokawa Corp. | (9) | (27664) | (8) | 0.0 (g) |
|  Kajima Corp. | — (h) | (1767) | — (h) | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | (7) | (82234) | 41 | 0.0 (g) |
|  Kikkoman Corp. | (10) | (13881) | 1 | 0.0 (g) |
|  Komatsu Ltd. | (4) | (21547) | — (h) | 0.0 (g) |
|  Konami Group Corp. | — (h) | (6393) | — (h) | 0.0 (g) |
|  Kurita Water Industries Ltd. | (1) | (7733) | 1 | 0.0 (g) |
|  Kyoto Financial Group, Inc. | (3) | (9318) | — (h) | 0.0 (g) |
|  Kyowa Kirin Co. Ltd. | (1) | (2522) | — (h) | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | (8) | (13078) | (1) | 0.0 (g) |
|  Makita Corp. | (1) | (2852) | — (h) | 0.0 (g) |
|  Marubeni Corp. | (2) | (6537) | — (h) | 0.0 (g) |
|  Maruwa Co. Ltd./Aichi | — (h) | (4381) | 1 | 0.0 (g) |
|  Mebuki Financial Group, Inc. | (6) | (6119) | 1 | 0.0 (g) |
|  Mercari, Inc. | (3) | (7847) | (2) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | (33) | (104763) | 11 | 0.0 (g) |
|  Mitsubishi Chemical Group Corp. | (9) | (8417) | (1) | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | (2) | (7266) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 475

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Japan — continued** |  |  |  |  |
|  Mitsubishi Motors Corp. | (11) | (4139) | 1 | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | (8) | (45019) | (7) | 0.0 (g) |
|  Mitsui OSK Lines Ltd. | — (h) | (1348) | — (h) | 0.0 (g) |
|  MonotaRO Co. Ltd. | (10) | (24402) | (5) | 0.0 (g) |
|  Murata Manufacturing Co. Ltd. |  |  |  | 0.0 (g) |
|  NEC Corp. |  |  |  | 0.0 (g) |
|  Nikon Corp. | (9) | (15557) | (1) | 0.0 (g) |
|  Nippon Building Fund, Inc. | — (h) | (51015) | (1) | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | (18) | (18383) | — (h) | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | (1) | (4686) | — (h) | 0.0 (g) |
|  Nippon Steel Corp. | (261) | (160343) | (47) | 0.0 (g) |
|  Nissan Motor Co. Ltd. | (9) | (3529) | 1 | 0.0 (g) |
|  Nissin Foods Holdings Co. Ltd. |  |  |  | 0.0 (g) |
|  Niterra Co. Ltd. | (11) | (73543) | 3 | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | (7) | (17886) | (1) | 0.0 (g) |
|  Nitto Boseki Co. Ltd. | — (h) | (2162) | 1 | 0.0 (g) |
|  Nitto Denko Corp. | (43) | (161497) | 21 | 0.0 (g) |
|  NTT, Inc. | (51) | (7828) | (1) | 0.0 (g) |
|  Olympus Corp. | (6) | (11168) | — (h) | 0.0 (g) |
|  Omron Corp. |  |  |  | 0.0 (g) |
|  Organo Corp. | — (h) | (1290) | — (h) | 0.0 (g) |
|  Osaka Gas Co. Ltd. | (15) | (79395) | (3) | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | (2) | (3044) | — (h) | 0.0 (g) |
|  Renesas Electronics Corp. | (12) | (26310) | — (h) | 0.0 (g) |
|  Resonac Holdings Corp. | (5) | (32520) | (1) | 0.0 (g) |
|  Ryohin Keikaku Co. Ltd. | (2) | (7200) | 3 | 0.0 (g) |
|  Sanwa Holdings Corp. |  |  |  | 0.0 (g) |
|  SBI Holdings, Inc. | (1) | (3974) | — (h) | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | (1) | (18795) | (16) | 0.0 (g) |
|  SCSK Corp. |  |  |  | 0.0 (g) |
|  Seibu Holdings, Inc. | (13) | (58049) | 2 | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | (23) | (59189) | (6) | 0.0 (g) |
|  SG Holdings Co. Ltd. | (5) | (6762) | 1 | 0.0 (g) |
|  Shimadzu Corp. | (5) | (19550) | 2 | 0.0 (g) |
|  Shimano, Inc. | (4) | (71638) | 3 | 0.0 (g) |
|  Shin-Etsu Chemical Co. Ltd. | — (h) | (969) | — (h) | 0.0 (g) |
|  Shionogi & Co. Ltd. | (1) | (2435) | (1) | 0.0 (g) |
|  Shiseido Co. Ltd. | (4) | (8260) | 2 | 0.0 (g) |
|  Socionext, Inc. | (2) | (5264) | — (h) | 0.0 (g) |
|  Sojitz Corp. | (1) | (5333) | — (h) | 0.0 (g) |
|  Subaru Corp. | (4) | (13751) | 3 | 0.0 (g) |
|  SUMCO Corp. | (2) | (2459) | (1) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | (3) | (4297) | — (h) | 0.0 (g) |
|  Sumitomo Pharma Co. Ltd. | (12) | (27402) | (3) | 0.0 (g) |
|  Sumitomo Realty & Development Co. Ltd. | (3) | (12734) | 1 | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | (3) | (16089) | — (h) | 0.0 (g) |
|  TDK Corp. | (4) | (8028) | — (h) | 0.0 (g) |
|  TIS, Inc. | (1) | (4196) | — (h) | 0.0 (g) |
|  Tohoku Electric Power Co., Inc. |  |  |  | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | (1) | (4965) | — (h) | 0.0 (g) |
|  Tokyo Metro Co. Ltd. | (11) | (17459) | (4) | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | (1) | (6448) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 476 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Japan — continued** |  |  |  |  |
|  Tokyo Seimitsu Co. Ltd. | — (h) | (1105) | — (h) | 0.0 (g) |
|  Tokyu Corp. | (11) | (19122) | (2) | 0.0 (g) |
|  Tokyu Fudosan Holdings Corp. |  |  |  | 0.0 (g) |
|  TOPPAN Holdings, Inc. | (5) | (22135) | 7 | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | (4) | (43420) | 3 | 0.0 (g) |
|  Toyota Tsusho Corp. | (10) | (53621) | 2 | 0.0 (g) |
|  West Japan Railway Co. | (5) | (16170) | (2) | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | (13) | (15323) | 4 | 0.0 (g) |
|  Yamato Holdings Co. Ltd. | (5) | (9686) | (2) | 0.0 (g) |
|  Yokogawa Electric Corp. | (3) | (13006) | — (h) | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | (1) | (7586) | 2 | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | (7) | (58643) | 2 | 0.0 (g) |
|  ZOZO, Inc. | (8) | (10935) | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2689640) | (67) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Amada Co. Ltd. | 15 | 28170 | (2) | 0.0 (g) |
|  ANA Holdings, Inc. | — (h) | 898 | — (h) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | 16 | 25498 | — (h) | 0.0 (g) |
|  Asahi Kasei Corp. | 7 | 10245 | — (h) | 0.0 (g) |
|  Astellas Pharma, Inc. | 5 | 10420 | — (h) | 0.0 (g) |
|  CyberAgent, Inc. | 20 | 26282 | 2 | 0.0 (g) |
|  Dai Nippon Printing Co. Ltd. | 1 | 3563 | — (h) | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | 22 | 29075 | 1 | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | 1 | 4669 | — (h) | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | 12 | 35834 | 2 | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | 9 | 44215 | 3 | 0.0 (g) |
|  Daiwa Securities Group, Inc. | 35 | 47670 | 2 | 0.0 (g) |
|  Dentsu Group, Inc. | 19 | 62824 | — (h) | 0.0 (g) |
|  DMG Mori Co. Ltd. | — (h) | 527 | — (h) | 0.0 (g) |
|  Eisai Co. Ltd. | — (h) | 1805 | — (h) | 0.0 (g) |
|  ENEOS Holdings, Inc. | 52 | 57211 | 4 | 0.0 (g) |
|  Food & Life Cos. Ltd. | 1 | 7637 | 2 | 0.0 (g) |
|  Fujitsu Ltd. | 14 | 58788 | 6 | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | 4 | 19730 | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | 2 | 3375 | — (h) | 0.0 (g) |
|  Hitachi Ltd. | 1 | 3503 | — (h) | 0.0 (g) |
|  Hulic Co. Ltd. | 1 | 1899 | — (h) | 0.0 (g) |
|  Japan Airlines Co. Ltd. | 3 | 8990 | — (h) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | 7 | 10758 | 1 | 0.0 (g) |
|  Kandenko Co. Ltd. | — (h) | 1014 | — (h) | 0.0 (g) |
|  Kansai Electric Power Co., Inc. (The) | 14 | 33927 | — (h) | 0.0 (g) |
|  Kao Corp. | 1 | 5046 | — (h) | 0.0 (g) |
|  Kawasaki Kisen Kaisha Ltd. | 5 | 11405 | 2 | 0.0 (g) |
|  Kobe Steel Ltd. | 1 | 2638 | — (h) | 0.0 (g) |
|  LY Corp. | 14 | 5854 | — (h) | 0.0 (g) |
|  Mazda Motor Corp. | 3 | 4139 | (1) | 0.0 (g) |
|  Mitsubishi Electric Corp. | 1 | 3741 | — (h) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | 4 | 15158 | (1) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | 10 | 19164 | 3 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 477

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Japan — continued** |  |  |  |  |
|  Mitsui Fudosan Co. Ltd. | 2 | 3914 | — (h) | 0.0 (g) |
|  Mizuho Financial Group, Inc. | 1 | 4564 | — (h) | 0.0 (g) |
|  MS&AD Insurance Group Holdings, Inc. | 5 | 17875 | (1) | 0.0 (g) |
|  NGK Insulators Ltd. | 4 | 14141 | — (h) | 0.0 (g) |
|  NH Foods Ltd. | 1 | 6603 | — (h) | 0.0 (g) |
|  NIDEC Corp., | 11 | 23001 | 3 | 0.0 (g) |
|  Nippon Yusen KK | 2 | 9772 | 3 | 0.0 (g) |
|  Nomura Holdings, Inc. | 4 | 5031 | — (h) | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | 25 | 24120 | 3 | 0.0 (g) |
|  Nomura Research Institute Ltd. | 1 | 4833 | — (h) | 0.0 (g) |
|  Obayashi Corp. | 13 | 43111 | — (h) | 0.0 (g) |
|  Obic Co. Ltd. | 1 | 2466 | — (h) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | 2 | 4799 | — (h) | 0.0 (g) |
|  Otsuka Corp. | 1 | 3274 | — (h) | 0.0 (g) |
|  Otsuka Holdings Co. Ltd. | 4 | 35420 | (5) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | 143 | 136828 | (21) | 0.0 (g) |
|  Panasonic Holdings Corp. | 2 | 3819 | — (h) | 0.0 (g) |
|  Resona Holdings, Inc. | 1 | 2140 | — (h) | 0.0 (g) |
|  Rohm Co. Ltd. | 10 | 20678 | 4 | 0.0 (g) |
|  Secom Co. Ltd. | — (h) | 2238 | — (h) | 0.0 (g) |
|  Seiko Epson Corp. | 2 | 3385 | — (h) | 0.0 (g) |
|  Shimizu Corp. | 3 | 7707 | — (h) | 0.0 (g) |
|  Skylark Holdings Co. Ltd. | 2 | 5171 | (1) | 0.0 (g) |
|  Sompo Holdings, Inc. | — (h) | 2109 | — (h) | 0.0 (g) |
|  Sony Group Corp. | 1 | 3960 | — (h) | 0.0 (g) |
|  Square Enix Holdings Co. Ltd. | 1 | 2252 | — (h) | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | 49 | 21899 | — (h) | 0.0 (g) |
|  Sumitomo Metal Mining Co. Ltd. | — (h) | 1218 | — (h) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | 30 | 139801 | 10 | 0.0 (g) |
|  Suzuki Motor Corp. | 5 | 11165 | — (h) | 0.0 (g) |
|  Sysmex Corp. | 22 | 34368 | (2) | 0.0 (g) |
|  T&D Holdings, Inc. | 4 | 15820 | (2) | 0.0 (g) |
|  Terumo Corp. | 10 | 21822 | (2) | 0.0 (g) |
|  THK Co. Ltd. | 4 | 17978 | (2) | 0.0 (g) |
|  Tokio Marine Holdings, Inc. | 2 | 8730 | — (h) | 0.0 (g) |
|  Tokyo Electric Power Co. Holdings Inc | 27 | 17666 | 1 | 0.0 (g) |
|  Tokyo Electron Ltd. | — (h) | 9951 | 2 | 0.0 (g) |
|  Tosoh Corp. | 23 | 52976 | — (h) | 0.0 (g) |
|  Toyo Tire Corp. | 1 | 3578 | (1) | 0.0 (g) |
|  Toyota Motor Corp. | 28 | 96740 | (18) | 0.0 (g) |
|  Trend Micro, Inc./Japan | 5 | 30443 | (8) | 0.0 (g) |
|  Unicharm Corp. | 3 | 2318 | — (h) | 0.0 (g) |
|  Yaskawa Electric Corp. | 1 | 3667 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **1489023** | **(12)** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(1200617)** | **(79)** | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 478 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from -4.63% to 0.27%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/21/2027 | 316364 | – (h) | 42 | 42 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Disco Corp. | (1) | (24085) | — (h) | 0.0 (g) |
|  Nordea Bank Abp | (3) | (60217) | — (h) | 0.0 (g) |
|  Round One Corp. | (6) | (6272) | — (h) | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  Ajinomoto Co., Inc. |  |  |  | 0.0 (g) |
|  Anycolor, Inc. | (1) | (2425) | — (h) | 0.0 (g) |
|  Aozora Bank Ltd. | (1) | (1756) | — (h) | 0.0 (g) |
|  BayCurrent, Inc. | (1) | (3900) | — (h) | 0.0 (g) |
|  Central Japan Railway Co. | (6) | (24287) | — (h) | 0.0 (g) |
|  Chiba Bank Ltd./The | — (h) | (524) | — (h) | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | (2) | (5548) | — (h) | 0.0 (g) |
|  Credit Saison Co. Ltd. | (1) | (5050) | — (h) | 0.0 (g) |
|  Daihen Corp. | — (h) | (999) | — (h) | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | — (h) | (597) | — (h) | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | (1) | (5198) | — (h) | 0.0 (g) |
|  Daiwa Securities Group, Inc. | (6) | (7949) | — (h) | 0.0 (g) |
|  Denso Corp. | (11) | (24170) | — (h) | 0.0 (g) |
|  DMG Mori Co. Ltd. | (3) | (6854) | — (h) | 0.0 (g) |
|  East Japan Railway Co. | (2) | (6611) | — (h) | 0.0 (g) |
|  Ferrotec Corp. | (1) | (6539) | — (h) | 0.0 (g) |
|  Food & Life Cos. Ltd. | (1) | (6330) | — (h) | 0.0 (g) |
|  Freee KK | (2) | (4808) | — (h) | 0.0 (g) |
|  Furuno Electric Co. Ltd. | (1) | (4788) | — (h) | 0.0 (g) |
|  GMO Payment Gateway, Inc. |  |  |  | 0.0 (g) |
|  GNI Group Ltd. | (1) | (1930) | — (h) | 0.0 (g) |
|  GS Yuasa Corp. | — (h) | (750) | — (h) | 0.0 (g) |
|  Gunma Bank Ltd./The | — (h) | (346) | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | (4) | (7308) | — (h) | 0.0 (g) |
|  Harmonic Drive Systems, Inc. | (3) | (11340) | — (h) | 0.0 (g) |
|  Hino Motors Ltd. | (5) | (2007) | — (h) | 0.0 (g) |
|  Hokkaido Electric Power Co., Inc. | (6) | (6516) | — (h) | 0.0 (g) |
|  Hokuhoku Financial Group, Inc. | — (h) | (1377) | — (h) | 0.0 (g) |
|  Honda Motor Co. Ltd. | (40) | (60979) | — (h) | 0.0 (g) |
|  Hoya Corp. | — (h) | (4737) | — (h) | 0.0 (g) |
|  Hulic Co. Ltd. | (4) | (7029) | — (h) | 0.0 (g) |
|  Ibiden Co. Ltd. | (8) | (52502) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 479

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Japan — continued** |  |  |  |  |
|  IHI Corp. | (18) | (48479) | — (h) | 0.0 (g) |
|  Internet Initiative Japan, Inc. | — (h) | (553) | — (h) | 0.0 (g) |
|  ITOCHU Corp. | (23) | (45425) | — (h) | 0.0 (g) |
|  Iwatani Corp. | — (h) | (494) | — (h) | 0.0 (g) |
|  Iyogin Holdings, Inc. | — (h) | (765) | — (h) | 0.0 (g) |
|  J Front Retailing Co. Ltd. | (1) | (2853) | — (h) | 0.0 (g) |
|  Japan Airport Terminal Co. Ltd. | — (h) | (1316) | — (h) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | (1) | (9215) | — (h) | 0.0 (g) |
|  Jeol Ltd. |  |  |  | 0.0 (g) |
|  JFE Holdings, Inc. | (7) | (12984) | — (h) | 0.0 (g) |
|  JGC Holdings Corp. | (1) | (1330) | — (h) | 0.0 (g) |
|  JX Advanced Metals Corp. |  |  |  | 0.0 (g) |
|  Kadokawa Corp. | (1) | (2541) | — (h) | 0.0 (g) |
|  Kajima Corp. | (1) | (3501) | — (h) | 0.0 (g) |
|  Kansai Electric Power Co., Inc. (The) | (7) | (18167) | — (h) | 0.0 (g) |
|  Kansai Paint Co. Ltd. | (2) | (4455) | — (h) | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. |  |  |  | 0.0 (g) |
|  Kawasaki Kisen Kaisha Ltd. |  |  |  | 0.0 (g) |
|  KDDI Corp. | (3) | (7584) | — (h) | 0.0 (g) |
|  Keio Corp. | — (h) | (1622) | — (h) | 0.0 (g) |
|  Keisei Electric Railway Co. Ltd. | (5) | (6703) | — (h) | 0.0 (g) |
|  Kikkoman Corp. | (4) | (4977) | — (h) | 0.0 (g) |
|  Kintetsu Group Holdings Co. Ltd. | (2) | (6140) | — (h) | 0.0 (g) |
|  Kioxia Holdings Corp. | (3) | (35479) | — (h) | 0.0 (g) |
|  Kirin Holdings Co. Ltd. | (6) | (14792) | — (h) | 0.0 (g) |
|  Koito Manufacturing Co. Ltd. | — (h) | (693) | — (h) | 0.0 (g) |
|  Kokusai Electric Corp. | (16) | (86272) | — (h) | 0.0 (g) |
|  Komatsu Ltd. | (3) | (16000) | — (h) | 0.0 (g) |
|  Konica Minolta, Inc. | (3) | (1836) | — (h) | 0.0 (g) |
|  Kose Holdings Corp. | (1) | (3144) | — (h) | 0.0 (g) |
|  Kraftia Corp. | — (h) | (1539) | — (h) | 0.0 (g) |
|  Kubota Corp. | (3) | (7093) | — (h) | 0.0 (g) |
|  Kyocera Corp. | (4) | (8127) | — (h) | 0.0 (g) |
|  Kyoritsu Maintenance Co. Ltd. | (1) | (3643) | — (h) | 0.0 (g) |
|  Kyowa Kirin Co. Ltd. | (1) | (1264) | — (h) | 0.0 (g) |
|  Lasertec Corp. | (1) | (41503) | — (h) | 0.0 (g) |
|  M3, Inc. | (8) | (16278) | — (h) | 0.0 (g) |
|  Marubeni Corp. | (4) | (17847) | — (h) | 0.0 (g) |
|  Maruwa Co. Ltd./Aichi | — (h) | (4260) | — (h) | 0.0 (g) |
|  Mazda Motor Corp. | (10) | (11946) | — (h) | 0.0 (g) |
|  MEIJI Holdings Co. Ltd. | (2) | (5924) | — (h) | 0.0 (g) |
|  Meiko Electronics Co. Ltd. | — (h) | (1071) | — (h) | 0.0 (g) |
|  Mercari, Inc. | (8) | (25677) | — (h) | 0.0 (g) |
|  Micronics Japan Co. Ltd. | (1) | (4935) | — (h) | 0.0 (g) |
|  MISUMI Group, Inc. |  |  |  | 0.0 (g) |
|  Mitsubishi Corp. |  |  |  | 0.0 (g) |
|  Mitsubishi Gas Chemical Co., Inc. | (1) | (3123) | — (h) | 0.0 (g) |
|  Mitsubishi HC Capital, Inc. | (1) | (656) | — (h) | 0.0 (g) |
|  Mitsubishi Logistics Corp. | (2) | (2874) | — (h) | 0.0 (g) |
|  Mitsubishi Materials Corp. | (1) | (4037) | — (h) | 0.0 (g) |
|  Mitsubishi Motors Corp. | (17) | (6196) | — (h) | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | (5) | (25576) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 480 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Japan — continued** |  |  |  |  |
|  Mizuho Financial Group, Inc. | (5) | (27360) | — (h) | 0.0 (g) |
|  Money Forward, Inc. | (1) | (3268) | — (h) | 0.0 (g) |
|  Musashi Seimitsu Industry Co. Ltd. | (1) | (2043) | — (h) | 0.0 (g) |
|  NHK Spring Co. Ltd. | — (h) | (755) | — (h) | 0.0 (g) |
|  NIPPON EXPRESS HOLDINGS, Inc. | (1) | (1676) | — (h) | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | (13) | (13303) | — (h) | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | (1) | (2801) | — (h) | 0.0 (g) |
|  Nippon Steel Corp. | (27) | (17329) | — (h) | 0.0 (g) |
|  Nissan Motor Co. Ltd. | (63) | (24498) | — (h) | 0.0 (g) |
|  Nissin Foods Holdings Co. Ltd. | (5) | (13393) | — (h) | 0.0 (g) |
|  Niterra Co. Ltd. | — (h) | (1378) | — (h) | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | (7) | (18375) | — (h) | 0.0 (g) |
|  Nitto Boseki Co. Ltd. |  |  |  | 0.0 (g) |
|  Nomura Holdings, Inc. | (4) | (4814) | — (h) | 0.0 (g) |
|  Nomura Micro Science Co. Ltd. | (1) | (2085) | — (h) | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | (2) | (1934) | — (h) | 0.0 (g) |
|  North Pacific Bank Ltd. | (2) | (1950) | — (h) | 0.0 (g) |
|  NTT, Inc. | (150) | (23592) | — (h) | 0.0 (g) |
|  Odakyu Electric Railway Co. Ltd. | (1) | (854) | — (h) | 0.0 (g) |
|  Olympus Corp. | (5) | (9129) | — (h) | 0.0 (g) |
|  Omron Corp. | (3) | (12672) | — (h) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | — (h) | (652) | — (h) | 0.0 (g) |
|  Open House Group Co. Ltd. | — (h) | (1840) | — (h) | 0.0 (g) |
|  Oracle Corp. Japan | — (h) | (1319) | — (h) | 0.0 (g) |
|  Oriental Land Co. Ltd./Japan | (4) | (12464) | — (h) | 0.0 (g) |
|  Panasonic Holdings Corp. | (16) | (32781) | — (h) | 0.0 (g) |
|  Park24 Co. Ltd. | (2) | (3135) | — (h) | 0.0 (g) |
|  Penta-Ocean Construction Co. Ltd. | (4) | (5672) | — (h) | 0.0 (g) |
|  PeptiDream, Inc. | — (h) | (331) | — (h) | 0.0 (g) |
|  Rakuten Group, Inc. | (25) | (25100) | — (h) | 0.0 (g) |
|  Resonac Holdings Corp. | (2) | (11747) | — (h) | 0.0 (g) |
|  Rohm Co. Ltd. | (5) | (10656) | — (h) | 0.0 (g) |
|  Rohto Pharmaceutical Co. Ltd. | (3) | (8410) | — (h) | 0.0 (g) |
|  Sanrio Co. Ltd. | (6) | (31469) | — (h) | 0.0 (g) |
|  SBI Holdings, Inc. | (4) | (13500) | — (h) | 0.0 (g) |
|  SCSK Corp. |  |  |  | 0.0 (g) |
|  Sega Sammy Holdings, Inc. | (1) | (1958) | — (h) | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | (1) | (1318) | — (h) | 0.0 (g) |
|  SG Holdings Co. Ltd. | (2) | (2867) | — (h) | 0.0 (g) |
|  Sharp Corp/Japan | — (h) | (308) | — (h) | 0.0 (g) |
|  Shibaura Mechatronics Corp. | (1) | (11364) | — (h) | 0.0 (g) |
|  SHIFT, Inc. | (2) | (2259) | — (h) | 0.0 (g) |
|  Shimano, Inc. | (1) | (13228) | — (h) | 0.0 (g) |
|  Shiseido Co. Ltd. | (13) | (28703) | — (h) | 0.0 (g) |
|  Sinfonia Technology Co. Ltd. | — (h) | (907) | — (h) | 0.0 (g) |
|  Skylark Holdings Co. Ltd. | — (h) | (1010) | — (h) | 0.0 (g) |
|  SMC Corp. | — (h) | (16338) | — (h) | 0.0 (g) |
|  SoftBank Corp. | (4) | (838) | — (h) | 0.0 (g) |
|  SoftBank Group Corp. | (12) | (52800) | — (h) | 0.0 (g) |
|  SUMCO Corp. | (15) | (21668) | — (h) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | (3) | (5295) | — (h) | 0.0 (g) |
|  Sumitomo Metal Mining Co. Ltd. | (2) | (15257) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 481

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Japan — continued** |  |  |  |  |
|  Sumitomo Rubber Industries Ltd. | (3) | (7965) | — (h) | 0.0 (g) |
|  Sundrug Co. Ltd. | — (h) | (861) | — (h) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | — (h) | (1418) | — (h) | 0.0 (g) |
|  Suzuki Motor Corp. | (2) | (3969) | — (h) | 0.0 (g) |
|  SWCC Corp. | (1) | (11374) | — (h) | 0.0 (g) |
|  Sysmex Corp. | (4) | (5707) | — (h) | 0.0 (g) |
|  Taiyo Yuden Co. Ltd. | (3) | (9912) | — (h) | 0.0 (g) |
|  Takashimaya Co. Ltd. | (2) | (2791) | — (h) | 0.0 (g) |
|  TDK Corp. |  |  |  | 0.0 (g) |
|  Tobu Railway Co. Ltd. | — (h) | (528) | — (h) | 0.0 (g) |
|  Tokyo Electric Power Co. Holdings, Inc. | (20) | (13343) | — (h) | 0.0 (g) |
|  Tokyo Keiki, Inc. | — (h) | (2140) | — (h) | 0.0 (g) |
|  Tokyo Metro Co. Ltd. | (6) | (9248) | — (h) | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | — (h) | (580) | — (h) | 0.0 (g) |
|  Tokyo Tatemono Co. Ltd. | (1) | (2482) | — (h) | 0.0 (g) |
|  Tokyu Corp. | (1) | (2562) | — (h) | 0.0 (g) |
|  TOPPAN Holdings, Inc. | — (h) | (1864) | — (h) | 0.0 (g) |
|  Toridoll Holdings Corp. | — (h) | (848) | — (h) | 0.0 (g) |
|  TOTO Ltd. | — (h) | (433) | — (h) | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | — (h) | (3225) | — (h) | 0.0 (g) |
|  Tri Chemical Laboratories, Inc. | (1) | (3523) | — (h) | 0.0 (g) |
|  Tsumura & Co. | — (h) | (1223) | — (h) | 0.0 (g) |
|  Unicharm Corp. | (4) | (3759) | — (h) | 0.0 (g) |
|  West Japan Railway Co. | — (h) | (313) | — (h) | 0.0 (g) |
|  Yakult Honsha Co. Ltd. | (3) | (7590) | — (h) | 0.0 (g) |
|  Yamada Holdings Co. Ltd. | (3) | (1507) | — (h) | 0.0 (g) |
|  Yamaha Corp. | (1) | (1420) | — (h) | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | (4) | (4290) | — (h) | 0.0 (g) |
|  Yamato Holdings Co. Ltd. | (1) | (1546) | — (h) | 0.0 (g) |
|  Yokohama Rubber Co. Ltd./The | — (h) | (1203) | — (h) | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | (3) | (22437) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(1545081)** | **—** (h) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  ABC-Mart, Inc. | — (h) | 531 | — (h) | 0.0 (g) |
|  Advantest Corp. | 2 | 31416 | — (h) | 0.0 (g) |
|  Aeon Co. Ltd. | 2 | 5697 | — (h) | 0.0 (g) |
|  Aisin Corp. | 4 | 12582 | — (h) | 0.0 (g) |
|  Alps Alpine Co. Ltd. | 1 | 1595 | — (h) | 0.0 (g) |
|  Amada Co. Ltd. | 3 | 4630 | — (h) | 0.0 (g) |
|  ANA Holdings, Inc. | 1 | 1490 | — (h) | 0.0 (g) |
|  Anritsu Corp. | 1 | 1571 | — (h) | 0.0 (g) |
|  Asahi Intecc Co. Ltd. | 1 | 3231 | — (h) | 0.0 (g) |
|  Asics Corp. | 9 | 32668 | — (h) | 0.0 (g) |
|  Astellas Pharma, Inc. | 12 | 24279 | — (h) | 0.0 (g) |
|  Azbil Corp. | 1 | 1849 | — (h) | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | 5 | 20026 | — (h) | 0.0 (g) |
|  BIPROGY, Inc. | — (h) | 1624 | — (h) | 0.0 (g) |
|  Bridgestone Corp. | 1 | 2108 | — (h) | 0.0 (g) |
|  Brother Industries Ltd. | 1 | 3122 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 482 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Japan — continued** |  |  |  |  |
|  Canon, Inc. | 3 | 11582 | — (h) | 0.0 (g) |
|  Capcom Co. Ltd. | 1 | 2556 | — (h) | 0.0 (g) |
|  Chugai Pharmaceutical Co. Ltd. | 2 | 14837 | — (h) | 0.0 (g) |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 1 | 1584 | — (h) | 0.0 (g) |
|  COMSYS Holdings Corp. | — (h) | 1822 | — (h) | 0.0 (g) |
|  Cosmo Energy Holdings Co. Ltd. | 1 | 2505 | — (h) | 0.0 (g) |
|  CyberAgent, Inc. | 11 | 14584 | — (h) | 0.0 (g) |
|  Dai Nippon Printing Co. Ltd. | 1 | 1886 | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | 4 | 18726 | — (h) | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | 8 | 10037 | — (h) | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | 9 | 30132 | — (h) | 0.0 (g) |
|  DeNA Co. Ltd. | 5 | 11421 | — (h) | 0.0 (g) |
|  Dentsu Group, Inc. | 1 | 3656 | — (h) | 0.0 (g) |
|  Dexerials Corp. | 1 | 2629 | — (h) | 0.0 (g) |
|  Ebara Corp. | 2 | 6263 | — (h) | 0.0 (g) |
|  ENEOS Holdings, Inc. | 44 | 48929 | — (h) | 0.0 (g) |
|  FANUC Corp. | 7 | 41980 | — (h) | 0.0 (g) |
|  FFRI Security, Inc. | — (h) | 702 | — (h) | 0.0 (g) |
|  FUJIFILM Holdings Corp. | 1 | 3678 | — (h) | 0.0 (g) |
|  Fujikura Ltd. | — (h) | 5232 | — (h) | 0.0 (g) |
|  Fujitsu Ltd. | 4 | 19048 | — (h) | 0.0 (g) |
|  Furukawa Electric Co. Ltd. | 4 | 43043 | — (h) | 0.0 (g) |
|  Haseko Corp. | — (h) | 622 | — (h) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | 1 | 3704 | — (h) | 0.0 (g) |
|  Hitachi Ltd. | 15 | 74020 | — (h) | 0.0 (g) |
|  Horiba Ltd. | 1 | 7980 | — (h) | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | 8 | 9701 | — (h) | 0.0 (g) |
|  Inpex Corp. | 11 | 34397 | — (h) | 0.0 (g) |
|  Japan Airlines Co. Ltd. | 1 | 2615 | — (h) | 0.0 (g) |
|  Japan Exchange Group, Inc. | 1 | 1676 | — (h) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | 4 | 6437 | — (h) | 0.0 (g) |
|  Japan Real Estate Investment Corp. | — (h) | 1440 | — (h) | 0.0 (g) |
|  Japan Tobacco, Inc. | 1 | 5076 | — (h) | 0.0 (g) |
|  Kakaku.com, Inc. | 3 | 7167 | — (h) | 0.0 (g) |
|  Kandenko Co. Ltd. | — (h) | 1508 | — (h) | 0.0 (g) |
|  Kao Corp. | 2 | 9391 | — (h) | 0.0 (g) |
|  Kewpie Corp. | 1 | 2596 | — (h) | 0.0 (g) |
|  Keyence Corp. | 1 | 45344 | — (h) | 0.0 (g) |
|  Kinden Corp. | — (h) | 2717 | — (h) | 0.0 (g) |
|  Kobe Bussan Co. Ltd. | — (h) | 1137 | — (h) | 0.0 (g) |
|  Kobe Steel Ltd. | 1 | 1657 | — (h) | 0.0 (g) |
|  Konami Group Corp. | 1 | 21330 | — (h) | 0.0 (g) |
|  Kuraray Co. Ltd. | — (h) | 635 | — (h) | 0.0 (g) |
|  Kurita Water Industries Ltd. | 1 | 6983 | — (h) | 0.0 (g) |
|  Liberaware Co. Ltd. | — (h) | 373 | — (h) | 0.0 (g) |
|  Lion Corp. | 1 | 1979 | — (h) | 0.0 (g) |
|  Lixil Corp. | 2 | 3978 | — (h) | 0.0 (g) |
|  Makita Corp. | 4 | 18948 | — (h) | 0.0 (g) |
|  MatsukiyoCocokara & Co. | 3 | 7594 | — (h) | 0.0 (g) |
|  Mebuki Financial Group, Inc. | 6 | 5917 | — (h) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | 4 | 13192 | — (h) | 0.0 (g) |
|  Mitsubishi Chemical Group Corp. | 2 | 1556 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 483

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Japan — continued** |  |  |  |  |
|  Mitsubishi Electric Corp. | 15 | 66941 | — (h) | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | — (h) | 1528 | — (h) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | 4 | 15360 | — (h) | 0.0 (g) |
|  Mitsubishi UFJ Financial Group, Inc. | 23 | 56342 | — (h) | 0.0 (g) |
|  Mitsui Fudosan Co. Ltd. | 1 | 1246 | — (h) | 0.0 (g) |
|  Mitsui Kinzoku Co. Ltd. | — (h) | 7054 | — (h) | 0.0 (g) |
|  Mitsui OSK Lines Ltd. | 2 | 9420 | — (h) | 0.0 (g) |
|  Modec, Inc. | 1 | 11900 | — (h) | 0.0 (g) |
|  Monex Group, Inc. | 1 | 731 | — (h) | 0.0 (g) |
|  MS&AD Insurance Group Holdings, Inc. | 5 | 19152 | — (h) | 0.0 (g) |
|  Murata Manufacturing Co. Ltd. | 7 | 21099 | — (h) | 0.0 (g) |
|  Namura Shipbuilding Co. Ltd. | 3 | 11682 | — (h) | 0.0 (g) |
|  NEC Corp. | 2 | 8496 | — (h) | 0.0 (g) |
|  Nexon Co. Ltd. | 4 | 16073 | — (h) | 0.0 (g) |
|  NGK Insulators Ltd. | 3 | 8377 | — (h) | 0.0 (g) |
|  NIDEC Corp., | 17 | 36884 | — (h) | 0.0 (g) |
|  Nihon M&A Center Holdings, Inc. | — (h) | 288 | — (h) | 0.0 (g) |
|  Nintendo Co. Ltd. | 4 | 37082 | — (h) | 0.0 (g) |
|  Nippon Building Fund, Inc. | — (h) | 2144 | — (h) | 0.0 (g) |
|  Nippon Electric Glass Co. Ltd. | 1 | 6155 | — (h) | 0.0 (g) |
|  Nippon Television Holdings, Inc. | — (h) | 761 | — (h) | 0.0 (g) |
|  Nippon Yusen KK | 5 | 23867 | — (h) | 0.0 (g) |
|  NOF Corp. | 1 | 2409 | — (h) | 0.0 (g) |
|  Nomura Research Institute Ltd. | 1 | 3011 | — (h) | 0.0 (g) |
|  Obayashi Corp. | 3 | 9480 | — (h) | 0.0 (g) |
|  Obic Co. Ltd. | — (h) | 984 | — (h) | 0.0 (g) |
|  Oji Holdings Corp. | 4 | 3011 | — (h) | 0.0 (g) |
|  ORIX Corp. | 1 | 4099 | — (h) | 0.0 (g) |
|  Osaka Gas Co. Ltd. | 2 | 8688 | — (h) | 0.0 (g) |
|  Otsuka Corp. | 2 | 5171 | — (h) | 0.0 (g) |
|  Otsuka Holdings Co. Ltd. | 1 | 11535 | — (h) | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | 1 | 2850 | — (h) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | 2 | 2144 | — (h) | 0.0 (g) |
|  Persol Holdings Co. Ltd. | 14 | 4156 | — (h) | 0.0 (g) |
|  Pigeon Corp. | — (h) | 483 | — (h) | 0.0 (g) |
|  Rakus Co. Ltd. | 3 | 2808 | — (h) | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | 17 | 151284 | — (h) | 0.0 (g) |
|  Renesas Electronics Corp. | 32 | 69336 | — (h) | 0.0 (g) |
|  Resona Holdings, Inc. | 17 | 25232 | — (h) | 0.0 (g) |
|  Rinnai Corp. | 1 | 1980 | — (h) | 0.0 (g) |
|  Rorze Corp. | — (h) | 674 | — (h) | 0.0 (g) |
|  Ryohin Keikaku Co. Ltd. | 4 | 9737 | — (h) | 0.0 (g) |
|  Sankyo Co. Ltd. | 2 | 4320 | — (h) | 0.0 (g) |
|  Sankyu, Inc. | — (h) | 846 | — (h) | 0.0 (g) |
|  Santen Pharmaceutical Co. Ltd. | 1 | 1626 | — (h) | 0.0 (g) |
|  Sanwa Holdings Corp. | 1 | 4895 | — (h) | 0.0 (g) |
|  Sapporo Holdings Ltd. | 1 | 843 | — (h) | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | 3 | 44196 | — (h) | 0.0 (g) |
|  Secom Co. Ltd. | — (h) | 1672 | — (h) | 0.0 (g) |
|  Seven & i Holdings Co. Ltd. | 7 | 15753 | — (h) | 0.0 (g) |
|  Shimamura Co. Ltd. | — (h) | 1022 | — (h) | 0.0 (g) |
|  Shimizu Corp. | 9 | 24817 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 484 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Japan — continued** |  |  |  |  |
|  Shizuoka Financial Group, Inc. | 1 | 3162 | — (h) | 0.0 (g) |
|  Socionext, Inc. | 5 | 11166 | — (h) | 0.0 (g) |
|  Sompo Holdings, Inc. | 6 | 33083 | — (h) | 0.0 (g) |
|  Sony Group Corp. | 6 | 24144 | — (h) | 0.0 (g) |
|  Square Enix Holdings Co. Ltd. | 1 | 1430 | — (h) | 0.0 (g) |
|  Subaru Corp. | 2 | 8148 | — (h) | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | 3 | 1337 | — (h) | 0.0 (g) |
|  Sumitomo Corp. | 3 | 13530 | — (h) | 0.0 (g) |
|  Sumitomo Electric Industries Ltd. | 8 | 51232 | — (h) | 0.0 (g) |
|  Sumitomo Mitsui Financial Group, Inc. | 2 | 9578 | — (h) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | 6 | 27229 | — (h) | 0.0 (g) |
|  Sumitomo Realty & Development Co. Ltd. | 4 | 15728 | — (h) | 0.0 (g) |
|  T&D Holdings, Inc. | 1 | 3253 | — (h) | 0.0 (g) |
|  Taiheiyo Cement Corp. | — (h) | 1165 | — (h) | 0.0 (g) |
|  Takasago Thermal Engineering Co. Ltd. | — (h) | 1774 | — (h) | 0.0 (g) |
|  Takeda Pharmaceutical Co. Ltd. | 2 | 11604 | — (h) | 0.0 (g) |
|  Terumo Corp. | 9 | 19976 | — (h) | 0.0 (g) |
|  THK Co. Ltd. | 1 | 5209 | — (h) | 0.0 (g) |
|  Tokio Marine Holdings, Inc. | 2 | 13379 | — (h) | 0.0 (g) |
|  Tokyo Electron Ltd. | 1 | 37752 | — (h) | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | 2 | 9928 | — (h) | 0.0 (g) |
|  Tokyu Fudosan Holdings Corp. | — (h) | 143 | — (h) | 0.0 (g) |
|  Toray Industries, Inc. | 8 | 7854 | — (h) | 0.0 (g) |
|  Toyo Engineering Corp. | — (h) | 616 | — (h) | 0.0 (g) |
|  Toyo Tire Corp. | 1 | 5202 | — (h) | 0.0 (g) |
|  Trend Micro, Inc./Japan | 1 | 6502 | — (h) | 0.0 (g) |
|  Tsuruha Holdings, Inc. | 1 | 2015 | — (h) | 0.0 (g) |
|  Visional, Inc. | — (h) | 2002 | — (h) | 0.0 (g) |
|  Yokogawa Electric Corp. | — (h) | 1505 | — (h) | 0.0 (g) |
|  Yokohama Financial Group, Inc. | 3 | 3234 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1861445 | **—** (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 316364 | **—** (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month KORIBOR on long positions and short positions respectively, plus or minus spread (rates range from -4.63% to 0.4%) which is denominated in KRW based on the local currencies of the positions within the swap | 09/23/2027 | 15511 | – (h) | – (h) | – (h) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 485

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | (2) | (541409) | — (h) | 0.0 (g) |
|  **South Korea** |  |  |  |  |
|  Celltrion, Inc. | — (h) | (73848) | — (h) | 0.0 (g) |
|  CJ CheilJedang Corp. | — (h) | (11024) | — (h) | 0.0 (g) |
|  Classys, Inc. | — (h) | (4524) | — (h) | 0.0 (g) |
|  DB Insurance Co. Ltd. | — (h) | (14552) | — (h) | 0.0 (g) |
|  Doosan Co. Ltd. | — (h) | (13277) | — (h) | 0.0 (g) |
|  Doosan Enerbility Co. Ltd. | (5) | (384632) | — (h) | 0.0 (g) |
|  Ecopro Co. Ltd. | — (h) | (1816) | — (h) | 0.0 (g) |
|  Eo Technics Co. Ltd. | — (h) | (39440) | — (h) | 0.0 (g) |
|  Hankook Tire & Technology Co. Ltd. | — (h) | (27576) | — (h) | 0.0 (g) |
|  Hanwha Aerospace Co. Ltd. | — (h) | (319940) | — (h) | 0.0 (g) |
|  Hanwha Solutions Corp. | (2) | (44622) | — (h) | 0.0 (g) |
|  HLB, Inc. | (1) | (30988) | — (h) | 0.0 (g) |
|  Hyosung Heavy Industries Corp. | — (h) | (3562) | — (h) | 0.0 (g) |
|  Hyundai Engineering & Construction Co. Ltd. | (2) | (153028) | — (h) | 0.0 (g) |
|  Hyundai Steel Co. | (1) | (26796) | — (h) | 0.0 (g) |
|  IsuPetasys Co. Ltd. | (2) | (253300) | — (h) | 0.0 (g) |
|  JYP Entertainment Corp. | — (h) | (12995) | — (h) | 0.0 (g) |
|  KB Financial Group, Inc. | — (h) | (46014) | — (h) | 0.0 (g) |
|  Kolmar Korea Co. Ltd. | — (h) | (18195) | — (h) | 0.0 (g) |
|  Korea Aerospace Industries Ltd. | (1) | (147347) | — (h) | 0.0 (g) |
|  Kumho Petrochemical Co. Ltd. | — (h) | (19674) | — (h) | 0.0 (g) |
|  LG Chem Ltd. | (1) | (256077) | — (h) | 0.0 (g) |
|  LG Electronics, Inc. | — (h) | (12315) | — (h) | 0.0 (g) |
|  LG Energy Solution Ltd. | — (h) | (5159) | — (h) | 0.0 (g) |
|  LIG Nex1 Co. Ltd. | — (h) | (62308) | — (h) | 0.0 (g) |
|  LigaChem Biosciences, Inc. | — (h) | (26750) | — (h) | 0.0 (g) |
|  LS Corp. | — (h) | (12594) | — (h) | 0.0 (g) |
|  LS Electric Co. Ltd. | — (h) | (93840) | — (h) | 0.0 (g) |
|  Mirae Asset Securities Co. Ltd. | (1) | (19497) | — (h) | 0.0 (g) |
|  NAVER Corp. | — (h) | (63535) | — (h) | 0.0 (g) |
|  NH Investment & Securities Co. Ltd. | (1) | (22999) | — (h) | 0.0 (g) |
|  Peptron, Inc. | — (h) | (53848) | — (h) | 0.0 (g) |
|  PharmaResearch Co. Ltd. | — (h) | (3627) | — (h) | 0.0 (g) |
|  Poongsan Corp. | (1) | (84987) | — (h) | 0.0 (g) |
|  POSCO Holdings, Inc. | (1) | (198860) | — (h) | 0.0 (g) |
|  Posco International Corp. | (1) | (27082) | — (h) | 0.0 (g) |
|  Samsung Fire & Marine Insurance Co. Ltd. | — (h) | (14413) | — (h) | 0.0 (g) |
|  Samsung Heavy Industries Co. Ltd. | (3) | (62009) | — (h) | 0.0 (g) |
|  Samsung SDI Co. Ltd. | (1) | (264919) | — (h) | 0.0 (g) |
|  Samsung Securities Co. Ltd. | — (h) | (25410) | — (h) | 0.0 (g) |
|  SK hynix, Inc. | — (h) | (31899) | — (h) | 0.0 (g) |
|  SK Innovation Co. Ltd. | (1) | (119315) | — (h) | 0.0 (g) |
|  S-Oil Corp. | — (h) | (18509) | — (h) | 0.0 (g) |
|  Taihan Cable & Solution Co. Ltd. | (3) | (65036) | — (h) | 0.0 (g) |
|  TechWing, Inc. | — (h) | (5267) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(3738814)** | **—** (h) | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 486 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 1 | 228327 | — (h) | 0.0 (g) |
|  Nordea Bank Abp | — (h) | 18842 | — (h) | 0.0 (g) |
|  **South Korea** |  |  |  |  |
|  Alteogen, Inc. | — (h) | 55289 | — (h) | 0.0 (g) |
|  BHI Co. Ltd. | 1 | 27196 | — (h) | 0.0 (g) |
|  CJ Corp. | — (h) | 17888 | — (h) | 0.0 (g) |
|  E-MART, Inc. | — (h) | 4959 | — (h) | 0.0 (g) |
|  Hana Financial Group, Inc. | 1 | 91653 | — (h) | 0.0 (g) |
|  Hanwha Engine | 3 | 110467 | — (h) | 0.0 (g) |
|  HD Hyundai Co. Ltd. | — (h) | 77096 | — (h) | 0.0 (g) |
|  HD Hyundai Electric Co. Ltd. | — (h) | 212850 | — (h) | 0.0 (g) |
|  HD Hyundai Heavy Industries Co. Ltd. | 1 | 283004 | — (h) | 0.0 (g) |
|  HD-Hyundai Marine Engine | — (h) | 36785 | — (h) | 0.0 (g) |
|  HMM Co. Ltd. | — (h) | 4285 | — (h) | 0.0 (g) |
|  Hugel, Inc. | — (h) | 19362 | — (h) | 0.0 (g) |
|  Hyundai Elevator Co. Ltd. | — (h) | 24459 | — (h) | 0.0 (g) |
|  Hyundai Glovis Co. Ltd. | — (h) | 18421 | — (h) | 0.0 (g) |
|  Hyundai Mobis Co. Ltd. | — (h) | 10071 | — (h) | 0.0 (g) |
|  Hyundai Rotem Co. Ltd. | 1 | 112176 | — (h) | 0.0 (g) |
|  Industrial Bank of Korea | — (h) | 6264 | — (h) | 0.0 (g) |
|  Kakao Corp. | 8 | 497628 | — (h) | 0.0 (g) |
|  Kakaopay Corp. | 3 | 147791 | — (h) | 0.0 (g) |
|  KEPCO Engineering & Construction Co., Inc. | — (h) | 31680 | — (h) | 0.0 (g) |
|  Kia Corp. | — (h) | 18392 | — (h) | 0.0 (g) |
|  Korea Gas Corp. | 1 | 20082 | — (h) | 0.0 (g) |
|  KT&G Corp. | — (h) | 15347 | — (h) | 0.0 (g) |
|  LG CNS Co. Ltd. | — (h) | 24130 | — (h) | 0.0 (g) |
|  LG Corp. | — (h) | 17108 | — (h) | 0.0 (g) |
|  LG Uplus Corp. | 1 | 21992 | — (h) | 0.0 (g) |
|  NCSoft Corp. | — (h) | 14508 | — (h) | 0.0 (g) |
|  Orion Corp | — (h) | 16066 | — (h) | 0.0 (g) |
|  Samsung E&A Co. Ltd. | 1 | 28139 | — (h) | 0.0 (g) |
|  Samsung Electronics Co. Ltd. | 11 | 1354630 | — (h) | 0.0 (g) |
|  Sanil Electric Co. Ltd. | — (h) | 8587 | — (h) | 0.0 (g) |
|  Shinhan Financial Group Co. Ltd. | — (h) | 2615 | — (h) | 0.0 (g) |
|  SK Square Co. Ltd. | — (h) | 134320 | — (h) | 0.0 (g) |
|  Woori Financial Group, Inc. | 1 | 41916 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3754325 | **—** (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 15511 | **—** (h) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 487

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day NOWA on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in NOK based on the local currencies of the positions within the swap | 09/15/2027 | 2589 | 8 | 4 | 12 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Gjensidige Forsikring ASA | — (h) | (122) | — (h) | 0.0 (g) |
|  Mowi ASA | — (h) | (109) | — (h) | 0.0 (g) |
|  Norsk Hydro ASA | (26) | (2041) | (2) | 0.0 (g) |
|  Salmar ASA | (1) | (343) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2615) | (2) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | 5 | 1145 | 2 | 0.0 (g) |
|  Kongsberg Gruppen ASA | — (h) | 33 | — (h) | 0.0 (g) |
|  Var Energi ASA | 56 | 1771 | 8 | 0.0 (g) |
|  Yara International ASA | 5 | 2255 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 5204 | 10 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 2589 | 8 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one week NIBOR on long positions and short positions respectively, plus or minus spread (rates range from -3% to 0.25%) which is denominated in NOK based on the local currencies of the positions within the swap | 09/22/2027 | (895) | – (h) | (3) | (3) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 488 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Himalaya Shipping Ltd. | — (h) | (7) | — (h) | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Cadeler A/S | (10) | (479) | — (h) | 0.0 (g) |
|  **Faroe Islands** |  |  |  |  |
|  Bakkafrost P/F | (1) | (264) | — (h) | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | (15) | (3963) | — (h) | 0.0 (g) |
|  Atea ASA | — (h) | (45) | — (h) | 0.0 (g) |
|  AutoStore Holdings Ltd. | (37) | (436) | — (h) | 0.0 (g) |
|  Borregaard ASA | (1) | (166) | — (h) | 0.0 (g) |
|  DNB Bank ASA | (5) | (1299) | — (h) | 0.0 (g) |
|  DNO ASA | (14) | (217) | — (h) | 0.0 (g) |
|  Elkem ASA | (8) | (253) | — (h) | 0.0 (g) |
|  Entra ASA | (1) | (87) | — (h) | 0.0 (g) |
|  Europris ASA | (1) | (78) | — (h) | 0.0 (g) |
|  Frontline plc | (18) | (3980) | — (h) | 0.0 (g) |
|  Leroy Seafood Group ASA | (6) | (316) | — (h) | 0.0 (g) |
|  LINK Mobility Group Holding ASA | (6) | (212) | — (h) | 0.0 (g) |
|  MPC Container Ships ASA | (11) | (197) | — (h) | 0.0 (g) |
|  Protector Forsikring ASA | — (h) | (169) | — (h) | 0.0 (g) |
|  Salmar ASA | (4) | (2325) | — (h) | 0.0 (g) |
|  SATS ASA | (1) | (33) | — (h) | 0.0 (g) |
|  Scatec ASA | (4) | (402) | — (h) | 0.0 (g) |
|  TGS ASA | (3) | (282) | — (h) | 0.0 (g) |
|  TOMRA Systems ASA | (6) | (860) | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  BW LPG Ltd. | (1) | (117) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Stolt-Nielsen Ltd. |  |  |  | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (16187) | **—** (h) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Greece** |  |  |  |  |
|  Okeanis Eco Tankers Corp. | — (h) | 80 | — (h) | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  2020 Bulkers Ltd. | — (h) | 33 | — (h) | 0.0 (g) |
|  Aker ASA | — (h) | 42 | — (h) | 0.0 (g) |
|  Aker Solutions ASA | 10 | 320 | — (h) | 0.0 (g) |
|  Austevoll Seafood ASA | — (h) | 35 | — (h) | 0.0 (g) |
|  DOF Group ASA | — (h) | 33 | — (h) | 0.0 (g) |
|  Equinor ASA | 6 | 1449 | — (h) | 0.0 (g) |
|  Gjensidige Forsikring ASA | 2 | 465 | — (h) | 0.0 (g) |
|  Hoegh Autoliners ASA | 5 | 457 | — (h) | 0.0 (g) |
|  Kitron ASA | 1 | 99 | — (h) | 0.0 (g) |
|  Kongsberg Gruppen ASA | 32 | 8383 | — (h) | 0.0 (g) |
|  Mowi ASA | — (h) | 42 | — (h) | 0.0 (g) |
|  Norconsult Norge A/S | 3 | 135 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 489

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Norway — continued** |  |  |  |  |
|  Nordic Semiconductor ASA | 5 | 688 | — (h) | 0.0 (g) |
|  Odfjell Drilling Ltd. | 5 | 427 | — (h) | 0.0 (g) |
|  Pexip Holding ASA | 2 | 193 | — (h) | 0.0 (g) |
|  Storebrand ASA | 3 | 583 | — (h) | 0.0 (g) |
|  Telenor ASA | 6 | 812 | — (h) | 0.0 (g) |
|  Veidekke ASA | 1 | 91 | — (h) | 0.0 (g) |
|  Vend Marketplaces ASA | 1 | 154 | — (h) | 0.0 (g) |
|  Wallenius Wilhelmsen ASA | 6 | 586 | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Hafnia Ltd. | 3 | 185 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **15292** | **—** **(h)** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(895)** | **—** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from -0.4% to 0.39%) which is denominated in NZD based on the local currencies of the positions within the swap | 09/15/2027 | (93) | 1 | – (h) | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Infratil Ltd. | (10) | (116) | 1 | 0.0 (g) |
|  Meridian Energy Ltd. | (1) | (8) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (124) | 1 | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Fisher & Paykel Healthcare Corp. Ltd. | 1 | 31 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 31 | **—** (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (93) | 1 | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 490 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | NOTIONAL<br>VALUE <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day STIBOR on long positions and short positions respectively, plus or minus spread (rates range from -3.94% to 0.26%) which is denominated in SEK based on the local currencies of the positions within the swap | 09/15/2027 | (68235) | (53) | (3) | (56) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Sweden |  |  |  |  |
|  AAK AB | (6) | (1453) | — (h) | 0.0 (g) |
|  AddLife AB | (1) | (131) | — (h) | 0.0 (g) |
|  Addnode Group AB | (1) | (143) | — (h) | 0.0 (g) |
|  AFRY AB | (1) | (142) | — (h) | 0.0 (g) |
|  Alfa Laval AB | (13) | (5954) | (5) | 0.0 (g) |
|  Apotea AB | — (h) | (31) | — (h) | 0.0 (g) |
|  Asker Healthcare Group AB | (4) | (321) | — (h) | 0.0 (g) |
|  Asmodee Group AB | (1) | (122) | — (h) | 0.0 (g) |
|  Assa Abloy AB | (7) | (2432) | — (h) | 0.0 (g) |
|  Atlas Copco AB | (25) | (4101) | (2) | 0.0 (g) |
|  Atrium Ljungberg AB | (2) | (77) | — (h) | 0.0 (g) |
|  Autoliv, Inc. | — (h) | (280) | — (h) | 0.0 (g) |
|  Axfood AB | (1) | (170) | — (h) | 0.0 (g) |
|  Beijer Alma AB | — (h) | (48) | — (h) | 0.0 (g) |
|  Beijer Ref AB | — (h) | (32) | — (h) | 0.0 (g) |
|  BHG Group AB | (3) | (93) | — (h) | 0.0 (g) |
|  Bilia AB | — (h) | (14) | — (h) | 0.0 (g) |
|  Boliden AB | (2) | (1027) | — (h) | 0.0 (g) |
|  Bravida Holding AB | (2) | (195) | — (h) | 0.0 (g) |
|  Bufab AB | — (h) | (19) | — (h) | 0.0 (g) |
|  Bure Equity AB | — (h) | (35) | — (h) | 0.0 (g) |
|  Castellum AB | (13) | (1405) | — (h) | 0.0 (g) |
|  Catena AB | (1) | (452) | — (h) | 0.0 (g) |
|  Cibus Nordic Real Estate AB publ | (1) | (110) | — (h) | 0.0 (g) |
|  Coor Service Management Holding AB | — (h) | (23) | — (h) | 0.0 (g) |
|  Corem Property Group AB | (17) | (72) | — (h) | 0.0 (g) |
|  Dios Fastigheter AB | (2) | (108) | — (h) | 0.0 (g) |
|  Dometic Group AB | (4) | (199) | — (h) | 0.0 (g) |
|  Dynavox Group AB | (1) | (65) | — (h) | 0.0 (g) |
|  Electrolux AB | (16) | (1017) | — (h) | 0.0 (g) |
|  Electrolux Professional AB | (1) | (35) | — (h) | 0.0 (g) |
|  Epiroc AB | (2) | (422) | (1) | 0.0 (g) |
|  EQT AB | (14) | (5187) | (1) | 0.0 (g) |
|  Essity AB | (2) | (575) | — (h) | 0.0 (g) |
|  Fabege AB | (10) | (828) | — (h) | 0.0 (g) |
|  Fastighets AB Balder | (14) | (962) | — (h) | 0.0 (g) |
|  Getinge AB | (1) | (235) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 491

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Sweden — continued** | | | | |
|  H & M Hennes & Mauritz AB | (20) | (3726) | — (h) | 0.0 (g) |
|  Hexagon AB | (87) | (9408) | (9) | 0.0 (g) |
|  Hexatronic Group AB | (6) | (149) | — (h) | 0.0 (g) |
|  Hexpol AB | (1) | (109) | — (h) | 0.0 (g) |
|  Hoist Finance AB | (1) | (105) | — (h) | 0.0 (g) |
|  Holmen AB | (2) | (781) | (2) | 0.0 (g) |
|  Industrivarden AB | (1) | (311) | — (h) | 0.0 (g) |
|  Investment AB Latour | (1) | (317) | — (h) | 0.0 (g) |
|  Investor AB | (4) | (1384) | (3) | 0.0 (g) |
|  Inwido AB | (1) | (96) | — (h) | 0.0 (g) |
|  L E Lundbergforetagen AB | (3) | (1485) | (1) | 0.0 (g) |
|  Lagercrantz Group AB | (1) | (313) | — (h) | 0.0 (g) |
|  Lifco AB | (2) | (675) | — (h) | 0.0 (g) |
|  Medicover AB | (1) | (170) | — (h) | 0.0 (g) |
|  MEKO AB | (1) | (68) | — (h) | 0.0 (g) |
|  Mildef Group AB | (5) | (645) | — (h) | 0.0 (g) |
|  Modern Times Group MTG AB | — (h) | (31) | — (h) | 0.0 (g) |
|  Munters Group AB | (5) | (903) | — (h) | 0.0 (g) |
|  New Wave Group AB | (1) | (165) | — (h) | 0.0 (g) |
|  Nibe Industrier AB | (91) | (3237) | — (h) | 0.0 (g) |
|  NP3 Fastigheter AB | — (h) | (24) | — (h) | 0.0 (g) |
|  Nyfosa AB | (2) | (119) | — (h) | 0.0 (g) |
|  Pandox AB | — (h) | (74) | — (h) | 0.0 (g) |
|  Platzer Fastigheter Holding AB | (2) | (146) | — (h) | 0.0 (g) |
|  Ratos AB | (1) | (43) | — (h) | 0.0 (g) |
|  Saab AB | (4) | (2153) | — (h) | 0.0 (g) |
|  Sagax AB | (6) | (1127) | (1) | 0.0 (g) |
|  Sandvik AB | (5) | (1546) | — (h) | 0.0 (g) |
|  Scandic Hotels Group AB | (2) | (207) | — (h) | 0.0 (g) |
|  Sdiptech AB | — (h) | (85) | — (h) | 0.0 (g) |
|  Securitas AB | (2) | (265) | — (h) | 0.0 (g) |
|  Sinch AB | (43) | (1363) | — (h) | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | (70) | (13504) | (18) | 0.0 (g) |
|  SkiStar AB | — (h) | (22) | — (h) | 0.0 (g) |
|  Stillfront Group AB | (13) | (86) | — (h) | 0.0 (g) |
|  Storskogen Group AB | (19) | (226) | — (h) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | (20) | (2376) | (3) | 0.0 (g) |
|  Swedbank AB | (27) | (8625) | (15) | 0.0 (g) |
|  Swedish Orphan Biovitrum AB | (3) | (963) | — (h) | 0.0 (g) |
|  Synsam AB | (3) | (235) | — (h) | 0.0 (g) |
|  Telia Co. AB | (23) | (868) | (2) | 0.0 (g) |
|  TF Bank AB | — (h) | (26) | — (h) | 0.0 (g) |
|  Thule Group AB | (2) | (496) | — (h) | 0.0 (g) |
|  Trelleborg AB | — (h) | (163) | — (h) | 0.0 (g) |
|  Vimian Group AB | (5) | (154) | — (h) | 0.0 (g) |
|  Vitec Software Group AB | (1) | (242) | — (h) | 0.0 (g) |
|  Vitrolife AB | (1) | (122) | — (h) | 0.0 (g) |
|  Volvo AB | (42) | (12394) | — (h) | 0.0 (g) |
|  Wallenstam AB | (4) | (157) | — (h) | 0.0 (g) |
|  Wihlborgs Fastigheter AB | (1) | (53) | — (h) | 0.0 (g) |
|  Xvivo Perfusion AB | (2) | (308) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(100765)** | **(63)** | **0.0** **(g)** |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 492 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Denmark |  |  |  |  |
|  INVISIO AB | — (h) | 88 | — (h) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  AcadeMedia AB | 1 | 106 | — (h) | 0.0 (g) |
|  AddTech AB | 1 | 350 | — (h) | 0.0 (g) |
|  Ambea AB | 1 | 77 | — (h) | 0.0 (g) |
|  AQ Group AB | — (h) | 98 | — (h) | 0.0 (g) |
|  Assa Abloy AB | 1 | 255 | — (h) | 0.0 (g) |
|  Attendo AB | 1 | 80 | — (h) | 0.0 (g) |
|  Beijer Ref AB | 1 | 91 | — (h) | 0.0 (g) |
|  Betsson AB | 4 | 544 | — (h) | 0.0 (g) |
|  Billerud Aktiebolag | 1 | 95 | — (h) | 0.0 (g) |
|  BioArctic AB | 1 | 241 | — (h) | 0.0 (g) |
|  BioGaia AB | 3 | 267 | — (h) | 0.0 (g) |
|  Boliden AB | 1 | 619 | 2 | 0.0 (g) |
|  BoneSupport Holding AB | 2 | 466 | — (h) | 0.0 (g) |
|  Camurus AB | — (h) | 194 | — (h) | 0.0 (g) |
|  Clas Ohlson AB | 1 | 375 | — (h) | 0.0 (g) |
|  Essity AB | 5 | 1229 | 1 | 0.0 (g) |
|  Evolution AB | 1 | 824 | 1 | 0.0 (g) |
|  Granges AB | — (h) | 41 | — (h) | 0.0 (g) |
|  Hemnet Group AB | 2 | 400 | — (h) | 0.0 (g) |
|  Hufvudstaden AB | — (h) | 59 | — (h) | 0.0 (g) |
|  Industrivarden AB | — (h) | 179 | — (h) | 0.0 (g) |
|  Indutrade AB | 2 | 415 | — (h) | 0.0 (g) |
|  Investor AB | 11 | 3707 | — (h) | 0.0 (g) |
|  JM AB | 2 | 224 | — (h) | 0.0 (g) |
|  Loomis AB | — (h) | 99 | — (h) | 0.0 (g) |
|  MIPS AB | 1 | 292 | — (h) | 0.0 (g) |
|  Mycronic AB | 2 | 518 | — (h) | 0.0 (g) |
|  NCC AB | 1 | 209 | — (h) | 0.0 (g) |
|  Nordnet AB publ | 2 | 673 | — (h) | 0.0 (g) |
|  Peab AB | 2 | 156 | — (h) | 0.0 (g) |
|  RaySearch Laboratories AB | — (h) | 45 | — (h) | 0.0 (g) |
|  Rvrc Holding AB | 2 | 106 | — (h) | 0.0 (g) |
|  Sandvik AB | 7 | 2120 | 3 | 0.0 (g) |
|  Sectra AB | 2 | 381 | — (h) | 0.0 (g) |
|  Securitas AB | 8 | 1101 | 1 | 0.0 (g) |
|  Sinch AB | 11 | 339 | 1 | 0.0 (g) |
|  Skanska AB | 12 | 2996 | — (h) | 0.0 (g) |
|  SKF AB | 4 | 970 | 1 | 0.0 (g) |
|  SSAB AB | 13 | 912 | — (h) | 0.0 (g) |
|  Svenska Handelsbanken AB | 1 | 129 | — (h) | 0.0 (g) |
|  Sweco AB | 1 | 82 | — (h) | 0.0 (g) |
|  Swedbank AB | 9 | 2889 | — (h) | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | 58 | 5255 | — (h) | 0.0 (g) |
|  Telia Co. AB | 39 | 1540 | — (h) | 0.0 (g) |
|  Trelleborg AB | 1 | 224 | — (h) | 0.0 (g) |
|  Truecaller AB | 22 | 416 | — (h) | 0.0 (g) |
|  Yubico AB | 1 | 54 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 32530 | 10 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (68235) | (53) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 493

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **Description** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from -0.88% to 0.3%) which is denominated in SGD based on the local currencies of the positions within the swap | 09/15/2027 | (283) | (2) | (1) | (3) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. | (5) | (18) | — (h) | 0.0(g) |
|  **Singapore** |  |  |  |  |
|  Oversea-Chinese Banking Corp. Ltd. | (3) | (57) | — (h) | 0.0(g) |
|  Seatrium Ltd. | (16) | (34) | — (h) | 0.0(g) |
|  Sembcorp Industries Ltd. | (28) | (165) | (2) | 0.0(g) |
|  Singapore Airlines Ltd. | (18) | (111) | (1) | 0.0(g) |
|  Wilmar International Ltd. | (12) | (37) | — (h) | 0.0(g) |
|  **Total Short Positions of Total Return Swaps** |  | (422) | (3) | 0.0(g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  CapitaLand Ascendas REIT | 8 | 23 | 1 | 0.0(g) |
|  CapitaLand Investment Ltd./Singapore | 10 | 26 | — (h) | 0.0(g) |
|  Genting Singapore Ltd. | 33 | 24 | — (h) | 0.0(g) |
|  Singapore Technologies Engineering Ltd. | 8 | 66 | — (h) | 0.0(g) |
|  **Total Long Positions of Total Return Swaps** |  | 139 | 1 | 0.0(g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (283) | (2) | 0.0(g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month TAIBOR on long positions and short positions respectively, plus or minus spread (rates range from -2.75% to 0.5%) which is denominated in TWD based on the local currencies of the positions within the swap | 10/05/2027 | (2077) | – (h) | – | — (h) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 494 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Taiwan** |  |  |  |  |
|  Bizlink Holding, Inc. | (1) | (1520) | — (h) | 0.0 (g) |
|  CTBC Financial Holding Co. Ltd. | (4) | (201) | — (h) | 0.0 (g) |
|  Elite Material Co. Ltd. | (3) | (4767) | — (h) | 0.0 (g) |
|  Gold Circuit Electronics Ltd. | (16) | (10992) | — (h) | 0.0 (g) |
|  Hannstar Board Corp. | (4) | (369) | — (h) | 0.0 (g) |
|  Nan Ya Plastics Corp. | (44) | (2649) | — (h) | 0.0 (g) |
|  Unimicron Technology Corp. | (22) | (4840) | — (h) | 0.0 (g) |
|  Wistron Corp. | (4) | (602) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (25940) | — (h) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Jinan Acetate Chemical Co. Ltd. | 5 | 260 | — (h) | 0.0 (g) |
|  **Taiwan** |  |  |  |  |
|  Advanced Energy Solution Holding Co. Ltd. | 1 | 1330 | — (h) | 0.0 (g) |
|  ASE Technology Holding Co. Ltd. | 20 | 5010 | — (h) | 0.0 (g) |
|  Asia Optical Co., Inc. | 10 | 1390 | — (h) | 0.0 (g) |
|  Asustek Computer, Inc. | 2 | 1096 | — (h) | 0.0 (g) |
|  Delta Electronics, Inc. | 1 | 963 | — (h) | 0.0 (g) |
|  Lite-On Technology Corp. | 1 | 163 | — (h) | 0.0 (g) |
|  Nanya Technology Corp. | 16 | 3088 | — (h) | 0.0 (g) |
|  United Integrated Services Co. Ltd. | 4 | 3796 | — (h) | 0.0 (g) |
|  Wan Hai Lines Ltd. | 6 | 473 | — (h) | 0.0 (g) |
|  Yang Ming Marine Transport Corp. | 113 | 6294 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 23863 | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (2077) | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.2% to 0.2%) which is denominated in USD based on the local currencies of the positions within the swap | 09/20/2027 | 78152 | – (h) | 178 | 178 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 495

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Aflac, Inc. |  |  |  | 0.0 (g) |
|  Eastern Bankshares, Inc. |  |  |  | 0.0 (g) |
|  Pfizer, Inc. |  |  |  | 0.0 (g) |
|  Ryder System, Inc. |  |  |  | 0.0 (g) |
|  T-Mobile US, Inc. |  |  |  | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **—** | **—** | **0.0** **(g)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  **Atlassian Corp.** | **4** | **573** | — (h) | **0.0** **(g)** |
|  **Bermuda** |  |  |  |  |
|  Arch Capital Group Ltd. | 2 | 165 | — (h) | 0.0 (g) |
|  Assured Guaranty Ltd. | — (h) | 13 | — (h) | 0.0 (g) |
|  Axis Capital Holdings Ltd. | — (h) | 19 | — (h) | 0.0 (g) |
|  Essent Group Ltd. | — (h) | 17 | — (h) | 0.0 (g) |
|  Everest Group Ltd. | — (h) | 60 | — (h) | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | — (h) | 21 | — (h) | 0.0 (g) |
|  **Brazil** |  |  |  |  |
|  Pagseguro Digital Ltd. | 2 | 15 | — (h) | 0.0 (g) |
|  **Canada** |  |  |  |  |
|  Agnico Eagle Mines Ltd. | 1 | 134 | — (h) | 0.0 (g) |
|  Kinross Gold Corp. | 1 | 32 | — (h) | 0.0 (g) |
|  Shopify, Inc. | 1 | 151 | — (h) | 0.0 (g) |
|  **Chile** |  |  |  |  |
|  Sociedad Quimica y Minera de Chile SA | — (h) | 5 | — (h) | 0.0 (g) |
|  **China** |  |  |  |  |
|  Pony AI, Inc. | 1 | 19 | — (h) | 0.0 (g) |
|  WeRide, Inc. | 3 | 23 | — (h) | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | — (h) | 6 | — (h) | 0.0 (g) |
|  Genmab A/S | — (h) | 5 | — (h) | 0.0 (g) |
|  Novo Nordisk A/S | 1 | 63 | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nokia OYJ | 3 | 20 | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Deutsche Bank AG | 1 | 25 | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Accenture plc | 1 | 247 | — (h) | 0.0 (g) |
|  AerCap Holdings NV | 1 | 114 | — (h) | 0.0 (g) |
|  Alkermes plc | 1 | 21 | — (h) | 0.0 (g) |
|  Allegion plc | — (h) | 7 | — (h) | 0.0 (g) |
|  Perrigo Co. plc | — (h) | 4 | — (h) | 0.0 (g) |
|  Ryanair Holdings plc | 1 | 43 | — (h) | 0.0 (g) |
|  TE Connectivity plc | 2 | 393 | — (h) | 0.0 (g) |
|  Trane Technologies plc | — (h) | 29 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 496 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Cellebrite DI Ltd. | — (h) | 5 | — (h) | 0.0 (g) |
|  Check Point Software Technologies Ltd. | — (h) | 8 | — (h) | 0.0 (g) |
|  Elbit Systems Ltd. | — (h) | 30 | — (h) | 0.0 (g) |
|  Fiverr International Ltd. | — (h) | 4 | — (h) | 0.0 (g) |
|  Mobileye Global, Inc. | 10 | 109 | — (h) | 0.0 (g) |
|  Monday.com Ltd. | 1 | 94 | — (h) | 0.0 (g) |
|  Nice Ltd. | — (h) | 15 | — (h) | 0.0 (g) |
|  SolarEdge Technologies, Inc. | 6 | 186 | — (h) | 0.0 (g) |
|  ZIM Integrated Shipping Services Ltd. | 1 | 28 | — (h) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Ferrari NV | — (h) | 104 | — (h) | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  Sony Group Corp. | 2 | 53 | — (h) | 0.0 (g) |
|  **Jersey** |  |  |  |  |
|  Novocure Ltd. | 1 | 12 | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  Aegon Ltd. | 1 | 9 | — (h) | 0.0 (g) |
|  ASML Holding NV | — (h) | 224 | — (h) | 0.0 (g) |
|  ING Groep NV | 1 | 23 | — (h) | 0.0 (g) |
|  Nebius Group NV | 1 | 118 | — (h) | 0.0 (g) |
|  Stellantis NV | 3 | 36 | — (h) | 0.0 (g) |
|  **Panama** |  |  |  |  |
|  Copa Holdings SA | — (h) | 8 | — (h) | 0.0 (g) |
|  Peru |  |  |  |  |
|  Credicorp Ltd. | — (h) | 19 | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Kulicke & Soffa Industries, Inc. | — (h) | 19 | — (h) | 0.0 (g) |
|  Sea Ltd. | 5 | 660 | — (h) | 0.0 (g) |
|  **South Korea** |  |  |  |  |
|  KT Corp. | 1 | 22 | — (h) | 0.0 (g) |
|  Sweden |  |  |  |  |
|  Spotify Technology SA | 1 | 596 | — (h) | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | 5 | 44 | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Amcor plc | 2 | 15 | — (h) | 0.0 (g) |
|  Chubb Ltd. | — (h) | 126 | — (h) | 0.0 (g) |
|  Garmin Ltd. | 1 | 148 | — (h) | 0.0 (g) |
|  On Holding AG | 4 | 184 | — (h) | 0.0 (g) |
|  **Taiwan** |  |  |  |  |
|  ASE Technology Holding Co. Ltd. | 3 | 49 | — (h) | 0.0 (g) |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 2 | 520 | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Barclays plc | 4 | 99 | — (h) | 0.0 (g) |
|  BP plc | 4 | 151 | — (h) | 0.0 (g) |
|  British American Tobacco plc | 3 | 153 | — (h) | 0.0 (g) |
|  CNH Industrial NV | 13 | 121 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 497

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United Kingdom — continued** | | | | |
|  Gorilla Technology Group, Inc. | — (h) | 2 | — (h) | 0.0 (g) |
|  HSBC Holdings plc | 1 | 82 | — (h) | 0.0 (g) |
|  Lloyds Banking Group plc | 2 | 10 | — (h) | 0.0 (g) |
|  NatWest Group plc | 3 | 46 | — (h) | 0.0 (g) |
|  RELX plc | — (h) | 3 | — (h) | 0.0 (g) |
|  Rio Tinto plc | 2 | 126 | — (h) | 0.0 (g) |
|  Vodafone Group plc | 3 | 39 | — (h) | 0.0 (g) |
| **United States** |  |  |  |  |
|  3M Co. | 4 | 670 | — (h) | 0.0 (g) |
|  A O Smith Corp. | 1 | 48 | — (h) | 0.0 (g) |
|  Abercrombie & Fitch Co. | 2 | 275 | — (h) | 0.0 (g) |
|  ACI Worldwide, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Acuity, Inc. | — (h) | 76 | — (h) | 0.0 (g) |
|  Adient plc | 1 | 19 | — (h) | 0.0 (g) |
|  Adobe, Inc. | 4 | 1256 | — (h) | 0.0 (g) |
|  Adtalem Global Education, Inc. | — (h) | 2 | — (h) | 0.0 (g) |
|  Advance Auto Parts, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Advanced Energy Industries, Inc. | — (h) | 34 | — (h) | 0.0 (g) |
|  AES Corp. (The) | 2 | 24 | — (h) | 0.0 (g) |
|  Aeva Technologies, Inc. | 2 | 24 | — (h) | 0.0 (g) |
|  Affiliated Managers Group, Inc. | — (h) | 34 | — (h) | 0.0 (g) |
|  Affirm Holdings, Inc. | 2 | 161 | — (h) | 0.0 (g) |
|  AGCO Corp. | — (h) | 50 | — (h) | 0.0 (g) |
|  Agios Pharmaceuticals, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Airbnb, Inc. | 5 | 648 | — (h) | 0.0 (g) |
|  Akamai Technologies, Inc. | 1 | 103 | — (h) | 0.0 (g) |
|  Alamo Group, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Alarm.com Holdings, Inc. | — (h) | 17 | — (h) | 0.0 (g) |
|  Alaska Air Group, Inc. | 1 | 54 | — (h) | 0.0 (g) |
|  Albemarle Corp. | 4 | 500 | — (h) | 0.0 (g) |
|  Albertsons Cos., Inc. | 5 | 93 | — (h) | 0.0 (g) |
|  Alexandria Real Estate Equities, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  Align Technology, Inc. | 2 | 255 | — (h) | 0.0 (g) |
|  Alignment Healthcare, Inc. | 2 | 30 | — (h) | 0.0 (g) |
|  Allegiant Travel Co. | — (h) | 24 | — (h) | 0.0 (g) |
|  Allison Transmission Holdings, Inc. | — (h) | 37 | — (h) | 0.0 (g) |
|  Allstate Corp. (The) | 1 | 157 | — (h) | 0.0 (g) |
|  Ally Financial, Inc. | 3 | 140 | — (h) | 0.0 (g) |
|  Alnylam Pharmaceuticals, Inc. | — (h) | 183 | — (h) | 0.0 (g) |
|  Altria Group, Inc. | 8 | 484 | — (h) | 0.0 (g) |
|  Amazon.com, Inc. | (h) | 86 | — (h) | 0.0 (g) |
|  Ambarella, Inc. | 1 | 47 | — (h) | 0.0 (g) |
|  Amdocs Ltd. | (h) | 11 | — (h) | 0.0 (g) |
|  Ameren Corp. | (h) | 32 | — (h) | 0.0 (g) |
|  American Airlines Group, Inc. | 12 | 187 | — (h) | 0.0 (g) |
|  American Electric Power Co., Inc. | 3 | 338 | — (h) | 0.0 (g) |
|  American International Group, Inc. | 5 | 437 | — (h) | 0.0 (g) |
|  American States Water Co. | (h) | 12 | — (h) | 0.0 (g) |
|  American Superconductor Corp. | (h) | 6 | — (h) | 0.0 (g) |
|  American Tower Corp. | 2 | 272 | — (h) | 0.0 (g) |
|  Ameriprise Financial, Inc. | 1 | 277 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 498 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  AMETEK, Inc. | (h) | 47 | — (h) | 0.0 (g) |
|  Amgen, Inc. | 1 | 386 | — (h) | 0.0 (g) |
|  AMN Healthcare Services, Inc. | (h) | 3 | — (h) | 0.0 (g) |
|  Amphenol Corp. | (h) | 18 | — (h) | 0.0 (g) |
|  Analog Devices, Inc. | 1 | 254 | — (h) | 0.0 (g) |
|  Antero Resources Corp. | 5 | 181 | — (h) | 0.0 (g) |
|  APA Corp. | 1 | 17 | — (h) | 0.0 (g) |
|  Appfolio, Inc. | (h) | 5 | — (h) | 0.0 (g) |
|  Appian Corp. | 1 | 31 | — (h) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | (h) | 66 | — (h) | 0.0 (g) |
|  Archer Aviation, Inc. | 20 | 147 | — (h) | 0.0 (g) |
|  Ardelyx, Inc. | (h) | 2 | — (h) | 0.0 (g) |
|  Ares Management Corp. | (h) | 33 | — (h) | 0.0 (g) |
|  Argan, Inc. | (h) | 106 | — (h) | 0.0 (g) |
|  Arlo Technologies, Inc. | (h) | 7 | — (h) | 0.0 (g) |
|  Arrowhead Pharmaceuticals, Inc. | 1 | 42 | — (h) | 0.0 (g) |
|  Asana, Inc. | 2 | 28 | — (h) | 0.0 (g) |
|  ASGN, Inc. | (h) | 6 | — (h) | 0.0 (g) |
|  Ashland, Inc. | (h) | 5 | — (h) | 0.0 (g) |
|  Assurant, Inc. | (h) | 44 | — (h) | 0.0 (g) |
|  Astera Labs, Inc. | (h) | 62 | — (h) | 0.0 (g) |
|  Astronics Corp. | (h) | 3 | — (h) | 0.0 (g) |
|  AT&T, Inc. | 11 | 280 | — (h) | 0.0 (g) |
|  Aurora Innovation, Inc. | 6 | 25 | — (h) | 0.0 (g) |
|  Autodesk, Inc. | 1 | 280 | — (h) | 0.0 (g) |
|  AutoZone, Inc. | (h) | 281 | — (h) | 0.0 (g) |
|  AvePoint, Inc. | (h) | 3 | — (h) | 0.0 (g) |
|  Avista Corp. | 1 | 21 | — (h) | 0.0 (g) |
|  Avnet, Inc. | (h) | 12 | — (h) | 0.0 (g) |
|  Axsome Therapeutics, Inc. | (h) | 14 | — (h) | 0.0 (g) |
|  Azenta, Inc. | 1 | 17 | — (h) | 0.0 (g) |
|  Badger Meter, Inc. | (h) | 41 | — (h) | 0.0 (g) |
|  Balchem Corp. | (h) | 18 | — (h) | 0.0 (g) |
|  Bank of America Corp. | 17 | 919 | — (h) | 0.0 (g) |
|  Bank of Hawaii Corp. | (h) | 7 | — (h) | 0.0 (g) |
|  Bank of New York Mellon Corp. (The) | (h) | 32 | — (h) | 0.0 (g) |
|  Bath & Body Works, Inc. | 2 | 38 | — (h) | 0.0 (g) |
|  Becton Dickinson & Co. | (h) | 10 | — (h) | 0.0 (g) |
|  Bed Bath & Beyond, Inc. | 1 | 5 | — (h) | 0.0 (g) |
|  Berkshire Hathaway, Inc. | 1 | 675 | — (h) | 0.0 (g) |
|  Best Buy Co., Inc. | 3 | 173 | — (h) | 0.0 (g) |
|  Biogen, Inc. | (h) | 47 | — (h) | 0.0 (g) |
|  Biohaven Ltd. | 1 | 11 | — (h) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | 2 | 117 | — (h) | 0.0 (g) |
|  BJ's Wholesale Club Holdings, Inc. | 1 | 72 | — (h) | 0.0 (g) |
|  Black Hills Corp. | (h) | 11 | — (h) | 0.0 (g) |
|  Blackbaud, Inc. | (h) | 18 | — (h) | 0.0 (g) |
|  Blackrock, Inc. | (h) | 231 | — (h) | 0.0 (g) |
|  Blackstone, Inc. | 4 | 617 | — (h) | 0.0 (g) |
|  Bloom Energy Corp. | 2 | 194 | — (h) | 0.0 (g) |
|  Blue Bird Corp. | (h) | 10 | — (h) | 0.0 (g) |
|  Boise Cascade Co. | (h) | 16 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 499

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Booking Holdings, Inc. | (h) | 214 | — (h) | 0.0 (g) |
|  BorgWarner, Inc. | 2 | 70 | — (h) | 0.0 (g) |
|  Boston Beer Co., Inc. (The) | (h) | 37 | — (h) | 0.0 (g) |
|  Boston Scientific Corp. | 3 | 315 | — (h) | 0.0 (g) |
|  Box, Inc. | 2 | 50 | — (h) | 0.0 (g) |
|  Brady Corp. | (h) | 17 | — (h) | 0.0 (g) |
|  Braze, Inc. | (h) | 3 | — (h) | 0.0 (g) |
|  Bread Financial Holdings, Inc. | 1 | 45 | — (h) | 0.0 (g) |
|  Brink's Co. (The) | (h) | 21 | — (h) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | 13 | 694 | — (h) | 0.0 (g) |
|  Broadridge Financial Solutions, Inc. | (h) | 40 | — (h) | 0.0 (g) |
|  Brunswick Corp. | 1 | 70 | — (h) | 0.0 (g) |
|  Buckle, Inc. (The) | (h) | 2 | — (h) | 0.0 (g) |
|  Burlington Stores, Inc. | (h) | 61 | — (h) | 0.0 (g) |
|  C3.ai, Inc. | 1 | 17 | — (h) | 0.0 (g) |
|  Cabot Corp. | (h) | 23 | — (h) | 0.0 (g) |
|  Cadence Design Systems, Inc. | (h) | 78 | — (h) | 0.0 (g) |
|  Calix, Inc. | (h) | 10 | — (h) | 0.0 (g) |
|  Camden Property Trust | (h) | 2 | — (h) | 0.0 (g) |
|  Cardinal Health, Inc. | (h) | 80 | — (h) | 0.0 (g) |
|  CareDx, Inc. | 1 | 15 | — (h) | 0.0 (g) |
|  Cargurus, Inc. | 1 | 29 | — (h) | 0.0 (g) |
|  Carlisle Cos., Inc. | (h) | 99 | — (h) | 0.0 (g) |
|  CarMax, Inc. | 2 | 90 | — (h) | 0.0 (g) |
|  Caterpillar, Inc. | 1 | 574 | — (h) | 0.0 (g) |
|  Cathay General Bancorp | (h) | 4 | — (h) | 0.0 (g) |
|  Cavco Industries, Inc. | (h) | 37 | — (h) | 0.0 (g) |
|  CBRE Group, Inc. | (h) | 11 | — (h) | 0.0 (g) |
|  CDW Corp | 1 | 97 | — (h) | 0.0 (g) |
|  Celanese Corp. | 2 | 65 | — (h) | 0.0 (g) |
|  Celcuity, Inc. | (h) | 6 | — (h) | 0.0 (g) |
|  Centene Corp. | 3 | 103 | — (h) | 0.0 (g) |
|  CF Industries Holdings, Inc. | 1 | 87 | — (h) | 0.0 (g) |
|  Charles Schwab Corp. (The) | 4 | 401 | — (h) | 0.0 (g) |
|  Chemed Corp. | (h) | 39 | — (h) | 0.0 (g) |
|  Chemours Co. (The) | 3 | 32 | — (h) | 0.0 (g) |
|  Chevron Corp. | 5 | 789 | — (h) | 0.0 (g) |
|  Chipotle Mexican Grill, Inc. | 10 | 356 | — (h) | 0.0 (g) |
|  Churchill Downs, Inc. | (h) | 30 | — (h) | 0.0 (g) |
|  Ciena Corp. | 2 | 475 | — (h) | 0.0 (g) |
|  Cintas Corp. | 2 | 383 | — (h) | 0.0 (g) |
|  Circle Internet Group, Inc. | 3 | 276 | — (h) | 0.0 (g) |
|  Cirrus Logic, Inc. | 1 | 80 | — (h) | 0.0 (g) |
|  Cisco Systems, Inc. | 1 | 95 | — (h) | 0.0 (g) |
|  Citigroup, Inc. | 5 | 529 | — (h) | 0.0 (g) |
|  Clearway Energy, Inc. | (h) | 2 | — (h) | 0.0 (g) |
|  Cleveland-Cliffs, Inc. | 2 | 26 | — (h) | 0.0 (g) |
|  Clorox Co. (The) | 1 | 60 | — (h) | 0.0 (g) |
|  CME Group, Inc. | 1 | 364 | — (h) | 0.0 (g) |
|  CNO Financial Group, Inc. | 1 | 37 | — (h) | 0.0 (g) |
|  Cognex Corp. | 3 | 98 | — (h) | 0.0 (g) |
|  Cognizant Technology Solutions Corp. | 1 | 74 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 500 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Comcast Corp. | 6 | 194 | — (h) | 0.0 (g) |
|  Comfort Systems USA, Inc. | (h) | 80 | — (h) | 0.0 (g) |
|  Commerce Bancshares, Inc. | (h) | 16 | — (h) | 0.0 (g) |
|  Commvault Systems, Inc. | 1 | 75 | — (h) | 0.0 (g) |
|  Compass, Inc. | 2 | 18 | — (h) | 0.0 (g) |
|  Conagra Brands, Inc. | 6 | 104 | — (h) | 0.0 (g) |
|  ConocoPhillips | 3 | 290 | — (h) | 0.0 (g) |
|  Consolidated Edison, Inc. | 3 | 278 | — (h) | 0.0 (g) |
|  Copart, Inc. | 3 | 103 | — (h) | 0.0 (g) |
|  Corcept Therapeutics, Inc. | (h) | 12 | — (h) | 0.0 (g) |
|  Corebridge Financial, Inc. | 1 | 31 | — (h) | 0.0 (g) |
|  CoreWeave, Inc. | 2 | 137 | — (h) | 0.0 (g) |
|  Corning, Inc. | 3 | 292 | — (h) | 0.0 (g) |
|  Corteva, Inc. | 4 | 243 | — (h) | 0.0 (g) |
|  Costco Wholesale Corp. | 1 | 972 | — (h) | 0.0 (g) |
|  Coursera, Inc. | 1 | 7 | — (h) | 0.0 (g) |
|  Crane Co. | — (h) | 9 | — (h) | 0.0 (g) |
|  Crocs, Inc. | 1 | 52 | — (h) | 0.0 (g) |
|  Crown Castle, Inc. | 1 | 61 | — (h) | 0.0 (g) |
|  CubeSmart | — (h) | 13 | — (h) | 0.0 (g) |
|  Cummins, Inc. | — (h) | 129 | — (h) | 0.0 (g) |
|  Curtiss-Wright Corp. | — (h) | 52 | — (h) | 0.0 (g) |
|  Daily Journal Corp. | — (h) | 9 | — (h) | 0.0 (g) |
|  Dana, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Danaher Corp. | — (h) | 61 | — (h) | 0.0 (g) |
|  Datadog, Inc. | 2 | 322 | — (h) | 0.0 (g) |
|  Deckers Outdoor Corp. | 3 | 311 | — (h) | 0.0 (g) |
|  Deere & Co. | 1 | 452 | — (h) | 0.0 (g) |
|  Delta Air Lines, Inc. | 3 | 233 | — (h) | 0.0 (g) |
|  DENTSPLY SIRONA, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Devon Energy Corp. | 2 | 70 | — (h) | 0.0 (g) |
|  Dexcom, Inc. | 2 | 131 | — (h) | 0.0 (g) |
|  DigitalOcean Holdings, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Dillard's, Inc. | — (h) | 65 | — (h) | 0.0 (g) |
|  Diodes, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  DNOW, Inc. | 1 | 8 | — (h) | 0.0 (g) |
|  Docusign, Inc. | 4 | 255 | — (h) | 0.0 (g) |
|  Dolby Laboratories, Inc. | — (h) | 26 | — (h) | 0.0 (g) |
|  Dollar General Corp. | 2 | 303 | — (h) | 0.0 (g) |
|  Dollar Tree, Inc. | — (h) | 3 | — (h) | 0.0 (g) |
|  Domino's Pizza, Inc. | — (h) | 70 | — (h) | 0.0 (g) |
|  Donaldson Co., Inc. | 1 | 59 | — (h) | 0.0 (g) |
|  DoubleVerify Holdings, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Dover Corp. | — (h) | 53 | — (h) | 0.0 (g) |
|  Doximity, Inc. | — (h) | 22 | — (h) | 0.0 (g) |
|  DR Horton, Inc. | 1 | 180 | — (h) | 0.0 (g) |
|  DTE Energy Co. | 1 | 86 | — (h) | 0.0 (g) |
|  Duke Energy Corp. | — (h) | 16 | — (h) | 0.0 (g) |
|  Duolingo, Inc. | 1 | 192 | — (h) | 0.0 (g) |
|  DuPont de Nemours, Inc. | 3 | 121 | — (h) | 0.0 (g) |
|  DXC Technology Co. | 1 | 8 | — (h) | 0.0 (g) |
|  Dynatrace, Inc. | 2 | 90 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 501

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Eastman Chemical Co. | 1 | 87 | — (h) | 0.0 (g) |
|  Edison International | 2 | 127 | — (h) | 0.0 (g) |
|  Elastic NV | 2 | 130 | — (h) | 0.0 (g) |
|  EMCOR Group, Inc. | — (h) | 119 | — (h) | 0.0 (g) |
|  Encompass Health Corp. | — (h) | 14 | — (h) | 0.0 (g) |
|  Enova International, Inc. | — (h) | 22 | — (h) | 0.0 (g) |
|  Enovis Corp. | — (h) | 10 | — (h) | 0.0 (g) |
|  Enovix Corp. | 5 | 37 | — (h) | 0.0 (g) |
|  Enphase Energy, Inc. | 6 | 202 | — (h) | 0.0 (g) |
|  Entergy Corp. | — (h) | 16 | — (h) | 0.0 (g) |
|  Envista Holdings Corp. | 1 | 13 | — (h) | 0.0 (g) |
|  EPAM Systems, Inc. | 1 | 137 | — (h) | 0.0 (g) |
|  Erie Indemnity Co. | — (h) | 24 | — (h) | 0.0 (g) |
|  ESCO Technologies, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  Estee Lauder Cos., Inc. (The) | 2 | 162 | — (h) | 0.0 (g) |
|  Etsy, Inc. | 1 | 82 | — (h) | 0.0 (g) |
|  Euronet Worldwide, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  Evercore, Inc. | — (h) | 22 | — (h) | 0.0 (g) |
|  Evergy, Inc. | — (h) | 35 | — (h) | 0.0 (g) |
|  Exelixis, Inc. | 6 | 272 | — (h) | 0.0 (g) |
|  Exelon Corp. | 1 | 61 | — (h) | 0.0 (g) |
|  Expedia Group, Inc. | 1 | 165 | — (h) | 0.0 (g) |
|  Expeditors International of Washington, Inc. | — (h) | 40 | — (h) | 0.0 (g) |
|  Exponent, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Extreme Networks, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Exxon Mobil Corp. | 5 | 563 | — (h) | 0.0 (g) |
|  F5, Inc. | — (h) | 66 | — (h) | 0.0 (g) |
|  FactSet Research Systems, Inc. | — (h) | 79 | — (h) | 0.0 (g) |
|  Fastly, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Federated Hermes, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  FedEx Corp. | 1 | 162 | — (h) | 0.0 (g) |
|  First American Financial Corp. | 1 | 33 | — (h) | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | — (h) | 21 | — (h) | 0.0 (g) |
|  Five9, Inc. | 2 | 40 | — (h) | 0.0 (g) |
|  Flagstar Bank NA | 3 | 36 | — (h) | 0.0 (g) |
|  Flex Ltd. | 1 | 86 | — (h) | 0.0 (g) |
|  Flowserve Corp. | 1 | 77 | — (h) | 0.0 (g) |
|  Fluor Corp. | 1 | 45 | — (h) | 0.0 (g) |
|  Ford Motor Co. | 44 | 582 | — (h) | 0.0 (g) |
|  FormFactor, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  Fortinet, Inc. | 4 | 346 | — (h) | 0.0 (g) |
|  Fortune Brands Innovations, Inc. | — (h) | 22 | — (h) | 0.0 (g) |
|  Fox Corp. | 2 | 125 | — (h) | 0.0 (g) |
|  Fox Factory Holding Corp. | — (h) | 6 | — (h) | 0.0 (g) |
|  Franklin Electric Co., Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  Freshworks, Inc. | 6 | 69 | — (h) | 0.0 (g) |
|  Frontdoor, Inc. | — (h) | 14 | — (h) | 0.0 (g) |
|  FTAI Aviation Ltd. | — (h) | 27 | — (h) | 0.0 (g) |
|  GameStop Corp. | 2 | 37 | — (h) | 0.0 (g) |
|  GE Vernova, Inc. | 1 | 874 | — (h) | 0.0 (g) |
|  Gen Digital, Inc. | 3 | 91 | — (h) | 0.0 (g) |
|  Generac Holdings, Inc. | — (h) | 5 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 502 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  General Dynamics Corp. | — (h) | 124 | — (h) | 0.0 (g) |
|  General Electric Co. | 3 | 802 | — (h) | 0.0 (g) |
|  General Mills, Inc. | 3 | 147 | — (h) | 0.0 (g) |
|  General Motors Co. | 5 | 429 | — (h) | 0.0 (g) |
|  Gentex Corp. | 1 | 15 | — (h) | 0.0 (g) |
|  Gibraltar Industries, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  GigaCloud Technology, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  Global Payments, Inc. | 1 | 69 | — (h) | 0.0 (g) |
|  Globus Medical, Inc. | 1 | 71 | — (h) | 0.0 (g) |
|  GoDaddy, Inc. | 4 | 461 | — (h) | 0.0 (g) |
|  Goldman Sachs Group, Inc. (The) | — (h) | 160 | — (h) | 0.0 (g) |
|  Goodyear Tire & Rubber Co. (The) | 4 | 38 | — (h) | 0.0 (g) |
|  Graco, Inc. | 1 | 65 | — (h) | 0.0 (g) |
|  Graham Holdings Co. | — (h) | 8 | — (h) | 0.0 (g) |
|  GRAIL, Inc. | — (h) | 23 | — (h) | 0.0 (g) |
|  Grand Canyon Education, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Granite Construction, Inc. | — (h) | 21 | — (h) | 0.0 (g) |
|  Griffon Corp. | — (h) | 15 | — (h) | 0.0 (g) |
|  Groupon, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Guardant Health, Inc. | — (h) | 22 | — (h) | 0.0 (g) |
|  Guidewire Software, Inc. | 1 | 191 | — (h) | 0.0 (g) |
|  Halliburton Co. | 2 | 58 | — (h) | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | 1 | 99 | — (h) | 0.0 (g) |
|  Hamilton Lane, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Harmony Biosciences Holdings, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Hartford Insurance Group, Inc. (The) | 1 | 102 | — (h) | 0.0 (g) |
|  HCA Healthcare, Inc. | — (h) | 205 | — (h) | 0.0 (g) |
|  Healthcare Realty Trust, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Hecla Mining Co. | 6 | 111 | — (h) | 0.0 (g) |
|  Highwoods Properties, Inc. | — (h) | 3 | — (h) | 0.0 (g) |
|  Hilton Worldwide Holdings, Inc. | 1 | 198 | — (h) | 0.0 (g) |
|  Hinge Health, Inc. | — (h) | 18 | — (h) | 0.0 (g) |
|  HNI Corp. | — (h) | 20 | — (h) | 0.0 (g) |
|  Honeywell International, Inc. | 3 | 537 | — (h) | 0.0 (g) |
|  Houlihan Lokey, Inc. | — (h) | 24 | — (h) | 0.0 (g) |
|  Howard Hughes Holdings, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Howmet Aerospace, Inc. | — (h) | 80 | — (h) | 0.0 (g) |
|  HubSpot, Inc. | 1 | 384 | — (h) | 0.0 (g) |
|  Humana, Inc. | 2 | 459 | — (h) | 0.0 (g) |
|  Huntington Bancshares, Inc./OH | 11 | 185 | — (h) | 0.0 (g) |
|  Huntsman Corp. | 1 | 10 | — (h) | 0.0 (g) |
|  IDEXX Laboratories, Inc. | — (h) | 147 | — (h) | 0.0 (g) |
|  IES Holdings, Inc. | — (h) | 16 | — (h) | 0.0 (g) |
|  Illinois Tool Works, Inc. | — (h) | 113 | — (h) | 0.0 (g) |
|  Illumina, Inc. | 1 | 136 | — (h) | 0.0 (g) |
|  Immunovant, Inc. | — (h) | 3 | — (h) | 0.0 (g) |
|  Incyte Corp. | 1 | 104 | — (h) | 0.0 (g) |
|  Innospec, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Insight Enterprises, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Insperity, Inc. | — (h) | 16 | — (h) | 0.0 (g) |
|  Inspire Medical Systems, Inc. | 1 | 102 | — (h) | 0.0 (g) |
|  Insulet Corp. | — (h) | 4 | — (h) | 0.0 (g) |
|  Intapp, Inc. | — (h) | 19 | — (h) | 0.0 (g) |
|  Integra LifeSciences Holdings Corp. | — (h) | 2 | — (h) | 0.0 (g) |
|  Intellia Therapeutics, Inc. | 4 | 38 | — (h) | 0.0 (g) |
|  Interactive Brokers Group, Inc. | 2 | 153 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 503

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Intercontinental Exchange, Inc. | 1 | 192 | — (h) | 0.0 (g) |
|  InterDigital, Inc. | — (h) | 52 | — (h) | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | — (h) | 30 | — (h) | 0.0 (g) |
|  Intuit, Inc. | 1 | 457 | — (h) | 0.0 (g) |
|  Intuitive Surgical, Inc. | 1 | 331 | — (h) | 0.0 (g) |
|  Invesco Ltd. | 6 | 156 | — (h) | 0.0 (g) |
|  Itron, Inc. | — (h) | 2 | — (h) | 0.0 (g) |
|  ITT, Inc. | — (h) | 34 | — (h) | 0.0 (g) |
|  Jabil, Inc. | 1 | 204 | — (h) | 0.0 (g) |
|  Jack in the Box, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Jackson Financial, Inc. | 1 | 58 | — (h) | 0.0 (g) |
|  Jacobs Solutions, Inc. | — (h) | 57 | — (h) | 0.0 (g) |
|  Janux Therapeutics, Inc. | — (h) | 2 | — (h) | 0.0 (g) |
|  JB Hunt Transport Services, Inc. | — (h) | 56 | — (h) | 0.0 (g) |
|  Jefferies Financial Group, Inc. | 2 | 124 | — (h) | 0.0 (g) |
|  JetBlue Airways Corp. | 2 | 7 | — (h) | 0.0 (g) |
|  Joby Aviation, Inc. | 9 | 124 | — (h) | 0.0 (g) |
|  Johnson & Johnson | 2 | 463 | — (h) | 0.0 (g) |
|  Johnson Controls International plc | 3 | 307 | — (h) | 0.0 (g) |
|  Kemper Corp. | 1 | 25 | — (h) | 0.0 (g) |
|  Keurig Dr Pepper, Inc. | 3 | 70 | — (h) | 0.0 (g) |
|  KeyCorp. | 6 | 130 | — (h) | 0.0 (g) |
|  Keysight Technologies, Inc. | 2 | 340 | — (h) | 0.0 (g) |
|  KKR & Co., Inc. | 1 | 155 | — (h) | 0.0 (g) |
|  KLA Corp. | — (h) | 63 | — (h) | 0.0 (g) |
|  Klaviyo, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  Kohl's Corp. | 3 | 56 | — (h) | 0.0 (g) |
|  Kroger Co. (The) | 4 | 259 | — (h) | 0.0 (g) |
|  Kyndryl Holdings, Inc. | 1 | 23 | — (h) | 0.0 (g) |
|  L3Harris Technologies, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Labcorp Holdings, Inc. | — (h) | 64 | — (h) | 0.0 (g) |
|  Lam Research Corp. | 3 | 491 | — (h) | 0.0 (g) |
|  Landstar System, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  Lantheus Holdings, Inc. | 1 | 49 | — (h) | 0.0 (g) |
|  La-Z-Boy, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Legalzoom.com, Inc. | 2 | 22 | — (h) | 0.0 (g) |
|  Leggett & Platt, Inc. | 1 | 15 | — (h) | 0.0 (g) |
|  LendingClub Corp. | — (h) | 3 | — (h) | 0.0 (g) |
|  Life Time Group Holdings, Inc. | 1 | 23 | — (h) | 0.0 (g) |
|  Lightbridge Corp. | — (h) | 4 | — (h) | 0.0 (g) |
|  Lincoln Electric Holdings, Inc. | — (h) | 28 | — (h) | 0.0 (g) |
|  Lincoln National Corp. | 1 | 26 | — (h) | 0.0 (g) |
|  Liquidia Corp. | — (h) | 5 | — (h) | 0.0 (g) |
|  Littelfuse, Inc. | — (h) | 17 | — (h) | 0.0 (g) |
|  LiveRamp Holdings, Inc. | 1 | 41 | — (h) | 0.0 (g) |
|  Loews Corp. | 1 | 61 | — (h) | 0.0 (g) |
|  Lowe's Cos., Inc. | 2 | 418 | — (h) | 0.0 (g) |
|  Lyft, Inc. | 7 | 134 | — (h) | 0.0 (g) |
|  M/I Homes, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Manhattan Associates, Inc. | — (h) | 75 | — (h) | 0.0 (g) |
|  ManpowerGroup, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Maplebear, Inc. | — (h) | 18 | — (h) | 0.0 (g) |
|  Marathon Petroleum Corp. | 1 | 209 | — (h) | 0.0 (g) |
|  MarketAxess Holdings, Inc. | — (h) | 18 | — (h) | 0.0 (g) |
|  Marqeta, Inc. | 2 | 11 | — (h) | 0.0 (g) |
|  Marsh & McLennan Cos., Inc. | 1 | 114 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 504 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Masimo Corp. | — (h) | 45 | — (h) | 0.0 (g) |
|  Mastercard, Inc. | 1 | 678 | — (h) | 0.0 (g) |
|  Materion Corp. | — (h) | 8 | — (h) | 0.0 (g) |
|  MaxLinear, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  McDonald's Corp. | 3 | 765 | — (h) | 0.0 (g) |
|  McKesson Corp. | — (h) | 289 | — (h) | 0.0 (g) |
|  MDU Resources Group, Inc. | 1 | 21 | — (h) | 0.0 (g) |
|  Medpace Holdings, Inc. | — (h) | 204 | — (h) | 0.0 (g) |
|  Merck & Co., Inc. | 3 | 281 | — (h) | 0.0 (g) |
|  Mercury Systems, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  MetLife, Inc. | 3 | 220 | — (h) | 0.0 (g) |
|  Microchip Technology, Inc. | 9 | 553 | — (h) | 0.0 (g) |
|  Micron Technology, Inc. | 2 | 475 | — (h) | 0.0 (g) |
|  Middleby Corp. (The) | — (h) | 63 | — (h) | 0.0 (g) |
|  Mineralys Therapeutics, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Mirum Pharmaceuticals, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  MKS, Inc. | — (h) | 19 | — (h) | 0.0 (g) |
|  Moderna, Inc. | 3 | 89 | — (h) | 0.0 (g) |
|  Moelis & Co. | — (h) | 23 | — (h) | 0.0 (g) |
|  Monster Beverage Corp. | 1 | 91 | — (h) | 0.0 (g) |
|  Moody's Corp. | — (h) | 109 | — (h) | 0.0 (g) |
|  Moog, Inc. | — (h) | 43 | — (h) | 0.0 (g) |
|  Morningstar, Inc. | — (h) | 20 | — (h) | 0.0 (g) |
|  Mosaic Co. (The) | 1 | 34 | — (h) | 0.0 (g) |
|  Motorola Solutions, Inc. | — (h) | 68 | — (h) | 0.0 (g) |
|  MP Materials Corp. | 1 | 26 | — (h) | 0.0 (g) |
|  Mueller Industries, Inc. | — (h) | 32 | — (h) | 0.0 (g) |
|  Mueller Water Products, Inc. | 1 | 18 | — (h) | 0.0 (g) |
|  Murphy Oil Corp. | — (h) | 2 | — (h) | 0.0 (g) |
|  MYR Group, Inc. | — (h) | 29 | — (h) | 0.0 (g) |
|  NANO Nuclear Energy, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Natera, Inc. | 1 | 224 | — (h) | 0.0 (g) |
|  National Fuel Gas Co. | — (h) | 7 | — (h) | 0.0 (g) |
|  National Storage Affiliates Trust | — (h) | 8 | — (h) | 0.0 (g) |
|  NetApp, Inc. | 1 | 107 | — (h) | 0.0 (g) |
|  Netflix, Inc. | 7 | 637 | — (h) | 0.0 (g) |
|  Neurocrine Biosciences, Inc. | 1 | 146 | — (h) | 0.0 (g) |
|  New Jersey Resources Corp. | — (h) | 11 | — (h) | 0.0 (g) |
|  New York Times Co. (The) | 2 | 105 | — (h) | 0.0 (g) |
|  NewMarket Corp. | — (h) | 56 | — (h) | 0.0 (g) |
|  Newmont Corp. | 6 | 641 | — (h) | 0.0 (g) |
|  News Corp. | 1 | 36 | — (h) | 0.0 (g) |
|  NextEra Energy, Inc. | 5 | 419 | — (h) | 0.0 (g) |
|  nLight, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  NMI Holdings, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Northern Trust Corp. | 1 | 91 | — (h) | 0.0 (g) |
|  Norwegian Cruise Line Holdings Ltd. | 2 | 53 | — (h) | 0.0 (g) |
|  NOV, Inc. | 3 | 43 | — (h) | 0.0 (g) |
|  NRG Energy, Inc. | 1 | 112 | — (h) | 0.0 (g) |
|  Nucor Corp. | — (h) | 3 | — (h) | 0.0 (g) |
|  NuScale Power Corp. | 17 | 245 | — (h) | 0.0 (g) |
|  NVR, Inc. | — (h) | 29 | — (h) | 0.0 (g) |
|  Okta, Inc. | 1 | 117 | — (h) | 0.0 (g) |
|  Old Republic International Corp. | 1 | 34 | — (h) | 0.0 (g) |
|  Omnicell, Inc. | — (h) | 18 | — (h) | 0.0 (g) |
|  ON Semiconductor Corp. | 2 | 119 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 505

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  ONE Gas, Inc. | — (h) | 17 | — (h) | 0.0 (g) |
|  Onestream, Inc. | 1 | 26 | — (h) | 0.0 (g) |
|  Onto Innovation, Inc. | 1 | 152 | — (h) | 0.0 (g) |
|  OPENLANE, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  O'Reilly Automotive, Inc. | 3 | 275 | — (h) | 0.0 (g) |
|  Oscar Health, Inc. | 6 | 90 | — (h) | 0.0 (g) |
|  Oshkosh Corp. | — (h) | 52 | — (h) | 0.0 (g) |
|  Otis Worldwide Corp. | 1 | 101 | — (h) | 0.0 (g) |
|  Otter Tail Corp. | — (h) | 4 | — (h) | 0.0 (g) |
|  Ovintiv, Inc. | 3 | 110 | — (h) | 0.0 (g) |
|  Owens Corning | — (h) | 26 | — (h) | 0.0 (g) |
|  PACCAR, Inc. | 2 | 231 | — (h) | 0.0 (g) |
|  Pagaya Technologies Ltd. | 1 | 16 | — (h) | 0.0 (g) |
|  PagerDuty, Inc. | 2 | 22 | — (h) | 0.0 (g) |
|  Palo Alto Networks, Inc. | 2 | 329 | — (h) | 0.0 (g) |
|  Park Hotels & Resorts, Inc. | 1 | 13 | — (h) | 0.0 (g) |
|  Parker-Hannifin Corp. | — (h) | 272 | — (h) | 0.0 (g) |
|  Paylocity Holding Corp. | 1 | 113 | — (h) | 0.0 (g) |
|  Paymentus Holdings, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Payoneer Global, Inc. | 1 | 5 | — (h) | 0.0 (g) |
|  PayPal Holdings, Inc. | 8 | 459 | — (h) | 0.0 (g) |
|  Peabody Energy Corp. | 1 | 16 | — (h) | 0.0 (g) |
|  Pegasystems, Inc. | 1 | 89 | — (h) | 0.0 (g) |
|  Peloton Interactive, Inc. | 9 | 58 | — (h) | 0.0 (g) |
|  Perdoceo Education Corp. | — (h) | 6 | — (h) | 0.0 (g) |
|  PG&E Corp. | 1 | 15 | — (h) | 0.0 (g) |
|  Philip Morris International, Inc. | 1 | 201 | — (h) | 0.0 (g) |
|  Phinia, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Pinnacle West Capital Corp. | — (h) | 5 | — (h) | 0.0 (g) |
|  Pinterest, Inc. | 7 | 170 | — (h) | 0.0 (g) |
|  PJT Partners, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Planet Labs PBC | 7 | 132 | — (h) | 0.0 (g) |
|  Plexus Corp. | — (h) | 7 | — (h) | 0.0 (g) |
|  PNC Financial Services Group, Inc. (The) | 1 | 197 | — (h) | 0.0 (g) |
|  Polaris, Inc. | 1 | 46 | — (h) | 0.0 (g) |
|  Portland General Electric Co. | 1 | 38 | — (h) | 0.0 (g) |
|  Post Holdings, Inc. | — (h) | 17 | — (h) | 0.0 (g) |
|  Power Integrations, Inc. | 1 | 26 | — (h) | 0.0 (g) |
|  Primerica, Inc. | — (h) | 23 | — (h) | 0.0 (g) |
|  Principal Financial Group, Inc. | 1 | 123 | — (h) | 0.0 (g) |
|  PROG Holdings, Inc. | — (h) | 3 | — (h) | 0.0 (g) |
|  Progress Software Corp. | — (h) | 10 | — (h) | 0.0 (g) |
|  Progressive Corp. (The) | 2 | 452 | — (h) | 0.0 (g) |
|  Progyny, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Prudential Financial, Inc. | 1 | 164 | — (h) | 0.0 (g) |
|  PTC Therapeutics, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  PTC, Inc. | 1 | 98 | — (h) | 0.0 (g) |
|  Public Service Enterprise Group, Inc. | 2 | 188 | — (h) | 0.0 (g) |
|  Pure Storage, Inc. | 3 | 184 | — (h) | 0.0 (g) |
|  Q2 Holdings, Inc. | 1 | 42 | — (h) | 0.0 (g) |
|  QUALCOMM, Inc. | 2 | 420 | — (h) | 0.0 (g) |
|  Qualys, Inc. | — (h) | 34 | — (h) | 0.0 (g) |
|  Radian Group, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  Rambus, Inc. | — (h) | 38 | — (h) | 0.0 (g) |
|  Range Resources Corp. | 2 | 72 | — (h) | 0.0 (g) |
|  Rapid7, Inc. | 1 | 13 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 506 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Raymond James Financial, Inc. | 1 | 90 | — (h) | 0.0 (g) |
|  Rayonier, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Recursion Pharmaceuticals, Inc. | 14 | 55 | — (h) | 0.0 (g) |
|  Reddit, Inc. | 1 | 139 | — (h) | 0.0 (g) |
|  Regions Financial Corp. | 1 | 30 | — (h) | 0.0 (g) |
|  Remitly Global, Inc. | 2 | 30 | — (h) | 0.0 (g) |
|  Republic Services, Inc. | — (h) | 53 | — (h) | 0.0 (g) |
|  ResMed, Inc. | — (h) | 46 | — (h) | 0.0 (g) |
|  Rivian Automotive, Inc. | 1 | 14 | — (h) | 0.0 (g) |
|  RLI Corp. | — (h) | 7 | — (h) | 0.0 (g) |
|  Robert Half, Inc. | 2 | 41 | — (h) | 0.0 (g) |
|  Robinhood Markets, Inc. | — (h) | 43 | — (h) | 0.0 (g) |
|  ROBLOX Corp. | 5 | 391 | — (h) | 0.0 (g) |
|  Rocket Cos., Inc. | 13 | 249 | — (h) | 0.0 (g) |
|  Rockwell Automation, Inc. | 1 | 534 | — (h) | 0.0 (g) |
|  Rogers Corp. | — (h) | 10 | — (h) | 0.0 (g) |
|  Roku, Inc. | 3 | 318 | — (h) | 0.0 (g) |
|  Rollins, Inc. | — (h) | 28 | — (h) | 0.0 (g) |
|  Roper Technologies, Inc. | — (h) | 110 | — (h) | 0.0 (g) |
|  Royal Gold, Inc. | — (h) | 32 | — (h) | 0.0 (g) |
|  Royalty Pharma plc | — (h) | 13 | — (h) | 0.0 (g) |
|  RTX Corp. | 2 | 394 | — (h) | 0.0 (g) |
|  Rush Enterprises, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Sable Offshore Corp. | — (h) | 4 | — (h) | 0.0 (g) |
|  Salesforce, Inc. | 1 | 215 | — (h) | 0.0 (g) |
|  Samsara, Inc. | 2 | 69 | — (h) | 0.0 (g) |
|  Sanmina Corp. | — (h) | 45 | — (h) | 0.0 (g) |
|  Sarepta Therapeutics, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Schneider National, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Seagate Technology Holdings plc | — (h) | 112 | — (h) | 0.0 (g) |
|  SentinelOne, Inc. | 3 | 48 | — (h) | 0.0 (g) |
|  Serve Robotics, Inc. | 4 | 44 | — (h) | 0.0 (g) |
|  ServiceNow, Inc. | 4 | 593 | — (h) | 0.0 (g) |
|  Silicon Laboratories, Inc. | 1 | 84 | — (h) | 0.0 (g) |
|  SiTime Corp. | — (h) | 8 | — (h) | 0.0 (g) |
|  SkyWest, Inc. | — (h) | 17 | — (h) | 0.0 (g) |
|  Skyworks Solutions, Inc. | 4 | 267 | — (h) | 0.0 (g) |
|  SM Energy Co. | 3 | 56 | — (h) | 0.0 (g) |
|  Snap, Inc. | 39 | 313 | — (h) | 0.0 (g) |
|  Solventum Corp. | — (h) | 3 | — (h) | 0.0 (g) |
|  Sonos, Inc. | 1 | 24 | — (h) | 0.0 (g) |
|  Southern Copper Corp. | — (h) | 11 | — (h) | 0.0 (g) |
|  Southwest Airlines Co. | 10 | 401 | — (h) | 0.0 (g) |
|  Sprinklr, Inc. | 1 | 9 | — (h) | 0.0 (g) |
|  Sprout Social, Inc. | 1 | 9 | — (h) | 0.0 (g) |
|  Sprouts Farmers Market, Inc. | 2 | 168 | — (h) | 0.0 (g) |
|  SS&C Technologies Holdings, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Starwood Property Trust, Inc. | 1 | 20 | — (h) | 0.0 (g) |
|  State Street Corp. | — (h) | 45 | — (h) | 0.0 (g) |
|  STERIS plc | — (h) | 60 | — (h) | 0.0 (g) |
|  Stifel Financial Corp. | — (h) | 13 | — (h) | 0.0 (g) |
|  Stryker Corp. | 1 | 179 | — (h) | 0.0 (g) |
|  Sun Communities, Inc. | — (h) | 23 | — (h) | 0.0 (g) |
|  Super Micro Computer, Inc. | 5 | 152 | — (h) | 0.0 (g) |
|  Sylvamo Corp. | — (h) | 11 | — (h) | 0.0 (g) |
|  Symbotic, Inc. | 1 | 49 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 507

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Synaptics, Inc. | — (h) | 34 | — (h) | 0.0 (g) |
|  Syndax Pharmaceuticals, Inc. | 2 | 42 | — (h) | 0.0 (g) |
|  T Rowe Price Group, Inc. | 1 | 107 | — (h) | 0.0 (g) |
|  Tandem Diabetes Care, Inc. | 1 | 26 | — (h) | 0.0 (g) |
|  Target Corp. | 3 | 308 | — (h) | 0.0 (g) |
|  Taylor Morrison Home Corp. | 1 | 32 | — (h) | 0.0 (g) |
|  Teleflex, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  Tempus AI, Inc. | 1 | 38 | — (h) | 0.0 (g) |
|  Tenable Holdings, Inc. | 1 | 23 | — (h) | 0.0 (g) |
|  Tenet Healthcare Corp. | — (h) | 11 | — (h) | 0.0 (g) |
|  Teradata Corp. | 1 | 27 | — (h) | 0.0 (g) |
|  Teradyne, Inc. | 3 | 549 | — (h) | 0.0 (g) |
|  Terex Corp. | 1 | 31 | — (h) | 0.0 (g) |
|  Tesla, Inc. | 2 | 722 | — (h) | 0.0 (g) |
|  Texas Capital Bancshares, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Texas Instruments, Inc. | 3 | 512 | — (h) | 0.0 (g) |
|  Textron, Inc. | 1 | 93 | — (h) | 0.0 (g) |
|  Toast, Inc. | 4 | 144 | — (h) | 0.0 (g) |
|  Toro Co. (The) | 1 | 72 | — (h) | 0.0 (g) |
|  Trade Desk, Inc. (The) | 9 | 352 | — (h) | 0.0 (g) |
|  Tradeweb Markets, Inc. | 1 | 156 | — (h) | 0.0 (g) |
|  Travelers Cos., Inc. (The) | 1 | 183 | — (h) | 0.0 (g) |
|  Trex Co., Inc. | 2 | 58 | — (h) | 0.0 (g) |
|  Tri Pointe Homes, Inc. | — (h) | 14 | — (h) | 0.0 (g) |
|  TriNet Group, Inc. | — (h) | 27 | — (h) | 0.0 (g) |
|  TripAdvisor, Inc. | 2 | 23 | — (h) | 0.0 (g) |
|  Tutor Perini Corp. | — (h) | 11 | — (h) | 0.0 (g) |
|  Twilio, Inc. | 3 | 410 | — (h) | 0.0 (g) |
|  Uber Technologies, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  UFP Industries, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  UGI Corp. | — (h) | 11 | — (h) | 0.0 (g) |
|  U-Haul Holding Co. | — (h) | 4 | — (h) | 0.0 (g) |
|  UiPath, Inc. | 4 | 63 | — (h) | 0.0 (g) |
|  Ulta Beauty, Inc. | — (h) | 23 | — (h) | 0.0 (g) |
|  Ultragenyx Pharmaceutical, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Union Pacific Corp. | 2 | 458 | — (h) | 0.0 (g) |
|  United Airlines Holdings, Inc. | 2 | 227 | — (h) | 0.0 (g) |
|  United Natural Foods, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  United Therapeutics Corp. | — (h) | 185 | — (h) | 0.0 (g) |
|  Universal Display Corp. | — (h) | 50 | — (h) | 0.0 (g) |
|  Unum Group | — (h) | 22 | — (h) | 0.0 (g) |
|  Upstart Holdings, Inc. | 4 | 196 | — (h) | 0.0 (g) |
|  Upwork, Inc. | 1 | 28 | — (h) | 0.0 (g) |
|  Urban Outfitters, Inc. | — (h) | 21 | — (h) | 0.0 (g) |
|  US Bancorp | 4 | 200 | — (h) | 0.0 (g) |
|  Valaris Ltd. | — (h) | 25 | — (h) | 0.0 (g) |
|  Valero Energy Corp. | 1 | 143 | — (h) | 0.0 (g) |
|  Valmont Industries, Inc. | — (h) | 48 | — (h) | 0.0 (g) |
|  Veeva Systems, Inc. | 1 | 167 | — (h) | 0.0 (g) |
|  Veracyte, Inc. | — (h) | 2 | — (h) | 0.0 (g) |
|  Veralto Corp. | 1 | 84 | — (h) | 0.0 (g) |
|  VeriSign, Inc. | 1 | 173 | — (h) | 0.0 (g) |
|  Verisk Analytics, Inc. | 1 | 189 | — (h) | 0.0 (g) |
|  Vertex Pharmaceuticals, Inc. | 1 | 383 | — (h) | 0.0 (g) |
|  Viasat, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Viatris, Inc. | 5 | 62 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 508 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Viavi Solutions, Inc. | 1 | 9 | — (h) | 0.0 (g) |
|  VICI Properties, Inc. | 4 | 109 | — (h) | 0.0 (g) |
|  Vicor Corp. | — (h) | 3 | — (h) | 0.0 (g) |
|  Viking Therapeutics, Inc. | 1 | 31 | — (h) | 0.0 (g) |
|  Virtu Financial, Inc. | 1 | 21 | — (h) | 0.0 (g) |
|  Visteon Corp. | — (h) | 8 | — (h) | 0.0 (g) |
|  Walker & Dunlop, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Walmart, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Walt Disney Co. (The) | 2 | 206 | — (h) | 0.0 (g) |
|  Waste Management, Inc. | — (h) | 49 | — (h) | 0.0 (g) |
|  Watts Water Technologies, Inc. | — (h) | 21 | — (h) | 0.0 (g) |
|  Wells Fargo & Co. | 1 | 95 | — (h) | 0.0 (g) |
|  West Pharmaceutical Services, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Western Digital Corp. | 3 | 486 | — (h) | 0.0 (g) |
|  Willdan Group, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Winmark Corp. | — (h) | 10 | — (h) | 0.0 (g) |
|  Workday, Inc. | 2 | 537 | — (h) | 0.0 (g) |
|  World Kinect Corp. | — (h) | 4 | — (h) | 0.0 (g) |
|  Yelp, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Zebra Technologies Corp. | — (h) | 8 | — (h) | 0.0 (g) |
|  Ziff Davis, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Zions Bancorp NA | — (h) | 25 | — (h) | 0.0 (g) |
|  Zoetis, Inc. | 5 | 598 | — (h) | 0.0 (g) |
|  Zoom Communications, Inc. | 2 | 148 | — (h) | 0.0 (g) |
|  **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | — (h) | 500 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 78152 | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 78152 | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | NOTIONAL<br>VALUE <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from -4.34% to 0.2%) which is denominated in USD based on the local currencies of the positions within the swap | 09/21/2027 | (71203) | – (h) | (181) | (181) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Argentina** |  |  |  |  |
|  Grupo Financiero Galicia SA | (1) | (78) | — (h) | 0.0 (g) |
|  **Australia** |  |  |  |  |
|  BHP Group Ltd. | (3) | (194) | — (h) | 0.0 (g) |
|  IREN Ltd. | — (h) | (9) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 509

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
|  **Belgium** |  |  |  |  |
|  CMB Tech NV | (1) | (10) | — (h) | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Golar LNG Ltd. | (1) | (35) | — (h) | 0.0 (g) |
|  Seadrill Ltd. | — (h) | (3) | — (h) | 0.0 (g) |
|  Viking Holdings Ltd. | — (h) | (31) | — (h) | 0.0 (g) |
|  **Brazil** |  |  |  |  |
|  NU Holdings Ltd./Cayman Islands | (31) | (514) | — (h) | 0.0 (g) |
|  StoneCo. Ltd. | (7) | (96) | — (h) | 0.0 (g) |
|  XP, Inc. | (6) | (102) | — (h) | 0.0 (g) |
|  **Canada** |  |  |  |  |
|  Alamos Gold, Inc. | (1) | (57) | — (h) | 0.0 (g) |
|  Barrick Mining Corp. | (8) | (342) | – (h) | 0.0 (g) |
|  Celestica, Inc. | – (h) | (17) | – (h) | 0.0 (g) |
|  D-Wave Quantum, Inc. | (13) | (331) | – (h) | 0.0 (g) |
|  Eldorado Gold Corp. | (1) | (27) | – (h) | 0.0 (g) |
|  Endeavour Silver Corp. | (8) | (79) | – (h) | 0.0 (g) |
|  First Majestic Silver Corp. | (12) | (204) | – (h) | 0.0 (g) |
|  Fortuna Mining Corp. | – (h) | (3) | – (h) | 0.0 (g) |
|  IAMGOLD Corp. | (6) | (105) | – (h) | 0.0 (g) |
|  IMAX Corp. | (1) | (30) | – (h) | 0.0 (g) |
|  Lithium Americas Corp. | (6) | (27) | — (h) | 0.0 (g) |
|  McEwen, Inc. | (1) | (13) | — (h) | 0.0 (g) |
|  Novagold Resources, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Pan American Silver Corp. | (2) | (113) | — (h) | 0.0 (g) |
|  Seabridge Gold, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Teekay Tankers Ltd. | — (h) | (9) | — (h) | 0.0 (g) |
|  TMC the metals co, Inc. | (4) | (22) | — (h) | 0.0 (g) |
|  Uranium Energy Corp. | (10) | (115) | — (h) | 0.0 (g) |
|  Waste Connections, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Xenon Pharmaceuticals, Inc. | — (h) | (20) | — (h) | 0.0 (g) |
|  **Cayman Islands** |  |  |  |  |
|  Bullish | (3) | (98) | — (h) | 0.0 (g) |
|  **Chile** |  |  |  |  |
|  Latam Airlines Group SA | — (h) | (17) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Amer Sports, Inc. | (1) | (50) | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  BioNTech SE | (1) | (105) | — (h) | 0.0 (g) |
|  Jumia Technologies AG | (1) | (8) | — (h) | 0.0 (g) |
|  SAP SE | — (h) | (108) | — (h) | 0.0 (g) |
|  **Greece** |  |  |  |  |
|  Star Bulk Carriers Corp. | (1) | (15) | — (h) | 0.0 (g) |
|  **Guernsey** |  |  |  |  |
|  Super Group SGHC Ltd. | — (h) | (5) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 510 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
|  **India** |  |  |  |  |
|  Dr Reddy's Laboratories Ltd. | (3) | (39) | — (h) | 0.0 (g) |
|  HDFC Bank Ltd. | (5) | (169) | — (h) | 0.0 (g) |
|  ICICI Bank Ltd. | (4) | (123) | — (h) | 0.0 (g) |
|  MakeMyTrip Ltd. | (1) | (117) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Aptiv plc | — (h) | (14) | — (h) | 0.0 (g) |
|  CRH plc | (2) | (213) | — (h) | 0.0 (g) |
|  ICON plc | (1) | (258) | — (h) | 0.0 (g) |
|  James Hardie Industries plc | (4) | (89) | — (h) | 0.0 (g) |
|  Jazz Pharmaceuticals plc | (1) | (88) | — (h) | 0.0 (g) |
|  Medtronic plc | — (h) | (30) | — (h) | 0.0 (g) |
|  Smurfit WestRock plc | (4) | (172) | — (h) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Etoro Group Ltd. | — (h) | (11) | — (h) | 0.0 (g) |
|  Global-e Online Ltd. | (1) | (26) | — (h) | 0.0 (g) |
|  Oddity Tech Ltd. | (1) | (25) | — (h) | 0.0 (g) |
|  Teva Pharmaceutical Industries Ltd. | (7) | (217) | — (h) | 0.0 (g) |
|  Wix.com Ltd. | — (h) | (33) | — (h) | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  Honda Motor Co. Ltd. | (1) | (24) | — (h) | 0.0 (g) |
|  Takeda Pharmaceutical Co. Ltd. | (3) | (54) | — (h) | 0.0 (g) |
|  Toyota Motor Corp. | — (h) | (26) | — (h) | 0.0 (g) |
|  **Kazakhstan** |  |  |  |  |
|  Freedom Holding Corp | — (h) | (9) | — (h) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | — (h) | (17) | — (h) | 0.0 (g) |
|  Globant SA | (1) | (67) | — (h) | 0.0 (g) |
|  Millicom International Cellular SA | (1) | (46) | — (h) | 0.0 (g) |
|  Tenaris SA | — (h) | (6) | — (h) | 0.0 (g) |
|  **Mexico** |  |  |  |  |
|  America Movil SAB de CV | (4) | (76) | — (h) | 0.0 (g) |
|  Cemex SAB de CV | (6) | (75) | — (h) | 0.0 (g) |
|  Coca-Cola Femsa SAB de CV | — (h) | (12) | — (h) | 0.0 (g) |
|  Fomento Economico Mexicano SAB de CV | (1) | (67) | — (h) | 0.0 (g) |
|  Grupo Aeroportuario del Pacifico SAB de CV | — (h) | (16) | — (h) | 0.0 (g) |
|  Grupo Aeroportuario del Sureste SAB de CV | — (h) | (7) | — (h) | 0.0 (g) |
|  Vista Energy SAB de CV | (1) | (27) | — (h) | 0.0 (g) |
|  **Monaco** |  |  |  |  |
|  Scorpio Tankers, Inc. | (1) | (34) | — (h) | 0.0 (g) |
| Netherlands |  |  |  |  |
|  Argenx SE | — (h) | (134) | — (h) | 0.0 (g) |
|  JBS NV | (4) | (56) | — (h) | 0.0 (g) |
|  Koninklijke Philips NV | (1) | (16) | — (h) | 0.0 (g) |
|  NXP Semiconductors NV | (1) | (150) | — (h) | 0.0 (g) |
|  QIAGEN NV | (1) | (62) | — (h) | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  Equinor ASA | (2) | (52) | — (h) | 0.0 (g) |
|  Frontline plc | (2) | (43) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 511

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Netherlands — continued** | | | | |
|  **Puerto Rico** |  |  |  |  |
|  Popular, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Bitdeer Technologies Group | (1) | (8) | — (h) | 0.0 (g) |
|  Grab Holdings Ltd. | (12) | (61) | — (h) | 0.0 (g) |
|  **South Africa** |  |  |  |  |
|  Gold Fields Ltd. | (1) | (42) | — (h) | 0.0 (g) |
|  Harmony Gold Mining Co. Ltd. | (2) | (38) | — (h) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Autoliv, Inc. | — (h) | (2) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Alcon AG | (2) | (174) | — (h) | 0.0 (g) |
|  Amrize Ltd. | (3) | (140) | — (h) | 0.0 (g) |
|  CRISPR Therapeutics AG | — (h) | (17) | — (h) | 0.0 (g) |
|  Garrett Motion, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Logitech International SA | — (h) | (31) | — (h) | 0.0 (g) |
|  Novartis AG | — (h) | (26) | — (h) | 0.0 (g) |
|  Sportradar Group AG | (2) | (38) | — (h) | 0.0 (g) |
|  STMicroelectronics NV | (1) | (25) | — (h) | 0.0 (g) |
|  UBS Group AG | (2) | (108) | — (h) | 0.0 (g) |
|  **Taiwan** |  |  |  |  |
|  United Microelectronics Corp. | (2) | (13) | — (h) | 0.0 (g) |
|  **Thailand** |  |  |  |  |
|  Fabrinet | — (h) | (227) | — (h) | 0.0 (g) |
| **United Kingdom** |  |  |  |  |
|  Anglogold Ashanti Plc | (1) | (74) | — (h) | 0.0 (g) |
|  Aon plc | (1) | (335) | — (h) | 0.0 (g) |
|  AstraZeneca plc | (3) | (235) | — (h) | 0.0 (g) |
|  Birkenstock Holding Plc | (3) | (132) | — (h) | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | (2) | (223) | — (h) | 0.0 (g) |
|  Diageo plc | (1) | (55) | — (h) | 0.0 (g) |
|  Genius Sports Ltd. | (2) | (22) | — (h) | 0.0 (g) |
|  GSK plc | (4) | (198) | — (h) | 0.0 (g) |
|  Indivior Ltd. | — (h) | (6) | — (h) | 0.0 (g) |
|  InterContinental Hotels Group plc | — (h) | (24) | — (h) | 0.0 (g) |
|  Marex Group plc | — (h) | (15) | — (h) | 0.0 (g) |
|  National Grid plc | — (h) | (21) | — (h) | 0.0 (g) |
|  nVent Electric plc | — (h) | (12) | — (h) | 0.0 (g) |
|  Pentair plc | (1) | (54) | — (h) | 0.0 (g) |
|  Rentokil Initial plc | (1) | (18) | — (h) | 0.0 (g) |
|  Shell plc | (3) | (184) | — (h) | 0.0 (g) |
|  Smith & Nephew plc | — (h) | (12) | — (h) | 0.0 (g) |
|  TechnipFMC plc | (1) | (38) | — (h) | 0.0 (g) |
|  Unilever plc | (1) | (95) | — (h) | 0.0 (g) |
|  Willis Towers Watson plc | — (h) | (83) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 512 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States |  |  |  |  |
|  AAON, Inc. | (1) | (74) | — (h) | 0.0 (g) |
|  AAR Corp. | — (h) | (36) | — (h) | 0.0 (g) |
|  Abbott Laboratories | (4) | (522) | — (h) | 0.0 (g) |
|  AbbVie, Inc. | (1) | (273) | — (h) | 0.0 (g) |
|  ABM Industries, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Academy Sports & Outdoors, Inc. | — (h) | (18) | — (h) | 0.0 (g) |
|  Acadia Healthcare Co., Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  ACADIA Pharmaceuticals, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Acadia Realty Trust | (2) | (31) | — (h) | 0.0 (g) |
|  Acushnet Holdings Corp. | (1) | (55) | — (h) | 0.0 (g) |
|  ACV Auctions, Inc. | (2) | (16) | — (h) | 0.0 (g) |
|  Adaptive Biotechnologies Corp. | — (h) | (6) | — (h) | 0.0 (g) |
|  Addus HomeCare Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  ADMA Biologics, Inc. | (1) | (16) | — (h) | 0.0 (g) |
|  ADT, Inc. | (5) | (39) | — (h) | 0.0 (g) |
|  Advanced Drainage Systems, Inc. | (1) | (139) | — (h) | 0.0 (g) |
|  Advanced Micro Devices, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  AECOM | — (h) | (40) | — (h) | 0.0 (g) |
|  Aehr Test Systems | (1) | (25) | — (h) | 0.0 (g) |
|  AeroVironment, Inc. | (2) | (372) | — (h) | 0.0 (g) |
|  Agilent Technologies, Inc. | — (h) | (47) | — (h) | 0.0 (g) |
|  Agilysys, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  AGNC Investment Corp. | (14) | (147) | — (h) | 0.0 (g) |
|  Agree Realty Corp. | (2) | (132) | — (h) | 0.0 (g) |
|  Air Products and Chemicals, Inc. | (1) | (259) | — (h) | 0.0 (g) |
|  Alkami Technology, Inc. | (1) | (16) | — (h) | 0.0 (g) |
|  Alliant Energy Corp. | (2) | (100) | — (h) | 0.0 (g) |
|  Alpha Metallurgical Resources, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Alphabet, Inc. | (5) | (1414) | — (h) | 0.0 (g) |
|  Alphatec Holdings, Inc. | (1) | (31) | — (h) | 0.0 (g) |
|  Amentum Holdings, Inc. | (1) | (37) | — (h) | 0.0 (g) |
|  Ameresco, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  American Eagle Outfitters, Inc. | (2) | (45) | — (h) | 0.0 (g) |
|  American Healthcare REIT, Inc. | (1) | (34) | — (h) | 0.0 (g) |
|  American Homes 4 Rent | (1) | (30) | — (h) | 0.0 (g) |
|  American Water Works Co., Inc. | — (h) | (33) | — (h) | 0.0 (g) |
|  Americold Realty Trust, Inc. | (7) | (85) | — (h) | 0.0 (g) |
|  Ameris Bancorp | — (h) | (5) | — (h) | 0.0 (g) |
|  Amkor Technology, Inc. | (1) | (30) | — (h) | 0.0 (g) |
|  Amprius Technologies, Inc. | (2) | (18) | — (h) | 0.0 (g) |
|  ANI Pharmaceuticals, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Annaly Capital Management, Inc. | (7) | (147) | — (h) | 0.0 (g) |
|  API Group Corp. | (2) | (77) | — (h) | 0.0 (g) |
|  Apogee Therapeutics, Inc. | (1) | (39) | — (h) | 0.0 (g) |
|  Apollo Global Management, Inc. | (5) | (771) | — (h) | 0.0 (g) |
|  Apple Hospitality REIT, Inc. | (1) | (16) | — (h) | 0.0 (g) |
|  Apple, Inc. | (3) | (945) | — (h) | 0.0 (g) |
|  Applied Digital Corp. | (9) | (232) | — (h) | 0.0 (g) |
|  Applied Materials, Inc. |  |  |  | 0.0 (g) |
|  Applied Optoelectronics, Inc. | (3) | (91) | — (h) | 0.0 (g) |
|  AppLovin Corp. | (1) | (573) | — (h) | 0.0 (g) |
|  Aramark | (3) | (115) | — (h) | 0.0 (g) |
|  Arbor Realty Trust, Inc. | (1) | (10) | — (h) | 0.0 (g) |
|  Arcellx, Inc. | — (h) | (15) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 513

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Archer-Daniels-Midland Co. | (4) | (210) | — (h) | 0.0 (g) |
|  Archrock, Inc. | — (h) | (3) | — (h) | 0.0 (g) |
|  Arcosa, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Arcus Biosciences, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Arcutis Biotherapeutics, Inc. | (2) | (44) | — (h) | 0.0 (g) |
|  Arista Networks, Inc. | (1) | (108) | — (h) | 0.0 (g) |
|  ARMOUR Residential REIT, Inc. | (4) | (77) | — (h) | 0.0 (g) |
|  Array Technologies, Inc. | (4) | (34) | — (h) | 0.0 (g) |
|  Arrow Electronics, Inc. | — (h) | (26) | — (h) | 0.0 (g) |
|  ARS Pharmaceuticals, Inc. | (1) | (7) | — (h) | 0.0 (g) |
|  Arthur J Gallagher & Co. | (2) | (527) | — (h) | 0.0 (g) |
|  Asbury Automotive Group, Inc. | — (h) | (28) | — (h) | 0.0 (g) |
|  ASP Isotopes, Inc. | (3) | (15) | — (h) | 0.0 (g) |
|  Associated Banc-Corp. | — (h) | (3) | — (h) | 0.0 (g) |
|  AST SpaceMobile, Inc. | (6) | (438) | — (h) | 0.0 (g) |
|  Atkore, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Atlantic Union Bankshares Corp. | (1) | (47) | — (h) | 0.0 (g) |
|  Atlas Energy Solutions, Inc. | (2) | (17) | — (h) | 0.0 (g) |
|  Atmos Energy Corp. | — (h) | (35) | — (h) | 0.0 (g) |
|  Automatic Data Processing, Inc. | — (h) | (28) | — (h) | 0.0 (g) |
|  AutoNation, Inc. | — (h) | (57) | — (h) | 0.0 (g) |
|  AvalonBay Communities, Inc. | (1) | (189) | — (h) | 0.0 (g) |
|  Avantor, Inc. | (12) | (138) | — (h) | 0.0 (g) |
|  Avery Dennison Corp. | — (h) | (11) | — (h) | 0.0 (g) |
|  Avis Budget Group, Inc. | (1) | (163) | — (h) | 0.0 (g) |
|  Axcelis Technologies, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Axon Enterprise, Inc. | — (h) | (74) | — (h) | 0.0 (g) |
|  Axos Financial, Inc. | — (h) | (26) | — (h) | 0.0 (g) |
|  Baker Hughes Co. | (1) | (34) | — (h) | 0.0 (g) |
|  Baldwin Insurance Group, Inc. (The) | (2) | (37) | — (h) | 0.0 (g) |
|  Ball Corp. | — (h) | (22) | — (h) | 0.0 (g) |
|  Banc of California, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Bancorp, Inc. (The) | — (h) | (17) | — (h) | 0.0 (g) |
|  Bank OZK | — (h) | (19) | — (h) | 0.0 (g) |
|  Baxter International, Inc. | (1) | (16) | — (h) | 0.0 (g) |
|  Beacon Financial Corp. | — (h) | (8) | — (h) | 0.0 (g) |
|  Beam Therapeutics, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Bel Fuse, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Belden, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  BellRing Brands, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Bentley Systems, Inc. | (1) | (54) | — (h) | 0.0 (g) |
|  Better Home & Finance Holding Co. | — (h) | (9) | — (h) | 0.0 (g) |
|  BigBear.ai Holdings, Inc. | (30) | (163) | — (h) | 0.0 (g) |
|  Biglari Holdings, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  BILL Holdings, Inc. | (1) | (57) | — (h) | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | — (h) | (37) | — (h) | 0.0 (g) |
|  Bio-Techne Corp. | (1) | (30) | — (h) | 0.0 (g) |
|  BlackLine, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  BlackSky Technology, Inc. | (1) | (24) | — (h) | 0.0 (g) |
|  Blackstone Mortgage Trust, Inc. | (1) | (11) | — (h) | 0.0 (g) |
|  Blackstone Secured Lending Fund | (2) | (45) | — (h) | 0.0 (g) |
|  Block, Inc. | (2) | (98) | — (h) | 0.0 (g) |
|  Bloomin' Brands, Inc. | (1) | (6) | — (h) | 0.0 (g) |
|  Blue Owl Capital Corp. | — (h) | (5) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 514 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Blue Owl Capital, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  BOK Financial Corp. | — (h) | (6) | — (h) | 0.0 (g) |
|  Boot Barn Holdings, Inc. | (1) | (122) | — (h) | 0.0 (g) |
|  Booz Allen Hamilton Holding Corp. | (1) | (62) | — (h) | 0.0 (g) |
|  Boyd Gaming Corp. | — (h) | (14) | — (h) | 0.0 (g) |
|  Bridgebio Pharma, Inc. | (1) | (85) | — (h) | 0.0 (g) |
|  Bright Horizons Family Solutions, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  BrightSpring Health Services, Inc. | (2) | (81) | — (h) | 0.0 (g) |
|  Brightstar Lottery plc | — (h) | (4) | — (h) | 0.0 (g) |
|  Brixmor Property Group, Inc. | (1) | (37) | — (h) | 0.0 (g) |
|  Broadstone Net Lease, Inc. | (1) | (14) | — (h) | 0.0 (g) |
|  Brown & Brown, Inc. | (1) | (62) | — (h) | 0.0 (g) |
|  Brown-Forman Corp. | (6) | (146) | — (h) | 0.0 (g) |
|  Bruker Corp. | (2) | (100) | — (h) | 0.0 (g) |
|  Build-A-Bear Workshop, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Builders FirstSource, Inc. | (1) | (120) | — (h) | 0.0 (g) |
|  Bunge Global SA | (3) | (233) | — (h) | 0.0 (g) |
|  Burford Capital Ltd. | (1) | (5) | — (h) | 0.0 (g) |
|  BXP, Inc. | — (h) | (28) | — (h) | 0.0 (g) |
|  Cable One, Inc. | — (h) | (21) | — (h) | 0.0 (g) |
|  CACI International, Inc. | — (h) | (116) | — (h) | 0.0 (g) |
|  Cactus, Inc. | — (h) | (19) | — (h) | 0.0 (g) |
|  Caesars Entertainment, Inc. | (2) | (37) | — (h) | 0.0 (g) |
|  California Resources Corp. | — (h) | (19) | — (h) | 0.0 (g) |
|  Cal-Maine Foods, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Campbell's Company (The) | (4) | (112) | — (h) | 0.0 (g) |
|  Camping World Holdings, Inc. | (1) | (14) | — (h) | 0.0 (g) |
|  Capital One Financial Corp. | (2) | (410) | — (h) | 0.0 (g) |
|  CareTrust REIT, Inc. | (2) | (85) | — (h) | 0.0 (g) |
|  Carnival Corp. | (2) | (70) | — (h) | 0.0 (g) |
|  Carpenter Technology Corp. | — (h) | (2) | — (h) | 0.0 (g) |
|  Carrier Global Corp. | (5) | (254) | — (h) | 0.0 (g) |
|  Carter's, Inc. | (1) | (48) | — (h) | 0.0 (g) |
|  Carvana Co. | (2) | (705) | — (h) | 0.0 (g) |
|  Casella Waste Systems, Inc. | — (h) | (34) | — (h) | 0.0 (g) |
|  Casey's General Stores, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Cava Group, Inc. | (3) | (151) | — (h) | 0.0 (g) |
|  CBIZ, Inc. | — (h) | (22) | — (h) | 0.0 (g) |
|  Cboe Global Markets, Inc. | (1) | (180) | — (h) | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | (15) | (122) | — (h) | 0.0 (g) |
|  CECO Environmental Corp. | — (h) | (20) | — (h) | 0.0 (g) |
|  Celldex Therapeutics, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Celsius Holdings, Inc. | (3) | (150) | — (h) | 0.0 (g) |
|  CenterPoint Energy, Inc. | (5) | (198) | — (h) | 0.0 (g) |
|  Centrus Energy Corp. | — (h) | (25) | — (h) | 0.0 (g) |
|  Centuri Holdings, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Century Aluminum Co. | (1) | (45) | — (h) | 0.0 (g) |
|  Century Communities, Inc. | — (h) | (2) | — (h) | 0.0 (g) |
|  Certara, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  CG oncology, Inc. | (1) | (26) | — (h) | 0.0 (g) |
|  CH Robinson Worldwide, Inc. | — (h) | (38) | — (h) | 0.0 (g) |
|  Champion Homes, Inc. | — (h) | (3) | — (h) | 0.0 (g) |
|  Charles River Laboratories International, Inc. | — (h) | (64) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 515

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Charter Communications, Inc. | (1) | (188) | — (h) | 0.0 (g) |
|  Cheesecake Factory, Inc. (The) | — (h) | (23) | — (h) | 0.0 (g) |
|  Chefs' Warehouse, Inc. (The) | — (h) | (26) | — (h) | 0.0 (g) |
|  Cheniere Energy, Inc. | — (h) | (47) | — (h) | 0.0 (g) |
|  Chesapeake Utilities Corp. | — (h) | (2) | — (h) | 0.0 (g) |
|  Chewy, Inc. | (5) | (171) | — (h) | 0.0 (g) |
|  Chime Financial, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Chord Energy Corp. | — (h) | (3) | — (h) | 0.0 (g) |
|  Church & Dwight Co., Inc. | (1) | (107) | — (h) | 0.0 (g) |
|  Cigna Group (The) | (1) | (176) | — (h) | 0.0 (g) |
|  Cinemark Holdings, Inc. |  |  |  | 0.0 (g) |
|  Cipher Mining, Inc. | (10) | (153) | — (h) | 0.0 (g) |
|  Citizens Financial Group, Inc. | (1) | (60) | — (h) | 0.0 (g) |
|  Clean Harbors, Inc. | — (h) | (25) | — (h) | 0.0 (g) |
|  Cleanspark, Inc. | (13) | (136) | — (h) | 0.0 (g) |
|  Cloudflare, Inc. | — (h) | (61) | — (h) | 0.0 (g) |
|  CMS Energy Corp. | — (h) | (28) | — (h) | 0.0 (g) |
|  CNA Financial Corp. | — (h) | (4) | — (h) | 0.0 (g) |
|  Coca-Cola Co. (The) | (7) | (511) | — (h) | 0.0 (g) |
|  Coeur Mining, Inc. | (5) | (86) | — (h) | 0.0 (g) |
|  Cogent Biosciences, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  Cogent Communications Holdings, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Coherent Corp. | (1) | (263) | — (h) | 0.0 (g) |
|  Colgate-Palmolive Co. | (1) | (73) | — (h) | 0.0 (g) |
|  Columbia Banking System, Inc. | (1) | (41) | — (h) | 0.0 (g) |
|  Columbia Sportswear Co. | — (h) | (5) | — (h) | 0.0 (g) |
|  Commercial Metals Co. | — (h) | (6) | — (h) | 0.0 (g) |
|  Comstock Resources, Inc. | (1) | (31) | — (h) | 0.0 (g) |
|  Concentra Group Holdings Parent, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Concentrix Corp. | (1) | (39) | — (h) | 0.0 (g) |
|  Constellation Brands, Inc. | (1) | (194) | — (h) | 0.0 (g) |
|  Constellation Energy Corp. | (1) | (244) | — (h) | 0.0 (g) |
|  Construction Partners, Inc. | (1) | (58) | — (h) | 0.0 (g) |
|  Cooper Cos., Inc. (The) | (2) | (132) | — (h) | 0.0 (g) |
|  COPT Defense Properties | (1) | (32) | — (h) | 0.0 (g) |
|  Core & Main, Inc. | (2) | (114) | — (h) | 0.0 (g) |
|  Core Natural Resources, Inc. | (1) | (67) | — (h) | 0.0 (g) |
|  CorMedix, Inc. | (2) | (19) | — (h) | 0.0 (g) |
|  Corpay, Inc. | — (h) | (89) | — (h) | 0.0 (g) |
|  CoStar Group, Inc. | (2) | (139) | — (h) | 0.0 (g) |
|  Coterra Energy, Inc. | (6) | (149) | — (h) | 0.0 (g) |
|  Coupang, Inc. | (7) | (172) | — (h) | 0.0 (g) |
|  Cousins Properties, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Cracker Barrel Old Country Store, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Crane NXT Co. | — (h) | (12) | — (h) | 0.0 (g) |
|  Credit Acceptance Corp. | — (h) | (12) | — (h) | 0.0 (g) |
|  Credo Technology Group Holding Ltd. | (1) | (167) | — (h) | 0.0 (g) |
|  Crescent Energy Co. | (2) | (19) | — (h) | 0.0 (g) |
|  Crowdstrike Holdings, Inc. | (1) | (278) | — (h) | 0.0 (g) |
|  CSW Industrials, Inc. | — (h) | (26) | — (h) | 0.0 (g) |
|  CSX Corp. | (7) | (271) | — (h) | 0.0 (g) |
|  Cullen/Frost Bankers, Inc. | — (h) | (3) | — (h) | 0.0 (g) |
|  Cushman & Wakefield Ltd. | (1) | (19) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 516 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  CVB Financial Corp. | — (h) | (8) | — (h) | 0.0 (g) |
|  CVR Energy, Inc. | (1) | (28) | — (h) | 0.0 (g) |
|  CVS Health Corp. | (6) | (466) | — (h) | 0.0 (g) |
|  Cytokinetics, Inc. | (1) | (43) | — (h) | 0.0 (g) |
|  Darden Restaurants, Inc. | — (h) | (60) | — (h) | 0.0 (g) |
|  Darling Ingredients, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Delek US Holdings, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Dell Technologies, Inc. | (4) | (535) | — (h) | 0.0 (g) |
|  Denali Therapeutics, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Diamondback Energy, Inc. | (2) | (259) | — (h) | 0.0 (g) |
|  DiamondRock Hospitality Co. | (1) | (6) | — (h) | 0.0 (g) |
|  Dianthus Therapeutics, Inc. | — (h) | (2) | — (h) | 0.0 (g) |
|  Dick's Sporting Goods, Inc. | — (h) | (46) | — (h) | 0.0 (g) |
|  Digital Realty Trust, Inc. | (1) | (195) | — (h) | 0.0 (g) |
|  Disc Medicine, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Dominion Energy, Inc. | (5) | (294) | — (h) | 0.0 (g) |
|  DoorDash, Inc. | (2) | (411) | — (h) | 0.0 (g) |
|  Dorman Products, Inc. | — (h) | (18) | — (h) | 0.0 (g) |
|  Dow, Inc. | (9) | (216) | — (h) | 0.0 (g) |
|  DraftKings, Inc. | (4) | (149) | — (h) | 0.0 (g) |
|  Dropbox, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  DT Midstream, Inc. | — (h) | (52) | — (h) | 0.0 (g) |
|  DXP Enterprises, Inc./TX | — (h) | (3) | — (h) | 0.0 (g) |
|  Dycom Industries, Inc. | — (h) | (49) | — (h) | 0.0 (g) |
|  Dyne Therapeutics, Inc. | (2) | (46) | — (h) | 0.0 (g) |
|  Dynex Capital, Inc. | (1) | (11) | — (h) | 0.0 (g) |
|  Eagle Materials, Inc. | — (h) | (72) | — (h) | 0.0 (g) |
|  East West Bancorp, Inc. | — (h) | (22) | — (h) | 0.0 (g) |
|  EastGroup Properties, Inc. | — (h) | (74) | — (h) | 0.0 (g) |
|  eBay, Inc. | (1) | (127) | — (h) | 0.0 (g) |
|  EchoStar Corp. | (2) | (263) | — (h) | 0.0 (g) |
|  Ecolab, Inc. | (1) | (337) | — (h) | 0.0 (g) |
|  Edgewell Personal Care Co. | (1) | (10) | — (h) | 0.0 (g) |
|  Edwards Lifesciences Corp. | (1) | (125) | — (h) | 0.0 (g) |
|  Elanco Animal Health, Inc. | (2) | (38) | — (h) | 0.0 (g) |
|  Element Solutions, Inc. | (1) | (19) | — (h) | 0.0 (g) |
|  Elevance Health, Inc. | (1) | (195) | — (h) | 0.0 (g) |
|  elf Beauty, Inc. | (4) | (282) | — (h) | 0.0 (g) |
|  Emerson Electric Co. | (1) | (175) | — (h) | 0.0 (g) |
|  Energizer Holdings, Inc. | (1) | (19) | — (h) | 0.0 (g) |
|  Enpro, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Ensign Group, Inc. (The) | — (h) | (47) | — (h) | 0.0 (g) |
|  Entegris, Inc. | (2) | (195) | — (h) | 0.0 (g) |
|  Eos Energy Enterprises, Inc. | (12) | (136) | — (h) | 0.0 (g) |
|  EPR Properties | — (h) | (8) | — (h) | 0.0 (g) |
|  EQT Corp. | (3) | (141) | — (h) | 0.0 (g) |
|  Equifax, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Equinix, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Equitable Holdings, Inc. | (1) | (56) | — (h) | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | (2) | (128) | — (h) | 0.0 (g) |
|  Equity Residential | (1) | (76) | — (h) | 0.0 (g) |
|  Esab Corp. | — (h) | (9) | — (h) | 0.0 (g) |
|  Essential Properties Realty Trust, Inc. | (1) | (30) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 517

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Essex Property Trust, Inc. | (1) | (142) | — (h) | 0.0 (g) |
|  Eversource Energy | — (h) | (19) | — (h) | 0.0 (g) |
|  Everus Construction Group, Inc. | — (h) | (24) | — (h) | 0.0 (g) |
|  Evolent Health, Inc. | (5) | (19) | — (h) | 0.0 (g) |
|  Extra Space Storage, Inc. | — (h) | (41) | — (h) | 0.0 (g) |
|  F&G Annuities & Life, Inc. | — (h) | — (h) | — (h) | 0.0 (g) |
|  Fair Isaac Corp. | — (h) | (276) | — (h) | 0.0 (g) |
|  Fastenal Co. | (1) | (56) | — (h) | 0.0 (g) |
|  FB Financial Corp. | — (h) | (18) | — (h) | 0.0 (g) |
|  Federal Realty Investment Trust | (1) | (59) | — (h) | 0.0 (g) |
|  Federal Signal Corp. | — (h) | (6) | — (h) | 0.0 (g) |
|  Fidelity National Information Services, Inc. | (2) | (133) | — (h) | 0.0 (g) |
|  Fifth Third Bancorp | (1) | (53) | — (h) | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | (1) | (58) | — (h) | 0.0 (g) |
|  First Interstate BancSystem, Inc. | (1) | (27) | — (h) | 0.0 (g) |
|  First Solar, Inc. | (2) | (542) | — (h) | 0.0 (g) |
|  FirstCash Holdings, Inc. | — (h) | (55) | — (h) | 0.0 (g) |
|  FirstEnergy Corp. | (3) | (136) | — (h) | 0.0 (g) |
|  Five Below, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Floor & Decor Holdings, Inc. | (1) | (71) | — (h) | 0.0 (g) |
|  Flowers Foods, Inc. | (1) | (16) | — (h) | 0.0 (g) |
|  Fluence Energy, Inc. | (6) | (128) | — (h) | 0.0 (g) |
|  Flutter Entertainment plc | (1) | (157) | — (h) | 0.0 (g) |
|  FNB Corp/PA | (3) | (58) | — (h) | 0.0 (g) |
|  Fortive Corp. | (2) | (116) | — (h) | 0.0 (g) |
|  Forward Air Corp. | — (h) | (7) | — (h) | 0.0 (g) |
|  Four Corners Property Trust, Inc. | (1) | (13) | — (h) | 0.0 (g) |
|  Freeport-McMoRan, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  FS KKR Capital Corp. | (1) | (19) | — (h) | 0.0 (g) |
|  FTI Consulting, Inc. | — (h) | (68) | — (h) | 0.0 (g) |
|  Fulton Financial Corp. | (2) | (30) | — (h) | 0.0 (g) |
|  Galaxy Digital, Inc. | (2) | (40) | — (h) | 0.0 (g) |
|  Gaming and Leisure Properties, Inc. | (2) | (112) | — (h) | 0.0 (g) |
|  GATX Corp. | — (h) | (16) | — (h) | 0.0 (g) |
|  GE HealthCare Technologies, Inc. | (2) | (155) | — (h) | 0.0 (g) |
|  GeneDx Holdings Corp. | — (h) | (48) | — (h) | 0.0 (g) |
|  Genuine Parts Co. | (2) | (248) | — (h) | 0.0 (g) |
|  GEO Group, Inc. (The) | (2) | (29) | — (h) | 0.0 (g) |
|  Gilead Sciences, Inc. | (1) | (144) | — (h) | 0.0 (g) |
|  Gitlab, Inc. | (1) | (38) | — (h) | 0.0 (g) |
|  Glacier Bancorp, Inc. | (1) | (39) | — (h) | 0.0 (g) |
|  Glaukos Corp. | — (h) | (33) | — (h) | 0.0 (g) |
|  GLOBALFOUNDRIES, Inc. | (1) | (40) | — (h) | 0.0 (g) |
|  Globalstar, Inc. | (1) | (36) | — (h) | 0.0 (g) |
|  Gogo, Inc. | (2) | (7) | — (h) | 0.0 (g) |
|  Goosehead Insurance, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Graphic Packaging Holding Co. | (3) | (38) | — (h) | 0.0 (g) |
|  Green Brick Partners, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  Grindr, Inc. | (1) | (14) | — (h) | 0.0 (g) |
|  Grocery Outlet Holding Corp. | (4) | (45) | — (h) | 0.0 (g) |
|  Group 1 Automotive, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Gulfport Energy Corp. | — (h) | (2) | — (h) | 0.0 (g) |
|  GXO Logistics, Inc. | (2) | (86) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 518 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  H&R Block, Inc. | (1) | (31) | — (h) | 0.0 (g) |
|  Haemonetics Corp. | — (h) | (4) | — (h) | 0.0 (g) |
|  Hancock Whitney Corp. | — (h) | (9) | — (h) | 0.0 (g) |
|  Harrow, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  Hasbro, Inc. | (1) | (44) | — (h) | 0.0 (g) |
|  Hawkins, Inc. | — (h) | (33) | — (h) | 0.0 (g) |
|  Hayward Holdings, Inc. | (2) | (24) | — (h) | 0.0 (g) |
|  HB Fuller Co. | — (h) | (9) | — (h) | 0.0 (g) |
|  HCI Group, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  HealthEquity, Inc. | — (h) | (35) | — (h) | 0.0 (g) |
|  Healthpeak Properties, Inc. | (2) | (30) | — (h) | 0.0 (g) |
|  Helen of Troy Ltd. | — (h) | (5) | — (h) | 0.0 (g) |
|  Helmerich & Payne, Inc. | (1) | (22) | — (h) | 0.0 (g) |
|  Henry Schein, Inc. | (1) | (40) | — (h) | 0.0 (g) |
|  Herc Holdings, Inc. | — (h) | (21) | — (h) | 0.0 (g) |
|  Hercules Capital, Inc. | (1) | (11) | — (h) | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | (19) | (462) | — (h) | 0.0 (g) |
|  Hexcel Corp. | — (h) | (15) | — (h) | 0.0 (g) |
|  HF Sinclair Corp. | (2) | (88) | — (h) | 0.0 (g) |
|  Hilton Grand Vacations, Inc. | (1) | (32) | — (h) | 0.0 (g) |
|  Hims & Hers Health, Inc. | (2) | (67) | — (h) | 0.0 (g) |
|  Home BancShares, Inc. | (1) | (26) | — (h) | 0.0 (g) |
|  Home Depot, Inc. (The) | (1) | (270) | — (h) | 0.0 (g) |
|  Hormel Foods Corp. | (3) | (61) | — (h) | 0.0 (g) |
|  Host Hotels & Resorts, Inc. | (2) | (44) | — (h) | 0.0 (g) |
|  HP, Inc. | (3) | (58) | — (h) | 0.0 (g) |
|  Hub Group, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Hubbell, Inc. | (1) | (385) | — (h) | 0.0 (g) |
|  Huntington Ingalls Industries, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Huron Consulting Group, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Hut 8 Corp. | — (h) | (11) | — (h) | 0.0 (g) |
|  Hyatt Hotels Corp. | (2) | (258) | — (h) | 0.0 (g) |
|  IAC, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  ICF International, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  ICU Medical, Inc. | — (h) | (30) | — (h) | 0.0 (g) |
|  Ideaya Biosciences, Inc. | — (h) | (3) | — (h) | 0.0 (g) |
|  IDEX Corp. | — (h) | (19) | — (h) | 0.0 (g) |
|  Immunome, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Impinj, Inc. | — (h) | (25) | — (h) | 0.0 (g) |
|  Independence Realty Trust, Inc. | (3) | (46) | — (h) | 0.0 (g) |
|  Independent Bank Corp. | — (h) | (21) | — (h) | 0.0 (g) |
|  Ingersoll Rand, Inc. | (2) | (119) | — (h) | 0.0 (g) |
|  Innodata, Inc. | (1) | (34) | — (h) | 0.0 (g) |
|  Insmed, Inc. | — (h) | (3) | — (h) | 0.0 (g) |
|  Installed Building Products, Inc. | — (h) | (68) | — (h) | 0.0 (g) |
|  Integer Holdings Corp. | — (h) | (10) | — (h) | 0.0 (g) |
|  Intel Corp. | (5) | (198) | — (h) | 0.0 (g) |
|  International Business Machines Corp. | — (h) | (80) | — (h) | 0.0 (g) |
|  International Paper Co. | (7) | (274) | — (h) | 0.0 (g) |
|  International Seaways, Inc. | (1) | (55) | — (h) | 0.0 (g) |
|  Interparfums, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Invitation Homes, Inc. | (1) | (36) | — (h) | 0.0 (g) |
|  IonQ, Inc. | (11) | (482) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 519

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  IPG Photonics Corp. | — (h) | (3) | — (h) | 0.0 (g) |
|  IQVIA Holdings, Inc. | (1) | (142) | — (h) | 0.0 (g) |
|  IRhythm Holdings, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  J & J Snack Foods Corp. | — (h) | (6) | — (h) | 0.0 (g) |
|  J M Smucker Co. (The) | (2) | (183) | — (h) | 0.0 (g) |
|  Jack Henry & Associates, Inc. | — (h) | (29) | — (h) | 0.0 (g) |
|  JBT Marel Corp. | — (h) | (42) | — (h) | 0.0 (g) |
|  JFrog Ltd. | — (h) | (3) | — (h) | 0.0 (g) |
|  John Wiley & Sons, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Jones Lang LaSalle, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Kadant, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Kennametal, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Kilroy Realty Corp. | (1) | (27) | — (h) | 0.0 (g) |
|  Kimberly-Clark Corp. | (1) | (151) | — (h) | 0.0 (g) |
|  Kimco Realty Corp. | (1) | (15) | — (h) | 0.0 (g) |
|  Kinder Morgan, Inc. | (1) | (29) | — (h) | 0.0 (g) |
|  Kinsale Capital Group, Inc. | — (h) | (90) | — (h) | 0.0 (g) |
|  Kirby Corp. | — (h) | (4) | — (h) | 0.0 (g) |
|  Kite Realty Group Trust | (1) | (34) | — (h) | 0.0 (g) |
|  Knife River Corp. | (1) | (40) | — (h) | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | (3) | (160) | — (h) | 0.0 (g) |
|  Kodiak Gas Services, Inc. | (1) | (54) | — (h) | 0.0 (g) |
|  Kraft Heinz Co. (The) | (9) | (219) | — (h) | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | (4) | (302) | — (h) | 0.0 (g) |
|  Krystal Biotech, Inc. | — (h) | (49) | — (h) | 0.0 (g) |
|  Kura Sushi USA, Inc. | — (h) | (22) | — (h) | 0.0 (g) |
|  Kymera Therapeutics, Inc. | — (h) | (35) | — (h) | 0.0 (g) |
|  Lamar Advertising Co. | — (h) | (42) | — (h) | 0.0 (g) |
|  Las Vegas Sands Corp. | (3) | (204) | — (h) | 0.0 (g) |
|  Lattice Semiconductor Corp. | (1) | (39) | — (h) | 0.0 (g) |
|  Laureate Education, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Lazard, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  LCI Industries | — (h) | (16) | — (h) | 0.0 (g) |
|  Lear Corp. | — (h) | (41) | — (h) | 0.0 (g) |
|  Legence Corp. | — (h) | (15) | — (h) | 0.0 (g) |
|  Leidos Holdings, Inc. | (1) | (125) | — (h) | 0.0 (g) |
|  Lemonade, Inc. | — (h) | (25) | — (h) | 0.0 (g) |
|  Lennox International, Inc. | — (h) | (19) | — (h) | 0.0 (g) |
|  Leonardo DRS, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Levi Strauss & Co. | (1) | (15) | — (h) | 0.0 (g) |
|  LGI Homes, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Liberty Energy, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Liberty Live Holdings, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Liberty Media Corp-Liberty Formula One | (1) | (82) | — (h) | 0.0 (g) |
|  Life360, Inc. | — (h) | (28) | — (h) | 0.0 (g) |
|  Ligand Pharmaceuticals, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Limbach Holdings, Inc. | — (h) | (27) | — (h) | 0.0 (g) |
|  Linde plc | (1) | (598) | — (h) | 0.0 (g) |
|  Lineage, Inc. | (1) | (21) | — (h) | 0.0 (g) |
|  Lithia Motors, Inc. | — (h) | (103) | — (h) | 0.0 (g) |
|  Live Nation Entertainment, Inc. | (1) | (82) | — (h) | 0.0 (g) |
|  LKQ Corp. | (2) | (50) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 520 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Loar Holdings, Inc. | (1) | (77) | — (h) | 0.0 (g) |
|  Lockheed Martin Corp. | (1) | (251) | — (h) | 0.0 (g) |
|  LPL Financial Holdings, Inc. | (1) | (219) | — (h) | 0.0 (g) |
|  Lumen Technologies, Inc. | (2) | (18) | — (h) | 0.0 (g) |
|  Lumentum Holdings, Inc. | (2) | (810) | — (h) | 0.0 (g) |
|  LyondellBasell Industries NV | (1) | (64) | — (h) | 0.0 (g) |
|  M&T Bank Corp. | — (h) | (50) | — (h) | 0.0 (g) |
|  Macerich Co. (The) | (2) | (46) | — (h) | 0.0 (g) |
|  MACOM Technology Solutions Holdings, Inc. | — (h) | (24) | — (h) | 0.0 (g) |
|  Macy's, Inc. |  |  |  | 0.0 (g) |
|  Madison Square Garden Sports Corp. | — (h) | (42) | — (h) | 0.0 (g) |
|  Madrigal Pharmaceuticals, Inc. | — (h) | (76) | — (h) | 0.0 (g) |
|  Magnite, Inc. | (3) | (50) | — (h) | 0.0 (g) |
|  Magnolia Oil & Gas Corp. | (1) | (20) | — (h) | 0.0 (g) |
|  Markel Group, Inc. | — (h) | (17) | — (h) | 0.0 (g) |
|  Marriott International, Inc. | (1) | (231) | — (h) | 0.0 (g) |
|  Marriott Vacations Worldwide Corp. | — (h) | (2) | — (h) | 0.0 (g) |
|  Martin Marietta Materials, Inc. | — (h) | (35) | — (h) | 0.0 (g) |
|  Marvell Technology, Inc. | — (h) | (37) | — (h) | 0.0 (g) |
|  Marzetti Company (The) | — (h) | (10) | — (h) | 0.0 (g) |
|  MasTec, Inc. | — (h) | (46) | — (h) | 0.0 (g) |
|  Matador Resources Co. | — (h) | (18) | — (h) | 0.0 (g) |
|  Match Group, Inc. | (1) | (20) | — (h) | 0.0 (g) |
|  Matson, Inc. | — (h) | (18) | — (h) | 0.0 (g) |
|  Mattel, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Maximus, Inc. | — (h) | (42) | — (h) | 0.0 (g) |
|  McCormick & Co., Inc. | (2) | (109) | — (h) | 0.0 (g) |
|  McGrath RentCorp. | — (h) | (6) | — (h) | 0.0 (g) |
|  Mercury General Corp. | — (h) | (14) | — (h) | 0.0 (g) |
|  Meta Platforms, Inc. | — (h) | (60) | — (h) | 0.0 (g) |
|  MGM Resorts International | — (h) | (8) | — (h) | 0.0 (g) |
|  Miami International Holdings, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Microsoft Corp. | (2) | (969) | — (h) | 0.0 (g) |
|  Millrose Properties, Inc. | (1) | (22) | — (h) | 0.0 (g) |
|  Mirion Technologies, Inc. | (4) | (95) | — (h) | 0.0 (g) |
|  Modine Manufacturing Co. | — (h) | (40) | — (h) | 0.0 (g) |
|  Molina Healthcare, Inc. | (1) | (99) | — (h) | 0.0 (g) |
|  Molson Coors Beverage Co. | (5) | (211) | — (h) | 0.0 (g) |
|  Mondelez International, Inc. | (3) | (180) | — (h) | 0.0 (g) |
|  MongoDB, Inc. | — (h) | (119) | — (h) | 0.0 (g) |
|  Monolithic Power Systems, Inc. | — (h) | (148) | — (h) | 0.0 (g) |
|  MSA Safety, Inc. | — (h) | (29) | — (h) | 0.0 (g) |
|  MSC Industrial Direct Co., Inc. | — (h) | (27) | — (h) | 0.0 (g) |
|  Murphy USA, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Nasdaq, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  National Health Investors, Inc. | — (h) | (27) | — (h) | 0.0 (g) |
|  National Vision Holdings, Inc. | (2) | (48) | — (h) | 0.0 (g) |
|  Navitas Semiconductor Corp. | (7) | (53) | — (h) | 0.0 (g) |
|  nCino, Inc. | (2) | (60) | — (h) | 0.0 (g) |
|  NCR Atleos Corp. | — (h) | (16) | — (h) | 0.0 (g) |
|  NCR Voyix Corp. | (1) | (10) | — (h) | 0.0 (g) |
|  Nektar Therapeutics | — (h) | (12) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 521

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Neogen Corp. | (6) | (39) | — (h) | 0.0 (g) |
|  NeoGenomics, Inc. | — (h) | (3) | — (h) | 0.0 (g) |
|  Netskope, Inc. | (1) | (11) | — (h) | 0.0 (g) |
|  Newmark Group, Inc. | (1) | (11) | — (h) | 0.0 (g) |
|  Nexstar Media Group, Inc. | — (h) | (61) | — (h) | 0.0 (g) |
|  NextNav, Inc. | (1) | (21) | — (h) | 0.0 (g) |
|  NEXTracker, Inc. | (1) | (108) | — (h) | 0.0 (g) |
|  NiSource, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  NNN REIT, Inc. | (2) | (64) | — (h) | 0.0 (g) |
|  Noble Corp. plc | (3) | (84) | — (h) | 0.0 (g) |
|  Nordson Corp. | — (h) | (9) | — (h) | 0.0 (g) |
|  Northern Oil & Gas, Inc. | (1) | (25) | — (h) | 0.0 (g) |
|  Novanta, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Novavax, Inc. | (3) | (21) | — (h) | 0.0 (g) |
|  Nutex Health, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Nuvalent, Inc. | (1) | (63) | — (h) | 0.0 (g) |
|  NVIDIA Corp. | (1) | (150) | — (h) | 0.0 (g) |
|  Occidental Petroleum Corp. | (6) | (250) | — (h) | 0.0 (g) |
|  Oceaneering International, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Ocular Therapeutix, Inc. | (1) | (15) | — (h) | 0.0 (g) |
|  O-I Glass, Inc. | (1) | (8) | — (h) | 0.0 (g) |
|  Oklo, Inc. | (1) | (75) | — (h) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. |  |  |  | 0.0 (g) |
|  Old National Bancorp | (2) | (52) | — (h) | 0.0 (g) |
|  Olin Corp. | (1) | (14) | — (h) | 0.0 (g) |
|  Ollie's Bargain Outlet Holdings, Inc. | (1) | (101) | — (h) | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | (3) | (113) | — (h) | 0.0 (g) |
|  Omnicom Group, Inc. | (4) | (321) | — (h) | 0.0 (g) |
|  Ondas, Inc. | (2) | (20) | — (h) | 0.0 (g) |
|  OneMain Holdings, Inc. | — (h) | (24) | — (h) | 0.0 (g) |
|  ONEOK, Inc. | — (h) | (28) | — (h) | 0.0 (g) |
|  Option Care Health, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Oracle Corp. | (3) | (498) | — (h) | 0.0 (g) |
|  Orchid Island Capital, Inc. | — (h) | (2) | — (h) | 0.0 (g) |
|  Organon & Co. |  |  |  | 0.0 (g) |
|  Ormat Technologies, Inc. | — (h) | (25) | — (h) | 0.0 (g) |
|  Ouster, Inc. | (1) | (25) | — (h) | 0.0 (g) |
|  Outfront Media, Inc. | (2) | (53) | — (h) | 0.0 (g) |
|  Oxford Industries, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Packaging Corp. of America | — (h) | (96) | — (h) | 0.0 (g) |
|  Palantir Technologies, Inc. | (2) | (269) | — (h) | 0.0 (g) |
|  Palomar Holdings, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Papa John's International, Inc. | (1) | (44) | — (h) | 0.0 (g) |
|  PAR Technology Corp. | (1) | (22) | — (h) | 0.0 (g) |
|  Paramount Skydance Corp. | (4) | (58) | — (h) | 0.0 (g) |
|  Parsons Corp. | (1) | (84) | — (h) | 0.0 (g) |
|  Patrick Industries, Inc. | — (h) | (36) | — (h) | 0.0 (g) |
|  Patterson-UTI Energy, Inc. | (2) | (11) | — (h) | 0.0 (g) |
|  Paychex, Inc. | (2) | (178) | — (h) | 0.0 (g) |
|  PBF Energy, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Pebblebrook Hotel Trust | — (h) | (2) | — (h) | 0.0 (g) |
|  Penguin Solutions, Inc. | (1) | (10) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 522 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Penn Entertainment, Inc. | (4) | (58) | — (h) | 0.0 (g) |
|  PennyMac Financial Services, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Penske Automotive Group, Inc. | — (h) | (46) | — (h) | 0.0 (g) |
|  Penumbra, Inc. | — (h) | (87) | — (h) | 0.0 (g) |
|  PepsiCo., Inc. | — (h) | (52) | — (h) | 0.0 (g) |
|  Performance Food Group Co. | (1) | (68) | — (h) | 0.0 (g) |
|  Perimeter Solutions, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Permian Resources Corp. | (6) | (84) | — (h) | 0.0 (g) |
|  Perpetua Resources Corp. | (2) | (47) | — (h) | 0.0 (g) |
|  Phillips 66 | — (h) | (57) | — (h) | 0.0 (g) |
|  Phillips Edison & Co., Inc. | (1) | (24) | — (h) | 0.0 (g) |
|  Pilgrim's Pride Corp. | (1) | (29) | — (h) | 0.0 (g) |
|  Pitney Bowes, Inc. | (2) | (18) | — (h) | 0.0 (g) |
|  Planet Fitness, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Porch Group, Inc. | — (h) | (2) | — (h) | 0.0 (g) |
|  Powell Industries, Inc. | — (h) | (49) | — (h) | 0.0 (g) |
|  Power Solutions International, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  PPG Industries, Inc. | (1) | (86) | — (h) | 0.0 (g) |
|  PPL Corp. | (1) | (30) | — (h) | 0.0 (g) |
|  Prestige Consumer Healthcare, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  PriceSmart, Inc. | — (h) | (17) | — (h) | 0.0 (g) |
|  Primo Brands Corp. | (4) | (59) | — (h) | 0.0 (g) |
|  Primoris Services Corp. | — (h) | (3) | — (h) | 0.0 (g) |
|  Privia Health Group, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  PROCEPT BioRobotics Corp. | (1) | (32) | — (h) | 0.0 (g) |
|  Prologis, Inc. | (2) | (221) | — (h) | 0.0 (g) |
|  Prosperity Bancshares, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Protagonist Therapeutics, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  Public Storage | — (h) | (32) | — (h) | 0.0 (g) |
|  PulteGroup, Inc. | — (h) | (37) | — (h) | 0.0 (g) |
|  PureCycle Technologies, Inc. | (1) | (10) | — (h) | 0.0 (g) |
|  PVH Corp. | (1) | (49) | — (h) | 0.0 (g) |
|  Quaker Chemical Corp. | — (h) | (9) | — (h) | 0.0 (g) |
|  Quanta Services, Inc. | (1) | (446) | — (h) | 0.0 (g) |
|  Quantum Computing, Inc. | (14) | (147) | — (h) | 0.0 (g) |
|  QuantumScape Corp. | (2) | (25) | — (h) | 0.0 (g) |
|  Quest Diagnostics, Inc. | — (h) | (50) | — (h) | 0.0 (g) |
|  QuidelOrtho Corp. | (1) | (30) | — (h) | 0.0 (g) |
|  QXO, Inc. | (14) | (277) | — (h) | 0.0 (g) |
|  RadNet, Inc. | (1) | (66) | — (h) | 0.0 (g) |
|  Ralliant Corp. | (1) | (61) | — (h) | 0.0 (g) |
|  Ralph Lauren Corp. | — (h) | (19) | — (h) | 0.0 (g) |
|  Ramaco Resources, Inc. | (4) | (78) | — (h) | 0.0 (g) |
|  RB Global, Inc. | (2) | (204) | — (h) | 0.0 (g) |
|  RBC Bearings, Inc. | — (h) | (42) | — (h) | 0.0 (g) |
|  Realty, Inc.ome Corp. | (7) | (375) | — (h) | 0.0 (g) |
|  Red Rock Resorts, Inc. | — (h) | (17) | — (h) | 0.0 (g) |
|  Regal Rexnord Corp. | — (h) | (42) | — (h) | 0.0 (g) |
|  Regency Centers Corp. | (1) | (64) | — (h) | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | — (h) | (144) | — (h) | 0.0 (g) |
|  Reinsurance Group of America, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Reliance, Inc. | — (h) | (15) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 523

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Renasant Corp. | (1) | (20) | — (h) | 0.0 (g) |
|  Repligen Corp. | — (h) | (21) | — (h) | 0.0 (g) |
|  Resideo Technologies, Inc. | — (h) | (2) | — (h) | 0.0 (g) |
|  Restaurant Brands International, Inc. | (2) | (127) | — (h) | 0.0 (g) |
|  Revolution Medicines, Inc. | (2) | (171) | — (h) | 0.0 (g) |
|  Revolve Group, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Revvity, Inc. | — (h) | (36) | — (h) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | (4) | (147) | — (h) | 0.0 (g) |
|  Reynolds Consumer Products, Inc. | (1) | (32) | — (h) | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | — (h) | (45) | — (h) | 0.0 (g) |
|  Rigetti Computing, Inc. | (12) | (272) | — (h) | 0.0 (g) |
|  RingCentral, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Riot Platforms, Inc. | (3) | (35) | — (h) | 0.0 (g) |
|  RLJ Lodging Trust | — (h) | (3) | — (h) | 0.0 (g) |
|  Rocket Lab Corp. | (3) | (177) | — (h) | 0.0 (g) |
|  Roivant Sciences Ltd. | (1) | (30) | — (h) | 0.0 (g) |
|  Ross Stores, Inc. | — (h) | (64) | — (h) | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | (2) | (422) | — (h) | 0.0 (g) |
|  RPM International, Inc. | — (h) | (34) | — (h) | 0.0 (g) |
|  Rubrik, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  RXO, Inc. | (3) | (40) | — (h) | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | (2) | (83) | — (h) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | (1) | (126) | — (h) | 0.0 (g) |
|  S&P Global, Inc. | (1) | (632) | — (h) | 0.0 (g) |
|  Sabra Health Care REIT, Inc. | (1) | (12) | — (h) | 0.0 (g) |
|  Saia, Inc. | — (h) | (140) | — (h) | 0.0 (g) |
|  SailPoint, Inc. | (2) | (44) | — (h) | 0.0 (g) |
|  Sandisk Corp | (2) | (422) | — (h) | 0.0 (g) |
|  SBA Communications Corp. | — (h) | (65) | — (h) | 0.0 (g) |
|  Scholar Rock Holding Corp. | (1) | (23) | — (h) | 0.0 (g) |
|  Science Applications International Corp. | — (h) | (12) | — (h) | 0.0 (g) |
|  Scotts Miracle-Gro Co. (The) | — (h) | (18) | — (h) | 0.0 (g) |
|  Select Medical Holdings Corp. | — (h) | (3) | — (h) | 0.0 (g) |
|  Sempra | (2) | (189) | — (h) | 0.0 (g) |
|  Semtech Corp. | — (h) | (32) | — (h) | 0.0 (g) |
|  Sensient Technologies Corp. | — (h) | (26) | — (h) | 0.0 (g) |
|  Service Corp. International/US | — (h) | (31) | — (h) | 0.0 (g) |
|  ServiceTitan, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  ServisFirst Bancshares, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Sezzle, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Shake Shack, Inc. | (1) | (67) | — (h) | 0.0 (g) |
|  SharkNinja, Inc. | (1) | (166) | — (h) | 0.0 (g) |
|  Sherwin-Williams Co. (The) | (1) | (190) | — (h) | 0.0 (g) |
|  Shift4 Payments, Inc. | (2) | (127) | — (h) | 0.0 (g) |
|  Shoals Technologies Group, Inc. | (6) | (50) | — (h) | 0.0 (g) |
|  Signet Jewelers Ltd. | — (h) | (10) | — (h) | 0.0 (g) |
|  Silgan Holdings, Inc. | (1) | (49) | — (h) | 0.0 (g) |
|  Simmons First National Corp. | — (h) | (8) | — (h) | 0.0 (g) |
|  Simon Property Group, Inc. | — (h) | (87) | — (h) | 0.0 (g) |
|  Simply Good Foods Co. (The) | (1) | (30) | — (h) | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  SiteOne Landscape Supply, Inc. | — (h) | (14) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 524 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Six Flags Entertainment Corp. | (5) | (76) | — (h) | 0.0 (g) |
|  Skyward Specialty Insurance Group, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  SL Green Realty Corp. | (1) | (35) | — (h) | 0.0 (g) |
|  SLB Ltd. | (7) | (277) | — (h) | 0.0 (g) |
|  SLM Corp. | — (h) | (10) | — (h) | 0.0 (g) |
|  Snap-on, Inc. | — (h) | (19) | — (h) | 0.0 (g) |
|  Snowflake, Inc. | (1) | (143) | — (h) | 0.0 (g) |
|  Solaris Energy Infrastructure, Inc. | (1) | (55) | — (h) | 0.0 (g) |
|  Soleno Therapeutics, Inc. | (1) | (28) | — (h) | 0.0 (g) |
|  Somnigroup International, Inc. | (2) | (204) | — (h) | 0.0 (g) |
|  Sonic Automotive, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Sonoco Products Co. | — (h) | (3) | — (h) | 0.0 (g) |
|  Sotera Health Co. | — (h) | (5) | — (h) | 0.0 (g) |
|  SoundHound AI, Inc. | (23) | (227) | — (h) | 0.0 (g) |
|  Southern Co. (The) | (2) | (214) | — (h) | 0.0 (g) |
|  SOUTHSTATE BANK Corp., | (1) | (56) | — (h) | 0.0 (g) |
|  Spectrum Brands Holdings, Inc. | — (h) | (3) | — (h) | 0.0 (g) |
|  Spire, Inc. | — (h) | (29) | — (h) | 0.0 (g) |
|  SPX Technologies, Inc. | — (h) | (52) | — (h) | 0.0 (g) |
|  SSR Mining, Inc. | (1) | (16) | — (h) | 0.0 (g) |
|  STAG Industrial, Inc. | (1) | (40) | — (h) | 0.0 (g) |
|  StandardAero, Inc. | (3) | (90) | — (h) | 0.0 (g) |
|  Stanley Black & Decker, Inc. | (1) | (85) | — (h) | 0.0 (g) |
|  Starbucks Corp. | (9) | (718) | — (h) | 0.0 (g) |
|  Steel Dynamics, Inc. | — (h) | (54) | — (h) | 0.0 (g) |
|  Sterling Infrastructure, Inc. | — (h) | (27) | — (h) | 0.0 (g) |
|  Steven Madden Ltd. | (2) | (97) | — (h) | 0.0 (g) |
|  StoneX Group, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Stride, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Sunrun, Inc. | (3) | (50) | — (h) | 0.0 (g) |
|  Sunstone Hotel Investors, Inc. | (1) | (11) | — (h) | 0.0 (g) |
|  Supernus Pharmaceuticals, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  Surgery Partners, Inc. | (3) | (41) | — (h) | 0.0 (g) |
|  Sweetgreen, Inc. | (5) | (33) | — (h) | 0.0 (g) |
|  Synchrony Financial | — (h) | (13) | — (h) | 0.0 (g) |
|  Synopsys, Inc. | (1) | (695) | — (h) | 0.0 (g) |
|  Sysco Corp. | (2) | (130) | — (h) | 0.0 (g) |
|  Talos Energy, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Tanger, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  Tapestry, Inc. | — (h) | (3) | — (h) | 0.0 (g) |
|  Targa Resources Corp. | (1) | (243) | — (h) | 0.0 (g) |
|  Tarsus Pharmaceuticals, Inc. | — (h) | (18) | — (h) | 0.0 (g) |
|  TD SYNNEX Corp. | — (h) | (73) | — (h) | 0.0 (g) |
|  Tecnoglass, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Teladoc Health, Inc. | (1) | (6) | — (h) | 0.0 (g) |
|  Telephone and Data Systems, Inc. | (1) | (31) | — (h) | 0.0 (g) |
|  Terawulf, Inc. | (17) | (194) | — (h) | 0.0 (g) |
|  Terreno Realty Corp. | — (h) | (11) | — (h) | 0.0 (g) |
|  Texas Roadhouse, Inc. | — (h) | (38) | — (h) | 0.0 (g) |
|  TG Therapeutics, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Thermo Fisher Scientific, Inc. | — (h) | (271) | — (h) | 0.0 (g) |
|  Thor Industries, Inc. | — (h) | (22) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 525

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Tidewater, Inc. | (1) | (49) | — (h) | 0.0 (g) |
|  Timken Co. (The) | (1) | (63) | — (h) | 0.0 (g) |
|  TJX Cos., Inc. (The) | (1) | (91) | — (h) | 0.0 (g) |
|  TKO Group Holdings, Inc. | (1) | (178) | — (h) | 0.0 (g) |
|  TopBuild Corp. | — (h) | (99) | — (h) | 0.0 (g) |
|  Topgolf Callaway Brands Corp. | (2) | (22) | — (h) | 0.0 (g) |
|  TransMedics Group, Inc. | — (h) | (20) | — (h) | 0.0 (g) |
|  TransUnion | (2) | (185) | — (h) | 0.0 (g) |
|  Travel + Leisure Co. | (1) | (37) | — (h) | 0.0 (g) |
|  Travere Therapeutics, Inc. | (1) | (26) | — (h) | 0.0 (g) |
|  Trimble, Inc. | — (h) | (18) | — (h) | 0.0 (g) |
|  Truist Financial Corp. | (1) | (46) | — (h) | 0.0 (g) |
|  Trupanion, Inc. | — (h) | (3) | — (h) | 0.0 (g) |
|  TSS, Inc./MD | (2) | (16) | — (h) | 0.0 (g) |
|  TTM Technologies, Inc. | — (h) | (22) | — (h) | 0.0 (g) |
|  Turning Point Brands, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Tyler Technologies, Inc. | — (h) | (26) | — (h) | 0.0 (g) |
|  Ubiquiti, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  UDR, Inc. | (1) | (52) | — (h) | 0.0 (g) |
|  UFP Technologies, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  UL Solutions, Inc. | — (h) | (29) | — (h) | 0.0 (g) |
|  UMB Financial Corp. | (1) | (60) | — (h) | 0.0 (g) |
|  Under Armour, Inc. | (4) | (22) | — (h) | 0.0 (g) |
|  United Bankshares, Inc./WV | — (h) | (18) | — (h) | 0.0 (g) |
|  United Community Banks, Inc./GA | — (h) | (3) | — (h) | 0.0 (g) |
|  United Parcel Service, Inc. | (2) | (241) | — (h) | 0.0 (g) |
|  United Rentals, Inc. | — (h) | (104) | — (h) | 0.0 (g) |
|  UnitedHealth Group, Inc. | (2) | (725) | — (h) | 0.0 (g) |
|  Unity Software, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Universal Technical Institute, Inc. | (1) | (18) | — (h) | 0.0 (g) |
|  Urban Edge Properties | — (h) | (6) | — (h) | 0.0 (g) |
|  UroGen Pharma Ltd. | (1) | (23) | — (h) | 0.0 (g) |
|  USA Rare Earth, Inc. | (7) | (79) | — (h) | 0.0 (g) |
|  Vail Resorts, Inc. | — (h) | (58) | — (h) | 0.0 (g) |
|  Valley National Bancorp | (1) | (11) | — (h) | 0.0 (g) |
|  Valvoline, Inc. | (1) | (32) | — (h) | 0.0 (g) |
|  Vaxcyte, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  Ventas, Inc. | (1) | (93) | — (h) | 0.0 (g) |
|  Venture Global, Inc. | (3) | (23) | — (h) | 0.0 (g) |
|  Vericel Corp. | — (h) | (4) | — (h) | 0.0 (g) |
|  Verizon Communications, Inc. | (14) | (561) | — (h) | 0.0 (g) |
|  Vertex, Inc. | (2) | (30) | — (h) | 0.0 (g) |
|  Vertiv Holdings Co. | (1) | (168) | — (h) | 0.0 (g) |
|  VF Corp. | (8) | (143) | — (h) | 0.0 (g) |
|  Victory Capital Holdings, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Viper Energy, Inc. | (1) | (30) | — (h) | 0.0 (g) |
|  Viridian Therapeutics, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Visa, Inc. | (1) | (455) | — (h) | 0.0 (g) |
|  Vishay Intertechnology, Inc. | (1) | (10) | — (h) | 0.0 (g) |
|  Vistra Corp. | (1) | (112) | — (h) | 0.0 (g) |
|  Vita Coco Co., Inc. (The) | (1) | (34) | — (h) | 0.0 (g) |
|  Vital Farms, Inc. | (1) | (39) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 526 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Vontier Corp. | — (h) | (16) | — (h) | 0.0 (g) |
|  Voya Financial, Inc. | (1) | (64) | — (h) | 0.0 (g) |
|  Voyager Technologies, Inc. | (2) | (47) | — (h) | 0.0 (g) |
|  VSE Corp. | — (h) | (36) | — (h) | 0.0 (g) |
|  Vulcan Materials Co. | (1) | (301) | — (h) | 0.0 (g) |
|  W R Berkley Corp. | (1) | (94) | — (h) | 0.0 (g) |
|  Warner Bros Discovery, Inc. | (12) | (351) | — (h) | 0.0 (g) |
|  Warner Music Group Corp. |  |  |  | 0.0 (g) |
|  Warrior Met Coal, Inc. | (1) | (93) | — (h) | 0.0 (g) |
|  Waters Corp. | — (h) | (32) | — (h) | 0.0 (g) |
|  Watsco, Inc. | — (h) | (122) | — (h) | 0.0 (g) |
|  Wayfair, Inc. | — (h) | (24) | — (h) | 0.0 (g) |
|  Waystar Holding Corp. | (1) | (46) | — (h) | 0.0 (g) |
|  Weatherford International plc | — (h) | (37) | — (h) | 0.0 (g) |
|  Webster Financial Corp. | — (h) | (18) | — (h) | 0.0 (g) |
|  WEC Energy Group, Inc. | (2) | (247) | — (h) | 0.0 (g) |
|  Welltower, Inc. | (2) | (341) | — (h) | 0.0 (g) |
|  Wendy's Co. (The) | (5) | (44) | — (h) | 0.0 (g) |
|  Werner Enterprises, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  WesBanco, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  WESCO International, Inc. | (1) | (137) | — (h) | 0.0 (g) |
|  Western Alliance Bancorp | — (h) | (26) | — (h) | 0.0 (g) |
|  Westinghouse Air Brake Technologies Corp. | — (h) | (91) | — (h) | 0.0 (g) |
|  Westlake Corp. | (2) | (184) | — (h) | 0.0 (g) |
|  WEX, Inc. | (1) | (86) | — (h) | 0.0 (g) |
|  Weyerhaeuser Co. | (2) | (38) | — (h) | 0.0 (g) |
|  Whirlpool Corp. | (1) | (43) | — (h) | 0.0 (g) |
|  White Mountains Insurance Group Ltd. | — (h) | (6) | — (h) | 0.0 (g) |
|  Williams Cos., Inc. (The) | (5) | (319) | — (h) | 0.0 (g) |
|  WillScot Holdings Corp. | (2) | (30) | — (h) | 0.0 (g) |
|  Wingstop, Inc. | (1) | (321) | — (h) | 0.0 (g) |
|  Winnebago Industries, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Wintrust Financial Corp. | — (h) | (13) | — (h) | 0.0 (g) |
|  Wolverine World Wide, Inc. | (2) | (35) | — (h) | 0.0 (g) |
|  Woodward, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Workiva, Inc. | — (h) | (38) | — (h) | 0.0 (g) |
|  WP Carey, Inc. | — (h) | (27) | — (h) | 0.0 (g) |
|  WSFS Financial Corp. | — (h) | (8) | — (h) | 0.0 (g) |
|  Wyndham Hotels & Resorts, Inc. | (1) | (103) | — (h) | 0.0 (g) |
|  Wynn Resorts Ltd. | (2) | (265) | — (h) | 0.0 (g) |
|  Xcel Energy, Inc. | — (h) | (22) | — (h) | 0.0 (g) |
|  Xometry, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  XPO, Inc. | (1) | (171) | — (h) | 0.0 (g) |
|  Xylem, Inc./NY | (1) | (118) | — (h) | 0.0 (g) |
|  Yum! Brands, Inc. | — (h) | (33) | — (h) | 0.0 (g) |
|  Zeta Global Holdings Corp. | (3) | (64) | — (h) | 0.0 (g) |
|  Zillow Group, Inc. | (1) | (65) | — (h) | 0.0 (g) |
|  Zimmer Biomet Holdings, Inc. | (1) | (103) | — (h) | 0.0 (g) |
|  Zscaler, Inc. | — (h) | (88) | — (h) | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | — (h) | (20) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 527

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Uruguay** | | | | |
|  Dlocal Ltd./Uruguay | (1) | (12) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(72275)** | **—** **(h)** | **0.0** (g) |
| **Long Positions** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Cameco Corp. | — (h) | 30 | — (h) | 0.0 (g) |
| **South Africa** |  |  |  |  |
|  Sibanye Stillwater Ltd. | 1 | 14 | — (h) | 0.0 (g) |
| **United Kingdom** |  |  |  |  |
|  ARM Holdings plc | 1 | 80 | — (h) | 0.0 (g) |
| **United States** |  |  |  |  |
|  Alcoa Corp. | — (h) | 18 | — (h) | 0.0 (g) |
|  American Express Co. | 1 | 192 | — (h) | 0.0 (g) |
|  ATI, Inc. | — (h) | 39 | — (h) | 0.0 (g) |
|  Broadcom, Inc. | 1 | 205 | — (h) | 0.0 (g) |
|  Cencora, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Coinbase Global, Inc. | — (h) | 64 | — (h) | 0.0 (g) |
|  EOG Resources, Inc. | 1 | 128 | — (h) | 0.0 (g) |
|  Expand Energy Corp. | — (h) | 15 | — (h) | 0.0 (g) |
|  Ferguson Enterprises, Inc. | — (h) | 25 | — (h) | 0.0 (g) |
|  First Horizon Corp. | — (h) | 10 | — (h) | 0.0 (g) |
|  Genpact Ltd. | — (h) | 5 | — (h) | 0.0 (g) |
|  HEICO Corp. | — (h) | 27 | — (h) | 0.0 (g) |
|  KB Home | — (h) | 6 | — (h) | 0.0 (g) |
|  Lennar Corp. | — (h) | 31 | — (h) | 0.0 (g) |
|  Masco Corp. | — (h) | 31 | — (h) | 0.0 (g) |
|  Mettler-Toledo International, Inc. | — (h) | 52 | — (h) | 0.0 (g) |
|  Northrop Grumman Corp. | — (h) | 23 | — (h) | 0.0 (g) |
|  Paycom Software, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  RH | — (h) | 2 | — (h) | 0.0 (g) |
|  Selective Insurance Group, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Texas Pacific Land Corp. | — (h) | 3 | — (h) | 0.0 (g) |
|  Tractor Supply Co. | 1 | 35 | — (h) | 0.0 (g) |
|  YETI Holdings, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **1072** | **—** (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(71203)** | **—** **(h)** | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 528 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.3% to 0.3%) which is denominated in USD based on the local currencies of the positions within the swap | 12/07/2027 | 102 | 1 | – | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Jardine Matheson Holdings Ltd. | 2 | 102 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 102 | 1 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 102 | 1 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from -1% to 0.2%) which is denominated in USD based on the local currencies of the positions within the swap | 09/14/2027 | (667) | 98 | (89) | 9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Everest Group Ltd. | — (h) | (120) | (1) | 0.0 (g) |
|  Golar LNG Ltd. | — (h) | (6) | — (h) | 0.0 (g) |
| Canada |  |  |  |  |
|  Uranium Energy Corp. | (2) | (19) | 1 | 0.0 (g) |
|  Waste Connections, Inc. | (1) | (92) | 1 | 0.0 (g) |
| Israel |  |  |  |  |
|  Cellebrite DI Ltd. | (1) | (14) | 1 | 0.0 (g) |
| United Kingdom |  |  |  |  |
|  Aon plc | (1) | (525) | 4 | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | — (h) | (30) | — (h) | 0.0 (g) |
|  Marex Group plc | — (h) | (10) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 529

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States** | | | | |
|  AbbVie, Inc. | (1) | (214) | (1) | 0.0 (g) |
|  Acuity, Inc. | — (h) | (175) | 4 | 0.0 (g) |
|  Advanced Energy Industries, Inc. |  |  |  | 0.0 (g) |
|  AGCO Corp. | — (h) | (21) | — (h) | 0.0 (g) |
|  AGNC Investment Corp. | (7) | (81) | 1 | 0.0 (g) |
|  Akamai Technologies, Inc. | (1) | (62) | 2 | 0.0 (g) |
|  Albertsons Cos., Inc. | (1) | (23) | — (h) | 0.0 (g) |
|  Alcoa Corp. | (2) | (109) | 1 | 0.0 (g) |
|  Amentum Holdings, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  American Homes 4 Rent | (1) | (30) | (1) | 0.0 (g) |
|  American International Group, Inc. | (2) | (147) | 2 | 0.0 (g) |
|  Annaly Capital Management, Inc. | (44) | (1028) | 40 | 0.0 (g) |
|  Antero Midstream Corp. | (5) | (93) | (1) | 0.0 (g) |
|  APA Corp. | (10) | (243) | — (h) | 0.0 (g) |
|  Apollo Global Management, Inc. | — (h) | (38) | 1 | 0.0 (g) |
|  Appfolio, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  AptarGroup, Inc. | — (h) | (21) | — (h) | 0.0 (g) |
|  Arrow Electronics, Inc. | (3) | (335) | 9 | 0.0 (g) |
|  Arrowhead Pharmaceuticals, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  AST SpaceMobile, Inc. | (1) | (113) | 18 | 0.0 (g) |
|  ATI, Inc. | — (h) | — (h) | — (h) | 0.0 (g) |
|  Atmos Energy Corp. | (2) | (279) | — (h) | 0.0 (g) |
|  AvalonBay Communities, Inc. | (3) | (542) | 4 | 0.0 (g) |
|  Avantor, Inc. | (4) | (49) | (1) | 0.0 (g) |
|  Avery Dennison Corp. | (5) | (872) | (4) | 0.0 (g) |
|  Axon Enterprise, Inc. | — (h) | (22) | 1 | 0.0 (g) |
|  Bank of New York Mellon Corp. (The) | (9) | (1057) | 11 | 0.0 (g) |
|  Best Buy Co., Inc. | (1) | (41) | 3 | 0.0 (g) |
|  BILL Holdings, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Blue Owl Capital, Inc. | (15) | (235) | 14 | 0.0 (g) |
|  Boeing Co. (The) | (1) | (265) | — (h) | 0.0 (g) |
|  Brown & Brown, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  Brown-Forman Corp. | (5) | (130) | 9 | 0.0 (g) |
|  Bruker Corp. | (1) | (59) | 2 | 0.0 (g) |
|  Bunge Global SA | (4) | (380) | 3 | 0.0 (g) |
|  BXP, Inc. | (1) | (51) | 1 | 0.0 (g) |
|  CareTrust REIT, Inc. | (2) | (80) | 1 | 0.0 (g) |
|  Carvana Co. | — (h) | (20) | 1 | 0.0 (g) |
|  Casella Waste Systems, Inc. | (1) | (120) | 2 | 0.0 (g) |
|  Caterpillar, Inc. | — (h) | (25) | — (h) | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | (8) | (62) | 1 | 0.0 (g) |
|  Celsius Holdings, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  CenterPoint Energy, Inc. | (11) | (413) | (6) | 0.0 (g) |
|  Centrus Energy Corp. | — (h) | (23) | 2 | 0.0 (g) |
|  CF Industries Holdings, Inc. | (9) | (663) | 1 | 0.0 (g) |
|  Chewy, Inc. | (9) | (280) | (5) | 0.0 (g) |
|  Clorox Co. (The) | — (h) | (15) | — (h) | 0.0 (g) |
|  Coherent Corp. | — (h) | (88) | 3 | 0.0 (g) |
|  Coinbase Global, Inc. | — (h) | (41) | 4 | 0.0 (g) |
|  Colgate-Palmolive Co. | (2) | (190) | — (h) | 0.0 (g) |
|  Columbia Banking System, Inc. | (3) | (97) | 4 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 530 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Commvault Systems, Inc. | — (h) | (21) | — (h) | 0.0 (g) |
|  Comstock Resources, Inc. | (4) | (96) | (6) | 0.0 (g) |
|  ConocoPhillips | (2) | (155) | — (h) | 0.0 (g) |
|  Constellation Energy Corp. | — (h) | (7) | — (h) | 0.0 (g) |
|  Cooper Cos., Inc. (The) | — (h) | (41) | 1 | 0.0 (g) |
|  Corcept Therapeutics, Inc. | — (h) | (5) | 3 | 0.0 (g) |
|  Core & Main, Inc. | — (h) | (23) | 1 | 0.0 (g) |
|  Corpay, Inc. | — (h) | (19) | 1 | 0.0 (g) |
|  CoStar Group, Inc. | (1) | (66) | (1) | 0.0 (g) |
|  Coterra Energy, Inc. | (29) | (732) | (23) | 0.0 (g) |
|  Credit Acceptance Corp. | — (h) | (53) | 2 | 0.0 (g) |
|  Crowdstrike Holdings, Inc. | — (h) | (45) | 1 | 0.0 (g) |
|  CVS Health Corp. | (11) | (889) | (11) | 0.0 (g) |
|  Cytokinetics, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Deckers Outdoor Corp. | (1) | (69) | (1) | 0.0 (g) |
|  Deere & Co. | — (h) | (5) | — (h) | 0.0 (g) |
|  Dick's Sporting Goods, Inc. | — (h) | (48) | 3 | 0.0 (g) |
|  Dillard's, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Docusign, Inc. | (1) | (60) | 2 | 0.0 (g) |
|  Dollar Tree, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Domino's Pizza, Inc. | (1) | (279) | 7 | 0.0 (g) |
|  DoorDash, Inc. | — (h) | (50) | 2 | 0.0 (g) |
|  DraftKings, Inc. | (1) | (29) | — (h) | 0.0 (g) |
|  DT Midstream, Inc. | — (h) | (57) | — (h) | 0.0 (g) |
|  DTE Energy Co. | (2) | (256) | (1) | 0.0 (g) |
|  East West Bancorp, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  EastGroup Properties, Inc. | — (h) | (19) | — (h) | 0.0 (g) |
|  Eastman Chemical Co. | — (h) | (18) | — (h) | 0.0 (g) |
|  EchoStar Corp. | — (h) | (8) | — (h) | 0.0 (g) |
|  Elevance Health, Inc. | — (h) | (26) | — (h) | 0.0 (g) |
|  Entegris, Inc. | (1) | (53) | 1 | 0.0 (g) |
|  EQT Corp. | (12) | (643) | (1) | 0.0 (g) |
|  Equitable Holdings, Inc. | (6) | (300) | 5 | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | (1) | (35) | — (h) | 0.0 (g) |
|  Equity Residential | (1) | (76) | (1) | 0.0 (g) |
|  Essex Property Trust, Inc. | (2) | (630) | (2) | 0.0 (g) |
|  Evergy, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Exelon Corp. | (1) | (38) | — (h) | 0.0 (g) |
|  Expand Energy Corp. | (1) | (54) | (1) | 0.0 (g) |
|  Extra Space Storage, Inc. | (7) | (902) | 4 | 0.0 (g) |
|  Exxon Mobil Corp. | (10) | (1197) | (22) | 0.0 (g) |
|  F5, Inc. | — (h) | (18) | — (h) | 0.0 (g) |
|  Fair Isaac Corp. | — (h) | (42) | 1 | 0.0 (g) |
|  Federal Realty Investment Trust | — (h) | (5) | — (h) | 0.0 (g) |
|  FedEx Corp. | — (h) | (132) | 2 | 0.0 (g) |
|  FirstCash Holdings, Inc. | — (h) | (79) | 1 | 0.0 (g) |
|  Flagstar Bank NA | (1) | (10) | — (h) | 0.0 (g) |
|  Flutter Entertainment plc | — (h) | (64) | 3 | 0.0 (g) |
|  Ford Motor Co. | (85) | (1142) | 29 | 0.0 (g) |
|  Fortinet, Inc. | (1) | (47) | 1 | 0.0 (g) |
|  FTAI Aviation Ltd. | — (h) | (12) | (2) | 0.0 (g) |
|  GE HealthCare Technologies, Inc. | (11) | (892) | 20 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 531

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Gen Digital, Inc. | (4) | (124) | 2 | 0.0 (g) |
|  Generac Holdings, Inc. | — (h) | (25) | 1 | 0.0 (g) |
|  Genuine Parts Co. | — (h) | (24) | — (h) | 0.0 (g) |
|  Gitlab, Inc. | (4) | (170) | 4 | 0.0 (g) |
|  Global Payments, Inc. | (1) | (57) | 3 | 0.0 (g) |
|  Globalstar, Inc. | — (h) | (23) | 2 | 0.0 (g) |
|  Globus Medical, Inc. | (2) | (202) | 5 | 0.0 (g) |
|  Goldman Sachs Group, Inc. (The) | — (h) | (12) | — (h) | 0.0 (g) |
|  Graco, Inc. | (1) | (54) | 1 | 0.0 (g) |
|  Halliburton Co. | (2) | (42) | — (h) | 0.0 (g) |
|  Healthpeak Properties, Inc. | (2) | (36) | — (h) | 0.0 (g) |
|  Hecla Mining Co. | (5) | (106) | 7 | 0.0 (g) |
|  Hexcel Corp. | — (h) | (18) | 1 | 0.0 (g) |
|  Hims & Hers Health, Inc. | (3) | (106) | 8 | 0.0 (g) |
|  Home Depot, Inc. (The) | — (h) | (123) | 1 | 0.0 (g) |
|  Hormel Foods Corp. | (1) | (32) | 1 | 0.0 (g) |
|  Howmet Aerospace, Inc. | (1) | (147) | 2 | 0.0 (g) |
|  HP, Inc. | (11) | (247) | 9 | 0.0 (g) |
|  Humana, Inc. | (2) | (598) | 4 | 0.0 (g) |
|  Hyatt Hotels Corp. | (7) | (1215) | 41 | 0.0 (g) |
|  IDACORP, Inc. | — (h) | (24) | — (h) | 0.0 (g) |
|  IDEX Corp. | — (h) | (67) | 1 | 0.0 (g) |
|  Impinj, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Insmed, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  InterDigital, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  International Business Machines Corp. | — (h) | (114) | 3 | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | (1) | (58) | (1) | 0.0 (g) |
|  International Paper Co. | (1) | (44) | — (h) | 0.0 (g) |
|  Invesco Ltd. | — (h) | (8) | — (h) | 0.0 (g) |
|  IonQ, Inc. | (2) | (91) | 15 | 0.0 (g) |
|  Iron Mountain, Inc. | (2) | (152) | (4) | 0.0 (g) |
|  Itron, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  JBT Marel Corp. | — (h) | (55) | 2 | 0.0 (g) |
|  JFrog Ltd. | — (h) | (6) | — (h) | 0.0 (g) |
|  Johnson & Johnson | (1) | (242) | — (h) | 0.0 (g) |
|  KKR & Co., Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Klaviyo, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  Kraft Heinz Co. (The) | (3) | (64) | — (h) | 0.0 (g) |
|  Krystal Biotech, Inc. | — (h) | (38) | — (h) | 0.0 (g) |
|  Kymera Therapeutics, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Lamb Weston Holdings, Inc. | (2) | (88) | 2 | 0.0 (g) |
|  Lazard, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Lennox International, Inc. | — (h) | (76) | 2 | 0.0 (g) |
|  Liberty Broadband Corp. | (5) | (245) | (3) | 0.0 (g) |
|  Life Time Group Holdings, Inc. | (2) | (45) | 1 | 0.0 (g) |
|  Lincoln National Corp. | (8) | (351) | 12 | 0.0 (g) |
|  Lineage, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Littelfuse, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  LKQ Corp. | (2) | (68) | — (h) | 0.0 (g) |
|  Loar Holdings, Inc. | (3) | (241) | 6 | 0.0 (g) |
|  Lowe's Cos., Inc. | — (h) | (27) | — (h) | 0.0 (g) |
|  LPL Financial Holdings, Inc. | — (h) | (28) | 1 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 532 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Lumen Technologies, Inc. | (1) | (5) | — (h) | 0.0 (g) |
|  MACOM Technology Solutions Holdings, Inc. | — (h) | (31) | 1 | 0.0 (g) |
|  Maplebear, Inc. | (2) | (96) | — (h) | 0.0 (g) |
|  Marriott International, Inc. | (3) | (941) | 11 | 0.0 (g) |
|  Martin Marietta Materials, Inc. | (1) | (505) | 8 | 0.0 (g) |
|  Masco Corp. | (1) | (43) | 1 | 0.0 (g) |
|  Match Group, Inc. | — (h) | (1) | — (h) | 0.0 (g) |
|  McCormick & Co., Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Merck & Co., Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  Middleby Corp. (The) | — (h) | (11) | — (h) | 0.0 (g) |
|  Mirion Technologies, Inc. | (1) | (29) | — (h) | 0.0 (g) |
|  MKS, Inc. | (1) | (82) | 1 | 0.0 (g) |
|  Modine Manufacturing Co. | — (h) | (11) | — (h) | 0.0 (g) |
|  Mohawk Industries, Inc. | — (h) | (44) | — (h) | 0.0 (g) |
|  Molson Coors Beverage Co. | (1) | (30) | — (h) | 0.0 (g) |
|  Mondelez International, Inc. | (16) | (862) | 8 | 0.0 (g) |
|  Moog, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Morningstar, Inc. | (1) | (273) | (1) | 0.0 (g) |
|  NetApp, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  New York Times Co. (The) | — (h) | (10) | — (h) | 0.0 (g) |
|  NewMarket Corp. | (1) | (663) | 24 | 0.0 (g) |
|  NextEra Energy, Inc. | (2) | (122) | — (h) | 0.0 (g) |
|  NEXTracker, Inc. | — (h) | (20) | 1 | 0.0 (g) |
|  NIKE, Inc. | (4) | (208) | (24) | 0.0 (g) |
|  NiSource, Inc. | (1) | (31) | — (h) | 0.0 (g) |
|  Northern Trust Corp. | (6) | (833) | 22 | 0.0 (g) |
|  NuScale Power Corp. | (1) | (17) | 2 | 0.0 (g) |
|  Nutanix, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Nuvalent, Inc. | — (h) | (12) | 1 | 0.0 (g) |
|  Okta, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. |  |  |  | 0.0 (g) |
|  Old National Bancorp | (3) | (66) | 3 | 0.0 (g) |
|  Old Republic International Corp. | (2) | (95) | 1 | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  O'Reilly Automotive, Inc. | — (h) | (20) | — (h) | 0.0 (g) |
|  PACCAR, Inc. | (1) | (146) | 4 | 0.0 (g) |
|  Packaging Corp. of America | — (h) | (45) | — (h) | 0.0 (g) |
|  Paramount Skydance Corp. | (1) | (8) | — (h) | 0.0 (g) |
|  Paychex, Inc. | (2) | (249) | 6 | 0.0 (g) |
|  Paycom Software, Inc. |  |  |  | 0.0 (g) |
|  PennyMac Financial Services, Inc. | (4) | (494) | 11 | 0.0 (g) |
|  Penumbra, Inc. | (1) | (364) | 11 | 0.0 (g) |
|  Permian Resources Corp. | (1) | (17) | — (h) | 0.0 (g) |
|  PPG Industries, Inc. |  |  |  | 0.0 (g) |
|  Primo Brands Corp. | (1) | (21) | — (h) | 0.0 (g) |
|  PTC, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  PulteGroup, Inc. | (2) | (295) | 5 | 0.0 (g) |
|  Pure Storage, Inc. | (1) | (59) | — (h) | 0.0 (g) |
|  Quanta Services, Inc. | — (h) | (183) | 5 | 0.0 (g) |
|  QXO, Inc. | (1) | (16) | 2 | 0.0 (g) |
|  RadNet, Inc. | — (h) | (28) | 1 | 0.0 (g) |
|  Rambus, Inc. | (1) | (67) | 2 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 533

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Realty, Inc.ome Corp. | (23) | (1278) | 7 | 0.0 (g) |
|  Red Rock Resorts, Inc. | (3) | (199) | 5 | 0.0 (g) |
|  Repligen Corp. | — (h) | (51) | 1 | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | (1) | (38) | 2 | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | — (h) | (33) | 2 | 0.0 (g) |
|  Rocket Cos., Inc. | (5) | (92) | (1) | 0.0 (g) |
|  Rocket Lab Corp. | — (h) | (6) | 1 | 0.0 (g) |
|  Rollins, Inc. |  |  |  | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | (3) | (1025) | 74 | 0.0 (g) |
|  Royal Gold, Inc. | — (h) | (22) | — (h) | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | (1) | (76) | 1 | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | (1) | (90) | 3 | 0.0 (g) |
|  Semtech Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  Service Corp. International | (8) | (658) | 6 | 0.0 (g) |
|  SharkNinja, Inc. | — (h) | (26) | 1 | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | — (h) | (53) | 2 | 0.0 (g) |
|  SiteOne Landscape Supply, Inc. | (2) | (208) | 6 | 0.0 (g) |
|  Snap, Inc. | (5) | (41) | (1) | 0.0 (g) |
|  Snap-on, Inc. | — (h) | (60) | 1 | 0.0 (g) |
|  Snowflake, Inc. | — (h) | (34) | 1 | 0.0 (g) |
|  Solventum Corp. | (5) | (383) | 7 | 0.0 (g) |
|  Southern Co. (The) | (5) | (457) | (6) | 0.0 (g) |
|  Southwest Airlines Co. | (2) | (84) | 2 | 0.0 (g) |
|  SPX Technologies, Inc. | — (h) | (21) | 1 | 0.0 (g) |
|  STAG Industrial, Inc. | (1) | (21) | — (h) | 0.0 (g) |
|  StandardAero, Inc. | (1) | (20) | 1 | 0.0 (g) |
|  Stanley Black & Decker, Inc. | (1) | (39) | 1 | 0.0 (g) |
|  Starwood Property Trust, Inc. | (36) | (666) | 21 | 0.0 (g) |
|  Steel Dynamics, Inc. | (2) | (264) | 9 | 0.0 (g) |
|  StepStone Group, Inc. | (1) | (70) | 2 | 0.0 (g) |
|  STERIS plc | (3) | (674) | 4 | 0.0 (g) |
|  TD SYNNEX Corp. | (1) | (93) | 2 | 0.0 (g) |
|  Teledyne Technologies, Inc. | — (h) | (138) | 2 | 0.0 (g) |
|  Teleflex, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Terreno Realty Corp. | — (h) | (8) | — (h) | 0.0 (g) |
|  Texas Pacific Land Corp. | — (h) | (13) | 1 | 0.0 (g) |
|  Thermo Fisher Scientific, Inc. | — (h) | (204) | (1) | 0.0 (g) |
|  Timken Co. (The) | — (h) | (28) | 1 | 0.0 (g) |
|  TKO Group Holdings, Inc. | — (h) | (18) | 1 | 0.0 (g) |
|  TopBuild Corp. | (1) | (222) | 6 | 0.0 (g) |
|  TPG, Inc. | (1) | (37) | 1 | 0.0 (g) |
|  Tractor Supply Co. | (1) | (53) | 2 | 0.0 (g) |
|  TransDigm Group, Inc. | — (h) | (108) | (2) | 0.0 (g) |
|  Tyler Technologies, Inc. | — (h) | (33) | 1 | 0.0 (g) |
|  Tyson Foods, Inc. | (1) | (40) | — (h) | 0.0 (g) |
|  Ubiquiti, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  UDR, Inc. | (3) | (96) | (2) | 0.0 (g) |
|  UL Solutions, Inc. | — (h) | (20) | — (h) | 0.0 (g) |
|  Ulta Beauty, Inc. | (1) | (615) | 8 | 0.0 (g) |
|  UMB Financial Corp. | — (h) | (12) | — (h) | 0.0 (g) |
|  United Parcel Service, Inc. | (1) | (122) | 2 | 0.0 (g) |
|  United Rentals, Inc. | — (h) | (332) | 3 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 534 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Unity Software, Inc. | (1) | (50) | 2 | 0.0 (g) |
|  Valero Energy Corp. |  |  |  | 0.0 (g) |
|  Valley National Bancorp | (10) | (124) | 4 | 0.0 (g) |
|  Valmont Industries, Inc. | (1) | (258) | 9 | 0.0 (g) |
|  Verizon Communications, Inc. | (5) | (196) | (4) | 0.0 (g) |
|  Vertex Pharmaceuticals, Inc. | — (h) | (141) | 2 | 0.0 (g) |
|  VF Corp. | (2) | (39) | 1 | 0.0 (g) |
|  Viper Energy, Inc. | (4) | (154) | (1) | 0.0 (g) |
|  Vontier Corp. | (1) | (41) | 1 | 0.0 (g) |
|  Vornado Realty Trust | (3) | (103) | — (h) | 0.0 (g) |
|  Walt Disney Co. (The) | (1) | (85) | (1) | 0.0 (g) |
|  Waters Corp. | — (h) | (101) | 1 | 0.0 (g) |
|  Watts Water Technologies, Inc. | — (h) | (63) | 2 | 0.0 (g) |
|  Welltower, Inc. | (6) | (1197) | 5 | 0.0 (g) |
|  Western Alliance Bancorp | (4) | (369) | 16 | 0.0 (g) |
|  WEX, Inc. | (1) | (117) | 4 | 0.0 (g) |
|  Weyerhaeuser Co. | (2) | (57) | — (h) | 0.0 (g) |
|  Williams-Sonoma, Inc. | (2) | (389) | 25 | 0.0 (g) |
|  Wingstop, Inc. | — (h) | (21) | 1 | 0.0 (g) |
|  Wintrust Financial Corp. | — (h) | (16) | 1 | 0.0 (g) |
|  Workday, Inc. | (1) | (151) | 2 | 0.0 (g) |
|  Zoom Communications, Inc. | — (h) | (13) | 1 | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | — (h) | (9) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (44519) | 634 | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Essent Group Ltd. | — (h) | 10 | — (h) | 0.0 (g) |
|  Viking Holdings Ltd. | 1 | 47 | (2) | 0.0 (g) |
| Denmark |  |  |  |  |
|  Ascendis Pharma A/S | — (h) | 19 | — (h) | 0.0 (g) |
| Germany |  |  |  |  |
|  BioNTech SE | 2 | 179 | 6 | 0.0 (g) |
| Hong Kong |  |  |  |  |
|  Melco Resorts & Entertainment Ltd. | 1 | 5 | — (h) | 0.0 (g) |
| Ireland |  |  |  |  |
|  AerCap Holdings NV | — (h) | 31 | — (h) | 0.0 (g) |
|  Alkermes plc | 6 | 159 | (4) | 0.0 (g) |
|  Allegion plc | — (h) | 11 | — (h) | 0.0 (g) |
|  Aptiv plc | 1 | 83 | (1) | 0.0 (g) |
|  CRH plc | — (h) | 21 | — (h) | 0.0 (g) |
|  ICON plc | — (h) | 23 | — (h) | 0.0 (g) |
|  TE Connectivity plc | 2 | 415 | (11) | 0.0 (g) |
| Israel |  |  |  |  |
|  Camtek Ltd./Israel | — (h) | 13 | — (h) | 0.0 (g) |
|  Check Point Software Technologies Ltd. | — (h) | 29 | (1) | 0.0 (g) |
|  Mobileye Global, Inc. | 1 | 14 | 1 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 535

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Luxembourg** | | | | |
|  Millicom International Cellular SA | 1 | 78 | 2 | 0.0 (g) |
| **Netherlands** |  |  |  |  |
|  QIAGEN NV | 1 | 35 | (1) | 0.0 (g) |
| **Norway** |  |  |  |  |
|  Frontline plc | 2 | 51 | — (h) | 0.0 (g) |
| **Sweden** |  |  |  |  |
|  Spotify Technology SA | 1 | 800 | 3 | 0.0 (g) |
| **Switzerland** |  |  |  |  |
|  Sportradar Group AG | 1 | 34 | 1 | 0.0 (g) |
| **United Kingdom** |  |  |  |  |
|  ARM Holdings plc | — (h) | 19 | (1) | 0.0 (g) |
|  Pentair plc | — (h) | 47 | — (h) | 0.0 (g) |
|  TechnipFMC plc | — (h) | 16 | — (h) | 0.0 (g) |
| **United States** |  |  |  |  |
|  3M Co. | 4 | 595 | — (h) | 0.0 (g) |
|  AECOM | 1 | 67 | (2) | 0.0 (g) |
|  AES Corp. (The) | 4 | 60 | 2 | 0.0 (g) |
|  Aflac, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Agree Realty Corp. | — (h) | 5 | — (h) | 0.0 (g) |
|  Alaska Air Group, Inc. | 2 | 96 | (6) | 0.0 (g) |
|  Align Technology, Inc. | 2 | 349 | (7) | 0.0 (g) |
|  Ally Financial, Inc. | 1 | 45 | — (h) | 0.0 (g) |
|  Alphabet, Inc. | — (h) | 54 | — (h) | 0.0 (g) |
|  Altria Group, Inc. | — (h) | 24 | — (h) | 0.0 (g) |
|  Ameren Corp. | 3 | 318 | 1 | 0.0 (g) |
|  American Healthcare REIT, Inc. | 2 | 80 | (2) | 0.0 (g) |
|  American Tower Corp. | — (h) | 14 | — (h) | 0.0 (g) |
|  American Water Works Co., Inc. | 1 | 119 | (1) | 0.0 (g) |
|  Ameriprise Financial, Inc. | — (h) | 220 | (3) | 0.0 (g) |
|  AMETEK, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Amgen, Inc. | 1 | 385 | (5) | 0.0 (g) |
|  Amphenol Corp. | 1 | 103 | — (h) | 0.0 (g) |
|  Analog Devices, Inc. | 2 | 571 | (10) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | — (h) | 31 | (1) | 0.0 (g) |
|  Arista Networks, Inc. | 4 | 514 | 1 | 0.0 (g) |
|  Autodesk, Inc. | — (h) | 37 | (1) | 0.0 (g) |
|  AutoNation, Inc. | 1 | 109 | (2) | 0.0 (g) |
|  Ball Corp. | 1 | 66 | 1 | 0.0 (g) |
|  Bank of America Corp. | — (h) | 10 | — (h) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | — (h) | 23 | — (h) | 0.0 (g) |
|  Bio-Techne Corp. | — (h) | 5 | — (h) | 0.0 (g) |
|  BJ's Wholesale Club Holdings, Inc. | 1 | 127 | (6) | 0.0 (g) |
|  Block, Inc. | 1 | 54 | — (h) | 0.0 (g) |
|  Booking Holdings, Inc. | — (h) | 16 | — (h) | 0.0 (g) |
|  BorgWarner, Inc. | 6 | 256 | (2) | 0.0 (g) |
|  Boston Scientific Corp. | — (h) | 23 | — (h) | 0.0 (g) |
|  Boyd Gaming Corp. | 3 | 264 | (4) | 0.0 (g) |
|  Bright Horizons Family Solutions, Inc. | — (h) | 15 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 536 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Brightstar Lottery plc | 5 | 75 | (2) | 0.0 (g) |
|  Brinker International, Inc. | 1 | 100 | (5) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | 2 | 118 | (2) | 0.0 (g) |
|  Brixmor Property Group, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Cal-Maine Foods, Inc. | — (h) | 37 | (2) | 0.0 (g) |
|  Carlisle Cos., Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  CarMax, Inc. | 1 | 37 | — (h) | 0.0 (g) |
|  Carnival Corp. | — (h) | 11 | (1) | 0.0 (g) |
|  Casey's General Stores, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  CDW Corp | — (h) | 8 | — (h) | 0.0 (g) |
|  Centene Corp. | 5 | 191 | 6 | 0.0 (g) |
|  Charter Communications, Inc. | 2 | 333 | 4 | 0.0 (g) |
|  Chemed Corp. | — (h) | 11 | — (h) | 0.0 (g) |
|  Chipotle Mexican Grill, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Cintas Corp. | 5 | 967 | (20) | 0.0 (g) |
|  Cirrus Logic, Inc. | 1 | 149 | (3) | 0.0 (g) |
|  Cleveland-Cliffs, Inc. | 6 | 77 | (3) | 0.0 (g) |
|  Coca-Cola Co. (The) | 1 | 92 | — (h) | 0.0 (g) |
|  Cognex Corp. | — (h) | 18 | — (h) | 0.0 (g) |
|  Comfort Systems USA, Inc. | — (h) | 29 | (1) | 0.0 (g) |
|  Commerce Bancshares, Inc./MO | — (h) | 23 | — (h) | 0.0 (g) |
|  Commercial Metals Co. | — (h) | 20 | — (h) | 0.0 (g) |
|  Conagra Brands, Inc. | 1 | 17 | — (h) | 0.0 (g) |
|  Construction Partners, Inc. | — (h) | 17 | (1) | 0.0 (g) |
|  Corteva, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  Crane Co. | — (h) | 33 | (1) | 0.0 (g) |
|  Crown Castle, Inc. | — (h) | 20 | 1 | 0.0 (g) |
|  CubeSmart | 2 | 86 | 1 | 0.0 (g) |
|  Cullen/Frost Bankers, Inc. | 1 | 76 | (2) | 0.0 (g) |
|  Curtiss-Wright Corp. | 1 | 537 | (16) | 0.0 (g) |
|  Darden Restaurants, Inc. | — (h) | 53 | (1) | 0.0 (g) |
|  DaVita, Inc. | 2 | 203 | (5) | 0.0 (g) |
|  Delta Air Lines, Inc. | 9 | 644 | (24) | 0.0 (g) |
|  Devon Energy Corp. | 1 | 51 | — (h) | 0.0 (g) |
|  Digital Realty Trust, Inc. | — (h) | 60 | — (h) | 0.0 (g) |
|  Donaldson Co., Inc. | 1 | 59 | (3) | 0.0 (g) |
|  Dover Corp. | 3 | 631 | (14) | 0.0 (g) |
|  Doximity, Inc. | 1 | 23 | — (h) | 0.0 (g) |
|  DR Horton, Inc. | 1 | 131 | (1) | 0.0 (g) |
|  Dropbox, Inc. | 5 | 151 | (4) | 0.0 (g) |
|  Dycom Industries, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Dynatrace, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  eBay, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Ecolab, Inc. | — (h) | 29 | (1) | 0.0 (g) |
|  Element Solutions, Inc. | 9 | 225 | (7) | 0.0 (g) |
|  Encompass Health Corp. | — (h) | 21 | — (h) | 0.0 (g) |
|  Entergy Corp. | 5 | 465 | 2 | 0.0 (g) |
|  EOG Resources, Inc. | 5 | 568 | 9 | 0.0 (g) |
|  EPAM Systems, Inc. | — (h) | 42 | (1) | 0.0 (g) |
|  Essential Properties Realty Trust, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  Evercore, Inc. | 1 | 201 | (6) | 0.0 (g) |
|  Eversource Energy | — (h) | 24 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 537

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  ExlService Holdings, Inc. | 1 | 51 | (1) | 0.0 (g) |
|  Expeditors International of Washington, Inc. | — (h) | 50 | (1) | 0.0 (g) |
|  Federal Signal Corp. | 2 | 204 | (8) | 0.0 (g) |
|  Ferguson Enterprises, Inc. | 3 | 627 | (19) | 0.0 (g) |
|  Fidelity National Information Services, Inc. | 10 | 677 | (4) | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | — (h) | 30 | — (h) | 0.0 (g) |
|  Fiserv, Inc. | 4 | 308 | (7) | 0.0 (g) |
|  Flex Ltd. | 3 | 164 | (9) | 0.0 (g) |
|  Fluor Corp. | — (h) | 15 | — (h) | 0.0 (g) |
|  FNB Corp/PA | 8 | 146 | (6) | 0.0 (g) |
|  Fortune Brands Innovations, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Fox Corp. | — (h) | 15 | — (h) | 0.0 (g) |
|  Franklin Resources, Inc. | 1 | 18 | (1) | 0.0 (g) |
|  Gaming and Leisure Properties, Inc. | 13 | 577 | (3) | 0.0 (g) |
|  Gap, Inc. (The) | 1 | 38 | (2) | 0.0 (g) |
|  Gartner, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  GE Vernova, Inc. | — (h) | 134 | (2) | 0.0 (g) |
|  General Dynamics Corp. | 3 | 928 | (23) | 0.0 (g) |
|  General Electric Co. | — (h) | 7 | — (h) | 0.0 (g) |
|  General Motors Co. | — (h) | 5 | — (h) | 0.0 (g) |
|  Genpact Ltd. | 3 | 135 | (5) | 0.0 (g) |
|  Gentex Corp. | — (h) | 10 | — (h) | 0.0 (g) |
|  Globe Life, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Guidewire Software, Inc. | — (h) | 100 | (3) | 0.0 (g) |
|  Hanover Insurance Group, Inc. (The) | — (h) | 46 | (1) | 0.0 (g) |
|  Hasbro, Inc. | 11 | 930 | 5 | 0.0 (g) |
|  HCA Healthcare, Inc. | 1 | 339 | (4) | 0.0 (g) |
|  HEICO Corp. | 1 | 318 | (10) | 0.0 (g) |
|  HF Sinclair Corp. | 1 | 38 | — (h) | 0.0 (g) |
|  Houlihan Lokey, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Hubbell, Inc. | 1 | 476 | (7) | 0.0 (g) |
|  HubSpot, Inc. | — (h) | 149 | — (h) | 0.0 (g) |
|  IES Holdings, Inc. | — (h) | 17 | (1) | 0.0 (g) |
|  Illinois Tool Works, Inc. | 2 | 453 | (9) | 0.0 (g) |
|  Illumina, Inc. | — (h) | 45 | (2) | 0.0 (g) |
|  Incyte Corp. | 2 | 159 | (3) | 0.0 (g) |
|  Ingredion, Inc. | 3 | 387 | (3) | 0.0 (g) |
|  Installed Building Products, Inc. | 1 | 238 | (6) | 0.0 (g) |
|  Insulet Corp. | 1 | 371 | (9) | 0.0 (g) |
|  Interactive Brokers Group, Inc. | 11 | 708 | (16) | 0.0 (g) |
|  Intercontinental Exchange, Inc. | — (h) | 14 | — (h) | 0.0 (g) |
|  Intuit, Inc. | 1 | 446 | (8) | 0.0 (g) |
|  Invitation Homes, Inc. | 1 | 28 | — (h) | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | 3 | 242 | (7) | 0.0 (g) |
|  ITT, Inc. | — (h) | 18 | — (h) | 0.0 (g) |
|  Jabil, Inc. | — (h) | 66 | (1) | 0.0 (g) |
|  Jefferies Financial Group, Inc. | 6 | 379 | (8) | 0.0 (g) |
|  Johnson Controls International plc | — (h) | 8 | — (h) | 0.0 (g) |
|  KBR, Inc. | 1 | 22 | — (h) | 0.0 (g) |
|  Kimco Realty Corp. | 2 | 40 | — (h) | 0.0 (g) |
|  Kirby Corp. | — (h) | 19 | — (h) | 0.0 (g) |
|  KLA Corp. | — (h) | 219 | (9) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 538 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Kyndryl Holdings, Inc. | 2 | 42 | (1) | 0.0 (g) |
|  L3Harris Technologies, Inc. | 3 | 953 | (5) | 0.0 (g) |
|  Labcorp Holdings, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Lam Research Corp. | 4 | 621 | (14) | 0.0 (g) |
|  Las Vegas Sands Corp. | 4 | 245 | (7) | 0.0 (g) |
|  Lear Corp. | 1 | 154 | (4) | 0.0 (g) |
|  Lennar Corp. | — (h) | 8 | — (h) | 0.0 (g) |
|  Linde plc | — (h) | 64 | — (h) | 0.0 (g) |
|  Louisiana-Pacific Corp. | 1 | 60 | (1) | 0.0 (g) |
|  Lyft, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Manhattan Associates, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Marvell Technology, Inc. | 1 | 83 | — (h) | 0.0 (g) |
|  MasTec, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Medpace Holdings, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Meta Platforms, Inc. | — (h) | 35 | — (h) | 0.0 (g) |
|  MetLife, Inc. | 1 | 45 | (1) | 0.0 (g) |
|  Mettler-Toledo International, Inc. | — (h) | 82 | (1) | 0.0 (g) |
|  MGIC Investment Corp. | — (h) | 11 | — (h) | 0.0 (g) |
|  MGM Resorts International | 2 | 81 | (2) | 0.0 (g) |
|  Micron Technology, Inc. | — (h) | 35 | 1 | 0.0 (g) |
|  Monster Beverage Corp. | 16 | 1259 | (16) | 0.0 (g) |
|  Moody's Corp. | — (h) | 30 | — (h) | 0.0 (g) |
|  Mosaic Co. (The) | 6 | 142 | (1) | 0.0 (g) |
|  Motorola Solutions, Inc. | — (h) | 64 | 2 | 0.0 (g) |
|  MP Materials Corp. | — (h) | 8 | (1) | 0.0 (g) |
|  Mueller Industries, Inc. | 2 | 240 | (5) | 0.0 (g) |
|  Natera, Inc. | 2 | 394 | (11) | 0.0 (g) |
|  Netflix, Inc. | — (h) | 31 | — (h) | 0.0 (g) |
|  Neurocrine Biosciences, Inc. | — (h) | 13 | (1) | 0.0 (g) |
|  News Corp. | 2 | 59 | — (h) | 0.0 (g) |
|  NNN REIT, Inc. | 2 | 61 | — (h) | 0.0 (g) |
|  Northrop Grumman Corp. | — (h) | 99 | (2) | 0.0 (g) |
|  NRG Energy, Inc. | 5 | 760 | 11 | 0.0 (g) |
|  NVIDIA Corp. | 5 | 919 | 14 | 0.0 (g) |
|  NVR, Inc. | — (h) | 170 | (2) | 0.0 (g) |
|  Oklo, Inc. | 1 | 101 | (14) | 0.0 (g) |
|  Onto Innovation, Inc. | — (h) | 17 | — (h) | 0.0 (g) |
|  Oshkosh Corp. | 4 | 525 | (22) | 0.0 (g) |
|  Otis Worldwide Corp. | 1 | 52 | — (h) | 0.0 (g) |
|  Owens Corning | 3 | 292 | (4) | 0.0 (g) |
|  Paylocity Holding Corp. | — (h) | 23 | — (h) | 0.0 (g) |
|  Penske Automotive Group, Inc. | — (h) | 33 | (1) | 0.0 (g) |
|  Philip Morris International, Inc. | 2 | 368 | 2 | 0.0 (g) |
|  Pilgrim's Pride Corp. | 1 | 32 | — (h) | 0.0 (g) |
|  Pinnacle West Capital Corp. | 3 | 305 | 3 | 0.0 (g) |
|  PJT Partners, Inc. | — (h) | 42 | (1) | 0.0 (g) |
|  Primoris Services Corp. | 1 | 172 | (5) | 0.0 (g) |
|  Principal Financial Group, Inc. | — (h) | 24 | — (h) | 0.0 (g) |
|  Procter & Gamble Co. (The) | — (h) | 10 | — (h) | 0.0 (g) |
|  Progressive Corp. (The) | 2 | 393 | 1 | 0.0 (g) |
|  Prudential Financial, Inc. | 2 | 275 | (5) | 0.0 (g) |
|  PTC Therapeutics, Inc. | — (h) | 5 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 539

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Public Storage | 3 | 727 | (5) | 0.0 (g) |
|  Quest Diagnostics, Inc. | — (h) | 59 | (1) | 0.0 (g) |
|  Regal Rexnord Corp. | 2 | 236 | (5) | 0.0 (g) |
|  Reliance, Inc. | — (h) | 14 | — (h) | 0.0 (g) |
|  Republic Services, Inc. | 3 | 630 | (3) | 0.0 (g) |
|  ResMed, Inc. | — (h) | 55 | (1) | 0.0 (g) |
|  Revvity, Inc. | — (h) | 20 | — (h) | 0.0 (g) |
|  Rigetti Computing, Inc. | — (h) | 4 | (1) | 0.0 (g) |
|  Rithm Capital Corp. | 1 | 10 | — (h) | 0.0 (g) |
|  ROBLOX Corp. | — (h) | 40 | — (h) | 0.0 (g) |
|  Rockwell Automation, Inc. | — (h) | 41 | (1) | 0.0 (g) |
|  Roivant Sciences Ltd. | 1 | 17 | (1) | 0.0 (g) |
|  Roku, Inc. | — (h) | 53 | (1) | 0.0 (g) |
|  Ross Stores, Inc. | 3 | 522 | (2) | 0.0 (g) |
|  RTX Corp. | 1 | 96 | (1) | 0.0 (g) |
|  Rubrik, Inc. | — (h) | 3 | — (h) | 0.0 (g) |
|  Salesforce, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  SBA Communications Corp. | — (h) | 18 | — (h) | 0.0 (g) |
|  Seagate Technology Holdings plc | — (h) | 33 | (1) | 0.0 (g) |
|  ServiceNow, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  ServiceTitan, Inc. | — (h) | 44 | (2) | 0.0 (g) |
|  Skyworks Solutions, Inc. | 10 | 659 | (19) | 0.0 (g) |
|  SLB Ltd. | 1 | 47 | — (h) | 0.0 (g) |
|  SS&C Technologies Holdings, Inc. | — (h) | 23 | — (h) | 0.0 (g) |
|  Stifel Financial Corp. | — (h) | 63 | (2) | 0.0 (g) |
|  Synchrony Financial | — (h) | 5 | — (h) | 0.0 (g) |
|  Tapestry, Inc. | — (h) | 51 | — (h) | 0.0 (g) |
|  Taylor Morrison Home Corp. | 1 | 49 | — (h) | 0.0 (g) |
|  Tenet Healthcare Corp. | — (h) | 40 | — (h) | 0.0 (g) |
|  Tetra Tech, Inc. | 1 | 20 | (1) | 0.0 (g) |
|  Textron, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  Thor Industries, Inc. | — (h) | 22 | (1) | 0.0 (g) |
|  T-Mobile US, Inc. | 2 | 481 | 18 | 0.0 (g) |
|  Toro Co. (The) | — (h) | 10 | — (h) | 0.0 (g) |
|  Trade Desk, Inc. (The) | — (h) | 13 | — (h) | 0.0 (g) |
|  TransUnion | 1 | 79 | (2) | 0.0 (g) |
|  Travelers Cos., Inc. (The) | 3 | 734 | (4) | 0.0 (g) |
|  Truist Financial Corp. | 14 | 698 | (19) | 0.0 (g) |
|  TTM Technologies, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Twilio, Inc. | — (h) | 39 | — (h) | 0.0 (g) |
|  Uber Technologies, Inc. | 1 | 97 | 1 | 0.0 (g) |
|  UFP Industries, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Union Pacific Corp. | 5 | 1279 | (18) | 0.0 (g) |
|  UnitedHealth Group, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Universal Display Corp. | 1 | 154 | (3) | 0.0 (g) |
|  Urban Outfitters, Inc. | 1 | 74 | (4) | 0.0 (g) |
|  Vail Resorts, Inc. | 1 | 176 | (17) | 0.0 (g) |
|  Veeva Systems, Inc. | 2 | 379 | — (h) | 0.0 (g) |
|  Ventas, Inc. | 1 | 116 | (3) | 0.0 (g) |
|  Veralto Corp. | — (h) | 23 | (1) | 0.0 (g) |
|  Verisk Analytics, Inc. | — (h) | 61 | — (h) | 0.0 (g) |
|  Vertiv Holdings Co. | 1 | 111 | (3) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 540 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  VICI Properties, Inc. | 2 | 52 | — (h) | 0.0 (g) |
|  Virtu Financial, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  Vistra Corp. | 1 | 145 | — (h) | 0.0 (g) |
|  Voya Financial, Inc. | — (h) | 28 | (1) | 0.0 (g) |
|  Wayfair, Inc. | 1 | 78 | (2) | 0.0 (g) |
|  WEC Energy Group, Inc. | 2 | 184 | 1 | 0.0 (g) |
|  Western Digital Corp. | — (h) | 1 | — (h) | 0.0 (g) |
|  Westlake Corp. | 1 | 86 | (1) | 0.0 (g) |
|  WP Carey, Inc. | 1 | 44 | — (h) | 0.0 (g) |
|  XPO, Inc. | 1 | 88 | (3) | 0.0 (g) |
|  Xylem, Inc./NY | — (h) | 17 | — (h) | 0.0 (g) |
|  Zions Bancorp NA | 1 | 49 | (1) | 0.0 (g) |
|  Zoetis, Inc. | 4 | 536 | 9 | 0.0 (g) |
| Uruguay |  |  |  |  |
|  MercadoLibre, Inc. | — (h) | 857 | 9 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 43852 | (536) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (667) | 98 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL**<br> **VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from -0.3% to 0.3%) which is denominated in AUD based on the local currencies of the positions within the swap | 06/01/2026 | 1633 | 32 | 14 | 46 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ALS Ltd. | (1) | (30) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (30) | **—** (h) | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia |  |  |  |  |
|  Macquarie Group Ltd. | 8 | 1506 | 33 | 0.0 (g) |
|  Orica Ltd. | 2 | 37 | — (h) | 0.0 (g) |
|  Technology One Ltd. | 4 | 120 | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1663 | 32 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1633 | 32 | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 541

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from -0.3% to 0.3%) which is denominated in AUD based on the local currencies of the positions within the swap | 12/08/2027 | 2389 | (14) | (1) | (15) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  APA Group | (6) | (60) | 1 | 0.0 (g) |
|  ASX Ltd. | (1) | (38) | 3 | 0.0 (g) |
|  BHP Group Ltd. | — (h) | (6) | — (h) | 0.0 (g) |
|  Brambles Ltd. | (6) | (137) | — (h) | 0.0 (g) |
|  CAR Group Ltd. | (9) | (278) | 10 | 0.0 (g) |
|  Dexus | (3) | (21) | — (h) | 0.0 (g) |
|  Genesis Minerals Ltd. | (6) | (38) | (4) | 0.0 (g) |
|  Lynas Rare Earths Ltd. | (2) | (24) | 1 | 0.0 (g) |
|  Northern Star Resources Ltd. | (10) | (261) | (5) | 0.0 (g) |
|  Ramelius Resources Ltd. | (7) | (26) | (3) | 0.0 (g) |
|  Sigma Healthcare Ltd. | (25) | (70) | (2) | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | (1) | (11) | 2 | 0.0 (g) |
|  Vicinity Ltd. | (5) | (13) | — (h) | 0.0 (g) |
|  WiseTech Global Ltd. | — (h) | (28) | 1 | 0.0 (g) |
|  Woolworths Group Ltd. | (2) | (63) | — (h) | 0.0 (g) |
| Finland |  |  |  |  |
|  Nordea Bank Abp | (1) | (146) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1220) | 5 | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia |  |  |  |  |
|  Ampol Ltd. | 15 | 485 | 2 | 0.0 (g) |
|  Aristocrat Leisure Ltd. | 19 | 1100 | 6 | 0.0 (g) |
|  Aurizon Holdings Ltd. | 21 | 75 | 1 | 0.0 (g) |
|  Coles Group Ltd. | 4 | 86 | (1) | 0.0 (g) |
|  Evolution Mining Ltd. | 4 | 43 | 2 | 0.0 (g) |
|  Fortescue Ltd. | 7 | 153 | — (h) | 0.0 (g) |
|  HUB24 Ltd. | — (h) | 32 | — (h) | 0.0 (g) |
|  Insurance Australia Group Ltd. | 1 | 10 | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | 2 | 184 | 2 | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | 4 | 22 | — (h) | 0.0 (g) |
|  Mineral Resources Ltd. | — (h) | 10 | — (h) | 0.0 (g) |
|  Mirvac Group | 8 | 17 | — (h) | 0.0 (g) |
|  Pro Medicus Ltd. | — (h) | 51 | (4) | 0.0 (g) |
|  Qantas Airways Ltd. | 7 | 64 | 3 | 0.0 (g) |
|  QBE Insurance Group Ltd. | 4 | 73 | 2 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 542 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Australia — continued |  |  |  |  |
|  REA Group Ltd. | 1 | 206 | (7) | 0.0 (g) |
|  Regis Resources Ltd. | 2 | 12 | — (h) | 0.0 (g) |
|  Sandfire Resources Ltd. | 5 | 92 | 4 | 0.0 (g) |
|  Santos Ltd. | 37 | 237 | (8) | 0.0 (g) |
|  SEEK Ltd. | 3 | 60 | (1) | 0.0 (g) |
|  Sonic Healthcare Ltd. | 3 | 71 | (1) | 0.0 (g) |
|  Suncorp Group Ltd. | 1 | 15 | — (h) | 0.0 (g) |
|  Treasury Wine Estates Ltd. | 20 | 114 | (7) | 0.0 (g) |
|  Woodside Energy Group Ltd. | 2 | 54 | (2) | 0.0 (g) |
|  Worley Ltd. | 26 | 343 | (10) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3609 | (19) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 2389 | (14) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day CABROVER on long positions and short positions respectively, plus or minus spread (rates range from -1% to 0.2%) which is denominated in CAD based on the local currencies of the positions within the swap | 12/08/2027 | 9190 | 143 | 50 | 193 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | NOTIONAL<br>VALUE <sup>(1)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Canada |  |  |  |  |
|  AltaGas Ltd. | — (h) | (18) | — (h) | 0.0 (g) |
|  ARC Resources Ltd. | (1) | (19) | 1 | 0.0 (g) |
|  Aris Mining Corp. | (1) | (30) | — (h) | 0.0 (g) |
|  Bank of Montreal | — (h) | (32) | — (h) | 0.0 (g) |
|  Bank of Nova Scotia (The) | (4) | (355) | (2) | 0.0 (g) |
|  BlackBerry Ltd. | (6) | (36) | 4 | 0.0 (g) |
|  Bombardier, Inc. | — (h) | (63) | — (h) | 0.0 (g) |
|  Brookfield Corp. | (5) | (345) | 3 | 0.0 (g) |
|  CAE, Inc. | (1) | (23) | — (h) | 0.0 (g) |
|  Canadian National Railway Co. | (2) | (222) | 1 | 0.0 (g) |
|  Canadian Tire Corp. Ltd. | (1) | (92) | (1) | 0.0 (g) |
|  Canadian Utilities Ltd. | (1) | (52) | (1) | 0.0 (g) |
|  Cenovus Energy, Inc. | (8) | (202) | 10 | 0.0 (g) |
|  Discovery Silver Corp. | (6) | (43) | (2) | 0.0 (g) |
|  GFL Environmental, Inc. | (1) | (71) | 1 | 0.0 (g) |
|  Hydro One Ltd. | — (h) | — (h) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 543

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Canada — continued** | | | | |
|  Ivanhoe Mines Ltd. | (4) | (50) | (4) | 0.0 (g) |
|  Keyera Corp. | (1) | (53) | — (h) | 0.0 (g) |
|  Methanex Corp. | — (h) | (17) | — (h) | 0.0 (g) |
|  National Bank of Canada | (2) | (355) | (1) | 0.0 (g) |
|  Novagold Resources, Inc. | (4) | (49) | 1 | 0.0 (g) |
|  Nutrien Ltd. | (5) | (402) | (10) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | (3) | (59) | — (h) | 0.0 (g) |
|  Power Corp. of Canada | (6) | (451) | (10) | 0.0 (g) |
|  Torex Gold Resources, Inc. | (1) | (45) | (3) | 0.0 (g) |
|  Toronto-Dominion Bank (The) | (2) | (213) | (8) | 0.0 (g) |
|  Tourmaline Oil Corp. | — (h) | (9) | — (h) | 0.0 (g) |
|  West Fraser Timber Co. Ltd. | (1) | (80) | 1 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Energy Fuels, Inc. | (1) | (19) | 1 | 0.0 (g) |
|  Galaxy Digital, Inc. | — (h) | (8) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(3413)** | **(18)** | **0.0** (g) |
| **Long Positions** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| **Canada** |  |  |  |  |
|  Agnico Eagle Mines Ltd. | — (h) | 56 | (1) | 0.0 (g) |
|  Air Canada | 1 | 10 | — (h) | 0.0 (g) |
|  BCE, Inc. | 23 | 730 | 6 | 0.0 (g) |
|  Canadian Natural Resources Ltd. | 38 | 1780 | (20) | 0.0 (g) |
|  Canadian Pacific Kansas City Ltd. | 4 | 432 | (3) | 0.0 (g) |
|  Capstone Copper Corp. | 10 | 134 | 6 | 0.0 (g) |
|  CCL Industries, Inc. | 2 | 134 | 6 | 0.0 (g) |
|  Celestica, Inc. | — (h) | 64 | (6) | 0.0 (g) |
|  CGI, Inc. | — (h) | 14 | — (h) | 0.0 (g) |
|  Colliers International Group, Inc. | — (h) | 91 | 1 | 0.0 (g) |
|  Descartes Systems Group, Inc. (The) | 9 | 1094 | (48) | 0.0 (g) |
|  Dollarama, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  DPM Metals, Inc. | 2 | 62 | 4 | 0.0 (g) |
|  Eldorado Gold Corp. | 13 | 575 | 64 | 0.0 (g) |
|  Empire Co. Ltd. | 12 | 638 | (34) | 0.0 (g) |
|  First Quantum Minerals Ltd. | 27 | 881 | 80 | 0.0 (g) |
|  FirstService Corp. | 1 | 190 | 1 | 0.0 (g) |
|  Fortis, Inc./Canada | 3 | 181 | 2 | 0.0 (g) |
|  George Weston Ltd. | 8 | 726 | — (h) | 0.0 (g) |
|  IGM Financial, Inc. | 1 | 82 | 4 | 0.0 (g) |
|  Imperial Oil Ltd. | 1 | 115 | (4) | 0.0 (g) |
|  Intact Financial Corp. | 1 | 161 | 5 | 0.0 (g) |
|  Loblaw Cos. Ltd. | 1 | 79 | — (h) | 0.0 (g) |
|  Manulife Financial Corp. | 2 | 83 | 1 | 0.0 (g) |
|  Metro, Inc./CN | — (h) | 7 | — (h) | 0.0 (g) |
|  Orla Mining Ltd. | 1 | 12 | 1 | 0.0 (g) |
|  RioCan Real Estate Investment Trust | 33 | 602 | 11 | 0.0 (g) |
|  Stantec, Inc. | 8 | 1111 | (18) | 0.0 (g) |
|  Sun Life Financial, Inc. | 7 | 552 | 21 | 0.0 (g) |
|  Suncor Energy, Inc. | 1 | 52 | 1 | 0.0 (g) |
|  TELUS Corp. | 20 | 377 | (6) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 544 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | NOTIONAL<br>VALUE <sup>(1)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Canada — continued |  |  |  |  |
|  TMX Group Ltd. | 2 | 127 | 2 | 0.0 (g) |
|  Wheaton Precious Metals Corp. | 6 | 928 | 74 | 0.0 (g) |
|  WSP Global, Inc. | 2 | 517 | 11 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 12603 | 161 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 9190 | 143 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day CABROVER on long positions and short positions respectively, plus or minus spread (rates range from -0.2% to 0.2%) which is denominated in CAD based on the local currencies of the positions within the swap | 06/01/2026 | 1376 | 12 | 8 | 20 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Gildan Activewear, Inc. | (1) | (91) | (5) | 0.0 (g) |
|  Great-West Lifeco, Inc. | — (h) | (30) | (1) | 0.0 (g) |
|  iA Financial Corp., Inc. | (1) | (193) | (9) | 0.0 (g) |
|  Saputo, Inc. | (16) | (639) | (27) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (953) | (42) | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Canada |  |  |  |  |
|  AtkinsRealis Group, Inc. | — (h) | 16 | — (h) | 0.0 (g) |
|  B2Gold Corp. | 17 | 108 | — (h) | 0.0 (g) |
|  Barrick Mining Corp. | — (h) | 12 | 1 | 0.0 (g) |
|  Cameco Corp. | — (h) | 45 | — (h) | 0.0 (g) |
|  Canadian Apartment Properties REIT | 1 | 48 | 1 | 0.0 (g) |
|  Kinross Gold Corp. | 14 | 536 | 13 | 0.0 (g) |
|  Lundin Gold, Inc. | 5 | 577 | 17 | 0.0 (g) |
|  Lundin Mining Corp. | 2 | 41 | 5 | 0.0 (g) |
|  Northland Power, Inc. | 37 | 634 | 19 | 0.0 (g) |
|  OceanaGold Corp. | 1 | 29 | 2 | 0.0 (g) |
|  Thomson Reuters Corp. | 1 | 127 | — (h) | 0.0 (g) |
|  TransAlta Corp. | 1 | 13 | (1) | 0.0 (g) |
|  Triple Flag Precious Metals Corp. | 1 | 35 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 545

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
|  **United States** |  |  |  |  |
|  Brookfield Infrastructure Corp. | 2 | 108 | (3) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **2329** | **54** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **1376** | **12** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 12/08/2027 | (184) | 27 | – | 27 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Switzerland |  |  |  |  |
|  Adecco Group AG | (2) | (35) | (4) | 0.0 (g) |
|  Avolta AG | (1) | (37) | 1 | 0.0 (g) |
|  Belimo Holding AG | — (h) | (7) | — (h) | 0.0 (g) |
|  Galderma Group AG | — (h) | (18) | — (h) | 0.0 (g) |
|  Geberit AG | — (h) | (98) | — (h) | 0.0 (g) |
|  Givaudan SA | — (h) | (148) | 8 | 0.0 (g) |
|  Nestle SA | (6) | (485) | (3) | 0.0 (g) |
|  Sandoz Group AG | (1) | (38) | 1 | 0.0 (g) |
|  Straumann Holding AG | — (h) | (40) | (1) | 0.0 (g) |
|  Swiss Life Holding AG | — (h) | (146) | (9) | 0.0 (g) |
|  Swiss Prime Site AG | (2) | (203) | (13) | 0.0 (g) |
|  Swiss Re AG | (1) | (74) | (1) | 0.0 (g) |
|  Swisscom AG | — (h) | (235) | (11) | 0.0 (g) |
|  VAT Group AG | — (h) | (84) | 2 | 0.0 (g) |
|  Zurich Insurance Group AG | — (h) | (23) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1671) | (31) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | 1 | 31 | — (h) | 0.0 (g) |
|  Accelleron Industries AG | 3 | 175 | (10) | 0.0 (g) |
|  Barry Callebaut AG | — (h) | 22 | 2 | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | — (h) | 58 | — (h) | 0.0 (g) |
|  EMS-Chemie Holding AG | — (h) | 4 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 546 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Switzerland — continued |  |  |  |  |
|  Flughafen Zurich AG | — (h) | 82 | 4 | 0.0 (g) |
|  Holcim AG | 1 | 83 | 2 | 0.0 (g) |
|  Julius Baer Group Ltd. | 1 | 81 | 7 | 0.0 (g) |
|  Logitech International SA | 1 | 120 | (23) | 0.0 (g) |
|  Lonza Group AG | — (h) | 6 | — (h) | 0.0 (g) |
|  Partners Group Holding AG | — (h) | 20 | 1 | 0.0 (g) |
|  PSP Swiss Property AG | 1 | 108 | 4 | 0.0 (g) |
|  Schindler Holding AG | — (h) | 91 | 3 | 0.0 (g) |
|  SGS SA | — (h) | 32 | — (h) | 0.0 (g) |
|  Sonova Holding AG | — (h) | 41 | 2 | 0.0 (g) |
|  Swissquote Group Holding SA | — (h) | 42 | 2 | 0.0 (g) |
|  Temenos AG | 1 | 90 | 6 | 0.0 (g) |
|  UBS Group AG | 12 | 401 | 58 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1487 | 58 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (184) | 27 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from -0.5% to 0.26%) which is denominated in DKK based on the local currencies of the positions within the swap | 12/08/2027 | (9026) | (47) | – | (47) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Denmark |  |  |  |  |
|  Carlsberg A/S | — (h) | (233) | (1) | 0.0 (g) |
|  Danske Bank A/S | (1) | (310) | (2) | 0.0 (g) |
|  Demant A/S | — (h) | (36) | — (h) | 0.0 (g) |
|  DSV A/S | (4) | (6684) | (44) | 0.0 (g) |
|  Novo Nordisk A/S | (3) | (961) | (13) | 0.0 (g) |
|  Novonesis Novozymes B | (7) | (2648) | (15) | 0.0 (g) |
|  Orsted A/S | (3) | (353) | 6 | 0.0 (g) |
|  ROCKWOOL A/S | (2) | (331) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (11556) | (71) | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Denmark |  |  |  |  |
|  AP Moller - Maersk A/S | — (h) | 981 | 14 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 547

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Denmark — continued** | | | | |
|  Pandora A/S | — (h) | 221 | (1) | 0.0 (g) |
|  Tryg A/S | 8 | 1328 | 11 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **2530** | **24** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(9026)** | **(47)** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from 0.1% to 0.1%) which is denominated in EUR based on the local currencies of the positions within the swap | 06/01/2026 | (340) | 14 | (1) | 13 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Netherlands** |  |  |  |  |
|  Ferrovial SE | (6) | (340) | 14 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (340) | 14 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (340) | 14 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH**<br> **AND OTHER**<br> **RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 12/08/2027 | (1372) | 111 | 8 | 119 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 548 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE**<br> **OF NET**<br> **ASSETS (%)** |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Austria** |  |  |  |  |
|  OMV AG | (4) | (203) | — (h) | 0.0 (g) |
|  Verbund AG | (1) | (38) | 1 | 0.0 (g) |
| Belgium |  |  |  |  |
|  Anheuser-Busch InBev SA | (3) | (176) | (13) | 0.0 (g) |
|  D'ieteren Group | — (h) | (5) | — (h) | 0.0 (g) |
|  KBC Group NV | (9) | (959) | (39) | 0.0 (g) |
|  Lotus Bakeries NV | — (h) | (136) | (6) | 0.0 (g) |
|  Syensqo SA | — (h) | (10) | — (h) | 0.0 (g) |
| Finland |  |  |  |  |
|  Fortum OYJ | (8) | (141) | (3) | 0.0 (g) |
|  Kesko OYJ | (4) | (73) | (4) | 0.0 (g) |
|  Metso OYJ | — (h) | (6) | — (h) | 0.0 (g) |
|  Nordea Bank Abp | (6) | (91) | (4) | 0.0 (g) |
|  Orion OYJ | — (h) | (9) | — (h) | 0.0 (g) |
|  Stora Enso OYJ | (7) | (76) | (4) | 0.0 (g) |
|  UPM-Kymmene OYJ | (8) | (203) | (6) | 0.0 (g) |
| Germany |  |  |  |  |
|  BASF SE | — (h) | (16) | (1) | 0.0 (g) |
|  Bayer AG | (1) | (29) | (1) | 0.0 (g) |
|  Bayerische Motoren Werke AG | — (h) | (29) | (1) | 0.0 (g) |
|  Beiersdorf AG | — (h) | (25) | — (h) | 0.0 (g) |
|  Brenntag SE | — (h) | (17) | — (h) | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | — (h) | (13) | — (h) | 0.0 (g) |
|  Daimler Truck Holding AG | (2) | (92) | — (h) | 0.0 (g) |
|  Dr Ing hc F Porsche AG | (4) | (188) | 9 | 0.0 (g) |
|  Fresenius SE & Co. KGaA | (16) | (770) | (25) | 0.0 (g) |
|  Hannover Rueck SE | — (h) | (19) | — (h) | 0.0 (g) |
|  Hensoldt AG | — (h) | (8) | — (h) | 0.0 (g) |
|  KION Group AG | — (h) | (16) | (1) | 0.0 (g) |
|  MTU Aero Engines AG | — (h) | (54) | — (h) | 0.0 (g) |
|  Porsche Automobil Holding SE | (6) | (238) | 7 | 0.0 (g) |
|  Puma SE | (1) | (12) | — (h) | 0.0 (g) |
|  Rational AG | — (h) | (36) | (3) | 0.0 (g) |
|  RENK Group AG | — (h) | (16) | — (h) | 0.0 (g) |
|  Siemens AG | — (h) | (14) | — (h) | 0.0 (g) |
|  Talanx AG | (2) | (266) | (13) | 0.0 (g) |
|  thyssenkrupp AG | (1) | (7) | — (h) | 0.0 (g) |
|  Volkswagen AG | (14) | (1506) | 47 | 0.0 (g) |
| Ireland |  |  |  |  |
|  AIB Group plc | (21) | (189) | (9) | 0.0 (g) |
|  Bank of Ireland Group plc | (12) | (185) | (5) | 0.0 (g) |
|  Kingspan Group plc | (4) | (316) | 3 | 0.0 (g) |
|  Ryanair Holdings plc | — (h) | (6) | (1) | 0.0 (g) |
| Italy |  |  |  |  |
|  A2A SpA | (49) | (111) | (1) | 0.0 (g) |
|  Brunello Cucinelli SpA | (1) | (63) | (4) | 0.0 (g) |
|  Buzzi SpA | — (h) | (1) | — (h) | 0.0 (g) |
|  Davide Campari-Milano NV | (1) | (5) | — (h) | 0.0 (g) |
|  Enel SpA | (110) | (966) | (15) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 549

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE**<br> **OF NET**<br> **ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Italy — continued** | | | | |
|  Ferrari NV | — (h) | — (h) | — (h) | 0.0 (g) |
|  Fincantieri SpA | (5) | (84) | 9 | 0.0 (g) |
|  FinecoBank Banca Fineco SpA | (1) | (18) | (2) | 0.0 (g) |
|  Infrastrutture Wireless Italiane SpA | (3) | (24) | — (h) | 0.0 (g) |
|  Moncler SpA | (2) | (111) | 5 | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | (2) | (78) | (5) | 0.0 (g) |
|  CVC Capital Partners plc | (6) | (79) | (3) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | (4) | (109) | (1) | 0.0 (g) |
|  Akzo Nobel NV | (2) | (99) | (10) | 0.0 (g) |
|  EXOR NV | (1) | (107) | (1) | 0.0 (g) |
|  Heineken Holding NV | — (h) | (29) | (1) | 0.0 (g) |
|  Heineken NV | (2) | (143) | (4) | 0.0 (g) |
|  IMCD NV | (2) | (144) | (5) | 0.0 (g) |
|  Randstad NV | (1) | (40) | (1) | 0.0 (g) |
|  **Poland** |  |  |  |  |
|  InPost SA | (2) | (20) | (2) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (121) | (102) | (7) | 0.0 (g) |
|  Jeronimo Martins SGPS SA | (2) | (39) | (1) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Banco Bilbao Vizcaya Argentaria SA | (2) | (42) | (3) | 0.0 (g) |
|  Cellnex Telecom SA | (17) | (423) | (44) | 0.0 (g) |
|  EDP Renovaveis SA | (8) | (98) | (2) | 0.0 (g) |
|  Endesa SA | (4) | (137) | 2 | 0.0 (g) |
|  Grifols SA | (3) | (30) | 1 | 0.0 (g) |
|  Indra Sistemas SA | (1) | (27) | — (h) | 0.0 (g) |
|  Mapfre SA | (21) | (85) | (3) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(9407)** | **(170)** | **0.0** (g) |
| **Long Positions** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | 1 | 154 | 11 | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Ageas SA | 1 | 83 | 4 | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | 2 | 175 | 6 | 0.0 (g) |
|  Sofina SA | — (h) | 6 | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Elisa OYJ | 1 | 53 | 1 | 0.0 (g) |
|  Kone OYJ | 1 | 73 | 2 | 0.0 (g) |
|  Neste OYJ | 2 | 35 | 3 | 0.0 (g) |
|  Sampo OYJ | 3 | 29 | 1 | 0.0 (g) |
|  Wartsila OYJ Abp | 1 | 27 | — (h) | 0.0 (g) |
| **Germany** |  |  |  |  |
|  Allianz SE | — (h) | 151 | 1 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 550 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE**<br> **OF NET**<br> **ASSETS (%)** |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Germany — continued |  |  |  |  |
|  Aurubis AG | — (h) | 20 | 1 | 0.0 (g) |
|  Continental AG | 2 | 123 | 7 | 0.0 (g) |
|  Deutsche Bank AG | 3 | 107 | 6 | 0.0 (g) |
|  Deutsche Boerse AG | — (h) | 75 | — (h) | 0.0 (g) |
|  Fresenius Medical Care AG | 1 | 21 | — (h) | 0.0 (g) |
|  GEA Group AG | 8 | 459 | 29 | 0.0 (g) |
|  HOCHTIEF AG | — (h) | 31 | 2 | 0.0 (g) |
|  Knorr-Bremse AG | — (h) | 17 | 1 | 0.0 (g) |
|  LEG Immobilien SE | 5 | 329 | 3 | 0.0 (g) |
|  Mercedes-Benz Group AG | 5 | 307 | (8) | 0.0 (g) |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1 | 318 | 12 | 0.0 (g) |
|  Nemetschek SE | — (h) | 8 | — (h) | 0.0 (g) |
|  Nordex SE | 11 | 276 | 39 | 0.0 (g) |
|  SAP SE | 1 | 217 | (2) | 0.0 (g) |
|  Sartorius AG | — (h) | 7 | — (h) | 0.0 (g) |
|  Scout24 SE | — (h) | 10 | — (h) | 0.0 (g) |
|  Siemens Energy AG | 7 | 797 | 24 | 0.0 (g) |
|  Siemens Healthineers AG | 1 | 65 | 3 | 0.0 (g) |
|  Symrise AG | – (h) | 11 | — (h) | 0.0 (g) |
|  Vonovia SE | 4 | 87 | 1 | 0.0 (g) |
| Ireland |  |  |  |  |
|  Kerry Group plc | – (h) | 28 | 1 | 0.0 (g) |
| Italy |  |  |  |  |
|  Amplifon SpA | 4 | 60 | 1 | 0.0 (g) |
|  Banca Mediolanum SpA | 1 | 15 | 1 | 0.0 (g) |
|  Banca Monte dei Paschi di Siena SpA | 28 | 220 | 40 | 0.0 (g) |
|  Eni SpA | 10 | 154 | 1 | 0.0 (g) |
|  Generali | 31 | 1069 | 63 | 0.0 (g) |
|  Italgas SpA | 6 | 57 | 2 | 0.0 (g) |
|  Mediobanca Banca di Credito Finanziario SpA | 6 | 101 | 9 | 0.0 (g) |
|  Poste Italiane SpA | 10 | 195 | 14 | 0.0 (g) |
|  Saipem SpA | 2 | 4 | — (h) | 0.0 (g) |
|  Snam SpA | 67 | 377 | 2 | 0.0 (g) |
| Netherlands |  |  |  |  |
|  ASM International NV | – (h) | 149 | (10) | 0.0 (g) |
|  ASML Holding NV | – (h) | 15 | (1) | 0.0 (g) |
|  ASR Nederland NV | 1 | 64 | 3 | 0.0 (g) |
|  BE Semiconductor Industries NV | – (h) | 10 | (1) | 0.0 (g) |
|  Koninklijke Philips NV | 6 | 136 | 2 | 0.0 (g) |
|  NN Group NV | 2 | 135 | 7 | 0.0 (g) |
|  QIAGEN NV | – (h) | 12 | — (h) | 0.0 (g) |
|  Wolters Kluwer NV | – (h) | 16 | — (h) | 0.0 (g) |
| Portugal |  |  |  |  |
|  EDP SA | 20 | 75 | 2 | 0.0 (g) |
|  Galp Energia SGPS SA | – (h) | 5 | (1) | 0.0 (g) |
| Spain |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | 1 | 79 | 1 | 0.0 (g) |
|  Bankinter SA | 10 | 144 | 5 | 0.0 (g) |
|  CaixaBank SA | 9 | 94 | 6 | 0.0 (g) |
|  Enagas SA | 26 | 362 | (25) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 551

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE**<br> **OF NET**<br> **ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Switzerland** | | | | |
|  DSM-Firmenich AG | 6 | 388 | 12 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **8035** | **281** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(1372)** | **111** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from -0.25% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 06/01/2026 | (482) | 20 | (8) | 12 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | — (h) | (6) | — (h) | 0.0 (g) |
|  B&M European Value Retail SA | (2) | (3) | — (h) | 0.0 (g) |
|  BP plc | (53) | (241) | 13 | 0.0 (g) |
|  Bunzl plc | (3) | (62) | 2 | 0.0 (g) |
|  Land Securities Group plc | (13) | (81) | (3) | 0.0 (g) |
|  LondonMetric Property plc | (64) | (117) | (6) | 0.0 (g) |
|  Marks & Spencer Group plc | (31) | (101) | (2) | 0.0 (g) |
|  National Grid plc | (13) | (146) | (1) | 0.0 (g) |
|  Spectris plc |  |  |  | 0.0 (g) |
|  SSE plc | (9) | (196) | (3) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (953) | **—** (h) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  Babcock International Group plc | 3 | 30 | 2 | 0.0 (g) |
|  Bellway plc | 4 | 117 | 6 | 0.0 (g) |
|  British Land Co. plc/The | 8 | 31 | 2 | 0.0 (g) |
|  Imperial Brands plc | 2 | 73 | (4) | 0.0 (g) |
|  J Sainsbury plc | 7 | 22 | 1 | 0.0 (g) |
|  Johnson Matthey plc | 1 | 12 | 1 | 0.0 (g) |
|  Vodafone Group plc | 198 | 186 | 12 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 471 | 20 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (482) | 20 | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 552 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from -0.25% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 12/08/2027 | (823) | (109) | – (h) | (109) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Bermuda |  |  |  |  |
|  Hiscox Ltd. | (7) | (99) | (11) | 0.0 (g) |
| Hong Kong |  |  |  |  |
|  Prudential plc | (4) | (39) | (2) | 0.0 (g) |
| Mexico |  |  |  |  |
|  Fresnillo plc | (1) | (22) | (7) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Associated British Foods plc | (3) | (62) | — (h) | 0.0 (g) |
|  Auto Trader Group plc | (4) | (23) | 1 | 0.0 (g) |
|  Barratt Redrow plc | (7) | (25) | (2) | 0.0 (g) |
|  Berkeley Group Holdings plc | (1) | (38) | (4) | 0.0 (g) |
|  British American Tobacco plc | — (h) | (5) | — (h) | 0.0 (g) |
|  BT Group plc | (91) | (161) | (9) | 0.0 (g) |
|  Centrica plc | (58) | (98) | (1) | 0.0 (g) |
|  Convatec Group plc | (3) | (8) | (1) | 0.0 (g) |
|  Croda International plc | (1) | (28) | 1 | 0.0 (g) |
|  Diploma plc | (1) | (44) | 2 | 0.0 (g) |
|  Drax Group plc | (3) | (20) | (1) | 0.0 (g) |
|  easyJet plc | (21) | (103) | (7) | 0.0 (g) |
|  GSK plc | (2) | (34) | — (h) | 0.0 (g) |
|  Haleon plc | (314) | (1125) | (72) | 0.0 (g) |
|  Hikma Pharmaceuticals plc | — (h) | (3) | — (h) | 0.0 (g) |
|  Howden Joinery Group plc | (2) | (18) | — (h) | 0.0 (g) |
|  International Consolidated Airlines Group SA | (22) | (86) | (7) | 0.0 (g) |
|  Lloyds Banking Group plc | (17) | (17) | (1) | 0.0 (g) |
|  Melrose Industries plc | (5) | (31) | (1) | 0.0 (g) |
|  Mondi plc | (5) | (46) | (3) | 0.0 (g) |
|  Persimmon plc | (7) | (96) | (5) | 0.0 (g) |
|  Rentokil Initial plc | (27) | (116) | (8) | 0.0 (g) |
|  Rio Tinto plc | (2) | (101) | (13) | 0.0 (g) |
|  Segro plc | (7) | (51) | (2) | 0.0 (g) |
|  Severn Trent plc | — (h) | (4) | — (h) | 0.0 (g) |
|  Smith & Nephew plc | — (h) | (5) | — (h) | 0.0 (g) |
|  Spirax Group plc | (1) | (43) | — (h) | 0.0 (g) |
|  Weir Group plc (The) | (1) | (16) | — (h) | 0.0 (g) |
|  Whitbread plc | — (h) | (7) | (1) | 0.0 (g) |
|  Wise plc | (1) | (8) | — (h) | 0.0 (g) |
|  WPP plc | (11) | (31) | (6) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2613) | (160) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 553

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions** | | | | |
| **Common Stocks** | | | | |
|  **Chile** |  |  |  |  |
|  Antofagasta plc | 2 | 56 | 8 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Experian plc | 2 | 53 | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Admiral Group plc | 2 | 66 | 3 | 0.0 (g) |
|  Airtel Africa plc | 17 | 55 | 8 | 0.0 (g) |
|  Anglo American plc | 2 | 68 | 5 | 0.0 (g) |
|  Aviva plc | 2 | 10 | 1 | 0.0 (g) |
|  Burberry Group plc | 1 | 10 | 1 | 0.0 (g) |
|  Compass Group plc | 2 | 37 | — (h) | 0.0 (g) |
|  Entain plc | 6 | 41 | 2 | 0.0 (g) |
|  Halma plc | 18 | 645 | (27) | 0.0 (g) |
|  IG Group Holdings plc | 11 | 123 | 23 | 0.0 (g) |
|  IMI plc | 1 | 30 | — (h) | 0.0 (g) |
|  Intertek Group plc | 1 | 39 | 1 | 0.0 (g) |
|  JET2 plc | 2 | 32 | 2 | 0.0 (g) |
|  Kingfisher plc | 7 | 22 | 1 | 0.0 (g) |
|  Legal & General Group plc | 25 | 63 | 4 | 0.0 (g) |
|  M&G plc | 4 | 12 | 1 | 0.0 (g) |
|  Pearson plc | 4 | 38 | 3 | 0.0 (g) |
|  Reckitt Benckiser Group plc | — (h) | 4 | — (h) | 0.0 (g) |
|  RELX plc | 1 | 39 | 1 | 0.0 (g) |
|  Rightmove plc | 3 | 15 | — (h) | 0.0 (g) |
|  Sage Group plc (The) | 10 | 111 | 2 | 0.0 (g) |
|  Schroders plc | 26 | 102 | 6 | 0.0 (g) |
|  Smiths Group plc | 3 | 81 | — (h) | 0.0 (g) |
|  Standard Chartered plc | 2 | 31 | 4 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Carnival plc | — (h) | 7 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **1790** | **51** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(823)** | **(109)** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES<br>($)** | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from -0.3% to 0.3%) which is denominated in HKD based on the local currencies of the positions within the swap | 06/01/2026 | (213) | (1) | – (h) | (1) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 554 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  CLP Holdings Ltd. | (4) | (271) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (271) | (1) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Link REIT | 2 | 58 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 58 | **—** (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (213) | (1) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from -1% to 0.3%) which is denominated in HKD based on the local currencies of the positions within the swap | 12/08/2027 | (1363) | 4 | – | 4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  BOC Hong Kong Holdings Ltd. | (11) | (389) | (3) | 0.0 (g) |
|  Budweiser Brewing Co. APAC Ltd | (25) | (191) | 1 | 0.0 (g) |
|  CK Infrastructure Holdings Ltd. | (3) | (141) | (1) | 0.0 (g) |
|  Hong Kong & China Gas Co. Ltd. | (140) | (995) | 2 | 0.0 (g) |
|  MTR Corp. Ltd. | (28) | (834) | 2 | 0.0 (g) |
|  Sun Hung Kai Properties Ltd. | (1) | (48) | — (h) | 0.0 (g) |
|  Wharf Holdings Ltd. (The) | (3) | (69) | — (h) | 0.0 (g) |
|  Wharf Real Estate Investment Co. Ltd. | (5) | (121) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2788) | 1 | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Hong Kong |  |  |  |  |
|  AIA Group Ltd. | 13 | 981 | 3 | 0.0 (g) |
|  CK Hutchison Holdings Ltd. | 2 | 83 | — (h) | 0.0 (g) |
|  SITC International Holdings Co. Ltd. | 6 | 169 | — (h) | 0.0 (g) |
|  Techtronic Industries Co. Ltd. | 1 | 94 | (1) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 555

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
|  **Singapore** |  |  |  |  |
|  ASMPT Ltd. | 1 | 98 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **1425** | **3** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(1363)** | **4** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from -0.7% to 0.7%) which is denominated in ILS based on the local currencies of the positions within the swap | 12/08/2027 | (198) | (3) | – (h) | (3) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Azrieli Group Ltd. | (1) | (193) | (9) | 0.0 (g) |
|  Mizrahi Tefahot Bank Ltd. | (1) | (143) | 3 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (336) | (6) | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Israel |  |  |  |  |
|  Bank Hapoalim BM | — (h) | 36 | — (h) | 0.0 (g) |
|  Elbit Systems Ltd. | — (h) | 55 | 3 | 0.0 (g) |
|  Nice Ltd. | — (h) | 47 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 138 | 3 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (198) | (3) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from 0.7% to 0.7%) which is denominated in ILS based on the local currencies of the positions within the swap | 06/01/2026 | 1146 | (22) | 5 | (17) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 556 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Israel Discount Bank Ltd. | 32 | 1146 | (22) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1146 | (22) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1146 | (22) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from -0.25% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 12/08/2027 | 775630 | 74 | 11 | 85 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Hankyu Hanshin Holdings, Inc. | (6) | (22574) | (2) | 0.0 (g) |
|  Nordea Bank Abp | — (h) | (16512) | (6) | 0.0 (g) |
| Japan |  |  |  |  |
|  AGC, Inc. | (2) | (10462) | — (h) | 0.0 (g) |
|  Ajinomoto Co., Inc. | (2) | (6755) | 3 | 0.0 (g) |
|  Asics Corp. | (1) | (3799) | — (h) | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | (3) | (11783) | 3 | 0.0 (g) |
|  Capcom Co. Ltd. | (3) | (11187) | 2 | 0.0 (g) |
|  Chiba Bank Ltd./The | (2) | (3916) | (1) | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | (6) | (14602) | (5) | 0.0 (g) |
|  Chugai Pharmaceutical Co. Ltd. | (3) | (24667) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | — (h) | (2032) | — (h) | 0.0 (g) |
|  Ebara Corp. | (4) | (14507) | 6 | 0.0 (g) |
|  Fuji Electric Co. Ltd. | (1) | (13596) | (4) | 0.0 (g) |
|  Fujikura Ltd. | (1) | (9228) | 3 | 0.0 (g) |
|  Honda Motor Co. Ltd. | (12) | (17578) | (1) | 0.0 (g) |
|  Hoya Corp. | (1) | (11963) | 1 | 0.0 (g) |
|  IHI Corp. | (3) | (8842) | 5 | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. |  |  |  | 0.0 (g) |
|  ITOCHU Corp. | (26) | (47751) | (17) | 0.0 (g) |
|  J Front Retailing Co. Ltd. | (4) | (8616) | — (h) | 0.0 (g) |
|  Japan Exchange Group, Inc. | (11) | (17857) | 2 | 0.0 (g) |
|  Japan Steel Works Ltd./The | — (h) | (954) | 1 | 0.0 (g) |
|  JFE Holdings, Inc. | (1) | (2738) | — (h) | 0.0 (g) |
|  Kadokawa Corp. | (4) | (12051) | 2 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 557

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Japan — continued** | | | | |
|  Kawasaki Heavy Industries Ltd. | (1) | (12056) | 4 | 0.0 (g) |
|  KDDI Corp. | (2) | (5896) | — (h) | 0.0 (g) |
|  Keyence Corp. | — (h) | (5477) | (1) | 0.0 (g) |
|  Kikkoman Corp. | (18) | (24463) | (5) | 0.0 (g) |
|  Kobe Bussan Co. Ltd. | — (h) | (1116) | — (h) | 0.0 (g) |
|  Konami Group Corp. | — (h) | (2303) | 1 | 0.0 (g) |
|  Kurita Water Industries Ltd. | (1) | (3276) | 1 | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | (4) | (5661) | (1) | 0.0 (g) |
|  M3, Inc. | (3) | (5972) | 2 | 0.0 (g) |
|  Makita Corp. | (1) | (5064) | (1) | 0.0 (g) |
|  Marubeni Corp. | (3) | (12585) | — (h) | 0.0 (g) |
|  Maruwa Co. Ltd./Aichi | – (h) | (4752) | 3 | 0.0 (g) |
|  MatsukiyoCocokara & Co. | (1) | (3985) | 1 | 0.0 (g) |
|  Mebuki Financial Group, Inc. | (4) | (3781) | — (h) | 0.0 (g) |
|  Mercari, Inc. | (1) | (2355) | (1) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | (7) | (23093) | 7 | 0.0 (g) |
|  Mitsubishi Chemical Group Corp. | (9) | (7582) | (3) | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | (3) | (10608) | (1) | 0.0 (g) |
|  Mitsubishi Motors Corp. | (14) | (5192) | — (h) | 0.0 (g) |
|  MonotaRO Co. Ltd. | (5) | (10258) | (8) | 0.0 (g) |
|  Nikon Corp. | (7) | (13589) | 5 | 0.0 (g) |
|  Nippon Building Fund, Inc. | — (h) | (12169) | (1) | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | (12) | (12340) | (3) | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | (3) | (12866) | 2 | 0.0 (g) |
|  Niterra Co. Ltd. | (4) | (24057) | (5) | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | (8) | (22420) | 3 | 0.0 (g) |
|  NTT, Inc. | (257) | (39686) | (6) | 0.0 (g) |
|  Olympus Corp. | (2) | (3507) | 1 | 0.0 (g) |
|  Organo Corp. | — (h) | (1353) | — (h) | 0.0 (g) |
|  Oriental Land Co. Ltd./Japan | (5) | (15038) | — (h) | 0.0 (g) |
|  Osaka Gas Co. Ltd. | (1) | (2699) | — (h) | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | (2) | (3653) | 1 | 0.0 (g) |
|  Renesas Electronics Corp. | (6) | (12476) | (1) | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | — (h) | (4103) | (3) | 0.0 (g) |
|  Sega Sammy Holdings, Inc. | (1) | (1336) | 1 | 0.0 (g) |
|  Seibu Holdings, Inc. | (1) | (3898) | 3 | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | (1) | (1288) | — (h) | 0.0 (g) |
|  SG Holdings Co. Ltd. | (2) | (2996) | 1 | 0.0 (g) |
|  Shimadzu Corp. | (2) | (9250) | 3 | 0.0 (g) |
|  Shin-Etsu Chemical Co. Ltd. | (6) | (26936) | (2) | 0.0 (g) |
|  Shiseido Co. Ltd. | (1) | (1862) | — (h) | 0.0 (g) |
|  Socionext, Inc. | (2) | (3772) | 2 | 0.0 (g) |
|  Sojitz Corp. | (3) | (12659) | — (h) | 0.0 (g) |
|  Subaru Corp. | (2) | (5855) | 1 | 0.0 (g) |
|  Sumitomo Corp. | (6) | (32534) | — (h) | 0.0 (g) |
|  Sumitomo Realty & Development Co. Ltd. | (1) | (5303) | (1) | 0.0 (g) |
|  Sumitomo Rubber Industries Ltd. | (1) | (1577) | (1) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | (7) | (31292) | 4 | 0.0 (g) |
|  TIS, Inc. | (2) | (10351) | (1) | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | — (h) | (3458) | 2 | 0.0 (g) |
|  Tokyo Seimitsu Co. Ltd. | (1) | (6536) | (1) | 0.0 (g) |
|  Tokyo Tatemono Co. Ltd. | — (h) | (1080) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 558 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Japan — continued |  |  |  |  |
|  Tokyu Corp. | (7) | (12866) | (2) | 0.0 (g) |
|  TOPPAN Holdings, Inc. | (2) | (10074) | 2 | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | — (h) | (4304) | — (h) | 0.0 (g) |
|  Toyota Tsusho Corp. | (4) | (22195) | (3) | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | (4) | (4962) | — (h) | 0.0 (g) |
|  Yamato Holdings Co. Ltd. | (2) | (5220) | (1) | 0.0 (g) |
|  Yokogawa Electric Corp. | (2) | (8484) | — (h) | 0.0 (g) |
|  Yokohama Rubber Co. Ltd./The | (1) | (4253) | — (h) | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | (4) | (32224) | 5 | 0.0 (g) |
|  ZOZO, Inc. | (2) | (2080) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (898046) | (5) | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Japan |  |  |  |  |
|  Aisin Corp. | 5 | 13285 | 3 | 0.0 (g) |
|  Amada Co. Ltd. | 11 | 19897 | (1) | 0.0 (g) |
|  ANA Holdings, Inc. | 12 | 35743 | 8 | 0.0 (g) |
|  Asahi Group Holdings Ltd. | 5 | 8739 | (3) | 0.0 (g) |
|  Asahi Kasei Corp. | 9 | 12467 | 1 | 0.0 (g) |
|  Astellas Pharma, Inc. | 5 | 10637 | 3 | 0.0 (g) |
|  Credit Saison Co. Ltd. | — (h) | 1208 | — (h) | 0.0 (g) |
|  Dai Nippon Printing Co. Ltd. | 1 | 2072 | 1 | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | 2 | 6383 | — (h) | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | 4 | 12554 | 2 | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | 2 | 11330 | 1 | 0.0 (g) |
|  Daiwa Securities Group, Inc. | 2 | 2784 | 1 | 0.0 (g) |
|  Dentsu Group, Inc. | 3 | 10549 | (2) | 0.0 (g) |
|  DMG Mori Co. Ltd. | 36 | 97562 | (24) | 0.0 (g) |
|  Eisai Co. Ltd. | 1 | 2744 | — (h) | 0.0 (g) |
|  ENEOS Holdings, Inc. | 4 | 4119 | 1 | 0.0 (g) |
|  Fujitsu Ltd. | 1 | 3649 | 2 | 0.0 (g) |
|  Hamamatsu Photonics KK | 6 | 11218 | (4) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | 4 | 17490 | 1 | 0.0 (g) |
|  Hitachi Ltd. | 36 | 177287 | (2) | 0.0 (g) |
|  Hulic Co. Ltd. | 2 | 2725 | — (h) | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | 42 | 48634 | 5 | 0.0 (g) |
|  Inpex Corp. | — (h) | 963 | — (h) | 0.0 (g) |
|  Isuzu Motors Ltd. | 7 | 16007 | 4 | 0.0 (g) |
|  Japan Airlines Co. Ltd. | 4 | 11086 | 2 | 0.0 (g) |
|  Japan Post Bank Co. Ltd. | 15 | 30447 | 21 | 0.0 (g) |
|  Japan Tobacco, Inc. | — (h) | 1726 | — (h) | 0.0 (g) |
|  Kandenko Co. Ltd. | 3 | 15549 | 3 | 0.0 (g) |
|  Kansai Electric Power Co., Inc. (The) | 2 | 4173 | — (h) | 0.0 (g) |
|  Kao Corp. | 1 | 4984 | — (h) | 0.0 (g) |
|  Kawasaki Kisen Kaisha Ltd. | 3 | 5620 | 2 | 0.0 (g) |
|  Kubota Corp. | 1 | 2260 | — (h) | 0.0 (g) |
|  Kyocera Corp. | 2 | 4946 | 1 | 0.0 (g) |
|  LY Corp. | 13 | 5479 | — (h) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | 9 | 39134 | (22) | 0.0 (g) |
|  Mitsubishi UFJ Financial Group, Inc. | 5 | 12330 | 1 | 0.0 (g) |
|  Mitsui Chemicals, Inc. | 13 | 24953 | 7 | 0.0 (g) |
|  Mitsui Fudosan Co. Ltd. | 4 | 7716 | — (h) | 0.0 (g) |
|  Mitsui Kinzoku Co. Ltd. | 2 | 27577 | (7) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 559

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Japan — continued** | | | | |
|  NGK Insulators Ltd. | 3 | 9042 | — (h) | 0.0 (g) |
|  NH Foods Ltd. | 1 | 6676 | (1) | 0.0 (g) |
|  NIDEC Corp., | 7 | 14075 | 3 | 0.0 (g) |
|  Nippon Electric Glass Co. Ltd. | — (h) | 1844 | — (h) | 0.0 (g) |
|  Nippon Yusen KK | — (h) | 962 | — (h) | 0.0 (g) |
|  Nissan Chemical Corp. | — (h) | 1036 | — (h) | 0.0 (g) |
|  Nomura Holdings, Inc. | 109 | 132573 | 57 | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | 35 | 33042 | 6 | 0.0 (g) |
|  Nomura Research Institute Ltd. | 1 | 3613 | — (h) | 0.0 (g) |
|  Obayashi Corp. | 8 | 24632 | 6 | 0.0 (g) |
|  Obic Co. Ltd. | 1 | 6494 | (1) | 0.0 (g) |
|  Omron Corp. | 1 | 1980 | — (h) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | 8 | 16116 | 3 | 0.0 (g) |
|  Oracle Corp. Japan | — (h) | 1337 | — (h) | 0.0 (g) |
|  ORIX Corp. | 2 | 9051 | 3 | 0.0 (g) |
|  Otsuka Corp. | — (h) | 958 | — (h) | 0.0 (g) |
|  Otsuka Holdings Co. Ltd. | — (h) | 3672 | (1) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | 17 | 15848 | (2) | 0.0 (g) |
|  Panasonic Holdings Corp. | 28 | 51480 | 29 | 0.0 (g) |
|  Rakuten Group, Inc. | 7 | 6787 | 3 | 0.0 (g) |
|  Resona Holdings, Inc. | 2 | 2784 | (1) | 0.0 (g) |
|  Rohm Co. Ltd. | — (h) | 869 | — (h) | 0.0 (g) |
|  Secom Co. Ltd. | 4 | 21672 | 4 | 0.0 (g) |
|  Seiko Epson Corp. | 3 | 5613 | 1 | 0.0 (g) |
|  Shimizu Corp. | 19 | 51840 | (4) | 0.0 (g) |
|  Skylark Holdings Co. Ltd. | 2 | 5875 | (1) | 0.0 (g) |
|  Sompo Holdings, Inc. | — (h) | 2013 | 1 | 0.0 (g) |
|  Sony Group Corp. | 43 | 186620 | (76) | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | 33 | 15271 | (3) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | 8 | 37057 | 10 | 0.0 (g) |
|  Suzuki Motor Corp. | 4 | 9515 | — (h) | 0.0 (g) |
|  Sysmex Corp. | 44 | 63330 | 25 | 0.0 (g) |
|  T&D Holdings, Inc. | 6 | 20196 | 5 | 0.0 (g) |
|  THK Co. Ltd. | 2 | 7104 | (2) | 0.0 (g) |
|  Tokio Marine Holdings, Inc. | 2 | 11768 | 3 | 0.0 (g) |
|  Tokyo Electric Power Co. Holdings Inc | 19 | 11609 | 3 | 0.0 (g) |
|  Tokyo Electron Ltd. | — (h) | 6632 | 1 | 0.0 (g) |
|  Tokyu Fudosan Holdings Corp. | 9 | 12333 | (1) | 0.0 (g) |
|  Tosoh Corp. | 28 | 65043 | 8 | 0.0 (g) |
|  Toyo Tire Corp. | 1 | 3785 | 1 | 0.0 (g) |
|  Trend Micro, Inc./Japan | 2 | 10667 | (6) | 0.0 (g) |
|  Unicharm Corp. | 52 | 46257 | 1 | 0.0 (g) |
|  Yakult Honsha Co. Ltd. | 3 | 6579 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **1673676** | **79** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **775630** | **74** | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 560 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from -0.25% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 06/01/2026 | 22399 | – | — (h) | – (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Cosmos Pharmaceutical Corp. | — (h) | (2224) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2224) | (1) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  CyberAgent, Inc. | 16 | 21537 | 1 | 0.0 (g) |
|  Food & Life Cos. Ltd. | — (h) | 3086 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 24623 | 1 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 22399 |  | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month NIBOR on long positions and short positions respectively, plus or minus spread (rates range from -0.3% to 0.26%) which is denominated in NOK based on the local currencies of the positions within the swap | 12/08/2027 | (323) | (7) | – | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Norway |  |  |  |  |
|  Gjensidige Forsikring ASA | — (h) | (51) | — (h) | 0.0 (g) |
|  Mowi ASA | (1) | (159) | — (h) | 0.0 (g) |
|  Norsk Hydro ASA | (25) | (1891) | (10) | 0.0 (g) |
|  Orkla ASA | (3) | (313) | (2) | 0.0 (g) |
|  Salmar ASA | — (h) | (152) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2566) | (12) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 561

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | 5 | 1251 | 3 | 0.0 (g) |
|  Kongsberg Gruppen ASA | 1 | 206 | — (h) | 0.0 (g) |
|  Var Energi ASA | 24 | 786 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **2243** | **5** | **0.0** **(g)** |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(323)** | **(7)** | **0.0** **(g)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month STIBOR on long positions and short positions respectively, plus or minus spread (rates range from -0.7% to 0.26%) which is denominated in SEK based on the local currencies of the positions within the swap | 12/08/2027 | (21004) | (48) | – | (48) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions**  |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Alfa Laval AB | — (h) | (152) | — (h) | 0.0 (g) |
|  Atlas Copco AB | (41) | (6349) | 14 | 0.0 (g) |
|  Epiroc AB | (1) | (272) | — (h) | 0.0 (g) |
|  EQT AB | (16) | (5259) | (60) | 0.0 (g) |
|  Hexagon AB | (3) | (327) | — (h) | 0.0 (g) |
|  Holmen AB | (2) | (671) | (2) | 0.0 (g) |
|  Industrivarden AB | (2) | (849) | (3) | 0.0 (g) |
|  Investment AB Latour | (1) | (262) | — (h) | 0.0 (g) |
|  Investor AB | (39) | (12454) | (43) | 0.0 (g) |
|  L E Lundbergforetagen AB | (3) | (1274) | (3) | 0.0 (g) |
|  Lifco AB | — (h) | (69) | — (h) | 0.0 (g) |
|  Nibe Industrier AB | (8) | (268) | — (h) | 0.0 (g) |
|  Sagax AB | (3) | (612) | — (h) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | (12) | (1501) | — (h) | 0.0 (g) |
|  Telia Co. AB | (24) | (917) | (4) | 0.0 (g) |
|  Trelleborg AB | (1) | (387) | — (h) | 0.0 (g) |
|  Volvo AB | (24) | (7042) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (38665) | (100) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 562 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AddTech AB | 2 | 521 | — (h) | 0.0 (g) |
|  Assa Abloy AB | — (h) | 92 | — (h) | 0.0 (g) |
|  Boliden AB | — (h) | 55 | 1 | 0.0 (g) |
|  Evolution AB | 1 | 623 | — (h) | 0.0 (g) |
|  Indutrade AB | 1 | 308 | 1 | 0.0 (g) |
|  Sandvik AB | 8 | 2407 | 7 | 0.0 (g) |
|  Securitas AB | 2 | 262 | — (h) | 0.0 (g) |
|  Sinch AB | 6 | 173 | 1 | 0.0 (g) |
|  Skanska AB | 14 | 3351 | 9 | 0.0 (g) |
|  SKF AB | 1 | 145 | — (h) | 0.0 (g) |
|  SSAB AB | 51 | 3534 | 4 | 0.0 (g) |
|  Svenska Handelsbanken AB | 2 | 266 | — (h) | 0.0 (g) |
|  Swedish Orphan Biovitrum AB | — (h) | 157 | — (h) | 0.0 (g) |
|  Tele2 AB | 39 | 5767 | 29 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 17661 | 52 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (21004) | (48) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from -0.3% to 0.3%) which is denominated in SGD based on the local currencies of the positions within the swap | 12/08/2027 | 277 | 7 | – | 7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  Oversea-Chinese Banking Corp. Ltd. | (7) | (132) | (3) | 0.0 (g) |
|  Sembcorp Industries Ltd. | (23) | (138) | (2) | 0.0 (g) |
|  Singapore Airlines Ltd. | (3) | (21) | — (h) | 0.0 (g) |
|  Singapore Telecommunications Ltd. | (5) | (23) | — (h) | 0.0 (g) |
|  Wilmar International Ltd. | (15) | (45) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (359) | (5) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  CapitaLand Ascendas REIT | 69 | 190 | 4 | 0.0 (g) |
|  Genting Singapore Ltd. | 69 | 50 | (1) | 0.0 (g) |
|  Singapore Technologies Engineering Ltd. | 48 | 396 | 9 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 636 | 12 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 277 | 7 | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 563

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from -0.15% to 0.2%) which is denominated in USD based on the local currencies of the positions within the swap | 06/01/2026 | 575 | (15) | – (h) | (15) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Everest Group Ltd. | — (h) | (38) | (4) | 0.0 (g) |
|  Sweden |  |  |  |  |
|  Autoliv, Inc. | (1) | (61) | (1) | 0.0 (g) |
| Switzerland |  |  |  |  |
|  Amcor plc | (47) | (388) | (4) | 0.0 (g) |
| United States |  |  |  |  |
|  AGCO Corp. | — (h) | (32) | — (h) | 0.0 (g) |
|  Archer-Daniels-Midland Co. | (11) | (654) | 5 | 0.0 (g) |
|  Arthur J Gallagher & Co. | (7) | (1682) | (148) | 0.0 (g) |
|  Avery Dennison Corp. | — (h) | (15) | (1) | 0.0 (g) |
|  Becton Dickinson & Co. | (4) | (708) | (17) | 0.0 (g) |
|  Brown-Forman Corp. | (1) | (23) | 3 | 0.0 (g) |
|  Columbia Banking System, Inc. | (1) | (38) | 1 | 0.0 (g) |
|  CSW Industrials, Inc. |  |  |  | 0.0 (g) |
|  Duke Energy Corp. | (2) | (257) | (4) | 0.0 (g) |
|  Elevance Health, Inc. | (1) | (337) | (20) | 0.0 (g) |
|  Evergy, Inc. | (6) | (456) | 5 | 0.0 (g) |
|  Exelon Corp. | — (h) | (6) | — (h) | 0.0 (g) |
|  Expedia Group, Inc. | (1) | (159) | (11) | 0.0 (g) |
|  Flagstar Bank NA | (1) | (17) | — (h) | 0.0 (g) |
|  Fortive Corp. | (1) | (64) | (1) | 0.0 (g) |
|  GE HealthCare Technologies, Inc. |  |  |  | 0.0 (g) |
|  Gen Digital, Inc. | (6) | (161) | (2) | 0.0 (g) |
|  Genuine Parts Co. | (10) | (1238) | 52 | 0.0 (g) |
|  Halliburton Co. | (12) | (345) | (2) | 0.0 (g) |
|  International Business Machines Corp. | (1) | (282) | 11 | 0.0 (g) |
|  Kraft Heinz Co. (The) | — (h) | (9) | — (h) | 0.0 (g) |
|  McDonald's Corp. | (1) | (359) | 5 | 0.0 (g) |
|  Newmont Corp. | (2) | (198) | (24) | 0.0 (g) |
|  NextEra Energy, Inc. | (1) | (48) | — (h) | 0.0 (g) |
|  NRG Energy, Inc. |  |  |  | 0.0 (g) |
|  Old National Bancorp | (7) | (164) | 1 | 0.0 (g) |
|  QUALCOMM, Inc. | (1) | (93) | 2 | 0.0 (g) |
|  Reinsurance Group of America, Inc. |  |  |  | 0.0 (g) |
|  Ryder System, Inc. | (1) | (260) | (6) | 0.0 (g) |
|  Snap-on, Inc. | (2) | (615) | 5 | 0.0 (g) |
|  STAG Industrial, Inc. | (1) | (34) | 1 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 564 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Stanley Black & Decker, Inc. | (3) | (209) | (5) | 0.0 (g) |
|  Tapestry, Inc. |  |  |  | 0.0 (g) |
|  Texas Pacific Land Corp. | — (h) | (4) | — (h) | 0.0 (g) |
|  Tyson Foods, Inc. | — (h) | (18) | (1) | 0.0 (g) |
|  Vontier Corp. | (2) | (59) | (2) | 0.0 (g) |
|  Watts Water Technologies, Inc. | — (h) | (42) | (1) | 0.0 (g) |
|  Weyerhaeuser Co. | (2) | (42) | (3) | 0.0 (g) |
|  Wingstop, Inc. | — (h) | (48) | 1 | 0.0 (g) |
|  Yum! Brands, Inc. | — (h) | (18) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (9181) | (166) | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Essent Group Ltd. | — (h) | 5 | — (h) | 0.0 (g) |
| Ireland |  |  |  |  |
|  CRH plc | 1 | 123 | (2) | 0.0 (g) |
|  TE Connectivity plc | — (h) | 18 | (1) | 0.0 (g) |
|  Trane Technologies plc | 2 | 754 | (15) | 0.0 (g) |
| United States |  |  |  |  |
|  Alphabet, Inc. | — (h) | 136 | — (h) | 0.0 (g) |
|  AMETEK, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Analog Devices, Inc. | — (h) | 35 | (1) | 0.0 (g) |
|  Aramark | — (h) | 13 | — (h) | 0.0 (g) |
|  Assurant, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Ball Corp. | 1 | 70 | 8 | 0.0 (g) |
|  Bank of America Corp. | 1 | 28 | 1 | 0.0 (g) |
|  BorgWarner, Inc. | 2 | 78 | 6 | 0.0 (g) |
|  Cboe Global Markets, Inc. | 1 | 249 | (2) | 0.0 (g) |
|  Chevron Corp. | — (h) | 23 | 1 | 0.0 (g) |
|  Churchill Downs, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Cigna Group (The) | 2 | 588 | 26 | 0.0 (g) |
|  Coca-Cola Co. (The) | 1 | 54 | — (h) | 0.0 (g) |
|  Commerce Bancshares, Inc./MO | — (h) | 19 | — (h) | 0.0 (g) |
|  Consolidated Edison, Inc. | 9 | 824 | 33 | 0.0 (g) |
|  Corteva, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Crane Co. | 2 | 377 | (6) | 0.0 (g) |
|  Cullen/Frost Bankers, Inc. | — (h) | 57 | — (h) | 0.0 (g) |
|  Curtiss-Wright Corp. | — (h) | 74 | 1 | 0.0 (g) |
|  Donaldson Co., Inc. | 1 | 75 | (3) | 0.0 (g) |
|  Element Solutions, Inc. | 2 | 66 | (3) | 0.0 (g) |
|  Equifax, Inc. | 1 | 117 | 3 | 0.0 (g) |
|  Expeditors International of Washington, Inc. | 2 | 228 | 1 | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | — (h) | 14 | 1 | 0.0 (g) |
|  Fortune Brands Innovations, Inc. | 1 | 55 | 1 | 0.0 (g) |
|  H&R Block, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  Houlihan Lokey, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Hubbell, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  ITT, Inc. | — (h) | 29 | 1 | 0.0 (g) |
|  KeyCorp. | 2 | 33 | 2 | 0.0 (g) |
|  Kimco Realty Corp. | 17 | 344 | 9 | 0.0 (g) |
|  Labcorp Holdings, Inc. | — (h) | 83 | (3) | 0.0 (g) |
|  Linde plc | 1 | 266 | 25 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 565

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Marathon Petroleum Corp. | 2 | 291 | (41) | 0.0 (g) |
|  Nasdaq, Inc. | 9 | 773 | 63 | 0.0 (g) |
|  Northrop Grumman Corp. | — (h) | 74 | 2 | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | — (h) | 26 | 1 | 0.0 (g) |
|  PepsiCo., Inc. | 1 | 103 | (1) | 0.0 (g) |
|  PJT Partners, Inc. | — (h) | 65 | (2) | 0.0 (g) |
|  Prudential Financial, Inc. | 4 | 498 | 7 | 0.0 (g) |
|  Regions Financial Corp. | 29 | 771 | 22 | 0.0 (g) |
|  ResMed, Inc. | — (h) | 33 | (1) | 0.0 (g) |
|  Rockwell Automation, Inc. | — (h) | 31 | (1) | 0.0 (g) |
|  RTX Corp. | — (h) | 80 | 5 | 0.0 (g) |
|  S&P Global, Inc. | — (h) | 42 | 3 | 0.0 (g) |
| **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **United States — continued** |  |  |  |  |
|  SLB Ltd. | 20 | 776 | 3 | 0.0 (g) |
|  SS&C Technologies Holdings, Inc. | 1 | 55 | — (h) | 0.0 (g) |
|  Stifel Financial Corp. | 4 | 468 | (2) | 0.0 (g) |
|  Tetra Tech, Inc. | 1 | 21 | — (h) | 0.0 (g) |
|  Tradeweb Markets, Inc. | 2 | 160 | 3 | 0.0 (g) |
|  UnitedHealth Group, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  Vertiv Holdings Co. | — (h) | 82 | (10) | 0.0 (g) |
|  Voya Financial, Inc. | — (h) | 16 | 1 | 0.0 (g) |
|  Western Digital Corp. | 2 | 377 | 6 | 0.0 (g) |
|  Westlake Corp. | 2 | 104 | 10 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **9756** | **151** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **575** | **(15)** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/30/2049 | 411 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| United States |  |  |  |  |
|  Pinnacle Financial Partners, Inc. |  | 411 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 411 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 411 | — (h) | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 566 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from -2.25% to 0.3%) which is denominated in USD based on the local currencies of the positions within the swap | 12/08/2027 | 4542 | (114) | 4 | (110) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Golar LNG Ltd. | (2) | (58) | 2 | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | (2) | (512) | (32) | 0.0 (g) |
| Canada |  |  |  |  |
|  Uranium Energy Corp. | (4) | (51) | 7 | 0.0 (g) |
| Ireland |  |  |  |  |
|  Medtronic plc | — (h) | (12) | 1 | 0.0 (g) |
| Israel |  |  |  |  |
|  Teva Pharmaceutical Industries Ltd. | (22) | (618) | (63) | 0.0 (g) |
| Switzerland |  |  |  |  |
|  CRISPR Therapeutics AG | — (h) | (7) | 1 | 0.0 (g) |
| United Kingdom |  |  |  |  |
|  Coca-Cola Europacific Partners plc | (5) | (447) | (4) | 0.0 (g) |
|  Willis Towers Watson plc | (5) | (1674) | (43) | 0.0 (g) |
| United States |  |  |  |  |
|  A O Smith Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  ACI Worldwide, Inc. | (4) | (174) | (10) | 0.0 (g) |
|  Advanced Energy Industries, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  AGNC Investment Corp. | (9) | (96) | (2) | 0.0 (g) |
|  Akamai Technologies, Inc. | (1) | (69) | (2) | 0.0 (g) |
|  Albertsons Cos., Inc. | (3) | (45) | — (h) | 0.0 (g) |
|  Alcoa Corp. | (2) | (87) | (17) | 0.0 (g) |
|  American Homes 4 Rent | (1) | (18) | (1) | 0.0 (g) |
|  American International Group, Inc. | (1) | (46) | (2) | 0.0 (g) |
|  Antero Midstream Corp. | (5) | (101) | 4 | 0.0 (g) |
|  APA Corp. | (1) | (19) | 1 | 0.0 (g) |
|  Apollo Global Management, Inc. | — (h) | (50) | 1 | 0.0 (g) |
|  Applied Digital Corp. | (1) | (30) | 6 | 0.0 (g) |
|  Arrow Electronics, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Arrowhead Pharmaceuticals, Inc. | — (h) | (16) | 1 | 0.0 (g) |
|  Asbury Automotive Group, Inc. | — (h) | (76) | 2 | 0.0 (g) |
|  Astera Labs, Inc. | — (h) | (2) | — (h) | 0.0 (g) |
|  ATI, Inc. | — (h) | (16) | (2) | 0.0 (g) |
|  Aurora Innovation, Inc. | (1) | (6) | 1 | 0.0 (g) |
|  AvalonBay Communities, Inc. | — (h) | (20) | — (h) | 0.0 (g) |
|  Axon Enterprise, Inc. | — (h) | (268) | (7) | 0.0 (g) |
|  Bank of New York Mellon Corp. (The) | (1) | (79) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 567

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Berkshire Hathaway, Inc. | — (h) | (118) | — (h) | 0.0 (g) |
|  Best Buy Co., Inc. | (1) | (94) | 7 | 0.0 (g) |
|  BILL Holdings, Inc. | — (h) | (23) | — (h) | 0.0 (g) |
|  Bloom Energy Corp. | — (h) | (29) | 1 | 0.0 (g) |
|  Blue Owl Capital, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Boeing Co. (The) | — (h) | (12) | (1) | 0.0 (g) |
|  Brown & Brown, Inc. | (1) | (61) | (1) | 0.0 (g) |
|  Bunge Global SA | — (h) | (38) | 1 | 0.0 (g) |
|  Burlington Stores, Inc. | — (h) | (6) | (1) | 0.0 (g) |
|  BXP, Inc. | — (h) | (27) | — (h) | 0.0 (g) |
|  Cadence Design Systems, Inc. | (2) | (608) | 45 | 0.0 (g) |
|  Capital One Financial Corp. | (2) | (478) | (24) | 0.0 (g) |
|  CareTrust REIT, Inc. | (3) | (114) | 5 | 0.0 (g) |
|  Carrier Global Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  Carvana Co. | — (h) | (8) | 1 | 0.0 (g) |
|  Casella Waste Systems, Inc. | (1) | (60) | 1 | 0.0 (g) |
|  Caterpillar, Inc. | — (h) | (51) | 2 | 0.0 (g) |
|  Cava Group, Inc. | (1) | (45) | (4) | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | (6) | (41) | (4) | 0.0 (g) |
|  Celsius Holdings, Inc. | (6) | (260) | (8) | 0.0 (g) |
|  Cencora, Inc. | — (h) | (113) | — (h) | 0.0 (g) |
|  Cincinnati Financial Corp. | — (h) | (18) | — (h) | 0.0 (g) |
|  Cisco Systems, Inc. | (1) | (42) | 1 | 0.0 (g) |
|  Clorox Co. (The) | — (h) | (45) | — (h) | 0.0 (g) |
|  Coeur Mining, Inc. | (18) | (270) | (44) | 0.0 (g) |
|  Coherent Corp. | — (h) | (45) | — (h) | 0.0 (g) |
|  Coinbase Global, Inc. | (1) | (148) | 16 | 0.0 (g) |
|  Commvault Systems, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Constellation Energy Corp. | — (h) | (97) | 1 | 0.0 (g) |
|  Cooper Cos., Inc. (The) | — (h) | (27) | (1) | 0.0 (g) |
|  Core & Main, Inc. | (1) | (47) | (1) | 0.0 (g) |
|  Corpay, Inc. | — (h) | (46) | — (h) | 0.0 (g) |
|  CoStar Group, Inc. | — (h) | (20) | — (h) | 0.0 (g) |
|  Crowdstrike Holdings, Inc. | — (h) | (25) | — (h) | 0.0 (g) |
|  Cummins, Inc. | (2) | (1045) | (6) | 0.0 (g) |
|  Deckers Outdoor Corp. | (2) | (194) | (5) | 0.0 (g) |
|  Deere & Co. | (1) | (404) | 1 | 0.0 (g) |
|  Diamondback Energy, Inc. | — (h) | (2) | — (h) | 0.0 (g) |
|  Dick's Sporting Goods, Inc. | — (h) | (37) | 3 | 0.0 (g) |
|  Dillard's, Inc. | — (h) | (34) | 4 | 0.0 (g) |
|  Docusign, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Dollar Tree, Inc. | (3) | (305) | (7) | 0.0 (g) |
|  Dominion Energy, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Domino's Pizza, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  DraftKings, Inc. | (1) | (33) | — (h) | 0.0 (g) |
|  DT Midstream, Inc. | — (h) | (47) | — (h) | 0.0 (g) |
|  Eagle Materials, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  East West Bancorp, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  EastGroup Properties, Inc. | — (h) | (39) | — (h) | 0.0 (g) |
|  EchoStar Corp. | — (h) | (8) | (2) | 0.0 (g) |
|  elf Beauty, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Eli Lilly & Co. | — (h) | (18) | (1) | 0.0 (g) |
|  Entegris, Inc. | (4) | (379) | 21 | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Equity Residential | (1) | (54) | (2) | 0.0 (g) |
|  Esab Corp. | (1) | (138) | (5) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 568 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Essex Property Trust, Inc. | — (h) | (30) | (1) | 0.0 (g) |
|  Expand Energy Corp. | — (h) | (47) | 3 | 0.0 (g) |
|  F&G Annuities & Life, Inc. | — (h) |  | — (h) | 0.0 (g) |
|  F5, Inc. | (2) | (468) | (13) | 0.0 (g) |
|  Fair Isaac Corp. | — (h) | (39) | 2 | 0.0 (g) |
|  Federal Realty Investment Trust | — (h) | (8) | — (h) | 0.0 (g) |
|  FedEx Corp. | — (h) | (121) | (4) | 0.0 (g) |
|  Fidelity National Financial, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  First Solar, Inc. | — (h) | (31) | (1) | 0.0 (g) |
|  FirstCash Holdings, Inc. | — (h) | (69) | (1) | 0.0 (g) |
|  Flutter Entertainment plc | (2) | (405) | 1 | 0.0 (g) |
|  Ford Motor Co. | (3) | (43) | — (h) | 0.0 (g) |
|  Fortinet, Inc. | (1) | (106) | 5 | 0.0 (g) |
|  FTAI Aviation Ltd. | — (h) | (4) | — (h) | 0.0 (g) |
|  Generac Holdings, Inc. | — (h) | (38) | 6 | 0.0 (g) |
|  Gilead Sciences, Inc. | (1) | (69) | (1) | 0.0 (g) |
|  Glaukos Corp. | — (h) | (8) | — (h) | 0.0 (g) |
|  Global Payments, Inc. | — (h) | (22) | — (h) | 0.0 (g) |
|  Globus Medical, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Goldman Sachs Group, Inc. (The) | — (h) | (7) | — (h) | 0.0 (g) |
|  Graco, Inc. | (1) | (93) | 1 | 0.0 (g) |
|  Graphic Packaging Holding Co. | — (h) | — (h) | — (h) | 0.0 (g) |
|  Healthcare Realty Trust, Inc. | (5) | (78) | 1 | 0.0 (g) |
|  Healthpeak Properties, Inc. | (1) | (14) | 1 | 0.0 (g) |
|  Hecla Mining Co. | (39) | (616) | (130) | 0.0 (g) |
|  Hexcel Corp. | (1) | (97) | 3 | 0.0 (g) |
|  Home Depot, Inc. (The) | — (h) | (20) | — (h) | 0.0 (g) |
|  Hormel Foods Corp. | (1) | (14) | — (h) | 0.0 (g) |
|  Howmet Aerospace, Inc. | — (h) | (17) | (1) | 0.0 (g) |
|  Hyatt Hotels Corp. | — (h) | (27) | (1) | 0.0 (g) |
|  IDACORP, Inc. | — (h) | (26) | — (h) | 0.0 (g) |
|  IDEX Corp. | — (h) | (27) | — (h) | 0.0 (g) |
|  Ingersoll Rand, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Insmed, Inc. | — (h) | (29) | 3 | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | (8) | (497) | (15) | 0.0 (g) |
|  Invesco Ltd. | (1) | (35) | (1) | 0.0 (g) |
|  IQVIA Holdings, Inc. | (1) | (328) | (3) | 0.0 (g) |
|  Iron Mountain, Inc. | — (h) | (19) | — (h) | 0.0 (g) |
|  Itron, Inc. | — (h) | (13) | 1 | 0.0 (g) |
|  J M Smucker Co. (The) | — (h) | (17) | 1 | 0.0 (g) |
|  JBT Marel Corp. | (3) | (406) | (33) | 0.0 (g) |
|  JFrog Ltd. | — (h) | (12) | — (h) | 0.0 (g) |
|  Johnson & Johnson | — (h) | (98) | 1 | 0.0 (g) |
|  Jones Lang LaSalle, Inc. | (1) | (426) | (22) | 0.0 (g) |
|  KKR & Co., Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Klaviyo, Inc. | (1) | (32) | (2) | 0.0 (g) |
|  Krystal Biotech, Inc. | — (h) | (79) | (4) | 0.0 (g) |
|  Kymera Therapeutics, Inc. | — (h) | (7) | 1 | 0.0 (g) |
|  Lamb Weston Holdings, Inc. | (1) | (44) | 13 | 0.0 (g) |
|  Lazard, Inc. | (1) | (62) | 3 | 0.0 (g) |
|  Lennox International, Inc. | — (h) | (101) | 4 | 0.0 (g) |
|  Liberty Broadband Corp. | — (h) | (6) | — (h) | 0.0 (g) |
|  Life Time Group Holdings, Inc. | (2) | (57) | (2) | 0.0 (g) |
|  Lincoln National Corp. | — (h) | (19) | — (h) | 0.0 (g) |
|  Littelfuse, Inc. | — (h) | (7) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 569

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  LKQ Corp. | (1) | (16) | (1) | 0.0 (g) |
|  Lowe's Cos., Inc. | — (h) | (78) | 1 | 0.0 (g) |
|  LPL Financial Holdings, Inc. | — (h) | (28) | 1 | 0.0 (g) |
|  Lumen Technologies, Inc. | (7) | (62) | 4 | 0.0 (g) |
|  MACOM Technology Solutions Holdings, Inc. | — (h) | (43) | 3 | 0.0 (g) |
|  Madrigal Pharmaceuticals, Inc. | (1) | (330) | (8) | 0.0 (g) |
|  Maplebear, Inc. | (11) | (479) | (5) | 0.0 (g) |
|  Marriott International, Inc./MD | — (h) | (135) | (9) | 0.0 (g) |
|  Marsh & McLennan Cos., Inc. | — (h) | (41) | (1) | 0.0 (g) |
|  Masco Corp. | (1) | (46) | (1) | 0.0 (g) |
|  Masimo Corp. | — (h) | (67) | 5 | 0.0 (g) |
|  Matador Resources Co. | (1) | (63) | 3 | 0.0 (g) |
|  Match Group, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  McCormick & Co., Inc./MD | — (h) | (11) | (1) | 0.0 (g) |
|  Merck & Co., Inc. | (2) | (163) | (10) | 0.0 (g) |
|  Middleby Corp. (The) | — (h) | (7) | (1) | 0.0 (g) |
|  Mirion Technologies, Inc. | — (h) | (12) | 1 | 0.0 (g) |
|  Mohawk Industries, Inc. | — (h) | (40) | — (h) | 0.0 (g) |
|  Morningstar, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  Murphy USA, Inc. | — (h) | (18) | — (h) | 0.0 (g) |
|  New York Times Co. (The) | — (h) | (7) | — (h) | 0.0 (g) |
|  NiSource, Inc. | — (h) | (19) | — (h) | 0.0 (g) |
|  NuScale Power Corp. | (2) | (33) | 11 | 0.0 (g) |
|  Nutanix, Inc. | (4) | (209) | (19) | 0.0 (g) |
|  Nuvalent, Inc. | — (h) | (16) | 1 | 0.0 (g) |
|  Occidental Petroleum Corp. | (1) | (33) | — (h) | 0.0 (g) |
|  Okta, Inc. | — (h) | (37) | 1 | 0.0 (g) |
|  Old Republic International Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | (20) | (936) | 28 | 0.0 (g) |
|  Onestream, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Ormat Technologies, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  PACCAR, Inc. | (3) | (281) | 1 | 0.0 (g) |
|  Packaging Corp. of America | — (h) | (17) | (1) | 0.0 (g) |
|  Paramount Skydance Corp. | (10) | (150) | 12 | 0.0 (g) |
|  Paychex, Inc. | (2) | (203) | 1 | 0.0 (g) |
|  PennyMac Financial Services, Inc. | (1) | (129) | (3) | 0.0 (g) |
|  Permian Resources Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  Pinterest, Inc. | — (h) | (13) | 1 | 0.0 (g) |
|  PPL Corp. | (1) | (26) | — (h) | 0.0 (g) |
|  Praxis Precision Medicines, Inc. | — (h) | (19) | (1) | 0.0 (g) |
|  Primo Brands Corp. | (1) | (18) | (1) | 0.0 (g) |
|  Procore Technologies, Inc. | (4) | (289) | 18 | 0.0 (g) |
|  Public Service Enterprise Group, Inc. | (2) | (180) | (4) | 0.0 (g) |
|  Quanta Services, Inc. | — (h) | (70) | 6 | 0.0 (g) |
|  QXO, Inc. | (2) | (47) | 4 | 0.0 (g) |
|  Rambus, Inc. | — (h) | (14) | 2 | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | — (h) | (59) | (6) | 0.0 (g) |
|  Repligen Corp. | — (h) | (63) | (1) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | — (h) | (17) | 1 | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | (2) | (223) | (4) | 0.0 (g) |
|  Robinhood Markets, Inc. | — (h) | (63) | 11 | 0.0 (g) |
|  Rocket Lab Corp. | (1) | (34) | (11) | 0.0 (g) |
|  Roper Technologies, Inc. | — (h) | (124) | — (h) | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | — (h) | (31) | (1) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 570 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Semtech Corp. | — (h) | (13) | 1 | 0.0 (g) |
|  Service Corp. International | — (h) | (1) | — (h) | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | — (h) | (34) | 1 | 0.0 (g) |
|  SiteOne Landscape Supply, Inc. | — (h) | (56) | 1 | 0.0 (g) |
|  Snowflake, Inc. | (2) | (338) | 9 | 0.0 (g) |
|  Somnigroup International, Inc. | (10) | (889) | 17 | 0.0 (g) |
|  Southwest Airlines Co. | — (h) | (17) | (1) | 0.0 (g) |
|  SPX Technologies, Inc. | — (h) | (25) | 1 | 0.0 (g) |
|  StandardAero, Inc. | — (h) | (11) | (1) | 0.0 (g) |
|  Starwood Property Trust, Inc. | (1) | (25) | 1 | 0.0 (g) |
|  Steel Dynamics, Inc. | (1) | (206) | (4) | 0.0 (g) |
|  STERIS plc | — (h) | (19) | 1 | 0.0 (g) |
|  Strategy, Inc. | — (h) | (41) | 1 | 0.0 (g) |
|  Super Micro Computer, Inc. | (6) | (218) | 38 | 0.0 (g) |
|  Symbotic, Inc. | (1) | (88) | 1 | 0.0 (g) |
|  TD SYNNEX Corp. | (1) | (92) | 2 | 0.0 (g) |
|  Terreno Realty Corp. | (1) | (39) | 1 | 0.0 (g) |
|  Thermo Fisher Scientific, Inc. | — (h) | (80) | (2) | 0.0 (g) |
|  Timken Co. (The) | (1) | (46) | — (h) | 0.0 (g) |
|  TKO Group Holdings, Inc. | — (h) | (29) | — (h) | 0.0 (g) |
|  TPG, Inc. | (1) | (53) | (1) | 0.0 (g) |
|  Tractor Supply Co. | — (h) | (14) | 1 | 0.0 (g) |
|  TransDigm Group, Inc. | — (h) | (28) | — (h) | 0.0 (g) |
|  Tyler Technologies, Inc. | — (h) | (64) | 1 | 0.0 (g) |
|  Ubiquiti, Inc. | — (h) | (25) | 1 | 0.0 (g) |
|  UDR, Inc. | (2) | (72) | (3) | 0.0 (g) |
|  UGI Corp. | (5) | (186) | 2 | 0.0 (g) |
|  UL Solutions, Inc. | — (h) | (21) | — (h) | 0.0 (g) |
|  UMB Financial Corp. | (3) | (366) | (3) | 0.0 (g) |
|  United Parcel Service, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  US Foods Holding Corp. | (5) | (353) | (2) | 0.0 (g) |
|  Valley National Bancorp | (35) | (401) | (3) | 0.0 (g) |
|  Vertex Pharmaceuticals, Inc. | — (h) | (62) | (2) | 0.0 (g) |
|  Viper Energy, Inc. | (3) | (108) | 3 | 0.0 (g) |
|  Vornado Realty Trust | — (h) | (6) | — (h) | 0.0 (g) |
|  Walt Disney Co. (The) | — (h) | (29) | (2) | 0.0 (g) |
|  Waters Corp. | — (h) | (57) | 2 | 0.0 (g) |
|  Watsco, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Williams Cos., Inc. (The) | (1) | (36) | — (h) | 0.0 (g) |
|  Wintrust Financial Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  Workday, Inc. | (1) | (194) | 5 | 0.0 (g) |
|  Zscaler, Inc. | (2) | (404) | 33 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (25186) | (224) | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Atlassian Corp. | — (h) | 43 | — (h) | 0.0 (g) |
| Bermuda |  |  |  |  |
|  Arch Capital Group Ltd. | 6 | 505 | 28 | 0.0 (g) |
| Denmark |  |  |  |  |
|  Ascendis Pharma A/S | — (h) | 33 | 1 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 571

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **France** | | | | |
|  Abivax SA | — (h) | 11 | — (h) | 0.0 (g) |
| **Germany** |  |  |  |  |
|  BioNTech SE | 1 | 111 | 2 | 0.0 (g) |
| **Hong Kong** |  |  |  |  |
|  Hongkong Land Holdings Ltd. | 20 | 130 | 7 | 0.0 (g) |
|  Jardine Matheson Holdings Ltd. | — (h) | 20 | — (h) | 0.0 (g) |
| **Ireland** |  |  |  |  |
|  Alkermes plc | 1 | 17 | (1) | 0.0 (g) |
|  Aptiv plc | 1 | 108 | (1) | 0.0 (g) |
|  Eaton Corp. plc | — (h) | 88 | (1) | 0.0 (g) |
|  ICON plc | 1 | 189 | — (h) | 0.0 (g) |
| **Israel** |  |  |  |  |
|  Camtek Ltd./Israel | — (h) | 7 | (1) | 0.0 (g) |
|  Check Point Software Technologies Ltd. | — (h) | 44 | (1) | 0.0 (g) |
|  Mobileye Global, Inc. | 1 | 17 | (2) | 0.0 (g) |
|  Tower Semiconductor Ltd. | — (h) | 31 | — (h) | 0.0 (g) |
|  Wix.com Ltd. | — (h) | 21 | 1 | 0.0 (g) |
| **Luxembourg** |  |  |  |  |
|  Millicom International Cellular SA | 1 | 72 | 7 | 0.0 (g) |
| **Netherlands** |  |  |  |  |
|  QIAGEN NV | 1 | 64 | (1) | 0.0 (g) |
| **Norway** |  |  |  |  |
|  Frontline plc | 4 | 83 | (5) | 0.0 (g) |
| **Puerto Rico** |  |  |  |  |
|  Popular, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
| **Singapore** |  |  |  |  |
|  Grab Holdings Ltd. | 4 | 20 | (1) | 0.0 (g) |
| **Sweden** |  |  |  |  |
|  Spotify Technology SA | — (h) | 13 | 1 | 0.0 (g) |
| **Switzerland** |  |  |  |  |
|  Garmin Ltd. | — (h) | 20 | — (h) | 0.0 (g) |
|  Sportradar Group AG | 9 | 200 | 7 | 0.0 (g) |
| **United Kingdom** |  |  |  |  |
|  ARM Holdings plc | — (h) | 5 | (1) | 0.0 (g) |
|  Pentair plc | — (h) | 50 | — (h) | 0.0 (g) |
|  TechnipFMC plc | 1 | 63 | (1) | 0.0 (g) |
| **United States** |  |  |  |  |
|  AECOM | — (h) | 34 | (1) | 0.0 (g) |
|  AeroVironment, Inc. | — (h) | 43 | (6) | 0.0 (g) |
|  AES Corp. (The) | 4 | 50 | 2 | 0.0 (g) |
|  Affirm Holdings, Inc. | 1 | 36 | 3 | 0.0 (g) |
|  Aflac, Inc. | 4 | 415 | 8 | 0.0 (g) |
|  Alaska Air Group, Inc. | 1 | 25 | 1 | 0.0 (g) |
|  Allstate Corp. (The) | 1 | 135 | 2 | 0.0 (g) |
|  Altria Group, Inc. | 13 | 771 | (6) | 0.0 (g) |
|  Amdocs Ltd. | — (h) | 18 | 1 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 572 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Ameren Corp. | 1 | 110 | 1 | 0.0 (g) |
|  American Healthcare REIT, Inc. | 1 | 68 | (4) | 0.0 (g) |
|  American Tower Corp. | 4 | 699 | (29) | 0.0 (g) |
|  American Water Works Co., Inc. | — (h) | 39 | 1 | 0.0 (g) |
|  Ameriprise Financial, Inc. | — (h) | 33 | 1 | 0.0 (g) |
|  Amphenol Corp. | — (h) | 8 | — (h) | 0.0 (g) |
|  Antero Resources Corp. | 6 | 219 | (17) | 0.0 (g) |
|  API Group Corp. | 8 | 311 | (5) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | — (h) | 48 | — (h) | 0.0 (g) |
|  Bank OZK | 1 | 36 | (2) | 0.0 (g) |
|  Biogen, Inc. | — (h) | 18 | — (h) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | — (h) | 14 | 2 | 0.0 (g) |
|  BJ's Wholesale Club Holdings, Inc. | 1 | 92 | (1) | 0.0 (g) |
|  Block, Inc. | 1 | 46 | 3 | 0.0 (g) |
|  Boston Scientific Corp. | 6 | 599 | 10 | 0.0 (g) |
|  Bright Horizons Family Solutions, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  Brightstar Lottery plc | 7 | 100 | 4 | 0.0 (g) |
|  Bristol-Myers Squibb Co. | 14 | 705 | 31 | 0.0 (g) |
|  Brixmor Property Group, Inc. | 7 | 171 | 11 | 0.0 (g) |
|  Cal-Maine Foods, Inc. | — (h) | 38 | (3) | 0.0 (g) |
|  Camden Property Trust | — (h) | 5 | — (h) | 0.0 (g) |
|  Carlisle Cos., Inc. | — (h) | 35 | — (h) | 0.0 (g) |
|  CarMax, Inc. | 1 | 22 | — (h) | 0.0 (g) |
|  Carnival Corp. | 1 | 38 | 7 | 0.0 (g) |
|  Casey's General Stores, Inc. | — (h) | 13 | (1) | 0.0 (g) |
|  CBRE Group, Inc. | — (h) | 55 | 2 | 0.0 (g) |
|  Centene Corp. | 1 | 22 | 1 | 0.0 (g) |
|  Charter Communications, Inc. | — (h) | 32 | 1 | 0.0 (g) |
|  Chemed Corp. | — (h) | 68 | 2 | 0.0 (g) |
|  Chord Energy Corp. | 1 | 73 | (3) | 0.0 (g) |
|  Cirrus Logic, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Cleveland-Cliffs, Inc. | 7 | 84 | 5 | 0.0 (g) |
|  Cognex Corp. | 3 | 130 | (8) | 0.0 (g) |
|  Cognizant Technology Solutions Corp. | 1 | 100 | 3 | 0.0 (g) |
|  Comfort Systems USA, Inc. | — (h) | 10 | (1) | 0.0 (g) |
|  Commercial Metals Co. | — (h) | 28 | 1 | 0.0 (g) |
|  Conagra Brands, Inc. | 3 | 59 | — (h) | 0.0 (g) |
|  Constellation Brands, Inc. | 2 | 216 | (6) | 0.0 (g) |
|  Construction Partners, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Copart, Inc. | 6 | 213 | 4 | 0.0 (g) |
|  Credo Technology Group Holding Ltd. | 1 | 103 | (20) | 0.0 (g) |
|  Crown Castle, Inc. | — (h) | 22 | (1) | 0.0 (g) |
|  Crown Holdings, Inc. | — (h) | 39 | 3 | 0.0 (g) |
|  CubeSmart | 1 | 50 | — (h) | 0.0 (g) |
|  DaVita, Inc. | — (h) | 52 | (2) | 0.0 (g) |
|  Dell Technologies, Inc. | 4 | 531 | (54) | 0.0 (g) |
|  Devon Energy Corp. | 22 | 808 | (20) | 0.0 (g) |
|  Dexcom, Inc. | 3 | 210 | 2 | 0.0 (g) |
|  Digital Realty Trust, Inc. | — (h) | 58 | (3) | 0.0 (g) |
|  Doximity, Inc. | 1 | 23 | (1) | 0.0 (g) |
|  DR Horton, Inc. | 1 | 208 | (11) | 0.0 (g) |
|  Dropbox, Inc. | 2 | 47 | (2) | 0.0 (g) |
|  Dycom Industries, Inc. | — (h) | 20 | (1) | 0.0 (g) |
|  Dynatrace, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Ecolab, Inc. | — (h) | 47 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 573

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Edwards Lifesciences Corp. | 1 | 78 | 1 | 0.0 (g) |
|  Elastic NV | 5 | 357 | (1) | 0.0 (g) |
|  EMCOR Group, Inc. | — (h) | 3 | — (h) | 0.0 (g) |
|  Emerson Electric Co. | — (h) | 34 | — (h) | 0.0 (g) |
|  Encompass Health Corp. | 3 | 372 | (18) | 0.0 (g) |
|  EOG Resources, Inc. | 1 | 68 | (1) | 0.0 (g) |
|  EPAM Systems, Inc. | 1 | 295 | 2 | 0.0 (g) |
|  Etsy, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Eversource Energy | 1 | 77 | 1 | 0.0 (g) |
|  ExlService Holdings, Inc. | 12 | 498 | 30 | 0.0 (g) |
|  Federal Signal Corp. | — (h) | 9 | — (h) | 0.0 (g) |
|  Ferguson Enterprises, Inc. | — (h) | 14 | (1) | 0.0 (g) |
|  Fidelity National Information Services, Inc. | — (h) | 2 | — (h) | 0.0 (g) |
|  First Horizon Corp. | 4 | 90 | 4 | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Flex Ltd. | 9 | 628 | (66) | 0.0 (g) |
|  Flowserve Corp. | 6 | 431 | (12) | 0.0 (g) |
|  Fluor Corp. | 5 | 207 | (18) | 0.0 (g) |
|  Fox Corp. | — (h) | 5 | — (h) | 0.0 (g) |
|  Franklin Resources, Inc. | 3 | 66 | 2 | 0.0 (g) |
|  Freeport-McMoRan, Inc. | 18 | 816 | 105 | 0.0 (g) |
|  Gap, Inc. (The) | 1 | 38 | — (h) | 0.0 (g) |
|  GE Vernova, Inc. | — (h) | 65 | 3 | 0.0 (g) |
|  General Electric Co. | — (h) | 59 | 4 | 0.0 (g) |
|  Gentex Corp. | 1 | 32 | — (h) | 0.0 (g) |
|  Globe Life, Inc. | 2 | 277 | 14 | 0.0 (g) |
|  Grand Canyon Education, Inc. | — (h) | 3 | — (h) | 0.0 (g) |
|  Guardant Health, Inc. | 2 | 214 | (4) | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | — (h) | 9 | 1 | 0.0 (g) |
|  Hamilton Lane, Inc. | 1 | 71 | 4 | 0.0 (g) |
|  Hanover Insurance Group, Inc. (The) | — (h) | 12 | — (h) | 0.0 (g) |
|  Hasbro, Inc. | — (h) | 28 | — (h) | 0.0 (g) |
|  HealthEquity, Inc. | 4 | 385 | (2) | 0.0 (g) |
|  HEICO Corp. | 3 | 768 | 22 | 0.0 (g) |
|  Henry Schein, Inc. | 1 | 100 | 4 | 0.0 (g) |
|  HF Sinclair Corp. | 3 | 136 | (6) | 0.0 (g) |
|  Honeywell International, Inc. | — (h) | 82 | 1 | 0.0 (g) |
|  HubSpot, Inc. | — (h) | 20 | 2 | 0.0 (g) |
|  Huntington Bancshares, Inc. | 54 | 908 | 22 | 0.0 (g) |
|  IES Holdings, Inc. | — (h) | 31 | (4) | 0.0 (g) |
|  Illinois Tool Works, Inc. | — (h) | 61 | — (h) | 0.0 (g) |
|  Illumina, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  Incyte Corp. | — (h) | 18 | — (h) | 0.0 (g) |
|  Ingredion, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Installed Building Products, Inc. | — (h) | 21 | (1) | 0.0 (g) |
|  Insulet Corp. | — (h) | 8 | — (h) | 0.0 (g) |
|  Interactive Brokers Group, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Intuitive Surgical, Inc. | 1 | 424 | — (h) | 0.0 (g) |
|  Jabil, Inc. | 3 | 613 | 7 | 0.0 (g) |
|  JB Hunt Transport Services, Inc. | 2 | 303 | 7 | 0.0 (g) |
|  Jefferies Financial Group, Inc. | 1 | 41 | 2 | 0.0 (g) |
|  Johnson Controls International plc | — (h) | 7 | — (h) | 0.0 (g) |
|  KBR, Inc. | — (h) | 17 | (1) | 0.0 (g) |
|  Keysight Technologies, Inc. | — (h) | 92 | (3) | 0.0 (g) |
|  Kirby Corp. | 1 | 117 | (2) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 574 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Kratos Defense & Security Solutions, Inc. | 1 | 64 | (1) | 0.0 (g) |
|  Kyndryl Holdings, Inc. | 4 | 101 | 2 | 0.0 (g) |
|  Las Vegas Sands Corp. | — (h) | 15 | — (h) | 0.0 (g) |
|  Lear Corp. | 1 | 69 | 6 | 0.0 (g) |
|  Leidos Holdings, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Lennar Corp. | 1 | 69 | (8) | 0.0 (g) |
|  Louisiana-Pacific Corp. | — (h) | 11 | — (h) | 0.0 (g) |
|  Lumentum Holdings, Inc. | — (h) | 28 | 2 | 0.0 (g) |
|  Lyft, Inc. | 3 | 60 | (8) | 0.0 (g) |
|  Manhattan Associates, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  MasTec, Inc. | — (h) | 61 | (1) | 0.0 (g) |
|  Meritage Homes Corp. | 3 | 178 | (11) | 0.0 (g) |
|  Meta Platforms, Inc. | — (h) | 207 | (2) | 0.0 (g) |
|  MetLife, Inc. | 1 | 40 | — (h) | 0.0 (g) |
|  Mettler-Toledo International, Inc. | — (h) | 48 | — (h) | 0.0 (g) |
|  Microchip Technology, Inc. | — (h) | 3 | — (h) | 0.0 (g) |
|  Micron Technology, Inc. | — (h) | 85 | 13 | 0.0 (g) |
|  Mid-America Apartment Communities, Inc. | 2 | 232 | 14 | 0.0 (g) |
|  Molina Healthcare, Inc. | — (h) | 72 | 8 | 0.0 (g) |
|  Morgan Stanley | — (h) | 7 | — (h) | 0.0 (g) |
|  Mosaic Co. (The) | 1 | 25 | — (h) | 0.0 (g) |
|  Motorola Solutions, Inc. | 1 | 419 | 14 | 0.0 (g) |
|  National Fuel Gas Co. | 4 | 345 | (6) | 0.0 (g) |
|  Netflix, Inc. | — (h) | 22 | — (h) | 0.0 (g) |
|  Neurocrine Biosciences, Inc. | — (h) | 28 | (2) | 0.0 (g) |
|  NNN REIT, Inc. | 2 | 71 | — (h) | 0.0 (g) |
|  Nordson Corp. | 1 | 180 | 5 | 0.0 (g) |
|  NVR, Inc. | — (h) | 469 | (9) | 0.0 (g) |
|  Ollie's Bargain Outlet Holdings, Inc. | — (h) | 26 | (2) | 0.0 (g) |
|  ON Semiconductor Corp. | 1 | 62 | (2) | 0.0 (g) |
|  Onto Innovation, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Oshkosh Corp. | — (h) | 56 | (1) | 0.0 (g) |
|  Otis Worldwide Corp. | 2 | 137 | 2 | 0.0 (g) |
|  Owens Corning | — (h) | 10 | — (h) | 0.0 (g) |
|  Paycom Software, Inc. | — (h) | 22 | (1) | 0.0 (g) |
|  Paylocity Holding Corp. | — (h) | 7 | — (h) | 0.0 (g) |
|  Penske Automotive Group, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Philip Morris International, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Pilgrim's Pride Corp. | — (h) | 18 | — (h) | 0.0 (g) |
|  Pinnacle Financial Partners, Inc. | 4 |  | (6) | 0.0 (g) |
|  Pinnacle West Capital Corp. | 2 | 142 | 2 | 0.0 (g) |
|  PNC Financial Services Group, Inc. (The) | 3 | 610 | 34 | 0.0 (g) |
|  Pool Corp. | 1 | 142 | (4) | 0.0 (g) |
|  Quest Diagnostics, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Ralph Lauren Corp. | — (h) | 9 | — (h) | 0.0 (g) |
|  RBC Bearings, Inc. | — (h) | 19 | — (h) | 0.0 (g) |
|  Regency Centers Corp. | 7 | 454 | 8 | 0.0 (g) |
|  Reliance, Inc. | — (h) | 62 | 1 | 0.0 (g) |
|  Revvity, Inc. | — (h) | 31 | — (h) | 0.0 (g) |
|  Rigetti Computing, Inc. | 2 | 62 | (13) | 0.0 (g) |
|  ROBLOX Corp. | — (h) | 14 | (2) | 0.0 (g) |
|  Roivant Sciences Ltd. | 10 | 219 | 7 | 0.0 (g) |
|  Roku, Inc. | — (h) | 10 | 1 | 0.0 (g) |
|  RPM International, Inc. | — (h) | 24 | — (h) | 0.0 (g) |
|  Salesforce, Inc. | — (h) | 74 | 2 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 575

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Sandisk Corp | — (h) | 15 | — (h) | 0.0 (g) |
|  SBA Communications Corp. | — (h) | 17 | — (h) | 0.0 (g) |
|  SEI Investments Co. | 1 | 89 | — (h) | 0.0 (g) |
|  ServiceNow, Inc. | 2 | 367 | (38) | 0.0 (g) |
|  Simon Property Group, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Sirius XM Holdings, Inc. | 1 | 20 | (2) | 0.0 (g) |
|  Skyworks Solutions, Inc. | 1 | 39 | (2) | 0.0 (g) |
|  State Street Corp. | — (h) | 16 | 1 | 0.0 (g) |
|  Stryker Corp. | 2 | 535 | (3) | 0.0 (g) |
|  Target Corp. | 2 | 158 | 8 | 0.0 (g) |
|  Taylor Morrison Home Corp. | 1 | 39 | — (h) | 0.0 (g) |
|  Tenet Healthcare Corp. | — (h) | 65 | (2) | 0.0 (g) |
|  Thor Industries, Inc. | — (h) | 29 | — (h) | 0.0 (g) |
|  Toll Brothers, Inc. | — (h) | 32 | — (h) | 0.0 (g) |
|  Toro Co. (The) | — (h) | 5 | 1 | 0.0 (g) |
|  Trade Desk, Inc. (The) | 1 | 58 | (2) | 0.0 (g) |
|  Trimble, Inc. | — (h) | 15 | (1) | 0.0 (g) |
|  Truist Financial Corp. | — (h) | 8 | — (h) | 0.0 (g) |
|  TTM Technologies, Inc. | — (h) | 29 | (2) | 0.0 (g) |
|  Uber Technologies, Inc. | 2 | 181 | (17) | 0.0 (g) |
|  UFP Industries, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Universal Display Corp. | — (h) | 39 | (2) | 0.0 (g) |
|  Unum Group | — (h) | 29 | 2 | 0.0 (g) |
|  Urban Outfitters, Inc. | — (h) | 36 | — (h) | 0.0 (g) |
|  US Bancorp | 23 | 1204 | 46 | 0.0 (g) |
|  Veeva Systems, Inc. | — (h) | 26 | (2) | 0.0 (g) |
|  Ventas, Inc. | — (h) | 13 | (1) | 0.0 (g) |
|  Veralto Corp. | 4 | 365 | 1 | 0.0 (g) |
|  Vistra Corp. | — (h) | 59 | (2) | 0.0 (g) |
|  Wayfair, Inc. | 2 | 164 | 12 | 0.0 (g) |
|  WEC Energy Group, Inc. | 3 | 329 | 2 | 0.0 (g) |
|  Woodward, Inc. | — (h) | 107 | 1 | 0.0 (g) |
|  WP Carey, Inc. | 1 | 42 | (1) | 0.0 (g) |
|  Wyndham Hotels & Resorts, Inc. | 4 | 265 | 15 | 0.0 (g) |
|  XPO, Inc. | — (h) | 58 | (2) | 0.0 (g) |
|  Zimmer Biomet Holdings, Inc. | 2 | 162 | (5) | 0.0 (g) |
|  Zions Bancorp NA | 8 | 428 | 22 | 0.0 (g) |
|  Zoetis, Inc. | — (h) | 47 | 3 | 0.0 (g) |
| **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | — (h) | 61 | (2) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **29728** | **110** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **4542** | **(114)** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in AUD based on the local currencies of the positions within the swap | 12/10/2049 | 9 | – (h) | – | — (h) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 576 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Australia |  |  |  |  |
|  Fortescue Ltd. | — (h) | 9 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 9 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 9 | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives 3.6% on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/02/2030 | 4162 | 9 | 5 | 14 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ANZ Group Holdings Ltd. | (4) | (128) | (2) | 0.0 (g) |
|  ASX Ltd. | (2) | (108) | 3 | 0.0 (g) |
|  Brambles Ltd. | (2) | (56) | (1) | 0.0 (g) |
|  CAR Group Ltd. | (1) | (23) | — (h) | 0.0 (g) |
|  Dexus | (1) | (8) | — (h) | 0.0 (g) |
|  Genesis Minerals Ltd. | (28) | (181) | (13) | 0.0 (g) |
|  Goodman Group | (2) | (72) | (3) | 0.0 (g) |
|  Lynas Rare Earths Ltd. | (1) | (10) | — (h) | 0.0 (g) |
|  Northern Star Resources Ltd. | — (h) | (1) | — (h) | 0.0 (g) |
|  Ramelius Resources Ltd. | (1) | (6) | — (h) | 0.0 (g) |
|  Scentre Group | (13) | (55) | — (h) | 0.0 (g) |
|  Sigma Healthcare Ltd. | (127) | (370) | (3) | 0.0 (g) |
|  Stockland | (3) | (15) | — (h) | 0.0 (g) |
|  Vicinity Ltd. | (25) | (63) | — (h) | 0.0 (g) |
|  Wesfarmers Ltd. |  |  |  | 0.0 (g) |
|  WiseTech Global Ltd. | — (h) | (2) | — (h) | 0.0 (g) |
|  Woolworths Group Ltd. | (1) | (27) | — (h) | 0.0 (g) |
| Finland |  |  |  |  |
|  Cochlear Ltd. | — (h) | (6) | — (h) | 0.0 (g) |
| New Zealand |  |  |  |  |
|  a2 Milk Co. Ltd./The | (27) | (246) | (3) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1377) | (22) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 577

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions** | | | | |
| **Common Stocks** | | | | |
|  **Australia** |  |  |  |  |
|  Ampol Ltd. | 4 | 115 | (2) | 0.0 (g) |
|  Aristocrat Leisure Ltd. | 4 | 200 | 3 | 0.0 (g) |
|  Aurizon Holdings Ltd. | 21 | 75 | 2 | 0.0 (g) |
|  Computershare Ltd. | 9 | 305 | — (h) | 0.0 (g) |
|  Evolution Mining Ltd. | 51 | 626 | 14 | 0.0 (g) |
|  HUB24 Ltd. | 1 | 51 | (1) | 0.0 (g) |
|  Insurance Australia Group Ltd. | 4 | 28 | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | 1 | 74 | 1 | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | 6 | 29 | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | — (h) | 49 | 1 | 0.0 (g) |
|  Mineral Resources Ltd. | 1 | 34 | 1 | 0.0 (g) |
|  Mirvac Group | 26 | 52 | — (h) | 0.0 (g) |
|  Orica Ltd. | 14 | 333 | 5 | 0.0 (g) |
|  Pro Medicus Ltd. | — (h) | 116 | (4) | 0.0 (g) |
|  Qantas Airways Ltd. | 50 | 493 | 19 | 0.0 (g) |
|  QBE Insurance Group Ltd. | 15 | 283 | 5 | 0.0 (g) |
|  REA Group Ltd. | 3 | 473 | (9) | 0.0 (g) |
|  Sandfire Resources Ltd. | 7 | 123 | 5 | 0.0 (g) |
|  Santos Ltd. | 32 | 198 | (1) | 0.0 (g) |
|  SEEK Ltd. | 9 | 199 | 1 | 0.0 (g) |
|  Sonic Healthcare Ltd. | 21 | 483 | (5) | 0.0 (g) |
|  Suncorp Group Ltd. | 3 | 59 | — (h) | 0.0 (g) |
|  Technology One Ltd. | 16 | 446 | 5 | 0.0 (g) |
|  Treasury Wine Estates Ltd. | 29 | 158 | (5) | 0.0 (g) |
| **Long Positions — continued** |  |  |  |  |
|  **Common Stocks — continued** |  |  |  |  |
|  **Australia — continued** |  |  |  |  |
|  Woodside Energy Group Ltd. | 2 | 55 | (1) | 0.0 (g) |
|  Worley Ltd. | 23 | 287 | 2 | 0.0 (g) |
| **Finland** |  |  |  |  |
|  CSL Ltd. | 1 | 195 | (5) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **5539** | **31** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **4162** | **9** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives 2.24% on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/02/2030 | 2667 | 104 | (8) | 96 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 578 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Canada |  |  |  |  |
|  AltaGas Ltd. | — (h) | (10) | — (h) | 0.0 (g) |
|  ARC Resources Ltd. | (4) | (94) | — (h) | 0.0 (g) |
|  Bank of Montreal | (4) | (800) | 12 | 0.0 (g) |
|  Bombardier, Inc. | — (h) | (34) | (1) | 0.0 (g) |
|  Brookfield Corp. | (5) | (320) | (2) | 0.0 (g) |
|  BRP, Inc. | (1) | (128) | 8 | 0.0 (g) |
|  Canadian Utilities Ltd. | (2) | (88) | (1) | 0.0 (g) |
|  Cenovus Energy, Inc. | (32) | (779) | 25 | 0.0 (g) |
|  G Mining Ventures Corp. | (5) | (185) | (6) | 0.0 (g) |
|  Gildan Activewear, Inc. | (1) | (59) | (2) | 0.0 (g) |
|  Great-West Lifeco, Inc. | — (h) | (21) | — (h) | 0.0 (g) |
|  Hydro One Ltd. | (23) | (1220) | (29) | 0.0 (g) |
|  iA Financial Corp., Inc. | (1) | (160) | (1) | 0.0 (g) |
|  Methanex Corp. | (1) | (38) | — (h) | 0.0 (g) |
|  National Bank of Canada | (1) | (153) | — (h) | 0.0 (g) |
|  Novagold Resources, Inc. | (2) | (31) | 1 | 0.0 (g) |
|  Nutrien Ltd. | (4) | (379) | 1 | 0.0 (g) |
|  Peyto Exploration & Development Corp. | (2) | (40) | — (h) | 0.0 (g) |
|  Restaurant Brands International, Inc. | — (h) | (41) | 1 | 0.0 (g) |
|  Secure Waste Infrastructure Corp. | (2) | (29) | — (h) | 0.0 (g) |
|  South Bow Corp. | (2) | (83) | 1 | 0.0 (g) |
|  Torex Gold Resources, Inc. | (1) | (74) | (2) | 0.0 (g) |
|  West Fraser Timber Co. Ltd. | — (h) | (8) | — (h) | 0.0 (g) |
|  Whitecap Resources, Inc. | (22) | (254) | 2 | 0.0 (g) |
| United States |  |  |  |  |
|  Brookfield Asset Management Ltd. | (8) | (622) | 8 | 0.0 (g) |
|  Energy Fuels, Inc. | (1) | (13) | — (h) | 0.0 (g) |
|  Galaxy Digital, Inc. | (2) | (81) | 5 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (5744) | 20 | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Air Canada | 10 | 185 | 6 | 0.0 (g) |
|  Alamos Gold, Inc. | — (h) | 2 | — (h) | 0.0 (g) |
|  B2Gold Corp. | 36 | 227 | (5) | 0.0 (g) |
|  Barrick Mining Corp. | 30 | 1764 | 3 | 0.0 (g) |
|  Canadian Apartment Properties REIT | 18 | 639 | 10 | 0.0 (g) |
|  Canadian Pacific Kansas City Ltd. | 1 | 105 | (1) | 0.0 (g) |
|  CCL Industries, Inc. | 1 | 85 | 2 | 0.0 (g) |
|  Celestica, Inc. | — (h) | 191 | (4) | 0.0 (g) |
|  CGI, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Colliers International Group, Inc. | — (h) | 68 | 1 | 0.0 (g) |
|  Constellation Software, Inc./Canada | — (h) | 514 | (4) | 0.0 (g) |
|  DPM Metals, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Empire Co. Ltd. | 1 | 56 | — (h) | 0.0 (g) |
|  Fairfax Financial Holdings Ltd. | — (h) | 10 | — (h) | 0.0 (g) |
|  Finning International, Inc. | — (h) | 34 | — (h) | 0.0 (g) |
|  First Quantum Minerals Ltd. | 1 | 36 | 2 | 0.0 (g) |
|  George Weston Ltd. | — (h) | 44 | — (h) | 0.0 (g) |
|  Hudbay Minerals, Inc. | 35 | 915 | 33 | 0.0 (g) |
|  Intact Financial Corp. | 1 | 238 | 3 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 579

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
|  Kinross Gold Corp. | 2 | 71 | — (h) | 0.0 (g) |
|  Loblaw Cos. Ltd. | 4 | 253 | 1 | 0.0 (g) |
|  Lundin Gold, Inc. | — (h) | 28 | 1 | 0.0 (g) |
|  Metro, Inc./CN | — (h) | 23 | — (h) | 0.0 (g) |
|  Orla Mining Ltd. | 4 | 70 | — (h) | 0.0 (g) |
|  Pan American Silver Corp. | 12 | 827 | 29 | 0.0 (g) |
|  RioCan Real Estate Investment Trust | 9 | 166 | 2 | 0.0 (g) |
|  Stantec, Inc. | 3 | 346 | 1 | 0.0 (g) |
|  TELUS Corp. | 11 | 198 | 4 | 0.0 (g) |
|  Thomson Reuters Corp. | 1 | 191 | — (h) | 0.0 (g) |
|  TMX Group Ltd. | 1 | 45 | — (h) | 0.0 (g) |
|  TransAlta Corp. | — (h) | 7 | — (h) | 0.0 (g) |
|  Triple Flag Precious Metals Corp. | — (h) | 15 | — (h) | 0.0 (g) |
|  Wheaton Precious Metals Corp. | — (h) | 10 | — (h) | 0.0 (g) |
|  WSP Global, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
| **United States** |  |  |  |  |
|  Brookfield Infrastructure Corp. | 16 | 1018 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **8411** | **84** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **2667** | **104** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives 2.24% on long positions and short positions respectively, plus or minus spread (rates range from 0.25% to 0.25%) which is denominated in CAD based on the local currencies of the positions within the swap | 12/12/2049 | 997 | 3 | 2 | 5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Canada |  |  |  |  |
|  Agnico Eagle Mines Ltd. | 4 | 997 | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 997 | 3 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 997 | 3 | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 580 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in CHF based on the local currencies of the positions within the swap | 12/05/2049 | 10 | 1 | – | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Temenos AG | — (h) | 10 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 10 | 1 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 10 | 1 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 09/02/2030 | 1069 | (82) | – | (82) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Switzerland |  |  |  |  |
|  Avolta AG | — (h) | (5) | — (h) | 0.0 (g) |
|  Belimo Holding AG | — (h) | (21) | — (h) | 0.0 (g) |
|  Galderma Group AG | (1) | (88) | 3 | 0.0 (g) |
|  Geberit AG | — (h) | (83) | — (h) | 0.0 (g) |
|  Givaudan SA | — (h) | (44) | — (h) | 0.0 (g) |
|  Kuehne + Nagel International AG | — (h) | (23) | — (h) | 0.0 (g) |
|  Straumann Holding AG | — (h) | (43) | — (h) | 0.0 (g) |
|  Swiss Life Holding AG | — (h) | (30) | (1) | 0.0 (g) |
|  Swiss Prime Site AG | (1) | (100) | (5) | 0.0 (g) |
|  Swiss Re AG | — (h) | (17) | — (h) | 0.0 (g) |
|  Swisscom AG | — (h) | (96) | (4) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 581

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Switzerland — continued** | | | | |
|  VAT Group AG | — (h) | (46) | 1 | 0.0 (g) |
|  Zurich Insurance Group AG | — (h) | (53) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(649)** | **(7)** | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | 1 | 57 | — (h) | 0.0 (g) |
|  Accelleron Industries AG | 1 | 37 | (1) | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | — (h) | 70 | — (h) | 0.0 (g) |
|  EMS-Chemie Holding AG | — (h) | 23 | — (h) | 0.0 (g) |
|  Flughafen Zurich AG | — (h) | 2 | — (h) | 0.0 (g) |
|  Holcim AG | 1 | 40 | 1 | 0.0 (g) |
|  Julius Baer Group Ltd. | — (h) | 29 | 1 | 0.0 (g) |
|  Logitech International SA | 10 | 846 | (89) | 0.0 (g) |
|  Novartis AG | 1 | 158 | 4 | 0.0 (g) |
|  Partners Group Holding AG | — (h) | 29 | 1 | 0.0 (g) |
|  PSP Swiss Property AG | — (h) | 8 | — (h) | 0.0 (g) |
|  Schindler Holding AG | — (h) | 57 | 1 | 0.0 (g) |
|  SGS SA | — (h) | 25 | 1 | 0.0 (g) |
|  SIG Group AG | 1 | 10 | 2 | 0.0 (g) |
|  Sonova Holding AG | 1 | 215 | 1 | 0.0 (g) |
|  Sunrise Communications AG | — (h) | 4 | — (h) | 0.0 (g) |
|  Swatch Group AG (The) | 1 | 87 | 2 | 0.0 (g) |
|  Swissquote Group Holding SA | — (h) | 21 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **1718** | **(75)** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **1069** | **(82)** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in CHF based on the local currencies of the positions within the swap | 12/15/2049 | 4 | – (h) | – | — (h) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 582 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Barry Callebaut AG | — (h) | 4 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 4 | **—** (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 4 | **—** (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in DKK based on the local currencies of the positions within the swap | 12/03/2049 | (907) | (1) | – | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Carlsberg A/S | (1) | (907) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (907) | (1) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (907) | (1) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in DKK based on the local currencies of the positions within the swap | 09/02/2030 | 4068 | – |  |  |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 583

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Danske Bank A/S | (1) | (207) | (1) | 0.0 (g) |
|  Novo Nordisk A/S | (3) | (934) | (5) | 0.0 (g) |
|  Novonesis Novozymes B | (3) | (1271) | (8) | 0.0 (g) |
|  Orsted A/S | (3) | (423) | 7 | 0.0 (g) |
|  ROCKWOOL A/S | (2) | (401) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(3236)** | **(7)** | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller — Maersk A/S | — (h) | 3906 | — (h) | 0.0 (g) |
|  Coloplast A/S | — (h) | 87 | — (h) | 0.0 (g) |
|  Pandora A/S | 1 | 512 | 2 | 0.0 (g) |
|  Tryg A/S | 10 | 1565 | 8 | 0.0 (g) |
|  Vestas Wind Systems A/S | 4 | 683 | 1 | 0.0 (g) |
|  Zealand Pharma A/S | 1 | 551 | (4) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **7304** | **7** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **4068** | **—** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in EUR based on the local currencies of the positions within the swap | 12/04/2049 | (222) | 1 | – | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **France** |  |  |  |  |
|  Carrefour SA | (13) | (184) | 1 | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Bayerische Motoren Werke AG | — (h) | (38) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (222) | 1 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (222) | 1 | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 584 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in EUR based on the local currencies of the positions within the swap | 12/19/2049 | (25) | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Germany** |  |  |  |  |
|  Puma SE | (1) | (31) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (31) | — (h) | **0.0** (g) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Germany** |  |  |  |  |
|  SAP SE | — (h) | 6 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 6 | **—** (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (25) | **—** (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in EUR based on the local currencies of the positions within the swap | 12/11/2049 | (1186) | 11 | – | 11 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Germany** |  |  |  |  |
|  Rheinmetall AG | (1) | (1186) | 11 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1186) | 11 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1186) | 11 | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 585

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in EUR based on the local currencies of the positions within the swap | 12/14/2049 | 99 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Germany** |  |  |  |  |
|  Allianz SE | — (h) | 99 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 99 | **—** (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 99 | **—** (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in EUR based on the local currencies of the positions within the swap | 12/17/2049 | 60 | 2 | – | 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Germany** |  |  |  |  |
|  Deutsche Boerse AG | — (h) | 55 | 2 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  Wolters Kluwer NV | — (h) | 5 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 60 | 2 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 60 | 2 | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 586 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in EUR based on the local currencies of the positions within the swap | 12/31/2049 | 161 | 3 | – | 3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Spain** |  |  |  |  |
|  Naturgy Energy Group SA | 6 | 161 | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 161 | 3 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 161 | 3 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in EUR based on the local currencies of the positions within the swap | 12/09/2049 | (129) | (8) | – | (8) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Germany** |  |  |  |  |
|  Infineon Technologies AG | (4) | (129) | (8) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (129) | (8) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (129) | (8) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 587

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 09/02/2030 | 8533 | 225 | 23 | 248 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Austria** |  |  |  |  |
|  Verbund AG | (1) | (67) | (1) | 0.0 (g) |
| Belgium |  |  |  |  |
|  Anheuser-Busch InBev SA | (1) | (28) | — (h) | 0.0 (g) |
|  Elia Group SA | — (h) | (5) | — (h) | 0.0 (g) |
|  Lotus Bakeries NV | — (h) | (23) | (1) | 0.0 (g) |
|  Syensqo SA | — (h) | (16) | — (h) | 0.0 (g) |
| Finland |  |  |  |  |
|  Fortum OYJ | (3) | (56) | — (h) | 0.0 (g) |
|  Kesko OYJ | (1) | (22) | (1) | 0.0 (g) |
|  Nordea Bank Abp | — (h) | (1) | — (h) | 0.0 (g) |
|  Orion OYJ | — (h) | (4) | — (h) | 0.0 (g) |
|  Stora Enso OYJ | (3) | (33) | (1) | 0.0 (g) |
| France |  |  |  |  |
|  Aeroports de Paris SA | (1) | (126) | 21 | 0.0 (g) |
|  Alstom SA | (1) | (15) | — (h) | 0.0 (g) |
|  Amundi SA | — (h) | (27) | (1) | 0.0 (g) |
|  Arkema SA | — (h) | (5) | — (h) | 0.0 (g) |
|  Bouygues SA | (2) | (86) | (1) | 0.0 (g) |
|  Danone SA | (10) | (776) | 3 | 0.0 (g) |
|  Dassault Aviation SA | — (h) | (88) | (1) | 0.0 (g) |
|  Edenred SE | (1) | (10) | — (h) | 0.0 (g) |
|  FDJ UNITED | (1) | (29) | (1) | 0.0 (g) |
|  Gaztransport Et Technigaz SA | — (h) | (8) | — (h) | 0.0 (g) |
|  Getlink SE | (1) | (19) | (1) | 0.0 (g) |
|  Hermes International SCA | — (h) | (283) | 4 | 0.0 (g) |
|  Rexel SA | — (h) | (10) | — (h) | 0.0 (g) |
|  Sartorius Stedim Biotech | — (h) | (47) | (1) | 0.0 (g) |
|  Schneider Electric SE | (4) | (920) | 35 | 0.0 (g) |
|  TotalEnergies SE | (4) | (233) | — (h) | 0.0 (g) |
|  Unibail-Rodamco-Westfield | (1) | (110) | (1) | 0.0 (g) |
| Germany |  |  |  |  |
|  Bayer AG | (2) | (66) | (2) | 0.0 (g) |
|  Bayerische Motoren Werke AG | — (h) | (13) | (1) | 0.0 (g) |
|  Beiersdorf AG | (2) | (150) | — (h) | 0.0 (g) |
|  Brenntag SE | — (h) | (7) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 588 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Germany — continued |  |  |  |  |
|  CTS Eventim AG & Co. KGaA | — (h) | (21) | (1) | 0.0 (g) |
|  Daimler Truck Holding AG | — (h) | (6) | — (h) | 0.0 (g) |
|  MTU Aero Engines AG | — (h) | (27) | — (h) | 0.0 (g) |
|  Talanx AG | — (h) | (11) | — (h) | 0.0 (g) |
|  Volkswagen AG | — (h) | (14) | 1 | 0.0 (g) |
| Ireland |  |  |  |  |
|  AIB Group plc | (19) | (174) | (4) | 0.0 (g) |
|  Bank of Ireland Group plc | (1) | (18) | — (h) | 0.0 (g) |
|  Kingspan Group plc | — (h) | (11) | — (h) | 0.0 (g) |
| Italy |  |  |  |  |
|  A2A SpA | (11) | (26) | — (h) | 0.0 (g) |
|  Brunello Cucinelli SpA | — (h) | (23) | — (h) | 0.0 (g) |
|  Buzzi SpA | — (h) | (19) | — (h) | 0.0 (g) |
|  Davide Campari-Milano NV | (1) | (8) | 1 | 0.0 (g) |
|  FinecoBank Banca Fineco SpA | (2) | (32) | (2) | 0.0 (g) |
|  Infrastrutture Wireless Italiane SpA | (3) | (27) | (1) | 0.0 (g) |
|  Moncler SpA | (1) | (63) | 2 | 0.0 (g) |
| Luxembourg |  |  |  |  |
|  ArcelorMittal SA | — (h) | (19) | — (h) | 0.0 (g) |
|  CVC Capital Partners plc | (3) | (38) | — (h) | 0.0 (g) |
| Netherlands |  |  |  |  |
|  ABN AMRO Bank NV | (1) | (32) | (1) | 0.0 (g) |
|  Aegon Ltd. | (2) | (11) | — (h) | 0.0 (g) |
|  Argenx SE | — (h) | (4) | — (h) | 0.0 (g) |
|  Ferrovial SE | — (h) | (12) | 1 | 0.0 (g) |
|  IMCD NV | — (h) | (6) | — (h) | 0.0 (g) |
|  Randstad NV | (1) | (33) | — (h) | 0.0 (g) |
|  Universal Music Group NV | (3) | (70) | (1) | 0.0 (g) |
| Poland |  |  |  |  |
|  InPost SA | (1) | (9) | — (h) | 0.0 (g) |
| Portugal |  |  |  |  |
|  Banco Comercial Portugues SA | (90) | (78) | (4) | 0.0 (g) |
|  Jeronimo Martins SGPS SA | (1) | (25) | — (h) | 0.0 (g) |
| Spain |  |  |  |  |
|  Cellnex Telecom SA | — (h) | (9) | (1) | 0.0 (g) |
|  EDP Renovaveis SA | (1) | (11) | — (h) | 0.0 (g) |
|  Mapfre SA | (25) | (106) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (4226) | 37 | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | — (h) | 25 | 1 | 0.0 (g) |
| Belgium |  |  |  |  |
|  Ageas SA | 2 | 107 | 3 | 0.0 (g) |
|  Financiere de Tubize SA | — (h) | 6 | — (h) | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | — (h) | 22 | — (h) | 0.0 (g) |
|  Sofina SA | — (h) | 24 | 1 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 589

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **Finland** | | | | |
|  Kone OYJ | 2 | 124 | 2 | 0.0 (g) |
|  Nokia OYJ | 64 | 340 | 22 | 0.0 (g) |
|  Sampo OYJ | 5 | 45 | 2 | 0.0 (g) |
|  Wartsila OYJ Abp | — (h) | 12 | — (h) | 0.0 (g) |
| **France** |  |  |  |  |
|  Air Liquide SA | 3 | 435 | 2 | 0.0 (g) |
|  AXA SA | 3 | 128 | 1 | 0.0 (g) |
|  BNP Paribas SA | 10 | 790 | 20 | 0.0 (g) |
|  Bollore SE | 28 | 130 | 5 | 0.0 (g) |
|  Bureau Veritas SA | 2 | 45 | 1 | 0.0 (g) |
|  Covivio SA | 1 | 31 | 2 | 0.0 (g) |
|  Gecina SA | 4 | 319 | 7 | 0.0 (g) |
|  Ipsen SA | 3 | 308 | (9) | 0.0 (g) |
|  Klepierre SA | 13 | 440 | 11 | 0.0 (g) |
|  L'Oreal SA | — (h) | 184 | (4) | 0.0 (g) |
|  Publicis Groupe SA | 8 | 733 | (8) | 0.0 (g) |
|  Safran SA | 4 | 1309 | 23 | 0.0 (g) |
|  Sanofi SA | 7 | 545 | 17 | 0.0 (g) |
|  SCOR SE | 2 | 62 | 4 | 0.0 (g) |
|  Societe Generale SA | — (h) | 12 | — (h) | 0.0 (g) |
|  Sodexo SA | — (h) | 11 | — (h) | 0.0 (g) |
|  Thales SA | — (h) | 91 | (1) | 0.0 (g) |
|  Valeo SE | 1 | 15 | — (h) | 0.0 (g) |
|  Vinci SA | 5 | 628 | (1) | 0.0 (g) |
| **Germany** |  |  |  |  |
|  Aurubis AG | — (h) | 42 | 3 | 0.0 (g) |
|  Continental AG | — (h) | 28 | 1 | 0.0 (g) |
|  E.ON SE | 19 | 291 | 17 | 0.0 (g) |
|  Evonik Industries AG | 8 | 108 | 2 | 0.0 (g) |
|  GEA Group AG | 3 | 141 | 6 | 0.0 (g) |
|  Henkel AG & Co. KGaA | — (h) | 24 | — (h) | 0.0 (g) |
|  Knorr-Bremse AG | 1 | 133 | 4 | 0.0 (g) |
|  LEG Immobilien SE | 1 | 82 | 3 | 0.0 (g) |
|  Mercedes-Benz Group AG | 1 | 50 | (1) | 0.0 (g) |
|  Nemetschek SE | 4 | 335 | (1) | 0.0 (g) |
|  Nordex SE | 2 | 58 | (1) | 0.0 (g) |
|  Scout24 SE | — (h) | 29 | — (h) | 0.0 (g) |
|  Siemens Energy AG | 1 | 78 | — (h) | 0.0 (g) |
|  Siemens Healthineers AG | — (h) | 22 | — (h) | 0.0 (g) |
|  Symrise AG | 3 | 230 | 8 | 0.0 (g) |
|  Vonovia SE | 10 | 243 | 5 | 0.0 (g) |
| **Ireland** |  |  |  |  |
|  Kerry Group plc | 1 | 107 | 4 | 0.0 (g) |
| **Italy** |  |  |  |  |
|  Amplifon SpA | 7 | 101 | (2) | 0.0 (g) |
|  Eni SpA | 4 | 56 | 1 | 0.0 (g) |
|  Italgas SpA | — (h) | 1 | — (h) | 0.0 (g) |
|  Mediobanca Banca di Credito Finanziario SpA | 20 | 345 | 22 | 0.0 (g) |
|  Poste Italiane SpA | 1 | 17 | 1 | 0.0 (g) |
|  Saipem SpA | 2 | 4 | — (h) | 0.0 (g) |
|  Snam SpA | 7 | 39 | 1 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 590 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Luxembourg |  |  |  |  |
|  Eurofins Scientific SE | 2 | 124 | 10 | 0.0 (g) |
| Netherlands |  |  |  |  |
|  ASM International NV | — (h) | 138 | 1 | 0.0 (g) |
|  ASR Nederland NV | 3 | 165 | 3 | 0.0 (g) |
|  BE Semiconductor Industries NV | — (h) | 13 | — (h) | 0.0 (g) |
|  Euronext NV | — (h) | 35 | 1 | 0.0 (g) |
|  Koninklijke Philips NV | 4 | 91 | 2 | 0.0 (g) |
|  NN Group NV | 1 | 52 | 2 | 0.0 (g) |
|  QIAGEN NV | 1 | 38 | 1 | 0.0 (g) |
| Portugal |  |  |  |  |
|  EDP SA | 29 | 112 | 4 | 0.0 (g) |
|  Galp Energia SGPS SA | 17 | 246 | 7 | 0.0 (g) |
| Spain |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | 2 | 155 | (3) | 0.0 (g) |
|  Bankinter SA | 16 | 226 | 2 | 0.0 (g) |
|  CaixaBank SA | 4 | 39 | 1 | 0.0 (g) |
|  Enagas SA | 23 | 315 | (9) | 0.0 (g) |
|  Repsol SA | 1 | 23 | — (h) | 0.0 (g) |
|  Telefonica SA | 168 | 611 | (28) | 0.0 (g) |
| Switzerland |  |  |  |  |
|  DSM-Firmenich AG | 13 | 891 | 20 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 12759 | 188 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 8533 | 225 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in EUR based on the local currencies of the positions within the swap | 12/18/2049 | (46) | (2) | – | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  UPM-Kymmene OYJ | (2) | (46) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (46) | (2) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (46) | (2) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 591

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in EUR based on the local currencies of the positions within the swap | 12/22/2049 | (35) | (1) | – | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **France** |  |  |  |  |
|  Teleperformance SE | (1) | (35) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (35) | (1) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (35) | (1) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from 0.25% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 12/17/2049 | 11 | 1 | – (h) | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  Bellway plc | — (h) | 11 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 11 | 1 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 11 | 1 | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 592 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in GBP based on the local currencies of the positions within the swap | 12/23/2049 | (12) | 1 | – | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Ireland** |  |  |  |  |
|  DCC plc | — (h) | (12) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (12) | 1 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (12) | 1 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in GBP based on the local currencies of the positions within the swap | 12/18/2049 | (25) | – (h) | (1) | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  Associated British Foods plc | (1) | (25) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (25) | **—** (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (25) | **—** (h) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 593

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from 0.25% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 12/22/2049 | 123 | – (h) | – (h) | – (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  Halma plc | 3 | 123 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 123 | **—** (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 123 | **—** (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from 0.25% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 12/10/2049 | 323 | 18 | – | 18 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  HSBC Holdings plc | 29 | 323 | 18 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 323 | 18 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 323 | 18 | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 594 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | NOTIONAL<br>VALUE <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from 0.15% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 12/15/2049 | 1217 | 36 | 1 | 37 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  Babcock International Group plc | 19 | 233 | (4) | 0.0 (g) |
|  Pearson plc | 49 | 514 | 4 | 0.0 (g) |
|  Taylor Wimpey plc | 462 | 470 | 36 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1217 | 36 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1217 | 36 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in GBP based on the local currencies of the positions within the swap | 12/24/2049 | (4) | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  Howden Joinery Group plc | — (h) | (4) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (4) | **—** (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (4) | **—** (h) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 595

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE (1)** | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 09/02/2030 | 2598 | 123 | 7 | 130 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Hiscox Ltd. | (1) | (7) | — (h) | 0.0 (g) |
| Mexico |  |  |  |  |
|  Fresnillo plc | (7) | (204) | (46) | 0.0 (g) |
| Peru |  |  |  |  |
|  Hochschild Mining plc | (1) | (5) | — (h) | 0.0 (g) |
| United Kingdom |  |  |  |  |
|  Ashtead Group plc | — (h) | (24) | 1 | 0.0 (g) |
|  Barratt Redrow plc | (9) | (33) | (3) | 0.0 (g) |
|  Beazley plc | (8) | (67) | — (h) | 0.0 (g) |
|  Berkeley Group Holdings plc | — (h) | (13) | (1) | 0.0 (g) |
|  BT Group plc | (10) | (18) | — (h) | 0.0 (g) |
|  Bunzl plc | (1) | (19) | 1 | 0.0 (g) |
|  Centrica plc | (28) | (47) | (1) | 0.0 (g) |
|  Croda International plc | (1) | (25) | — (h) | 0.0 (g) |
|  easyJet plc | (2) | (8) | — (h) | 0.0 (g) |
|  Haleon plc | (44) | (162) | (4) | 0.0 (g) |
|  International Consolidated Airlines Group SA | (7) | (30) | — (h) | 0.0 (g) |
|  JD Sports Fashion plc | (3) | (3) | — (h) | 0.0 (g) |
|  Land Securities Group plc | (2) | (12) | (1) | 0.0 (g) |
|  Marks & Spencer Group plc | (5) | (16) | — (h) | 0.0 (g) |
|  Melrose Industries plc | (2) | (13) | (1) | 0.0 (g) |
|  Mondi plc | (4) | (35) | (1) | 0.0 (g) |
|  Persimmon plc | (3) | (34) | (2) | 0.0 (g) |
|  Primary Health Properties plc | (7) | (7) | — (h) | 0.0 (g) |
|  Rentokil Initial plc | (5) | (19) | (1) | 0.0 (g) |
|  Segro plc | (5) | (36) | (2) | 0.0 (g) |
|  Shell plc | — (h) | (6) | — (h) | 0.0 (g) |
|  Smith & Nephew plc | (1) | (10) | — (h) | 0.0 (g) |
|  Spirax Group plc | — (h) | (11) | — (h) | 0.0 (g) |
|  SSE plc | (5) | (98) | (2) | 0.0 (g) |
|  WPP plc | (26) | (86) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1048) | (63) | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Chile** |  |  |  |  |
|  Antofagasta plc | 7 | 220 | 23 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 596 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Ireland |  |  |  |  |
|  Experian plc | 1 | 44 | — (h) | 0.0 (g) |
| Switzerland |  |  |  |  |
|  Coca-Cola HBC AG | — (h) | 13 | — (h) | 0.0 (g) |
| United Kingdom |  |  |  |  |
|  Admiral Group plc | 11 | 338 | 5 | 0.0 (g) |
|  Airtel Africa plc | 9 | 30 | 4 | 0.0 (g) |
|  Anglo American plc | 1 | 29 | 3 | 0.0 (g) |
|  Aviva plc | 16 | 105 | 4 | 0.0 (g) |
|  Barclays plc | 246 | 1120 | 72 | 0.0 (g) |
|  British Land Co. plc/The | 5 | 19 | 1 | 0.0 (g) |
|  Burberry Group plc | 1 | 15 | (1) | 0.0 (g) |
|  Compass Group plc | 3 | 76 | 1 | 0.0 (g) |
|  Entain plc | 7 | 54 | 3 | 0.0 (g) |
|  IG Group Holdings plc | 5 | 55 | 10 | 0.0 (g) |
|  IMI plc | — (h) | 10 | — (h) | 0.0 (g) |
|  Imperial Brands plc | 1 | 31 | (1) | 0.0 (g) |
|  InterContinental Hotels Group plc | 2 | 242 | 4 | 0.0 (g) |
|  Intertek Group plc | 1 | 24 | 1 | 0.0 (g) |
|  J Sainsbury plc | 26 | 85 | 1 | 0.0 (g) |
|  JET2 plc | 1 | 15 | 1 | 0.0 (g) |
|  Johnson Matthey plc | 2 | 33 | 2 | 0.0 (g) |
|  Kingfisher plc | 8 | 25 | 1 | 0.0 (g) |
|  London Stock Exchange Group plc | 1 | 50 | 3 | 0.0 (g) |
|  M&G plc | 9 | 26 | 1 | 0.0 (g) |
|  NatWest Group plc | 27 | 171 | 7 | 0.0 (g) |
|  Next plc | 1 | 86 | 2 | 0.0 (g) |
|  Phoenix Group Holdings plc | 8 | 58 | 5 | 0.0 (g) |
|  Reckitt Benckiser Group plc | — (h) | 7 | — (h) | 0.0 (g) |
|  RELX plc | 1 | 18 | — (h) | 0.0 (g) |
|  Rightmove plc | 28 | 150 | (3) | 0.0 (g) |
|  Sage Group plc (The) | 14 | 152 | (1) | 0.0 (g) |
|  Schroders plc | 8 | 29 | 2 | 0.0 (g) |
|  Smiths Group plc | 3 | 71 | — (h) | 0.0 (g) |
|  Standard Chartered plc | 4 | 73 | 3 | 0.0 (g) |
|  Vodafone Group plc | 29 | 28 | 1 | 0.0 (g) |
| United States |  |  |  |  |
|  Carnival plc | 7 | 144 | 32 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3646 | 186 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 2598 | 123 | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 597

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **Description** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/03/2029 | (83) | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Cowell e Holdings, Inc. | (3) | (83) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (83) | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (83) | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in HKD based on the local currencies of the positions within the swap | 12/11/2049 | 113 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  ASMPT Ltd. | 2 | 113 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 113 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 113 | — (h) | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 598 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/02/2030 | (1467) | – | — (h) | – (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  BOC Hong Kong Holdings Ltd. | (2) | (77) | — (h) | 0.0 (g) |
|  CK Infrastructure Holdings Ltd. | (7) | (397) | (1) | 0.0 (g) |
|  CLP Holdings Ltd. | (4) | (240) | — (h) | 0.0 (g) |
|  Hong Kong & China Gas Co. Ltd. | (22) | (155) | — (h) | 0.0 (g) |
|  MTR Corp. Ltd. | (40) | (1213) | 3 | 0.0 (g) |
|  Wharf Holdings Ltd. (The) | (3) | (69) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2151) | 2 | **0.0** (g) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  CK Asset Holdings Ltd. | 2 | 79 | — (h) | 0.0 (g) |
|  Galaxy Entertainment Group Ltd. | 1 | 38 | — (h) | 0.0 (g) |
|  Link REIT | 2 | 52 | — (h) | 0.0 (g) |
|  Techtronic Industries Co. Ltd. | 1 | 46 | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Mobvista, Inc. | 30 | 469 | (2) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 684 | (2) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1467) |  | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives 4.25% on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.4%) which is denominated in ILS based on the local currencies of the positions within the swap | 09/02/2030 | 325 | 17 | – (h) | 17 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 599

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Azrieli Group Ltd. | — (h) | (16) | — (h) | 0.0 (g) |
|  Mizrahi Tefahot Bank Ltd. | — (h) | (45) | 1 | 0.0 (g) |
|  Phoenix Financial Ltd. | — (h) | (50) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(111)** | **2** | **0.0** (g) |
| **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Elbit Systems Ltd. | — (h) | 436 | 15 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **436** | **15** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **325** | **17** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES<br>($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives 4.25% on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in ILS based on the local currencies of the positions within the swap | 12/18/2049 | 25 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Nice Ltd. | — (h) | 25 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 25 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 25 | — (h) | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 600 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | NOTIONAL<br>VALUE <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in JPY based on the local currencies of the positions within the swap | 12/18/2049 | 8727 | 1 | – | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | NOTIONAL<br>VALUE <sup>(1)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Yakult Honsha Co. Ltd. | 4 | 8727 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 8727 | 1 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 8727 | 1 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | NOTIONAL<br>VALUE <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in JPY based on the local currencies of the positions within the swap | 12/12/2049 | (6597) | 1 | – | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | NOTIONAL<br>VALUE <sup>(1)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Mitsubishi Estate Co. Ltd. | (2) | (7096) | 1 | 0.0 (g) |
|  Taiyo Yuden Co. Ltd. | (1) | (1759) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (8855) | 1 | **0.0** (g) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Kansai Electric Power Co., Inc. (The) | 1 | 2258 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 2258 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (6597) | 1 | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 601

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **Description** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in JPY based on the local currencies of the positions within the swap | 12/11/2049 | 4403 | – (h) | – (h) | – (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | NOTIONAL<br>VALUE <sup>(1)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Kao Corp. | 1 | 4403 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 4403 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 4403 | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | NOTIONAL<br>VALUE <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in JPY based on the local currencies of the positions within the swap | 12/19/2049 | 1215 | – (h) | – (h) | – (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Nippon Electric Glass Co. Ltd. | — (h) | 1215 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1215 | **—** (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1215 | **—** (h) | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 602 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | NOTIONAL<br>VALUE <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in JPY based on the local currencies of the positions within the swap | 12/25/2049 | 5063 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | NOTIONAL<br>VALUE <sup>(1)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Secom Co. Ltd. | 1 | 5063 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 5063 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 5063 | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | NOTIONAL<br>VALUE <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in JPY based on the local currencies of the positions within the swap | 12/06/2049 | (2920) | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Sojitz Corp. | (1) | (2920) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2920) | **—** (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (2920) | **—** (h) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 603

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **Description** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives 0.48% on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/02/2030 | (643776) | (72) | (23) | (95) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Finland |  |  |  |  |
|  Disco Corp. | — (h) | (4770) | — (h) | 0.0(g) |
|  Hankyu Hanshin Holdings, Inc. | (17) | (67303) | 2 | 0.0(g) |
|  Nordea Bank Abp | (1) | (26150) | (1) | 0.0(g) |
|  **Japan** |  |  |  |  |
|  AGC, Inc. | — (h) | (2114) | — (h) | 0.0(g) |
|  Ajinomoto Co., Inc. | (1) | (2691) | — (h) | 0.0(g) |
|  Asics Corp. | (4) | (14658) | 2 | 0.0(g) |
|  Bandai Namco Holdings, Inc. | (4) | (15636) | 1 | 0.0(g) |
|  Central Japan Railway Co. |  |  |  | 0.0(g) |
|  Chiba Bank Ltd./The | (2) | (3635) | — (h) | 0.0(g) |
|  Chubu Electric Power Co., Inc. | (10) | (23374) | (3) | 0.0(g) |
|  Cosmos Pharmaceutical Corp. | — (h) | (2388) | — (h) | 0.0(g) |
|  Daifuku Co. Ltd. | (1) | (5063) | 1 | 0.0(g) |
|  East Japan Railway Co. | (1) | (3360) | — (h) | 0.0(g) |
|  Ebara Corp. | (2) | (7925) | 1 | 0.0(g) |
|  Fuji Electric Co. Ltd. | (8) | (94587) | (17) | 0.0(g) |
|  FUJIFILM Holdings Corp. |  |  |  | 0.0(g) |
|  Fujikura Ltd. | (2) | (30073) | 3 | 0.0(g) |
|  Furukawa Electric Co. Ltd. | (1) | (5662) | (2) | 0.0(g) |
|  GMO Payment Gateway, Inc. |  |  |  | 0.0(g) |
|  Honda Motor Co. Ltd. | (3) | (5311) | 2 | 0.0(g) |
|  Hoya Corp. | (6) | (146827) | 15 | 0.0(g) |
|  IHI Corp. | (1) | (1768) | 1 | 0.0(g) |
|  Isetan Mitsukoshi Holdings Ltd. |  |  |  | 0.0(g) |
|  ITOCHU Corp. | (40) | (77816) | (8) | 0.0(g) |
|  J Front Retailing Co. Ltd. | (30) | (66499) | 7 | 0.0(g) |
|  Japan Exchange Group, Inc. | (9) | (16110) | 7 | 0.0(g) |
|  Japan Steel Works Ltd. (The) | (6) | (51874) | 22 | 0.0(g) |
|  Kadokawa Corp. | (7) | (23510) | — (h) | 0.0(g) |
|  Kajima Corp. | (6) | (34627) | 1 | 0.0(g) |
|  Kawasaki Heavy Industries Ltd. | (1) | (10408) | 7 | 0.0(g) |
|  KDDI Corp. | (16) | (44023) | 1 | 0.0(g) |
|  Kikkoman Corp. | (28) | (41208) | 5 | 0.0(g) |
|  Kinden Corp. | — (h) | (1372) | — (h) | 0.0(g) |
|  Kioxia Holdings Corp. | (1) | (4600) | (4) | 0.0(g) |
|  Kobe Bussan Co. Ltd. | (2) | (7532) | 2 | 0.0(g) |
|  Kokusai Electric Corp. | (1) | (2258) | (3) | 0.0(g) |
|  Komatsu Ltd. | (1) | (4008) | — (h) | 0.0(g) |
|  Konami Group Corp. | — (h) | (8868) | 2 | 0.0(g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 604 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Finland — continued |  |  |  |  |
|  Kurita Water Industries Ltd. | — (h) | (1955) | — (h) | 0.0(g) |
|  Kyoto Financial Group, Inc. | (2) | (8098) | 1 | 0.0(g) |
|  Kyushu Electric Power Co., Inc. | (6) | (9182) | — (h) | 0.0(g) |
|  M3, Inc. | (4) | (9178) | (1) | 0.0(g) |
|  Makita Corp. | (7) | (33769) | 7 | 0.0(g) |
|  Marubeni Corp. |  |  |  | 0.0(g) |
|  Maruwa Co. Ltd./Aichi | — (h) | (4424) | 1 | 0.0(g) |
|  MatsukiyoCocokara & Co. | (1) | (1445) | 1 | 0.0(g) |
|  Mebuki Financial Group, Inc. | (8) | (8048) | 2 | 0.0(g) |
|  MEIJI Holdings Co. Ltd. | (7) | (21749) | (6) | 0.0(g) |
|  Mercari, Inc. | (22) | (67746) | (15) | 0.0(g) |
|  MINEBEA MITSUMI, Inc. | (4) | (13489) | 4 | 0.0(g) |
|  Mitsubishi Chemical Group Corp. | (10) | (8833) | — (h) | 0.0(g) |
|  Mitsubishi Motors Corp. | (4) | (1548) | — (h) | 0.0(g) |
|  Mitsubishi UFJ Financial Group, Inc. |  |  |  | 0.0(g) |
|  Mitsui E&S Co. Ltd. | (1) | (2859) | — (h) | 0.0(g) |
|  Modec, Inc. | (2) | (23238) | 12 | 0.0(g) |
|  MonotaRO Co. Ltd. | (8) | (19925) | (7) | 0.0(g) |
|  Nexon Co. Ltd. | (17) | (66138) | — (h) | 0.0(g) |
|  Nikon Corp. | (9) | (15452) | 4 | 0.0(g) |
|  Nippon Building Fund, Inc. | — (h) | (13512) | — (h) | 0.0(g) |
|  Nippon Paint Holdings Co. Ltd. | (3) | (3541) | — (h) | 0.0(g) |
|  Nippon Sanso Holdings Corp. | (4) | (17667) | 3 | 0.0(g) |
|  Nissan Motor Co. Ltd. | (12) | (4731) | 2 | 0.0(g) |
|  Niterra Co. Ltd. | (4) | (24520) | (2) | 0.0(g) |
|  Nitori Holdings Co. Ltd. | (4) | (11536) | 4 | 0.0(g) |
|  Nitto Boseki Co. Ltd. | — (h) | (2216) | 1 | 0.0(g) |
|  NTT, Inc. | (239) | (37110) | (4) | 0.0(g) |
|  Organo Corp. | (1) | (10136) | (1) | 0.0(g) |
|  Oriental Land Co. Ltd./Japan | (71) | (203235) | (15) | 0.0(g) |
|  Osaka Gas Co. Ltd. | (4) | (21560) | (1) | 0.0(g) |
|  Rakuten Bank Ltd. | — (h) | (2176) | 1 | 0.0(g) |
|  Renesas Electronics Corp. | (10) | (21821) | 1 | 0.0(g) |
|  Resonac Holdings Corp. | (1) | (6971) | (1) | 0.0(g) |
|  Round One Corp. |  |  |  | 0.0(g) |
|  Ryohin Keikaku Co. Ltd. | (1) | (2422) | 1 | 0.0(g) |
|  Sanrio Co. Ltd. | (3) | (14874) | 4 | 0.0(g) |
|  Sanwa Holdings Corp. |  |  |  | 0.0(g) |
|  SBI Holdings, Inc. | (2) | (7011) | 2 | 0.0(g) |
|  SCREEN Holdings Co. Ltd. | (4) | (47304) | (48) | 0.0(g) |
|  SCSK Corp. |  |  |  | 0.0(g) |
|  Sega Sammy Holdings, Inc. | — (h) | (758) | — (h) | 0.0(g) |
|  Seibu Holdings, Inc. | (3) | (13199) | 7 | 0.0(g) |
|  Sekisui Chemical Co. Ltd. | (1) | (1567) | — (h) | 0.0(g) |
|  SG Holdings Co. Ltd. | (35) | (51094) | 7 | 0.0(g) |
|  Shimadzu Corp. | (1) | (4784) | 1 | 0.0(g) |
|  Shimano, Inc. | — (h) | (1668) | — (h) | 0.0(g) |
|  Shin-Etsu Chemical Co. Ltd. | (10) | (47301) | 6 | 0.0(g) |
|  Shiseido Co. Ltd. | (2) | (3656) | 2 | 0.0(g) |
|  Subaru Corp. | (2) | (7399) | 2 | 0.0(g) |
|  Sumitomo Forestry Co. Ltd. | (39) | (64340) | 7 | 0.0(g) |
|  Sumitomo Mitsui Financial Group, Inc. |  |  |  | 0.0(g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 605

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | |  |
| **Common Stocks — continued** | | | |  |
| **Finland — continued** | | | |  |
|  Sumitomo Pharma Co. Ltd. | (6) | (13285) | (1) | 0.0(g) |
|  Sumitomo Realty & Development Co. Ltd. | (2) | (6433) | 1 | 0.0(g) |
|  Suntory Beverage & Food Ltd. | (2) | (9151) | 1 | 0.0(g) |
|  Suzuki Motor Corp. |  |  |  | 0.0(g) |
|  TDK Corp. | (10) | (21313) | 2 | 0.0(g) |
|  TIS, Inc. | (6) | (31513) | (4) | 0.0(g) |
|  Toho Co. Ltd./Tokyo | (1) | (9281) | 3 | 0.0(g) |
|  Tokyo Metro Co. Ltd. | (2) | (2707) | — (h) | 0.0(g) |
|  Tokyo Ohka Kogyo Co. Ltd. | (7) | (42128) | (2) | 0.0(g) |
|  Tokyo Seimitsu Co. Ltd. | (1) | (7238) | (3) | 0.0(g) |
|  Tokyu Corp. | (42) | (75364) | (4) | 0.0(g) |
|  TOPPAN Holdings, Inc. | (2) | (11293) | 4 | 0.0(g) |
|  Toray Industries, Inc. |  |  |  | 0.0(g) |
|  Toyo Suisan Kaisha Ltd. | (1) | (9016) | 3 | 0.0(g) |
|  Toyota Tsusho Corp. | (1) | (6937) | 1 | 0.0(g) |
|  West Japan Railway Co. | (6) | (17647) | (1) | 0.0(g) |
|  Yamaha Motor Co. Ltd. | (21) | (25122) | 6 | 0.0(g) |
|  Yokogawa Electric Corp. | (12) | (58316) | 4 | 0.0(g) |
|  Yokohama Rubber Co. Ltd. (The) | (1) | (9162) | 5 | 0.0(g) |
|  Zensho Holdings Co. Ltd. | (9) | (79449) | 20 | 0.0(g) |
|  ZOZO, Inc. | (20) | (26500) | 4 | 0.0(g) |
|  **Total Short Positions of Total Return Swaps** |  | **(2285048)** | **65** | **0.0**(g) |
| **Long Positions** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| **Japan** |  |  |  |  |
|  Aisin Corp. | — (h) | 1238 | — (h) | 0.0(g) |
|  Amada Co. Ltd. | 5 | 8914 | (1) | 0.0(g) |
|  ANA Holdings, Inc. | 2 | 5503 | 1 | 0.0(g) |
|  Asahi Group Holdings Ltd. | 9 | 14470 | (3) | 0.0(g) |
|  Asahi Kasei Corp. | 1 | 1967 | — (h) | 0.0(g) |
|  Astellas Pharma, Inc. | 6 | 13293 | (1) | 0.0(g) |
|  BayCurrent, Inc. | — (h) | 664 | — (h) | 0.0(g) |
|  Canon, Inc. | 31 | 147655 | (32) | 0.0(g) |
|  Credit Saison Co. Ltd. | 1 | 4588 | — (h) | 0.0(g) |
|  CyberAgent, Inc. | 11 | 13912 | 2 | 0.0(g) |
|  Dai Nippon Printing Co. Ltd. | 1 | 3259 | — (h) | 0.0(g) |
|  Dai-ichi Life Holdings, Inc. | 6 | 7638 | — (h) | 0.0(g) |
|  Daiichi Sankyo Co. Ltd. | 15 | 51557 | (11) | 0.0(g) |
|  Daito Trust Construction Co. Ltd. | 5 | 15757 | — (h) | 0.0(g) |
|  Daiwa House Industry Co. Ltd. | 5 | 26057 | — (h) | 0.0(g) |
|  Denso Corp. | 1 | 1922 | — (h) | 0.0(g) |
|  Dentsu Group, Inc. | 2 | 7653 | — (h) | 0.0(g) |
|  DMG Mori Co. Ltd. | 4 | 9925 | (1) | 0.0(g) |
|  ENEOS Holdings, Inc. | 57 | 63584 | (3) | 0.0(g) |
|  FANUC Corp. | 3 | 15795 | — (h) | 0.0(g) |
|  Food & Life Cos. Ltd. | 10 | 74100 | 7 | 0.0(g) |
|  Fujitsu Ltd. | 2 | 8488 | 1 | 0.0(g) |
|  Fukuoka Financial Group, Inc. | 11 | 55263 | — (h) | 0.0(g) |
|  Hamamatsu Photonics KK | 2 | 2742 | (1) | 0.0(g) |
|  Hitachi Construction Machinery Co. Ltd. | 4 | 19741 | 1 | 0.0(g) |
|  Hulic Co. Ltd. | 28 | 47657 | (3) | 0.0(g) |
|  Idemitsu Kosan Co. Ltd. | 41 | 48389 | (1) | 0.0(g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 606 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Japan — continued |  |  |  |  |
|  Inpex Corp. | — (h) | 645 | — (h) | 0.0(g) |
|  Japan Airlines Co. Ltd. | 2 | 4649 | — (h) | 0.0(g) |
|  Japan Post Holdings Co. Ltd. | 6 | 9094 | 2 | 0.0(g) |
|  Japan Tobacco, Inc. | 5 | 28037 | (6) | 0.0(g) |
|  Kobe Steel Ltd. | 1 | 990 | — (h) | 0.0(g) |
|  Kubota Corp. | 1 | 1354 | — (h) | 0.0(g) |
|  Kyocera Corp. | 3 | 7418 | (1) | 0.0(g) |
|  LY Corp. | 21 | 8743 | — (h) | 0.0(g) |
|  Mazda Motor Corp. | 5 | 5639 | — (h) | 0.0(g) |
|  Mitsubishi HC Capital, Inc. | 1 | 1300 | — (h) | 0.0(g) |
|  Mitsui Chemicals, Inc. | 8 | 14923 | 2 | 0.0(g) |
|  Mitsui Fudosan Co. Ltd. | 7 | 12310 | (1) | 0.0(g) |
|  Mizuho Financial Group, Inc. | 1 | 4682 | (1) | 0.0(g) |
|  MS&AD Insurance Group Holdings, Inc. | 1 | 3407 | (1) | 0.0(g) |
|  NGK Insulators Ltd. | 3 | 9117 | (1) | 0.0(g) |
|  NH Foods Ltd. | 9 | 57341 | (10) | 0.0(g) |
|  NIDEC Corp., | 7 | 13853 | 3 | 0.0(g) |
|  Nippon Yusen KK | 1 | 4980 | 1 | 0.0(g) |
|  Nissan Chemical Corp. | 1 | 4876 | — (h) | 0.0(g) |
|  Nomura Holdings, Inc. | 1 | 1029 | — (h) | 0.0(g) |
|  Nomura Real Estate Holdings, Inc. | 44 | 42198 | 3 | 0.0(g) |
|  Nomura Research Institute Ltd. | 3 | 16824 | (4) | 0.0(g) |
|  Obayashi Corp. | 7 | 21275 | — (h) | 0.0(g) |
|  Obic Co. Ltd. | 2 | 8418 | — (h) | 0.0(g) |
|  Ono Pharmaceutical Co. Ltd. | 23 | 50228 | (4) | 0.0(g) |
|  ORIX Corp. | 3 | 13554 | 1 | 0.0(g) |
|  Otsuka Corp. | 18 | 58432 | (10) | 0.0(g) |
|  Otsuka Holdings Co. Ltd. | 2 | 21376 | (6) | 0.0(g) |
|  Pan Pacific International Holdings Corp. | 14 | 13935 | (3) | 0.0(g) |
|  Resona Holdings, Inc. | 7 | 10597 | (1) | 0.0(g) |
|  Seiko Epson Corp. | 8 | 15936 | (1) | 0.0(g) |
|  Shimizu Corp. | 8 | 21890 | (2) | 0.0(g) |
|  Skylark Holdings Co. Ltd. | 17 | 59935 | (15) | 0.0(g) |
|  Sompo Holdings, Inc. | 4 | 18477 | 1 | 0.0(g) |
|  Square Enix Holdings Co. Ltd. | 5 | 14021 | — (h) | 0.0(g) |
|  Sumitomo Chemical Co. Ltd. | 256 | 117203 | (19) | 0.0(g) |
|  Sumitomo Mitsui Trust Group, Inc. | 3 | 14666 | 1 | 0.0(g) |
|  Sysmex Corp. | 21 | 31394 | 3 | 0.0(g) |
|  Terumo Corp. | 43 | 98928 | (6) | 0.0(g) |
|  THK Co. Ltd. | 3 | 12128 | (3) | 0.0(g) |
|  Tokio Marine Holdings, Inc. | 1 | 7015 | — (h) | 0.0(g) |
|  Tokyo Electric Power Co. Holdings Inc | 5 | 3417 | — (h) | 0.0(g) |
|  Tokyu Fudosan Holdings Corp. | 1 | 1320 | — (h) | 0.0(g) |
|  Tosoh Corp. | 17 | 40934 | — (h) | 0.0(g) |
|  Toyo Tire Corp. | 2 | 8445 | (1) | 0.0(g) |
|  Trend Micro, Inc./Japan | 4 | 30258 | (11) | 0.0(g) |
|  Unicharm Corp. | 15 | 13015 | — (h) | 0.0(g) |
|  Yaskawa Electric Corp. | 2 | 9335 | (2) | 0.0(g) |
|  **Total Long Positions of Total Return Swaps** |  | 1641272 | (137) | **0.0**(g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (643776) | (72) | **0.0**(g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 607

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **Description** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in JPY based on the local currencies of the positions within the swap | 12/26/2049 | 1967 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Omron Corp. | 1 | 1967 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1967 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1967 | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in JPY based on the local currencies of the positions within the swap | 12/24/2049 | 2376 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Sony Group Corp. | 1 | 2376 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 2376 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 2376 | — (h) | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 608 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in JPY based on the local currencies of the positions within the swap | 12/03/2049 | (5492) | 1 | – | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Olympus Corp. | (3) | (5492) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (5492) | 1 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (5492) | 1 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in JPY based on the local currencies of the positions within the swap | 12/22/2049 | (3152) | (1) | – | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Capcom Co. Ltd. | (1) | (3152) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (3152) | (1) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (3152) | (1) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 609

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **Description** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE (1)** | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in JPY based on the local currencies of the positions within the swap | 12/05/2049 | (7663) | 2 | (1) | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Chugai Pharmaceutical Co. Ltd. | (1) | (7663) | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (7663) | 2 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (7663) | 2 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | NOTIONAL<br>VALUE <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives 4.00% on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in NOK based on the local currencies of the positions within the swap | 09/02/2030 | 5738 | 12 | – | 12 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 610 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | NOTIONAL<br>VALUE <sup>(1)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Gjensidige Forsikring ASA | — (h) | (130) | — (h) | 0.0 (g) |
|  Mowi ASA | (2) | (489) | (1) | 0.0 (g) |
|  Norsk Hydro ASA | (19) | (1408) | (6) | 0.0 (g) |
|  Orkla ASA | (1) | (63) | — (h) | 0.0 (g) |
|  Salmar ASA | (1) | (410) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2500) | (8) | **0.0** (g) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | 7 | 1730 | 7 | 0.0 (g) |
|  DNB Bank ASA | 18 | 5004 | 9 | 0.0 (g) |
|  Kongsberg Gruppen ASA | 2 | 384 | 1 | 0.0 (g) |
|  Var Energi ASA | 35 | 1120 | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 8238 | 20 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 5738 | 12 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | NOTIONAL<br>VALUE <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in NZD based on the local currencies of the positions within the swap | 09/02/2030 | (367) | (4) | – | (4) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | NOTIONAL<br>VALUE <sup>(1)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Auckland International Airport Ltd. | (44) | (359) | (4) | 0.0 (g) |
|  Meridian Energy Ltd. | (1) | (8) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (367) | (4) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (367) | (4) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 611

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **Description** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NETUNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in NZD based on the local currencies of the positions within the swap | 12/05/2049 | (17) | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | NOTIONAL<br>VALUE <sup>(1)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Infratil Ltd. | (2) | (17) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (17) | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (17) | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | NOTIONAL<br>VALUE <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day STIBOR on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in SEK based on the local currencies of the positions within the swap | 12/17/2049 | (68) | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | NOTIONAL<br>VALUE <sup>(1)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Trelleborg AB | — (h) | (68) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (68) | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (68) | — (h) | **0.0** (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 612 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | NOTIONAL<br>VALUE <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day STIBOR on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in SEK based on the local currencies of the positions within the swap | 09/02/2030 | 3218 | (8) | – (h) | (8) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | NOTIONAL<br>VALUE <sup>(1)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Atlas Copco AB | (6) | (1049) | — (h) | 0.0 (g) |
|  EQT AB | (5) | (1902) | (8) | 0.0 (g) |
|  Hexagon AB | (7) | (783) | (1) | 0.0 (g) |
|  Holmen AB | (1) | (476) | (2) | 0.0 (g) |
|  Industrivarden AB | (1) | (267) | — (h) | 0.0 (g) |
|  Investment AB Latour | (1) | (245) | — (h) | 0.0 (g) |
|  Investor AB | (1) | (167) | — (h) | 0.0 (g) |
|  L E Lundbergforetagen AB | — (h) | (212) | (1) | 0.0 (g) |
|  Lifco AB | — (h) | (47) | — (h) | 0.0 (g) |
|  Sagax AB | (1) | (232) | — (h) | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | (6) | (1062) | (3) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | (5) | (634) | (1) | 0.0 (g) |
|  Swedbank AB | (1) | (403) | (1) | 0.0 (g) |
|  Volvo AB | (1) | (229) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (7708) | (17) | **0.0** (g) |
| Long Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
| Sweden |  |  |  |  |
|  AddTech AB | 2 | 508 | (1) | 0.0 (g) |
|  Assa Abloy AB | 2 | 730 | — (h) | 0.0 (g) |
|  Beijer Ref AB | — (h) | 50 | — (h) | 0.0 (g) |
|  Boliden AB | 1 | 250 | 2 | 0.0 (g) |
|  Evolution AB | 2 | 1112 | (1) | 0.0 (g) |
|  Indutrade AB | 1 | 211 | — (h) | 0.0 (g) |
|  Sandvik AB | 1 | 200 | — (h) | 0.0 (g) |
|  Securitas AB | 2 | 233 | 1 | 0.0 (g) |
|  Sinch AB | 13 | 401 | — (h) | 0.0 (g) |
|  Skanska AB | 9 | 2266 | — (h) | 0.0 (g) |
|  SKF AB | 4 | 1039 | — (h) | 0.0 (g) |
|  SSAB AB | 1 | 53 | — (h) | 0.0 (g) |
|  Swedish Orphan Biovitrum AB | — (h) | 46 | — (h) | 0.0 (g) |
|  Tele2 AB | 7 | 1117 | 4 | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | 30 | 2710 | 4 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 10926 | 9 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 3218 | (8) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 613

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **Description** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives 1.27% on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in SGD based on the local currencies of the positions within the swap | 12/23/2049 | (11) | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  DBS Group Holdings Ltd. | — (h) | (11) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (11) | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (11) | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives 1.27% on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in SGD based on the local currencies of the positions within the swap | 09/02/2030 | (969) | (7) | (3) | (10) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 614 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. | (91) | (319) | 1 | 0.0 (g) |
| Singapore |  |  |  |  |
|  CapitaLand Integrated Commercial Trust | (136) | (314) | (7) | 0.0 (g) |
|  Oversea-Chinese Banking Corp. Ltd. | (3) | (58) | (1) | 0.0 (g) |
|  Sembcorp Industries Ltd. | (5) | (28) | — (h) | 0.0 (g) |
|  Singapore Airlines Ltd. | (45) | (283) | (3) | 0.0 (g) |
|  Singapore Telecommunications Ltd. | (11) | (52) | 1 | 0.0 (g) |
|  Wilmar International Ltd. | (9) | (27) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1081) | (9) | **0.0** (g) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  Genting Singapore Ltd. | 21 | 15 | — (h) | 0.0 (g) |
|  Singapore Technologies Engineering Ltd. | 12 | 97 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 112 | 2 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (969) | (7) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/24/2049 | (12) | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Quanta Services, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (12) | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (12) | — (h) | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 615

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **Description** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/23/2049 | 3 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Golar LNG Ltd. | — (h) | (5) | — (h) | 0.0 (g) |
| United States |  |  |  |  |
|  PPL Corp. | — (h) | (10) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (15) | — (h) | **0.0** (g) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Pool Corp. | — (h) | 18 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 18 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 3 | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/30/2049 | (19) | 1 | – | 1 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 616 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Lattice Semiconductor Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  Pegasystems, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Royal Gold, Inc. | — (h) | (22) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (33) | 1 | **0.0** (g) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Pinnacle Financial Partners, Inc. |  | 14 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 14 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (19) | 1 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/22/2049 | (30) | 1 | – | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Brown-Forman Corp. | — (h) | (14) | 1 | 0.0 (g) |
|  Nexstar Media Group, Inc. | — (h) | (22) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (36) | 1 | **0.0** (g) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Revvity, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 6 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (30) | 1 | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 617

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **Description** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/19/2049 | 99 | 1 | – (h) | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Deere & Co. | — (h) | (17) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (17) | — (h) | **0.0** (g) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Emerson Electric Co. | 1 | 87 | 1 | 0.0 (g) |
|  Fiserv, Inc. | — (h) | 22 | — (h) | 0.0 (g) |
|  Stryker Corp. | — (h) | 7 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 116 | 1 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 99 | 1 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives 4.09% on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.3%) which is denominated in USD based on the local currencies of the positions within the swap | 09/11/2030 | 941 | 259 | (22) | 237 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions |  |  |  |  |
| Common Stocks |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Axis Capital Holdings Ltd. | (1) | (140) | (1) | 0.0 (g) |
|  Everest Group Ltd. | (4) | (1435) | (47) | 0.0 (g) |
| Canada |  |  |  |  |
|  D-Wave Quantum, Inc. | — (h) | (5) | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 618 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| Canada — continued |  |  |  |  |
|  Waste Connections, Inc. | (1) | (222) | 1 | 0.0 (g) |
| Ireland |  |  |  |  |
|  Medtronic plc | — (h) | (30) | 1 | 0.0 (g) |
|  Smurfit WestRock plc | (7) | (276) | (8) | 0.0 (g) |
| Israel |  |  |  |  |
|  Cellebrite DI Ltd. | (5) | (83) | (1) | 0.0 (g) |
| United Kingdom |  |  |  |  |
|  CNH Industrial NV | (1) | (9) | — (h) | 0.0 (g) |
|  Marex Group plc | (1) | (20) | — (h) | 0.0 (g) |
| United States |  |  |  |  |
|  AAON, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  AGCO Corp. | — (h) | (53) | 2 | 0.0 (g) |
|  AGNC Investment Corp. |  |  |  | 0.0 (g) |
|  Akamai Technologies, Inc. | (1) | (50) | — (h) | 0.0 (g) |
|  Alcoa Corp. | (1) | (42) | (7) | 0.0 (g) |
|  American Homes 4 Rent | (17) | (533) | (12) | 0.0 (g) |
|  American International Group, Inc. | (1) | (59) | — (h) | 0.0 (g) |
|  Antero Midstream Corp. | (3) | (60) | 1 | 0.0 (g) |
|  APA Corp. | (3) | (67) | 2 | 0.0 (g) |
|  Apollo Global Management, Inc. | (6) | (836) | 12 | 0.0 (g) |
|  Applied Digital Corp. | (2) | (40) | (2) | 0.0 (g) |
|  AppLovin Corp. | (1) | (832) | 2 | 0.0 (g) |
|  AptarGroup, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Archer Aviation, Inc. | (1) | (4) | — (h) | 0.0 (g) |
|  Arrow Electronics, Inc. | — (h) | (42) | 1 | 0.0 (g) |
|  Arrowhead Pharmaceuticals, Inc. | — (h) | (22) | 1 | 0.0 (g) |
|  Astera Labs, Inc. | (1) | (136) | (21) | 0.0 (g) |
|  ATI, Inc. | — (h) | (19) | (1) | 0.0 (g) |
|  Aurora Innovation, Inc. | (1) | (4) | — (h) | 0.0 (g) |
|  AvalonBay Communities, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Avantor, Inc. | (10) | (109) | (2) | 0.0 (g) |
|  Axon Enterprise, Inc. | — (h) | (52) | (1) | 0.0 (g) |
|  Baker Hughes Co. | (12) | (576) | 17 | 0.0 (g) |
|  Bank of New York Mellon Corp. (The) | (1) | (110) | 1 | 0.0 (g) |
|  Bath & Body Works, Inc. |  |  |  | 0.0 (g) |
|  Baxter International, Inc. | (1) | (14) | — (h) | 0.0 (g) |
|  Berkshire Hathaway, Inc. | — (h) | (127) | 1 | 0.0 (g) |
|  Best Buy Co., Inc. | (1) | (38) | 3 | 0.0 (g) |
|  BILL Holdings, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Brown & Brown, Inc. | (1) | (59) | 2 | 0.0 (g) |
|  Bunge Global SA | — (h) | (21) | 1 | 0.0 (g) |
|  Burlington Stores, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  CareTrust REIT, Inc. | (20) | (746) | 9 | 0.0 (g) |
|  Carvana Co. | — (h) | (95) | 6 | 0.0 (g) |
|  Casella Waste Systems, Inc. | (1) | (56) | 1 | 0.0 (g) |
|  Cava Group, Inc. | — (h) | (9) | (1) | 0.0 (g) |
|  Cencora, Inc. | — (h) | (74) | 3 | 0.0 (g) |
|  CF Industries Holdings, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Cheniere Energy, Inc. | (1) | (166) | (5) | 0.0 (g) |
|  Cincinnati Financial Corp. | (5) | (803) | 18 | 0.0 (g) |
|  Cisco Systems, Inc. | (3) | (254) | 4 | 0.0 (g) |
|  Clorox Co. (The) | (1) | (55) | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 619

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Cloudflare, Inc. | — (h) | (32) | — (h) | 0.0 (g) |
|  Coeur Mining, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Coherent Corp. | — (h) | (82) | (3) | 0.0 (g) |
|  Coinbase Global, Inc. | — (h) | (31) | 2 | 0.0 (g) |
|  Colgate-Palmolive Co. | — (h) | (32) | — (h) | 0.0 (g) |
|  Columbia Banking System, Inc. | (3) | (84) | 3 | 0.0 (g) |
|  Commvault Systems, Inc. | — (h) | (19) | (1) | 0.0 (g) |
|  Constellation Energy Corp. | — (h) | (36) | 1 | 0.0 (g) |
|  Cooper Cos., Inc. (The) | — (h) | (38) | — (h) | 0.0 (g) |
|  Corcept Therapeutics, Inc. | — (h) | (5) | 3 | 0.0 (g) |
|  Core & Main, Inc. | (1) | (39) | 2 | 0.0 (g) |
|  Corpay, Inc. | (1) | (310) | 11 | 0.0 (g) |
|  CoStar Group, Inc. | (1) | (51) | (3) | 0.0 (g) |
|  Crowdstrike Holdings, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Cytokinetics, Inc. | — (h) | (17) | — (h) | 0.0 (g) |
|  Diamondback Energy, Inc. | — (h) | (23) | 1 | 0.0 (g) |
|  Dick's Sporting Goods, Inc. | — (h) | (32) | 1 | 0.0 (g) |
|  Dillard's, Inc. | — (h) | (16) | 1 | 0.0 (g) |
|  Dollar Tree, Inc. | — (h) | (24) | 2 | 0.0 (g) |
|  Domino's Pizza, Inc. | — (h) | (14) | 1 | 0.0 (g) |
|  DoorDash, Inc. | — (h) | (43) | 1 | 0.0 (g) |
|  DraftKings, Inc. | (1) | (45) | 1 | 0.0 (g) |
|  DT Midstream, Inc. | — (h) | (56) | — (h) | 0.0 (g) |
|  Duke Energy Corp. | — (h) | (40) | — (h) | 0.0 (g) |
|  EastGroup Properties, Inc. | — (h) | (68) | 2 | 0.0 (g) |
|  EchoStar Corp. | (2) | (202) | (9) | 0.0 (g) |
|  Elevance Health, Inc. | — (h) | (86) | 2 | 0.0 (g) |
|  elf Beauty, Inc. | (1) | (92) | 3 | 0.0 (g) |
|  Eli Lilly & Co. | (1) | (796) | (9) | 0.0 (g) |
|  Entegris, Inc. | — (h) | (44) | 3 | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | (9) | (572) | 19 | 0.0 (g) |
|  Equity Residential | — (h) | (14) | — (h) | 0.0 (g) |
|  Erie Indemnity Co. | — (h) | (15) | — (h) | 0.0 (g) |
|  Esab Corp. | — (h) | (9) | — (h) | 0.0 (g) |
|  Estee Lauder Cos., Inc. (The) | (5) | (477) | (17) | 0.0 (g) |
|  Exelon Corp. | (14) | (609) | 4 | 0.0 (g) |
|  Expand Energy Corp. | (1) | (75) | — (h) | 0.0 (g) |
|  Extra Space Storage, Inc. | — (h) | (49) | 1 | 0.0 (g) |
|  Exxon Mobil Corp. | — (h) | (19) | — (h) | 0.0 (g) |
|  F&G Annuities & Life, Inc. | — (h) |  | — (h) | 0.0 (g) |
|  FactSet Research Systems, Inc. | (1) | (217) | 1 | 0.0 (g) |
|  Fair Isaac Corp. | — (h) | (45) | 3 | 0.0 (g) |
|  Federal Realty Investment Trust | — (h) | (6) | — (h) | 0.0 (g) |
|  Fidelity National Financial, Inc. | — (h) | (23) | 2 | 0.0 (g) |
|  FirstCash Holdings, Inc. | (3) | (481) | 15 | 0.0 (g) |
|  FirstEnergy Corp. | (1) | (23) | — (h) | 0.0 (g) |
|  Ford Motor Co. | (7) | (98) | 4 | 0.0 (g) |
|  Fortinet, Inc. | (1) | (70) | 2 | 0.0 (g) |
|  Fortive Corp. | — (h) | (28) | — (h) | 0.0 (g) |
|  Generac Holdings, Inc. | — (h) | (10) | 1 | 0.0 (g) |
|  Genuine Parts Co. | — (h) | (12) | 1 | 0.0 (g) |
|  Gilead Sciences, Inc. | (1) | (128) | (3) | 0.0 (g) |
|  Gitlab, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Glaukos Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  Global Payments, Inc. | (1) | (79) | 4 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 620 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Globus Medical, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Goldman Sachs Group, Inc. (The) | — (h) | (189) | 2 | 0.0 (g) |
|  Graco, Inc. | (1) | (94) | 3 | 0.0 (g) |
|  Healthpeak Properties, Inc. | (2) | (36) | 1 | 0.0 (g) |
|  Hecla Mining Co. | (3) | (60) | (1) | 0.0 (g) |
|  Hexcel Corp. | (2) | (161) | (1) | 0.0 (g) |
|  Home Depot, Inc. (The) | (2) | (654) | 24 | 0.0 (g) |
|  Hormel Foods Corp. | (24) | (576) | 7 | 0.0 (g) |
|  Howmet Aerospace, Inc. | (1) | (102) | (4) | 0.0 (g) |
|  Hyatt Hotels Corp. | — (h) | (29) | 1 | 0.0 (g) |
|  Impinj, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Ingersoll Rand, Inc. | (14) | (1121) | 33 | 0.0 (g) |
|  International Business Machines Corp. | (1) | (160) | 6 | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | (2) | (121) | (6) | 0.0 (g) |
|  International Paper Co. | (1) | (39) | (1) | 0.0 (g) |
|  Invesco Ltd. | (10) | (260) | (2) | 0.0 (g) |
|  IonQ, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Iron Mountain, Inc. | — (h) | (33) | — (h) | 0.0 (g) |
|  J M Smucker Co. (The) | — (h) | (8) | — (h) | 0.0 (g) |
|  JBT Marel Corp. | (1) | (99) | 3 | 0.0 (g) |
|  Joby Aviation, Inc. | (1) | (12) | 1 | 0.0 (g) |
|  Johnson & Johnson | — (h) | (35) | — (h) | 0.0 (g) |
|  Kinetik Holdings, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Kinsale Capital Group, Inc. | — (h) | (1) | — (h) | 0.0 (g) |
|  KKR & Co., Inc. | — (h) | (36) | 2 | 0.0 (g) |
|  Klaviyo, Inc. | (4) | (120) | (15) | 0.0 (g) |
|  Kraft Heinz Co. (The) | (42) | (1023) | 10 | 0.0 (g) |
|  Krystal Biotech, Inc. | — (h) | (114) | (2) | 0.0 (g) |
|  Lamb Weston Holdings, Inc. | (1) | (39) | 11 | 0.0 (g) |
|  Lennox International, Inc. | — (h) | (52) | 1 | 0.0 (g) |
|  Liberty Broadband Corp. | — (h) | (15) | — (h) | 0.0 (g) |
|  Life Time Group Holdings, Inc. | (1) | (26) | (1) | 0.0 (g) |
|  Lincoln National Corp. | (1) | (25) | — (h) | 0.0 (g) |
|  Lineage, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Live Nation Entertainment, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  LKQ Corp. | (2) | (58) | 1 | 0.0 (g) |
|  Loar Holdings, Inc. | — (h) | (27) | — (h) | 0.0 (g) |
|  Lowe's Cos., Inc. | — (h) | (120) | 4 | 0.0 (g) |
|  LPL Financial Holdings, Inc. | — (h) | (27) | 1 | 0.0 (g) |
|  Lumen Technologies, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  M&T Bank Corp. | (3) | (636) | 10 | 0.0 (g) |
|  MACOM Technology Solutions Holdings, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  Magnolia Oil & Gas Corp. |  |  |  | 0.0 (g) |
|  Maplebear, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  Markel Group, Inc. | — (h) | (804) | 4 | 0.0 (g) |
|  Marriott International, Inc./MD | — (h) | (99) | — (h) | 0.0 (g) |
|  Marsh & McLennan Cos., Inc. | — (h) | (26) | — (h) | 0.0 (g) |
|  Masco Corp. | (10) | (668) | 15 | 0.0 (g) |
|  Match Group, Inc. | (13) | (425) | 4 | 0.0 (g) |
|  McCormick & Co., Inc. | (2) | (128) | 1 | 0.0 (g) |
|  McDonald's Corp. | — (h) | (118) | 5 | 0.0 (g) |
|  Merck & Co., Inc. | (3) | (279) | (14) | 0.0 (g) |
|  Microchip Technology, Inc. |  |  |  | 0.0 (g) |
|  Middleby Corp. (The) | — (h) | (21) | — (h) | 0.0 (g) |
|  Mirion Technologies, Inc. | (1) | (31) | 1 | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 621

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Short Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Modine Manufacturing Co. | — (h) | (11) | — (h) | 0.0 (g) |
|  Mohawk Industries, Inc. | (3) | (310) | 6 | 0.0 (g) |
|  Molson Coors Beverage Co. | — (h) | (11) | — (h) | 0.0 (g) |
|  Murphy USA, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  NetApp, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  New York Times Co. (The) | — (h) | (7) | — (h) | 0.0 (g) |
|  NewMarket Corp. | — (h) | (38) | 3 | 0.0 (g) |
|  NEXTracker, Inc. | (1) | (52) | — (h) | 0.0 (g) |
|  NIKE, Inc. | (1) | (92) | (1) | 0.0 (g) |
|  NiSource, Inc. |  |  |  | 0.0 (g) |
|  NuScale Power Corp. | (1) | (11) | 2 | 0.0 (g) |
|  Occidental Petroleum Corp. | (20) | (817) | (19) | 0.0 (g) |
|  OGE Energy Corp. | — (h) | (7) | — (h) | 0.0 (g) |
|  Okta, Inc. | — (h) | (22) | — (h) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. |  |  |  | 0.0 (g) |
|  Old National Bancorp | (22) | (510) | 15 | 0.0 (g) |
|  Old Republic International Corp. | (1) | (44) | — (h) | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Omnicom Group, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  OneMain Holdings, Inc. | (3) | (196) | (1) | 0.0 (g) |
|  ONEOK, Inc. | (9) | (687) | (6) | 0.0 (g) |
|  Oracle Corp. | — (h) | (69) | (4) | 0.0 (g) |
|  O'Reilly Automotive, Inc. | (1) | (84) | 4 | 0.0 (g) |
|  Ormat Technologies, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Packaging Corp. of America | (5) | (1067) | (9) | 0.0 (g) |
|  Paramount Skydance Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  Parsons Corp. | (4) | (238) | (1) | 0.0 (g) |
|  Paychex, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  PayPal Holdings, Inc. | (6) | (343) | 13 | 0.0 (g) |
|  PennyMac Financial Services, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Permian Resources Corp. | (17) | (242) | 6 | 0.0 (g) |
|  Pinterest, Inc. | (7) | (191) | (1) | 0.0 (g) |
|  Planet Fitness, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Primerica, Inc. | (1) | (363) | — (h) | 0.0 (g) |
|  Primo Brands Corp. | (2) | (36) | 1 | 0.0 (g) |
|  PTC, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  QXO, Inc. | (2) | (43) | 4 | 0.0 (g) |
|  Repligen Corp. | — (h) | (35) | (1) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | (1) | (26) | 2 | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | — (h) | (12) | 1 | 0.0 (g) |
|  Rivian Automotive, Inc. | (9) | (161) | (9) | 0.0 (g) |
|  Robinhood Markets, Inc. | (1) | (95) | 2 | 0.0 (g) |
|  Rocket Cos., Inc. | (6) | (101) | (6) | 0.0 (g) |
|  Roper Technologies, Inc. | — (h) | (84) | — (h) | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | (9) | (463) | 22 | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | — (h) | (39) | 2 | 0.0 (g) |
|  Saia, Inc. | (1) | (232) | 9 | 0.0 (g) |
|  Samsara, Inc. | — (h) | (5) | 1 | 0.0 (g) |
|  Sanmina Corp. | (1) | (233) | 12 | 0.0 (g) |
|  SentinelOne, Inc. | (7) | (106) | (1) | 0.0 (g) |
|  Service Corp. International | (1) | (78) | — (h) | 0.0 (g) |
|  SharkNinja, Inc. | — (h) | (31) | — (h) | 0.0 (g) |
|  Shift4 Payments, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | (2) | (285) | 13 | 0.0 (g) |
|  Snap-on, Inc. | — (h) | (46) | 1 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 622 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Short Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Snowflake, Inc. | — (h) | (17) | — (h) | 0.0 (g) |
|  Somnigroup International, Inc. |  |  |  | 0.0 (g) |
|  Southern Co. (The) | — (h) | (21) | — (h) | 0.0 (g) |
|  SPX Technologies, Inc. | — (h) | (8) | 1 | 0.0 (g) |
|  STAG Industrial, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Starwood Property Trust, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Steel Dynamics, Inc. | — (h) | (61) | — (h) | 0.0 (g) |
|  StepStone Group, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  STERIS plc | — (h) | (7) | — (h) | 0.0 (g) |
|  Sun Communities, Inc. | (2) | (276) | — (h) | 0.0 (g) |
|  Synopsys, Inc. | (1) | (596) | (20) | 0.0 (g) |
|  T Rowe Price Group, Inc. | (5) | (501) | 6 | 0.0 (g) |
|  Take-Two Interactive Software, Inc. | — (h) | (47) | (2) | 0.0 (g) |
|  Talen Energy Corp. | — (h) | (150) | (7) | 0.0 (g) |
|  TD SYNNEX Corp. | — (h) | (26) | — (h) | 0.0 (g) |
|  Teleflex, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Terreno Realty Corp. | — (h) | (14) | 1 | 0.0 (g) |
|  Texas Pacific Land Corp. | — (h) | (13) | — (h) | 0.0 (g) |
|  Timken Co. (The) | (1) | (80) | 2 | 0.0 (g) |
|  TKO Group Holdings, Inc. | — (h) | (23) | — (h) | 0.0 (g) |
|  Toast, Inc. | (1) | (42) | (1) | 0.0 (g) |
|  TopBuild Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  TPG, Inc. | (1) | (63) | 3 | 0.0 (g) |
|  Tractor Supply Co. | (1) | (40) | 2 | 0.0 (g) |
|  TransDigm Group, Inc. | — (h) | (38) | (2) | 0.0 (g) |
|  Tyler Technologies, Inc. | — (h) | (49) | — (h) | 0.0 (g) |
|  Tyson Foods, Inc. | (2) | (146) | 2 | 0.0 (g) |
|  Ubiquiti, Inc. | — (h) | (24) | — (h) | 0.0 (g) |
|  UDR, Inc. | (17) | (596) | (15) | 0.0 (g) |
|  UGI Corp. | (1) | (29) | 1 | 0.0 (g) |
|  UL Solutions, Inc. | — (h) | (21) | — (h) | 0.0 (g) |
|  UMB Financial Corp. | — (h) | (21) | 1 | 0.0 (g) |
|  United Parcel Service, Inc. | (1) | (86) | 1 | 0.0 (g) |
|  Unity Software, Inc. | (1) | (35) | 1 | 0.0 (g) |
|  Valley National Bancorp | (10) | (116) | 2 | 0.0 (g) |
|  Vertex Pharmaceuticals, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Viper Energy, Inc. | (10) | (407) | 8 | 0.0 (g) |
|  Vontier Corp. | (1) | (26) | — (h) | 0.0 (g) |
|  W R Berkley Corp. | (9) | (616) | (9) | 0.0 (g) |
|  Walt Disney Co. (The) | — (h) | (8) | — (h) | 0.0 (g) |
|  Waters Corp. | — (h) | (122) | 2 | 0.0 (g) |
|  Watsco, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Watts Water Technologies, Inc. | — (h) | (44) | 1 | 0.0 (g) |
|  West Pharmaceutical Services, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Western Alliance Bancorp | — (h) | (7) | — (h) | 0.0 (g) |
|  Weyerhaeuser Co. | (2) | (40) | (1) | 0.0 (g) |
|  Wingstop, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  Wintrust Financial Corp. | (2) | (237) | 3 | 0.0 (g) |
|  Workday, Inc. | — (h) | (94) | — (h) | 0.0 (g) |
|  WW Grainger, Inc. | — (h) | (20) | — (h) | 0.0 (g) |
|  Zillow Group, Inc. | (2) | (135) | — (h) | 0.0 (g) |
|  Zoom Communications, Inc. | (13) | (1112) | 3 | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (36402) | 179 | **0.0** (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 623

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions** | | | | |
| **Common Stocks** | | | | |
| **Australia** | | | | |
|  Atlassian Corp. | 1 | 159 | 3 | 0.0 (g) |
| **Bermuda** |  |  |  |  |
|  Essent Group Ltd. | 5 | 355 | (1) | 0.0 (g) |
|  Viking Holdings Ltd. | 3 | 211 | 1 | 0.0 (g) |
| **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | 1 | 197 | — (h) | 0.0 (g) |
| **Hong Kong** |  |  |  |  |
|  Hongkong Land Holdings Ltd. | 3 | 18 | — (h) | 0.0 (g) |
|  Melco Resorts & Entertainment Ltd. | 4 | 32 | (2) | 0.0 (g) |
| **Ireland** |  |  |  |  |
|  Accenture plc | — (h) | 13 | — (h) | 0.0 (g) |
|  AerCap Holdings NV | — (h) | 20 | — (h) | 0.0 (g) |
|  Alkermes plc | 1 | 28 | — (h) | 0.0 (g) |
|  Allegion plc | — (h) | 6 | — (h) | 0.0 (g) |
|  Aptiv plc | 6 | 447 | (7) | 0.0 (g) |
|  Eaton Corp. plc | — (h) | 83 | (1) | 0.0 (g) |
|  ICON plc | — (h) | 7 | — (h) | 0.0 (g) |
| **Israel** |  |  |  |  |
|  Global-e Online Ltd. | 1 | 25 | — (h) | 0.0 (g) |
|  Mobileye Global, Inc. | — (h) | 3 | — (h) | 0.0 (g) |
|  Oddity Tech Ltd. | 2 | 87 | (4) | 0.0 (g) |
|  Wix.com Ltd. | — (h) | 17 | 1 | 0.0 (g) |
| **Luxembourg** |  |  |  |  |
|  Millicom International Cellular SA | 3 | 170 | 6 | 0.0 (g) |
| **Netherlands** |  |  |  |  |
|  QIAGEN NV | 2 | 71 | (1) | 0.0 (g) |
| **Norway** |  |  |  |  |
|  Frontline plc | 1 | 17 | (1) | 0.0 (g) |
| **Puerto Rico** |  |  |  |  |
|  Popular, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
| **Sweden** |  |  |  |  |
|  Spotify Technology SA | — (h) | 6 | — (h) | 0.0 (g) |
| **Switzerland** |  |  |  |  |
|  Garmin Ltd. | — (h) | 11 | — (h) | 0.0 (g) |
|  Sportradar Group AG | 2 | 37 | 1 | 0.0 (g) |
| **United Kingdom** |  |  |  |  |
|  ARM Holdings plc | — (h) | 37 | (1) | 0.0 (g) |
|  TechnipFMC plc | 1 | 31 | (1) | 0.0 (g) |
| **United States** |  |  |  |  |
|  ADT, Inc. | 53 | 434 | (6) | 0.0 (g) |
|  AECOM | — (h) | 30 | (1) | 0.0 (g) |
|  Affiliated Managers Group, Inc. | — (h) | 77 | 4 | 0.0 (g) |
|  Affirm Holdings, Inc. | — (h) | 8 | 1 | 0.0 (g) |
|  Agree Realty Corp. | — (h) | 6 | — (h) | 0.0 (g) |
|  Airbnb, Inc. | 5 | 602 | 18 | 0.0 (g) |
|  Align Technology, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Ally Financial, Inc. | 2 | 75 | (1) | 0.0 (g) |
|  Alphabet, Inc. | — (h) | 127 | 2 | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 624 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Amdocs Ltd. | — (h) | 8 | — (h) | 0.0 (g) |
|  Ameren Corp. | 1 | 139 | 1 | 0.0 (g) |
|  American Healthcare REIT, Inc. | 1 | 53 | — (h) | 0.0 (g) |
|  American Tower Corp. | — (h) | 44 | (1) | 0.0 (g) |
|  American Water Works Co., Inc. | 1 | 76 | (2) | 0.0 (g) |
|  Ameriprise Financial, Inc. | — (h) | 37 | — (h) | 0.0 (g) |
|  Amphenol Corp. | — (h) | 31 | 1 | 0.0 (g) |
|  Assurant, Inc. | 1 | 131 | 4 | 0.0 (g) |
|  AT&T, Inc. | 6 | 139 | 2 | 0.0 (g) |
|  Autodesk, Inc. | — (h) | 26 | — (h) | 0.0 (g) |
|  Bank OZK | — (h) | 17 | (1) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | 6 | 292 | 37 | 0.0 (g) |
|  BJ's Wholesale Club Holdings, Inc. | — (h) | 20 | — (h) | 0.0 (g) |
|  Block, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  BorgWarner, Inc. | 31 | 1376 | 6 | 0.0 (g) |
|  Bright Horizons Family Solutions, Inc. | — (h) | 32 | (1) | 0.0 (g) |
|  Brightstar Lottery plc | 6 | 93 | (3) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | 1 | 64 | — (h) | 0.0 (g) |
|  Brixmor Property Group, Inc. | 1 | 19 | — (h) | 0.0 (g) |
|  CACI International, Inc. | — (h) | 115 | (7) | 0.0 (g) |
|  Cal-Maine Foods, Inc. | — (h) | 21 | (2) | 0.0 (g) |
|  Camden Property Trust | 6 | 660 | 34 | 0.0 (g) |
|  Campbell's Company (The) | 20 | 569 | (8) | 0.0 (g) |
|  Carlisle Cos., Inc. | — (h) | 20 | (1) | 0.0 (g) |
|  CarMax, Inc. | 1 | 50 | (3) | 0.0 (g) |
|  Carnival Corp. | 1 | 24 | 2 | 0.0 (g) |
|  Carpenter Technology Corp. | 1 | 342 | (9) | 0.0 (g) |
|  Casey's General Stores, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  CBRE Group, Inc. | — (h) | 33 | — (h) | 0.0 (g) |
|  CDW Corp | — (h) | 15 | — (h) | 0.0 (g) |
|  Centene Corp. | 2 | 100 | 2 | 0.0 (g) |
|  Charles Schwab Corp. (The) | 15 | 1415 | 69 | 0.0 (g) |
|  Charter Communications, Inc. | — (h) | 25 | — (h) | 0.0 (g) |
|  Chemed Corp. | — (h) | 39 | — (h) | 0.0 (g) |
|  Chevron Corp. | — (h) | 4 | — (h) | 0.0 (g) |
|  Chipotle Mexican Grill, Inc. | 11 | 403 | 12 | 0.0 (g) |
|  Cigna Group (The) | — (h) | 11 | — (h) | 0.0 (g) |
|  Cirrus Logic, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Citigroup, Inc. | 17 | 1929 | 67 | 0.0 (g) |
|  Cleveland-Cliffs, Inc. | 7 | 84 | 3 | 0.0 (g) |
|  CME Group, Inc. | 5 | 1241 | 4 | 0.0 (g) |
|  Cognex Corp. | — (h) | 5 | — (h) | 0.0 (g) |
|  Comfort Systems USA, Inc. | — (h) | 33 | (1) | 0.0 (g) |
|  Commerce Bancshares, Inc./MO | 1 | 38 | (1) | 0.0 (g) |
|  Commercial Metals Co. | 1 | 50 | (1) | 0.0 (g) |
|  Conagra Brands, Inc. | 10 | 176 | (6) | 0.0 (g) |
|  Constellation Brands, Inc. | 1 | 158 | (6) | 0.0 (g) |
|  Construction Partners, Inc. | 1 | 76 | (1) | 0.0 (g) |
|  Copart, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Corteva, Inc. | — (h) | 31 | 1 | 0.0 (g) |
|  Crane Co. | — (h) | 19 | (1) | 0.0 (g) |
|  Crown Holdings, Inc. | 8 | 830 | 14 | 0.0 (g) |
|  CSX Corp. | 1 | 22 | (1) | 0.0 (g) |
|  CubeSmart | 16 | 569 | (8) | 0.0 (g) |
|  Cullen/Frost Bankers, Inc. | 1 | 106 | (2) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 625

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Curtiss-Wright Corp. | — (h) | 96 | 1 | 0.0 (g) |
|  Danaher Corp. | 3 | 696 | 1 | 0.0 (g) |
|  Darden Restaurants, Inc. | — (h) | 17 | — (h) | 0.0 (g) |
|  DaVita, Inc. | 1 | 87 | (5) | 0.0 (g) |
|  Dell Technologies, Inc. | — (h) | 28 | — (h) | 0.0 (g) |
|  Devon Energy Corp. | 1 | 27 | — (h) | 0.0 (g) |
|  Digital Realty Trust, Inc. | 1 | 128 | 2 | 0.0 (g) |
|  Donaldson Co., Inc. | 4 | 374 | (16) | 0.0 (g) |
|  Dow, Inc. | 15 | 361 | (1) | 0.0 (g) |
|  Doximity, Inc. | 4 | 165 | (1) | 0.0 (g) |
|  DR Horton, Inc. | 1 | 206 | (16) | 0.0 (g) |
|  Dropbox, Inc. | 2 | 58 | — (h) | 0.0 (g) |
|  Dycom Industries, Inc. | — (h) | 38 | (1) | 0.0 (g) |
|  Dynatrace, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Ecolab, Inc. | — (h) | 70 | — (h) | 0.0 (g) |
|  Elastic NV | — (h) | 29 | 1 | 0.0 (g) |
|  Element Solutions, Inc. | 1 | 14 | — (h) | 0.0 (g) |
|  Encompass Health Corp. | — (h) | 37 | (1) | 0.0 (g) |
|  EOG Resources, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  EPAM Systems, Inc. | — (h) | 23 | (1) | 0.0 (g) |
|  Equifax, Inc. | 2 | 339 | — (h) | 0.0 (g) |
|  Essential Properties Realty Trust, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Etsy, Inc. | — (h) | 18 | 1 | 0.0 (g) |
|  Eversource Energy | — (h) | 6 | — (h) | 0.0 (g) |
|  Exelixis, Inc. | 5 | 189 | 11 | 0.0 (g) |
|  ExlService Holdings, Inc. | 1 | 57 | 1 | 0.0 (g) |
|  Expeditors International of Washington, Inc. | 3 | 475 | (8) | 0.0 (g) |
|  Fidelity National Information Services, Inc. | — (h) | 18 | — (h) | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | — (h) | 529 | 18 | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | 6 | 329 | (6) | 0.0 (g) |
|  Flex Ltd. | 2 | 107 | (12) | 0.0 (g) |
|  Floor & Decor Holdings, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Fluor Corp. | — (h) | 21 | (2) | 0.0 (g) |
|  Fortune Brands Innovations, Inc. | 1 | 31 | (1) | 0.0 (g) |
|  Fox Corp. | 15 | 1064 | 27 | 0.0 (g) |
|  Franklin Resources, Inc. | 20 | 470 | 5 | 0.0 (g) |
|  Gap, Inc. (The) | 2 | 41 | (2) | 0.0 (g) |
|  Gartner, Inc. | 3 | 673 | 16 | 0.0 (g) |
|  GE Vernova, Inc. | — (h) | 52 | (2) | 0.0 (g) |
|  General Electric Co. | — (h) | 6 | — (h) | 0.0 (g) |
|  Gentex Corp. | 8 | 197 | (3) | 0.0 (g) |
|  Globe Life, Inc. | 1 | 112 | (1) | 0.0 (g) |
|  Grand Canyon Education, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Group 1 Automotive, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Guidewire Software, Inc. | — (h) | 79 | 3 | 0.0 (g) |
|  H&R Block, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | — (h) | 12 | 1 | 0.0 (g) |
|  Hamilton Lane, Inc. | — (h) | 36 | 2 | 0.0 (g) |
|  Hasbro, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  HEICO Corp. | — (h) | 73 | 2 | 0.0 (g) |
|  Henry Schein, Inc. | 1 | 47 | (1) | 0.0 (g) |
|  HF Sinclair Corp. | 1 | 63 | (3) | 0.0 (g) |
|  Hilton Worldwide Holdings, Inc. | 1 | 332 | 2 | 0.0 (g) |
|  Honeywell International, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Houlihan Lokey, Inc. | — (h) | 16 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 626 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Hubbell, Inc. | — (h) | 68 | — (h) | 0.0 (g) |
|  HubSpot, Inc. | — (h) | 22 | 1 | 0.0 (g) |
|  IES Holdings, Inc. | — (h) | 17 | (2) | 0.0 (g) |
|  Illinois Tool Works, Inc. | — (h) | 87 | (4) | 0.0 (g) |
|  Ingredion, Inc. | — (h) | 16 | — (h) | 0.0 (g) |
|  Installed Building Products, Inc. | — (h) | 24 | (1) | 0.0 (g) |
|  Insulet Corp. | — (h) | 4 | — (h) | 0.0 (g) |
|  Intercontinental Exchange, Inc. | — (h) | 17 | — (h) | 0.0 (g) |
|  Invitation Homes, Inc. | 19 | 501 | 16 | 0.0 (g) |
|  ITT, Inc. | 1 | 190 | (1) | 0.0 (g) |
|  JB Hunt Transport Services, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Jefferies Financial Group, Inc. | — (h) | 28 | — (h) | 0.0 (g) |
|  KBR, Inc. | 1 | 63 | (4) | 0.0 (g) |
|  KeyCorp. | 2 | 40 | — (h) | 0.0 (g) |
|  Keysight Technologies, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Kimco Realty Corp. | 1 | 24 | — (h) | 0.0 (g) |
|  Kirby Corp. | 2 | 183 | — (h) | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | — (h) | 32 | 1 | 0.0 (g) |
|  Kroger Co. (The) | — (h) | 5 | — (h) | 0.0 (g) |
|  Kyndryl Holdings, Inc. | 1 | 14 | — (h) | 0.0 (g) |
|  L3Harris Technologies, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Labcorp Holdings, Inc. | — (h) | 19 | — (h) | 0.0 (g) |
|  Las Vegas Sands Corp. | — (h) | 29 | (1) | 0.0 (g) |
|  Lear Corp. | 1 | 147 | (2) | 0.0 (g) |
|  Leidos Holdings, Inc. | — (h) | — (h) | — (h) | 0.0 (g) |
|  Lennar Corp. | — (h) | 48 | (7) | 0.0 (g) |
|  Light & Wonder, Inc. | — (h) | 30 | 1 | 0.0 (g) |
|  Linde plc | — (h) | 126 | 3 | 0.0 (g) |
|  Lithia Motors, Inc. | 1 | 284 | (12) | 0.0 (g) |
|  Lockheed Martin Corp. | 1 | 701 | (1) | 0.0 (g) |
|  Louisiana-Pacific Corp. | — (h) | 14 | (1) | 0.0 (g) |
|  LyondellBasell Industries NV | 1 | 31 | — (h) | 0.0 (g) |
|  Marathon Petroleum Corp. | — (h) | 21 | (1) | 0.0 (g) |
|  MasTec, Inc. | 1 | 218 | (3) | 0.0 (g) |
|  Mattel, Inc. | 3 | 65 | (2) | 0.0 (g) |
|  Meritage Homes Corp. | 1 | 66 | (4) | 0.0 (g) |
|  MetLife, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  MGM Resorts International | 12 | 452 | (11) | 0.0 (g) |
|  Micron Technology, Inc. | — (h) | 66 | 14 | 0.0 (g) |
|  Mosaic Co. (The) | 5 | 128 | (4) | 0.0 (g) |
|  Motorola Solutions, Inc. | — (h) | 12 | 1 | 0.0 (g) |
|  MP Materials Corp. | 6 | 327 | (16) | 0.0 (g) |
|  Neurocrine Biosciences, Inc. | — (h) | 8 | (1) | 0.0 (g) |
|  NNN REIT, Inc. | 1 | 43 | (1) | 0.0 (g) |
|  Northrop Grumman Corp. | — (h) | 276 | (3) | 0.0 (g) |
|  NVR, Inc. | — (h) | 46 | (2) | 0.0 (g) |
|  Ollie's Bargain Outlet Holdings, Inc. | — (h) | 31 | (1) | 0.0 (g) |
|  Onto Innovation, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Oshkosh Corp. | 1 | 80 | (2) | 0.0 (g) |
|  Otis Worldwide Corp. | — (h) | 16 | — (h) | 0.0 (g) |
|  Owens Corning | — (h) | 9 | — (h) | 0.0 (g) |
|  Paycom Software, Inc. | — (h) | 35 | (1) | 0.0 (g) |
|  Paylocity Holding Corp. | — (h) | 16 | — (h) | 0.0 (g) |
|  PepsiCo., Inc. | — (h) | 11 | (1) | 0.0 (g) |
|  Pilgrim's Pride Corp. | — (h) | 16 | — (h) | 0.0 (g) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 627

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions — continued** | | | | |
| **Common Stocks — continued** | | | | |
| **United States — continued** | | | | |
|  Pinnacle Financial Partners, Inc. | — (h) |  | (1) | 0.0 (g) |
|  Pinnacle West Capital Corp. | 3 | 270 | 1 | 0.0 (g) |
|  PJT Partners, Inc. | — (h) | 30 | (1) | 0.0 (g) |
|  Principal Financial Group, Inc. | 1 | 64 | (2) | 0.0 (g) |
|  Procter & Gamble Co. (The) | — (h) | 25 | — (h) | 0.0 (g) |
|  Prosperity Bancshares, Inc. | 7 | 469 | (19) | 0.0 (g) |
|  PTC Therapeutics, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Ralph Lauren Corp. | 1 | 275 | (13) | 0.0 (g) |
|  RBC Bearings, Inc. | 1 | 292 | (9) | 0.0 (g) |
|  Regal Rexnord Corp. | — (h) | 20 | (1) | 0.0 (g) |
|  Regions Financial Corp. | 1 | 18 | — (h) | 0.0 (g) |
|  Reinsurance Group of America, Inc. | 1 | 224 | (1) | 0.0 (g) |
|  Reliance, Inc. | — (h) | 27 | — (h) | 0.0 (g) |
|  ResMed, Inc. | 3 | 805 | (39) | 0.0 (g) |
|  ROBLOX Corp. | — (h) | 18 | — (h) | 0.0 (g) |
|  Roku, Inc. | 4 | 450 | (2) | 0.0 (g) |
|  RTX Corp. | — (h) | 32 | — (h) | 0.0 (g) |
|  Rubrik, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  S&P Global, Inc. | 2 | 978 | 45 | 0.0 (g) |
|  Salesforce, Inc. | — (h) | 36 | 1 | 0.0 (g) |
|  Sandisk Corp | — (h) | 85 | 14 | 0.0 (g) |
|  SEI Investments Co. | 1 | 90 | — (h) | 0.0 (g) |
|  ServiceTitan, Inc. | — (h) | 30 | 1 | 0.0 (g) |
|  Sirius XM Holdings, Inc. | 1 | 16 | (1) | 0.0 (g) |
|  Skyworks Solutions, Inc. | 1 | 72 | (2) | 0.0 (g) |
|  Sprouts Farmers Market, Inc. | 5 | 429 | (4) | 0.0 (g) |
|  SS&C Technologies Holdings, Inc. | — (h) | 29 | — (h) | 0.0 (g) |
|  State Street Corp. | — (h) | 59 | — (h) | 0.0 (g) |
|  Stifel Financial Corp. | — (h) | 7 | — (h) | 0.0 (g) |
|  Sysco Corp. | — (h) | 26 | (1) | 0.0 (g) |
|  Taylor Morrison Home Corp. | — (h) | 27 | (1) | 0.0 (g) |
|  Tenet Healthcare Corp. | 2 | 301 | 2 | 0.0 (g) |
|  Tetra Tech, Inc. | 1 | 24 | (1) | 0.0 (g) |
|  Texas Instruments, Inc. | 5 | 857 | (22) | 0.0 (g) |
|  Textron, Inc. | 1 | 76 | (1) | 0.0 (g) |
|  TG Therapeutics, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Thor Industries, Inc. | — (h) | 21 | — (h) | 0.0 (g) |
|  T-Mobile US, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Toro Co. (The) | 1 | 53 | 4 | 0.0 (g) |
|  Trade Desk, Inc. (The) | 2 | 66 | 3 | 0.0 (g) |
|  Travelers Cos., Inc. (The) | — (h) | 13 | — (h) | 0.0 (g) |
|  Trimble, Inc. | — (h) | 19 | — (h) | 0.0 (g) |
|  Truist Financial Corp. | 1 | 25 | — (h) | 0.0 (g) |
|  TTM Technologies, Inc. | — (h) | 15 | (1) | 0.0 (g) |
|  Twilio, Inc. | — (h) | 9 | 1 | 0.0 (g) |
|  Uber Technologies, Inc. | — (h) | 18 | — (h) | 0.0 (g) |
|  UFP Industries, Inc. | — (h) | 35 | (1) | 0.0 (g) |
|  UnitedHealth Group, Inc. | — (h) | 21 | (1) | 0.0 (g) |
|  Universal Display Corp. | — (h) | 36 | (1) | 0.0 (g) |
|  Unum Group | 4 | 307 | 2 | 0.0 (g) |
|  US Bancorp | — (h) | 17 | — (h) | 0.0 (g) |
|  Vaxcyte, Inc. | 3 | 126 | 5 | 0.0 (g) |
|  Veeva Systems, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Veralto Corp. | 1 | 56 | — (h) | 0.0 (g) |
|  VeriSign, Inc. | — (h) | 16 | — (h) | 0.0 (g) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 628 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions — continued |  |  |  |  |
| Common Stocks — continued |  |  |  |  |
| United States — continued |  |  |  |  |
|  Verisk Analytics, Inc. | — (h) | 61 | 1 | 0.0 (g) |
|  Vertiv Holdings Co. | — (h) | 67 | 2 | 0.0 (g) |
|  Viatris, Inc. | 2 | 19 | 1 | 0.0 (g) |
|  VICI Properties, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Virtu Financial, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Vistra Corp. | — (h) | 21 | (1) | 0.0 (g) |
|  Voya Financial, Inc. | — (h) | 16 | — (h) | 0.0 (g) |
|  Wayfair, Inc. | 1 | 112 | 2 | 0.0 (g) |
|  Waystar Holding Corp. | 3 | 101 | 1 | 0.0 (g) |
|  Wells Fargo & Co. | 4 | 390 | 1 | 0.0 (g) |
|  Westinghouse Air Brake Technologies Corp. | 4 | 803 | (7) | 0.0 (g) |
|  Westlake Corp. | 1 | 89 | — (h) | 0.0 (g) |
|  WP Carey, Inc. | 1 | 65 | (1) | 0.0 (g) |
|  XPO, Inc. | 1 | 101 | (7) | 0.0 (g) |
|  Xylem, Inc./NY | — (h) | 27 | — (h) | 0.0 (g) |
|  Zebra Technologies Corp. | 1 | 354 | (30) | 0.0 (g) |
|  Zions Bancorp NA | — (h) | 6 | — (h) | 0.0 (g) |
|  Zoetis, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
| Uruguay |  |  |  |  |
|  MercadoLibre, Inc. | — (h) | 65 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 37343 | 80 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 941 | 259 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/17/2049 | (163) | (1) | – | (1) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 629

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  ConocoPhillips | — (h) | (38) | (1) | 0.0 (g) |
|  IDEX Corp. | (1) | (142) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(180)** | **(1)** | **0.0** (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Bank of America Corp. | — (h) | 17 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **17** | **—** **(h)** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(163)** | **(1)** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | DESCRIPTION | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/15/2049 | (28) | (1) | – | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Williams Cos., Inc. (The) | — (h) | (28) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (28) | (1) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (28) | (1) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | NOTIONAL<br>VALUE <sup>(1)</sup> | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/10/2049 | 61 | 3 | – (h) | 3 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 630 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | NOTIONAL<br>VALUE <sup>(1)</sup> | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Littelfuse, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Southwest Airlines Co. | — (h) | (8) | — (h) | 0.0 (g) |
|  Verizon Communications, Inc. | (1) | (52) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (66) | — (h) | **0.0** (g) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Advanced Micro Devices, Inc. | 1 | 104 | 3 | 0.0 (g) |
|  Allstate Corp. (The) | — (h) | 23 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 127 | 3 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 61 | 3 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | NOTIONAL<br>VALUE (1) | NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($) <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/11/2049 | 14 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Jardine Matheson Holdings Ltd. | — (h) | 14 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 14 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 14 | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/09/2049 | (27) | – (h) | – | — (h) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 631

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Intel Corp. | (1) | (27) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | **(27)** | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **(27)** | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/08/2049 | (66) | (1) | – (h) | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  FedEx Corp. | — (h) | (89) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (89) | (2) | 0.0 (g) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Molina Healthcare, Inc. | — (h) | 23 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 23 | 1 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (66) | (1) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/04/2049 | 21 | – (h) | – (h) | – (h) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 632 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Netflix, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Simon Property Group, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 21 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 21 | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/03/2049 | 12 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Tower Semiconductor Ltd. | — (h) | 12 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 12 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 12 | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES<br>($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/02/2049 | 7 | – (h) | – | — (h) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 633

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
| **Long Positions** | | | | |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Quest Diagnostics, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **7** | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **7** | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES<br>($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/01/2049 | 49 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Check Point Software Technologies Ltd. | — (h) | 49 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 49 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 49 | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES<br>($) | 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 0.2% to 0.2%) which is denominated in USD based on the local currencies of the positions within the swap | 12/29/2049 | 120 | (4) | – | (4) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 634 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Alaska Air Group, Inc. | 2 | 120 | (4) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 120 | (4) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 120 | (4) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES<br>($) | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/16/2049 | (17) | 1 | – (h) | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  BXP, Inc. | — (h) | (17) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (17) | 1 | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (17) | 1 | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.2% to 0.2%) which is denominated in USD based on the local currencies of the positions within the swap | 12/12/2049 | 939 | (6) | 1 | (5) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 635

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  AES Corp. (The) | 3 | 39 | 2 | 0.0 (g) |
|  Apple, Inc. | 2 | 455 | (4) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | 2 | 400 | (5) | 0.0 (g) |
|  Ball Corp. | 1 | 45 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | **939** | **(6)** | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | **939** | **(6)** | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/18/2049 | 14 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Boston Scientific Corp. | — (h) | 14 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 14 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 14 | — (h) | **0.0** (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | Description | TERMINATION<br>DATE | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION) ($)** <sup>(2)</sup> | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br> **PAYABLES ($)** | VALUE<br>($) |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0%) which is denominated in USD based on the local currencies of the positions within the swap | 12/31/2049 | 10 | – (h) | – | – (h) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 636 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| REFERENCE ENTITY | SHARES | **NOTIONAL<br>VALUE** <sup>(1)</sup> | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** <sup>(2)</sup> | PERCENTAGE<br>OF NET<br>ASSETS (%) |
| Long Positions |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United States** |  |  |  |  |
|  Progressive Corp. (The) | — (h) | 10 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 10 | — (h) | **0.0** (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 10 | — (h) | **0.0** (g) |
|  **Total** |  | 400321 | 1543 | **0.0** (g) |

---

(1) Notional value represents market value, as of December 31, 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.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 637

------

## Six Circles Multi-Strategy Fund

#### CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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 DECEMBER 31, 2025

---

| | |
|:---|:---|
| €STER | — Euro Short-Term Rate |
| CABROVER | — Bank of Canada Overnight Lending Rate Index |
| CIBOR | — Copenhagen Interbank Offered Rate |
| CLO | — Collateralized Loan Obligations |
| CMT | — Constant Maturity Treasury |
| CORRA | — Canadian Overnight Repo Rate Average |
| DESTR | — Denmark Short-Term Rate |
| DISC | — Domestic International Sales Corporation |
| EURIBOR | — Euro Interbank Offered Rate |
| FEDEF | — US Federal Fund Effective Rate (Continuous Series) |
| FHLMC | — Federal Home Loan Mortgage Corp. |
| FNMA | — Federal National Mortgage Association |
| GNMA | — Government National Mortgage Association |
| HONIA | — Hong Kong Overnight Index Average |
| 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 December 31, 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 accel erated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably. |
| KORIBOR | — Korea Interbank Offered Rate |
| MUTSC | — Bank of Japan Estimate Unsecured Overnight Call Rate |
| NIBOR | — Norwegian Interbank Offered Rate |
| NOWA | — Norwegian Overnight Weighted Average |
| OBFR | — Overnight Bank Funding Rate |
| PO | — Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases. |
| RBA | — Reserve Bank of Australia |
| RBNZ | — Reserve Bank of New Zealand |
| REMICS | — Real Estate Mortgage Investment Conduit |
| SARON | — Swiss Average Rate Overnight |
| SHIR | — Shekel Overnight Interest Rate |
| SOFR | — Secured Overnight Financing Rate |
| SONIA | — Sterling Overnight Index Average |
| SORA | — Singapore Overnight Rate Average |
| STIBOR | — Stockholm Interbank Offered Rate |
| SUB | — Step-Up Bond. The interest rate shown is the rate in effect as of December 31, 2025. |
| TAIBOR | — Taipei Interbank Offered Rate |

---

---

| | |
|:---|:---|
| TBA | — To Be Announced |
| (a) | — Non-income producing security. |
| (c) | &nbsp;&nbsp;&nbsp;&nbsp; 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.  |
| (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 December 31, 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 December 31, 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 December 31, 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 December 31, 2025. |
| (aa) | — Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 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. |
| (ii) | — Approximately $224 of these investments are restricted as collateral for forwards to various brokers. |
| AUD | — Australian Dollar |
| BRL | — Brazilian Real |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — Hong Kong Dollar |
| JPY | — Japanese Yen |
| KRW | — Korean Won |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| USD | — United States Dollar |
| ZAR | — South African Rand |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 638 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2025

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles Ultra<br>Short Duration<br>Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $798830 |
|  Repurchase agreements, at value | 6500 |
|  Foreign currency, at value | 5 |
|  Deposits at broker for futures contracts | 1665 |
|  Deposits at broker for centrally cleared swaps | 1128 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold — delayed delivery securities | 4452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 6077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps (net upfront payments of $17) | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5 |
|  Total Assets | 819700 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased — delayed delivery securities | 8880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 452 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 89 |
|  Total Liabilities | 9742 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $809958 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $811817 |
|  Total distributable earnings (loss) | (1859) |
|  Total Net Assets | $809958 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 80842 |
|  Net Asset Value, offering and redemption price per share (a): | $10.02 |
|  Cost of investments in non-affiliates | $794016 |
|  Cost of repurchase agreements | 6500 |
|  Cost of foreign currency | 5 |

---

\* See Note 3.

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 639

------

#### STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2025 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles Tax<br>Aware Ultra<br>Short Duration<br>Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $1012990 |
|  Repurchase agreements, at value | 7400 |
|  Foreign currency, at value | 1 |
|  Deposits at broker for futures contracts | 1274 |
|  Deposits at broker for centrally cleared swaps | 1511 |
|  Prepaid expenses | 1 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold — delayed delivery securities | 5056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 7431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps (net upfront payments of $22) | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 5 |
|  Total Assets | 1036553 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased — delayed delivery securities | 10085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 380 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 81 |
|  Total Liabilities | 10806 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $1025747 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $1030439 |
|  Total distributable earnings (loss) | (4692) |
|  Total Net Assets | $1025747 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 103319 |
|  Net Asset Value, offering and redemption price per share (a): | $9.93 |
|  Cost of investments in non-affiliates | $1011033 |
|  Cost of repurchase agreements | 7400 |
|  Cost of foreign currency | 1 |

---

\* See Note 3.

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 640 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | |
|:---|:---|
|  | **Six Circles U.S.<br>Unconstrained<br>Equity Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $32205080 |
|  Deposits at broker for futures contracts | 4379 |
|  Prepaid expenses | 18 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 69953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 23070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 13968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 15 |
|  Total Assets | 32316483 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian — cash | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 78380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 3303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 529 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 288 |
|  Total Liabilities | 84251 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $32232232 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $20964797 |
|  Total distributable earnings (loss) | 11267435 |
|  Total Net Assets | $32232232 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 1693554 |
|  Net Asset Value, offering and redemption price per share (a): | $19.03 |
|  Cost of investments in non-affiliates | $21004673 |

---

\* See Note 3.

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 641

------

#### CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2025 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>International<br>Unconstrained<br>Equity Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $19484423 |
|  Foreign currency, at value | 1070 |
|  Deposits at broker for futures contracts | 8155 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 73556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 9135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 16067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 109896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 5354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1 |
|  Total Assets | 19707657 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian — cash | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 129772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 3506 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 240 |
|  Total Liabilities | 137587 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $19570070 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $14457282 |
|  Total distributable earnings (loss) | 5112788 |
|  Total Net Assets | $19570070 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 1412279 |
|  Net Asset Value, offering and redemption price per share (a): | $13.86 |
|  Cost of investments in non-affiliates | $13495986 |
|  Cost of foreign currency | 1070 |

---

\* See Note 3.

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 642 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | |
|:---|:---|
|  | **Six Circles<br>Global Bond<br>Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $17262158 |
|  Repurchase agreements, at value | 8400 |
|  Swaptions contracts purchased, at value | 6076 |
|  Cash | 578 |
|  Foreign currency, at value | 7549 |
|  Deposits at broker for futures contracts | 1248 |
|  Deposits at broker for centrally cleared swaps | 5154 |
|  Restricted cash | 5450 |
|  Prepaid expenses | 11 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 204686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold — delayed delivery securities | 1238415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 13682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 146350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps (net upfront payments of $1,204) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 20911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding OTC swap contracts, at value (net upfront payments of $—) | 55 |
|  Total Assets | 18920963 |
|  **LIABILITIES:** |  |
|  Payable for reverse repurchase agreements | 73560 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short, at value | 324978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits from broker for delayed delivery securities | 1526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits from broker for repurchase agreements | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 173130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased — delayed delivery securities | 1852358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding options written, at value | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 145162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding OTC swap contracts, at value (net upfront payments of $—(a)) | 73 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 164 |
|  Total Liabilities | 2576828 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $16344135 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $17101219 |
|  Total distributable earnings (loss) | (757084) |
|  Total Net Assets | $16344135 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 1939597 |
|  Net Asset Value, offering and redemption price per share (b): | $8.43 |
|  Cost of investments in non-affiliates | $17250861 |
|  Cost of repurchase agreements | 8400 |
|  Cost of swaptions purchased | 10386 |
|  Cost of foreign currency | 7549 |
|  Proceeds from securities sold short | (324335) |
|  Premiums received from options written | (71) |

---

\* See Note 3.

(a) Amount rounds to less than $500.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 643

------

#### STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2025 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>Tax Aware<br>Bond Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $14236775 |
|  Prepaid expenses | 14 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 5356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 169770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2 |
|  Total Assets | 14413229 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian — cash | — (a) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 23641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1064 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 120 |
|  Total Liabilities | 26925 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $14386304 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $14625551 |
|  Total distributable earnings (loss) | (239247) |
|  Total Net Assets | $14386304 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 1466161 |
|  Net Asset Value, offering and redemption price per share (b): | $9.81 |
|  Cost of investments in non-affiliates | $14298729 |

---

\* See Note 3.

(a) Amount rounds to less than $500.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 644 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2025 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>Credit<br>Opportunities<br>Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $4914027 |
|  Cash | 11 |
|  Foreign currency, at value | 39 |
|  Deposits at broker for futures contracts | 2399 |
|  Deposits at broker for centrally cleared swaps | 9499 |
|  Restricted cash | 27283 |
|  Prepaid expenses | 15 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 46472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 79899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 3299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps (net upfront payments of $2,147) | 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 12888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding OTC swap contracts, at value (net upfront payments of $666) | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on unfunded commitments | 6 |
|  Total Assets | 5100753 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits from broker for OTC contracts | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 25321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 6753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding OTC swap contracts, at value (net upfront receipts of $1,566) | 925 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 254 |
|  Total Liabilities | 35944 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $5064809 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $5101700 |
|  Total distributable earnings (loss) | (36891) |
|  Total Net Assets | $5064809 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 558786 |
|  Net Asset Value, offering and redemption price per share:(a) | $9.06 |
|  Cost of investments in non-affiliates | $4698659 |
|  Cost of foreign currency | 39 |

---

\* See Note 3.

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 645

------

#### STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2025 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>Multi-Strategy<br>Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $1958212 |
|  Repurchase agreements, at value | 2700 |
|  Swaptions contracts purchased, at value | 1752 |
|  Cash | 56 |
|  Deposits at broker for futures contracts | 494 |
|  Deposits at broker for centrally cleared swaps | 1308 |
|  Restricted cash | 42809 |
|  Deferred offering costs | — (a) |
|  Prepaid expenses | 6 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker — OTC swap contracts | 4892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 4042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold — delayed delivery securities | 567266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 1360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 4626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 89028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps (net upfront payments of $1,084) | 5392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding OTC swap contracts, at value (net upfront payments of $–(a)) | 3221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on unfunded commitments | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3 |
|  Total Assets | 2687207 |
|  **LIABILITIES:** |  |
|  Payable for reverse repurchase agreements | 70358 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short, at value | 42178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian — foreign currency | 3998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits from broker for centrally cleared swaps | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits from broker for OTC contracts | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits from broker for delayed delivery securities | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 16765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased — delayed delivery securities | 961676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding options written, at value | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding swaptions written, at value | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outstanding OTC swap contracts, at value (net upfront payments of $—) | 1916 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 380 |
|  Total Liabilities | 1103229 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $1583978 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $1576704 |
|  Total distributable earnings (loss) | 7274 |
|  Total Net Assets | $1583978 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 156491 |
|  Net Asset Value, offering and redemption price per share:(b) | $10.12 |
|  Cost of investments in non-affiliates | $1958767 |
|  Cost of repurchase agreements | 2700 |
|  Cost of swaptions purchased | 3357 |
|  Proceeds from securities sold short | (42142) |
|  Premiums received from options written | (8) |
|  Premiums received from swaptions written | (110) |

---

\* See Note 3.

(a) Amount rounds to less than $500.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 646 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2025

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>Ultra Short<br>Duration Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $33873 |
|  Other Income | 16 |
|  Total investment income | 33889 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 1825 |
|  Administration fees | 66 |
|  Custodian and accounting fees | 176 |
|  Professional fees | 86 |
|  Trustees' fees | 34 |
|  Printing and mailing costs | 77 |
|  Registration and filing fees | 15 |
|  Transfer agency fees | 37 |
|  Interest expense | 5 |
|  Other | 53 |
|  Total expenses | 2374 |
|  Less advisory fees waived | (981) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1393 |
|  Net investment income (loss) | 32496 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (3366) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (1263) |
|  Net realized gain (loss) | (2169) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 6540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (2317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (12) |
|  Change in net unrealized appreciation (depreciation) | 4303 |
|  Net realized/unrealized gains (losses) | 2134 |
|  Change in net assets resulting from operations | $34630 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 647

------

#### STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2025 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>Tax Aware<br>Ultra Short<br>Duration Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $32285 |
|  Foreign taxes withheld | 1 |
|  Total investment income | 32286 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 2345 |
|  Administration fees | 77 |
|  Custodian and accounting fees | 135 |
|  Professional fees | 93 |
|  Trustees' fees | 38 |
|  Printing and mailing costs | 16 |
|  Registration and filing fees | 34 |
|  Transfer agency fees | 30 |
|  Interest expense | 2 |
|  Other | 50 |
|  Total expenses | 2820 |
|  Less advisory fees waived | (1457) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1363 |
|  Net investment income (loss) | 30923 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (1628) |
|  Net realized gain (loss) | (421) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 4181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (1169) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 1 |
|  Change in net unrealized appreciation (depreciation) | 3389 |
|  Net realized/unrealized gains (losses) | 2968 |
|  Change in net assets resulting from operations | $33891 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 648 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | |
|:---|:---|
|  | **Six Circles U.S.<br>Unconstrained<br>Equity Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $3171 |
|  Dividend income from non-affiliates | 327497 |
|  Foreign taxes withheld | (55) |
|  Other Income | 3475 |
|  Total investment income | 334088 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 70220 |
|  Administration fees | 394 |
|  Custodian and accounting fees | 660 |
|  Professional fees | 204 |
|  Trustees' fees | 546 |
|  Printing and mailing costs | 300 |
|  Registration and filing fees | 450 |
|  Transfer agency fees | 50 |
|  Interest expense | 83 |
|  Other | 514 |
|  Total expenses | 73421 |
|  Less advisory fees waived | (59032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 14389 |
|  Net investment income (loss) | 319699 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 2251407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 915 |
|  Net realized gain (loss) | 2252322 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 2574627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1766 |
|  Change in net unrealized appreciation (depreciation) | 2576393 |
|  Net realized/unrealized gains (losses) | 4828715 |
|  Change in net assets resulting from operations | $5148414 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 649

------

#### STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2025 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>International<br>Unconstrained<br>Equity Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $3536 |
|  Dividend income from non-affiliates | 560358 |
|  Foreign taxes withheld | (60847) |
|  Other Income | 9495 |
|  Total investment income | 512542 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 43581 |
|  Administration fees | 399 |
|  Custodian and accounting fees | 2430 |
|  Professional fees | 335 |
|  Trustees' fees | 342 |
|  Printing and mailing costs | 240 |
|  Registration and filing fees | 203 |
|  Transfer agency fees | 48 |
|  Interest expense | 680 |
|  Other | 504 |
|  Total expenses | 48762 |
|  Less advisory fees waived | (34885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 13877 |
|  Net investment income (loss) | 498665 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 525218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 23118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 12476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (622) |
|  Net realized gain (loss) | 560190 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 3999914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 12973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 1848 |
|  Change in net unrealized appreciation (depreciation) | 4017103 |
|  Net realized/unrealized gains (losses) | 4577293 |
|  Change in net assets resulting from operations | $5075958 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 650 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | |
|:---|:---|
|  | **Six Circles<br>Global Bond<br>Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $473042 |
|  Foreign taxes withheld | (1947) |
|  Other Income | 4 |
|  Total investment income | 471099 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 36655 |
|  Administration fees | 471 |
|  Custodian and accounting fees | 4251 |
|  Professional fees | 167 |
|  Trustees' fees | 294 |
|  Printing and mailing costs | 191 |
|  Registration and filing fees | 592 |
|  Transfer agency fees | 44 |
|  Interest expense | 5066 |
|  Other | 176 |
|  Total expenses | 47907 |
|  Less advisory fees waived | (28639) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 19268 |
|  Net investment income (loss) | 451831 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 28935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | (132) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions purchased | (927) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions written | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (3189) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 195484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (374138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (3364) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (866) |
|  Net realized gain (loss) | (157003) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 580572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions purchased | (4312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (234) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 5153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (323398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (2472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (1838) |
|  Change in net unrealized appreciation (depreciation) | 253633 |
|  Net realized/unrealized gains (losses) | 96630 |
|  Change in net assets resulting from operations | $548461 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 651

------

#### STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2025 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>Tax Aware<br>Bond Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $471304 |
|  Total investment income | 471304 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 31897 |
|  Administration fees | 378 |
|  Custodian and accounting fees | 1101 |
|  Professional fees | 136 |
|  Trustees' fees | 257 |
|  Printing and mailing costs | 100 |
|  Registration and filing fees | 651 |
|  Transfer agency fees | 33 |
|  Interest expense | 1 |
|  Other | 65 |
|  Total expenses | 34619 |
|  Less advisory fees waived | (18599) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 16020 |
|  Net investment income (loss) | 455284 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (23427) |
|  Net realized gain (loss) | (23427) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 123973 |
|  Change in net unrealized appreciation (depreciation) | 123973 |
|  Net realized/unrealized gains (losses) | 100546 |
|  Change in net assets resulting from operations | $555830 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 652 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2025 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>Credit<br>Opportunities<br>Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $547927 |
|  Dividend income from non-affiliates | 860 |
|  Foreign taxes withheld | 307 |
|  Other Income | 46 |
|  Total investment income | 549140 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 59264 |
|  Administration fees | 429 |
|  Custodian and accounting fees | 1504 |
|  Professional fees | 213 |
|  Trustees' fees | 195 |
|  Printing and mailing costs | 301 |
|  Registration and filing fees | 193 |
|  Transfer agency fees | 46 |
|  Interest expense | 54 |
|  Other | 77 |
|  Total expenses | 62276 |
|  Less advisory fees waived | (42823) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 19453 |
|  Net investment income (loss) | 529687 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 105648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 78777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (112232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 9191 |
|  Net realized gain (loss) | 82071 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 195462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 2456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (102851) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 4297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded commitments | 4 |
|  Change in net unrealized appreciation (depreciation) | 100588 |
|  Net realized/unrealized gains (losses) | 182659 |
|  Change in net assets resulting from operations | $712346 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 653

------

#### STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2025 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>Multi-Strategy<br>Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $64083 |
|  Dividend income from non-affiliates | 6151 |
|  Foreign taxes withheld | (109) |
|  Other Income | 2 |
|  Total investment income | 70127 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 13893 |
|  Administration fees | 116 |
|  Custodian and accounting fees | 2647 |
|  Professional fees | 293 |
|  Trustees' fees | 42 |
|  Printing and mailing costs | 76 |
|  Registration and filing fees | 166 |
|  Transfer agency fees | 25 |
|  Offering costs | 299 |
|  Interest expense | 1024 |
|  Other | 64 |
|  Total expenses | 18645 |
|  Less advisory fees waived | (8377) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 10268 |
|  Net investment income (loss) | 59859 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 7385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options purchased | (151) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions purchased | (500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions written | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 10344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (626) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 3055 |
|  Net realized gain (loss) | 19901 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (375) |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions purchased | (1605) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions written | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | (159) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded commitments | 3 |
|  Change in net unrealized appreciation (depreciation) | 3128 |
|  Net realized/unrealized gains (losses) | 23029 |
|  Change in net assets resulting from operations | $82888 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 654 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS INDICATED

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles Ultra Short Duration Fund** | **Six Circles Ultra Short Duration Fund** |
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $32496 | $31547 |
|  Net realized gain (loss) | (2169) | 3401 |
|  Change in net unrealized appreciation (depreciation) | 4303 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 34630 | 36357 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (32244) | (30386) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 124611 | 83280 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 126997 | 89251 |
|  Beginning of year | 682961 | 593710 |
|  End of year | $809958 | $682961 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $187222 | $139018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 32234 | 30378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (94845) | (86116) |
|  **Total change in net assets resulting from capital transactions** | $124611 | $83280 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 18698 | 13972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 3225 | 3059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (9477) | (8658) |
|  Change in Shares | 12446 | 8373 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 655

------

#### STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles Tax Aware Ultra Short Duration Fund** | **Six Circles Tax Aware Ultra Short Duration Fund** |
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $30923 | $26470 |
|  Net realized gain (loss) | (421) | 492 |
|  Change in net unrealized appreciation (depreciation) | 3389 | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 33891 | 26799 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (30493) | (25649) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 227249 | 95764 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 230647 | 96914 |
|  Beginning of year | 795100 | 698186 |
|  End of year | $1025747 | $795100 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $351910 | $185462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 30461 | 25632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (155122) | (115330) |
|  **Total change in net assets resulting from capital transactions** | $227249 | $95764 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 35473 | 18750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 3073 | 2596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (15639) | (11669) |
|  Change in Shares | 22907 | 9677 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 656 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Six Circles U.S. Unconstrained Equity Fund** | **Six Circles U.S. Unconstrained Equity Fund** |
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $319699 | $316150 |
|  Net realized gain (loss) | 2252322 | 1706383 |
|  Change in net unrealized appreciation (depreciation) | 2576393 | 3344567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 5148414 | 5367100 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (2760694) | (1618001) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 4545180 | (474536) |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 6932900 | 3274563 |
|  Beginning of year | 25299332 | 22024769 |
|  End of year | $32232232 | $25299332 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $6187410 | $3367836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 2752441 | 1614405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (4394671) | (5456777) |
|  **Total change in net assets resulting from capital transactions** | $4545180 | $(474536) |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 331520 | 198566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 145018 | 89839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (236193) | (319653) |
|  Change in Shares | 240345 | (31248) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 657

------

#### STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles International<br>Unconstrained Equity Fund** | **Six Circles International<br>Unconstrained Equity Fund** |
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $498665 | $415542 |
|  Net realized gain (loss) | 560190 | (36433) |
|  Change in net unrealized appreciation (depreciation) | 4017103 | (94716) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 5075958 | 284393 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (605768) | (466722) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 147314 | 1370466 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 4617504 | 1188137 |
|  Beginning of year | 14952566 | 13764429 |
|  End of year | $19570070 | $14952566 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $2964899 | $2817998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 604325 | 466044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (3421910) | (1913576) |
|  **Total change in net assets resulting from capital transactions** | $147314 | $1370466 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 234771 | 248669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 44305 | 42291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (269355) | (168399) |
|  Change in Shares | 9721 | 122561 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 658 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Six Circles Global Bond Fund** | **Six Circles Global Bond Fund** |
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $451831 | $405210 |
|  Net realized gain (loss) | (157003) | 305222 |
|  Change in net unrealized appreciation (depreciation) | 253633 | (194682) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 548461 | 515750 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (666590) | (488731) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 2837056 | 3405099 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 2718927 | 3432118 |
|  Beginning of year | 13625208 | 10193090 |
|  End of year | $16344135 | $13625208 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $4066187 | $4567418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 666358 | 488647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1895489) | (1650966) |
|  **Total change in net assets resulting from capital transactions** | $2837056 | $3405099 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 477146 | 541374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 78350 | 57827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (222785) | (194952) |
|  Change in Shares | 332711 | 404249 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 659

------

#### STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles Tax Aware Bond Fund** | **Six Circles Tax Aware Bond Fund** |
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $455284 | $332953 |
|  Net realized gain (loss) | (23427) | (7590) |
|  Change in net unrealized appreciation (depreciation) | 123973 | (85200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 555830 | 240163 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (454896) | (333936) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 2703098 | 3610415 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 2804032 | 3516642 |
|  Beginning of year | 11582272 | 8065630 |
|  End of year | $14386304 | $11582272 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $3845081 | $4579503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 454457 | 333762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1596440) | (1302850) |
|  **Total change in net assets resulting from capital transactions** | $2703098 | $3610415 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 397241 | 466687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 46939 | 34105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (164985) | (132825) |
|  Change in Shares | 279195 | 367967 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 660 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** |
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $529687 | $557689 |
|  Net realized gain (loss) | 82071 | (9498) |
|  Change in net unrealized appreciation (depreciation) | 100588 | 146179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 712346 | 694370 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (532906) | (578645) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | (3498965) | 4896923 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | (3319525) | 5012648 |
|  Beginning of year | 8384334 | 3371686 |
|  End of year | $5064809 | $8384334 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $1260606 | $7155625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 532396 | 578451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (5291967) | (2837153) |
|  **Total change in net assets resulting from capital transactions** | $(3498965) | $4896923 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 140513 | 810838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 59398 | 65263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (584999) | (317010) |
|  Change in Shares | (385088) | 559091 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 661

------

#### STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles Multi-Strategy Fund\*** | **Six Circles Multi-Strategy Fund\*** |
|  | **Year Ended<br>December 31, 2025** | **Period Ended<br>December 31, 2024** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $59859 | $7112 |
|  Net realized gain (loss) | 19901 | (7012) |
|  Change in net unrealized appreciation (depreciation) | 3128 | 5006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 82888 | 5106 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (82162) | (7220) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 774370 | 810996 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 775096 | 808882 |
|  Beginning of year | 808882 |  |
|  End of year | $1583978 | $808882 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $827912 | $906933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 82140 | 7220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (135682) | (103157) |
|  **Total change in net assets resulting from capital transactions** | $774370 | $810996 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 81031 | 90249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 8072 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (13324) | (10258) |
|  Change in Shares | 75779 | 80712 |

---

\* Six Circles Multi-Strategy Fund was launched on September 18, 2024.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 662 SIX CIRCLES TRUST DECEMBER 31, 2025

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 663

------

#### FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of year | Net<br> investment<br> income<br> (loss) (a) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Net<br> realized<br> gain | Return of<br> capital | Total<br> distributions |
|  **Six Circles Ultra Short Duration Fund** |  |  |  |  |  |  |  |  |
|  Year Ended December 31, 2025 | $9.99 | $0.45 | $0.02 | $0.47 | $(0.44) | $— | $— | $(0.44) |
|  Year Ended December 31, 2024 | 9.89 | 0.49 | 0.09 | 0.58 | (0.48) |  |  | (0.48) |
|  Year Ended December 31, 2023 | 9.73 | 0.42 | 0.13 | 0.55 | (0.38) |  | (0.01) | (0.39) |
|  Year Ended December 31, 2022 | 9.95 | 0.14 | (0.13) | 0.01 | (0.23) |  |  | (0.23) |
|  Year Ended December 31, 2021 | 10.03 | 0.07 | (0.06) | 0.01 | (0.09) |  |  | (0.09) |

---

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 664 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | |
| Net asset<br> value,<br> end of<br> year | Total<br> return (b) | Net assets,<br> end of<br> year (000's) | Net expenses<br> with interest<br> expense (c) | Net expenses,<br> without<br>interest<br> expense | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate |
| $10.02 | 4.82% | $809958 | 0.19% | 0.19% | 4.45% | 0.33% | 59.33% |
| 9.99 | 5.96 | 682961 | 0.20 | 0.20 | 4.97 | 0.33 | 77.83 |
| 9.89 | 5.82 | 593710 | 0.19 | 0.19 | 4.24 | 0.32 | 60.63 |
| 9.73 | 0.06 | 567422 | 0.19 | 0.19 | 1.43 | 0.32 | 33.24 |
| 9.95 | 0.15 | 620423 | 0.18 | 0.18 | 0.69 | 0.31 | 66.58 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 665

------

#### FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of year | Net<br> investment<br> income<br> (loss) (a) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Total<br> distributions |
|  **Six Circles Tax Aware Ultra Short Duration Fund** |  |  |  |  |  |  |
|  Year Ended December 31, 2025 | $9.89 | $0.33 | $0.03 | $0.36 | $(0.32) | $(0.32) |
|  Year Ended December 31, 2024 | 9.87 | 0.36 |  | 0.36 | (0.34) | (0.34) |
|  Year Ended December 31, 2023 | 9.78 | 0.30 | 0.07 | 0.37 | (0.28) | (0.28) |
|  Year Ended December 31, 2022 | 9.97 | 0.10 | (0.14) | (0.04) | (0.15) | (0.15) |
|  Year Ended December 31, 2021 | 10.02 | 0.06 | (0.05) | 0.01 | (0.06) | (0.06) |

---

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 666 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | |
| Net asset<br> value,<br> end of<br> year | Total<br> return (b) | Net assets,<br> end of<br> year (000's) | Net expenses<br> with interest<br> expense (c) | Net expenses,<br> without interest<br> expense | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate |
| $9.93 | 3.69% | $1025747 | 0.15% | 0.15% | 3.30% | 0.30% | 45.80% |
| 9.89 | 3.74 | 795100 | 0.15 | 0.15 | 3.59 | 0.31 | 51.20 |
| 9.87 | 3.84 | 698186 | 0.15 | 0.15 | 3.09 | 0.30 | 62.66 |
| 9.78 | (0.36) | 564290 | 0.15 | 0.15 | 1.06 | 0.31 | 58.13 |
| 9.97 | 0.08 | 643067 | 0.15 | 0.15 | 0.63 | 0.30 | 49.05 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 667

------

#### FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of year | Net<br> investment<br> income<br> (loss) (a) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Net<br> realized<br> gain | Total<br> distributions |
|  **Six Circles U.S. Unconstrained Equity Fund** |  |  |  |  |  |  |  |
|  Year Ended December 31, 2025 | $17.41 | $0.21 | $3.16 | $3.37 | $(0.20) | $(1.55) | $(1.75) |
|  Year Ended December 31, 2024 | 14.84 | 0.22 | 3.51 | 3.73 | (0.23) | (0.93) | (1.16) |
|  Year Ended December 31, 2023 | 11.52 | 0.19 | 3.31 | 3.50 | (0.17) | (0.01) | (0.18) |
|  Year Ended December 31, 2022 | 15.01 | 0.16 | (3.34) | (3.18) | (0.16) | (0.15) | (0.31) |
|  Year Ended December 31, 2021 | 13.44 | 0.20 | 3.84 | 4.04 | (0.19) | (2.28) | (2.47) |

---

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 668 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | |
| Net asset<br> value,<br> end of<br> year | Total<br> return (b) | Net assets,<br> end of<br> year (000's) | Net expenses<br>with interest<br>expense (c) | Net expenses,<br>without interest<br>expense | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate |
| $19.03 | 19.36% | $32232232 | 0.05% | 0.05% | 1.14% | 0.26% | 61.09% |
| 17.41 | 24.87 | 25299332 | 0.05 | 0.05 | 1.29 | 0.26 | 38.08 |
| 14.84 | 30.43 | 22024769 | 0.06 | 0.06 | 1.40 | 0.27 | 62.51 |
| 11.52 | (21.22) | 14690706 | 0.06 | 0.06 | 1.26 | 0.27 | 48.77 |
| 15.01 | 30.48 | 18337953 | 0.05 | 0.05 | 1.26 | 0.26 | 70.88 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 669

------

#### FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of year | Net<br> investment<br> income<br> (loss) (a) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Total<br> distributions |
|  **Six Circles International Unconstrained Equity Fund** |  |  |  |  |  |  |
|  Year Ended December 31, 2025 | $10.66 | $0.36 | $3.28 | $3.64 | $(0.44) | $(0.44) |
|  Year Ended December 31, 2024 | 10.75 | 0.32 | (0.06) | 0.26 | (0.35) | (0.35) |
|  Year Ended December 31, 2023 | 9.30 | 0.28 | 1.48 | 1.76 | (0.31) | (0.31) |
|  Year Ended December 31, 2022 | 11.10 | 0.28 | (1.79) | (1.51) | (0.29) | (0.29) |
|  Year Ended December 31, 2021 | 9.98 | 0.28 (d) | 1.11 | 1.39 | (0.27) | (0.27) |

---

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Includes income recognized from non-cash dividends which amounted to $0.02 per share and 0.152% of average net assets for the year ended December 31, 2021.

(e) Includes interest expense, which was 0.009% for the year ended December 31, 2021.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 670 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | |
| Net asset<br> value,<br> end of<br> year | Total<br> return (b) | Net assets,<br> end of<br> year (000's) | Net expenses<br>with interest<br>expense (c) | Net expenses,<br>without interest<br>expense | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate |
| $13.86 | 34.19% | $19570070 | 0.08% | 0.08% | 2.86% | 0.28% | 48.43% |
| 10.66 | 2.28 | 14952566 | 0.08 | 0.08 | 2.77 | 0.28 | 38.63 |
| 10.75 | 18.96 | 13764429 | 0.08 | 0.08 | 2.77 | 0.28 | 77.31 |
| 9.30 | (13.60) | 11380626 | 0.08 | 0.08 | 2.95 | 0.28 | 69.15 |
| 11.10 | 14.04 | 14228563 | 0.10 (e) | 0.10 (e) | 2.61 (d) | 0.30 | 61.71 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 671

------

#### FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of year | Net<br> investment<br> income<br> (loss) (a) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Net<br> realized<br> gain | Return of<br> capital | Total<br> distributions |
|  **Six Circles Global Bond Fund** |  |  |  |  |  |  |  |  |
|  Year Ended December 31, 2025 | $8.48 | $0.26 | $0.07 | $0.33 | $(0.38) | $— | $— | $(0.38) |
|  Year Ended December 31, 2024 | 8.48 | 0.28 | 0.05 | 0.33 | (0.33) |  |  | (0.33) |
|  Year Ended December 31, 2023 | 8.10 | 0.26 | 0.38 | 0.64 |  |  | (0.26) | (0.26) |
|  Year Ended December 31, 2022 | 9.87 | 0.15 | (1.02) | (0.87) | (0.90) |  |  | (0.90) |
|  Year Ended December 31, 2021 | 10.20 | 0.09 | (0.17) | (0.08) | (0.25) | — (h) |  | (0.25) |

---

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Includes interest expense, which was 0.035% for the year ended December 31, 2025.

(e) Includes interest expense, which was 0.053% for the year ended December 31, 2024.

(f) Includes interest expense, which was 0.058% for the year ended December 31, 2023.

(g) Includes interest expense, which was 0.006% for the year ended December 31, 2022.

(h) Amount rounds to less than $0.005.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 672 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | |
| Net asset<br> value,<br> end of<br> year | Total<br> return (b) | Net assets,<br> end of<br> year (000's) | Net expenses<br> with interest<br> expense (c) | Net expenses,<br> without interest<br> expense | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate |
| $8.43 | 3.88% | $16344135 | 0.13 %(d) | 0.10% | 3.08% | 0.33% | 158.83% |
| 8.48 | 3.95 | 13625208 | 0.16 (e) | 0.11 | 3.29 | 0.35 | 189.59 |
| 8.48 | 8.02 | 10193090 | 0.18 (f) | 0.12 | 3.21 | 0.36 | 167.69 |
| 8.10 | (8.84) | 7909895 | 0.12 (g) | 0.12 | 1.60 | 0.31 | 227.27 |
| 9.87 | (0.74) | 7804063 | 0.11 | 0.11 | 0.86 | 0.30 | 308.56 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 673

------

#### FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of year | Net<br> investment<br> income<br> (loss) (a) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Net<br> realized<br> gain | Total<br> distributions |
|  **Six Circles Tax Aware Bond Fund** |  |  |  |  |  |  |  |
|  Year Ended December 31, 2025 | $9.76 | $0.35 | $0.04 | $0.39 | $(0.34) | $— | $(0.34) |
|  Year Ended December 31, 2024 | 9.85 | 0.32 | (0.09) | 0.23 | (0.32) |  | (0.32) |
|  Year Ended December 31, 2023 | 9.52 | 0.27 | 0.33 | 0.60 | (0.27) |  | (0.27) |
|  Year Ended December 31, 2022 | 10.46 | 0.17 | (0.94) | (0.77) | (0.17) |  | (0.17) |
|  Year Ended December 31, 2021 | 10.45 | 0.11 | 0.01 | 0.12 | (0.11) | — (d) | (0.11) |

---

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Amount rounds to less than $0.005.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 674 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | |
| Net asset<br> value,<br> end of<br> year | Total<br> return (b) | Net assets,<br> end of<br> year (000's) | Net expenses<br>with interest<br>expense (c) | Net expenses,<br>without interest<br>expense | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate |
| $9.81 | 4.13% | $14386304 | 0.13% | 0.13% | 3.57% | 0.27% | 17.57% |
| 9.76 | 2.37 | 11582272 | 0.13 | 0.13 | 3.30 | 0.27 | 12.29 |
| 9.85 | 6.37 | 8065630 | 0.14 | 0.14 | 2.79 | 0.28 | 12.31 |
| 9.52 | (7.41) | 5860578 | 0.14 | 0.14 | 1.71 | 0.28 | 49.51 |
| 10.46 | 1.15 | 6392319 | 0.13 | 0.13 | 1.04 | 0.28 | 13.54 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 675

------

#### CONSOLIDATED FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of year | Net<br> investment<br> income<br> (loss) (a) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Net<br> realized<br> gain | Total<br> distributions |
|  **Six Circles Credit Opportunities Fund**† |  |  |  |  |  |  |  |
|  Year Ended December 31, 2025 | $8.88 | $0.60 | $0.20 | $0.80 | $(0.62) | $— | $(0.62) |
|  Year Ended December 31, 2024 | 8.76 | 0.62 | 0.12 | 0.74 | (0.62) |  | (0.62) |
|  Year Ended December 31, 2023 | 8.69 | 0.70 | 0.09 | 0.79 | (0.72) |  | (0.72) |
|  Year Ended December 31, 2022 | 10.28 | 0.58 | (1.61) | (1.03) | (0.56) |  | (0.56) |
|  Year Ended December 31, 2021 | 10.29 | 0.34 | 0.01 (d) | 0.35 | (0.35) | (0.01) | (0.36) |

---

† Consolidated for years ended December 31, 2023, December 31, 2024, December 31, 2025.

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund's net realized and unrealized gains (losses) presented on the Statements of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund's investments.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 676 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | |
| Net asset<br> value,<br> end of<br> year | Total<br> return (b) | Net assets,<br> end of<br> year (000's) | Net expenses<br> with interest<br> expense (c) | Net expenses,<br> without interest<br> expense | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate |
| $9.06 | 9.33% | $5064809 | 0.25% | 0.25% | 6.70% | 0.79% | 69.13% |
| 8.88 | 8.65 | 8384334 | 0.26 | 0.26 | 6.91 | 0.79 | 68.92 |
| 8.76 | 9.56 | 3371686 | 0.29 | 0.29 | 8.08 | 0.79 | 51.47 |
| 8.69 | (10.02) | 4461834 | 0.29 | 0.29 | 6.45 | 0.80 | 123.84 |
| 10.28 | 3.42 | 3579429 | 0.25 | 0.25 | 3.26 | 0.81 | 51.33 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 677

------

#### CONSOLIDATED FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of period | Net<br> investment<br> income<br> (loss) (b) | Net realized<br> and unrealized<br> gains<br> (losses) on<br> investments<br> and foreign<br> currency<br> transactions | Total from<br> investment<br> operations | Net<br> investment<br> income | Net<br>realized<br>gain | Total<br> distributions |
|  **Six Circles Multi-Strategy Fund** |  |  |  |  |  |  |  |
|  Year Ended December 31, 2025 | $10.02 | $0.55 | $0.09 | $0.64 | $(0.44) | $(0.10) | $(0.54) |
|  Period Ended December 31, 2024\* | 10.00 | 0.13 | (0.02) | 0.11 | (0.09) |  | (0.09) |

---

\* Six Circles Multi-Strategy Fund was launched on September 18, 2024.

(a) Certain expenses incurred by the Fund were not annualized for periods less than one year.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes interest expense, which was 0.092% for the year ended December 31, 2025.

(f) Includes interest expense, which was 0.013% for the year ended December 31, 2024.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 678 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | **Ratios to average net assets** (a) | |
| Net asset<br> value,<br> end of<br> period | Total<br> return (d) | Net assets,<br> end of<br> period (000's) | Net expenses<br> with interest<br> expense | Net expenses,<br> without interest<br> expense | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate  |
| $10.12 | 6.38% | $1583978 | 0.92 %(e) | 0.83% | 5.39% | 1.68% | 652.39% |
| 10.02 | 1.10 (c) | 808882 | 0.69 (f) | 0.68 | 4.69 | 1.45 | 162.07 (c) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 679

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025

1. Organization

Six Circles Trust (the "Trust") was formed on November 8, 2017, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 8, 2017, as amended and restated June 12, 2018, and further amended to add fund series on September 21, 2018, November 19, 2019, April 13, 2020 and March 20, 2024, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The following are eight separate series of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report. Each Fund currently offers one class of shares.

---

| | | |
|:---|:---|:---|
| Fund | Commencement of Operations | Diversification Status |
|  Six Circles Ultra Short Duration Fund | July 9, 2018 | Diversified |
|  Six Circles Tax Aware Ultra Short Duration Fund | July 9, 2018 | Diversified |
|  Six Circles U.S. Unconstrained Equity Fund | July 9, 2018 | Non-Diversified |
|  Six Circles International Unconstrained Equity Fund | July 9, 2018 | Non-Diversified |
|  Six Circles Global Bond Fund | May 19, 2020 | Non-Diversified |
|  Six Circles Tax Aware Bond Fund | May 19, 2020 | Diversified |
|  Six Circles Credit Opportunities Fund | August 19, 2020 | Diversified |
|  Six Circles Multi-Strategy Fund | September 18, 2024 | Non-Diversified |

---

The investment objective of each of the Six Circles Ultra Short Duration Fund and the Six Circles Tax Aware Ultra Short Duration Fund is to generate current income consistent with capital preservation.

The investment objective of each of the Six Circles U.S. Unconstrained Equity Fund and the Six Circles International Unconstrained Equity Fund is to provide capital appreciation.

The investment objective of the Six Circles Global Bond Fund and Six Circles Credit Opportunities Fund is to provide total return.

The investment objective of the Six Circles Tax Aware Bond Fund is to provide after-tax total return.

The investment objective of the Six Circles Multi-Strategy Fund is to provide long-term capital appreciation.

J.P. Morgan Private Investments Inc. ("JPMPI"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as the Funds' investment adviser (the "Adviser"). The Adviser has engaged certain Sub-Advisers (as defined below) to manage the assets of the Funds.

Effective November 8, 2023, the Six Circles Credit Opportunities Fund launched the Six Circles Credit Opportunities Fund (Cayman) Ltd., a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands. The subsidiary is advised by JPMPI and sub-advised by Pacific Investment Management Company LLC.

Effective October 8, 2024, the Six Circles Multi-Strategy Fund launched the Six Circles Multi-Strategy Sub-Fund I Ltd. and the Six Circles Multi-Strategy Sub-Fund II Ltd., both which are wholly-owned subsidiaries of the Six Circles Multi-Strategy Fund and organized under the laws of the Cayman Islands. The subsidiaries are advised by JPMPI and sub-advised by Dynamic Beta Investments LLC, and AHL Partners LLP, respectively.

Effective September 12, 2025, the Six Circles Multi-Strategy Fund launched the Six Circles Multi-Strategy Sub-Fund III Ltd., a wholly-owned subsidiary of the Six Circles Multi-Strategy Fund and organized under the laws of the Cayman Islands. The subsidiary is advised by JPMPI and sub-advised by Capital Fund Management S.A.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

#### Basis of Consolidation
The subsidiaries' investments, as well as any other assets and liabilities of the subsidiaries, where applicable, are reflected in the Six Circles Credit Opportunities Fund and the Six Circles Multi-Strategy Fund's financial statements and footnotes. All intercompany accounts and transactions have been eliminated in consolidation.

**A. Valuation of Investments —** The valuation of investments is in accordance with GAAP and the Funds' valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Board has designated the Adviser as the Valuation Designee, and the Adviser uses the Six Circles Funds Valuation Committee ("VC"), comprised of officers of the Funds and other personnel of the Adviser, to assist the Board with the oversight and monitoring of the valuation of the Funds' investments with respect to Rule 2a-5 under the 1940 Act. The VC oversees and carries out policies and procedures for the valuation of investments

 <br> 680 SIX CIRCLES TRUST DECEMBER 31, 2025

------

held by the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor due diligence. The VC, through the Adviser, is responsible for assessing the potential impacts to the fair values on an ongoing basis, and discussing this on at least a quarterly basis with the Board.

A market-based approach is primarily used to value the Funds' investments for which market quotations are readily available and which are generally valued at their current market value. Other securities and assets, including securities for which market quotations are not readily available; securities for which market quotations are determined not to be reliable; or, securities in which their value has been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Fund's net asset value ("NAV") is calculated, may be valued at fair value in accordance with policies and procedures adopted by the Board. The valuation may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment in order to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based on current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equity securities listed on a North American, Central American, South American or Caribbean ("Americas") securities exchange are generally valued at the last sale price or official market closing price on the primary exchange on which the security is principally traded that is reported before the time when the NAV of the Funds are calculated on a valuation date. The Funds calculate their NAV as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading.

Foreign equity securities are valued as of the close of trading on the stock exchange on which the security is primarily traded, or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Generally foreign equity securities, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated. The fair valued securities are converted at the exchange rates available at 4 p.m. Eastern time.

Fixed income securities are valued based on prices received from pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, pricing services may consider a variety of inputs and factors, including, but not limited to proprietary models that may take into account market transactions in securities with comparable characteristics, yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, underlying collateral and estimated cash flows. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

Shares of exchange-traded funds ("ETFs") are generally valued at the last sale price on the exchange on which the ETF is principally traded. Shares of open-end investment companies are valued at their respective NAVs.

Exchange-traded futures contracts and options are generally valued on the basis of available market quotations. Swaps, forward foreign currency exchange contracts and over the counter options are valued utilizing market quotations from approved pricing services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 681

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs") (amounts in thousands):

#### Six Circles Ultra Short Duration Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $71875 | $— | $71875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Card ABS |  | 11962 |  | 11962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 11990 |  | 11990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 10600 |  | 10600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 106427 |  | 106427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 869 |  | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 41275 |  | 41275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 846 |  | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 14319 |  | 14319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 56440 |  | 56440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 17967 |  | 17967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 8900 |  | 8900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 36827 |  | 36827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 28075 |  | 28075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 53946 |  | 53946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 35160 |  | 35160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 164113 |  | 164113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 26007 |  | 26007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 26780 |  | 26780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 34448 |  | 34448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 414256 |  | 414256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 1838 |  | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 4460 |  | 4460 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 6702 |  | 6702 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 11331 |  | 11331 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 27038 |  | 27038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Papers |  | 25913 |  | 25913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  | 27560 |  | 27560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 6500 |  | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 67748 |  | 67748 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 30281 |  | 30281 |
|  Total Short-Term Investments |  | 185040 |  | 185040 |
|  **Total Investments in Securities** | $— | $805330 | $— | $805330 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $130 | $— | $— | $130 |
|  Forward Foreign Currency Exchange contracts |  | 55 |  | 55 |
|  Centrally Cleared Interest Rate Swap contracts |  | 115 |  | 115 |
|  **Total Appreciation in Other Financial Instruments** | $130 | $170 | $— | $300 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(281) | $— | $— | $(281) |
|  Forward Foreign Currency Exchange contracts |  | (452) |  | (452) |
|  **Total Depreciation in Other Financial Instruments** | $(281) | $(452) | $— | $(733) |

---

 <br> 682 SIX CIRCLES TRUST DECEMBER 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $43252 | $— | $43252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 401 |  | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Card ABS |  | 6882 |  | 6882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 6835 |  | 6835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 5470 |  | 5470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 62840 |  | 62840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 1537 |  | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 50425 |  | 50425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 1056 |  | 1056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 9800 |  | 9800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 61281 |  | 61281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 1689 |  | 1689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 6997 |  | 6997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 25127 |  | 25127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 5102 |  | 5102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 506 |  | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 78066 |  | 78066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 9762 |  | 9762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 12939 |  | 12939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 138499 |  | 138499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 3025 |  | 3025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 2349 |  | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  | 5374 |  | 5374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 5068 |  | 5068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 698367 |  | 698367 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 2902 |  | 2902 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 1463 |  | 1463 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Papers |  | 17279 |  | 17279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  | 1943 |  | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 11482 |  | 11482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 7400 |  | 7400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 3266 |  | 3266 |
|  Total Short-Term Investments |  | 41370 |  | 41370 |
|  **Total Investments in Securities** | $— | $1020390 | $— | $1020390 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $163 | $— | $— | $163 |
|  Forward Foreign Currency Exchange contracts |  | 9 |  | 9 |
|  Centrally Cleared Interest Rate Swap contracts |  | 146 |  | 146 |
|  **Total Appreciation in Other Financial Instruments** | $163 | $155 | $— | $318 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(304) | $— | $— | $(304) |
|  Forward Foreign Currency Exchange contracts |  | (380) |  | (380) |
|  **Total Depreciation in Other Financial Instruments** | $(304) | $(380) | $— | $(684) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 683

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br> unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $119279 | $— | $— | $119279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 5664929 |  |  | 5664929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical | 1965626 |  |  | 1965626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical | 5027525 |  |  | 5027525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 1032237 |  |  | 1032237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial | 4883463 |  |  | 4883463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | 1221836 |  |  | 1221836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 10940079 |  |  | 10940079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1210849 |  |  | 1210849 |
|  Total Common Stocks | 32065823 |  |  | 32065823 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 139257 |  | 139257 |
|  **Total Investments in Securities** | $32065823 | $139257 | $— | $32205080 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $172 | $— | $— | $172 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(144) | $— | $— | $(144) |

---

 <br> 684 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### Six Circles International Unconstrained Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria | $— | $74320 | $— | $74320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 223368 |  | 223368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 357680 |  |  | 357680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 12314 |  | 12314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 561839 |  | 561839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 229593 |  | 229593 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 2442512 |  | 2442512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 3250756 |  | 3250756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 55043 |  | 55043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 25316 | 158133 |  | 183449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 893666 |  | 893666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 7189 | 940005 |  | 947194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 24137 |  | 24137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico |  | 7008 |  | 7008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 11473 | 1214795 |  | 1226268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 120741 |  | 120741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 3132 |  | 3132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 34576 |  | 34576 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 136847 |  | 136847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | 11058 | 822185 |  | 833243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 86169 | 644881 |  | 731050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 18975 | 2433403 |  | 2452378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 538655 |  | 538655 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  |  | — (a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 26953 | 3861521 |  | 3888474 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 8693 |  |  | 8693 |
|  Total Common Stocks | 553506 | 18683430 |  | 19236936 |
|  Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 38177 |  | 38177 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 209310 |  | 209310 |
|  **Total Investments in Securities** | $553506 | $18930917 | $— | $19484423 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $1471 | $— | $— | $1471 |
|  Forward Foreign Currency Exchange contracts |  | 5354 |  | 5354 |
|  **Total Appreciation in Other Financial Instruments** | $1471 | $5354 | $— | $6825 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Forward Foreign Currency Exchange contracts | $— | $(3506) | $— | $(3506) |

---

(a) Value is zero.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 685

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

#### Six Circles Global Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $20839 | $— | $20839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 50204 |  | 50204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 71043 |  | 71043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 272890 |  | 272890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 5580 |  | 5580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral Supp CMO |  | 57 |  | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 27863 |  | 27863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 306390 |  | 306390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 55679 |  | 55679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 34903 |  | 34903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 147165 |  | 147165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 135697 | 15082 | 150779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 300685 |  | 300685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 104700 |  | 104700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 986919 |  | 986919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  | 105876 |  | 105876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 168648 |  | 168648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 35735 |  | 35735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 191711 |  | 191711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 2212039 | 15082 | 2227121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 903122 |  | 903122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services |  | 8690 |  | 8690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Finan Serv |  | 12777 |  | 12777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric |  | 4913 |  | 4913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-National |  | 18264 |  | 18264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal |  | 35771 |  | 35771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 378 |  | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pipelines |  | 3621 |  | 3621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional (State/Province) |  | 310909 |  | 310909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 8474921 |  | 8474921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation |  | 20890 |  | 20890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  | 9794256 |  | 9794256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FGLMC Collateral |  | 10692 |  | 10692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Collateral |  | 2077 |  | 2077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Collateral |  | 183714 |  | 183714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA Collateral |  | 2370 |  | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II Collateral |  | 491862 |  | 491862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 1604714 |  | 1604714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 2295429 |  | 2295429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 6700 |  | 6700 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 17489 |  | 17489 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 2204864 |  | 2204864 |

---

 <br> 686 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### Six Circles Global Bond Fund (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement | $— | $8400 | $— | $8400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 216850 |  | 216850 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities |  | 23941 |  | 23941 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 42396 |  | 42396 |
|  Total Short-Term Investments |  | 291587 |  | 291587 |
|  **Total Investments in Securities** | $— | $17255476 | $15082 | $17270558 |
|  **Liabilities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral | $— | $324978 | $— | $324978 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $463 | $— | $— | $463 |
|  Forward Foreign Currency Exchange contracts |  | 20911 |  | 20911 |
|  OTC Interest Rate Swaps contracts |  | 55 |  | 55 |
|  Centrally Cleared Interest Rate Swap contracts |  | 4965 |  | 4965 |
|  Purchased Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Put Interest Rate Swaption contracts |  | 3101 |  | 3101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Call Interest Rate Swaption contracts |  | 2975 |  | 2975 |
|  Total Purchased Interest Rate Swaptions contracts |  | 6076 |  | 6076 |
|  **Total Appreciation in Other Financial Instruments** | $463 | $32007 | $— | $32470 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(804) | $— | $— | $(804) |
|  Forward Foreign Currency Exchange contracts |  | (145162) |  | (145162) |
|  OTC Interest Rate Swaps contracts |  | (73) |  | (73) |
|  Centrally Cleared Interest Rate Swap contracts |  | (7577) |  | (7577) |
|  Written Option contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Call Option contracts |  | (6) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Put Option contracts |  | (11) |  | (11) |
|  Total Written Option contracts |  | (17) |  | (17) |
|  **Total Depreciation in Other Financial Instruments** | $(804) | $(152829) | $— | $(153633) |

---

#### Six Circles Tax Aware Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS | $— | $6018 | $— | $6018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 14094099 |  | 14094099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrant |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  |  | — (a) | — (a) |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 24677 |  | 24677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 111981 |  | 111981 |
|  Total Short-Term Investments |  | 136658 |  | 136658 |
|  **Total Investments in Securities** | $— | $14236775 | $— (a) | $14236775 |

---

(a) Amount rounds to less than $500.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 687

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

#### Six Circles Credit Opportunities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $39817 | $— | $39817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 77268 |  | 77268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 261 |  | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 117346 |  | 117346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 9893 |  | 9893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 38818 |  | 38818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 697 |  | 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 768 |  | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 581 |  | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 2401 |  | 2401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 267 |  | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 245 |  | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds |  | 4959 |  | 4959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 144445 |  | 144445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 591727 | 21 | 591748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 596049 |  | 596049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 580965 |  | 580965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified |  | 10953 |  | 10953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 363455 | 554 | 364009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 648753 | 6100 | 654853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  | 180 |  | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 286753 |  | 286753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 107423 |  | 107423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 173675 |  | 173675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 3504378 | 6675 | 3511053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 18492 |  | 18492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal |  | 617 |  | 617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 1739 |  | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional (State/Province) |  | 458 |  | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 808131 |  | 808131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  | 829437 |  | 829437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Collateral |  | 2808 |  | 2808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Collateral |  | 2566 |  | 2566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 5374 |  | 5374 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 52677 |  | 52677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  |  | 124 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 14060 |  | — (a) | 14060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical | 6455 |  |  | 6455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1483 |  | 12 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 21998 |  | 136 | 22134 |

---

 <br> 688 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### Six Circles Credit Opportunities Fund (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | $— | $— | $694 | $694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  |  | 6467 | 6467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks |  |  | 7161 | 7161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 9056 |  | 9056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 41788 |  | 41788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 19573 |  | 19573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 48086 |  | 48086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified |  | 226 |  | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 1610 |  | 1610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 14914 | 2400 | 17314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  |  | 9665 | 9665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 8585 |  | 8585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 30006 |  | 30006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 2049 |  | 2049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments |  | 175893 | 12065 | 187958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrant |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  |  | — (a) | — (a) |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Papers |  | 840 |  | 840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Security |  | 7531 |  | 7531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 83112 |  | 83112 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities |  | 24559 |  | 24559 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 11175 |  | 11175 |
|  Total Short-Term Investments |  | 127217 |  | 127217 |
|  **Total Investments in Securities** | $21998 | $4865992 | $26037 | $4914027 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $394 | $— | $— | $394 |
|  Forward Foreign Currency Exchange contracts |  | 12888 |  | 12888 |
|  Centrally Cleared Interest Rate Swap contracts |  | 3062 |  | 3062 |
|  OTC Credit Default Swaps contracts |  | 1138 |  | 1138 |
|  Centrally Cleared Credit Default Swaps contracts |  | 3142 |  | 3142 |
|  **Total Appreciation in Other Financial Instruments** | $394 | $20230 | $— | $20624 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(1117) | $— | $— | $(1117) |
|  Forward Foreign Currency Exchange contracts |  | (6753) |  | (6753) |
|  Centrally Cleared Interest Rate Swap contracts |  | (5005) |  | (5005) |
|  OTC Credit Default Swaps contracts |  | (320) |  | (320) |
|  Centrally Cleared Credit Default Swaps contracts |  | (447) |  | (447) |
|  **Total Depreciation in Other Financial Instruments** | $(1117) | $(12525) | $— | $(13642) |

---

(a) Amount rounds to less than $500.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 689

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

#### Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  | Balance as of<br>December 31,<br>2024 | Realized<br>gain (loss) | Change in net<br>unrealized<br>appreciation<br>(depreciation) | Net<br>accretion<br>(amortization) | Purchases<sup>1</sup> | Sales<sup>2</sup> | Transfers<br>in to<br>Level 3 | Transfers<br>out of<br>Level 3 | Balance as of<br>December 31,<br>2025 |
|  **Investments in Securities:** | **Investments in Securities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $9544 | $956 | $6016 | $— | $— | $(1065) | $— | $(15315) | $136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | 4549 | 9 | (4) |  | 2650 | (477) |  |  | 6727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Assignments | 13900 | 43 | 594 |  | 143 | (1873) |  | (742) | 12065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 7477 | 44 | 36 |  |  | (396) |  |  | 7161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | — (a) |  |  |  | — (a) |  |  |  | — (a) |
|  ***Total*** | $35470 | $1038 | $6656 | $— | $2793 | $(3811) | $— | $(16057) | $26089 |

---

1 Purchases include all purchases of securities and securities received in corporate actions.

2 Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a) Amount rounds to less than $500.

#### Quantative Information about Level 3 Fair Value Measurements

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 |
|  | Fair Value as of<br>December 31, 2025 | Valuation<br>Technique(s) | Unobservable Input | **Range**<br> **(Weighted Average)** |
|  Common Stocks | $136 | Cost Approach | Primary Market trades | N/A |
|  Corporate Bonds | 6727 | Cost Approach | Primary Market trades | N/A |
|  Loan Assignments | 12065 | Cost Approach | Primary Market trades | N/A |
|  Preferred Stocks | 7161 | Cost Approach | Primary Market trades | N/A |
|  Warrants | — (a) | Option Pricing Model | Volatility / Time Horizon | 50%-56% /<br> 0.5 yrs -1.5 yrs |
|  **Total** | $26089 |  |  |  |

---

(a) Amount rounds to less than $500.

#### Six Circles Multi-Strategy Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $11631 | $— | $11631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity ABS |  | 33906 |  | 33906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 75722 |  | 75722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 6444 |  | 6444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 127703 |  | 127703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 196128 |  | 196128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 1205 |  | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 121058 |  | 121058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 318391 |  | 318391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 22438 |  | 22438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 444 |  | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 253 |  | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 13166 |  | 13166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 5303 |  | 5303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 5370 |  | 5370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 1630 |  | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 3392 |  | 3392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 3775 |  | 3775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 1945 |  | 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 34834 |  | 34834 |

---

 <br> 690 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### Six Circles Multi-Strategy Fund (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Collateral | $— | $32954 | $— | $32954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II Collateral |  | 102712 |  | 102712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 425461 |  | 425461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 561127 |  | 561127 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 403 |  | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  |  | 300 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 1216 |  | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 30769 |  | 30769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 29626 |  | 29626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 36084 |  | 36084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 4154 |  | 4154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 62818 |  | 62818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 39893 |  | 39893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 60738 |  | 60738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 11039 |  | 11039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments |  | 276337 |  | 276337 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 2700 |  | 2700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 89928 |  | 89928 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 526307 |  | 526307 |
|  Total Short-Term Investments |  | 618935 |  | 618935 |
|  **Total Investments in Securities** | $— | $1960612 | $300 | $1960912 |
|  **Liabilities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II Collateral | $— | $6155 | $— | $6155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 36023 |  | 36023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 42178 |  | 42178 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $13150 | $— | $— | $13150 |
|  Forward Foreign Currency Exchange contracts |  | 38 |  | 38 |
|  Centrally Cleared Interest Rate Swap contracts |  | 424 |  | 424 |
|  Centrally Cleared Credit Default Swaps contracts |  | 60 |  | 60 |
|  OTC Total Return Swap contracts |  | 2746 |  | 2746 |
|  Purchased Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Put Interest Rate Swaption contracts |  | 933 |  | 933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Call Interest Rate Swaption contracts |  | 819 |  | 819 |
|  Total Purchased Interest Rate Swaptions contracts |  | 1752 |  | 1752 |
|  **Total Appreciation in Other Financial Instruments** | $13150 | $5020 | $— | $18170 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(4597) | $— | $— | $(4597) |
|  Forward Foreign Currency Exchange contracts |  | (63) |  | (63) |
|  OTC Total Return Swaps contracts |  | (1152) |  | (1152) |
|  Centrally Cleared Interest Rate Swap contract |  | (75) |  | (75) |
|  Written Option contract |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Put Option contracts |  | (7) |  | (7) |
|  Total Written Option contract |  | (7) |  | (7) |
|  Written Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Call Interest Rate Swaption contracts |  | (23) |  | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Put Interest Rate Swaption contracts |  | (28) |  | (28) |
|  Total Written Interest Rate Swaptions contracts |  | (51) |  | (51) |
|  **Total Depreciation in Other Financial Instruments** | $(4597) | $(1348) | $— | $(5945) |

---

There were no significant transfers into or out of level 3 for the year ended December 31, 2025 for the Funds.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 691

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

**B. Restricted Securities —** Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAV of the Funds.

**C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments —** The Funds may purchase when-issued securities, including To Be Announced ("TBA") securities, and enter into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchase delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date. Rollover strategies can be employed by the Funds which involves extending the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and starting a new position with a comparable underlying asset that has a later expiration date.

The Funds may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an "MSFTA"). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund's transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a Fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund's custodian bank and is included on the Statements of Assets and Liabilities as Deposit at broker for delayed delivery securities, if applicable.

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of December 31, 2025 which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities.

**D. Investments in Cayman Subsidiaries —** As part of its principal investment strategy, the Six Circles Multi-Strategy Fund seeks to gain exposure to the commodity markets by investing up to 25% of its total assets in wholly-owned subsidiaries, which are organized under the laws of the Cayman Islands, as described in Note 1. Generally, the subsidiaries will invest primarily in commodity futures, but may also invest in financial futures and forwards and swap contracts, fixed income securities, pooled investment vehicles, including open-end investment companies, and other investments intended to serve as margin or collateral for such subsidiary's derivative positions. The Fund invests in the subsidiaries in order to gain exposure to the commodities markets within the limitations of the federal tax law, rules and regulations that apply to "regulated investment companies." Unlike the Funds, the subsidiaries may invest without limitation in commodity-linked derivatives; however, the subsidiaries and the Fund, in the aggregate, will comply with applicable requirements for derivatives transactions set forth in Rule 18f-4 under the 1940 Act.

As part of its principal investment strategy, the Six Circles Credit Opportunities Fund will seek to purchase certain newly-issued Regulation S securities in its Asia High Yield sleeve through investments in a Cayman subsidiary, as described in Note 1.

In addition, the Six Circles Multi-Strategy and Credit Opportunities Funds and each of their subsidiaries will comply with the same fundamental

investment restrictions on an aggregate basis, and follow the same compliance policies and procedures to the extent those restrictions, policies and procedures are applicable to the investment activities of each of the subsidiaries. The subsidiaries are treated as corporations for U.S. federal income tax purposes. Unlike the Funds, the subsidiaries do not, and will not, seek to qualify as "regulated investment companies" under Subchapter M of Chapter 1 of Subtitle A of the Internal Revenue Code of 1986, as amended (the "Code"). The Six Circles Multi-Strategy and Credit Opportunities Funds are each the sole shareholders of their respective subsidiaries and do not expect shares of the subsidiaries to be offered or sold to other investors. The Funds do not intend to create or acquire primary control of any entity that primarily engages in investment activities, in securities or other assets, other than the entities that are wholly-owned by the Funds. As of December 31, 2025, the net assets of the subsidiaries were $0 representing 0.00% and $42,140,328 representing 2.66% of the Six Circles Credit Opportunities and Six Circles Multi-Strategy Fund's consolidated net assets, respectively.

**E. Loan Assignments —** The Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund invest in debt instruments that are interests in amounts owed to lenders or lending syndicates (a "Lender") by corporate, governmental or other borrowers (a "Borrower"). A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent administers the terms of the loan, as specified in the loan agreement. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan, provided, however, the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through the Agent. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between each Fund and the Borrower ("Intermediate Participants"). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. The Adviser or Sub-Advisers may have access to material non-public information regarding the Borrower.

 <br> 692 SIX CIRCLES TRUST DECEMBER 31, 2025

------

Certain loan assignments are also subject to the associated risks described under Note 5.

Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities, if any. As of December 31, 2025 the Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund had the following loan commitments outstanding in which all or a portion of the commitment was unfunded (amounts in thousands):

#### Six Circles Credit Opportunities Fund

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | Unfunded<br>Commitment | Unfunded<br>Commitment | Funded<br>Commitment | Funded<br>Commitment | Total<br>Commitment | Total<br>Commitment |
| Security Description | Term | Maturity<br>Date | Commitment<br>Fee Rate | Rate if<br>Funded | Par | Value | Par | Value | Par | Value |
|  GrafTech Global Enterprises, Inc. | Delayed Draw Term Loan | 12/21/2029 | 6.00% | 9.86% | $356 | $361 | $— | $— | $356 | $361 |
|  Husky Injection Molding Systems Ltd. | 2026 Delayed Draw Term Loan | 02/15/2029 | 3.75% | 7.47% | 222 | 224 |  |  | 222 | 224 |
|  Jupiter Buyer, Inc. | Initial Delayed Draw Term Loan | 11/01/2031 | 4.25% | 7.92% | 85 | 190 |  |  | 85 | 190 |
|  SWF Holdings I Corp. | Delayed Draw Term Loan | 12/19/2029 | 2.25% | 8.22% | 192 | 85 |  |  | 192 | 85 |
|  |  |  |  |  | $855 | $860 | $— | $— | $855 | $860 |

---

#### Six Circles Multi-Strategy Fund

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | Unfunded<br>Commitment | Unfunded<br>Commitment | Funded<br>Commitment | Funded<br>Commitment | Total<br>Commitment | Total<br>Commitment |
| Security Description | Term | Maturity<br>Date | Commitment<br>Fee Rate | Rate if<br>Funded | Par | Value | Par | Value | Par | Value |
|  Chicago US Midco III, LP | Delayed Draw Term Loan | 11/01/2032 | 2.50% | 6.22% | $99 | $99 | $— | $— | $99 | $99 |
|  Engineered Machinery Holdings, Inc. | 2025 Delayed Draw Term Loan | 11/26/2032 | 3.25% | 6.92% | 13 | 13 | 299 | 301 | 312 | 314 |
|  Hanger, Inc. | Delayed Draw Term Loan | 10/23/2031 | 3.50% | 7.22% | 37 | 37 | 53 | 53 | 89 | 90 |
|  Husky Injection Molding Systems Ltd. | 2026 Delayed Draw Term Loan | 02/15/2029 | 3.75% | 7.59% | 130 | 131 |  |  | 130 | 131 |
|  Kaman Corp. | Delayed Draw Term Loan | 02/26/2032 | 2.50% | 6.43% | 59 | 60 | 6 | 6 | 65 | 66 |
|  MRP Buyer, LLC | Delayed Draw Term Loan | 06/04/2032 | 3.25% | 6.92% | 26 | 26 | 40 | 39 | 66 | 65 |
|  Radiate Holdco, LLC | Delayed Draw Term Loan | 06/26/2029 | 4.00% | 7.72% | 225 | 226 | 114 | 113 | 339 | 339 |
|  Trio BidCo, LLC | Delayed Draw Term B Loan | 10/29/2032 | 4.00% | 7.67% | 136 | 136 |  |  | 136 | 136 |
|  |  |  |  |  | $725 | $728 | $512 | $512 | $1236 | $1240 |

---

**F. Derivatives —** The Funds used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures as well as credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated by the Sub-Advisers, with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark-to-market gains to a Fund.

Notes F(1) — F(4) below describe the various derivatives used by the Funds.

**(1) Options —** The Six Circles Global Bond Fund and Six Circles Multi-Strategy Fund purchased and sold ("wrote") put and call options on securities to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ("strike price") to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 693

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

*Interest Rate Swaptions* — Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

*Options Purchased* — Premiums paid by the Funds for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written* — Premiums received by the Funds for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Funds are not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Funds' option contracts are subject to master netting arrangements.

**(2) Futures Contracts —** The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund used interest rate futures to manage interest rate risks associated with portfolio investments. The Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund and Six Circles Multi-Strategy Fund used index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs.

Futures contracts may provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities. Futures contracts outstanding at period end, if any, are listed after each Fund's SOI.

The use of futures contracts may expose the Funds to interest rate and equity price risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent the liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**(3) Forward Foreign Currency Exchange Contracts —** The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency. Forward contracts outstanding at period end, if any, are listed after each Fund's SOI.

 <br> 694 SIX CIRCLES TRUST DECEMBER 31, 2025

------

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, respectively on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period.

Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearing house acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearing house.

The Funds may be required to post or receive collateral in the form of cash or securities based on the net value of the Funds' outstanding OTC swap contracts with the counterparty. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds' custodian bank. Collateral received by the Funds is held in escrow in segregated accounts maintained by Brown Brothers Harriman & Co.

The Funds' swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

#### Credit Default Swaps
The Six Circles Credit Opportunities Fund 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 and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

#### Interest Rate Swaps
The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund entered into interest rate swap contracts to manage fund exposure to interest rates and/or to

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 695

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

#### Total Return Swaps
The Six Circles Multi-Strategy Fund entered into total return swap agreements to obtain exposure to a portfolio of long and short securities.

Under the terms of the agreements, each swap is designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates plus or minus a specified spread and are referred to herein as "financing costs" and net dividends. Positions within each swap, accrued financing costs and net dividends are part of the periodic reset. During a reset, any unrealized gains (losses) on positions and accrued financing costs become available for cash settlement between the Fund and the swap counterparty are recorded under Receivables and or Payables, as Outstanding OTC swap contracts, at value on the Consolidated Statement of Assets and Liabilities and Net realized gain (loss) on transactions from swaps on the Consolidated Statement of Operations.

Each swap involves additional risk than if the Fund had invested in the underlying positions directly including; the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty's failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract which may limit the ability of the Fund to close out its positions; and documentation risk relating to the disagreement over contract terms.

The value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale price or closing prices on the principal exchange of which the underlying securities are traded; (ii) financing costs (iii) the value of dividends (iv) cash balances within the swap and/or other receivables payables) when the swap rests; and (v) other factors, as applicable. The Value of each swap is reflected on the Consolidated Statement of Assets and Liabilities, as Outstanding swap contracts, at value. Changes in the value of each swap are recognized as Change in net unrealized appreciation/depreciation of swaps on the Consolidated Statement of Operations.

The total return swaps are subject to master netting arrangements. The Fund may be required to post or receive collateral for total return swaps.

#### Total Return Index Swaps
The Six Circles Multi-Strategy Fund entered into total return index swaps to gain exposure to specific indices and manage portfolio risk. These instruments can provide the Fund with the ability to gain or reduce exposure to certain market segments without directly investing in underlying securities.

A total return index swap is a contract in which one party agrees to pay the other the total return of a specified index, including both capital gains and income, in exchange for periodic payments based on a fixed or floating interest rate.

(5) Summary of Derivatives Information

The following tables present the value of derivatives held as of December 31, 2025, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

#### Six Circles Ultra Short Duration Fund

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Derivative Contracts | Statements of Assets and Liabilities Location |  |  |  |  |
| Gross Assets: |  | **Futures<br>Contracts** (a) | Forward Foreign<br>Currency Exchange<br>Contracts | **Centrally<br>Cleared<br>Swaps** (b) | Total |
|  Interest rate contracts | Receivables, Net Assets — Unrealized Appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 |
|  Foreign exchange contracts | Receivables |  | 55 |  | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $130 | $55 | $132 | $317 |
| **Gross Liabilities:** |  |  |  |  |  |
|  Interest rate contracts | Payables, Net Assets — Unrealized Depreciation | $(281) | $– | $– | $(281) |
|  Foreign exchange contracts | Payables |  | (452) |  | (452) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(281) | $(452) | $– | $(733) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

 <br> 696 SIX CIRCLES TRUST DECEMBER 31, 2025

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Derivative Contracts | Statements of Assets and Liabilities Location |  |  |  |  |
| Gross Assets: |  | **Futures<br>Contracts** (a) | Forward Foreign<br>Currency Exchange<br>Contracts | **Centrally<br>Cleared<br>Swaps** (b) | Total |
|  Interest rate contracts | Receivables, Net Assets — Unrealized Appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 |
|  Foreign exchange contracts | Receivables |  | 9 |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $163 | $9 | $168 | $340 |
| **Gross Liabilities:** |  |  |  |  |  |
|  Interest rate contracts | Payables, Net Assets — Unrealized Depreciation | $(304) | $– | $– | $(304) |
|  Foreign exchange contracts | Payables |  | (380) |  | (380) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(304) | $(380) | $– | $(684) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

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

---

| | | |
|:---|:---|:---|
| Derivative Contracts | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** |
| Gross Assets: |  | **Futures<br>Contracts** (a) |
|  Equity contracts | Receivables, Net Assets — Unrealized Appreciation | $172 |
| **Gross Liabilities:** |  |  |
|  Equity contracts | Payables, Net Assets — Unrealized Depreciation | $(144) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

#### Six Circles International Unconstrained Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivative Contracts | Statements of Assets and Liabilities Location |  |  |  |
| Gross Assets: |  | **Futures<br>Contracts** (a) | Forward Foreign<br>Currency Exchange<br>Contracts | Total |
|  Equity contracts | Receivables, Net Assets — Unrealized Appreciation | $1471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1471 |
|  Foreign exchange contracts | Receivables |  | 5354 | 5354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $1471 | $5354 | $6825 |
| **Gross Liabilities:** |  |  |  |  |
|  Equity contracts | Payables, Net Assets — Unrealized Depreciation |  |  |  |
|  Foreign exchange contracts | Payables | $— | $(3506) | $(3506) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $— | $(3506) | $(3506) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 697

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

#### Six Circles Global Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Derivative Contracts | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** |  |  |  |
| Gross Assets: |  | **Futures<br>Contracts** (a) | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | **Centrally<br>Cleared<br>Swaps** (b) | OTC<br>Swaps | OTC<br>Options<br>Written | Swaptions<br>Purchased | Total |
|  Interest rate contracts | Receivables, Net Assets — Unrealized Appreciation | $463 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $7176 | $55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $6076 | $13770 |
|  Foreign exchange contracts | Receivables |  | 20911 |  |  |  |  | 20911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $463 | $20911 | $7176 | $55 | $— | $6076 | $34681 |
| **Gross Liabilities:** |  |  |  |  |  |  |  |  |
|  Interest rate contracts | Payables, Net Assets — Unrealized Depreciation | $(804) | $— | $(8584) | $(73) | $(17) | $— | $(9478) |
|  Foreign exchange contracts | Payables |  | (145162) |  |  |  |  | (145162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(804) | $(145162) | $(8584) | $(73) | $(17) | $— | $(154640) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

#### Six Circles Credit Opportunities Fund

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Derivative Contracts | Statements of Assets and Liabilities Location |  |  |  |  |  |
| Gross Assets: |  | **Futures<br>Contracts** (a) | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | **Centrally<br>Cleared<br>Swaps** (b) | OTC<br>Swaps | Total |
|  Credit contracts | Receivables | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $7044 | $843 | $7887 |
|  Interest rate contracts | Receivables, Net Assets — Unrealized Appreciation | 394 |  | 5002 |  | 5396 |
|  Foreign exchange contracts | Receivables |  | 12888 |  |  | 12888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $394 | $12888 | $12046 | $843 | $26171 |
| **Gross Liabilities:** |  |  |  |  |  |  |
|  Credit contracts | Payables | $— | $— | $(4010) | $(925) | $(4935) |
|  Interest rate contracts | Payables, Net Assets — Unrealized Depreciation | (1117) |  | (5137) |  | (6254) |
|  Foreign exchange contracts | Payables |  | (6753) |  |  | (6753) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(1117) | $(6753) | $(9147) | $(925) | $(17942) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the Consolidated SOIs. The Consolidated Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the Consolidated SOIs. The Consolidated Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

#### Six Circles Multi-Strategy Fund

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Derivative Contracts | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location |  |  |  |
| Gross Assets: |  | **Futures<br>Contracts** (a) | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | **Centrally<br>Cleared<br>Swaps** (b) | OTC<br>Swaps | OTC<br>Options<br>Written | Swaptions<br>Written | Swaptions<br>Purchased | Total |
|  Credit contracts | Receivables | $— | $— | $959 | $— | $— | $— | $— | $959 |
|  Interest rate contracts | Receivables, Net Assets — Unrealized Appreciation | 2562 |  | 555 | 51 |  |  | 1752 | 4920 |
|  Equity contracts | Receivables, Net Assets — Unrealized Appreciation | 10588 |  |  | 3170 |  |  |  | 13758 |
|  Foreign exchange contracts | Receivables |  | 38 |  |  |  |  |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $13150 | $38 | $1514 | $3221 | $— | $— | $1752 | $19675 |

---

 <br> 698 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### Six Circles Multi-Strategy Fund (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Derivative Contracts | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location | Statements of Assets and Liabilities Location |  |  |  |
|  |  | **Futures<br>Contracts** (a) | Forward<br>Foreign<br>Currency<br>Exchange<br>Contracts | **Centrally<br>Cleared<br>Swaps** (b) | OTC<br>Swaps | OTC<br>Options<br>Written | Swaptions<br>Written | Swaptions<br>Purchased | Total |
| **Gross Liabilities:** |  |  |  |  |  |  |  |  |  |
|  Credit contracts | Payables | $— | $— | $(21) | $— | $— | $— | $— | $(21) |
|  Interest rate contracts | Payables, Net Assets — Unrealized Depreciation | (826) |  |  |  | (7) | (51) |  | (884) |
|  Equity contracts | Payables, Net Assets — Unrealized Depreciation | (3771) |  |  | (1916) |  |  |  | (5687) |
|  Foreign exchange contracts | Payables |  | (63) |  |  |  |  |  | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(4597) | $(63) | $(21) | $(1916) | $(7) | $(51) | $— | $(6655) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the Consolidated SOIs. The Consolidated Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

(b) This amount represents the value of centrally cleared swaps as reported on the Consolidated SOIs. The Consolidated Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the Funds' gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of December 31, 2025 (amounts in thousands):

#### Six Circles Ultra Short Duration Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Received | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $4 | $(4) | $– $|  |
|  BNP Paribas | 26 | (26) | – |  |
|  Citibank, NA | 21 | (5) | – | 16 |
|  Morgan Stanley & Co. | 4 | (4) | – |  |
|  | $55 | $(39) | $– | 16 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Liabilities<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Posted | Net Amount Due<br>To Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $200 | $(4) | $(196) | $— |
|  Barclays Bank plc | 21 |  | (21) |  |
|  BNP Paribas | 113 | (26) |  | 87 |
|  Citibank, NA | 5 | (5) |  |  |
|  Morgan Stanley & Co. | 66 | (4) |  | 62 |
|  UBS AG London | 47 |  |  | 47 |
|  | $452 | $(39) | $(217) | $196 |

---

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 699

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Received | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $4 | $(4) | $– $|  |
|  Morgan Stanley & Co. | 5 | (5) | – |  |
|  | $9 | $(9) | $– $|  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Liabilities<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Posted | Net Amount Due<br>To Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $251 | $(4) | $(245) | $2 |
|  Barclays Bank plc | 23 |  | (23) |  |
|  Morgan Stanley & Co. | 106 | (5) |  | 101 |
|  | $380 | $(9) | $(268) | $103 |

---

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

#### Six Circles International Unconstrained Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Liabilities<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Received | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $667 | $(667) | $– $|  |
|  Goldman Sachs International | 331 |  | – | 331 |
|  Morgan Stanley & Co. | 4326 | (1564) | – | 2762 |
|  UBS AG London | 30 | (30) | – |  |
|  | $5354 | $(2261) | $– $| 3093 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Liabilities<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | **Derivatives<br>Available<br>for offset** | **Collateral<br>Posted** | **Net Amount Due<br>To Counterparty<br>(Not less than zero)** |
|  Bank of America, NA | $1591 | $(667) | $– $| 924 |
|  BNP Paribas | — (b) |  | – | — (b) |
|  Citibank, NA | 278 |  | – | 278 |
|  Morgan Stanley & Co. | 1564 | (1564) | – |  |
|  UBS AG London | 73 | (30) | – | 43 |
|  | $3506 | $(2261) | $– $| 1245 |

---

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

(b) Amount rounds to less than $500.

 <br> 700 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### Six Circles Global Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | **Derivatives<br>Available<br>for offset** | **Collateral<br>Received** | **Net Amount Due<br>From Counterparty<br>(Not less than zero)** |
|  Bank of America, NA | $3638 | $(2179) | $(358) | $1101 |
|  Bank of New York Mellon | 13296 | (8146) |  | 5150 |
|  Barclays Bank plc | 7 | (7) |  |  |
|  Citibank, NA | 18 | (18) |  |  |
|  Deutsche Bank AG | 3054 | (545) |  | 2509 |
|  Goldman Sachs International | 4957 | (4957) |  |  |
|  HSBC Bank plc | 1049 | (1049) |  |  |
|  Morgan Stanley & Co. | 735 | (735) |  |  |
|  Standard Chartered Bank | 135 | (135) |  |  |
|  Toronto-Dominion Bank (The) | 78 |  |  | 78 |
|  UBS AG London | 67 | (67) |  |  |
|  Westpac Banking Corp. | 8 | (8) |  |  |
|  | $27042 | $(17846) | $(358) | $8838 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Liabilities<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | **Derivatives<br>Available<br>for offset** | **Collateral<br>Posted** | **Net Amount Due<br>From Counterparty<br>(Not less than zero)** |
|  Bank of America, NA | $2179 | $(2179) | $— | $— |
|  Bank of New York Mellon | 8146 | (8146) |  |  |
|  Barclays Bank plc | 3884 | (7) | (3557) | 320 |
|  BofA Securities, Inc. | 11 |  |  | 11 |
|  Citibank, NA | 6364 | (18) | (4949) | 1397 |
|  Citigroup Global Markets, Inc. | 6 |  |  | 6 |
|  Deutsche Bank AG | 545 | (545) |  |  |
|  Goldman Sachs International | 5836 | (4957) |  | 879 |
|  HSBC Bank plc | 2977 | (1049) | (1907) | 21 |
|  Morgan Stanley & Co. | 25970 | (735) | (204) | 25031 |
|  Royal Bank of Canada | 5272 |  |  | 5272 |
|  Standard Chartered Bank | 23658 | (135) |  | 23523 |
|  UBS AG London | 6693 | (67) |  | 6626 |
|  Westpac Banking Corp. | 53711 | (8) |  | 53703 |
|  | $145252 | $(17846) | $(10617) | $116789 |

---

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 701

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

#### Six Circles Credit Opportunities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Received | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $272 | $(272) | $— | $— |
|  Barclays Bank plc | 729 | (729) |  |  |
|  BNP Paribas | 53 | (2) | (50) | 1 |
|  Brown Brothers Harriman & Co. | 29 | (29) |  |  |
|  Citibank, NA | 12419 | (1375) |  | 11044 |
|  Goldman Sachs International | 7 | (7) |  |  |
|  Morgan Stanley & Co. | 517 | (453) | (60) | 4 |
|  | $14026 | $(2867) | $(110) | $11049 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Liabilities<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | **Derivatives<br>Available<br>for offset** | **Collateral<br>Posted** | **Net Amount Due<br>From Counterparty<br>(Not less than zero)** |
|  Bank of America, NA | $556 | $(272) | $(284) | $— |
|  Barclays Bank plc | 1899 | (729) | (1170) |  |
|  BNP Paribas | 2 | (2) |  |  |
|  Brown Brothers Harriman & Co. | 2781 | (29) |  | 2752 |
|  Citibank, NA | 1375 | (1375) |  |  |
|  Goldman Sachs International | 7 | (7) |  |  |
|  Morgan Stanley & Co. | 453 | (453) |  |  |
|  | $7073 | $(2867) | $(1454) | $2752 |

---

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

#### Six Circles Multi-Strategy Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Assets<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | **Derivatives<br>Available<br>for offset** | **Collateral<br>Received** | **Net Amount Due<br>From Counterparty<br>(Not less than zero)** |
|  Bank of America, NA | $1749 | $(51) | $— | $1698 |
|  Barclays Bank plc | 238 | 166 | (72) |  |
|  BNP Paribas | 649 | (18) | (631) |  |
|  Brown Brothers Harriman & Co. | 38 | (31) |  | 7 |
|  Goldman Sachs International | 418 | (172) | (60) | 186 |
|  Morgan Stanley & Co. | 159 | (159) |  |  |
|  Societe Generale SA | 444 | (380) |  | 64 |
|  UBS AG London | 838 | (199) |  | 639 |
|  Wells Fargo Bank, NA | 3 |  |  | 3 |
|  | $4536 | $(1176) | $(763) | $2597 |

---

 <br> 702 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### Six Circles Multi-Strategy Fund (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of<br>Derivative Liabilities<br>Subject to Netting<br>Arrangements<br>Presented on the<br>Statements of<br>Assets and<br>Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Posted | Net Amount Due<br>From Counterparty<br>(Not less than zero) |
|  Bank of America, NA | $51 | $(51) | $– $|  |
|  Barclays Bank plc | 166 | (166) | – |  |
|  BNP Paribas | 18 | (18) | – |  |
|  Bofa Securities, Inc. | 7 |  | – | 7 |
|  Brown Brothers Harriman & Co. | 31 | (31) | – |  |
|  Goldman Sachs International | 172 | (172) | – |  |
|  Morgan Stanley & Co. | 249 | (159) | – | 90 |
|  Societe Generale SA | 380 | (380) | – |  |
|  UBS AG London | 199 | (199) | – |  |
|  | $1273 | $(1176) | $– $| 97 |

---

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

The following tables present the effect of derivatives on the Statements of Operations for the year ended December 31, 2025, by primary underlying risk exposure (amounts in thousands):

#### Six Circles Ultra Short Duration Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Swaps | Total |
|  Credit contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
|  Interest rate contracts | 27 |  | (1264) | (1237) |
|  Foreign exchange contracts |  | (3366) |  | (3366) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $27 | $(3366) | $(1263) | $(4602) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Swaps | Total |
|  Credit contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
|  Interest rate contracts | 76 |  | (13) | 63 |
|  Foreign exchange contracts |  | (2317) |  | (2317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $76 | $(2317) | $(12) | $(2253) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Swaps | Total |
|  Credit contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
|  Interest rate contracts | 1325 |  | (1630) | (305) |
|  Foreign exchange contracts |  | (348) |  | (348) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1325 | $(348) | $(1628) | $(651) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 703

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

#### Six Circles Tax Aware Ultra Short Duration Fund (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Swaps | Total |
|  Credit contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
|  Interest rate contracts | 361 |  | (1) | 360 |
|  Foreign exchange contracts |  | (1169) |  | (1169) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $361 | $(1169) | $1 | $(807) |

---

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

---

| | |
|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts |
|  Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 |

---

---

| | |
|:---|:---|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts |
|  Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766 |

---

#### Six Circles International Unconstrained Equity Fund

---

| | | | |
|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Total |
|  Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23118 |
|  Foreign exchange contracts |  | (622) | (622) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $23118 | $(622) | $22496 |

---

---

| | | | |
|:---|:---|:---|:---|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Total |
|  Equity contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368 |
|  Foreign exchange contracts |  | 1848 | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $2368 | $1848 | $4216 |

---

#### Six Circles Global Bond Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Swaps | Options<br>written | Options<br>purchased | Swaptions<br>written | Swaptions<br>purchased | Total |
|  Credit contracts | $— | $— | $2 | $— | $— | $— | $— | $2 |
|  Interest rate contracts | (3189) |  | (868) | 429 | (132) | 765 | (927) | (3922) |
|  Foreign exchange contracts |  | (374138) |  |  |  |  |  | (374138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(3189) | $(374138) | $(866) | $429 | $(132) | $765 | $(927) | $(378058) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** | **Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations** |
| Derivative Contracts | Futures <br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Swaps | Options<br>written | Swaptions<br>purchased | Total |
|  Credit contracts | $— | $— | $(2) | $— | $— | $(2) |
|  Interest rate contracts | (234) |  | (1836) | 162 | (4312) | (6220) |
|  Foreign exchange contracts |  | (323398) |  |  |  | (323398) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(234) | $(323398) | $(1838) | $162 | $(4312) | $(329620) |

---

 <br> 704 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### Six Circles Credit Opportunities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Consolidated Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Consolidated Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Consolidated Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Consolidated Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Consolidated Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Swaps | Total |
|  Credit contracts | $— | $— | $8357 | $8357 |
|  Interest rate contracts | 687 |  | 834 | 1521 |
|  Foreign exchange contracts |  | (112232) |  | (112232) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $687 | $(112232) | $9191 | $(102354) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Consolidated Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Consolidated Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Consolidated Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Consolidated Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Consolidated Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Swaps | Total |
|  Credit contracts | $— | $— | $2152 | $2152 |
|  Interest rate contracts | 2456 |  | 2145 | 4601 |
|  Foreign exchange contracts |  | (102851) |  | (102851) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $2456 | $(102851) | $4297 | $(96098) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br> **Six Circles Multi-Strategy Fund**<br>**Amount of Realized Gain (Loss) on Derivatives Recognized on the Consolidated Statements of Operations** | <br> **Six Circles Multi-Strategy Fund**<br>**Amount of Realized Gain (Loss) on Derivatives Recognized on the Consolidated Statements of Operations** | <br> **Six Circles Multi-Strategy Fund**<br>**Amount of Realized Gain (Loss) on Derivatives Recognized on the Consolidated Statements of Operations** | <br> **Six Circles Multi-Strategy Fund**<br>**Amount of Realized Gain (Loss) on Derivatives Recognized on the Consolidated Statements of Operations** | <br> **Six Circles Multi-Strategy Fund**<br>**Amount of Realized Gain (Loss) on Derivatives Recognized on the Consolidated Statements of Operations** | <br> **Six Circles Multi-Strategy Fund**<br>**Amount of Realized Gain (Loss) on Derivatives Recognized on the Consolidated Statements of Operations** | <br> **Six Circles Multi-Strategy Fund**<br>**Amount of Realized Gain (Loss) on Derivatives Recognized on the Consolidated Statements of Operations** | <br> **Six Circles Multi-Strategy Fund**<br>**Amount of Realized Gain (Loss) on Derivatives Recognized on the Consolidated Statements of Operations** | <br> **Six Circles Multi-Strategy Fund**<br>**Amount of Realized Gain (Loss) on Derivatives Recognized on the Consolidated Statements of Operations** |
| **Derivative Contracts** | **Futures<br>Contracts** | **Forward Foreign<br>Currency Exchange<br>Contracts** | **Swaps** | **Options<br>Written** | **Options<br>Purchased** | **Swaptions<br>Written** | **Swaptions<br>Purchased** | **Total** |
|  Credit contracts | $— | $— | $(1273) | $— | $— | $— | $— | $(1273) |
|  Equity contracts |  |  | 4319 |  |  |  |  | 4319 |
|  Interest rate contracts | 10344 |  | 9 | 264 | (151) | 502 | (500) | 10468 |
|  Foreign exchange contracts |  | (626) |  |  |  |  |  | (626) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $10344 | $(626) | $3055 | $264 | $(151) | $502 | $(500) | $12888 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Consolidated Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Consolidated Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Consolidated Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Consolidated Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Consolidated Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Consolidated Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Consolidated Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Consolidated Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | Forward Foreign<br>Currency Exchange<br>Contracts | Swaps | Options<br>Written | Swaptions<br>Written | Swaptions<br>Purchased | Total |
|  Credit contracts | $— | $— | $60 | $— | $— | $— | $60 |
|  Equity contracts | 3601 |  | 1254 |  |  |  | 4855 |
|  Interest rate contracts | (81) |  | 480 | (18) | 59 | (1605) | (1165) |
|  Foreign exchange contracts |  | (192) |  |  |  |  | (192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3520 | $(192) | $1794 | $(18) | $59 | $(1605) | $3558 |

---

#### Derivatives Volume
The table below discloses the volume of the Funds' options, futures contracts, forward foreign currency exchange contracts and swaps activity during the year ended December 31, 2025 (amounts in thousands, except number of contracts). Please refer to the tables in the Summary of Derivative Information for derivative-related gains and losses associated with volume activity (amounts in thousands).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Circles<br>Ultra Short<br>Duration Fund | Six Circles<br>Tax Aware<br>Ultra Short<br>Duration Fund | Six Circles U.S.<br>Unconstrained<br>Equity Fund | Six Circles<br>International<br>Unconstrained<br>Equity Fund | Six Circles<br>Global<br>Bond Fund | Six Circles<br>Credit<br>Opportunities<br>Fund | Six Circles<br>Multi-Strategy<br>Fund |
|  **Futures Contracts:** |  |  |  |  |  |  |  |
|  Average Notional Amount Long | $157787 | $196574 | $67248 | $129742 | $140184 | $634666 | $1072156 |
|  Average Notional Amount Short | 146624 | 43058 |  |  | 239105 | 48474 | 732437 |
|  **Forward Foreign Currency Exchange:** |  |  |  |  |  |  |  |
|  Average Principal Amount Purchased | 7085 | 7336 |  | 407891 (a) | 4936268 | 646124 | 5946 |
|  Average Principal Amount Sold | 73622 | 27464 |  | 404784 (a) | 15686913 | 2708800 | 16934 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 705

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

#### Derivatives Volume (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Circles<br>Ultra Short<br>Duration Fund | Six Circles<br>Tax Aware<br>Ultra Short<br>Duration Fund | Six Circles U.S.<br>Unconstrained<br>Equity Fund | Six Circles<br>International<br>Unconstrained<br>Equity Fund | Six Circles<br>Global<br>Bond Fund | Six Circles<br>Credit<br>Opportunities<br>Fund | Six Circles<br>Multi-Strategy<br>Fund |
|  **Credit Default Swaps:** |  |  |  |  |  |  |  |
|  Average Notional Amount — Buy Protection | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $5223 (b) | $35020 | $— |
|  Average Notional Amount — Sell Protection | 650 (a) | 1200 (a) |  |  |  | 331865 | 29986 (c) |
|  **Interest Rate Swaps:** |  |  |  |  |  |  |  |
|  Average Notional Amount | 65722 | 83510 |  |  | 410803 | 367017 | 18892 |
|  **Total Return Swaps:** |  |  |  |  |  |  |  |
|  Average Notional Amount |  |  |  |  |  |  | 3785 |
|  **Over the Counter Options:** |  |  |  |  |  |  |  |
|  Average Number of Contracts Written |  |  |  |  | 21275 (d) |  | 11045 (e) |
|  Average Number of Contracts Purchased |  |  |  |  | 18444 (f) |  | 91790 (e) |
|  **Over the Counter Swaptions:** |  |  |  |  |  |  |  |
|  Average Number of Contracts Written |  |  |  |  | 42700 (d) |  | 29092 |
|  Average Number of Contracts Purchased |  |  |  |  | 219716 |  | 248925 |

---

(a) Positions were open for 5 months during the period.

(b) Positions were open for 2 months during the period.

(c) Positions were open for 4 months during the period.

(d) Positions were open for 11 months during the period.

(e) Positions were open for 10 months during the period.

(f) Positions were open for 9 months during the period.

**G. Foreign Currency Translation —** The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within the Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency. Currency gains or losses may be realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**H. Short Sales —** The Funds may engage in short sales as part of their normal investment activities. In a short sale, the Funds sell securities they do not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Funds borrow securities from a broker. To close out a short position, the Funds deliver the same securities to the broker.

The Funds are required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the custodian is recorded as Restricted cash on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOIs. The Funds may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker's fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net income or fee is reported as Interest income or Interest expense, respectively, on securities sold short on the Statements of Operations. The Funds are obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short.

Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation (depreciation) on the Statements of Operations. Short sale transactions may result in unlimited losses as the security's price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The

 <br> 706 SIX CIRCLES TRUST DECEMBER 31, 2025

------

Funds are also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms. The Funds will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Funds replace the borrowed security. The Funds will record a realized gain if the price of the borrowed security declines between those dates.

**I. Security Transactions, Investment Income and Expense Allocation —** Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend. Non-cash dividends, if any, are recorded on the ex-dividend date or corporate action date at fair value. Six Circles Credit Opportunities Fund may receive income from investments in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest income on the Statements of Operations.

Distributions received from certain investments held by the Funds may be comprised of dividends, realized gains and returns of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of information from the issuer.

The Funds are charged for those expenses of the Trust that are directly attributable to each Fund. Expenses that are not directly attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets.

**J. Repurchase Agreements —** The Funds may invest in repurchase agreements, which are short term investments whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds' policy that their custodian take possession of the underlying collateral securities, the market value of which, at all times, shall equal at least 100% of the principal amount of the repurchase transaction. The repurchase agreements further authorize the Funds to demand additional collateral in the event that the dollar value of the collateral falls below 100%. The Funds will make payments for such securities only upon physical delivery or upon evidence of book entry transfer to the account of the custodian.

Repurchase Agreements outstanding at period end, if any, are listed after each Fund's SOI.

The Funds' repurchase agreements are not subject to master netting arrangements.

**K. Reverse Repurchase Agreements —** In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

Reverse repurchase agreements outstanding at period end, if any, are listed after each Fund's SOI.

The Six Circles Global Bond Fund and Six Circles Multi-Strategy Fund had an average amount of borrowings outstanding during the period ended December 31, 2025 of $110,450,968 at a weighted average interest rate of 4.399% and $22,409,383 at a weighted average interest rate of 4.226%, accordingly.

**L. Segment Reporting —** The Chief Operating Decision Maker (CODM) is identified as the Fund management team, which comprises the Chief Investment Officer team, the named portfolio managers of the Adviser, and the officers of the Trust, including the Principal Executive Officer and the Principal Financial Officer. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The CODM utilizes performance indicators such as profit, loss, income, expenses, and performance returns. These operating measures are reflected in the financial reporting, including, but not limited to, the Statement of Assets and Liabilities, the Statement of Operations, and the Financial Highlights. These reports are among the many inputs used by the CODM to assess performance and make strategic decisions.

**M. Federal Income Tax —** Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of Subchapter M of the Code applicable to regulated investment companies. Each Fund intends to distribute to shareholders, substantially all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary.

The Funds follow the provisions of FASB Codification Section 740 ("ASC Section 740") "Accounting for Uncertainty in Income Taxes" which clarifies the accounting for uncertainty in tax positions taken or expected to be taken on a tax return. ASC Section 740 sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Funds are required to recognize the tax effects of certain tax positions under a "more likely than not" standard, that based on their technical merits, have more than 50 percent likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Funds' federal income tax

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 707

------

#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

returns for all open years, and has concluded that no provision for federal income tax is required in the Funds' financial statements. At December 31, 2025 the Funds did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. Each Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

During the reporting period, the Funds adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update 2023-09-Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial positions or results of their operations. The Funds did not pay any federal or state and local income taxes. There were no significant amounts of income taxes paid in foreign jurisdictions by the Funds during the reporting period ended December 31, 2025.

**N. Foreign Tax —** The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

**O. Distributions to Shareholders —** Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income and net realized capital gains are generally declared and paid according to the following schedule:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Net Investment Income | Net Investment Income | Net Realized Capital Gains | Net Realized Capital Gains |
|  Six Circles Ultra Short Duration Fund |  | Monthly |  | Annual |
|  Six Circles Tax Aware Ultra Short Duration Fund |  | Monthly |  | Annual |
|  Six Circles U.S. Unconstrained Equity Fund |  | Annual |  | Annual |
|  Six Circles International Unconstrained Equity Fund |  | Annual |  | Annual |
|  Six Circles Global Bond Fund |  | Monthly |  | Annual |
|  Six Circles Tax Aware Bond Fund |  | Monthly |  | Annual |
|  Six Circles Credit Opportunities Fund |  | Monthly |  | Annual |
|  Six Circles Multi-Strategy Fund |  | Monthly |  | Annual |

---

Income and capital gain distributions will be determined in accordance with federal income tax regulations which may differ from GAAP. Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character.

Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gain (loss) reported on the Fund financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statement of Changes in Net Assets and have been recorded to paid-in capital.

**P. Sale-buyback Transactions —** A sale-buyback financing transaction consists of a sale of a security by a Fund to a counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected in the payable for investments purchased on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Sub-adviser or will otherwise cover its obligations under sale-buyback transactions. Sale-buyback transactions are governed by Master Securities Forward Transaction Agreements ("Master Forward Agreements"), which are agreements between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of sale-buyback transactions as of period end, if any, is disclosed in a Fund's Schedule of Investments.

The Six Circles Multi-Strategy Fund had an average amount of borrowings outstanding during the year ended December 31, 2025 of $166,936 at a weighted average interest rate of 4.129%.

3. Fees and Other Transactions with Affiliates

**A. Investment Advisory Fees —** The Adviser serves as the Funds' investment adviser pursuant to an investment advisory agreement (the "Investment Advisory Agreement"). Under the terms of the Investment Advisory Agreement, the Adviser generally manages the Funds' investments in accordance with the stated policies of each Fund, subject to the supervision of the Board. For the services provided to the Funds, the Adviser is entitled to a fee, accrued daily and paid monthly, at the annual rate of 0.25% of the average daily net assets of each Fund except the Six Circles Credit Opportunities Fund and the Six Circles Multi-Strategy Fund. The fee for the Six Circles Credit Opportunities Fund is 0.75% of the average daily net assets and 1.25% of the average daily net assets for the Six Circles Multi-Strategy Fund.

 <br> 708 SIX CIRCLES TRUST DECEMBER 31, 2025

------

The Adviser selects and oversees professional money managers (the "Sub-Advisers") who are responsible for investing the assets of the Funds under sub-advisory agreements (the "Sub-Advisory Agreements"). Pursuant to each respective Sub-Advisory Agreement, the Adviser agrees to pay each Sub-Adviser a sub-advisory fee from its investment advisory fees. BlackRock Investment Management, LLC ("BlackRock"), Royal Bank of Canada Global Asset Management (UK) ("RBC GAM (UK)"), Insight North America LLC ("Insight"), Capital International, Inc. ("Capital Group"), Goldman Sachs Asset Management, L.P. ("Goldman"), Muzinich & Co. ("Muzinich"), Nuveen Asset Management, LLC ("Nuveen") , Pacific Investment Management Company LLC ("PIMCO"), PGIM, Inc. ("PGIM"), Allspring Global Investments, LLC ("Allspring"), Lord Abbett & Co. LLC ("Lord Abbett") AHL Partners LLP ("AHL"), T. Rowe Price Associates Inc. ("T. Rowe Price") Dynamic Beta Investments LLC ("DBi"), Mellon Investments Corporation ("Mellon") and Capital Fund Management S.A. ("CFM") currently serve as the Sub-Advisers to the Funds. The Sub-Advisers are paid a management fee by the Adviser pursuant to their individually negotiated Sub-Advisory Agreements.

On October 5, 2018, the Adviser entered into an agreement to allow Russell Investments Implementation Services, LLC ("Russell") to provide stand-by interim sub-advisory services, as well as transition management services, for each Fund, to be utilized as needed in certain transitional circumstances involving a Fund Sub-Adviser. Russell is paid a minimum per fund annual flat fee and/or a monthly fee equal to a percentage of daily net assets to the extent assets are allocated to Russell as interim Sub-Adviser. During the reporting period, the Funds have not allocated assets to Russell.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3F and reflected on the Statement of Operations.

**B. Administration and Accounting Fees —** Pursuant to an Administrative Agency Agreement, Brown Brothers Harriman & Co. (the "Administrator") provides certain administration and fund accounting services to the Funds.

**C. Distribution Fees —** Pursuant to a Distribution Agreement, Foreside Fund Services, LLC (the "Distributor"), will serve as the Funds' principal underwriter and acts as the agent of the Funds in connection with the continuous offering of shares of each Fund. The Distributor and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Funds. The Distributor does not receive compensation from the Funds, but instead is compensated by the Adviser for certain distribution-related expenses.

**D. Custodian —** Pursuant to a Custodian Agreement, Brown Brothers Harriman & Co. serves as the custodian (the "Custodian") for each of the Funds and is responsible for holding portfolio securities and cash and maintaining the books of account and records of portfolio transactions.

**E. Transfer Agent —** Pursuant to a Transfer Agency and Service Agreement, DST Asset Manager Solutions, Inc. (the "Transfer Agent") serves as each Fund's transfer and dividend disbursing agent. The Transfer Agent is responsible for maintaining account records, detailing the ownership of Fund shares and for crediting income, capital gains and other changes in share ownership to shareholder accounts.

**F. Waivers and Reimbursements —** The Adviser has contractually agreed through at least April 30, 2026, to waive any management fees that exceed the aggregate management fees the Adviser is contractually required to pay each Fund's Sub-Advisers. Thereafter, this waiver will continue for subsequent one year terms unless terminated in accordance with its terms. Such waivers are not subject to reimbursement by the Funds. The Adviser has also contractually agreed through at least April 30, 2026 to reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, if any, dividend and interest expenses related to short sales, brokerage fees, interest on borrowings, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the following percentages of the average daily net assets of each Fund (the "Expense Cap"):

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| | |
|:---|:---|
| Fund Name | Expense Cap |
|  Six Circles Ultra Short Duration Fund | 0.40% |
|  Six Circles Tax Aware Ultra Short Duration Fund | 0.40% |
|  Six Circles U.S. Unconstrained Equity Fund | 0.45% |
|  Six Circles International Unconstrained Equity Fund | 0.50% |
|  Six Circles Global Bond Fund | 0.40% |
|  Six Circles Tax Aware Bond Fund | 0.40% |
|  Six Circles Credit Opportunities Fund | 0.95% |
|  Six Circles Multi-Strategy Fund | 1.45% |

---

An expense reimbursement by a Fund's Adviser is subject to repayment by the Fund only to the extent it can be made within thirty-six months following the date of such reimbursement by the Adviser. Repayment must be limited to amounts that would not cause a Fund's operating expenses (taking into account any reimbursements or waiver by the Adviser and repayments by the Fund) to exceed the Expense Cap in effect at the time of the reimbursement by the Adviser or at the time of repayment by the Fund. This expense reimbursement is in effect through April 30, 2026, at which time the Adviser and/or its affiliates will determine whether to renew or revise it.

For the year ended December 31, 2025, there were no amounts reimbursed by the Adviser, nor were there amounts available for potential future recoupment by the Adviser.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 709

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AS OF DECEMBER 31, 2025 (continued)

**G. Cross Trades —** The Funds may participate in purchase and sale transactions with other Six Circles Funds. These cross trades are executed in accordance with procedures adopted by the Trust's Board and comply with Rule 17a-7 of the 1940 Act, which require, among other things, that such cross trades be effected at the independent current market price of the security. During the year ended December 31, 2025 the aggregate value of purchases and sale cross trades with other Six Circles Funds were as follows (amounts in thousands):

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| | | | |
|:---|:---|:---|:---|
| Fund Name | Purchases | Sales | **Realized**<br> **gain/loss** |
|  Six Circles U.S. Unconstrained Equity Fund | $8623 | $4015 | $898 |
|  Six Circles International Unconstrained Equity Fund | 5742 | 9787 | (237) |

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4. Investment Transactions

During the year ended December 31, 2025 purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases<br>(excluding U.S.<br>Government) | Sales<br>(excluding U.S.<br>Government) | Purchases<br>of U.S.<br>Government | Sales<br>of U.S.<br>Government |
|  Six Circles Ultra Short Duration Fund | $340305 | $177800 | $117215 | $149303 |
|  Six Circles Tax Aware Ultra Short Duration Fund | 626472 | 326175 | 77559 | 76094 |
|  Six Circles U.S. Unconstrained Equity Fund | 19246353 | 17201486 |  |  |
|  Six Circles International Unconstrained Equity Fund | 8374239 | 8313579 |  |  |
|  Six Circles Global Bond Fund | 6759028 | 6219569 | 19253130 | 17720323 |
|  Six Circles Tax Aware Bond Fund | 5803627 | 2194327 |  | 45 |
|  Six Circles Credit Opportunities Fund | 4913517 | 7721415 | 215955 | 267123 |
|  Six Circles Multi-Strategy Fund | 630222 | 258703 | 6572732 | 6301866 |

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5. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Since Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund, and Six Circles Multi-Strategy Fund are non-diversified, they may invest a greater percentage of their assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in Funds' shares being more sensitive to economic results among those issuing the securities.

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund and Six Circles Credit Opportunities Fund invest in foreign issuers and foreign securities (including depositary receipts) which are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. If foreign securities are denominated and traded in a foreign currency, the value of a Fund's foreign holdings can be affected by currency exchange rates and exchange control regulations. In certain markets where securities and other instruments are not traded "delivery versus payment," a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit a Fund's ability to buy and sell securities.

Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in "emerging markets." Emerging market countries typically have less-established economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Additionally, investors may have substantial difficulties bringing legal actions to enforce or protect investors' rights, which can increase the risks of loss.

Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. In addition, a Fund is limited in its ability to exercise its legal rights or enforce a counterparty's legal obligations in certain jurisdictions outside of the United States, in particular, in emerging markets countries.

 <br> 710 SIX CIRCLES TRUST DECEMBER 31, 2025

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The Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund and Six Circles Credit Opportunities Fund invest a portion of their assets in the Asia Pacific region. The economies in the Asia Pacific region are in all stages of economic development and may be intertwined. The small size of securities markets and the low trading volume in some countries in the Asia Pacific Region may lead to a lack of liquidity. Also, some Asia Pacific economies and financial markets have been extremely volatile in recent years. Many of the countries in the region are developing, both politically and economically. They may have relatively unstable governments and economies based on only a few commodities or industries. The share prices of companies in the region tend to be volatile and there is a significant possibility of loss. Also, some companies in the region may have less established product markets or a small management group and they may be more vulnerable to political or economic conditions, like nationalization. In addition, some countries have restricted the flow of money in and out of the country.

Certain of the currencies in the Asia Pacific region have experienced extreme volatility relative to the U.S. dollar. For example, Thailand, Indonesia, the Philippines and South Korea have had currency crises and have sought help from the International Monetary Fund. Holding securities in currencies that are devalued (or in companies whose revenues are substantially in currencies that are devalued) will likely decrease the value of a Fund's holdings.

The trading volume on some Asia Pacific region stock exchanges is much lower than in the United States, and Asia Pacific region securities of some companies are less liquid and more volatile than similar U.S. securities. In addition, brokerage commissions on regional stock exchanges are fixed and are generally higher than the negotiated commissions in the United States. The imposition of tariffs or other trade barriers, or a downturn in the economy of a significant trading partner could adversely impact Asia Pacific companies. If a Fund concentrates in the Asia Pacific region, such Fund's performance may be more volatile than that of a fund that invests globally. If Asia Pacific securities fall out of favor, it may cause a fund that concentrates in the Asia Pacific region to underperform funds that do not concentrate in the Asia Pacific region.

The Six Circles International Unconstrained Equity Fund performance may be affected by political, social and economic conditions in the various countries in which it invests in Europe and in Europe more generally, such as growth of the economic output (the gross national product), the rate of inflation, the rate at which capital is reinvested into European economies, the success of governmental actions to reduce budget deficits, the resource self sufficiency of European countries and interest and monetary exchange rates between European countries. European financial markets may experience volatility due to concerns about high government debt levels, credit rating downgrades, rising unemployment, the future of the euro as a common currency, possible restructuring of government debt and other government measures responding to those concerns, and fiscal and monetary controls imposed on member countries of the European Union.

The Six Circles International Unconstrained Equity Fund and Six Circles Credit Opportunities Fund may have investments in Mainland China, Hong Kong and Taiwan that are subject to significant legal, regulatory, monetary and economic risks, as well as the potential for regional and global conflicts, including actions that are contrary to the interests of the U.S.

As of December 31, 2025, the Six Circles International Unconstrained Equity Fund had non-U.S. country allocations representing greater than 10% of Net Assets allocated as follows:

---

| | | | |
|:---|:---|:---|:---|
| France | Germany | Switzerland | United Kingdom |
| 12.5% | 16.8% | 12.5% | 19.9% |

---

As of December 31, 2025, the Six Circles Global Bond Fund had non-U.S. country allocations representing greater than 10% of Net Assets allocated as follows:

---

| | |
|:---|:---|
| China | Japan |
|  13.7% | 11.1% |

---

As of December 31, 2025 a significant portion of the Six Circles International Unconstrained Equity and Six Circles Global Bond Funds' net assets consisted of securities that were denominated in foreign currencies. Changes in foreign currency exchange rates will affect the value of a Fund's securities and the price of a Fund's shares. Generally, when the value of the U.S. dollar rises relative to a foreign currency, an investment impacted by that currency loses value because that currency is worth less in U.S. dollars. Currency exchange rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates. Devaluation of a currency by a country's government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Overnight bank deposits of foreign currency can result in negative interest rates based on monetary policies in that respective country. Currency markets generally are not as regulated as securities markets, may be riskier than other types of investments and may increase the volatility of a Fund. Although a Fund may attempt to hedge its currency exposure into the U.S. dollar, it may not be successful in reducing the effects of currency fluctuations. A Fund may also hedge from one foreign currency to another. In addition, a Fund's use of currency hedging may not be successful, including due to delays in placing trades and other operational limitations, and the use of such strategies may lower a Fund's potential returns.

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund are subject to risks associated with mortgage-related and asset backed securities, including certain municipal housing authority obligations, collateralized loan obligations and collateralized debt obligations, are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market or other assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 711

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AS OF DECEMBER 31, 2025 (continued)

volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the Funds may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the Funds may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of either rising or declining interest rates, the Funds may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Funds may exhibit additional volatility. Mortgage-related and other asset backed securities may be issued by private issuers or issued, or guaranteed, by government or government-sponsored entities. The mortgage loans underlying privately issued mortgage-related securities may not be subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have government or government-sponsored entity guarantees. As a result, the mortgage loans underlying privately issued mortgage-related securities may have less favorable collateral, credit risk, or other underwriting characteristics than government or government-sponsored entity mortgage-related securities that have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. There is no government or government-sponsored entity guarantee for such privately issued investments and thus a Fund faces an increased risk of loss with respect to such privately issued investments.

The Funds may be subject to the risks associated with investments in derivatives, including futures, options, swaps and forward contracts, which may be riskier than other types of investments and may increase the volatility of a Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed a Fund's original investment. The Funds may be more volatile than if a Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of a Fund's portfolio securities. Certain derivatives expose a Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, a Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so a Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose a Fund to risks of mispricing or improper valuation. Derivatives also can expose a Fund to derivative liquidity risk, which includes the risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of a Fund's counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Derivatives also subject a Fund to liquidity risk because the liquidity of derivatives is often based on the liquidity of the underlying instruments. In addition, the possible lack of a liquid secondary market for derivatives and the resulting inability of a Fund to sell or otherwise close a derivatives position could expose a Fund to losses and could make derivatives more difficult for a Fund to value accurately.

The Fund may have exposure to the credit risk of counterparties with which it deals in connection with the investment of its assets, whether engaged in exchange-traded or off-exchange transactions or through brokers, dealers, custodians and exchanges through which it engages. In addition, many protections afforded to cleared transactions, such as the security afforded by transacting through a clearinghouse, might not be available in connection with over-the-counter ("OTC") transactions. Therefore, in those instances in which the Fund enters into OTC transactions, the account will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and will sustain losses.

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund may be subject to the risks associated with investments in instruments including junk bonds, loans and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments may be subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, potentially less protection under the federal securities laws and lack of publicly available information. A Fund will not have direct recourse against the borrower when a Fund invests in a loan participation. High yield securities and loans that are deemed to be liquid at the time of purchase may become illiquid.

The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell one or more portfolio positions, or selling such positions at an unfavorable time and/ or under unfavorable conditions, can increase the volatility of a Fund's NAV per share. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes, due to a number of factors, including

 <br> 712 SIX CIRCLES TRUST DECEMBER 31, 2025

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inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability and infectious disease epidemics or pandemics. The effects that any future pandemic or other global event can have upon public health and business and market conditions may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, negatively impact a Fund's arbitrage and pricing mechanisms, exacerbate preexisting political, social and economic risks to a Fund, and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which a Fund invests, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund's investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental response impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

The Funds may also invest in shares of other investment companies and ETFs. ETFs are ownership interests in unit investment trusts, depositary receipts, and other pooled investment vehicles that hold a portfolio of securities or stocks many of which are designed to track the price performance and dividend yield of a particular broad-based, sector or international index. ETFs include a wide range of investments. Shareholders bear both their proportionate share of a Fund's expenses and similar expenses of the underlying investment company or ETF when a Fund invests in shares of another investment company or ETF. A Fund is subject to the risks associated with the ETF's or investment company's investments. ETFs, investment companies and other investment vehicles that invest in commodities or currencies are subject to the risks associated with direct investments in commodities or currencies. The price and movement of an ETF or closed-end fund designed to track an index may not track the index and may result in a loss. In addition, closed-end funds that trade on an exchange often trade at a price below their NAV (also known as a discount). Certain ETFs or closed-end funds traded on exchanges may be thinly-traded and experience large spreads between the "ask" price quoted by a seller and the "bid" price offered by a buyer.

The Six Circles U.S. Unconstrained Equity Fund may invest in companies in the healthcare sector which may be subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market. Several legislative proposals concerning healthcare have been considered by the U.S. Congress in recent years and it is unclear what proposals will ultimately be enacted, if any, and what effect they may have on companies in the healthcare sector.

The Six Circles U.S. Unconstrained Equity Fund may invest in technology companies which may face intense competition, both domestically and internationally, which may have an adverse effect on their profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

The Six Circles Ultra Short Duration Fund, Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund and Six Circles Credit Opportunities Fund may invest in financial services companies that are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

The Funds' investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. A Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 713

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AS OF DECEMBER 31, 2025 (continued)

much, as general interest rates. A Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may increase or decrease interest rates or the timing, frequency, or magnitude of such increases or decreases. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

A Fund's investments may be subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. If an issuer's or a counterparty's financial condition worsens, their credit quality may deteriorate. Prices of a Fund's investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of a Fund's securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

The Six Circles Tax Aware Ultra Short Duration Fund and Six Circles Tax Aware Bond Fund are subject to municipal obligations risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality's financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease a Fund's income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. For example, the current COVID-19 pandemic has significantly stressed the financial resources of many municipalities, which may impair their ability to meet their financial obligations and harm the value of a Fund's investments. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to a Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of a Fund's investments. In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality's debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of a Fund's investments.

The Six Circles Credit Opportunities Fund and the Six Circles Multi-Strategy Fund are indirectly exposed to the risks associated with the subsidiaries' investments. There can be no assurance that the investment objective of the Funds' or the subsidiaries will be achieved. The subsidiaries are not registered under the 1940 Act, and are not subject to all the investor protections of the 1940 Act.

6. Income Taxes and Distributions to Shareholders

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. Temporary differences do not require reclassification. Temporary differences and permanent reclassifications have no effect on net assets. For the fiscal year ended December 31, 2025, the Funds made permanent book-to-tax reclassifications primarily related to investments partnerships, real estate investment trusts ("REITs"), taxable overdistributions, income and gains or losses derived from Cayman funds, investments in passive foreign investment companies ("PFICs"), investments in swap contracts, foreign currency contracts, callable bonds, debt to equity perpetual bond investments, defaulted bonds, and distribution reclasses.

For the fiscal year ended December 31, 2025, the Funds made the following reclassifications between total distributable earnings and paid-in capital (amounts in thousands):

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| | | |
|:---|:---|:---|
|  | **Total<br>Distributable**<br> **Earnings/ (Loss)** | Paid-in<br>Capital |
|  Six Circles Ultra Short Duration Fund | $— | $— |
|  Six Circles Tax Aware Ultra Short Duration Fund |  |  |
|  Six Circles U.S. Unconstrained Equity Fund | 2 | (2) |
|  Six Circles International Unconstrained Equity Fund | 2705 | (2705) |
|  Six Circles Global Bond Fund | — (h) | — (h) |
|  Six Circles Tax Aware Bond Fund |  |  |
|  Six Circles Credit Opportunities Fund | 1240 | (1240) |
|  Six Circles Multi-Strategy Fund | 3465 | (3465) |

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

 <br> 714 SIX CIRCLES TRUST DECEMBER 31, 2025

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For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2025 were as follows (amounts in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aggregate**<br> **Tax Cost** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  Six Circles Ultra Short Duration Fund | $800066 | $6496 | $(1648) | $4848 |
|  Six Circles Tax Aware Ultra Short Duration Fund | 1018006 | 3771 | (1731) | 2040 |
|  Six Circles U.S. Unconstrained Equity Fund | 21354638 | 11500855 | (650385) | 10850470 |
|  Six Circles International Unconstrained Equity Fund | 14006703 | 6358208 | (877169) | 5481039 |
|  Six Circles Global Bond Fund | 17241265 | 792873 | (1208517) | (415644) |
|  Six Circles Tax Aware Bond Fund | 14302239 | 166565 | (232029) | (65464) |
|  Six Circles Credit Opportunities Fund | 4729194 | 316726 | (123664) | 193062 |
|  Six Circles Multi-Strategy Fund | 1928709 | 1432983 | (1439345) | (6362) |

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The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in swap contracts, mark-to-market of forward foreign currency contracts, mark-to-market of futures contracts, real estate investment trusts ("REITs"), straddle loss deferrals, wash sale loss deferrals, debt to equity perpetual bond investments, mark-to-market investments in passive foreign investment companies ("PFICs"), callable bonds, partnerships, defaulted bonds, and hyper inflationary currency adjustments.

The tax character of distributions paid during the year ended December 31, 2025 was as follows (amounts in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary**<br> **Income\*** | **Net**<br> **Long-Term**<br> **Capital Gains** | **Tax**<br> **Exempt**<br> **Income** | **Tax<br>Return**<br> **of Capital** | **Total**<br> **Distributions**<br> **Paid** |
|  Six Circles Ultra Short Duration Fund | $32244 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $32244 |
|  Six Circles Tax Aware Ultra Short Duration Fund | 13322 |  | 17171 |  | 30493 |
|  Six Circles U.S. Unconstrained Equity Fund | 861549 | 1899145 |  |  | 2760694 |
|  Six Circles International Unconstrained Equity Fund | 605768 |  |  |  | 605768 |
|  Six Circles Global Bond Fund | 666589 |  |  |  | 666589 |
|  Six Circles Tax Aware Bond Fund | 12304 |  | 442592 |  | 454896 |
|  Six Circles Credit Opportunities Fund | 532906 |  |  |  | 532906 |
|  Six Circles Multi-Strategy Fund | 78800 | 3362 |  |  | 82162 |

---

\* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended December 31, 2024 was as follows (amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ordinary**<br> **Income\*** | **Net**<br> **Long-Term**<br> **Capital Gains** | **Tax**<br> **Exempt**<br> **Income** | **Tax**<br> **Return**<br> **of Capital** | **Total**<br> **Distributions**<br> **Paid** |
|  Six Circles Ultra Short Duration Fund | $30386 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $30386 |
|  Six Circles Tax Aware Ultra Short Duration Fund | 10805 |  | 14844 |  | 25649 |
|  Six Circles U.S. Unconstrained Equity Fund | 1247165 | 370836 |  |  | 1618001 |
|  Six Circles International Unconstrained Equity Fund | 466722 |  |  |  | 466722 |
|  Six Circles Global Bond Fund | 488731 |  |  |  | 488731 |
|  Six Circles Tax Aware Bond Fund | 11399 |  | 322537 |  | 333936 |
|  Six Circles Credit Opportunities Fund | 578645 |  |  |  | 578645 |
|  Six Circles Multi-Strategy Fund | 7220 |  |  |  | 7220 |

---

\* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of December 31, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Current**<br> **Distributable**<br> **Ordinary**<br> **Income** | **Current**<br> **Distributable**<br> **Long-Term**<br> **Capital Gain**<br> **(Tax Basis Capital**<br> **Loss Carryover)** | Undistributed<br>Long-Term<br>Capital Gains | **Other<br>Book/Tax**<br> **Temporary**<br> **Differences** | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  Six Circles Ultra Short Duration Fund | $— | $(5748) | $— | $(965) | $4855 |
|  Six Circles Tax Aware Ultra Short Duration Fund |  | (6337) |  | (405) | 2050 |
|  Six Circles U.S. Unconstrained Equity Fund | 144654 |  | 272311 |  | 10850471 |
|  Six Circles International Unconstrained Equity Fund |  | (359362) |  | (19072) | 5491221 |
|  Six Circles Global Bond Fund | 106721 | (449599) |  |  | (414204) |
|  Six Circles Tax Aware Bond Fund | 392 | (174172) |  |  | (65464) |
|  Six Circles Credit Opportunities Fund |  | (211246) |  | (19271) | 193626 |
|  Six Circles Multi-Strategy Fund | 4203 |  |  |  | 3070 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 715

------

AS OF DECEMBER 31, 2025 (continued)

For the Funds, the cumulative timing differences primarily consist of capital loss carryforwards, investments in swap contracts, mark-to-market of forward foreign currency contracts, mark-to-market of futures contracts, real estate investment trusts ("REITs"), straddle loss deferrals, wash sale loss deferrals, debt to equity perpetual bond investments, mark-to-market investments in passive foreign investment companies ("PFICs"), callable bonds, partnerships, defaulted bonds, hyper inflationary currency adjustments, and specified late-year loss deferrals.

As of December 31, 2025, the following Funds had the following post-enactment net capital loss carryforwards (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | Capital Loss Carryforward Character | Capital Loss Carryforward Character |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term | Long-Term |
|  Six Circles Ultra Short Duration Fund | $4286 | $1462 |
|  Six Circles Tax Aware Ultra Short Duration Fund | 2675 | 3662 |
|  Six Circles U.S. Unconstrained Equity Fund |  |  |
|  Six Circles International Unconstrained Equity Fund | 99529 | 259833 |
|  Six Circles Global Bond Fund | 396576 | 53023 |
|  Six Circles Tax Aware Bond Fund | 54860 | 119312 |
|  Six Circles Credit Opportunities Fund | 84426 | 126820 |
|  Six Circles Multi-Strategy Fund |  |  |

---

During the year ended December 31, 2025, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | Capital Loss Utilized | Capital Loss Utilized |
|  | Short-Term | Long-Term |
|  Six Circles Ultra Short Duration Fund | $— | (191) |
|  Six Circles Tax Aware Ultra Short Duration Fund |  | (1226) |
|  Six Circles U.S. Unconstrained Equity Fund |  |  |
|  Six Circles International Unconstrained Equity Fund | (270325) | (291052) |
|  Six Circles Global Bond Fund |  | (30258) |
|  Six Circles Tax Aware Bond Fund |  |  |
|  Six Circles Credit Opportunities Fund | (35520) | (68509) |
|  Six Circles Multi-Strategy Fund |  |  |

---

Specified ordinary losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended December 31, 2025, the Funds deferred to January 1, 2026 the following specified ordinary losses (amounts in thousands):

---

| | |
|:---|:---|
|  | **Specified**<br> **Ordinary Loss** |
|  Six Circles Ultra Short Duration Fund | $965 |
|  Six Circles Tax Aware Ultra Short Duration Fund | 405 |
|  Six Circles International Unconstrained Equity Fund | 19072 |
|  Six Circles Credit Opportunities Fund | 19271 |

---

7. Ownership Concentration

As of December 31, 2025, the Funds each had one affiliated omnibus account for the benefit of its clients which owned approximately 99% of its outstanding shares.

8. Subsequent Events

Effective May 1, 2026, the Six Circles Tax Aware Ultra Short Duration Fund will be renamed the Six Circles Tax Aware Intermediate Fund. In connection with this name change, the Fund will implement changes to its overall investment objective and strategy. These changes will align the Fund with its revised mandate and will be communicated to shareholders in advance of the effective date.

 <br> 716 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Six Circles Trust and Shareholders of Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the funds listed in the table below (eight of the funds constituting Six Circles Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

#### Fund
Six Circles Ultra Short Duration Fund (1)

Six Circles Tax Aware Ultra Short Duration Fund (1)

Six Circles U.S. Unconstrained Equity Fund (1)

Six Circles International Unconstrained Equity Fund (1)

Six Circles Global Bond Fund (1)

Six Circles Tax Aware Bond Fund (1)

Six Circles Credit Opportunities Fund (2)

Six Circles Multi-Strategy Fund (3)

(1) Statement of operations for the year ended December 31, 2025, statement of changes in net assets for the years ended December 31, 2025 and 2024 and the financial highlights for the years ended December 31, 2025, 2024, 2023, 2022 and 2021

(2) Consolidated statement of assets and liabilities, including the consolidated schedule of portfolio investments, as of December 31, 2025, consolidated statement of operations for the year ended December 31, 2025, consolidated statement of changes in net assets for the years ended December 31, 2025 and 2024, the consolidated financial highlights for the years ended December 31, 2025, 2024 and 2023 and the financial highlights for the years ended December 31, 2022 and 2021

(3) Consolidated statement of assets and liabilities, including the consolidated schedule of portfolio investments, as of December 31, 2025, consolidated statement of operations for the year ended December 31, 2025, consolidated statement of changes in net assets for the year ended December 31, 2025 and for the period September 18, 2024 (commencement of operations) through December 31, 2024 and the consolidated financial highlights for the year ended December 31, 2025 and for the period September 18, 2024 (commencement of operations) through December 31, 2024

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agents, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 27, 2026

We have served as the auditor of one or more investment companies in the Six Circles Trust complex since 2018.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 717

------

#### TAX INFORMATION
(Unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Circles<br>Ultra<br>Short<br>Duration<br>Fund | Six Circles<br>Tax Aware<br>Ultra<br>Short<br>Duration<br>Fund | Six Circles<br>U.S.<br>Unconstrained<br>Equity Fund | Six Circles<br>International<br>Unconstrained<br>Equity Fund | Six Circles<br>Global<br>Bond<br>Fund | Six Circles<br>Tax Aware<br>Bond<br>Fund | Six Circles<br>Credit<br>Opportunities<br>Fund | Six Circles<br>Multi<br>Strategy<br>Fund |
|  Record Date | Monthly | Monthly | 12/12/2025 | 12/12/2025 | Monthly | Monthly | Monthly | Monthly |
|  Payable Date | Monthly | Monthly | 12/16/2025 | 12/16/2025 | Monthly | Monthly | Monthly | Monthly |
|  Ordinary Income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualified Dividend Income for Individuals |  |  | 35.36% | 79.41% |  |  |  |  |
|  Dividends Qualifying for the Dividends Received |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deduction for Corporations |  |  | 34.84% |  |  |  |  |  |
|  Foreign Source Income |  |  |  | 100.00% |  |  |  |  |
|  Foreign Tax Paid Per Share |  |  |  | 0.037594 |  |  |  |  |
|  Interest from Tax-Exempt Obligations |  | 56.31% |  |  |  | 97.30% |  |  |
|  Interest from Federal Obligations | 7.19% | 0.80% | 0.00% | 0.00% | 17.27% | 0.00% | 1.26% | 23.43% |
|  Long-Term Capital Gain Dividend |  |  | 1.201540 |  |  |  |  | 0.023840 |

---

 <br> 718 SIX CIRCLES TRUST DECEMBER 31, 2025

------

![LOGO](g85967g18a32.jpg)

Feb 2019

 <br> <u>FACTS</u>   <u>WHAT DOES SIX CIRCLES TRUST\* DO WITH YOUR PERSONAL INFORMATION?</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;What? | &nbsp;&nbsp; The types of personal information we may collect and share depend on the product or service you have with us. This information can include:<br>◾<br>Social Security number<br>◾<br>account balances and transaction history<br>◾<br>investment experience and risk tolerance<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Six Circles Trust, chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Reasons we can share your personal information | Does Six Circles<br>Trust share? | Can you limit this<br>sharing? |
| &nbsp;&nbsp;&nbsp; **For our everyday business purposes —**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| &nbsp;&nbsp;&nbsp; **For our marketing purposes —**<br> to offer our products and services to you | No | We don't share |
| &nbsp;&nbsp;&nbsp;For joint marketing with other financial companies | No | We don't share |
| &nbsp;&nbsp;&nbsp; **For our affiliates' everyday business purposes —**<br> information about your transactions and experiences | Yes | No |
| &nbsp;&nbsp;&nbsp; **For our affiliates' everyday business purposes —**<br> information about your creditworthiness | No | We don't share |
| &nbsp;&nbsp;&nbsp;For nonaffiliates to market to you | No | We don't share |

---

\* Six Circles Trust and its fund series do not currently, nor are they expected to, collect personal non-public information from individuals, since holdings are held on the books of each fund on an omnibus basis by financial intermediaries. To the extent Six Circles Trust does get access to personal information through its affiliates or otherwise, this statement would apply. 

 <br> <u>Questions?</u>   <u>Call 212-464-2070 to speak with a Managed Solutions & Strategies Investor Relations representative. We accept operator relay calls.</u>

------

![LOGO](g85967g18a32.jpg)

 <br> <u> Page 2</u>    

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Who we are | &nbsp;&nbsp;&nbsp;Who we are |
| &nbsp;&nbsp;&nbsp;**Who is providing this notice?** | Six Circles Trust |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;What we do | &nbsp;&nbsp;&nbsp;What we do |
| &nbsp;&nbsp;&nbsp;How does Six Circles Trust protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We only authorize our personnel to access information about you when they need it to do their work for us. We require companies working for us to protect your information. |
| &nbsp;&nbsp;&nbsp;How does Six Circles Trust collect my personal information? | &nbsp;&nbsp; We may collect your personal information, for example, when you<br>◾<br>open an account or make a wire transfer<br>◾<br>direct us to buy securities or direct us to sell your securities<br>◾<br>provide your account information<br>|
| &nbsp;&nbsp;&nbsp;Why can't I limit all sharing? | &nbsp;&nbsp; Federal law gives you the right to limit only<br>◾<br>sharing for affiliates' everyday business purposes – information about your creditworthiness<br>◾<br>affiliates from using your information to market to you<br>◾<br>sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Definitions | &nbsp;&nbsp;&nbsp;Definitions |
| &nbsp;&nbsp;&nbsp;Affiliates | &nbsp;&nbsp; Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>◾<br>*Our affiliates include companies with the Chase or J.P. Morgan name including J.P. Morgan Private Investments Inc., our investment adviser.*<br>|
| &nbsp;&nbsp;&nbsp;Nonaffiliates | &nbsp;&nbsp; Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>◾<br>*We do not share with nonaffiliates so they can market to you*<br>|
| &nbsp;&nbsp;&nbsp;Joint marketing | &nbsp;&nbsp; A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>◾<br>*We don't jointly market*<br>|

---

------

*For more complete information about the Funds, including the Funds' objectives, risks, charges and expenses, call your J.P. Morgan team or call 1-212-464-2070 or go to www.sixcirclesfunds.com for a prospectus. Read the prospectus carefully. The Six Circles Funds are specifically designed to be completion portfolios within an overall discretionary portfolio. The Six Circles Funds are not intended to be standalone investments. J.P. Morgan is committed to making our products and services accessible to meet the financial services needs of all our clients. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance.* 

The Six Circles Funds are distributed by Foreside Fund Services, LLC a member of FINRA.

***Contact Six Circles Funds collect at 1-212-464-2070 for a fund prospectus. You can also visit us at www.sixcirclesfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the Six Circles Funds before investing. The prospectus contains this and other information about the Six Circles Funds. Read the prospectus carefully before investing.***

The Six Circles Funds file complete schedules of their fund holdings for the first and third quarters of their fiscal year with the SEC on Form N-PORT. The Six Circles Funds' Forms N-PORT are available on the SEC's website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the Six Circles Funds' website at www.sixcirclesfunds.com/literature.

A description of the Six Circles Funds' policies and procedures with respect to the disclosure of the Six Circles Funds' holdings is available in the prospectuses and Statements of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling collect 1-212-464-2070 or on the Six Circles Funds' website at www.sixcirclesfunds.com. A description of such policies and procedures is in the Statement of Additional Information available on the SEC's website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser, and the Adviser in turn has delegated such authority to the Sub-Advisers. A copy of the Six Circles Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC's website at www.sec.gov or at the Six Circles Funds' website at www.sixcirclesfunds.com no later than August 31 of each year. The Six Circles Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

<sup>©</sup>JPMorgan Chase & Co. 2025. All rights reserved. December 31, 2025.

------

## Annual Report

## SIX CIRCLES<sup>®</sup> FUNDS
December 31, 2025

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund

Six Circles Managed Equity Portfolio International Unconstrained Fund

![LOGO](g9380156covlogo.jpg)

------

#### CONTENTS

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#toc938015_1) | 1 |
| [Financial Statements](#toc938015_2) | 35 |
| [Financial Highlights](#toc938015_3) | 41 |
| [Notes to Financial Statements](#toc938015_4) | 45 |
| [Report of Independent Registered Public Accounting Firm](#toc938015_5) | 59 |
| [Tax Information](#toc938015_6) | 60 |
| Privacy Policy — Located at the back of this Annual Report |  |

---

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

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

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

------

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

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — 99.6%** | **Common Stocks — 99.6%** | **Common Stocks — 99.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chemicals — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 69 | 17121 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 47 | 3608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 212 | 4949 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 124 | 4971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 75 | 19716 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 68 | 4564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde plc | 144 | 61586 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | 78 | 3377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd., (Canada) | 29 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 61 | 6216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | 104 | 8512 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 30 | 3074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 71 | 22998 |
|  |  | 162476 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Forest Products & Paper — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 155 | 6115 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iron/Steel — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 70 | 11396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | 17 | 4808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 42 | 7079 |
|  |  | 23283 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mining — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd., (Canada) | 30 | 5069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamos Gold, Inc., (Canada), Class A | 25 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp., (Canada) | 101 | 4409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp., (Canada) | 26 | 2370 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd., (Canada) (a) | 42 | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corp., (Canada) | 11 | 2371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 405 | 20577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd., (Canada), Class A (a) | 47 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp., (Canada) | 72 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Gold, Inc., (Canada) | 6 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Mining Corp., (Canada), Class Common S | 40 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 315 | 31439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corp., (Canada) | 25 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd., (Canada), Class B | 27 | 1302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp., (Canada) | 27 | 3174 |
|  |  | 78078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  | 269952 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications — 18.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Advertising — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 88 | 7137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The), Class A (a) | 114 | 4317 |
|  |  | 11454 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Internet — 16.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A (a) | 246 | 33372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 2890 | 904638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 2425 | 761117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. (a) | 4710 | 1087235 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A (a) | 195 | 131532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 61 | 326702 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 60 | 8142 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A (a) | 118 | 26654 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 216 | 18814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 56 | 15787 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc. (a) | 25 | 6328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 212 | 5760 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A (a) | 46 | 5749 |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc., (Uruguay) (a) | 22 | 44900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 1078 | 711842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc. (a) | 2000 | 187551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. (a) | 307 | 56640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A (a) | 284 | 7366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reddit, Inc., Class A (a) | 51 | 11622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc., Class A (a) | 89 | 10028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc., (Canada), Class A (a) | 73 | 11697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc., Class A (a) | 512 | 4128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc. (a) | 813 | 66440 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | 27 | 6661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc., Class C (a) | 50 | 3386 |
|  |  | 4454091 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Media — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A (a) | 22 | 4672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 964 | 28802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 50 | 3629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | 56 | 3634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp-Liberty Formula One, Class C (a) | 66 | 6481 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A | 147 | 3836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp., (Canada) | 9 | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 488 | 55491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc. (a) | 622 | 17936 |
|  |  | 125716 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc. (a) | 472 | 61792 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 1898 | 47155 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCE, Inc., (Canada) | 4 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp. (a) | 63 | 14722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 3933 | 302996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 362 | 31679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd. (a) | 78 | 11191 |
| &nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., Class A (a) | 36 | 3896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 75 | 28857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., (Canada), Class B | 22 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp., (Canada) | 30 | 400 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 1

------

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

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecommunications — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 165 | 33571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 1107 | 45106 |
|  |  | 582284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 5173545 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Cyclical — 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Airlines — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 29 | 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. (a) | 15 | 1653 |
|  |  | 3679 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Apparel — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp. (a) | 32 | 3285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc., (Canada), Class A | 10 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 283 | 18037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 46 | 5931 |
|  |  | 27903 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Manufacturers — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 26 | 13313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 1448 | 18993 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 357 | 29049 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 101 | 11098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A (a) | 277 | 5455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. (a) | 1105 | 497082 |
|  |  | 574990 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Auto Parts & Equipment — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv plc, (Ireland) (a) | 53 | 4012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc., (Canada) | 16 | 847 |
|  |  | 4859 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Distribution/Wholesale — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc. (a) | 151 | 5894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 218 | 8737 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. | 11 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toromont Industries Ltd., (Canada) | 5 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc. | 6 | 1870 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 8 | 8253 |
|  |  | 26478 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Entertainment — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DraftKings, Inc., Class A (a) | 105 | 3616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment plc (a) | 38 | 8262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. (a) | 47 | 6688 |
|  |  | 18566 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Home Builders — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc. | 240 | 34533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 51 | 5287 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc. (a) | 5 | 33343 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 75 | 8748 |
|  |  | 81911 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Leisure Time — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp. (a) | 547 | 16695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd. (a) | 101 | 2257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 121 | 33879 |
|  |  | 52831 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Lodging — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 115 | 32915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Class A | 20 | 3222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 66 | 4306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 111 | 34546 |
|  |  | 74989 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Retail — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc., (Canada) | 44 | 2424 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc. (a) | 4 | 13244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 45 | 3035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc. (a) | 14 | 4042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Tire Corp. Ltd., (Canada), Class A | 3 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co., Class A (a) | 32 | 13317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc., Class A (a) | 319 | 11805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 90 | 77819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 27 | 4894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 14 | 2773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 28 | 3698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc. (a) | 23 | 2814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollarama, Inc., (Canada) | 16 | 2435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 6 | 2497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 37 | 8304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 32 | 3892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 496 | 170644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 254 | 61223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc., (Canada) (a) | 24 | 4994 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 360 | 109908 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. (a) | 199 | 18166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. | 19 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 72 | 13004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Group LP | 8 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 268 | 22536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 53 | 5152 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 522 | 80191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 118 | 5921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc. (a) | 10 | 5915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 5206 | 580038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 28 | 4950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 60 | 9042 |
|  |  | 1250422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Cyclical |  | 2116628 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Non-cyclical — 14.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 773 | 44560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 69 | 3946 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 2 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Agriculture — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 20 | 1754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 735 | 117875 |
|  |  | 168135 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Beverages — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 47 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 2932 | 204947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 50 | 6857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 458 | 12830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp. (a) | 257 | 19684 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc. | 500 | 71712 |
|  |  | 317246 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Biotechnology — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. (a) | 52 | 20715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 216 | 70651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc. (a) | 59 | 10421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 200 | 13394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 489 | 60045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc. (a) | 51 | 6645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp. (a) | 68 | 6721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc. (a) | 85 | 14709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 41 | 31593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma plc, Class A | 29 | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp. (a) | 16 | 7964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. (a) | 101 | 45782 |
|  |  | 289754 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Services — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc., Class A (a) | 30 | 2221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 76 | 19633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., Class A (a) | 65 | 4216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp., Class A | 22 | 1825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadiz, Inc. (a) | 19 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 71 | 13434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc. (a) | 8 | 2295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management Corp., (Canada) | 24 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 26 | 5620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 28 | 2155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 23 | 11546 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 114 | 6664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 29 | 12424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 64 | 3831 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 42 | 22079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc., Class A (a) | 56 | 1976 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 36 | 3115 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | 12 | 9925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., Class A | 26 | 5840 |
|  |  | 129533 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 82 | 6470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 30 | 3147 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Cosmetics/Personal Care — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 218 | 3758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 1088 | 155982 |
|  |  | 169357 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Food — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire Co. Ltd., (Canada), Class A | 7 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 61 | 2826 |
| &nbsp;&nbsp;&nbsp;&nbsp; George Weston Ltd., (Canada) | 10 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | 15 | 2783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 36 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp; J M Smucker Co. (The) | 14 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 123 | 2990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 83 | 5167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loblaw Cos. Ltd., (Canada) | 35 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 22 | 1507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metro, Inc., (Canada) | 12 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 160 | 8592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saputo, Inc., (Canada) | 15 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 54 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 46 | 2682 |
|  |  | 36666 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Products — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 432 | 54115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 99 | 13513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 71 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. (a) | 667 | 63559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The) (a) | 17 | 1407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 1352 | 309597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. (a) | 98 | 8320 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 71 | 5839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc. (a) | 30 | 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc. (a) | 13 | 8831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp. (a) | 11 | 3165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. (a) | 151 | 85365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic plc, (Ireland) | 224 | 21547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc. (a) | 50 | 11414 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 24 | 5773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp. (a) | 10 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS plc | 16 | 4160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 173 | 60893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 607 | 351851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp. (a) | 19 | 7344 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 277 | 76250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 33 | 2934 |
|  |  | 1100245 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. (a) | 62 | 2548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 33 | 9120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 25 | 8692 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 20 | 9414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 14 | 3511 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. (a) | 59 | 13331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 11 | 2668 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 3

------

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

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Healthcare — Services — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 15 | 2536 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 722 | 238281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | 5 | 1167 |
|  |  | 291268 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Household Products/Wares — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 24 | 4291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 20 | 1715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | 6 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 36 | 3676 |
|  |  | 10293 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pharmaceuticals — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 697 | 159336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 48 | 9245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 913 | 49263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 29 | 5903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 26 | 8655 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 3835 | 304338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc. (a) | 65 | 4298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 488 | 524544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 1084 | 224256 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 16 | 12719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 1112 | 117066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. (a) | 36 | 5112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 2545 | 63381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 375 | 4671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc., Class A | 199 | 24977 |
|  |  | 1517764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Non-cyclical |  | 4030261 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Coal — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hallador Energy Co. (a) | 10 | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — Alternate Sources — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc. (a) | 51 | 13406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montauk Renewables, Inc. (a) | 18 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spruce Power Holding Corp. (a) | 8 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPLR Infrastructure LP (a) | 27 | 270 |
|  |  | 13749 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd., (Canada) | 35 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd., (Canada) | 124 | 4206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc., (Canada) | 84 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 1146 | 174616 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 749 | 70085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 431 | 11348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 358 | 13125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 113 | 17040 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 321 | 33702 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 373 | 20009 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas — continued**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 139 | 15328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 2531 | 304630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Oil Ltd., (Canada) | 10 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 180 | 29216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 435 | 17869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 235 | 30371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc., (Canada) | 72 | 3191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 34 | 9671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tourmaline Oil Corp., (Canada) | 22 | 977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 184 | 29952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitecap Resources, Inc., (Canada), Class Common S | 72 | 606 |
|  |  | 788907 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oil & Gas Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co., Class A | 594 | 27040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 508 | 14366 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. | 896 | 34389 |
|  |  | 75795 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pipelines — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 128 | 24975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc., (Canada) | 130 | 6203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyera Corp., (Canada) | 14 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 1151 | 31654 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 361 | 26552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pembina Pipeline Corp., (Canada), Class Common S | 35 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 123 | 22774 |
| &nbsp;&nbsp;&nbsp;&nbsp; TC Energy Corp., (Canada) | 62 | 3404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 710 | 42650 |
|  |  | 159964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 1038611 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial — 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 1994 | 109661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal, (Canada) | 42 | 5519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 114 | 13273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The), (Canada) | 74 | 5440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, (Canada) | 55 | 5010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 418 | 48796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 116 | 6783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 360 | 16873 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 3 | 6155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 41 | 35955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 404 | 7007 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 942 | 19444 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 37 | 7529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 166 | 29546 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada, (Canada) | 23 | 2933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 33 | 4537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 18 | 1737 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 4 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Banks — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 188 | 39302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 250 | 6780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, (Canada) | 84 | 14241 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 59 | 7652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The), (Canada) | 101 | 9529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 232 | 11426 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp | 737 | 39352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 3529 | 328915 |
|  |  | 783395 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified Financial Services — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 74 | 27379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 10 | 5125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 1280 | 185348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 26 | 4219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 2 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd., Class A | 24 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 1112 | 269595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 17 | 4370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 231 | 23118 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc., Class A | 51 | 13886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Class A (a) | 99 | 22334 |
| &nbsp;&nbsp;&nbsp;&nbsp; IGM Financial, Inc., (Canada) | 5 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 64 | 4098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 83 | 13421 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 10 | 3467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 167 | 95471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 79 | 7703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 32 | 5173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., Class A | 102 | 1971 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoFi Technologies, Inc. (a) | 169 | 4430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 74 | 6167 |
| &nbsp;&nbsp;&nbsp;&nbsp; T Rowe Price Group, Inc. | 34 | 3445 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMX Group Ltd., (Canada) | 17 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 16 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 272 | 95437 |
|  |  | 802034 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 148 | 16334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 63 | 13087 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 16 | 2243 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 136 | 11600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon plc, (United Kingdom), Class A | 45 | 16037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd., (Bermuda) (a) | 85 | 8195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 61 | 15705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B (a) | 173 | 86841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 63 | 4991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd., (Switzerland) | 86 | 26687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 37 | 5994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 34 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity Co., Class A | 4 | 1249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd., (Bermuda) | 9 | 3217 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Insurance — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 4 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd., (Canada) | 1 | 2365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 68 | 3721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great-West Lifeco, Inc., (Canada) | 16 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 91 | 12492 |
| &nbsp;&nbsp;&nbsp;&nbsp; iA Financial Corp., Inc., (Canada) | 5 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp., (Canada) | 11 | 2200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 55 | 5802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp., (Canada) | 101 | 3658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc. (a) | 3 | 6728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 111 | 20651 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 175 | 13802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Corp. of Canada, (Canada) | 33 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 74 | 6554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 174 | 39534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 79 | 8937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Life Financial, Inc., (Canada) | 33 | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 57 | 16493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson plc, (United Kingdom) | 21 | 6772 |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Berkley Corp. | 77 | 5428 |
|  |  | 374425 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Private Equity — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 153 | 23652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp., (Canada) | 122 | 5624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group, Inc. (The) | 33 | 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 77 | 9819 |
|  |  | 41065 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A (a) | 88 | 14112 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc. (a) | 114 | 7687 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstService Corp., (Canada) | 2 | 378 |
|  |  | 22177 |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 56 | 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 88 | 2826 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 321 | 56432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 61 | 1358 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 38 | 6860 |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 44 | 2974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 124 | 11003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 99 | 15253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 65 | 49867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 35 | 2112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 96 | 6056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 16 | 4280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 63 | 8202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 74 | 3304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 201 | 3237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 165 | 4596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 97 | 8007 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 5

------

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

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **REITS — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 213 | 4317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 31 | 4338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 271 | 34574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 45 | 11620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 273 | 15406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 42 | 2906 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp., Class A | 29 | 5660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 93 | 17197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 30 | 3714 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 68 | 2482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 131 | 10131 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc., Class A | 334 | 9393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 195 | 36153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 201 | 4760 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. | 58 | 3752 |
|  |  | 355493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial |  | 2378589 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrial — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Aerospace/Defense — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The) (a) | 225 | 48904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bombardier, Inc., (Canada), Class B (a) | 5 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAE, Inc., (Canada) (a) | 18 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 67 | 22473 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 306 | 94268 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | 9 | 2953 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 11 | 2818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 110 | 22639 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 52 | 15298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 59 | 28418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 39 | 22157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Lab Corp. (a) | 79 | 5524 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 387 | 71064 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 16 | 20635 |
|  |  | 358594 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Building Materials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd., (Switzerland) (a) | 146 | 7889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. (a) | 20 | 2042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 7 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 141 | 7476 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH plc, (Ireland) | 202 | 25263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International plc | 125 | 14993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 5 | 2403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 18 | 11370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 28 | 1765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies plc, (Ireland) | 43 | 16791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 40 | 11465 |
|  |  | 103755 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — 0.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Electrical Components & Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 42 | 8552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. plc, (Ireland) | 75 | 23903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 105 | 13902 |
|  |  | 46357 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electronics — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion plc, (Ireland) | 14 | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 545 | 73585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc., (Canada) (a) | 7 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd. (a) | 162 | 9793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 56 | 3086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd., (Switzerland) | 37 | 7595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 847 | 165246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc., Class B | 9 | 3799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 48 | 11031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. (a) | 73 | 14759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. (a) | 6 | 8912 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity plc, (Ireland) | 132 | 30033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc. (a) | 109 | 8545 |
|  |  | 340582 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Engineering & Construction — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM | 35 | 3317 |
| &nbsp;&nbsp;&nbsp;&nbsp; AtkinsRealis Group, Inc., (Canada) | 10 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 6 | 6038 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 9 | 5419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 28 | 3747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stantec, Inc., (Canada) | 7 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSP Global, Inc., (Canada) | 8 | 1402 |
|  |  | 21201 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Environmental Control — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc., (Canada) | 14 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair plc, (United Kingdom) | 27 | 2788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Cycle Corp. (a) | 6 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc., Class A | 54 | 11433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 50 | 4945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc., (Canada) | 54 | 9536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 85 | 18675 |
|  |  | 48060 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hand/Machine Tools — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 9 | 3061 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Construction & Mining — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A (a) | 45 | 3896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 216 | 123722 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 51 | 33560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A | 68 | 11027 |
|  |  | 172205 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp. | 40 | 4195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 7 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV, (United Kingdom) | 741 | 6828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 251 | 116739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 23 | 4436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 20 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 9 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 72 | 5738 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 6 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Machinery — Diversified — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindsay Corp. | 7 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 8 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 68 | 5931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 345 | 134394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro Co. (The) | 62 | 4884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 35 | 7530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 45 | 6092 |
|  |  | 303905 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Miscellaneous Manufacturers — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 99 | 15855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. (a) | 21 | 12083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 73 | 6161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 48 | 11745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 25 | 21602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. (a) | 19 | 9783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 47 | 4083 |
|  |  | 81312 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Packaging & Containers — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor plc, (Switzerland) | 733 | 6114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 84 | 4468 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCL Industries, Inc., (Canada), Class B | 9 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 27 | 5670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock plc, (Ireland) | 159 | 6146 |
|  |  | 22945 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Shipbuilding — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 4 | 1304 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Transportation — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co., (Canada) | 31 | 3093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd., (Canada) | 54 | 3969 |
| &nbsp;&nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | 24 | 3917 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 393 | 14263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 28 | 4230 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 49 | 14025 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | 16 | 3127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 49 | 14109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 37 | 5743 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFI International, Inc., (Canada) | 5 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 122 | 28144 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 146 | 14494 |
|  |  | 109596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrial |  | 1612877 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 35.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture plc, (Ireland), Class A | 214 | 57382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 6772 | 1841096 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc., (Canada) | 12 | 1079 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Computers — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 170 | 14072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A (a) | 114 | 53264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | 144 | 18161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc. (a) | 294 | 23337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. (a) | 25 | 6302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 592 | 14221 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 417 | 9282 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 321 | 95024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 23 | 4202 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 85 | 9062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc., Class A (a) | 58 | 4983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Storage, Inc., Class A (a) | 139 | 9297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 94 | 25813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc. (a) | 245 | 7157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 154 | 26489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler, Inc. (a) | 49 | 10958 |
|  |  | 2231181 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Office/Business Equipment — 0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A (a) | 22 | 5398 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Semiconductors — 15.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. (a) | 818 | 175272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 248 | 67382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 402 | 103212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astera Labs, Inc. (a) | 67 | 11081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 2259 | 781776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. (a) | 2276 | 84002 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 66 | 80427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 635 | 108768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 604 | 51355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 268 | 17076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 565 | 161382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 24 | 21667 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 12594 | 2348728 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV, (Netherlands) | 127 | 27530 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp. (a) | 202 | 10965 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 539 | 92184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 80 | 15459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 456 | 79075 |
|  |  | 4237341 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 12.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. (a) | 188 | 65660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., (Australia), Class A (a) | 76 | 12341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc. (a) | 96 | 28403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 64 | 2451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 27 | 5968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. (a) | 122 | 38024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Inc., Class A (a) | 109 | 21547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc., (Canada) | 1 | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc., Class A (a) | 62 | 4424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc., Class A (a) | 141 | 19217 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 7

------

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

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Descartes Systems Group, Inc. (The), (Canada) (a) | 5 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp; DocuSign, Inc., Class A (a) | 89 | 6096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. (a) | 133 | 5750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 63 | 12940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp. (a) | 11 | 18274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 62 | 4122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc. (a) | 64 | 4306 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc. (a) | 23 | 9053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 380 | 251712 |
| &nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. (a) | 134 | 6008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 6 | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 4236 | 2048522 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc., Class A (a) | 28 | 11889 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc., Class A | 10 | 5569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc., Class A (a) | 120 | 6228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp., (Canada) | 15 | 491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 773 | 150672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A (a) | 1029 | 182940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 59 | 6645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 8 | 1317 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc. (a) | 52 | 8996 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A (a) | 158 | 12843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 48 | 21563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 433 | 114639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsara, Inc., Class A (a) | 160 | 5664 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. (a) | 472 | 72231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A (a) | 113 | 24891 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 43 | 3743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategy, Inc., Class A (a) | 118 | 17894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc. (a) | 84 | 39371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. (a) | 48 | 12261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., Class A (a) | 53 | 7475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc. (a) | 19 | 8502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A (a) | 19 | 4276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Class A (a) | 115 | 24704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc., Class A (a) | 112 | 9627 |
|  |  | 3323598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 9797518 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. (The) | 225 | 3233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 99 | 6405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 315 | 31501 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 240 | 27632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 26 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 23 | 1616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp. | 8 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 767 | 29407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class A | 10 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class C | 27 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 340 | 23771 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Electric — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 390 | 38772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 137 | 48267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 1003 | 58781 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 244 | 31503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 358 | 41934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 166 | 9951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera, Inc., (Canada) | 18 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 200 | 18467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 93 | 6770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 166 | 11176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 444 | 19370 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 231 | 10349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis, Inc., (Canada) | 30 | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genie Energy Ltd., Class B | 4 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc. (a) | 55 | 679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hydro One Ltd., (Canada) (e) | 20 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 17 | 2156 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 12 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 901 | 72308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 20 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 85 | 13597 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 64 | 2734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklo, Inc., Class A (a) | 52 | 3698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 18 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corp. | 12 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 984 | 15807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 38 | 3374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 34 | 1649 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 325 | 11369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 588 | 47221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 747 | 65932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 499 | 43525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp. (a) | 12 | 4596 |
| &nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 30 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 6 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 504 | 81340 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 348 | 36701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 262 | 19320 |
|  |  | 857923 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Gas — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AltaGas Ltd., (Canada) | 18 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 64 | 10689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Utilities Ltd., (Canada), Class A | 8 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 8 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 62 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 27 | 2181 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 32 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 559 | 23336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 13 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 19 | 1481 |
| &nbsp;&nbsp;&nbsp;&nbsp; RGC Resources, Inc. | 3 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 19 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 19 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 68 | 2537 |
|  |  | 48394 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 8 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Water — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American States Water Co. | 12 | 870 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 79 | 10322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artesian Resources Corp., Class A | 3 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group | 19 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Water Co. Ltd., (Cayman Islands) | 5 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 101 | 3890 |
| &nbsp;&nbsp;&nbsp;&nbsp; H2O America | 11 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middlesex Water Co. | 5 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; York Water Co. (The) | 4 | 135 |
|  |  | 17076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 923393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks<br>(Cost $18,571,763) |  | 27341374 |
|  | NUMBER OF<br>WARRANTS |  |
|  **Warrant — 0.0%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. (Canada), expiring 03/31/2040 (a)(bb) (Cost $—) | 1 |  |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | PRINCIPAL<br>AMOUNT ($) | VALUE ($) |
|  **Short-Term Investments — 0.4%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd.,<br>2.98%, 01/02/2026 | 1685 | 1685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman & Co., 2.98%, 01/02/2026 | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, 2.98%, 01/02/2026 | 41789 | 41789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada,<br>1.08%, 01/02/2026<br> CAD | 206 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 | 17198 | 17198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., 2.98%, 01/02/2026 | 3738 | 3738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 2.98%, 01/02/2026 | 34008 | 34008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments (Cost $98,569) |  | 98569 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments — 99.9%**<br> **(Cost — $18,670,332)** |  | 27439943 |
|  **Other Assets in Excess of Liabilities — 0.1%** | **Other Assets in Excess of Liabilities — 0.1%** | 18829 |
|  **NET ASSETS — 100.0%** |  | $27458772 |

---

Percentages indicated are based on net assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded |
| DESCRIPTION | NUMBER OF<br>CONTRACTS | EXPIRATION<br>DATE | **TRADING**<br> **CURRENCY** | NOTIONAL<br>AMOUNT ($) | VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) |
|  **Long Contracts** |  |  |  |  |  |
|  CME Micro E-mini Russell 2000 Index | 52 | 03/2026 | USD | 657 | (7) |
|  E-mini Consumer Discretionary Select Sector Index | 13 | 03/2026 | USD | 3205 | (43) |
|  E-mini Consumer Staples Select Sector Index | 13 | 03/2026 | USD | 1037 | (10) |
|  E-mini Energy Select Sector Index | 21 | 03/2026 | USD | 1968 | 12 |
|  E-mini Financial Select Sector Index | 3 | 03/2026 | USD | 513 | (3) |
|  E-mini Health Care Select Sector Index | 14 | 03/2026 | USD | 2214 | (10) |
|  E-mini Industrial Select Sector Index | 6 | 03/2026 | USD | 953 | (8) |
|  E-mini Russell 1000 Value Index | 2 | 03/2026 | USD | 210 | (2) |
|  E-mini Russell 2000 Index | 2 | 03/2026 | USD | 253 | (3) |
|  E-mini Technology Select Sector Index | 35 | 03/2026 | USD | 10377 | (139) |
|  E-mini Utilities Select Sector Index | 18 | 03/2026 | USD | 1567 | (6) |
|  Micro E-mini NASDAQ 100 Index | 180 | 03/2026 | USD | 9274 | (110) |
|  Micro E-mini S&P 500 Index | 40 | 03/2026 | USD | 1391 | (12) |
|  S&P 500 E-mini Index | 105 | 03/2026 | USD | 36296 | (110) |
|  S&P Toronto Stock Exchange 60 Index | 2 | 03/2026 | CAD | 545 | (3) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | (454) |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 9

------

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

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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 DECEMBER 31, 2025

---

| | |
|:---|:---|
| REIT | — Real Estate Investment Trust |
| (a) | — Non-income producing security. |
| (e) | — Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (g) | — Amount rounds to less than 0.05%. |
| (h) | — Amount rounds to less than 500 shares/principal or $500. |
| (bb) | — Security has been valued using significant unobservable inputs. |
| CAD | — Canadian Dollar |
| USD | — United States Dollar |

---

#### Summary of Investments by Industry, December 31, 2025
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| INDUSTRY | PERCENTAGE |
|  Internet | 16.2% |
|  Semiconductors | 15.5% |
|  Software | 12.1% |
|  Computers | 8.1% |
|  Pharmaceuticals | 5.5% |
|  Retail | 4.5% |
|  Healthcare — Products | 4.0% |
|  Electric | 3.1% |
|  Diversified Financial Services | 2.9% |
|  Oil & Gas | 2.9% |
|  Banks | 2.8% |
|  Telecommunications | 2.1% |
|  Auto Manufacturers | 2.1% |
|  Insurance | 1.4% |
|  Aerospace/Defense | 1.3% |
|  REITS | 1.3% |
|  Electronics | 1.2% |
|  Beverages | 1.2% |
|  Machinery — Diversified | 1.1% |
|  Healthcare — Services | 1.1% |
|  Biotechnology | 1.1% |
|  Others (Each less than 1.0%) | 8.1% |
|  Short-Term Investments | 0.4% |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 10 SIX CIRCLES TRUST DECEMBER 31, 2025

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — 97.9%** | **Common Stocks — 97.9%** | **Common Stocks — 97.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Australia — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Holdings Ltd. | 543 | 13128 |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Group | 238 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. | 101 | 3914 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASX Ltd. | 36 | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlassian Corp., Class A (a) | 1 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 925 | 27909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. | 248 | 3793 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAR Group Ltd. | 69 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cochlear Ltd. | 12 | 2081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coles Group Ltd. | 244 | 3483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia | 305 | 32516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computershare Ltd. | 96 | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSL Ltd. | 88 | 10165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Mining Ltd. | 370 | 3098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Ltd. | 309 | 4518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodman Group REIT | 372 | 7662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance Australia Group Ltd. | 431 | 2288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottery Corp. Ltd. (The) | 401 | 1378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lynas Rare Earths Ltd. (a) | 165 | 1355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group Ltd. | 66 | 8944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medibank Pvt Ltd. | 509 | 1624 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. | 557 | 15673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. | 247 | 4353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Origin Energy Ltd. | 314 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pro Medicus Ltd. | 10 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qantas Airways Ltd. | 136 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. | 274 | 3633 |
| &nbsp;&nbsp;&nbsp;&nbsp; REA Group Ltd. | 10 | 1187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto Ltd. | 68 | 6600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santos Ltd. | 591 | 2429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scentre Group REIT | 937 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGH Ltd. | 37 | 1151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sigma Healthcare Ltd. | 942 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. | 85 | 1281 |
| &nbsp;&nbsp;&nbsp;&nbsp; South32 Ltd. | 816 | 1932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stockland REIT | 432 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. | 199 | 2331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telstra Group Ltd. | 723 | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transurban Group | 565 | 5349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicinity Ltd. REIT | 693 | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington H Soul Pattinson & Co. Ltd. | 62 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wesfarmers Ltd. | 207 | 11138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westpac Banking Corp. | 623 | 15978 |
| &nbsp;&nbsp;&nbsp;&nbsp; WiseTech Global Ltd. | 37 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | 346 | 5389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group Ltd. | 222 | 4341 |
|  |  | 234667 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Austria** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Erste Group Bank AG | 233 | 27954 |
| &nbsp;&nbsp;&nbsp;&nbsp; OMV AG | 68 | 3790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen Bank International AG | 100 | 4454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verbund AG | 46 | 3310 |
|  |  | 39508 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Belgium** — **1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ageas SA | 113 | 7891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev SA | 668 | 42901 |
| &nbsp;&nbsp;&nbsp;&nbsp; D'ieteren Group | 1 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elia Group SA, Class B | 29 | 3708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financiere de Tubize SA | 14 | 3385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Groupe Bruxelles Lambert NV | 61 | 5460 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group NV | 174 | 22655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lotus Bakeries NV | — (h) | 1132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sofina SA | 13 | 3626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syensqo SA | 28 | 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB SA | 88 | 24522 |
|  |  | 117595 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Bermuda** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. (a) | 1 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Group Ltd. | — (h) | 46 |
|  |  | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Brazil** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambev SA | 508 | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axia Energia | 131 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp; B3 SA - Brasil Bolsa Balcao | 589 | 1499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco SA | 172 | 487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BTG Pactual SA | 139 | 1335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco do Brasil SA | 180 | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp; BB Seguridade Participacoes SA | 73 | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caixa Seguridade Participacoes S/A | 49 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Registered) | 53 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Paranaense de Energia - Copel | 124 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPFL Energia SA | 22 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer SA | 76 | 1214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energisa SA | 32 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eneva SA (a) | 88 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie Brasil Energia SA | 28 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equatorial SA | 132 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS NV, Class A (a) | 55 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klabin SA | 83 | 285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Localiza Rent a Car SA | 103 | 814 |
| &nbsp;&nbsp;&nbsp;&nbsp; MBRF Global Foods Company SA | 64 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motiva Infraestrutura de Mobilidade SA | 102 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; NU Holdings Ltd., Class A (a) | 378 | 6321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA - Petrobras | 396 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porto Seguro SA | 20 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRIO SA (a) | 87 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raia Drogasil SA | 141 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rede D'Or Sao Luiz SA (e) | 94 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rumo SA | 139 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp; StoneCo. Ltd., Class A (a) | 31 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzano SA | 88 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica Brasil SA | 81 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIM SA | 92 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTVS SA | 57 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultrapar Participacoes SA | 79 | 297 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 11

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Brazil** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vale SA (Registered) | 393 | 5126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vibra Energia SA | 121 | 559 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEG SA | 180 | 1590 |
| &nbsp;&nbsp;&nbsp;&nbsp; XP, Inc., Class A | 48 | 792 |
|  |  | 36358 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Canada** — **1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 41 | 6968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamos Gold, Inc., Class A | 34 | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. | 61 | 3333 |
| &nbsp;&nbsp;&nbsp;&nbsp; AltaGas Ltd. | 24 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARC Resources Ltd. | 47 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp; AtkinsRealis Group, Inc. | 14 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Montreal | 58 | 7586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Nova Scotia (The) | 101 | 7477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 139 | 6061 |
| &nbsp;&nbsp;&nbsp;&nbsp; BCE, Inc. | 6 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bombardier, Inc., Class B (a) | 7 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. | 168 | 7730 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAE, Inc. (a) | 25 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp. | 36 | 3261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 76 | 6886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 43 | 4251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 171 | 5781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 74 | 5456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Tire Corp. Ltd., Class A | 4 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Utilities Ltd., Class A | 11 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCL Industries, Inc., Class B | 12 | 756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celestica, Inc. (a) | 9 | 2774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. | 115 | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGI, Inc. | 16 | 1479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. | 2 | 3959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Descartes Systems Group, Inc. (The) (a) | 7 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollarama, Inc. | 22 | 3351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Fleet Management Corp. | 33 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emera, Inc. | 25 | 1210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empire Co. Ltd., Class A | 10 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. | 178 | 8526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. | 2 | 3251 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. (a) | 58 | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstService Corp. | 3 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis, Inc. | 41 | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corp. | 16 | 3264 |
| &nbsp;&nbsp;&nbsp;&nbsp; George Weston Ltd. | 14 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc. | 20 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gildan Activewear, Inc., Class A | 14 | 896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great-West Lifeco, Inc. | 23 | 1112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hydro One Ltd. (e) | 27 | 1069 |
| &nbsp;&nbsp;&nbsp;&nbsp; iA Financial Corp., Inc. | 8 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp; IGM Financial, Inc. | 7 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Oil Ltd. | 14 | 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. | 15 | 3028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd., Class A (a) | 64 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyera Corp. | 19 | 603 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Canada** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 99 | 2794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loblaw Cos. Ltd. | 49 | 2206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc. (a) | — (h) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Gold, Inc. | 9 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lundin Mining Corp., Class Common S | 56 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc. | 22 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manulife Financial Corp. | 138 | 5028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metro, Inc. | 17 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Canada | 32 | 4030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutrien Ltd. | 40 | 2444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text Corp. | 21 | 674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corp. | 34 | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pembina Pipeline Corp., Class Common S | 47 | 1804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Corp. of Canada | 45 | 2413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc., Class B | 30 | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 115 | 19576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saputo, Inc. | 20 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shopify, Inc., Class A (a) | 100 | 16079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stantec, Inc. | 9 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Life Financial, Inc. | 46 | 2863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | 99 | 4385 |
| &nbsp;&nbsp;&nbsp;&nbsp; TC Energy Corp. | 85 | 4680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B | 37 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | 42 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp; TFI International, Inc. | 6 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thomson Reuters Corp. | 13 | 1692 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMX Group Ltd. | 23 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toromont Industries Ltd. | 7 | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) | 139 | 13099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tourmaline Oil Corp. | 30 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 1 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 37 | 4361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitecap Resources, Inc., Class Common S | 99 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSP Global, Inc. | 11 | 1940 |
|  |  | 225794 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chile** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antofagasta plc | 367 | 16115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Chile | 5001 | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Credito e Inversiones SA | 10 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander Chile | 6920 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencosud SA | 129 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empresas CMPC SA | 92 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Empresas Copec SA | 39 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Americas SA | 2370 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel Chile SA | 3058 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Falabella SA | 70 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Latam Airlines Group SA | 33800 | 915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plaza SA | 84 | 297 |
|  |  | 21292 |
| &nbsp;&nbsp;&nbsp;&nbsp; **China** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings Ltd. | 473 | 1278 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 12 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colombia** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest SA | 29 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interconexion Electrica SA ESP | 45 | 297 |
|  |  | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Czech Republic** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CEZ A/S | 17 | 1044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komercni Banka A/S | 10 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moneta Money Bank A/S (e) | 32 | 299 |
|  |  | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Denmark** — **2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller — Maersk A/S, Class A | 1 | 3376 |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller — Maersk A/S, Class B | 2 | 4759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlsberg A/S, Class B | 59 | 7776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coloplast A/S, Class B | 12 | 992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S | 506 | 25263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Demant A/S (a) | 9 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSV A/S | 106 | 26738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S (a) | 6 | 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B | 3646 | 184927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novonesis (Novozymes) B, Class B | 133 | 8541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orsted A/S (e) (a) | 351 | 6700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 50 | 5514 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROCKWOOL A/S, Class B | 51 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tryg A/S | 253 | 6626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems A/S | 524 | 14185 |
|  |  | 299216 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Egypt** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial International Bank—Egypt (CIB), GDR | 276 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Co. SAE | 107 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talaat Moustafa Group | 66 | 111 |
|  |  | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Finland** — **1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elisa OYJ | 61 | 2684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortum OYJ | 298 | 6336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kesko OYJ, Class B | 7 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kone OYJ, Class B | 177 | 12507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metso OYJ | 346 | 6022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neste OYJ | 155 | 3496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nokia OYJ | 136 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 2352 | 44246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion OYJ, Class B | 76 | 5689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ, Class A | 1835 | 22196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stora Enso OYJ, Class R | 221 | 2755 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ | 200 | 5785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wartsila OYJ Abp | 262 | 9259 |
|  |  | 122011 |
| &nbsp;&nbsp;&nbsp;&nbsp; **France** — **11.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accor SA | 5 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeroports de Paris SA | 18 | 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide SA | 409 | 76945 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **France** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE | 307 | 71182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alstom SA (a) | 179 | 5285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amundi SA (e) | 46 | 3832 |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA SA | 1313 | 63021 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMerieux | 4 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 761 | 72006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bollore SE | 255 | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues SA | 99 | 5145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bureau Veritas SA | 176 | 5597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini SE | 4 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA | 15 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain SA | 233 | 23702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA | 17 | 569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covivio SA REIT | 1 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole SA | 810 | 16674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone SA | 262 | 23668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Aviation SA | 10 | 3246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE | 17 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edenred SE | 180 | 3980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage SA | 35 | 5076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie SA | 1213 | 31865 |
| &nbsp;&nbsp;&nbsp;&nbsp; EssilorLuxottica SA | 28 | 8697 |
| &nbsp;&nbsp;&nbsp;&nbsp; FDJ UNITED | 3 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gecina SA REIT | 1 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getlink SE | 158 | 2912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International SCA | 20 | 49630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ipsen SA | 26 | 3644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kering SA | 47 | 16418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Klepierre SA REIT | 6 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legrand SA | 136 | 20235 |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Oreal SA | 402 | 172600 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 158 | 118972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange SA | 7380 | 123154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard SA | 154 | 13181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe SA | 97 | 10114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renault SA | 82 | 3382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexel SA | 116 | 4549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran SA | 187 | 65127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi SA | 769 | 74402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius Stedim Biotech | 3 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE | 285 | 77877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale SA | 1369 | 110211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sodexo SA | 2 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thales SA | 48 | 12981 |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 915 | 59678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield REIT | 3 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veolia Environnement SA | 419 | 14584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci SA | 259 | 36443 |
|  |  | 1418134 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany** — **14.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; adidas AG | 108 | 21360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allianz SE (Registered) | 292 | 135213 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 13

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF SE | 338 | 17802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer AG (Registered) | 684 | 29664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 119 | 12935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beiersdorf AG | 70 | 7705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag SE | 117 | 6791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerzbank AG | 555 | 23426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG | 3 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA | 27 | 2430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daimler Truck Holding AG | 455 | 19698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delivery Hero SE, Class A (e) (a) | 5 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Registered) | 1401 | 54010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | 143 | 37475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Lufthansa AG (Registered) | 572 | 5615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG | 919 | 50104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Registered) | 7167 | 233298 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.ON SE | 1492 | 28242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evonik Industries AG | 97 | 1511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius Medical Care AG | 20 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius SE & Co. KGaA | 39 | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEA Group AG | 141 | 9499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck SE | 46 | 14266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials AG | 51 | 13150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | 3 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hensoldt AG | 61 | 5214 |
| &nbsp;&nbsp;&nbsp;&nbsp; HOCHTIEF AG | 15 | 5799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG | 34 | 1462 |
| &nbsp;&nbsp;&nbsp;&nbsp; KION Group AG | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp; Knorr-Bremse AG | 69 | 7673 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE | 2 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | 307 | 21286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA | 90 | 12847 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines AG | 52 | 21361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 99 | 65107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nemetschek SE | 71 | 7709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rational AG | 5 | 3794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rheinmetall AG | 44 | 80306 |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG | 420 | 22250 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP SE | 1289 | 313095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 SE (e) | 32 | 3205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Registered) | 727 | 203681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (a) | 1518 | 212899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Healthineers AG (e) | 31 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symrise AG, Class A | 50 | 4079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talanx AG | 49 | 6546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vonovia SE | 19 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zalando SE (e) (a) | 6 | 170 |
|  |  | 1728740 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Greece** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha Bank SA | 231 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurobank SA | 282 | 1134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hellenic Telecommunications Organization SA | 17 | 344 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Greece** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JUMBO SA | 12 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece SA | 92 | 1404 |
| &nbsp;&nbsp;&nbsp;&nbsp; OPAP SA | 21 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piraeus Bank SA (a) | 125 | 999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Power Corp. SA | 23 | 485 |
|  |  | 6209 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hong Kong** — **0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. | 1916 | 19717 |
| &nbsp;&nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings Ltd. | 683 | 3466 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Asset Holdings Ltd. | 352 | 1778 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings Ltd. | 490 | 3331 |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Infrastructure Holdings Ltd. | 116 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp; CLP Holdings Ltd. | 301 | 2688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futu Holdings Ltd., ADR (a) | 10 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galaxy Entertainment Group Ltd. | 364 | 1795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Bank Ltd. | 137 | 2693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. | 267 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp; HKT Trust & HKT Ltd. | 694 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong & China Gas Co. Ltd. | 2063 | 1860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. | 212 | 11092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hongkong Land Holdings Ltd. | 198 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jardine Matheson Holdings Ltd. | 30 | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Link REIT | 478 | 2133 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTR Corp. Ltd. | 286 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Assets Holdings Ltd. | 253 | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential plc | 1940 | 29844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sino Land Co. Ltd. | 698 | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. | 251 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 267 | 3245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swire Pacific Ltd., Class A | 67 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Techtronic Industries Co. Ltd. | 268 | 3077 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group Ltd. (Registered) (e) | 1519 | 1692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wharf Holdings Ltd. (The) | 191 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wharf Real Estate Investment Co. Ltd. | 308 | 973 |
|  |  | 103108 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Hungary** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MOL Hungarian Oil & Gas plc | 49 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTP Bank Nyrt | 26 | 2761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt | 17 | 523 |
|  |  | 3721 |
| &nbsp;&nbsp;&nbsp;&nbsp; **India** — **1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB India Ltd. | 6 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adani Enterprises Ltd. | 18 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adani Ports & Special Economic Zone Ltd. | 55 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adani Power Ltd. (a) | 313 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkem Laboratories Ltd. | 4 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambuja Cements Ltd. | 57 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; APL Apollo Tubes Ltd. | 22 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Hospitals Enterprise Ltd. | 12 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashok Leyland Ltd. | 313 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asian Paints Ltd. | 42 | 1297 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 14 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **India** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astral Ltd. | 14 | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp; AU Small Finance Bank Ltd. (e) | 41 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurobindo Pharma Ltd. | 29 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avenue Supermarts Ltd. (e) (a) | 18 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Bank Ltd. | 246 | 3482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bajaj Auto Ltd. | 8 | 816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bajaj Finance Ltd. | 303 | 3329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bajaj Finserv Ltd. | 42 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bajaj Holdings & Investment Ltd. | 3 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balkrishna Industries Ltd. | 8 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Baroda | 128 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. | 395 | 1758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharat Forge Ltd. | 29 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharat Heavy Electricals Ltd. | 126 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharat Petroleum Corp. Ltd. | 162 | 691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. | 283 | 6641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bosch Ltd. | 1 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Britannia Industries Ltd. | 12 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canara Bank | 243 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp; CG Power & Industrial Solutions Ltd. | 76 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cholamandalam Investment and Finance Co. Ltd. | 46 | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cipla Ltd. | 61 | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coal India Ltd. | 204 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive India Ltd. | 15 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel International Ltd. | 11 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins India Ltd. | 15 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dabur India Ltd. | 60 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Divi's Laboratories Ltd. | 13 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dixon Technologies India Ltd. (Registered) | 4 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp; DLF Ltd. | 85 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr Reddy's Laboratories Ltd. | 59 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eicher Motors Ltd. | 15 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eternal Ltd. (a) | 261 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortis Healthcare Ltd. | 54 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp; FSN E-Commerce Ventures Ltd. (a) | 143 | 421 |
| &nbsp;&nbsp;&nbsp;&nbsp; GAIL India Ltd. | 237 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova T&D India Ltd. | 14 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMR Airports Ltd. (a) | 342 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Godrej Consumer Products Ltd. | 43 | 593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Godrej Properties Ltd. (a) | 17 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grasim Industries Ltd. | 30 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Havells India Ltd. | 26 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCL Technologies Ltd. | 104 | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Asset Management Co. Ltd. (e) | 20 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. | 1245 | 13750 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Life Insurance Co. Ltd. (e) | 98 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hero MotoCorp. Ltd. | 13 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hindalco Industries Ltd. | 145 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hindustan Aeronautics Ltd. (Registered) | 23 | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hindustan Petroleum Corp. Ltd. | 98 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hindustan Unilever Ltd. | 90 | 2320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Energy India Ltd. | 2 | 341 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **India** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor India Ltd. | 17 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. | 572 | 8555 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Lombard General Insurance Co. Ltd. (e) | 26 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICICI Prudential Life Insurance Co. Ltd. (e) | 36 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDFC First Bank Ltd. | 419 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Hotels Co. Ltd. (The), Class A | 88 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Oil Corp. Ltd. | 328 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indian Railway Catering & Tourism Corp. Ltd. | 28 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indus Towers Ltd. (a) | 154 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp; IndusInd Bank Ltd. (a) | 61 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Info Edge India Ltd. | 41 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd. | 364 | 6547 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterGlobe Aviation Ltd. (e) | 22 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITC Ltd. | 343 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jindal Stainless Ltd. | 35 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jindal Steel Ltd. | 37 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jio Financial Services Ltd. | 306 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp; JSW Energy Ltd. | 44 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; JSW Steel Ltd. | 67 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jubilant Foodworks Ltd. | 46 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kalyan Jewellers India Ltd. | 41 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kotak Mahindra Bank Ltd. | 118 | 2901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kwality Wall's India Ltd. (a)(bb) | 90 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Larsen & Toubro Ltd. | 75 | 3396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lodha Developers Ltd. (e) | 37 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp; LTIMindtree Ltd. (e) | 8 | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lupin Ltd. | 28 | 647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. | 103 | 4248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mankind Pharma Ltd. | 13 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marico Ltd. | 56 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maruti Suzuki India Ltd. | 14 | 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Max Healthcare Institute Ltd. | 89 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mphasis Ltd. | 12 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; MRF Ltd. | — (h) | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Muthoot Finance Ltd. | 15 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle India Ltd. | 73 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp; NHPC Ltd. | 292 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMDC Ltd. | 336 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTPC Ltd. | 478 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oberoi Realty Ltd. | 13 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Natural Gas Corp. Ltd. | 347 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil India Ltd. | 50 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; One 97 Communications Ltd. (a) | 45 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Financial Services Software Ltd. | 2 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Page Industries Ltd. | 1 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; PB Fintech Ltd. (a) | 39 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persistent Systems Ltd. | 13 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petronet LNG Ltd. | 79 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Mills Ltd. (The) | 23 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp; PI Industries Ltd. | 8 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pidilite Industries Ltd. | 35 | 573 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 15

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **India** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Polycab India Ltd. | 6 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Finance Corp. Ltd. | 168 | 663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Grid Corp. of India Ltd. | 496 | 1459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Estates Projects Ltd. | 19 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Punjab National Bank | 287 | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rail Vikas Nigam Ltd. (Registered) | 58 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; REC Ltd. | 142 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance Industries Ltd. | 669 | 11699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samvardhana Motherson International Ltd. | 456 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Cards & Payment Services Ltd. | 34 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Life Insurance Co. Ltd. (e) | 49 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shree Cement Ltd. | 1 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shriram Finance Ltd. | 151 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy India Ltd. (a) | 10 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens Ltd. | 9 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solar Industries India Ltd. | 3 | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp; SRF Ltd. | 16 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Bank of India | 206 | 2251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Pharmaceutical Industries Ltd. | 105 | 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sundaram Finance Ltd. | 7 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supreme Industries Ltd. | 6 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzlon Energy Ltd. (a) | 1070 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiggy Ltd. (a) | 140 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Communications Ltd. | 12 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. | 100 | 3562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Consumer Products Ltd. | 66 | 875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Motors Ltd. (a) | 223 | 1032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Motors Passenger Vehicles Limited | 223 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Power Co. Ltd. (The) | 178 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Steel Ltd. | 829 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tech Mahindra Ltd. | 59 | 1042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan Co. Ltd. | 39 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Torrent Pharmaceuticals Ltd. | 12 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Torrent Power Ltd. | 17 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trent Ltd. | 19 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tube Investments of India Ltd. | 12 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd. | 26 | 1071 |
| &nbsp;&nbsp;&nbsp;&nbsp; UltraTech Cement Ltd. | 13 | 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Bank of India Ltd. | 158 | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Spirits Ltd. | 31 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; UPL Ltd. | 59 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varun Beverages Ltd. | 150 | 820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vedanta Ltd. | 152 | 1026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vishal Mega Mart Ltd. (a) | 220 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Idea Ltd. (a) | 3418 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voltas Ltd. | 25 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp; WAAREE Energies Ltd. | 10 | 315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wipro Ltd. | 292 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yes Bank Ltd. (a) | 1668 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zydus Lifesciences Ltd. | 25 | 253 |
|  |  | 171169 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indonesia** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amman Mineral Internasional PT (a) | 1673 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astra International Tbk. PT | 2243 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Central Asia Tbk. PT | 6022 | 2908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Mandiri Persero Tbk. PT | 4066 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk. PT | 1682 | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero Tbk. PT | 7424 | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barito Pacific Tbk. PT (a) | 2367 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barito Renewables Energy Tbk. PT (a) | 879 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumi Resources Minerals Tbk. PT (a) | 6240 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chandra Asri Pacific Tbk. PT | 795 | 333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charoen Pokphand Indonesia Tbk. PT | 818 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dian Swastatika Sentosa Tbk. PT (a) | 101 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoTo Gojek Tokopedia Tbk. PT, Class A (a) | 101301 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indofood Sukses Makmur Tbk. PT | 469 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petrindo Jaya Kreasi Tbk. PT | 2503 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumber Alfaria Trijaya Tbk. PT | 2512 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telkom Indonesia Persero Tbk. PT | 5346 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Tractors Tbk. PT | 177 | 313 |
|  |  | 12963 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ireland** — **0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture plc, Class A | 2 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings NV | 92 | 13184 |
| &nbsp;&nbsp;&nbsp;&nbsp; AIB Group plc | 1608 | 17193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion plc | — (h) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv plc (a) | 1 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Ireland Group plc | 724 | 13852 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH plc | 2 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCC plc | 46 | 2849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. plc | 1 | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Experian plc | 476 | 21462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Group plc, Class A | 64 | 5874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingspan Group plc | 80 | 6912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic plc | 4 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryanair Holdings plc | 437 | 15061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock plc | 2 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity plc | 1 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies plc | 1 | 265 |
|  |  | 98573 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Italy** — **4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Mediolanum SpA | 167 | 3797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banca Monte dei Paschi di Siena SpA | 1500 | 15967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco BPM SpA | 864 | 13122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio On SpA (a)(bb) | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BPER Banca SpA | 1110 | 14995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buzzi SpA | 29 | 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Davide Campari-Milano NV | 470 | 3033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enel SpA | 5402 | 56171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eni SpA | 946 | 17925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari NV | 54 | 19914 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco SpA | 465 | 12061 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 16 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Italy** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Generali | 645 | 26972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infrastrutture Wireless Italiane SpA (e) | 119 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA | 10785 | 74526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leonardo SpA | 210 | 12022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA | 147 | 9423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexi SpA (e) | 394 | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA (e) | 347 | 8721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian SpA | 146 | 14582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica SpA | 80 | 4522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snam SpA | 1339 | 8898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecom Italia SpA (a) | 4890 | 2938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale | 941 | 10016 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniCredit SpA | 1731 | 143407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipol Assicurazioni SpA | 270 | 6481 |
|  |  | 484298 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan** — **5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. | 122 | 15414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aeon Co. Ltd. | 355 | 5610 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. | 31 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aisin Corp. | 79 | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajinomoto Co., Inc. | 144 | 3046 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANA Holdings, Inc. | 26 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Group Holdings Ltd. | 243 | 2543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asahi Kasei Corp. | 208 | 1848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asics Corp. | 111 | 2672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astellas Pharma, Inc. | 288 | 3826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandai Namco Holdings, Inc. | 93 | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgestone Corp. | 181 | 4081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. | 138 | 4068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capcom Co. Ltd. | 54 | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Japan Railway Co. | 123 | 3402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chiba Bank Ltd. (The) | 89 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubu Electric Power Co., Inc. | 109 | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chugai Pharmaceutical Co. Ltd. | 107 | 5619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai Nippon Printing Co. Ltd. | 62 | 1072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. | 52 | 1630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Holdings, Inc. | 558 | 4633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiichi Sankyo Co. Ltd. | 287 | 6088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries Ltd. | 42 | 5384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction Co. Ltd. | 48 | 908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. | 90 | 2973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. | 214 | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denso Corp. | 277 | 3831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco Corp. | 15 | 4479 |
| &nbsp;&nbsp;&nbsp;&nbsp; East Japan Railway Co. | 153 | 4035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ebara Corp. | 74 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eisai Co. Ltd. | 41 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Holdings, Inc. | 432 | 3054 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC Corp. | 149 | 5795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fast Retailing Co. Ltd. | 30 | 11023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fuji Electric Co. Ltd. | 22 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp; FUJIFILM Holdings Corp. | 178 | 3779 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujikura Ltd. | 40 | 4436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fujitsu Ltd. | 280 | 7701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankyu Hanshin Holdings, Inc. | 38 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikari Tsushin, Inc. | 3 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. | 729 | 22872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 589 | 5783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. | 55 | 8281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hulic Co. Ltd. | 72 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idemitsu Kosan Co. Ltd. | 121 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. | 164 | 2883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. | 140 | 2806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Isuzu Motors Ltd. | 84 | 1314 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 946 | 11953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Airlines Co. Ltd. | 22 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. | 156 | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Bank Co. Ltd. | 284 | 4001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Holdings Co. Ltd. | 284 | 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. | 29 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. | 191 | 6876 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFE Holdings, Inc. | 93 | 1179 |
| &nbsp;&nbsp;&nbsp;&nbsp; JX Advanced Metals Corp. | 88 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. | 68 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kansai Electric Power Co., Inc. (The) | 151 | 2378 |
| &nbsp;&nbsp;&nbsp;&nbsp; KAO Corp. | 74 | 2965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Heavy Industries Ltd. | 24 | 1578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kawasaki Kisen Kaisha Ltd. | 57 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDDI Corp. | 467 | 8074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. | 31 | 11213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kikkoman Corp. | 110 | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kioxia Holdings Corp. (a) | 30 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirin Holdings Co. Ltd. | 125 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kobe Bussan Co. Ltd. | 24 | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komatsu Ltd. | 151 | 4788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konami Group Corp. | 16 | 2187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kubota Corp. | 156 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyocera Corp. | 205 | 2867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyowa Kirin Co. Ltd. | 37 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lasertec Corp. | 13 | 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp; LY Corp. | 439 | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp; M3, Inc. | 69 | 934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makita Corp. | 35 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 225 | 6263 |
| &nbsp;&nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. | 52 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; MINEBEA MITSUMI, Inc. | 57 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Chemical Group Corp. | 206 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 513 | 11734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. | 303 | 8829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Estate Co. Ltd. | 169 | 4113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi HC Capital, Inc. | 139 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries Ltd. | 510 | 12455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 1825 | 28966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | 393 | 11674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui Fudosan Co. Ltd. | 419 | 4765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. | 55 | 1663 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 17

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. | 396 | 14466 |
| &nbsp;&nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. | 40 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, Inc. | 206 | 4825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing Co. Ltd. | 266 | 5500 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. | 206 | 6984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. | 58 | 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIDEC Corp. | 134 | 1821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 176 | 11862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Building Fund, Inc. REIT | 1 | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Paint Holdings Co. Ltd. | 153 | 1024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Sanso Holdings Corp. | 28 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Steel Corp. | 770 | 3150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK | 66 | 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. (a) | 350 | 868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitori Holdings Co. Ltd. | 63 | 1101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nitto Denko Corp. | 108 | 2581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Holdings, Inc. | 477 | 3975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. | 60 | 2299 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTT, Inc. | 4768 | 4813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obayashi Corp. | 102 | 2126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Obic Co. Ltd. | 52 | 1632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympus Corp. | 182 | 2308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. Japan | 6 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Land Co. Ltd. | 172 | 3180 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. | 186 | 5428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osaka Gas Co. Ltd. | 56 | 1956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Corp. | 37 | 769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otsuka Holdings Co. Ltd. | 69 | 3903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. | 300 | 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Panasonic Holdings Corp. | 370 | 4795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc. (a) | 243 | 1558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. | 224 | 12587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renesas Electronics Corp. (a) | 282 | 3867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. | 330 | 3144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryohin Keikaku Co. Ltd. | 82 | 1439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanrio Co. Ltd. | 28 | 889 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. | 90 | 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCREEN Holdings Co. Ltd. | 13 | 1266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Secom Co. Ltd. | 63 | 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seibu Holdings, Inc. | 33 | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Chemical Co. Ltd. | 60 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui House Ltd. | 94 | 2095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seven & i Holdings Co. Ltd. | 330 | 4747 |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Holdings Co. Ltd. | 48 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimadzu Corp. | 37 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shimano, Inc. | 12 | 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin-Etsu Chemical Co. Ltd. | 269 | 8340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shionogi & Co. Ltd. | 121 | 2190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shiseido Co. Ltd. | 63 | 917 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Corp. | 9 | 3183 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. | 4581 | 6290 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoftBank Group Corp. | 608 | 17068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sompo Holdings, Inc. | 141 | 4779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Financial Group, Inc. (a) | 973 | 1031 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Japan** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. | 979 | 25115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subaru Corp. | 94 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 174 | 6016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Electric Industries Ltd. | 113 | 4563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Metal Mining Co. Ltd. | 39 | 1566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. | 583 | 18763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. | 101 | 3084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Realty & Development Co. Ltd. | 97 | 2443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | 23 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuki Motor Corp. | 250 | 3736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysmex Corp. | 81 | 797 |
| &nbsp;&nbsp;&nbsp;&nbsp; T&D Holdings, Inc. | 73 | 1690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. | 23 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 254 | 7875 |
| &nbsp;&nbsp;&nbsp;&nbsp; TDK Corp. | 308 | 4363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terumo Corp. | 212 | 3079 |
| &nbsp;&nbsp;&nbsp;&nbsp; TIS, Inc. | 34 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toho Co. Ltd. | 17 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. | 293 | 10813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 71 | 15880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Gas Co. Ltd. | 50 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Metro Co. Ltd. | 45 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyu Corp. | 78 | 916 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOPPAN Holdings, Inc. | 37 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toray Industries, Inc. | 221 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Industries Corp. | 26 | 2948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 1509 | 32405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Tsusho Corp. | 110 | 3706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trend Micro, Inc. | 20 | 831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsuruha Holdings, Inc. | 42 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicharm Corp. | 178 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 65 | 1299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | 146 | 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokogawa Electric Corp. | 36 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yokohama Financial Group, Inc. | 167 | 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zensho Holdings Co. Ltd. | 15 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZOZO, Inc. | 70 | 579 |
|  |  | 720034 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kuwait** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boubyan Bank KSCP | 156 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulf Bank KSCP | 225 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuwait Finance House KSCP | 1259 | 3318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mabanee Co. KPSC | 58 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile Telecommunications Co. KSCP | 255 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Kuwait SAKP | 911 | 3004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warba Bank KSCP (a) | 243 | 232 |
|  |  | 7810 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Luxembourg** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal SA | 437 | 20045 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVC Capital Partners plc (e) | 158 | 2650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurofins Scientific SE | 11 | 788 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 18 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Luxembourg** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinet Investments SCA | 15 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaris SA | 137 | 2645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zabka Group SA (a) | 44 | 279 |
|  |  | 26930 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Macau** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sands China Ltd. | 447 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Malaysia** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMMB Holdings Bhd. | 251 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axiata Group Bhd. | 273 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; CELCOMDIGI Bhd. | 412 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIMB Group Holdings Bhd. | 858 | 1742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gamuda Bhd. | 529 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Leong Bank Bhd. | 75 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp; IHH Healthcare Bhd. | 211 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp; IOI Corp. Bhd | 275 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuala Lumpur Kepong Bhd. | 51 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malayan Banking Bhd. | 685 | 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxis Bhd. | 276 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp; MISC Bhd. | 139 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; MR DIY Group M Bhd. (e) | 397 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle Malaysia Bhd. | 9 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petronas Chemicals Group Bhd. | 311 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petronas Dagangan Bhd. | 30 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petronas Gas Bhd. | 89 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Press Metal Aluminium Holdings Bhd. | 383 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Bank Bhd. | 1586 | 1774 |
| &nbsp;&nbsp;&nbsp;&nbsp; QL Resources Bhd. | 150 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; RHB Bank Bhd. | 179 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp; SD Guthrie Bhd. | 223 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunway Bhd. | 267 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telekom Malaysia Bhd. | 104 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenaga Nasional Bhd. | 288 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp; YTL Corp. Bhd | 292 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; YTL Power International Bhd. | 322 | 263 |
|  |  | 13366 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mexico** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; America Movil SAB de CV, Class B | 2052 | 2119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arca Continental SAB de CV | 59 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cemex SAB de CV | 1737 | 1994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Femsa SAB de CV | 55 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fibra Uno Administracion SA de CV REIT | 349 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano SAB de CV | 185 | 1873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresnillo plc | 206 | 9172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gruma SAB de CV, Class B | 15 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Centro Norte SAB de CV, Class B | 31 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico SAB de CV, Class B | 42 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste SAB de CV, Class B | 20 | 649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Bimbo SAB de CV | 140 | 458 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mexico** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Carso SAB de CV, Class A1 | 60 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Comercial Chedraui SA de CV | 40 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV, Class O | 282 | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Inbursa SAB de CV, Class O | 181 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Mexico SAB de CV, Class B | 339 | 3208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrias Penoles SAB de CV (a) | 21 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark de Mexico SAB de CV, Class A | 150 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis Property Mexico SA de CV REIT | 116 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Promotora y Operadora de Infraestructura SAB de CV | 21 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sigma Foods SAB de CV, Class A | 366 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico SAB de CV | 596 | 1854 |
|  |  | 31071 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Netherlands** — **5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV, CVA GDR (e) | 443 | 15473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adyen NV (e) (a) | 19 | 30794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aegon Ltd. | 996 | 7748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akzo Nobel NV | 65 | 4512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE (a) | 6 | 4747 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASM International NV | 34 | 20830 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV | 285 | 307081 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASR Nederland NV | 118 | 8411 |
| &nbsp;&nbsp;&nbsp;&nbsp; BE Semiconductor Industries NV | 54 | 8383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext NV (e) | 57 | 8616 |
| &nbsp;&nbsp;&nbsp;&nbsp; EXOR NV | 71 | 5989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrovial SE | 267 | 17305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken Holding NV | 72 | 5260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken NV | 172 | 14227 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMCD NV | 31 | 2824 |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV | 2288 | 64313 |
| &nbsp;&nbsp;&nbsp;&nbsp; JDE Peet's NV | 78 | 2912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize NV | 23 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke KPN NV | 1657 | 7741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Philips NV | 70 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV (The) (a) | 231 | 3695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebius Group NV, Class A (a) | 5 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp; NEPI Rockcastle NV (a) | 66 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp; NN Group NV | 204 | 15762 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors NV | 1 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosus NV (a) | 841 | 52088 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN NV | 20 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Randstad NV | 57 | 2174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellantis NV | 857 | 9388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV | 468 | 12209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolters Kluwer NV | 121 | 12512 |
|  |  | 649971 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Zealand — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Auckland International Airport Ltd. | 295 | 1415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contact Energy Ltd. | 150 | 797 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 19

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Zealand — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare Corp. Ltd. | 107 | 2333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infratil Ltd. | 172 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meridian Energy Ltd. | 236 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xero Ltd. (a) | 30 | 2300 |
|  |  | 8703 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Norway** — **0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA | 115 | 2938 |
| &nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA | 673 | 18739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 355 | 8364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA | 154 | 4594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kongsberg Gruppen ASA | 230 | 5882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mowi ASA | 252 | 6068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norsk Hydro ASA | 1289 | 9951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orkla ASA | 381 | 4238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salmar ASA | 18 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telenor ASA | 262 | 3815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yara International ASA | 63 | 2569 |
|  |  | 68241 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Peru** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia de Minas Buenaventura SAA, ADR | 18 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credicorp Ltd. | 8 | 2227 |
|  |  | 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Philippines** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ayala Corp. | 24 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ayala Land, Inc. | 600 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of the Philippine Islands | 219 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp; BDO Unibank, Inc. | 245 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Container Terminal Services, Inc. | 110 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jollibee Foods Corp. | 59 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manila Electric Co. | 34 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank & Trust Co. | 186 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp; PLDT, Inc. | 7 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Investments Corp. | 23 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Prime Holdings, Inc. | 968 | 374 |
|  |  | 4008 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Poland** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro.eu SA (e) (a) | 95 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Millennium SA (a) | 65 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Polska Kasa Opieki SA | 20 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Budimex SA | 2 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC SA (a) | 5 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; CD Projekt SA | 7 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dino Polska SA (e) (a) | 56 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp; InPost SA (a) | 129 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp; KGHM Polska Miedz SA (a) | 15 | 1176 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPP SA | — (h) | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp; mBank SA (a) | 1 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORLEN SA | 66 | 1757 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGE Polska Grupa Energetyczna SA (a) | 86 | 210 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Poland** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank Polski SA | 95 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powszechny Zaklad Ubezpieczen SA | 65 | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Bank Polska SA | 4 | 656 |
|  |  | 13673 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Portugal** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Comercial Portugues SA, Class R | 5696 | 5996 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP SA | 2086 | 9609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galp Energia SGPS SA | 191 | 3288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jeronimo Martins SGPS SA | 7 | 170 |
|  |  | 19063 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Qatar** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Al Rayan Bank | 787 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barwa Real Estate Co. | 255 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Bank PSQC (The) | 350 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dukhan Bank | 162 | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industries Qatar QSC | 177 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesaieed Petrochemical Holding Co. | 433 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ooredoo QPSC | 105 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar Electricity & Water Co. QSC | 52 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar Fuel QSC | 47 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar Gas Transport Co. Ltd. | 267 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar International Islamic Bank QSC | 98 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar Islamic Bank QPSC | 193 | 1271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar National Bank QPSC | 494 | 2534 |
|  |  | 7159 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Saudi Arabia** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACWA Power Co. (a) | 18 | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ades Holding Co. | 29 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Al Rajhi Bank | 212 | 5505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alinma Bank | 132 | 861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Almarai Co. JSC | 51 | 594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arab National Bank | 99 | 570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arabian Internet & Communications Services Co. | 2 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank AlBilad | 83 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Al-Jazira (a) | 71 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Saudi Fransi | 130 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bupa Arabia for Cooperative Insurance Co. | 9 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Co. for Cooperative Insurance (The) | 9 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallah Healthcare Co. | 3 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dar Al Arkan Real Estate Development Co. (a) | 52 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr Sulaiman Al Habib Medical Services Group Co. | 9 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elm Co. | 2 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etihad Etisalat Co. | 39 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabal Omar Development Co. (a) | 55 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jarir Marketing Co. | 69 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Makkah Construction & Development Co. | 10 | 220 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 20 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Saudi Arabia** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mouwasat Medical Services Co. | 11 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riyad Bank | 160 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp; SABIC Agri-Nutrients Co. | 24 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sahara International Petrochemical Co. | 32 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAL Saudi Logistics Services | 3 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Mining Co. (a) | 149 | 2428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. (e) | 667 | 4237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Awwal Bank | 109 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Basic Industries Corp. | 100 | 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Electricity Co. | 94 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Investment Bank (The) | 86 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi National Bank (The) | 323 | 3257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Research & Media Group (a) | 3 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Tadawul Group Holding Co. | 5 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Telecom Co. | 220 | 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yanbu National Petrochemical Co. | 30 | 223 |
|  |  | 31674 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Singapore** — **0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Ascendas REIT | 699 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial Trust REIT | 1105 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp; CapitaLand Investment Ltd. | 428 | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. | 387 | 16966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grab Holdings Ltd., Class A (a) | 436 | 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keppel Ltd. | 269 | 2161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp. Ltd. | 616 | 9470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd., ADR (a) | 70 | 8897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sembcorp Industries Ltd. | 165 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Airlines Ltd. | 284 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. | 148 | 1948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Technologies Engineering Ltd. | 284 | 1854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications Ltd. | 1357 | 4801 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. | 228 | 6213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilmar International Ltd. | 352 | 842 |
|  |  | 62003 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Africa** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Absa Group Ltd. | 92 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bid Corp. Ltd. | 37 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bidvest Group Ltd. | 35 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitec Bank Holdings Ltd. | 10 | 2411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clicks Group Ltd. | 28 | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discovery Ltd. | 57 | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstRand Ltd. | 550 | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | 97 | 4219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Gold Mining Co. Ltd. | 63 | 1262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impala Platinum Holdings Ltd. | 99 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp; MTN Group Ltd. | 191 | 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naspers Ltd., Class N | 87 | 5775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nedbank Group Ltd. | 52 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northam Platinum Holdings Ltd. | 39 | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp; OUTsurance Group Ltd. | 84 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pepkor Holdings Ltd. (e) | 358 | 573 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Africa** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Remgro Ltd. | 56 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanlam Ltd. | 195 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol Ltd. (a) | 67 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoprite Holdings Ltd. | 50 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sibanye Stillwater Ltd. (a) | 309 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Bank Group Ltd. | 141 | 2469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. | 28 | 2402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodacom Group Ltd. | 63 | 541 |
|  |  | 36481 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Korea** — **1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alteogen, Inc. (a) | 4 | 1390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amorepacific Corp. | 3 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; APR Corp. (a) | 3 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celltrion, Inc. (a) | 17 | 2116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coway Co. Ltd. (a) | 6 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; DB Insurance Co. Ltd. | 5 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Doosan Bobcat, Inc. (a) | 6 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Doosan Co. Ltd. | 1 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Doosan Enerbility Co. Ltd. (a) | 50 | 2591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecopro BM Co. Ltd. (a) | 5 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecopro Co. Ltd. | 11 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hana Financial Group, Inc. | 30 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanjin Kal Corp. (a) | 3 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankook Tire & Technology Co. Ltd. | 8 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanmi Semiconductor Co. Ltd. | 5 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. (a) | 4 | 2396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Ocean Co. Ltd. (a) | 15 | 1158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Systems Co. Ltd. (a) | 9 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Co. Ltd. | 5 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Electric Co. Ltd. | 3 | 1372 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Heavy Industries Co. Ltd. | 4 | 1418 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Marine Solution Co. Ltd. | 2 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 5 | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp; HLB, Inc. (a) | 12 | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp; HMM Co. Ltd. | 27 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; HYBE Co. Ltd. (a) | 2 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyosung Heavy Industries Corp. (a) | 1 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Glovis Co. Ltd. | 4 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co. Ltd. | 7 | 1698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. | 14 | 2972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Rotem Co. Ltd. | 8 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Bank of Korea | 30 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kakao Corp. | 35 | 1443 |
| &nbsp;&nbsp;&nbsp;&nbsp; KakaoBank Corp. | 18 | 271 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group, Inc. | 40 | 3422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kia Corp. | 26 | 2166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Aerospace Industries Ltd. | 7 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Electric Power Corp. (a) | 28 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Investment Holdings Co. Ltd. | 5 | 591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Zinc Co. Ltd. | — (h) | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korean Air Lines Co. Ltd. (a) | 22 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krafton, Inc. (a) | 3 | 575 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 21

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Korea** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KT&G Corp. | 10 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Chem Ltd. | 5 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Corp. | 10 | 558 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Display Co. Ltd. (a) | 35 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Electronics, Inc. | 11 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Energy Solution Ltd. (a) | 5 | 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG H&H Co. Ltd. | 1 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Uplus Corp. | 22 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp; LIG Nex1 Co. Ltd. (a) | 1 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp; LS Electric Co. Ltd. (a) | 2 | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritz Financial Group, Inc. | 9 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirae Asset Securities Co. Ltd. | 25 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAVER Corp. | 16 | 2648 |
| &nbsp;&nbsp;&nbsp;&nbsp; NH Investment & Securities Co. Ltd. | 15 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; POSCO Future M Co. Ltd. (a) | 4 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp; POSCO Holdings, Inc. | 8 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Posco International Corp. | 5 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Biologics Co. Ltd. (e) (a) | 1 | 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung C&T Corp. (a) | 9 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electro-Mechanics Co. Ltd. (a) | 6 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 518 | 43454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Fire & Marine Insurance Co. Ltd. | 3 | 1153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Heavy Industries Co. Ltd. (a) | 76 | 1264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Life Insurance Co. Ltd. | 9 | 964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung SDI Co. Ltd. (a) | 6 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung SDS Co. Ltd. (a) | 5 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samyang Foods Co. Ltd. | — (h) | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd. | 47 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Biopharmaceuticals Co. Ltd. (a) | 3 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. | 60 | 26963 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Innovation Co. Ltd. | 7 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Square Co. Ltd. (a) | 10 | 2534 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Telecom Co. Ltd. | 14 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK, Inc. | 4 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp; S-Oil Corp. (a) | 5 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woori Financial Group, Inc. | 71 | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yuhan Corp. (a) | 6 | 452 |
|  |  | 142708 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Spain** — **3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acciona SA | 16 | 3567 |
| &nbsp;&nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios SA | 92 | 9127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME SA (e) | 390 | 10910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group SA | 12 | 867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria SA | 4364 | 102376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco de Sabadell SA | 3817 | 15044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | 11273 | 132686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bankinter SA | 509 | 8430 |
| &nbsp;&nbsp;&nbsp;&nbsp; CaixaBank SA | 2952 | 36091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellnex Telecom SA (e) | 211 | 6788 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP Renovaveis SA | 209 | 2950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endesa SA | 214 | 7720 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Spain** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Grifols SA | 27 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola SA | 4217 | 91311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil SA | 28 | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mapfre SA | 701 | 3519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naturgy Energy Group SA | 157 | 4779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeia Corp. SA | 243 | 4338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repsol SA | 520 | 9694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica SA | 1570 | 6445 |
|  |  | 458837 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Sweden — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AddTech AB, Class B | 134 | 4731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa Laval AB | 151 | 7556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB, Class B | 521 | 20116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class A | 1394 | 24811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB, Class B | 812 | 12986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beijer Ref AB, Class B | 211 | 3393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boliden AB (a) | 265 | 14653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class A | 343 | 7722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Epiroc AB, Class B | 202 | 4073 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT AB | 375 | 14659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essity AB, Class B | 16 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution AB (e) | 3 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastighets AB Balder, Class B (a) | 18 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB, Class B | 13 | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexagon AB, Class B | 53 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holmen AB, Class B | 27 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB, Class A | 90 | 4022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrivarden AB, Class C | 119 | 5335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indutrade AB | 143 | 3700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment AB Latour, Class B | 76 | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor AB, Class B | 1380 | 49161 |
| &nbsp;&nbsp;&nbsp;&nbsp; L E Lundbergforetagen AB, Class B | 57 | 3144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lifco AB, Class B | 120 | 4563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nibe Industrier AB, Class B | 783 | 2991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saab AB, Class B | 167 | 9665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagax AB, Class B | 6 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB | 554 | 17895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securitas AB, Class B | 257 | 4085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, Class A | 1147 | 24175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skanska AB, Class B | 178 | 4851 |
| &nbsp;&nbsp;&nbsp;&nbsp; SKF AB, Class B | 176 | 4662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology SA (a) | 67 | 38643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Cellulosa AB SCA, Class B | 230 | 3055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB, Class A | 1099 | 15925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedbank AB, Class A | 643 | 22321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swedish Orphan Biovitrum AB (a) | 18 | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tele2 AB, Class B | 233 | 3904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson, Class B | 72 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telia Co. AB | 1004 | 4292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trelleborg AB, Class B | 105 | 4430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volvo AB, Class B | 825 | 26267 |
|  |  | 377816 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 22 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Switzerland** — **11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABB Ltd. (Registered) | 814 | 60002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon AG | 46 | 3618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor plc | 9 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize Ltd. (a) | 2 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avolta AG | 2 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Cantonale Vaudoise (Registered) | 23 | 2910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barry Callebaut AG (Registered) | 3 | 4514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belimo Holding AG (Registered) | 5 | 4963 |
| &nbsp;&nbsp;&nbsp;&nbsp; BKW AG | 14 | 3001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG | 1 | 10608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli AG (Registered) | — (h) | 15839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 1 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont SA, Class A (Registered) | 339 | 73174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola HBC AG (a) | 118 | 6102 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSM-Firmenich AG | 65 | 5284 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMS-Chemie Holding AG (Registered) | 3 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Galderma Group AG | 108 | 21918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 1 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geberit AG (Registered) | 18 | 13686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Givaudan SA (Registered) | 3 | 13843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore plc (a) | 9355 | 51139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helvetia Baloise Holding AG | 60 | 15873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Holcim AG (a) | 193 | 18826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group Ltd. | 155 | 12125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuehne + Nagel International AG (Registered) | 25 | 5406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Logitech International SA (Registered) | 4 | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonza Group AG (Registered) | 6 | 4330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle SA (Registered) | 2454 | 243552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG (Registered) | 1323 | 182359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Holding AG | 17 | 21102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding AG | 511 | 211368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group AG | 291 | 21126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG | 21 | 8034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schindler Holding AG (Registered) | 12 | 4286 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGS SA (Registered) | 86 | 9872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sika AG (Registered) | 58 | 11732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Holding AG (Registered) | 5 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp; STMicroelectronics NV | 17 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Straumann Holding AG (Registered) | 10 | 1186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group AG (The) | 18 | 3840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Life Holding AG (Registered) | 22 | 24886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Prime Site AG (Registered) | 2 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swiss Re AG | 226 | 37688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swisscom AG (Registered) | 11 | 8007 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (Registered) | 2404 | 110994 |
| &nbsp;&nbsp;&nbsp;&nbsp; VAT Group AG (e) | 14 | 6760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | 110 | 83492 |
|  |  | 1342422 |

---

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Taiwan** — **2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accton Technology Corp. | 53 | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantech Co. Ltd. | 56 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airtac International Group | 16 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alchip Technologies Ltd. | 9 | 1005 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASE Technology Holding Co. Ltd. | 360 | 2839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia Cement Corp. | 258 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia Vital Components Co. Ltd. | 36 | 1728 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology, Inc. | 3 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asustek Computer, Inc. | 78 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bizlink Holding, Inc. | 19 | 918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caliway Biopharmaceuticals Co. Ltd. (a) | 117 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catcher Technology Co. Ltd. | 64 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cathay Financial Holding Co. Ltd. | 1030 | 2485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chailease Holding Co. Ltd. | 160 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chang Hwa Commercial Bank Ltd. | 800 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheng Shin Rubber Industry Co. Ltd. | 188 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Airlines Ltd. | 327 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Steel Corp. | 1192 | 720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chroma ATE, Inc. | 42 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chunghwa Telecom Co. Ltd. | 416 | 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compal Electronics, Inc. | 439 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTBC Financial Holding Co. Ltd. | 1834 | 2930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics, Inc. | 214 | 6528 |
| &nbsp;&nbsp;&nbsp;&nbsp; E Ink Holdings, Inc. | 99 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp; E.Sun Financial Holding Co. Ltd. | 1538 | 1652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eclat Textile Co. Ltd. | 20 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elite Material Co. Ltd. | 32 | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp; eMemory Technology, Inc. | 7 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eva Airways Corp. | 350 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergreen Marine Corp. Taiwan Ltd. | 126 | 760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Far Eastern New Century Corp. | 274 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Far EasTone Telecommunications Co. Ltd. | 180 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Feng TAY Enterprise Co. Ltd. | 43 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Holding Co. Ltd. | 1266 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Formosa Chemicals & Fibre Corp. | 414 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Formosa Plastics Corp. | 453 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Electric Co. Ltd. | 18 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fubon Financial Holding Co. Ltd. | 935 | 2861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gigabyte Technology Co. Ltd. | 57 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Unichip Corp. | 9 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globalwafers Co. Ltd. | 26 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Circuit Electronics Ltd. | 36 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co. Ltd. | 1385 | 10153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotai Motor Co. Ltd. | 31 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hua Nan Financial Holdings Co. Ltd. | 996 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innolux Corp. | 733 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Games System Co. Ltd. | 26 | 597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inventec Corp. | 289 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jentech Precision Industrial Co. Ltd. | 9 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp; KGI Financial Holding Co. Ltd. | 1777 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp; King Slide Works Co. Ltd. | 6 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp; King Yuan Electronics Co. Ltd. | 121 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Largan Precision Co. Ltd. | 11 | 870 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 23

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Taiwan** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lite-On Technology Corp., ADR | 213 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lotes Co. Ltd. | 9 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek, Inc. | 167 | 7583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mega Financial Holding Co. Ltd. | 1258 | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nan Ya Plastics Corp. | 555 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nien Made Enterprise Co. Ltd. | 20 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novatek Microelectronics Corp. | 62 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pegatron Corp. | 231 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp; PharmaEssentia Corp. | 36 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp; President Chain Store Corp. | 65 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Computer, Inc. | 303 | 2617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realtek Semiconductor Corp. | 53 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Commercial & Savings Bank Ltd. (The) | 393 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp; SinoPac Financial Holdings Co. Ltd. | 1303 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Business Bank | 762 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Cooperative Financial Holding Co. Ltd. | 1211 | 937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan High Speed Rail Corp. | 213 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Mobile Co. Ltd. | 180 | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. | 4343 | 213490 |
| &nbsp;&nbsp;&nbsp;&nbsp; TCC Group Holdings Co. Ltd. | 731 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teco Electric & Machinery Co. Ltd. | 132 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp; TS Financial Holding Co. Ltd. | 2379 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unimicron Technology Corp. | 140 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uni-President Enterprises Corp. | 513 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Microelectronics Corp. | 1245 | 1944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard International Semiconductor Corp. | 121 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wan Hai Lines Ltd. | 79 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wistron Corp. | 320 | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wiwynn Corp. | 12 | 1710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yageo Corp. | 182 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yang Ming Marine Transport Corp. | 163 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yuanta Financial Holding Co. Ltd. | 1238 | 1547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhen Ding Technology Holding Ltd. | 70 | 315 |
|  |  | 310616 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Thailand** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Info Service PCL, NVDR | 123 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airports of Thailand PCL, NVDR | 440 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangkok Dusit Medical Services PCL, NVDR | 1193 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bumrungrad Hospital PCL, NVDR | 71 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Pattana PCL, NVDR | 219 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charoen Pokphand Foods PCL, NVDR | 392 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP ALL PCL, NVDR | 583 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp; CP AXTRA PCL, NVDR | 183 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics Thailand PCL, NVDR | 343 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulf Development PCL, NVDR (a) | 453 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PCL, NVDR | 90 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krung Thai Bank PCL, NVDR | 374 | 335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minor International PCL, NVDR | 337 | 259 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Thailand** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PTT Exploration & Production PCL, NVDR | 157 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTT PCL, NVDR | 1064 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCB X PCL, NVDR | 116 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siam Cement PCL (The), NVDR | 78 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; TMBThanachart Bank PCL, NVDR | 3707 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; True Corp. PCL, NVDR | 997 | 345 |
|  |  | 11407 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Turkey** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Akbank TAS | 325 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aselsan Elektronik Sanayi Ve Ticaret A/S | 142 | 767 |
| &nbsp;&nbsp;&nbsp;&nbsp; BIM Birlesik Magazalar A/S | 47 | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eregli Demir ve Celik Fabrikalari TAS | 367 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Otomotiv Sanayi A/S | 54 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haci Omer Sabanci Holding A/S | 118 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; KOC Holding A/S | 73 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turk Hava Yollari AO | 62 | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri A/S | 122 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Is Bankasi A/S, Class C | 838 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkiye Petrol Rafinerileri A/S | 106 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yapi ve Kredi Bankasi A/S (a) | 341 | 287 |
|  |  | 4390 |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Arab Emirates** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Commercial Bank PJSC | 347 | 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Islamic Bank PJSC | 157 | 887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi National Oil Co. for Distribution PJSC | 444 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADNOC Drilling Co. PJSC | 381 | 555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adnoc Gas plc | 759 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADNOC Logistics & Services | 203 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aldar Properties PJSC | 417 | 986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Americana Restaurants International PLC—Foreign Co. | 263 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dubai Electricity & Water Authority PJSC | 635 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dubai Islamic Bank PJSC | 313 | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Development PJSC | 110 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC | 717 | 2736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC | 208 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emirates Telecommunications Group Co. PJSC | 379 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC | 482 | 2287 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMC Health plc (a)(bb) | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Salik Co. PJSC | 238 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Two Point Zero Group PJSC (a) | 363 | 258 |
|  |  | 16306 |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Kingdom** — **18.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group plc | 752 | 32981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Admiral Group plc | 196 | 8389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American plc | 1041 | 43079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglogold Ashanti Plc | 55 | 4750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon plc, Class A | 1 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group plc | 219 | 14922 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 24 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Kingdom** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated British Foods plc | 70 | 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca plc | 1079 | 199750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group plc (e) | 368 | 2903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aviva plc | 2303 | 21174 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems plc | 5671 | 130521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays plc | 10572 | 67673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barratt Redrow plc | 35 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; BP plc | 7249 | 42274 |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco plc | 4667 | 264603 |
| &nbsp;&nbsp;&nbsp;&nbsp; BT Group plc | 2545 | 6304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunzl plc | 168 | 4691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica plc | 3687 | 8407 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial NV | 3 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc | 159 | 14382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group plc | 43 | 1377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo plc | 986 | 21252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Endeavour Mining plc | 180 | 9388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entain plc | 16 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK plc | 2829 | 69365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon plc | 6199 | 31328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halma plc | 10 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals plc | 117 | 2429 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings plc | 13034 | 205110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands plc | 20 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Informa plc | 551 | 6533 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group plc (a) | 4 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Consolidated Airlines Group SA | 621 | 3445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intertek Group plc | 80 | 4962 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Sainsbury plc | 44 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD Sports Fashion plc | 64 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingfisher plc | 44 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Land Securities Group plc REIT | 18 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal & General Group plc | 4291 | 15103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group plc | 44828 | 59295 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group plc | 354 | 42555 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&G plc | 1751 | 6742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marks & Spencer Group plc | 52 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melrose Industries plc | 2229 | 17582 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Grid plc | 3874 | 59420 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group plc | 6084 | 53372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Next plc | 3 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pearson plc | 15 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair plc | 1 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phoenix Group Holdings plc | 537 | 5317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group plc | 362 | 29306 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX plc | 947 | 38165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial plc | 1306 | 7793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto plc | 1050 | 84615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings plc | 15435 | 238720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sage Group plc (The) | 25 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schroders plc | 542 | 2963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Segro plc REIT | 33 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Severn Trent plc | 212 | 7954 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United Kingdom** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell plc | 4098 | 151027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew plc | 73 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smiths Group plc | 169 | 5346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirax Group plc | 38 | 3469 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE plc | 941 | 27600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered plc | 1473 | 35954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesco plc | 166 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever plc | 1575 | 102916 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Utilities Group plc | 533 | 8564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group plc | 8149 | 10863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitbread plc | 4 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson plc | — (h) | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wise plc, Class A (a) | 502 | 6011 |
|  |  | 2251829 |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States** — **1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 2 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 5 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 5 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. (a) | 1 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. (a) | 5 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM | — (h) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affirm Holdings, Inc., Class A (a) | 1 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 2 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 1 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 1 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A (a) | 1 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. REIT | 1 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 1 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. (The) | 1 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. (a) | — (h) | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 18 | 5545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 15 | 4671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 5 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. (a) | 29 | 6748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 1 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 2 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 2 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | — (h) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A REIT | 1 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 2 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. REIT | 1 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 1 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | — (h) | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 1 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 2 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 4 | 514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 2 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. REIT | 2 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 1 | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 45 | 12288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 2 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A (a) | 1 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 1 | 83 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 25

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp., Class A | 1 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc. (a) | 3 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 1 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astera Labs, Inc. (a) | — (h) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 22 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 1 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc. (a) | 1 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 1 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc. (a) | — (h) | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. REIT | — (h) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | — (h) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. (a) | — (h) | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co., Class A | 3 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 1 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 23 | 1280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 2 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 2 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 1 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | — (h) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B (a) | 4 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 1 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc. (a) | 1 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Inc. | 2 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc., Class A (a) | 2 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A (a) | 1 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. (The) (a) | 2 | 522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | — (h) | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp., Class A | — (h) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. (a) | 5 | 441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 6 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 14 | 4729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | — (h) | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd., Class A | 33 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corp. | 11 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 1 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | 1 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc. (a) | — (h) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Global SA | 1 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc. (a) | — (h) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. REIT | 1 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. (a) | 1 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 2 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 1 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | — (h) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlyle Group, Inc. (The) | 1 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp. (a) | 3 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 2 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carvana Co., Class A (a) | — (h) | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 1 | 821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | — (h) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A (a) | 1 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | — (h) | 62 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 1 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. (a) | 2 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 2 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 1 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | — (h) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 5 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A (a) | — (h) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 1 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 6 | 897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc., Class A (a) | 4 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 1 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp. (a) | — (h) | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Group (The) | 1 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | — (h) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 1 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 12 | 929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 6 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 1 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. (The) | — (h) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Inc., Class A (a) | 1 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc., Class A | 1 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 1 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 12 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 1 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Class A (a) | 1 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 2 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 11 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | — (h) | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 4 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 1 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | — (h) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 1 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The) (a) | 1 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc. (a) | 3 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc., Class A (a) | 1 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 3 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc. (a) | — (h) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 2 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc. (a) | 1 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 1 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 2 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd. (a) | — (h) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A (a) | 1 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. REIT | 1 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 6 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | — (h) | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 4 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 2 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | — (h) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datadog, Inc., Class A (a) | 1 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp. (a) | 1 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 1 | 371 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 26 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell Technologies, Inc., Class C | 1 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 1 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 2 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc. (a) | 1 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 1 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | — (h) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. REIT | 1 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; DocuSign, Inc., Class A (a) | 1 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 1 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc. (a) | 1 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 3 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | — (h) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A (a) | 1 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | — (h) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 2 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc. | 1 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; DraftKings, Inc., Class A (a) | 2 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 1 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 2 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 1 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. (a) | 1 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 1 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp., Class A (a) | — (h) | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 1 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 1 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. (a) | 2 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 1 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 1 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 2 | 2668 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | — (h) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 2 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | — (h) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 1 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 2 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 2 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | — (h) | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. REIT | — (h) | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. REIT | 1 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential REIT | 1 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Erie Indemnity Co., Class A | — (h) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 1 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. REIT | — (h) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 1 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 1 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 1 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 3 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 1 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | — (h) | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | — (h) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. REIT | 1 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 13 | 1569 |
| &nbsp;&nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | — (h) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc. (a) | — (h) | 45 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp. (a) | — (h) | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 4 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 1 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 1 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 1 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 2 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 4 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | — (h) | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc. (a) | — (h) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 2 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc. (a) | 2 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flex Ltd. (a) | 1 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment plc (a) | 1 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 12 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc. (a) | 2 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 1 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 1 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | — (h) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 4 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. REIT | 1 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. (a) | — (h) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 2 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 1 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 2 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 1 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 3 | 1007 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 2 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 3 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | — (h) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 4 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 1 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A (a) | — (h) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 1 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 1 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 3 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. (The) | 1 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 1 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. REIT | 3 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. | — (h) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp., Class A | — (h) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. (The) | — (h) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 4 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 1 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc. (a) | 1 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 3 | 1055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 2 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 1 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 1 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 3 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc., Class B | — (h) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc. (a) | — (h) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | — (h) | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 5 | 95 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 27

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Class A | — (h) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | — (h) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc. (a) | — (h) | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 1 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc. (a) | 1 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp. (a) | 1 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 1 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc. (a) | 1 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp. (a) | — (h) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. (a) | 14 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 1 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 2 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 3 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 1 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 2 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 1 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. (a) | 1 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. REIT | 2 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. (a) | 1 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. (a) | 1 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. REIT | 1 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp; J M Smucker Co. (The) | — (h) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | — (h) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | — (h) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | — (h) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | — (h) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 7 | 1525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International plc | 2 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 6 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 4 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 3 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. (a) | 1 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 1 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. REIT | 2 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 6 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 2 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | — (h) | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 3 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. (The) | 2 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 1 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | — (h) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 4 | 669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 1 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | — (h) | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 1 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | — (h) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp-Liberty Formula One, Class C (a) | 1 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde plc | 1 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. (a) | — (h) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 1 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 1 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 2 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | — (h) | 85 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | 1 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 1 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 1 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Markel Group, Inc. (a) | — (h) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 1 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 2 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | — (h) | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 3 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 1 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 3 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 1 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 2 | 668 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | — (h) | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 8 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 7 | 4417 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 2 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. (a) | — (h) | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 2 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 3 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 22 | 10402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. REIT | — (h) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | 4 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc., Class A (a) | — (h) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | — (h) | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp. (a) | 2 | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 1 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 4 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 1 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc., Class A | — (h) | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 2 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc. (a) | — (h) | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 1 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc. (a) | 13 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. (a) | — (h) | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 3 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A | 1 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 6 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 4 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 2 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | — (h) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 1 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 1 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | — (h) | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 1 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 1 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc., Class A (a) | 1 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 74 | 13816 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc. (a) | — (h) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 2 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklo, Inc., Class A (a) | — (h) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc., Class A (a) | 1 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 1 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 1 | 79 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 28 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | |
|:---|:---|:---|
| SECURITY DESCRIPTION | <br>SHARES | VALUE ($) |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp. (a) | 1 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 2 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 5 | 1025 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. (a) | 3 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 1 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 2 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | — (h) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palantir Technologies, Inc., Class A (a) | 7 | 1242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. (a) | 2 | 384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | — (h) | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 1 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | — (h) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 3 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo., Inc. | 4 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 18 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp. | 7 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 5 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 1 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | — (h) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A (a) | 2 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 2 | 349 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 1 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 2 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 1 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 7 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 2 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. REIT | 3 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 1 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc. (a) | — (h) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 2 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage REIT | — (h) | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 1 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Storage, Inc., Class A (a) | 1 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | 1 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 3 | 565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. | — (h) | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | — (h) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 1 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Global, Inc. | 15 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. REIT | 3 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reddit, Inc., Class A (a) | — (h) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. REIT | 1 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | — (h) | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 3 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | — (h) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Inc., Class A | 1 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | — (h) | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. | 25 | 1733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A (a) | 3 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc., Class A (a) | 2 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A (a) | 2 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Cos., Inc., Class A | 3 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rocket Lab Corp. (a) | 1 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | — (h) | 143 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 1 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | — (h) | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 1 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 1 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma plc, Class A | 1 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | — (h) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; RTX Corp. | 4 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 1 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 3 | 780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsara, Inc., Class A (a) | 1 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp., Class A REIT | — (h) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 1 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra | 2 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. (a) | 3 | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 1 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. REIT | 1 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. | 5 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc., Class A (a) | 4 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | — (h) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A (a) | 1 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; SoFi Technologies, Inc. (a) | 4 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp. (a) | 1 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. (The) | 3 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper Corp. | 11 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 1 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 4 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 1 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | — (h) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS plc | — (h) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategy, Inc., Class A (a) | 1 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 1 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. REIT | — (h) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc. (a) | 2 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 1 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc. (a) | 1 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 1 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; T Rowe Price Group, Inc. | 1 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. (a) | 1 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 1 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 1 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 2 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. (a) | — (h) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 1 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc. (a) | 9 | 3874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 3 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | — (h) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 1 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 1 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 3 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 2 | 320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc., Class A (a) | 2 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 2 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The), Class A (a) | 1 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | — (h) | 39 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 29

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (continued)

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
|  **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | — (h) | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 1 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 1 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc. (a) | 1 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 6 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc., Class A (a) | 1 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc. (a) | — (h) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 1 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc. (a) | 6 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. REIT | 1 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc. (a) | — (h) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 2 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. (a) | — (h) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 2 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. | — (h) | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp. (a) | — (h) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 3 | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | — (h) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp | 6 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 1 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A (a) | — (h) | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. REIT | 1 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veralto Corp. | 1 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. | — (h) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc., Class A | — (h) | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 13 | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. (a) | 1 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A | 1 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc., Class A REIT | 3 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 5 | 1818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 1 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | — (h) | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 13 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. (The) | 6 | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc. (a) | 8 | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 1 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp. (a) | — (h) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc. | — (h) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 1 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 11 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. REIT | 2 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | — (h) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | 1 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 1 | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. REIT | 3 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 4 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | — (h) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workday, Inc., Class A (a) | 1 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; WP Carey, Inc. REIT | 1 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Berkley Corp. | 1 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. | — (h) | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 2 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 1 | 101 |

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **<br>SHARES** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **United States** — **continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 1 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A (a) | — (h) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zillow Group, Inc., Class C (a) | 1 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 1 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc., Class A | 1 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc., Class A (a) | 1 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zscaler, Inc. (a) | — (h) | 72 |
|  |  | 184920 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Uruguay** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (a) | — (h) | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks<br>(Cost $8,867,916) |  | 11933874 |
|  **Preferred Stocks** — **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Brazil** — **0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Axia Energia (a) (a) | 71 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bradesco SA | 572 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Energetica de Minas Gerais | 159 | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gerdau SA | 146 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA | 605 | 4325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itausa SA | 637 | 1356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Localiza Rent a Car SA (a) | 4 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro SA — Petrobras | 501 | 2810 |
|  |  | 11909 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Chile** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA, Class B (a) | 16 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colombia** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Cibest SA | 46 | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Germany** — **0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 23 | 2476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dr Ing hc F Porsche AG (e) | 48 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henkel AG & Co. KGaA | 4 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Porsche Automobil Holding SE | 65 | 3040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sartorius AG | 2 | 687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volkswagen AG | 88 | 10700 |
|  |  | 19823 |
| &nbsp;&nbsp;&nbsp;&nbsp; **India** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd. (a)(bb) | 96 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; **South Korea** — **0.0%** (g) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. | 6 | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. | 88 | 5476 |
|  |  | 6364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks<br>(Cost $32,197) |  | 39969 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 30 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| SECURITY DESCRIPTION | NUMBER OF<br>WARRANTS | NUMBER OF<br>WARRANTS | VALUE ($) |
|  **Warrant** — **0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Canada** — **0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. (Canada), expiring 03/31/2040 (a)(bb) (Cost $—) |  | — (h) |  |
|  | PRINCIPAL<br>AMOUNT ($) | PRINCIPAL<br>AMOUNT ($) |  |
|  **Short-Term Investments** — **1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits** — **1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd.,<br>0.72%, 01/05/2026 | NZD | 148 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 01/02/2026 | AUD | 3556 | 2373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 3353 | 3353 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.90%), 01/05/2026 | CHF | 3592 | 4535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27%, 01/02/2026 | DKK | 12153 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown Brothers Harriman & Co., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.90%), 01/05/2026 | CHF | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27%, 01/02/2026 | DKK | 868 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 01/02/2026 | SGD | 419 | 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 01/02/2026 | EUR | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 01/02/2026 | AUD | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/02/2026 | NOK | 4226 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/02/2026 | HKD | 4441 | 571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 01/02/2026 | ZAR | 1603 | 97 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Time Deposits** — **continued** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank NA, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 01/02/2026 | EUR | 33112 | 38914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 01/02/2026 | GBP | 13670 | 18426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 20802 | 20802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.08%, 01/02/2026 | CAD | 600 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 40824 | 40824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken AB, (3.79%), 01/02/2026 | SEK | 7621 | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Banking Corp., |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%, 01/05/2026 | JPY | 1046091 | 6678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/02/2026 |  | 7230 | 7230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., 2.98%, 01/02/2026 |  | 33097 | 33097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments<br>(Cost $181,044) |  |  | 181044 |
|  **Total Investments — 99.7%<br>(Cost — $9,081,157)** |  |  | **12154887** |
|  **Other Assets in Excess of Liabilities — 0.3%** | **Other Assets in Excess of Liabilities — 0.3%** | **Other Assets in Excess of Liabilities — 0.3%** | **33575** |
|  **NET ASSETS — 100.0%** |  |  | **$12188462** |

---

Percentages indicated are based on net assets.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: | Futures contracts outstanding as of December 31, 2025: |
| Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded | Exchange Traded |
| DESCRIPTION | NUMBER OF<br>CONTRACTS | EXPIRATION<br>DATE | TRADING<br>CURRENCY | NOTIONAL<br>AMOUNT ($) | VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) |
|  **Long Contracts** | **Long Contracts** |  |  |  |  |
|  Euro STOXX 50 Index | 875 | 03/2026 | EUR | 59422 | 641 |
|  FTSE 100 Index | 236 | 03/2026 | GBP | 31424 | 200 |
|  Micro EURO STOXX 50 Index | 254 | 03/2026 | EUR | 1727 | 17 |
|  Mini-DAX | 8 | 03/2026 | EUR | 1154 | 7 |
|  MSCI Emerging Markets Index | 89 | 03/2026 | USD | 6242 | 39 |
|  S&P 500 E-mini Index | 1 | 03/2026 | USD | 344 | — (h) |
|  S&P Toronto Stock Exchange 60 Index | 2 | 03/2026 | CAD | 540 | 3 |
|  SGX MSCI Singapore Index | 26 | 01/2026 | SGD | 903 | (2) |
|  SPI 200 Index | 10 | 03/2026 | AUD | 1450 | (2) |
|  STOXX Europe 600 Index | 355 | 03/2026 | EUR | 12279 | 132 |
|  TOPIX Index | 21 | 03/2026 | JPY | 4584 | (8) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 1027 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 31

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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 December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** | **Forward foreign currency exchange contracts outstanding as of December 31, 2025:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  USD | 8689 | EUR | 7390 | BNP Paribas | 01/02/2026 | 4 |
|  GBP | 11467 | USD | 15446 | Bank of America, NA | 01/02/2026 | 10 |
|  GBP | 232 | USD | 312 | UBS AG LONDON | 01/02/2026 | — (h) |
|  GBP | 96 | USD | 129 | UBS AG LONDON | 01/02/2026 | — (h) |
|  PLN | 521 | USD | 145 | Citibank, NA | 01/02/2026 | — (h) |
|  USD | 18275 | CHF | 14457 | Bank of America, NA | 01/05/2026 | 23 |
|  EUR | 550 | USD | 646 | Goldman Sachs International | 01/05/2026 | 1 |
|  EUR | 746 | USD | 875 | Goldman Sachs International | 01/05/2026 | 2 |
|  EUR | 738 | USD | 865 | Goldman Sachs International | 01/05/2026 | 2 |
|  EUR | 692 | USD | 812 | Goldman Sachs International | 01/05/2026 | 1 |
|  EUR | 266 | USD | 312 | Goldman Sachs International | 01/05/2026 | 1 |
|  EUR | 58 | USD | 68 | Goldman Sachs International | 01/05/2026 | — (h) |
|  GBP | 2275 | USD | 3062 | UBS AG LONDON | 01/05/2026 | 5 |
|  HUF | 68432 | USD | 208 | Morgan Stanley & Co. | 01/05/2026 | 2 |
|  QAR | 311 | USD | 85 | BNP Paribas | 01/05/2026 | — (h) |
|  SEK | 169 | USD | 18 | BNP Paribas | 01/05/2026 | — (h) |
|  SEK | 40384 | USD | 4354 | BNP Paribas | 01/05/2026 | 33 |
|  CHF | 38274 | USD | 48293 | Bank of America, NA | 01/06/2026 | 32 |
|  CHF | 9724 | USD | 12255 | Citibank, NA | 01/06/2026 | 22 |
|  USD | 13444 | DKK | 85266 | Bank of America, NA | 01/06/2026 | 27 |
|  USD | 17421 | DKK | 110418 | Bank of America, NA | 01/06/2026 | 47 |
|  USD | 10220 | DKK | 64898 | Bank of America, NA | 01/06/2026 | 8 |
|  USD | 12176 | DKK | 77368 | Bank of America, NA | 01/06/2026 | 2 |
|  DKK | 835316 | USD | 131054 | Morgan Stanley & Co. | 01/06/2026 | 383 |
|  EUR | 2326 | USD | 2732 | Bank of America, NA | 01/06/2026 | 1 |
|  EUR | 57292 | USD | 67265 | Bank of America, NA | 01/06/2026 | 68 |
|  USD | 4575 | EUR | 3878 | UBS AG LONDON | 01/06/2026 | 17 |
|  EUR | 28058 | USD | 32916 | UBS AG LONDON | 01/06/2026 | 59 |
|  USD | 29906 | GBP | 22144 | Bank of America, NA | 01/06/2026 | 56 |
|  USD | 13574 | GBP | 10066 | Bank of America, NA | 01/06/2026 | 6 |
|  GBP | 390 | USD | 522 | Bank of America, NA | 01/06/2026 | 4 |
|  GBP | 169217 | USD | 226099 | Morgan Stanley & Co. | 01/06/2026 | 1998 |
|  USD | 2187 | GBP | 1620 | Morgan Stanley & Co. | 01/06/2026 | 3 |
|  USD | 4450 | GBP | 3301 | UBS AG LONDON | 01/06/2026 | 1 |
|  GBP | 3400 | USD | 4551 | UBS AG LONDON | 01/06/2026 | 32 |
|  USD | 82 | NOK | 825 | Bank of America, NA | 01/06/2026 | — (h) |
|  USD | 384 | NOK | 3835 | BNP Paribas | 01/06/2026 | 4 |
|  NOK | 127554 | USD | 12571 | BNP Paribas | 01/06/2026 | 84 |
|  DKK | 365492 | USD | 57462 | Bank of America, NA | 01/08/2026 | 55 |
|  GBP | 47757 | USD | 64246 | Bank of America, NA | 01/08/2026 | 128 |
|  NOK | 10569 | USD | 1048 | Bank of America, NA | 01/08/2026 | — (h) |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  |  | 3121 |
|  DKK | 77368 | USD | 12173 | Bank of America, NA | 01/02/2026 | — (h) |
|  EUR | 482 | USD | 567 | UBS AG LONDON | 01/02/2026 | — (h) |
|  EUR | 472 | USD | 555 | UBS AG LONDON | 01/02/2026 | — (h) |
|  EUR | 626 | USD | 735 | UBS AG LONDON | 01/02/2026 | — (h) |
|  NOK | 530 | USD | 53 | Goldman Sachs International | 01/02/2026 | — (h) |
|  DKK | 64898 | USD | 10219 | Bank of America, NA | 01/05/2026 | (8) |
|  USD | 2732 | EUR | 2326 | Bank of America, NA | 01/05/2026 | (1) |
|  USD | 3856 | SEK | 35668 | Citibank, NA | 01/05/2026 | (18) |
|  USD | 530 | SEK | 4885 | Citibank, NA | 01/05/2026 | (1) |
|  CHF | 28371 | USD | 35970 | Bank of America, NA | 01/06/2026 | (149) |
|  CHF | 14457 | USD | 18277 | Bank of America, NA | 01/06/2026 | (23) |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 32 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Forward foreign currency exchange contracts outstanding as of December 31, 2025 (continued): | Forward foreign currency exchange contracts outstanding as of December 31, 2025 (continued): | Forward foreign currency exchange contracts outstanding as of December 31, 2025 (continued): | Forward foreign currency exchange contracts outstanding as of December 31, 2025 (continued): | Forward foreign currency exchange contracts outstanding as of December 31, 2025 (continued): | Forward foreign currency exchange contracts outstanding as of December 31, 2025 (continued): | Forward foreign currency exchange contracts outstanding as of December 31, 2025 (continued): |
| CURRENCY PURCHASED | CURRENCY PURCHASED | CURRENCY SOLD | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT<br>DATE | UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($) |
|  CHF | 18268 | USD | 23121 | Bank of America, NA | 01/06/2026 | (56) |
|  CHF | 5724 | USD | 7242 | Bank of America, NA | 01/06/2026 | (14) |
|  USD | 146685 | CHF | 116539 | Morgan Stanley & Co. | 01/06/2026 | (458) |
|  CHF | 1721 | USD | 2182 | UBS AG LONDON | 01/06/2026 | (9) |
|  USD | 57455 | DKK | 365492 | Bank of America, NA | 01/06/2026 | (55) |
|  USD | 27191 | DKK | 173133 | BNP Paribas | 01/06/2026 | (51) |
|  DKK | 41257 | USD | 6510 | Citibank, NA | 01/06/2026 | (18) |
|  EUR | 4202 | USD | 4940 | Bank of America, NA | 01/06/2026 | (2) |
|  EUR | 25074 | USD | 29548 | Bank of America, NA | 01/06/2026 | (80) |
|  EUR | 4875 | USD | 5737 | Bank of America, NA | 01/06/2026 | (9) |
|  USD | 24011 | EUR | 20468 | Bank of America, NA | 01/06/2026 | (44) |
|  EUR | 3727 | USD | 4390 | BNP Paribas | 01/06/2026 | (10) |
|  USD | 128802 | EUR | 109909 | BNP Paribas | 01/06/2026 | (369) |
|  USD | 997 | EUR | 851 | BNP Paribas | 01/06/2026 | (3) |
|  EUR | 7390 | USD | 8691 | BNP Paribas | 01/06/2026 | (5) |
|  EUR | 2164 | USD | 2546 | UBS AG LONDON | 01/06/2026 | (4) |
|  USD | 15446 | GBP | 11467 | Bank of America, NA | 01/06/2026 | (10) |
|  USD | 14678 | GBP | 10893 | Bank of America, NA | 01/06/2026 | (6) |
|  USD | 51515 | GBP | 38482 | Bank of America, NA | 01/06/2026 | (357) |
|  USD | 64246 | GBP | 47757 | Bank of America, NA | 01/06/2026 | (128) |
|  USD | 33395 | GBP | 24777 | BNP Paribas | 01/06/2026 | (3) |
|  USD | 301 | GBP | 225 | BNP Paribas | 01/06/2026 | (3) |
|  USD | 3062 | GBP | 2275 | UBS AG LONDON | 01/06/2026 | (5) |
|  USD | 1048 | NOK | 10569 | Bank of America, NA | 01/06/2026 | —(h) |
|  USD | 11097 | NOK | 112326 | Citibank, NA | 01/06/2026 | (47) |
|  USD | 48304 | CHF | 38274 | Bank of America, NA | 01/08/2026 | (32) |
|  USD | 67271 | EUR | 57292 | Bank of America, NA | 01/08/2026 | (68) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (2046) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  | 1075 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 33

------

## Six Circles Managed Equity Portfolio International Unconstrained Fund

#### SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2025 (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 DECEMBER 31, 2025

---

| | |
|:---|:---|
| ADR | — American Depositary Receipt |
| CVA | — Dutch Certification |
| GDR | — Global Depositary Receipt |
| NVDR | — Non-Voting Depository Receipt |
| OYJ | — Public Limited Company |
| REIT | — Real Estate Investment Trust |
| (a) | — Non-income producing security. |
| (e) | — Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (g) | — Amount rounds to less than 0.05%. |
| (h) | — Amount rounds to less than 500 shares/principal or $500. |
| (bb) | — Security has been valued using significant unobservable inputs. |
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| DKK | — Danish Krone |
| EUR | — Euro |
| GBP | — British Pound |
| HKD | — Hong Kong Dollar |
| HUF | — Hungarian Forint |
| JPY | — Japanese Yen |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PLN | — Polish Zloty |
| QAR | — Qatari Riyal |
| SEK | — Swedish Krona |
| SGD | — Singapore Dollar |
| USD | — United States Dollar |
| ZAR | — South African Rand |

---

#### Summary of Investments by Industry, December 31, 2025
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| INDUSTRY | PERCENTAGE |
|  Banks | 17.4% |
|  Pharmaceuticals | 9.1% |
|  Insurance | 6.1% |
|  Semiconductors | 5.9% |
|  Aerospace/Defense | 5.7% |
|  Telecommunications | 4.1% |
|  Electric | 3.4% |
|  Oil & Gas | 3.2% |
|  Food | 3.0% |
|  Software | 3.0% |
|  Mining | 2.9% |
|  Cosmetics/Personal Care | 2.7% |
|  Machinery — Construction & Mining | 2.4% |
|  Agriculture | 2.3% |
|  Miscellaneous Manufacturers | 2.0% |
|  Apparel | 1.8% |
|  Diversified Financial Services | 1.7% |
|  Auto Manufacturers | 1.6% |
|  Commercial Services | 1.6% |
|  Electrical Components & Equipment | 1.5% |
|  Chemicals | 1.5% |
|  Internet | 1.4% |
|  Retail | 1.3% |
|  Beverages | 1.2% |
|  Engineering & Construction | 1.1% |
|  Transportation | 1.1% |
|  Building Materials | 1.0% |
|  Others (Each less than 1.0%) | 8.5% |
|  Short-Term Investments | 1.5% |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 34 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2025

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles<br>Managed Equity<br>Portfolio U.S.<br>Unconstrained<br>Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $27439943 |
|  Deposits at broker for futures contracts | 3649 |
|  Prepaid expenses | 37 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 28376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 15909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 12820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 12 |
|  Total Assets | 27500746 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian — cash | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 34186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 5056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 570 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 267 |
|  Total Liabilities | 41974 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $27458772 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $19212820 |
|  Total distributable earnings (loss) | 8245952 |
|  Total Net Assets | $27458772 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 1131320 |
|  Net Asset Value, offering and redemption price per share (a): | $24.27 |
|  Cost of investments in non-affiliates | $18670332 |

---

\* See Note 3.

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 35

------

#### STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2025 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles**<br> **Managed**<br> **Equity Portfolio**<br> **International**<br> **Unconstrained**<br> **Fund** |
|  **ASSETS:** |  |
|  Investments in non-affiliates, at value | $12154887 |
|  Foreign currency, at value | 1289 |
|  Deposits at broker for futures contracts | 7664 |
|  Prepaid expenses | 16 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 36342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 7123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends from non-affiliates | 10318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 33553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 3121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3 |
|  Total Assets | 12254316 |
|  **LIABILITIES:** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian — cash | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 58987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 2046 |
|  Accrued liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 1131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 166 |
|  Total Liabilities | 65854 |
|  Commitments and contingent liabilities\* |  |
|  Net Assets | $12188462 |
|  **NET ASSETS:** |  |
|  Paid-in capital | $9582647 |
|  Total distributable earnings (loss) | 2605815 |
|  Total Net Assets | $12188462 |
|  Outstanding units of beneficial interest (shares)<br>($0.0001 par value; unlimited number of shares authorized): | 728670 |
|  Net Asset Value, offering and redemption price per share (a): | $16.73 |
|  Cost of investments in non-affiliates | $9081157 |
|  Cost of foreign currency | 1289 |

---

\* See Note 3.

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 36 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2025

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles**<br> **Managed Equity**<br> **Portfolio U.S.**<br> **Unconstrained**<br> **Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $2735 |
|  Dividend income from non-affiliates | 271108 |
|  Foreign taxes withheld | (956) |
|  Other Income | 304 |
|  Total investment income | 273191 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 57059 |
|  Administration fees | 403 |
|  Custodian and accounting fees | 908 |
|  Professional fees | 179 |
|  Trustees' fees | 448 |
|  Printing and mailing costs | 168 |
|  Registration and filing fees | 1097 |
|  Transfer agency fees | 30 |
|  Interest expense | 73 |
|  Other | 533 |
|  Total expenses | 60898 |
|  Less advisory fees waived | (47955) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 12943 |
|  Net investment income (loss) | 260248 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 37938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1746) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (359) |
|  Net realized gain (loss) | 36241 |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 3775247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | — (a) |
|  Change in net unrealized appreciation (depreciation) | 3775214 |
|  Net realized/unrealized gains (losses) | 3811455 |
|  Change in net assets resulting from operations | $4071703 |

---

(a) Amount rounds to less than $500.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 37

------

#### STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2025 (continued)

(Amounts in thousands)

---

| | |
|:---|:---|
|  | **Six Circles**<br> **Managed**<br> **Equity Portfolio**<br> **International**<br> **Unconstrained**<br> **Fund** |
|  **INVESTMENT INCOME:** |  |
|  Interest income from non-affiliates | $2309 |
|  Dividend income from non-affiliates | 280795 |
|  Foreign taxes withheld | (27544) |
|  Other Income | 2675 |
|  Total investment income | 258235 |
|  **EXPENSES:** |  |
|  Investment advisory fees | 23093 |
|  Administration fees | 401 |
|  Custodian and accounting fees | 2809 |
|  Professional fees | 152 |
|  Trustees' fees | 186 |
|  Printing and mailing costs | 79 |
|  Registration and filing fees | 575 |
|  Transfer agency fees | 29 |
|  Interest expense | 61 |
|  Other | 294 |
|  Total expenses | 27679 |
|  Less advisory fees waived | (18487) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 9192 |
|  Net investment income (loss) | 249043 |
|  **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | (94078) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 7439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 5166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 7534 |
|  Net realized gain (loss) | (73939) |
|  Change in net unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliates | 2327312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 3757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 1075 |
|  Change in net unrealized appreciation (depreciation) | 2333524 |
|  Net realized/unrealized gains (losses) | 2259585 |
|  Change in net assets resulting from operations | $2508628 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 38 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles Managed Equity Portfolio<br>U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio<br>U.S. Unconstrained Fund** |
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $260248 | $191770 |
|  Net realized gain (loss) | 36241 | 123524 |
|  Change in net unrealized appreciation (depreciation) | 3775214 | 2811270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 4071703 | 3126564 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (274846) | (191282) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 4630277 | 5919920 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 8427134 | 8855202 |
|  Beginning of year | 19031638 | 10176436 |
|  End of year | $27458772 | $19031638 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $6807989 | $6874857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 273872 | 190586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (2451584) | (1145523) |
|  **Total change in net assets resulting from capital transactions** | $4630277 | $5919920 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 315047 | 360557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 11336 | 8927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (114147) | (58381) |
|  Change in Shares | 212236 | 311103 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 39

------

#### STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Six Circles Managed Equity Portfolio<br>International Unconstrained Fund** | **Six Circles Managed Equity Portfolio<br>International Unconstrained Fund** |
|  | **Year Ended<br>December 31, 2025** | **Year Ended<br>December 31, 2024** |
|  **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
|  Net investment income (loss) | $249043 | $162963 |
|  Net realized gain (loss) | (73939) | (87419) |
|  Change in net unrealized appreciation (depreciation) | 2333524 | 4319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 2508628 | 79863 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
|  Distributions to shareholders | (312571) | (181887) |
|  **CAPITAL TRANSACTIONS:** |  |  |
|  Change in net assets resulting from capital transactions | 3715838 | 1536304 |
|  **NET ASSETS:** |  |  |
|  Change in net assets | 5911895 | 1434280 |
|  Beginning of year | 6276567 | 4842287 |
|  End of year | $12188462 | $6276567 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | $4365927 | $2202227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 311553 | 181220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (961642) | (847143) |
|  **Total change in net assets resulting from capital transactions** | $3715838 | $1536304 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 285584 | 161289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | 18905 | 13615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (63269) | (62575) |
|  Change in Shares | 241220 | 112329 |

---

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 40 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset<br>value,<br>beginning<br>of year | Net<br>investment<br>income<br>(loss) (a) | Net realized<br>and unrealized<br>gains (losses)<br>on<br>investments<br>and foreign<br>currency<br>transactions | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gain | Total<br>distributions |
|  **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** | **Six Circles Managed Equity Portfolio U.S. Unconstrained Fund** |  |
|  Year Ended December 31, 2025 | $20.71 | $0.25 | $3.56 | $3.81 | $(0.23) | $(0.02) | $(0.25) |
|  Year Ended December 31, 2024 | 16.74 | 0.25 | 3.93 | 4.18 | (0.21) |  | (0.21) |
|  Year Ended December 31, 2023 | 13.12 | 0.22 | 3.59 | 3.81 | (0.19) |  | (0.19) |
|  Year Ended December 31, 2022 | 16.70 | 0.20 | (3.58) | (3.38) | (0.18) | (0.02) | (0.20) |
|  Year Ended December 31, 2021 | 13.74 | 0.19 | 3.46 | 3.65 | (0.15) | (0.54) | (0.69) |

---

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 41 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | |
| Net asset<br> value,<br> end of<br> year | Total<br> return (b) | Net assets,<br> end of<br> year (000's) | Net<br> expenses,<br> with<br> interest<br> expense (c) | Net<br> expenses,<br> without<br> interest<br> expense | Net<br> investment<br> income<br> (loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br> turnover<br> rate |
| $24.27 | 18.38% | $27458772 | 0.06% | 0.06% | 1.14% | 0.27% | 24.86% |
| 20.71 | 24.94 | 19031638 | 0.06 | 0.06 | 1.27 | 0.27 | 24.36 |
| 16.74 | 29.09 | 10176436 | 0.06 | 0.06 | 1.48 | 0.27 | 32.74 |
| 13.12 | (20.26) | 6201022 | 0.07 | 0.07 | 1.38 | 0.28 | 49.13 |
| 16.70 | 26.68 | 5113135 | 0.07 | 0.07 | 1.19 | 0.28 | 26.74 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 42

------

#### FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** | **Per share operating performance:** |
|  | | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset<br> value,<br> beginning<br> of year | Net<br>investment<br>income<br>(loss) (a) | Net realized<br>and unrealized<br>gains<br> (losses) on<br>investments<br>and foreign<br>currency<br>transactions | Total from<br>investment<br>operations | Net<br>investment<br>income | Net<br>realized<br>gain | Total<br>distributions |
|  **Six Circles Managed Equity Portfolio International Unconstrained Fund** | **Six Circles Managed Equity Portfolio International Unconstrained Fund** | **Six Circles Managed Equity Portfolio International Unconstrained Fund** |  |  |  |  |  |
|  Year Ended December 31, 2025 | $12.88 | $0.41 | $3.88 | $4.29 | $(0.44) | $— | $(0.44) |
|  Year Ended December 31, 2024 | 12.91 | 0.37 | (0.02) | 0.35 | (0.38) |  | (0.38) |
|  Year Ended December 31, 2023 | 11.00 | 0.32 | 1.88 | 2.20 | (0.29) |  | (0.29) |
|  Year Ended December 31, 2022 | 12.95 | 0.34 | (1.96) | (1.62) | (0.33) |  | (0.33) |
|  Year Ended December 31, 2021 | 11.03 | 0.34 (e) | 1.83 | 2.17 | (0.25) |  | (0.25) |

---

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Includes interest expense, which was 0.006% for the year ended December 31, 2022.

(e) Includes income recognized from non-cash dividends which amounted to $0.02 per share and 0.134% of average net assets for the year ended December 31, 2021.

(f) Includes interest expense, which was 0.009% for the year ended December 31, 2021.

#### SEE NOTES TO FINANCIAL STATEMENTS.
 <br> 43 SIX CIRCLES TRUST DECEMBER 31, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data | Ratios/Supplemental data |
| | | | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | Ratios to average net assets | |
| Net asset<br>value,<br>end of<br>year | Total<br>return (b) | Net assets,<br> end of<br> year (000's) | Net<br> expenses,<br> with<br> interest<br> expense | Net<br> expenses,<br> without<br> interest<br>expense | Net<br>investment<br>income<br>(loss) | Expenses<br> without waivers<br> and reimbursements | Portfolio<br>turnover<br>rate |
| $16.73 | 33.34% | $12188462 | 0.10 %(c) | 0.10% | 2.70% | 0.30% | 40.24% |
| 12.88 | 2.62 | 6276567 | 0.10 (c) | 0.10 | 2.73 | 0.30 | 26.38 |
| 12.91 | 20.05 | 4842287 | 0.11 (c) | 0.11 | 2.62 | 0.31 | 42.84 |
| 11.00 | (12.54) | 3191667 | 0.14 (d) | 0.13 | 3.08 | 0.34 | 81.90 |
| 12.95 | 19.76 | 2990488 | 0.12 (f) | 0.11 | 2.70 (e) | 0.32 | 32.44 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 44

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#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025

1. Organization

Six Circles Trust (the "Trust") was formed on November 8, 2017, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 8, 2017, as amended and restated June 12, 2018, and further amended to add fund series on September 21, 2018, November 19, 2019, April 13, 2020 and March 20, 2024, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund are two separate series of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report. The Funds are classified as "non-diversified" funds. Each Fund currently offers one class of shares. The Funds commenced operations on April 10, 2019.

The investment objective of each of the Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund is to provide capital appreciation.

J.P. Morgan Private Investments Inc. ("JPMPI"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as the Funds' investment adviser (the "Adviser"). The Adviser has engaged a Sub-Adviser (as defined below) to manage the assets of the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments** — The valuation of investments is in accordance with GAAP and the Funds' valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Board has designated the Adviser as the Valuation Designee, and the Adviser uses the Six Circles Funds Valuation Committee ("VC"), comprised of officers of the Funds and other personnel of the Adviser, to assist the Board with the oversight and monitoring of the valuation of the Funds' investments with respect to Rule 2a-5 under the 1940 Act. The VC oversees and carries out policies and procedures for the valuation of investments held by the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor due diligence. The VC, through the Adviser, is responsible for assessing the potential impacts to the fair values on an ongoing basis, and discussing this on at least a quarterly basis with the Board.

A market-based approach is primarily used to value the Funds' investments for which market quotations are readily available and which are generally valued at their current market value. Other securities and assets, including securities for which market quotations are not readily available; securities for which market quotations are determined not to be reliable; or, securities in which their value has been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Fund's net asset value ("NAV") is calculated, may be valued at fair value in accordance with policies and procedures adopted by the Board. The valuation may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment in order to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based on current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equity securities listed on a North American, Central American, South American or Caribbean ("Americas") securities exchange are generally valued at the last sale price or official market closing price on the primary exchange on which the security is principally traded that is reported before the time when the NAV of the Funds are calculated on a valuation date. The Funds calculate their NAV as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading.

Foreign equity securities are valued as of the close of trading on the stock exchange on which the security is primarily traded, or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Generally, foreign equity securities, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved pricing services.

The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated. The fair valued securities are converted at the exchange rates available at 4 p.m. Eastern time.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 45

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AS OF DECEMBER 31, 2025 (continued)

Fixed income securities are valued based on prices received from pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, pricing services may consider a variety of inputs and factors, including, but not limited to proprietary models that may take into account market transactions in securities with comparable characteristics, yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, underlying collateral and estimated cash flows. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

Shares of exchange-traded funds ("ETFs") are generally valued at the last sale price on the exchange on which the ETF is principally traded. Shares of open-end investment companies are valued at their respective NAVs.

Exchange-traded futures contracts are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved pricing services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs") (amounts in thousands):

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $269952 | $— | $— | $269952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications | 5173545 |  |  | 5173545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical | 2116628 |  |  | 2116628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical | 4030261 |  |  | 4030261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 1038611 |  |  | 1038611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial | 2378589 |  |  | 2378589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | 1612877 |  |  | 1612877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology | 9797518 |  |  | 9797518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 923393 |  |  | 923393 |
|  Total Common Stocks | 27341374 |  |  | 27341374 |
|  Warrant |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology |  |  | — (a) | — (a) |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 98569 |  | 98569 |
|  **Total Investments in Securities** | $27341374 | $98569 | $— | $27439943 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $12 | $— | $— | $12 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(466) | $— | $— | $(466) |

---

(a) Amount rounds to less than $500.

 <br> 46 SIX CIRCLES TRUST DECEMBER 31, 2025

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#### Six Circles Managed Equity Portfolio International Unconstrained Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | $84 | $234583 | $— | $234667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Austria |  | 39508 |  | 39508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 117595 |  | 117595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bermuda | 159 |  |  | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 8597 | 27761 |  | 36358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 225794 |  |  | 225794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile | 2552 | 18740 |  | 21292 |
| &nbsp;&nbsp;&nbsp;&nbsp; China |  | 1278 |  | 1278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia | 828 |  |  | 828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Czech Republic |  | 1886 |  | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 299216 |  | 299216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Egypt | 680 | 111 |  | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 122011 |  | 122011 |
| &nbsp;&nbsp;&nbsp;&nbsp; France |  | 1418134 |  | 1418134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 1728740 |  | 1728740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece | 2215 | 3994 |  | 6209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 3489 | 99619 |  | 103108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 3721 |  | 3721 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 4003 | 167128 | 38 | 171169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 610 | 12353 |  | 12963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 15370 | 83203 |  | 98573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 484298 |  | 484298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 5446 | 714588 |  | 720034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuwait | 4314 | 3496 |  | 7810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 523 | 26407 |  | 26930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macau |  | 1127 |  | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 1665 | 11701 |  | 13366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 21899 | 9172 |  | 31071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 4906 | 645065 |  | 649971 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Zealand | 1415 | 7288 |  | 8703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 68241 |  | 68241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peru | 2723 |  |  | 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippines | 1824 | 2184 |  | 4008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 13673 |  | 13673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 19063 |  | 19063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar | 4725 | 2434 |  | 7159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 5962 | 25712 |  | 31674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 11074 | 50929 |  | 62003 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | 5140 | 31341 |  | 36481 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 3092 | 139616 |  | 142708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | 7720 | 451117 |  | 458837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 38643 | 339173 |  | 377816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 10495 | 1331927 |  | 1342422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 2635 | 307981 |  | 310616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 11407 |  | 11407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkey |  | 4390 |  | 4390 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 8657 | 7649 |  | 16306 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 14987 | 2236842 |  | 2251829 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 184920 |  |  | 184920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uruguay | 288 |  |  | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 607434 | 11326402 | 38 | 11933874 |

---

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 47

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#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

#### Six Circles Managed Equity Portfolio International Unconstrained Fund (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable inputs | **Level 3**<br> Significant<br>unobservable inputs | Total |
|  Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | $685 | $11224 | $— | $11909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 1137 |  | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia |  | 725 |  | 725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 19823 |  | 19823 |
| &nbsp;&nbsp;&nbsp;&nbsp; India |  |  | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 6364 |  | 6364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks | 685 | 39273 | 11 | 39969 |
|  Warrant |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada |  |  | — (a) | — (a) |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 181044 |  | 181044 |
|  **Total Investments in Securities** | $608119 | $11546719 | $49 | $12154887 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $1039 | $— | $— | $1039 |
|  Forward Foreign Currency Exchange contracts |  | 3121 |  | 3121 |
|  **Total Appreciation in Other Financial Instruments** | $1039 | $3121 | $— | $4160 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(12) | $— | $— | $(12) |
|  Forward Foreign Currency Exchange contracts |  | (2046) |  | (2046) |
|  **Total Depreciation in Other Financial Instruments** | $(12) | $(2046) | $— | $(2058) |

---

(a) Amount rounds to less than $500.

There were no significant transfers into or out of level 3 for the year ended December 31, 2025 for the Funds.

**B. Restricted Securities** — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAV of the Funds.

As of December 31, 2025 the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A or Regulation S under the Securities Act.

**C. Derivatives** — The Funds used derivative instruments including futures, and forward foreign currency exchange contracts, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures as well as credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated by the Sub-Advisers, with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark-to-market gains to a Fund.

Notes C(1) — C(2) below describe the various derivatives used by the Funds.

 <br> 48 SIX CIRCLES TRUST DECEMBER 31, 2025

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**(1) Futures Contracts** — The Funds used index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs.

Futures contracts may provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities. Futures contracts outstanding at period end, if any, are listed after each Fund's SOI.

The use of futures contracts may expose the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent the liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**(2) Forward Foreign Currency Exchange Contracts** — The Funds may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency. Forward contracts outstanding at period end, if any, are listed after each Fund's SOI.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation/depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. Such Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Funds' forward foreign currency exchange contracts may be subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts. As of December 31, 2025, the Funds did not receive or post collateral for forward foreign currency exchange contracts.

(3) Summary of Derivatives Information

The following tables present the value of derivatives held as of December 31, 2025, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):

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

---

| | | |
|:---|:---|:---|
| Derivative Contracts | **Statements of Assets and Liabilities Location** |  |
| Gross Assets: |  | **Futures<br>Contracts**(a) |
|  Equity contracts | Receivables, Net Assets — Unrealized Appreciation | $12 |
| **Gross Liabilities:** |  |  |
|  Equity contracts | Payables, Net Assets — Unrealized Depreciation | $(466) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 49

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#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

#### Six Circles Managed Equity Portfolio International Unconstrained Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Derivative Contracts | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** | **Statements of Assets and Liabilities Location** |
| Gross Assets: |  | **Futures<br>Contracts** (a) | Forward Foreign<br>Currency Exchange<br>Contracts | Total |
|  Equity contracts | Receivables, Net Assets — Unrealized Appreciation | $1039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1039 |
|  Foreign exchange contracts | Receivables |  | 3121 | 3121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $1039 | $3121 | $4160 |
| **Gross Liabilities:** |  |  |  |  |
|  Equity contracts | Payables, Net Assets — Unrealized Depreciation | $(12) | $— | $(12) |
|  Foreign exchange contracts | Payables |  | (2046) | (2046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total |  | $(12) | $(2046) | $(2058) |

---

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the Funds' gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of December 31, 2025 (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross Amount of**<br> **Derivative Assets**<br> **Subject to Netting**<br> **Arrangements**<br> **Presented on the**<br> **Statements of**<br> **Assets and**<br> **Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Received | **Net Amount Due**<br> **From Counterparty**<br> **(Not less than zero)** |
|  BNP Paribas | $125 | $(125) | $— | $— |
|  Bank of America, NA | 467 | (467) |  |  |
|  Citibank, NA | 22 | (22) |  |  |
|  Goldman Sachs International | 7 | — (b) |  | 7 |
|  Morgan Stanley & Co. | 2386 | (458) |  | 1928 |
|  UBS AG London | 114 | (18) |  | 96 |
|  Total | $3121 | $(1090) | $— | $2031 |
|  | **Gross Amount of**<br> **Derivative Liabilities**<br> **Subject to Netting**<br> **Arrangements**<br> **Presented on the**<br> **Statements of Assets**<br> **and Liabilities** (a) | Derivatives<br>Available<br>for offset | Collateral<br>Posted | **Net Amount Due**<br> **From Counterparty**<br> **(Not less than zero)** |
|  Bank of America, NA | $1042 | $(467) | $— | $575 |
|  BNP Paribas | 444 | (125) |  | 319 |
|  Citibank, NA | 84 | (22) |  | 62 |
|  Goldman Sachs International | — (b) | — (b) |  | — (b) |
|  Morgan Stanley & Co. | 458 | (458) |  |  |
|  UBS AG London | 18 | (18) |  |  |
|  Total | $2046 | $(1090) | $— | $956 |

---

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities.

(b) Amount rounds to less than $500.

 <br> 50 SIX CIRCLES TRUST DECEMBER 31, 2025

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The following tables present the effect of derivatives on the Statements of Operations for the year ended December 31, 2025, by primary underlying risk exposure (amounts in thousands):

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

---

| | | | |
|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | **Forward Foreign**<br> **Currency Exchange**<br> **Contracts** | Total |
|  Equity contracts | $(1746) | $— | $(1746) |
|  Foreign exchange contracts |  | (359) | (359) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(1746) | $(359) | $(2105) |

---

---

| | |
|:---|:---|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts |
|  Equity contracts | $(33) |

---

#### Six Circles Managed Equity Portfolio International Unconstrained Fund

---

| | | | |
|:---|:---|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | **Forward Foreign**<br> **Currency Exchange**<br> **Contracts** | Total |
|  Equity contracts | $7439 | $— | $7439 |
|  Foreign exchange contracts |  | 7534 | 7534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $7439 | $7534 | $14973 |

---

---

| | | | |
|:---|:---|:---|:---|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations |
| Derivative Contracts | Futures<br>Contracts | **Forward Foreign**<br> **Currency Exchange**<br> **Contracts** | Total |
|  Equity contracts | $1380 | $— | $1380 |
|  Foreign exchange contracts |  | 1075 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1380 | $1075 | $2455 |

---

#### Derivatives Volume
The table below discloses the volume of the Funds' futures contracts and forward foreign currency exchange contracts activity during the year ended December 31, 2025 (amounts in thousands, except number of contracts). Please refer to the tables in the Summary of Derivative Information for derivative-related gains and losses associated with volume activity (amounts in thousands).

---

| | | |
|:---|:---|:---|
|  | **Six Circles<br>Managed Equity<br>Portfolio U.S.<br>Unconstrained<br>Fund** | **Six Circles<br>Managed Equity<br>Portfolio<br>International<br>Unconstrained<br>Fund** |
|  **Futures Contracts:** |  |  |
|  Average Notional Amount Long | $57663 | $87101 |
|  Average Notional Amount Short |  |  |
|  **Forward Foreign Currency Exchange:** |  |  |
|  Average Principal Amount Purchased | 190 (a) | 163884 (b) |
|  Average Principal Amount Sold |  | 235022 (c) |

---

(a) Positions were open for 1 month during the year.

(b) Positions were open for 6 months during the year.

(c) Positions were open for 4 months during the year.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 51

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#### NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2025 (continued)

**D. Foreign Currency Translation** — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U. S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within the Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency. Currency gains or losses may be realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**E. Security Transactions, Investment Income and Expense Allocation** — Securities transactions are recorded on a trade date basis. Realized gain and loss from securities transactions are recorded on an identified cost basis for financial reporting and federal income tax purposes. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend. Non-cash dividends, if any, are recorded on the ex-dividend date or corporate action date at fair value. Distributions received from certain investments held by the Funds may be comprised of dividends, realized gains and returns of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of information from the issuer.

The Funds are charged for those expenses of the Trust that are directly attributable to each Fund. Expenses that are not directly attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets.

**F. Segment Reporting —**The Chief Operating Decision Maker (CODM) is identified as the Fund management team, which comprises the Chief Investment Officer team, the named portfolio managers of the Adviser, and the officers of the Trust, including the Principal Executive Officer and the Principal Financial Officer. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The CODM utilizes performance indicators such as profit, loss, income, expenses, and performance returns. These operating measures are reflected in the financial reporting, including, but not limited to, the Statement of Assets and Liabilities, the Statement of Operations, and the Financial Highlights. These reports are among the many inputs used by the CODM to assess performance and make strategic decisions.

**G. Federal Income Tax** — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") applicable to regulated investment companies. Each Fund intends to distribute to shareholders, substantially all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary.

The Funds follow the provisions of FASB Codification Section 740 ("ASC Section 740") "Accounting for Uncertainty in Income Taxes" which clarifies the accounting for uncertainty in tax positions taken or expected to be taken on a tax return. ASC Section 740 sets forth a threshold for financial statement recognition, measurement and disclosure of tax positions taken or expected to be taken on a tax return. The Funds are required to recognize the tax effects of certain tax positions under a "more likely than not" standard, that based on their technical merits, have more than 50 percent likelihood of being sustained upon examination. Management has analyzed the tax positions taken on the Funds' federal income tax returns for all open periods, and has concluded that no provision for federal income tax is required in the Funds' financial statements. At December 31, 2025 the Funds did not have any uncertain tax benefits that require recognition, de-recognition or disclosure. Each Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

During the reporting period, the Funds adopted the Financial Accounting Standards Board (FASB) Accounting Standards Update 2023-09-Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The adoption of this this new standard impacted financial statement disclosures only and did not affect the Funds' financial positions or results of their operations.

The Funds did not pay any federal or state and local income taxes. There were no significant amounts of income taxes paid in foreign jurisdictions by the Funds during the reporting period ended December 31, 2025.

**H. Foreign Tax** — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

 <br> 52 SIX CIRCLES TRUST DECEMBER 31, 2025

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**I. Distributions to Shareholders** — Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income and net realized capital gains are generally declared and paid according to the following schedule:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Net Investment Income | Net Investment Income | Net Realized Capital Gains | Net Realized Capital Gains |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund |  | Annual |  | Annual |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund |  | Annual |  | Annual |

---

Income and capital gain distributions will be determined in accordance with federal income tax regulations which may differ from GAAP.

Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character.

Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes. These differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. As a result, income dividends and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gain (loss) reported on the Fund financial statements presented under GAAP.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statement of Changes in Net Assets and have been recorded to paid-in capital.

3. Fees and Other Transactions with Affiliates

**A. Investment Advisory Fees** — The Adviser serves as the Funds' investment adviser pursuant to an investment advisory agreement (the "Investment Advisory Agreement"). Under the terms of the Investment Advisory Agreement, the Adviser generally manages the Funds' investments in accordance with the stated policies of each Fund, subject to the supervision of the Funds' Board of Trustees. For the services provided to the Funds, the Adviser is entitled to a fee, accrued daily and paid monthly, at the annual rate of 0.25% of the average daily net assets of each Fund.

The Adviser selects and oversees professional money managers (the "Sub-Advisers") who are responsible for investing the assets of the Funds under sub-advisory agreements (the "Sub-Advisory Agreements"). Pursuant to each respective Sub-Advisory Agreement, the Adviser agrees to pay each Sub-Adviser a sub-advisory fee from its investment advisory fees. BlackRock Investment Management, LLC ("BlackRock") currently serves as the Sub-Adviser to the Funds. The Sub-Adviser is paid a management fee by the Adviser pursuant to their individually negotiated Sub-Advisory Agreement.

The Adviser engaged Russell Investments Implementation Services, LLC ("Russell") to provide stand-by interim sub-advisory services, as well as transition management services, for each Fund, to be utilized as needed in certain transitional circumstances involving a Fund Sub-Adviser. Russell is paid a minimum per fund annual flat fee and/or a monthly fee equal to a percentage of daily net assets to the extent assets are allocated to Russell as interim Sub-Adviser. During the reporting period, the Funds have not allocated assets to Russell.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3F and reflected on the Statement of Operations.

**B. Administration and Accounting Fees** — Pursuant to an Administrative Agency Agreement, Brown Brothers Harriman & Co. (the "Administrator") provides certain administration and fund accounting services to the Funds.

**C. Distribution Fees** — Pursuant to a Distribution Agreement, Foreside Fund Services, LLC (the "Distributor"), will serve as the Funds' principal underwriter and acts as the agent of the Funds in connection with the continuous offering of shares of each Fund. The Distributor and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Funds. The Distributor does not receive compensation from the Funds, but instead is compensated by the Adviser for certain distribution-related expenses.

**D. Custodian** — Pursuant to a Custodian Agreement, Brown Brothers Harriman & Co. serves as the custodian (the "Custodian") for each of the Funds and is responsible for holding portfolio securities and cash and maintaining the books of account and records of portfolio transactions.

**E. Transfer Agent** — Pursuant to a Transfer Agency and Service Agreement, DST Asset Manager Solutions, Inc. (the "Transfer Agent") serves as each Fund's transfer and dividend disbursing agent. The Transfer Agent is responsible for maintaining account records, detailing the ownership of Fund shares and for crediting income, capital gains and other changes in share ownership to shareholder accounts.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 53

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AS OF DECEMBER 31, 2025 (continued)

**F. Waivers and Reimbursements** — The Adviser has contractually agreed through at least April 30, 2026, to waive any management fees that exceed the aggregate management fees the Adviser is contractually required to pay each Fund's Sub-Adviser. Thereafter, this waiver will continue for subsequent one year terms unless terminated in accordance with its terms. Such waivers are not subject to reimbursement by the Funds. The Adviser has also contractually agreed through at least April 30, 2026, to reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, if any, dividend and interest expenses related to short sales, brokerage fees, interest on borrowings, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the following percentages of the average daily net assets of each Fund (the "Expense Cap"):

---

| | |
|:---|:---|
| Fund | Expense Cap |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | 0.45% |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 0.50% |

---

An expense reimbursement by a Fund's Adviser is subject to repayment by the Fund only to the extent it can be made within thirty-six months following the date of such reimbursement by the Adviser. Repayment must be limited to amounts that would not cause a Fund's operating expenses (taking into account any reimbursements or waiver by the Adviser and repayments by the Fund) to exceed a Expense Cap in effect at the time of the reimbursement by the Adviser or at the time of repayment by the Fund. This expense reimbursement is in effect through April 30, 2026, at which time the Adviser and/or its affiliates will determine whether to renew or revise it.

For the year ended December 31, 2025, there were no amounts reimbursed by the Adviser, nor were there amounts available for potential future recoupment by the Adviser.

**G. Cross Trades** — The Funds may participate in purchase and sale transactions with other Six Circles Funds. These cross trades are executed in accordance with procedures adopted by the Trust's Board and comply with Rule 17a-7 of the 1940 Act, which require, among other things, that such cross trades be effected at the independent current market price of the security.

During the year ended December 31, 2025, the aggregate value of purchase and sale cross trades with other Six Circles Funds were as follows (amounts in thousands):

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Purchases | Sales | Realized<br>gain/loss |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $4015 | $8623 | $(617) |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 9787 | 5742 | (855) |

---

4. Investment Transactions

During the year ended December 31, 2025, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases<br>(excluding U.S.<br>Government) | Sales<br>(excluding U.S.<br>Government) | Purchases<br>of U.S.<br>Government | **Sales**<br> **of U.S.<br>Government** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $10246788 | $5672692 | $– $|  |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 7224658 | 3652834 | – |  |

---

5. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications.

The Funds' maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Since the Funds are non-diversified, they may invest a greater percentage of their assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in a Funds' shares being more sensitive to economic results among those issuing the securities.

The Six Circles Managed Equity Portfolio International Unconstrained Fund invests in foreign issuers and foreign securities (including depositary receipts) which are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. If foreign securities are denominated and traded in a foreign currency, the value of the Fund's foreign

 <br> 54 SIX CIRCLES TRUST DECEMBER 31, 2025

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holdings can be affected by currency exchange rates and exchange control regulations. In certain markets where securities and other instruments are not traded "delivery versus payment," the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities.

Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in "emerging markets." Emerging market countries typically have less-established economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers.

Additionally, investors may have substantial difficulties bringing legal actions to enforce or protect investors' rights, which can increase the risks of loss.

Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. In addition, the Fund is limited in its ability to exercise its legal rights or enforce a counterparty's legal obligations in certain jurisdictions outside of the United States, in particular, in emerging markets countries.

The Six Circles Managed Equity Portfolio International Unconstrained Fund performance may be affected by political, social and economic conditions in Europe, such as growth of the economic output (the gross national product), the rate of inflation, the rate at which capital is reinvested into European economies, the success of governmental actions to reduce budget deficits, the resource self sufficiency of European countries and interest and monetary exchange rates between European countries. European financial markets may experience volatility due to concerns about high government debt levels, credit rating downgrades, rising unemployment, the future of the euro as a common currency, possible restructuring of government debt and other government measures responding to those concerns, and fiscal and monetary controls imposed on member countries of the European Union.

As of December 31, 2025, the Six Circles Managed Equity Portfolio International Unconstrained Fund had non-U.S. country allocations representing greater than 10% of Net Assets allocated as follows:

---

| | | | |
|:---|:---|:---|:---|
| France | Germany | Switzerland | United Kingdom |
| 11.6% | 14.4% | 11.0% | 18.5% |

---

As of December 31, 2025, a significant portion of the Six Circles Managed Equity Portfolio International Unconstrained Fund net assets consisted of securities that were denominated in foreign currencies. Changes in foreign currency exchange rates will affect the value of the Fund's securities and the price of the Fund's shares. Generally, when the value of the U.S. dollar rises relative to a foreign currency, an investment impacted by that currency loses value because that currency is worth less in U.S. dollars. Currency exchange rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates. Devaluation of a currency by a country's government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets, may be riskier than other types of investments and may increase the volatility of the Fund. Although the Fund may attempt to hedge its currency exposure into the U.S. dollar, it may not be successful in reducing the effects of currency fluctuations. The Fund may also hedge from one foreign currency to another. In addition, the Fund's use of currency hedging may not be successful, including due to delays in placing trades and other operational limitations, and the use of such strategies may lower the Fund's potential returns.

The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing buyers. An inability to sell one or more portfolio positions, or selling such positions at an unfavorable time and/ or under unfavorable conditions, can increase the volatility of a Fund's NAV per share. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, and related geopolitical events. In addition, the value of a Fund's investments may be negatively

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 55

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AS OF DECEMBER 31, 2025 (continued)

affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability and infectious disease epidemics or pandemics. The effects that any future pandemic or other global event can have upon public health and business and market conditions may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, negatively impact a Fund's arbitrage and pricing mechanisms, exacerbate preexisting political, social and economic risks to a Fund, and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which a Fund invests, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund's investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental response impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

The Funds may also invest in shares of other investment companies and ETFs. ETFs are ownership interests in unit investment trusts, depositary receipts, and other pooled investment vehicles that hold a portfolio of securities or stocks many of which are designed to track the price performance and dividend yield of a particular broad-based, sector or international index. ETFs include a wide range of investments. Shareholders bear both their proportionate share of a Fund's expenses and similar expenses of the underlying investment company or ETF when a Fund invests in shares of another investment company or ETF. A Fund is subject to the risks associated with the ETF's or investment company's investments.

ETFs, investment companies and other investment vehicles that invest in commodities or currencies are subject to the risks associated with direct investments in commodities or currencies. The price and movement of an ETF or closed-end fund designed to track an index may not track the index and may result in a loss. In addition, closed-end funds that trade on an exchange often trade at a price below their NAV (also known as a discount). Certain ETFs or closed-end funds traded on exchanges may be thinly-traded and experience large spreads between the "ask" price quoted by a seller and the "bid" price offered by a buyer.

The Funds may be subject to risks associated with investments in derivatives, including futures and forward contracts, which may be riskier than other types of investments and may increase the volatility of a Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed a Fund's original investment. The Funds may be more volatile than if a Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of a Fund's portfolio securities. Certain derivatives expose a Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, a Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so a Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose a Fund to risks of mispricing or improper valuation. Derivatives also can expose a Fund to derivative liquidity risk, which includes the risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of a Fund's counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Derivatives also subject a Fund to liquidity risk because the liquidity of derivatives is often based on the liquidity of the underlying instruments. In addition, the possible lack of a liquid secondary market for derivatives and the resulting inability of a Fund to sell or otherwise close a derivatives position could expose a Fund to losses and could make derivatives more difficult for a Fund to value accurately.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds such as swap contracts and forward foreign currency exchange contracts.

The Six Circles Managed Equity Portfolio U.S. Unconstrained Fund may invest in companies in the healthcare sector which may be subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market. Several legislative proposals concerning healthcare have been considered by the U.S. Congress in recent years and it is unclear what proposals will ultimately be enacted, if any, and what effect they may have on companies in the healthcare sector.

The Six Circles Managed Equity Portfolio U.S. Unconstrained Fund may invest in technology companies which may face intense competition, both domestically and internationally, which may have an adverse effect on their profit margins. Technology companies may have limited product lines, markets, financial resources or personnel. The products of technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

 <br> 56 SIX CIRCLES TRUST DECEMBER 31, 2025

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The Six Circles Managed Equity Portfolio International Unconstrained Fund may invest in financial services companies that are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.

6. Income Taxes and Distributions to Shareholders

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. Temporary differences do not require reclassification. Temporary differences and permanent reclassifications have no effect on net assets. For the fiscal year ended December 31, 2025, the Funds made permanent book-to-tax reclassifications primarily related to investments in passive foreign investment companies ("PFICs"), real estate investment trusts ("REITs"), foreign currency gain/loss, and taxable overdistributions.

For the fiscal year ended December 31, 2025, the Funds made the following reclassifications between total distributable earnings and paid-in capital (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | **Total Distributable**<br> **Earnings/(Loss)** | Paid-in<br>Capital |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $398 | $(398) |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 950 | (950) |

---

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2025 were as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aggregate**<br> **Tax Cost** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $19230890 | $9084691 | $(876092) | $8208599 |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 9362755 | 3330105 | (535871) | 2794234 |

---

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in swap contracts, mark-to-market of forward foreign currency contracts, mark-to-market of futures contracts, REITs, straddle loss deferrals, wash sale loss deferrals and mark-to-market investments in PFICs.

The tax character of distributions paid during the year ended December 31, 2025 was as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary**<br> **Income\*** | **Net**<br> **Long-Term**<br> **Capital Gains** | **Tax**<br> **Exempt**<br> **Income** | **Total**<br> **Distributions**<br> **Paid** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $274846 | $– $|  | $274846 |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 312571 | – |  | 312571 |

---

\* Short-term gain distributions are treated as ordinary income for income tax purposes.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 57

------

AS OF DECEMBER 31, 2025 (continued)

The tax character of distributions paid during the year ended December 31, 2024 was as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary**<br> **Income\*** | **Net**<br> **Long-Term**<br> **Capital Gains** | **Tax**<br> **Exempt**<br> **Income** | **Total**<br> **Distributions**<br> **Paid** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $191282 | $– $|  | $191282 |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 181887 | – |  | 181887 |

---

\* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of December 31, 2025, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Current**<br> **Distributable**<br> **Ordinary**<br> **Income** | **Current**<br> **Distributable**<br> **Long-Term**<br> **Capital Gain**<br> **(Tax Basis Capital**<br> **Loss Carryover)** | **Other Book/Tax**<br> **Temporary**<br> **Differences** | **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $37353 | $— | $— | $8208599 |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund |  | (177019) | (14522) | 2797357 |

---

For the Funds, the cumulative timing differences primarily consist of capital loss carryforwards, mark-to-market futures contracts, REITS, straddle loss deferrals, specified late-year loss deferrals and mark-to-market investments in PFICs and wash sale loss deferrals.

As of December 31, 2025, the following Funds had the following post-enactment net capital loss carryforwards (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | Capital Loss Carryforward Character | Capital Loss Carryforward Character |
|  | Short-<br>Term | Long-Term |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $— | $— |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 37903 | 139115 |

---

During the year ended December 31, 2025, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):

---

| | | |
|:---|:---|:---|
|  | Capital Loss Utilized | Capital Loss Utilized |
|  | Short-Term | Long-Term |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $— | $(88370) |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | (57756) |  |

---

Specified ordinary losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended December 31, 2025, the Funds deferred to January 1, 2026 the following specified ordinary losses (amounts in thousands):

---

| | |
|:---|:---|
|  | **Specified**<br> **Ordinary Loss** |
|  Six Circles Managed Equity Portfolio U.S. Unconstrained Fund | $— |
|  Six Circles Managed Equity Portfolio International Unconstrained Fund | 14522 |

---

7. Ownership Concentration

As of December 31, 2025, the Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund each had one affiliated omnibus account for the benefit of its clients which owned approximately 99% of its outstanding shares.

8. Subsequent Events

The Funds have evaluated subsequent events through the date of issuance of this report and have determined that there are no material events that require disclosure.

 <br> 58 SIX CIRCLES TRUST DECEMBER 31, 2025

------

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of Six Circles Trust and Shareholders of Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of Six Circles Managed Equity Portfolio U.S. Unconstrained Fund and Six Circles Managed Equity Portfolio International Unconstrained Fund (two of the funds constituting Six Circles Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended**,** the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

February 27, 2026

We have served as the auditor of one or more investment companies in the Six Circles Trust complex since 2018.

 <br> DECEMBER 31, 2025 SIX CIRCLES TRUST 59

------

#### TAX INFORMATION
(Unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | Six Circles<br>Managed Equity<br>Portfolio U.S.<br>Unconstrained Fund | Six Circles<br>Managed Equity<br>Portfolio International<br>Unconstrained Fund |
|  Record Date | 12/12/2025 | 12/12/2025 |
|  Payable Date | 12/16/2025 | 12/16/2025 |
|  Ordinary Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualified Dividend Income for Individuals | 93.47% | 76.48% |
|  Dividends Qualifying for the Dividends Received |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deduction for Corporations | 89.43% | 0.26% |
|  Foreign Source Income |  | 99.66% |
|  Foreign Tax Paid Per Share |  | 0.034698 |
|  Interest from Tax-Exempt Obligations |  |  |
|  Interest from Federal Obligations |  |  |
|  Long-Term Capital Gain Dividend |  |  |

---

 <br> 60 SIX CIRCLES TRUST DECEMBER 31, 2025

------

![LOGO](g938015g18a32.jpg)

Feb 2019

 <br> <u>FACTS</u>   <u>WHAT DOES SIX CIRCLES TRUST\* DO WITH YOUR PERSONAL INFORMATION?</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;What? | &nbsp;&nbsp; The types of personal information we may collect and share depend on the product or service you have with us. This information can include:<br>◾<br>Social Security number<br>◾<br>account balances and transaction history<br>◾<br>investment experience and risk tolerance<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;How? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Six Circles Trust, chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Reasons we can share your personal information | Does Six Circles<br>Trust share? | Can you limit this<br>sharing? |
| &nbsp;&nbsp;&nbsp; **For our everyday business purposes —**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| &nbsp;&nbsp;&nbsp; **For our marketing purposes —**<br> to offer our products and services to you | No | We don't share |
| &nbsp;&nbsp;&nbsp;For joint marketing with other financial companies | No | We don't share |
| &nbsp;&nbsp;&nbsp; **For our affiliates' everyday business purposes —**<br> information about your transactions and experiences | Yes | No |
| &nbsp;&nbsp;&nbsp; **For our affiliates' everyday business purposes —**<br> information about your creditworthiness | No | We don't share |
| &nbsp;&nbsp;&nbsp;For nonaffiliates to market to you | No | We don't share |

---

\* Six Circles Trust and its fund series do not currently, nor are they expected to, collect personal non-public information from individuals, since holdings are held on the books of each fund on an omnibus basis by financial intermediaries. To the extent Six Circles Trust does get access to personal information through its affiliates or otherwise, this statement would apply. 

 <br> <u>Questions?</u>   <u>Call 212-464-2070 to speak with a Managed Solutions & Strategies Investor Relations representative. We accept operator relay calls.</u>

------

![LOGO](g938015g18a32.jpg)

 <br> <u> Page 2</u>    

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Who we are | &nbsp;&nbsp;&nbsp;Who we are |
| &nbsp;&nbsp;&nbsp;**Who is providing this notice?** | Six Circles Trust |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;What we do | &nbsp;&nbsp;&nbsp;What we do |
| &nbsp;&nbsp;&nbsp;How does Six Circles Trust protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We only authorize our personnel to access information about you when they need it to do their work for us. We require companies working for us to protect your information. |
| &nbsp;&nbsp;&nbsp;How does Six Circles Trust collect my personal information? | &nbsp;&nbsp; We may collect your personal information, for example, when you<br>◾<br>open an account or make a wire transfer<br>◾<br>direct us to buy securities or direct us to sell your securities<br>◾<br>provide your account information<br>|
| &nbsp;&nbsp;&nbsp;Why can't I limit all sharing? | &nbsp;&nbsp; Federal law gives you the right to limit only<br>◾<br>sharing for affiliates' everyday business purposes – information about your creditworthiness<br>◾<br>affiliates from using your information to market to you<br>◾<br>sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Definitions | &nbsp;&nbsp;&nbsp;Definitions |
| &nbsp;&nbsp;&nbsp;Affiliates | &nbsp;&nbsp;&nbsp; Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>• *Our affiliates include companies with the Chase or J.P. Morgan name including J.P. Morgan Private Investments Inc., our investment adviser.*<br>|
| &nbsp;&nbsp;&nbsp;Nonaffiliates | &nbsp;&nbsp;&nbsp; Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>• *We do not share with nonaffiliates so they can market to you*<br>|
| &nbsp;&nbsp;&nbsp;Joint marketing | &nbsp;&nbsp;&nbsp; A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>• *We don't jointly market*<br>|

---

------

*For more complete information about the Funds, including the Funds' objectives, risks, charges and expenses, call your J.P. Morgan team or call 1-212-464-2070 or go to www.sixcirclesfunds.com for a prospectus. Read the prospectus carefully. The Six Circles Funds are specifically designed to be completion portfolios within an overall discretionary portfolio. The Six Circles Funds are not intended to be standalone investments. J.P. Morgan is committed to making our products and services accessible to meet the financial services needs of all our clients. If you are a person with a disability and need additional support accessing this material, please contact your J.P. Morgan team or email us at accessibility.support@jpmorgan.com for assistance.* 

The Six Circles Funds are distributed by Foreside Fund Services, LLC a member of FINRA.

***Contact Six Circles Funds collect at 1-212-464-2070 for a fund prospectus. You can also visit us at www.sixcirclesfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the Six Circles Funds before investing. The prospectus contains this and other information about the Six Circles Funds. Read the prospectus carefully before investing.***

The Six Circles Funds file complete schedules of their fund holdings for the first and third quarters of their fiscal year with the SEC on Form N-PORT. The Six Circles Funds' Forms N-PORT are available on the SEC's website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the Six Circles Funds' website at www.sixcirclesfunds.com/literature.

A description of the Six Circles Funds' policies and procedures with respect to the disclosure of the Six Circles Funds' holdings is available in the prospectuses and Statements of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling collect 1-212-464-2070 or on the Six Circles Funds' website at www.sixcirclesfunds.com. A description of such policies and procedures is in the Statement of Additional Information available on the SEC's website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser, and the Adviser in turn has delegated such authority to the Sub-Advisers. A copy of the Six Circles Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC's website at www.sec.gov or at the Six Circles Funds' website at www.sixcirclesfunds.com no later than August 31 of each year. The Six Circles Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

<sup>©</sup>JPMorgan Chase & Co. 2025. All rights reserved. December 31, 2025.

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
There were no changes in and/or disagreements with Accountants during the period covered by this report.

#### Item 9. Proxy Disclosures for Open-End Management Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Companies.
The aggregate renumeration paid to all Trustees is included within the financial statements under Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees since the Fund last provided disclosure in response to this item.

#### Item 16. Controls and Procedures.
(a) The Registrant's principal executive and financial officers have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective, as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's period covered by this report, that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

------

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [<u>A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith</u>.](d72948dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | There has been no change to the Registrant's independent public accountant during the reporting period. |
| (b) | <u>[Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](d72948dex99906cert.htm)</u> |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) Six Circles Trust | (Registrant) Six Circles Trust |
| By: (Signature and Title) | By: (Signature and Title) |
| /s/ Gregory McNeil | /s/ Gregory McNeil |
| Gregory McNeil | Gregory McNeil |
| Title: | President - Principal Executive Officer |
| Date: | March 6, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| By: (Signature and Title) |
| /s/ Gregory McNeil |
| Gregory McNeil |
| Title: President - Principal Executive Officer |
| Date: March 6, 2026 |
| By: (Signature and Title) |
| /s/ Tricia Larkin |
| Tricia Larkin |
| Title: Treasurer - Principal Financial Officer |
| Date: March 6, 2026 |

---

## Ex-99.Cert

Exhibit 13(a)(2)

**CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT** 

**AND SECTION 302 OF THE SARBANES-OXLEY ACT** 

I, Gregory McNeil, certify that:

1. I have reviewed this report on Form N-CSR of Six Circles Trust on
behalf of Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Ultra Short Duration Fund, Six Circles Managed Equity Portfolio U.S.
Unconstrained Fund, Six Circles Managed Equity Portfolio International Unconstrained Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, Six Circles Credit Opportunities Fund, and Six Circles Multi-Strategy Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report fairly
present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Gregory McNeil |
|  | Gregory McNeil, President |
|  | (Principal Executive Officer) |

---

------

Exhibit 13(a)(2)

**CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT** 

**AND SECTION 302 OF THE SARBANES-OXLEY ACT** 

I, Tricia Larkin, certify that:

1. I have reviewed this report on Form N-CSR of Six Circles Trust on
behalf of Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Ultra Short Duration Fund, Six Circles Managed Equity Portfolio U.S.
Unconstrained Fund, Six Circles Managed Equity Portfolio International Unconstrained Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, Six Circles Credit Opportunities Fund, and Six Circles Multi-Strategy Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report fairly
present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the internal control over financial reporting.

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| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Tricia Larkin |
|  | Tricia Larkin, Treasurer |
|  | (Principal Financial Officer) |

---

## Exhibit 99.906

Exhibit 13(b)

CERTIFICATION PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION

906 OF THE SARBANES-OXLEY ACT

I, Gregory McNeil**,** President (Principal Executive Officer) of Six Circles Trust (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Form N-CSR of the Registrant on behalf of Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Ultra Short Duration Fund, Six Circles Managed Equity Portfolio U.S. Unconstrained Fund, Six Circles Managed Equity Portfolio International Unconstrained Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, Six Circles Credit Opportunities Fund, and Six Circles Multi-Strategy Fund for the annual period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Gregory McNeil |
|  | Gregory McNeil, President |
|  | (Principal Executive Officer) |

---

------

Exhibit 13(b)

CERTIFICATION PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION

906 OF THE SARBANES-OXLEY ACT

I, Tricia Larkin**,** Treasurer (Principal Financial Officer) of Six Circles Trust (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1. The Form N-CSR of the Registrant on behalf of Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Ultra Short Duration Fund, Six Circles Managed Equity Portfolio U.S. Unconstrained Fund, Six Circles Managed Equity Portfolio International Unconstrained Fund, Six Circles Global Bond Fund, Six Circles Tax Aware Bond Fund, Six Circles Credit Opportunities Fund, and Six Circles Multi-Strategy Fund for the annual period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Tricia Larkin |
|  | Tricia Larkin, Treasurer |
|  | (Principal Financial Officer) |

---