# EDGAR Filing Document

**Accession Number:** 0001724826
**File Stem:** 0001003715-25-001300
**Filing Date:** 2025-11
**Character Count:** 3967489
**Document Hash:** fda45167710a522e82dfda3bf95ee26d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001003715-25-001300.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001003715-25-001300

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23325
- **FILM NUMBER:** 251516525

**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 Credit Opportunities Fund (Series ID: S000068977)

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

## Nport-Ex

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Asset-Backed Securities — continued** |  |  |  |
|  **Automobile ABS — continued** |  |  |  |
| Ford Credit Auto Lease Trust, Series 2024-B, Class A2B, (United States 30 Day Average SOFR + 0.40%), 4.77%, 02/15/2027 (aa) |  | 370 | 370 |
| Ford Credit Auto Owner Trust, |  |  |  |
| Series 2022-D, Class A3, 5.27%, 05/17/2027 |  | 31 | 31 |
| Series 2024-1, Class A, SUB, 4.87%, 08/15/2036 (e) |  | 789 | 808 |
| Series 2024-C, Class A2A, 4.32%, 08/15/2027 |  | 922 | 923 |
| Series 2024-C, Class A3, 4.07%, 07/15/2029 |  | 829 | 831 |
| Series 2025-B, Class A2A, 3.88%, 06/15/2028 |  | 1500 | 1500 |
| Ford Credit Auto Owner Trust / Ford Credit, Series 2025-1, Class A, SUB, 4.86%, 08/15/2037 (e) |  | 960 | 985 |
| Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class A2, (United States 30 Day Average SOFR + 1.25%), 5.62%, 05/15/2028 (e) (aa) |  | 1290 | 1297 |
| GM Financial Automobile Leasing Trust, |  |  |  |
| Series 2024-3, Class A2A, 4.29%, 01/20/2027 |  | 1067 | 1068 |
| Series 2025-1, Class A2A, 4.54%, 05/20/2027 |  | 1827 | 1831 |
| Series 2025-2, Class A2A, 4.55%, 07/20/2027 |  | 800 | 803 |
| GM Financial Consumer Automobile Receivables Trust, |  |  |  |
| Series 2023-2, Class A3, 4.47%, 02/16/2028 |  | 232 | 233 |
| Series 2023-4, Class A3, 5.78%, 08/16/2028 |  | 874 | 884 |
| Series 2024-1, Class A3, 4.85%, 12/18/2028 |  | 940 | 946 |
| Series 2024-4, Class A2A, 4.53%, 10/18/2027 |  | 534 | 535 |
| Series 2024-4, Class A3, 4.40%, 08/16/2029 |  | 2554 | 2572 |
| GMF Floorplan Owner Revolving Trust, |  |  |  |
| Series 2023-1, Class A1, 5.34%, 06/15/2028 (e) |  | 1000 | 1009 |
| Series 2024-4A, Class A1, 4.73%, 11/15/2029 (e) |  | 945 | 958 |
| Golden Bar Securitisation Srl, (Italy), Series 2023-2, Class B, Reg. S, (EURIBOR 3 Month + 2.90%), 4.93%, 09/22/2043 (aa) | EUR | 228 | 274 |
| Harley-Davidson Motorcycle Trust, |  |  |  |
| Series 2024-A, Class A2, 5.65%, 02/16/2027 |  | 23 | 23 |
| Series 2024-B, Class A2, 4.62%, 08/16/2027 |  | 619 | 619 |
| Series 2025-A, Class A2A, 4.71%, 07/17/2028 |  | 500 | 502 |
| Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.49%, 06/25/2027 (e) |  | 1700 | 1710 |
| Hill FL 2024-1BV, (Netherlands), Series 2024-1FL, Class B, Reg. S, (EURIBOR 1 Month + 1.10%), 3.01%, 02/18/2032 (aa) | EUR | 154 | 181 |
| Hill FL 2024-2 BV, (Netherlands), Series 2024-2FL, Class A, Reg. S, (EURIBOR 1 Month + 0.72%), 2.63%, 10/18/2032 (aa) | EUR | 535 | 629 |
| Honda Auto Receivables Owner Trust, Series 2025-3, Class A3, 4.04%, 02/21/2030 |  | 1895 | 1899 |
| Hyundai Auto Lease Securitization Trust, |  |  |  |
| Series 2025-B, Class A2A, 4.58%, 09/15/2027 (e) |  | 1100 | 1105 |
| Series 2025-C, Class A2A, 4.37%, 01/18/2028 (e) |  | 1000 | 1005 |
| Hyundai Auto Receivables Trust, |  |  |  |
| Series 2023-A, Class A3, 4.58%, 04/15/2027 |  | 167 | 167 |
| Series 2024-A, Class A3, 4.99%, 02/15/2029 |  | 3197 | 3229 |
| Series 2024-B, Class A3, 4.84%, 03/15/2029 |  | 1787 | 1807 |
| Series 2024-C, Class A3, 4.41%, 05/15/2029 |  | 1921 | 1936 |
| Koromo Italy Srl, (Italy), Series 1, Class A, Reg. S, (EURIBOR 1 Month + 0.80%), 2.69%, 02/26/2035 (aa) | EUR | 60 | 71 |
| LT Autorahoitus V DAC, (Ireland), Series 5, Class B, Reg. S, (EURIBOR 1 Month + 0.90%), 2.81%, 05/18/2035 (aa) | EUR | 400 | 470 |
| LT Rahoitus 2025-1 DAC, (Ireland), Series 6, Class A, Reg. S, (EURIBOR 1 Month + 0.54%), 2.45%, 07/18/2036 (aa) | EUR | 474 | 557 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

Percentages indicated are based on net assets.

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

**Exchange Traded** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT ($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  **Long Contracts** |  |  |  |  |  |
|  Australia 10 Year Bond | 36 | 12/2025 | AUD | 2711 | (11) |
|  Canada Government 5 Year Bond | 90 | 12/2025 | CAD | 7371 | 87 |
|  Long Gilt | 9 | 12/2025 | GBP | 1094 | 5 |
|  U.S. Treasury 5 Year Note | 1049 | 12/2025 | USD | 114333 | 214 |
|  |  |  |  |  | 295 |
|  **Short Contracts** |  |  |  |  |  |
|  U.S. Treasury 2 Year Note | (583) | 12/2025 | USD | (121443) | (53) |
|  U.S. Treasury 5 Year Note | (133) | 12/2025 | USD | (14537) | 14 |
|  U.S. Treasury 10 Year Note | (88) | 12/2025 | USD | (9856) | (44) |
|  U.S. Treasury Ultra Bond | (22) | 12/2025 | USD | (2579) | (63) |
|  U.S. Ultra Treasury 10 Year Note | (19) | 12/2025 | USD | (2187) | — (h) |
|  |  |  |  |  | (146) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 149 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

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

---

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

---

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

---

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

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| ASX | Australian Stock Exchange |
| BBSW | Bank Bill Swap Rate |
| CLO | Collateralized Loan Obligations |
| CMT | Constant Maturity Treasury |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| Reg. S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. |
| REMICS | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| SUB | Step-Up Bond. The interest rate shown is the rate in effect as of September 30, 2025. |
| TBA | To Be Announced |
| (e) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (f) | Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended. |
| (g) | Amount rounds to less than 0.05%. |
| (h) | Amount rounds to less than 500 shares/principal or $500. |
| (n) | The rate shown is the effective yield as of September 30, 2025. |
| (w) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (z) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2025. |
| (aa) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2025. |
| (ii) | Approximately $41 of these investments are restricted as collateral for foreign currency exchange contracts to Barclays Bank plc. |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NZD | New Zealand Dollar |
| USD | United States Dollar |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

Percentages indicated are based on net assets.

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

**Exchange Traded** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL**<br>**AMOUNT ($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  **Long Contracts** |  |  |  |  |  |
|  Australia 10 Year Bond | 47 | 12/2025 | AUD | 3540 | (14) |
|  Canadian Government 5 Year Bond | 117 | 12/2025 | CAD | 9581 | 114 |
|  Long Gilt | 13 | 12/2025 | GBP | 1580 | 8 |
|  U.S. Treasury 5 Year Note | 1359 | 12/2025 | USD | 148121 | 275 |
|  |  |  |  |  | 383 |
|  **Short Contracts** |  |  |  |  |  |
|  U.S. Treasury 2 Year Note | (174) | 12/2025 | USD | (36267) | 6 |
|  U.S. Treasury 10 Year Note | (101) | 12/2025 | USD | (11312) | (51) |
|  U.S. Treasury Ultra Bond | (29) | 12/2025 | USD | (3401) | (80) |
|  U.S. Ultra Treasury 10 Year Note | (28) | 12/2025 | USD | (3218) | (5) |
|  |  |  |  |  | (130) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 253 |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

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

---

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

---

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

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
|  ASX | Australian Stock Exchange |
|  AMT | Alternative Minimum Tax |
|  BAN | Bond Anticipation Note |
|  BBSW | Bank Bill Swap Rate |
|  CMT | Constant Maturity Treasury |
|  CNTY | County |
|  COP | Certificate of Participation |
|  FHLMC | Federal Home Loan Mortgage Corp. |
|  FNMA | Federal National Mortgage Association |
|  GNMA | Government National Mortgage Association |
|  GO | General Obligation |
|  GTD | Guaranteed |
|  LIQ | Liquidity Agreement |
|  LOC | Letter of Credit |
|  PSF | Permanent School Fund |
|  Reg. S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. |
|  REMICS | Real Estate Mortgage Investment Conduit |
|  Rev. | Revenue |
|  SIFMA | Securities Industry and Financial Markets Association |
|  SOFR | Secured Overnight Financing Rate |
|  SONIA | Sterling Overnight Interbank Average Rate |
|  SUB | Step-Up Bond. The interest rate shown is the rate in effect as of September 30, 2025. |
|  TBA | To Be Announced |
|  VRDO | Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of September 30, 2025. |
| (e) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (f) | Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended. |
| (g) | Amount rounds to less than 0.05%. |
| (h) | Amount rounds to less than 500 shares/principal or $500 |
| (n) | The rate shown is the effective yield as of September 30, 2025. |
| (t) | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (w) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (z) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2025. |
| (aa) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2025. |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

| | |
|:---|:---|
| (ii) | Approximately $53 of these investments are restricted as collateral for foreign currency exchange contracts to Barclays Bank plc. |
|  AUD | Australian Dollar |
|  CAD | Canadian Dollar |
|  EUR | Euro |
|  GBP | British Pound |
|  JPY | Japanese Yen |
|  USD | United States Dollar |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

Percentages indicated are based on net assets.

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

**Exchange Traded** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT ($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  **Long Contracts** |  |  |  |  |  |
|  CME Micro E-mini Russell 2000 Index | 32 | 12/2025 | USD | 390 | 3 |
|  E-mini Consumer Staples Select Sector Index | 3 | 12/2025 | USD | 242 | (3) |
|  E-mini Energy Select Sector Index | 26 | 12/2025 | USD | 2423 | 29 |
|  E-mini Financial Select Sector Index | 34 | 12/2025 | USD | 5687 | 4 |
|  E-mini Health Care Select Sector Index | 23 | 12/2025 | USD | 3209 | 49 |
|  E-mini Industrial Select Sector Index | 18 | 12/2025 | USD | 2806 | 15 |
|  E-mini Russell 1000 Growth Index | 11 | 12/2025 | USD | 2571 | 47 |
|  E-mini Russell 1000 Value Index | 5 | 12/2025 | USD | 502 | 3 |
|  E-mini Russell 2000 Index | 1 | 12/2025 | USD | 121 | 2 |
|  E-mini Technology Select Sector Index | 43 | 12/2025 | USD | 11913 | 416 |
|  E-mini Utilities Select Sector Index | 11 | 12/2025 | USD | 952 | 23 |
|  Micro E-mini NASDAQ 100 Index | 58 | 12/2025 | USD | 2825 | 64 |
|  Micro E-mini S&P 500 Index | 16 | 12/2025 | USD | 533 | 6 |
|  NASDAQ 100 E-mini Index | 6 | 12/2025 | USD | 2918 | 70 |
|  S&P 500 E-mini Index | 100 | 12/2025 | USD | 33358 | 335 |
|  S&P MidCap 400 E-mini Index | 4 | 12/2025 | USD | 1331 | (17) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 1046 |

---

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

---

| |
|:---|
| AS OF SEPTEMBER 30, 2025 |
| REIT – Real Estate Investment Trust |
| (a) – Non-income producing security. |
| (g) – Amount rounds to less than 0.05%. |
| (h) – Amount rounds to less than 500 shares/principal or $500. |
| USD – United States Dollar |

---

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

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

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

Percentages indicated are based on net assets.

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

**Exchange Traded** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT ($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  **Long Contracts** |  |  |  |  |  |
|  Euro STOXX 50 Index | 814 | 12/2025 | EUR | 52075 | 879 |
|  FTSE 100 Index | 260 | 12/2025 | GBP | 32643 | 252 |
|  Mini-DAX | 4 | 12/2025 | EUR | 562 | 2 |
|  OMX Copenhagen 25 Index | 46 | 10/2025 | DKK | 1215 | (36) |
|  S&P Toronto Stock Exchange 60 Index | 11 | 12/2025 | CAD | 2743 | 59 |
|  FTSE Taiwan Index | 13 | 10/2025 | USD | 1125 | (13) |
|  STOXX Europe 600 Index | 331 | 12/2025 | EUR | 10802 | 70 |
|  TOPIX Index | 72 | 12/2025 | JPY | 15222 | 71 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 1284 |

---

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

---

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

---

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CVA | Dutch Certification |
| GDR | Global Depositary Receipt |
| OYJ | Public Limited Company |
| REIT | Real Estate Investment Trust |
| (a) | Non-income producing security. |
| (e) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (g) | Amount rounds to less than 0.05%. |
| (h) | Amount rounds to less than 500 shares/principal or $500. |
| (bb) | Security has been valued using significant unobservable inputs. |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| DKK | Danish Krone |
| EUR | Euro |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

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

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

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited)

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations** — **continued** |  |  |
| **Agency Collateral CMO — continued** |  |  |
| Series 2021-H03, Class ML, 6.58%, 01/20/2071 (z) | 4330 | 4363 |
| Series 2021-H05, Class FJ, (United States 30 Day Average SOFR + 0.75%), 5.14%, 03/20/2071 (aa) | 232 | 231 |
| Series 2021-H12, Class DF, (United States 30 Day Average SOFR + 1.50%), 5.89%, 08/20/2071 (aa) | 1958 | 2003 |
| Series 2021-H14, Class HF, (United States 30 Day Average SOFR + 1.50%), 5.89%, 09/20/2071 (aa) | 7584 | 7753 |
| Series 2021-H15, Class HB, 1.25%, 09/20/2065 | 103 | 96 |
| Series 2021-H16, Class F, (United States 30 Day Average SOFR + 1.50%), 5.89%, 09/20/2071 (aa) | 9828 | 10056 |
| Series 2022-H09, Class FA, (United States 30 Day Average SOFR + 0.67%), 5.06%, 04/20/2072 (aa) | 773 | 767 |
| Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 5.29%, 01/20/2073 (aa) | 2807 | 2811 |
| Series 2023-H02, Class FL, (United States 30 Day Average SOFR + 0.90%), 5.29%, 01/20/2073 (aa) | 8130 | 8174 |
| Series 2023-H02, Class JF, (United States 30 Day Average SOFR + 0.90%), 5.29%, 01/20/2073 (aa) | 6505 | 6537 |
| Series 2023-H03, Class FA, (United States 30 Day Average SOFR + 0.87%), 5.26%, 02/20/2073 (aa) | 11396 | 11437 |
| Series 2023-H09, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.19%, 04/20/2073 (aa) | 1741 | 1743 |
| Series 2023-H11, Class FC, (United States 30 Day Average SOFR + 1.10%), 5.49%, 05/20/2073 (aa) | 8230 | 8348 |
| Series 2023-H11, Class FD, (United States 30 Day Average SOFR + 1.15%), 5.54%, 05/20/2073 (aa) | 1414 | 1429 |
| Series 2023-H15, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.39%, 03/20/2073 (aa) | 1997 | 2007 |
| Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 5.49%, 11/20/2073 (aa) | 4577 | 4641 |
| Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.29%, 01/20/2074 (aa) | 2863 | 2872 |
| Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 5.32%, 01/20/2074 (aa) | 5023 | 5045 |
| Series 2024-H02, Class FJ, (United States 30 Day Average SOFR + 1.00%), 5.39%, 12/20/2073 (aa) | 3827 | 3846 |
| Series 2024-H07, Class FC, (United States 30 Day Average SOFR + 0.65%), 5.04%, 02/20/2074 (aa) | 1977 | 1975 |
| Series 2024-H11, Class FD, (United States 30 Day Average SOFR + 0.90%), 5.29%, 07/20/2074 (aa) | 2997 | 3005 |
| Series 2025-79, Class NA, 3.50%, 11/20/2049 | 3182 | 3096 |
| Total Agency Collateral CMO |  | 231403 |
| **WL Collateral CMO — 0.2%** |  |  |
| Citigroup Mortgage Loan Trust, |  |  |
| Series 2021-INV1, Class A3A, 2.50%, 05/25/2051 (e) (z) | 5176 | 4292 |
| Series 2021-INV3, Class A11, (United States 30 Day Average SOFR + 0.85%), 5.00%,<br> 05/25/2051 (e) (aa) | 366 | 339 |
| GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A2, 2.50%, 02/25/2052 (e) (z) | 942 | 782 |
| IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA, 3.40%, 08/18/2043 (e) | 1259 | 1229 |
| MFA Trust, Series 2020-NQM2, Class A1, 1.38%, 04/25/2065 (e) (z) | 1173 | 1148 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2021-6, Class A6, (United States 30 Day Average SOFR + 0.85%), 5.00%, 09/25/2051 (e) (aa) | 1613 | 1496 |
| OBX Trust, Series 2021-INV2, Class A11, (United States 30 Day Average SOFR + 0.90%), 5.00%, 10/25/2051 (e) (aa) | 386 | 360 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Consumer Non-cyclical** — **1.8%** |  |  |  |
| **Agriculture** — **0.5%** |  |  |  |
| Altria Group, Inc., |  |  |  |
| 3.13%, 06/15/2031 | EUR | 7100 | 8240 |
| 3.40%, 05/06/2030 |  | 50 | 48 |
| 3.40%, 02/04/2041 |  | 75 | 58 |
| 3.70%, 02/04/2051 |  | 110 | 79 |
| 3.88%, 09/16/2046 |  | 95 | 73 |
| 4.00%, 02/04/2061 |  | 60 | 45 |
| 4.88%, 02/04/2028 |  | 70 | 71 |
| 5.80%, 02/14/2039 |  | 6 | 6 |
| 5.95%, 02/14/2049 |  | 6 | 6 |
| 6.20%, 11/01/2028 |  | 75 | 79 |
| 6.20%, 02/14/2059 |  | 28 | 29 |
| BAT Capital Corp., |  |  |  |
| 2.26%, 03/25/2028 |  | 101 | 97 |
| 3.56%, 08/15/2027 |  | 646 | 639 |
| 4.54%, 08/15/2047 |  | 104 | 87 |
| 4.76%, 09/06/2049 |  | 5 | 4 |
| 5.83%, 02/20/2031 |  | 65 | 69 |
| 6.00%, 02/20/2034 |  | 15 | 16 |
| 6.34%, 08/02/2030 |  | 85 | 92 |
| 7.08%, 08/02/2043 |  | 60 | 68 |
| 7.08%, 08/02/2053 |  | 15 | 17 |
| BAT International Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 2.25%, 06/26/2028 | GBP | 860 | 1087 |
| Reg. S, 2.25%, 01/16/2030 | EUR | 4977 | 5660 |
| Reg. S, 4.13%, 04/12/2032 | EUR | 4300 | 5214 |
| 4.45%, 03/16/2028 |  | 20 | 20 |
| 5.93%, 02/02/2029 |  | 1825 | 1917 |
| Reg. S, 6.00%, 11/24/2034 | GBP | 600 | 823 |
| British American Tobacco plc, (United Kingdom), Series 5.25, Reg. S, (EUR Swap Rate 5 Year + 3.37%), 3.00%, 09/27/2026 (x) (aa) | EUR | 2000 | 2344 |
| Bunge Finance Europe BV, (Netherlands), Reg. S, 1.00%, 09/24/2028 | EUR | 2050 | 2288 |
| Bunge Ltd Finance Corp., 5.15%, 08/04/2035 |  | 1895 | 1917 |
| Cargill, Inc., |  |  |  |
| 2.13%, 04/23/2030 (e) |  | 1500 | 1374 |
| 4.76%, 11/23/2045 (e) |  | 375 | 345 |
| Imperial Brands Finance Netherlands BV, (Netherlands), |  |  |  |
| Reg. S, 1.75%, 03/18/2033 | EUR | 840 | 856 |
| Reg. S, 5.25%, 02/15/2031 | EUR | 5738 | 7311 |
| Imperial Brands Finance plc, (United Kingdom), 5.50%, 02/01/2030 (e) |  | 2000 | 2076 |
| JBS USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, 5.95%, 04/20/2035 (e) |  | 960 | 1010 |
| JT International Financial Services BV, (Netherlands), Reg. S, 1.00%, 11/26/2029 | EUR | 1952 | 2123 |
| Louis Dreyfus Co. Finance BV, (Netherlands), Reg. S, 3.50%, 10/22/2031 | EUR | 1500 | 1771 |
| Philip Morris International, Inc., |  |  |  |
| 1.45%, 08/01/2039 | EUR | 3800 | 3226 |
| 1.75%, 11/01/2030 |  | 204 | 181 |
| 1.88%, 11/06/2037 | EUR | 1000 | 936 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

**Exchange Traded** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT ($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  **Long Contracts** |  |  |  |  |  |
|  Euro BOBL | 16 | 12/2025 | EUR | 2212 | 1 |
|  Euro Bund | 184 | 12/2025 | EUR | 27770 | 4 |
|  Euro Buxl | 9 | 12/2025 | EUR | 1206 | 4 |
|  Euro Schatz | 498 | 12/2025 | EUR | 62601 | (53) |
|  U.S. Treasury 2 Year Note | 134 | 12/2025 | USD | 27884 | 42 |
|  U.S. Treasury 10 Year Note | 53 | 12/2025 | USD | 5943 | 19 |
|  U.S. Treasury Long Bond | 241 | 12/2025 | USD | 27434 | 665 |
|  U.S. Treasury Ultra Bond | 63 | 12/2025 | USD | 7458 | 106 |
|  |  |  |  |  | 788 |
|  **Short Contracts** |  |  |  |  |  |
|  Euro BOBL | (425) | 12/2025 | EUR | (58810) | 27 |
|  Euro Buxl | (11) | 12/2025 | EUR | (1458) | (20) |
|  Euro Schatz | (123) | 12/2025 | EUR | (15473) | 24 |
|  Long Gilt | (116) | 12/2025 | GBP | (14103) | (69) |
|  U.S. Treasury 2 Year Note | (90) | 12/2025 | USD | (18728) | (28) |
|  U.S. Treasury 5 Year Note | (163) | 12/2025 | USD | (17798) | (1) |
|  U.S. Treasury 10 Year Note | (170) | 12/2025 | USD | (19092) | (33) |
|  U.S. Ultra Treasury 10 Year Note | (140) | 12/2025 | USD | (15933) | (178) |
|  |  |  |  |  | (278) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 510 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

\* Non-deliverable forward.

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

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

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

---

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

---

**Written Call Option Contract on securities as of September 30, 2025:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 10/14/2055 | Citigroup Global Markets, Inc. | (9000) | USD | (4141) | USD | 93.94 | 10/07/2025 | $(44) |
|  |  |  |  |  |  |  |  | (44) |
|  Total Written Options Contract (Premiums Received $31) |  |  |  |  |  |  |  | (44) |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

**Purchased Call Interest Rate Swaptions contracts outstanding as of September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1900 | 691 | 4.10 | 02/06/2035 | $89 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 944 | 4.27 | 05/01/2035 | 130 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 5000 | 1916 | 4.31 | 05/02/2035 | 267 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 1002 | 4.47 | 06/04/2035 | 147 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 3900 | 1549 | 4.44 | 06/18/2035 | 225 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 10000 | 3929 | 4.40 | 06/25/2035 | 563 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 9200 | 3724 | 4.56 | 07/09/2035 | 567 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 9800 | 4089 | 4.64 | 07/23/2035 | 631 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 6800 | 2666 | 4.46 | 08/06/2035 | 396 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 4800 | 1870 | 4.43 | 08/06/2035 | 275 |
|  10-Year Swaption, United States SOFR | Morgan Stanley<br>Capital Service | 4400 | 1739 | 4.49 | 08/07/2035 | 260 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 3200 | 1294 | 4.69 | 08/27/2035 | 212 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 31570 | 477 | 3.18 | 12/04/2025 | 77 |
|  7-Year Swaption, United States SOFR | Morgan Stanley<br>Capital Service | 22200 | 219 | 3.08 | 11/10/2025 | 17 |
|  7-Year Swaption, United States SOFR | Deutsche Bank AG | 7500 | 302 | 3.14 | 09/14/2026 | 76 |
|  |  |  |  |  |  | 3932 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  10-Year Swaption, United States SOFR | Barclays Bank plc | 1000 | 28 | 5.00 | 10/14/2025 | — (h) |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1900 | 691 | 4.10 | 02/06/2035 | 125 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 944 | 4.27 | 05/01/2035 | 153 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 5000 | 1916 | 4.31 | 05/02/2035 | 300 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 1002 | 4.47 | 06/04/2035 | 140 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 3900 | 1549 | 4.44 | 06/18/2035 | 222 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 5000 | 1988 | 4.40 | 06/25/2035 | 289 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 4600 | 1862 | 4.56 | 07/09/2035 | 249 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 4900 | 2044 | 4.64 | 07/23/2035 | 257 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 6800 | 2666 | 4.46 | 08/06/2035 | 384 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 4800 | 1870 | 4.43 | 08/06/2035 | 275 |
|  10-Year Swaption, United States SOFR | Morgan Stanley<br>Capital Service | 4400 | 1739 | 4.49 | 08/07/2035 | 246 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 3200 | 1294 | 4.69 | 08/27/2035 | 164 |
|  7-Year Swaption, United States SOFR | Barclays Bank plc | 125000 | 938 | 5.00 | 10/08/2025 | — (h) |
|  7-Year Swaption, United States SOFR | Deutsche Bank AG | 7500 | 350 | 3.64 | 09/14/2026 | 124 |
|  |  |  |  |  |  | 2928 |
|  Total Purchased Interest Rate Swaptions contract (Premiums Paid $10,681) |  |  |  |  |  | 6860 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

(Amounts in thousands, except number of Futures contracts)

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

---

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

---

**Reverse Repurchase Agreements** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **BORROWING<br>RATE** | **SETTLEMENT<br>DATE** | **MATURITY<br>DATE** | **AMOUNT<br>BORROWED** | **PAYABLE FOR<br>REVERSE<br>REPURCHASE<br>AGREEMENTS($)** | **COLLATERAL<br>PLEDGED/<br>(RECEIVED)($)** | **NET AMOUNT (DUE<br>TO)/ FROM<br>COUNTERPATRY($)** |
|  BNP Paribas | 4.33% | 9/22/2025 | 10/14/2025 | (6382) | (6389) | 6389 |  |
|  Wells Fargo Bank NA | 4.31% | 9/22/2025 | 10/14/2025 | (21427) | (21450) | 21450 |  |
|  Citigroup Global Markets, Inc. | 4.30% | 9/22/2025 | 10/14/2025 | (87493) | (87587) | 87587 |  |
|  |  |  |  |  | (115426) |  |  |

---

**Accounted for as Secured Borrowings** 

**Remaining Contractual Maturity of the Agreements** 

---

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

---

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| ACES | Alternative Credit Enhancement Securities |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of September 30, 2025. |
| ASX | Australian Stock Exchange |
| BAM | Insured by Build America Mutual |
| BBSW | Bank Bill Swap Rate |
| CFETS | China Foreign Exchange Trade System |
| CLO | Collateralized Loan Obligations |
| CMT | Constant Maturity Treasury |
| CPI | Consumer Price Index |
| EURIBOR | Euro Interbank Offered Rate |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)**

---

| | |
|:---|:---|
| ESTR | Euro short-term rate |
| FHA | Federal Housing Administration |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GPW | Polish Stock Market |
| IBOR | Interbank Offered Rate |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of September 30, 2025. The rate may be subject to a cap and floor. |
| IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably. |
| KLIBOR | Kuala Lumpur Interbank Offered Rate |
| LIBOR | London Interbank Offered Rate |
| NZFM | New Zealand Financial Markets |
| OYJ | Public Limited Company |
| PO | Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases. |
| REIT | Real Estate Investment Trust |
| Reg. S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. |
| REMICS | Real Estate Mortgage Investment Conduit |
|  Rev. | Revenue |
|  SOFR | Secured Overnight Financing Rate |
|  SONIA | Sterling Overnight Interbank Average Rate |
|  STRIP | Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities. |
|  SUB | Step-Up Bond. The interest rate shown is the rate in effect as of September 30, 2025. |
|  TBA | To Be Announced |
|  TIIE | Interbank Equilibrium Interest Rate |
|  TONAR | Tokyo Overnight Average Rate |
|  VA | Veterans Administration |
|  WIBID | Warsaw Interbank Bid Rate |
|  WIBOR | Warsaw Interbank Offered Rate |
| (e) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (g) | Amount rounds to less than 0.05%. |
| (h) | Amount rounds to less than 500 shares/principal or $500. |
| (n) | The rate shown is the effective yield as of September 30, 2025. |
| (t) | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (w) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)**

---

| | |
|:---|:---|
| (x) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of September 30, 2025. |
| (z) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2025. |
| (aa) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2025. |
| (ee) | Approximately $2,662 of these investments are restricted as collateral for swaps to various brokers. |
| (ff) | Approximately $1,683 of these investments are restricted as collateral for futures to Citigroup Global Markets Inc. |
| (gg) | Position, or portion thereof, has been segregated to collateralize reverse repurchase agreements. |
| (hh) | Approximately $883 of these investments are restricted as collateral for TBAs to various brokers. |
| (ii) | Approximately $490 of these investments are restricted as collateral for forwards to various brokers. |
| (jj) | Approximately $3,453 of these investments are restricted as collateral for bi-lateral derivatives to various brokers. |
|  AUD | Australian Dollar |
|  CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan |
| CNY | Chinese Yuan |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli New Shekel |
| JPY | Japanese Yen |
| KRW | Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| USD | United States Dollar |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **97.9%** (t) |  |  |
| **Alabama** — **5.0%** |  |  |
| Alabama Economic Settlement Authority, BP Settlement, Series A, Rev., 4.00%, 09/15/2033 | 1000 | 1000 |
| Alabama Federal Aid Highway Finance Authority, Garvee |  |  |
| Series A, Rev., 5.00%, 09/01/2032 (p) | 1160 | 1215 |
| Series A, Rev., 5.00%, 09/01/2035 (p) | 1000 | 1048 |
| Series A, Rev., 5.00%, 09/01/2036 (p) | 2000 | 2044 |
| Alabama Housing Finance Authority |  |  |
| Rev., GNMA/FNMA/FHLMC, 4.45%, 10/01/2044 | 760 | 752 |
| Rev., GNMA/FNMA/FHLMC, 5.75%, 04/01/2055 | 3350 | 3658 |
| Series D, Rev., GNMA/FNMA/FHLMC, 5.75%, 10/01/2055 | 2565 | 2815 |
| Alabama Housing Finance Authority, Cooper Green Homes Project, Rev., 5.00%, 02/01/2029 (z) | 260 | 272 |
| Alabama Public School and College Authority, Social Bonds |  |  |
| Series A, Rev., 5.00%, 11/01/2037 | 6400 | 6847 |
| Series A, Rev., 5.00%, 11/01/2039 | 10000 | 10569 |
| Alabama Special Care Facilities Financing Authority, Ascension Senior Credit Group, Series C, Rev., 5.00%, 11/15/2046 | 23000 | 23055 |
| Alabama State University, Rev., 5.50%, 09/01/2045 | 1250 | 1342 |
| Auburn University, Series A, Rev., 4.00%, 06/01/2041 | 7000 | 6781 |
| Baldwin County Industrial Development Authority, Rev., AMT, 5.00%, 06/01/2055 (e) (z) | 5845 | 5978 |
| Baldwin County Industrial Development Authority, Novelis Corp. Project, Rev., AMT, 4.63%, 06/01/2055 (e) (z) | 2405 | 2410 |
| Birmingham-Jefferson Civic Center Authority, Series A, Special Tax, 5.00%, 07/01/2048 | 3200 | 3216 |
| Birmingham-Jefferson Civic Center Authority, City of Birmingham, Rev., 5.00%, 05/01/2048 | 12700 | 12801 |
| Black Belt Energy Gas District |  |  |
| Rev., 4.00%, 06/01/2051 (z) | 23030 | 23804 |
| Rev., 5.00%, 05/01/2055 (z) | 24270 | 26341 |
| Series A, Rev., 5.25%, 05/01/2055 (z) | 2000 | 2181 |
| Series B1, Rev., 4.00%, 04/01/2053 (z) | 2000 | 2039 |
| Series B2, Rev., (SIFMA Municipal Swap Index + 0.65%), 3.54%, 04/01/2053 (aa) | 9250 | 9064 |
| Series B, Rev., 5.00%, 10/01/2055 (z) | 7100 | 7676 |
| Series B, Rev., LIQ: Royal Bank of Canada, 5.25%, 12/01/2053 (z) | 3925 | 4274 |
| Series C1, Rev., 5.25%, 02/01/2053 (z) | 17000 | 18157 |
| Series C, Rev., 5.50%, 10/01/2054 (z) | 5000 | 5529 |
| Series D1, Rev., LIQ: Royal Bank of Canada, 4.00%, 07/01/2052 (z) | 1800 | 1832 |
| Series D, Rev., 5.00%, 03/01/2055 (z) | 7000 | 7633 |
| Black Belt Energy Gas District, Gas Project |  |  |
| Series A, Rev., 5.25%, 05/01/2056 (z) | 5000 | 5201 |
| Series B, Rev., 5.00%, 10/01/2035 | 31200 | 32583 |
| Series D1, Rev., 5.50%, 06/01/2049 (z) | 3000 | 3215 |
| Series D, Rev., 5.00%, 12/01/2055 (w) (z) | 9555 | 10465 |
| Series E, Rev., 5.00%, 12/01/2055 (z) | 20155 | 21723 |
| Series F, Rev., 5.50%, 11/01/2053 (z) | 10625 | 11332 |
| Black Belt Energy Gas District, Gas Project Bonds Project No. 7, Rev., 4.00%, 10/01/2052 (z) | 13120 | 13278 |
| Black Belt Energy Gas District, Gas Project No. 8, Series A, Rev., 4.00%, 12/01/2052 (z) | 4910 | 5019 |
| Black Belt Energy Gas District, Project No. 4, Series A1, Rev., 4.00%, 12/01/2049 (z) | 6810 | 6833 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Alabama** — **continued** |  |  |
| Black Belt Energy Gas District, Project No. 5, Series A1, Rev., 4.00%, 10/01/2049 (z) | 5000 | 5055 |
| Black Belt Energy Gas District, Project No. 6, Series B, Rev., 4.00%, 10/01/2052 (z) | 9005 | 9113 |
| City of Birmingham, Warrants, Series A, GO, 4.00%, 06/01/2032 | 4075 | 4204 |
| County of Jefferson AL, Rev., 4.00%, 09/15/2036 | 2590 | 2598 |
| County of Jefferson Sewer Revenue, Warrants |  |  |
| Rev., 5.00%, 10/01/2035 | 2285 | 2531 |
| Rev., 5.00%, 10/01/2036 | 1455 | 1596 |
| Rev., 5.00%, 10/01/2037 | 8685 | 9445 |
| Rev., 5.00%, 10/01/2038 | 2190 | 2358 |
| Rev., 5.00%, 10/01/2039 | 3285 | 3511 |
| Rev., 5.25%, 10/01/2049 | 3805 | 3925 |
| Energy Southeast A Cooperative District |  |  |
| Series A1, Rev., 5.50%, 11/01/2053 (z) | 1500 | 1651 |
| Series B1, Rev., 5.75%, 04/01/2054 (z) | 650 | 728 |
| Series B, Rev., 5.25%, 07/01/2054 (z) | 7695 | 8431 |
| Health Care Authority for Baptist Health, Affiliate of UAB Health System Community, Rev., 5.00%, 11/15/2032 | 10495 | 11499 |
| Health Care Authority of the City of Huntsville, Health System |  |  |
| Series B1, Rev., 4.00%, 06/01/2045 | 1750 | 1656 |
| Series B1, Rev., 5.00%, 06/01/2038 | 1000 | 1047 |
| Homewood Educational Building Authority, Rev., 5.50%, 10/01/2049 | 3500 | 3555 |
| Hoover Industrial Development Board, Green Bonds, Rev., AMT, 6.38%, 11/01/2050 (z) | 2375 | 2611 |
| Hoover Industrial Development Board, United States Steel Corporation, Rev., AMT, 5.75%, 10/01/2049 | 3500 | 3536 |
| Huntsville Public Building Authority, Rev., 5.00%, 02/01/2052 | 3000 | 3059 |
| Industrial Development Board of the City of Mobile Alabama, Rev., 3.38%, 06/01/2034 (z) | 13010 | 13207 |
| Industrial Development Board of the City of Mobile Alabama, Alabama Power Co. Barry Plant, Rev., 3.30%, 07/15/2034 (z) | 4000 | 4006 |
| Lower Alabama Gas District (The), Gas Project Revenue Bonds, Rev., 4.00%, 12/01/2050 (z) | 3250 | 3257 |
| Madison Water & Wastewater Board, Rev., 5.25%, 12/01/2048 | 1700 | 1802 |
| Mobile County Industrial Development Authority, Rev., AMT, 5.00%, 06/01/2054 | 7800 | 7497 |
| Mobile County Industrial Development Authority, AM/NS Calvert LLC, Rev., AMT, 4.75%, 12/01/2054 | 13985 | 12920 |
| Selma Industrial Development Board, Rev., 3.45%, 11/01/2033 (z) | 2150 | 2162 |
| Southeast Alabama Gas Supply District, Project No. 1, Series A, Rev., 5.00%, 08/01/2054 (z) | 21175 | 22939 |
| Southeast Alabama Gas Supply District, Project No. 2, Rev., 5.00%, 06/01/2049 (z) | 19485 | 21124 |
| Southeast Energy Authority A Cooperative District, Project #4, Series B1, Rev., 5.00%, 05/01/2053 (z) | 4935 | 5178 |
| Southeast Energy Authority A Cooperative District, Project #6 |  |  |
| Series B, Rev., LIQ: Royal Bank of Canada, 5.00%, 06/01/2030 | 2225 | 2371 |
| Series B, Rev., LIQ: Royal Bank of Canada, 5.00%, 01/01/2054 (z) | 10000 | 10696 |
| Southeast Energy Authority A Cooperative District, Project 1, Series A, Rev., 4.00%, 11/01/2051 (z) | 3500 | 3586 |
| Southeast Energy Authority A Cooperative District, Project 2, Series B, Rev., 4.00%, 12/01/2051 (z) | 8830 | 9048 |
| Southeast Energy Authority A Cooperative District, Project No. 3, Series A1, Rev., 5.50%, 01/01/2053 (z) | 1820 | 1976 |
| Southeast Energy Authority A Cooperative District, Project No. 5, Series A, Rev., 5.25%, 01/01/2054 (z) | 15000 | 15901 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Alabama** — **continued** |  |  |
| Southeast Energy Authority, A Cooperative District |  |  |
| Rev., 5.00%, 09/01/2035 | 11300 | 12436 |
| Series A, Rev., 5.00%, 11/01/2035 | 12970 | 13671 |
| Series A, Rev., 5.00%, 01/01/2056 (z) | 10315 | 10890 |
| Series B, Rev., 5.25%, 03/01/2055 (z) | 11180 | 11951 |
| Series C, Rev., 5.00%, 10/01/2055 (z) | 22330 | 24357 |
| Series F, Rev., 5.25%, 11/01/2035 | 5000 | 5621 |
| Series F, Rev., 5.25%, 11/01/2055 (z) | 35000 | 38867 |
| State of Alabama Docks Department, Docks |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2025 | 1750 | 1750 |
| Series A, Rev., AMT, 5.00%, 10/01/2026 | 1890 | 1924 |
| Tender Option Bond Trust, Floater Certificates, Series 2022-XF3073, Rev., LIQ: Morgan Stanley, 3.19%, 02/01/2053 (e) (z) | 10000 | 10000 |
| Tuscaloosa City Board of Education, Warrants, Rev., 5.00%, 08/01/2041 (p) | 2525 | 2575 |
| Tuscaloosa County Industrial Development Authority, Hunt Refining Project, Series A, Rev., 5.25%, 05/01/2044 (e) | 2500 | 2490 |
| UAB Medicine Finance Authority, Series B, Rev., 5.00%, 09/01/2041 | 1750 | 1760 |
| University of South Alabama |  |  |
| Rev., 4.00%, 11/01/2035 | 2000 | 2003 |
| Rev., BAM, 5.25%, 04/01/2054 | 2845 | 2983 |
| Water Works Board of the City of Birmingham (The), Rev., 3.75%, 09/01/2026 (e) | 2690 | 2690 |
|  |  | 669729 |
| **Alaska** — **0.2%** |  |  |
| Alaska Housing Finance Corp., General Mortgage, Series B, Rev., 3.25%, 12/01/2044 | 1085 | 1077 |
| Alaska Housing Finance Corp., General Mortgage Revenue II, Series A, Rev., 4.50%, 06/01/2044 | 5000 | 4954 |
| Alaska Housing Finance Corp., Social Bonds State Capital |  |  |
| Rev., 5.00%, 06/01/2032 | 920 | 1025 |
| Rev., 5.00%, 12/01/2032 | 945 | 1049 |
| Alaska Municipal Bond Bank Authority, Series Three, Rev., BAM, 5.00%, 10/01/2039 | 1100 | 1204 |
| Alaska Railroad Corp., Rev., AMT, 6.00%, 10/01/2050 | 1800 | 1946 |
| State of Alaska |  |  |
| GO, 5.00%, 08/01/2033 | 2000 | 2309 |
| GO, 5.00%, 08/01/2034 | 1125 | 1307 |
| GO, 5.00%, 08/01/2035 | 2000 | 2301 |
| State of Alaska International Airports System |  |  |
| Series A, Rev., 5.00%, 10/01/2034 | 1080 | 1230 |
| Series C, Rev., AMT, 5.00%, 10/01/2027 | 1000 | 1043 |
| Series C, Rev., AMT, 5.00%, 10/01/2030 | 5000 | 5478 |
|  |  | 24923 |
| **Arizona** — **1.2%** |  |  |
| Arizona Board of Regents |  |  |
| Series A, Rev., 5.00%, 07/01/2043 | 2480 | 2558 |
| Series C, Rev., 5.00%, 07/01/2046 | 10000 | 10015 |
| Arizona Industrial Development Authority |  |  |
| Rev., 4.00%, 07/01/2061 | 3000 | 2330 |
| Series 2019-2, Rev., 3.63%, 05/20/2033 | 1379 | 1362 |
| Series A, Rev., 4.00%, 09/01/2035 | 225 | 227 |
| Series A, Rev., 4.00%, 09/01/2036 | 250 | 251 |
| Arizona Industrial Development Authority, Greathearts Arizona Project, Series A, Rev., 5.00%, 07/01/2026 | 125 | 127 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Arizona** — **continued** |  |  |
| Arizona Industrial Development Authority, Jerome Facilities Project, Series B, Rev., 4.00%, 07/01/2051 | 2000 | 1630 |
| Arizona Industrial Development Authority, Phoenix Children's Hospital, Rev., 5.00%, 02/01/2033 | 2000 | 2232 |
| Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Aliante |  |  |
| Rev., 3.00%, 12/15/2031 (e) | 420 | 394 |
| Rev., 4.00%, 12/15/2041 (e) | 500 | 427 |
| Rev., 4.00%, 12/15/2051 (e) | 700 | 534 |
| Arizona Industrial Development Authority, Sustainable Bonds Equitable, Rev., 5.00%, 11/01/2028 | 2870 | 3019 |
| Arizona Industrial Development Authority, The Acacia at Youngtown, Rev., 5.00%, 11/01/2058 (z) | 4780 | 4899 |
| Arizona State University |  |  |
| Series A, Rev., 5.00%, 07/01/2043 | 1105 | 1131 |
| Series C, Rev., 5.00%, 07/01/2042 | 2000 | 2006 |
| Arizona State University, Board of Regents |  |  |
| Series B, Rev., 5.00%, 07/01/2026 | 100 | 102 |
| Series B, Rev., 5.00%, 07/01/2042 | 2000 | 2031 |
| Chandler Industrial Development Authority, Intel Corp. Project |  |  |
| Rev., AMT, 5.00%, 09/01/2042 (z) | 3000 | 3050 |
| Rev., AMT, 5.00%, 09/01/2052 (z) | 2860 | 2909 |
| City of Glendale AZ Excise Tax Revenue, Rev., 5.00%, 07/01/2038 | 5190 | 5772 |
| City of Mesa, GO, 5.00%, 07/01/2042 | 2665 | 2857 |
| City of Mesa Utility System Revenue, Rev., 5.00%, 07/01/2032 | 1000 | 1056 |
| City of Phoenix, Civic Improvement Corp. |  |  |
| Series A, Rev., 5.00%, 07/01/2029 | 1000 | 1084 |
| Series A, Rev., 5.00%, 07/01/2031 | 2000 | 2156 |
| Series A, Rev., 5.00%, 07/01/2032 | 1000 | 1074 |
| Series A, Rev., 5.00%, 07/01/2034 | 3785 | 4103 |
| City of Phoenix, Civic Improvement Corp., Airport Revenue, Junior Lien |  |  |
| Series A, Rev., 5.00%, 07/01/2044 | 1000 | 1024 |
| Series B, Rev., AMT, 5.00%, 07/01/2027 | 1500 | 1554 |
| Series B, Rev., AMT, 5.00%, 07/01/2033 | 2000 | 2104 |
| City of Phoenix, Civic Improvement Corp., Junior Lien, Series A, Rev., 5.00%, 07/01/2029 | 1515 | 1660 |
| City of Phoenix, Civic Improvement Corp., Junior Lien Airport Special Obligation, Rev., 4.00%, 07/01/2040 | 3555 | 3535 |
| County of Pima Sewer System Revenue, Rev., 5.00%, 07/01/2028 | 500 | 535 |
| Gilbert Public Facilities Municipal Property Corp., Rev., 5.00%, 07/01/2026 | 1025 | 1044 |
| Gilbert Water Resource Municipal Property Corp., Green Bond Senior Lien, Rev., 4.00%, 07/15/2047 | 1000 | 957 |
| Industrial Development Authority of the County of Pima (The), American Leadership Academy |  |  |
| Rev., 4.00%, 06/15/2027 (e) | 2680 | 2683 |
| Rev., 4.00%, 06/15/2030 (e) | 1510 | 1505 |
| Industrial Development Authority of the County of Yavapai, Waste Management, Inc. Project, Rev., AMT, 1.30%, 06/01/2027 | 3260 | 3135 |
| Maricopa County Industrial Development Authority, Rev., 4.00%, 01/01/2048 | 5450 | 4881 |
| Maricopa County Industrial Development Authority, Banner Health |  |  |
| Series A3, Rev., 5.00%, 01/01/2053 (z) | 3000 | 3279 |
| Series A, Rev., 4.00%, 01/01/2041 | 4000 | 3730 |
| Maricopa County Pollution Control Corp., Rev., 3.88%, 01/01/2038 (z) | 1165 | 1188 |
| Maricopa County Pollution Control Corp., Southern California Edison, Rev., 2.40%, 06/01/2035 | 4280 | 3581 |
| Maricopa County Special Health Care District, Series C, GO, 4.00%, 07/01/2037 | 21910 | 21978 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Arizona** — **continued** |  |  |
| Maricopa County Unified School District No. 69 Paradise Valley, GO, 4.00%, 07/01/2036 | 1170 | 1188 |
| Salt River Project Agricultural Improvement & Power District, Rev., 5.00%, 05/01/2039 | 3740 | 4162 |
| Salt River Project Agricultural Improvement & Power District, Salt River Project |  |  |
| Series A, Rev., 5.00%, 01/01/2026 | 2000 | 2012 |
| Series B, Rev., 5.00%, 01/01/2044 | 3325 | 3525 |
| Salt River Project Agricultural Improvement and Power District, Series A, Rev., 5.00%, 01/01/2042 | 2000 | 2171 |
| Salt Verde Financial Corp., Rev., 5.00%, 12/01/2032 | 420 | 459 |
| Sierra Vista Industrial Development Authority, Rev., 5.00%, 06/15/2044 (e) | 750 | 707 |
| Sierra Vista Industrial Development Authority, Wake Preparatory Academy, Rev., 6.25%, 06/15/2045 | 2000 | 2027 |
| The Industrial Development Authority of the City of Phoenix Arizona, Memorial Towers Project, Rev., HUD, 3.35%, 12/01/2027 | 345 | 348 |
| The Industrial Development Authority of the City of Phoenix Arizona, Republic Services, Inc., Rev., AMT, 3.85%, 12/01/2035 (z) | 2000 | 2000 |
| The University of Arizona, Stimulus Plan For Economic |  |  |
| Rev., BAM, 5.00%, 08/01/2029 | 1850 | 2023 |
| Rev., BAM, 5.00%, 08/01/2033 | 3515 | 4057 |
| Yuma Industrial Development Authority |  |  |
| Rev., 4.00%, 08/01/2049 | 4420 | 4000 |
| Rev., 5.25%, 08/01/2042 | 1495 | 1607 |
| Rev., 5.25%, 08/01/2044 | 1915 | 2027 |
| Rev., 5.25%, 08/01/2049 | 7000 | 7294 |
|  |  | 157316 |
| **Arkansas** — **0.1%** |  |  |
| Arkansas Development Finance Authority, Rev., 5.00%, 06/01/2027 | 535 | 558 |
| Arkansas Development Finance Authority, Big River Steel Project, Rev., AMT, 4.75%, 09/01/2049 (e) | 6000 | 5793 |
| Arkansas Development Finance Authority, Green Bond United States, Rev., AMT, 5.45%, 09/01/2052 | 3000 | 2994 |
|  |  | 9345 |
| **California** — **9.6%** |  |  |
| Alameda County, Oakland Unified School District, GO, 5.00%, 08/01/2027 | 65 | 66 |
| Anaheim City School District, Election 2016, Series A, GO, 4.00%, 08/01/2048 | 4000 | 3806 |
| Anaheim Housing & Public Improvements Authority, Series A, Rev., 5.00%, 10/01/2050 | 1780 | 1780 |
| Anaheim Public Financing Authority, Senior Public Improvement Project, Series A, Rev., BAM, 5.00%, 09/01/2036 | 2250 | 2327 |
| Anaheim Union High School District, Capital Appreciation Election 2002, GO, NATL, Zero Coupon, 08/01/2028 | 2175 | 2031 |
| Bay Area Toll Authority, San Francisco Bay Area, Series C, Rev., (SIFMA Municipal Swap Index + 0.45%), 3.34%, 04/01/2056 (aa) | 2675 | 2661 |
| Bay Area Toll Authority, San Francisco Bay Area Toll, Rev., (SIFMA Municipal Swap Index + 0.41%), 3.30%, 04/01/2056 (aa) | 5000 | 4837 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign |  |  |
| Rev., AMT, 5.25%, 07/01/2040 | 950 | 1022 |
| Rev., AMT, 5.25%, 07/01/2049 | 5870 | 6086 |
| Cabrillo Unified School District, Election 2018, Series B, GO, 5.00%, 08/01/2050 | 5000 | 5113 |
| California Community Choice Financing Authority |  |  |
| Rev., 5.00%, 01/01/2055 (z) | 10690 | 11320 |
| Rev., 5.00%, 03/01/2056 (z) | 16665 | 18274 |
| Series B1, Rev., 4.00%, 02/01/2052 (z) | 17880 | 18326 |
| California Community Choice Financing Authority, Clean Energy Project, Rev., 5.00%, 12/01/2055 (z) | 17945 | 19261 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| California Community Choice Financing Authority, Clean Energy Project Revenue, Rev., 5.00%, 05/01/2054 (z) | 14455 | 15624 |
| California Community Choice Financing Authority, Green Bond, Series A1, Rev., 4.00%, 05/01/2053 (z) | 6860 | 7022 |
| California Community Choice Financing Authority, Green Bonds Clean Energy Project |  |  |
| Rev., 5.00%, 07/01/2053 (z) | 8685 | 9224 |
| Rev., 5.00%, 12/01/2053 (z) | 6160 | 6557 |
| Rev., 5.00%, 02/01/2054 (z) | 3245 | 3491 |
| Rev., 5.25%, 01/01/2054 (z) | 28115 | 29996 |
| California Community Choice Financing Authority, Sustainability Bonds Clean Energy, Rev., 5.25%, 11/01/2054 (z) | 17825 | 19329 |
| California Community Choice Financing Authority, Sustainable Bond, Series A, Rev., 5.00%, 01/01/2056 (z) | 10560 | 11310 |
| California Community Choice Financing Authority, Sustainable Bond Clean Energy |  |  |
| Rev., 5.00%, 10/01/2055 (z) | 10000 | 10755 |
| Rev., 5.50%, 10/01/2054 (z) | 2205 | 2415 |
| California Community Choice Financing Authority, Sustainable Bonds, Series F, Rev., 5.00%, 02/01/2055 (z) | 4780 | 5206 |
| California Community Choice Financing Authority, Sustainable Bonds Clean Energy |  |  |
| Rev., 5.00%, 08/01/2055 (z) | 11405 | 12295 |
| Rev., 5.00%, 01/01/2056 (z) | 31460 | 35098 |
| California Community Choice Financing Authority, Variable Sustainable Bond, Rev., 5.00%, 11/01/2055 (z) | 30160 | 31932 |
| California County, Tobacco Securitization Agency, Series A, Rev., 5.00%, 06/01/2027 | 10 | 10 |
| California County, Tobacco Securitization Agency, Senior Bonds, Merced County Tobacco Funding Corporation, Rev., 5.00%, 06/01/2032 | 340 | 365 |
| California County, Tobacco Securitization Agency, Sonoma County Securitization |  |  |
| Rev., 5.00%, 06/01/2031 | 255 | 276 |
| Rev., 5.00%, 06/01/2032 | 250 | 268 |
| Rev., 5.00%, 06/01/2033 | 300 | 320 |
| Rev., 5.00%, 06/01/2049 | 115 | 114 |
| California Educational Facilities Authority, Loyola Marymount University, Series A, Rev., NATL, Zero Coupon, 10/01/2037 | 340 | 214 |
| California Health Facilities Financing Authority, Rev., 5.00%, 10/01/2039 (p) (z) | 945 | 945 |
| California Health Facilities Financing Authority, Adventist Health System/West |  |  |
| Rev., 5.00%, 12/01/2032 | 2400 | 2624 |
| Rev., 5.00%, 12/01/2035 | 1670 | 1838 |
| California Health Facilities Financing Authority, Children's Hospital of Orange, Rev., 3.00%, 11/01/2039 | 3765 | 3410 |
| California Health Facilities Financing Authority, City of Hope, Rev., 5.00%, 11/15/2049 | 3000 | 3008 |
| California Health Facilities Financing Authority, Commonspirit Health |  |  |
| Series A, Rev., 4.00%, 04/01/2037 | 3000 | 3017 |
| Series A, Rev., 4.00%, 04/01/2038 | 3500 | 3505 |
| Series A, Rev., 5.00%, 04/01/2033 | 3000 | 3269 |
| California Health Facilities Financing Authority, Episcopal Communities & Service |  |  |
| Rev., 5.00%, 11/15/2038 | 570 | 595 |
| Rev., 5.00%, 11/15/2043 | 570 | 574 |
| California Health Facilities Financing Authority, Initial Entrance Fees, Series A, Rev., 3.85%, 11/15/2027 | 40 | 40 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| California Health Facilities Financing Authority, Kaiser Permanente |  |  |
| Series A2, Rev., 4.00%, 11/01/2044 | 3000 | 2779 |
| Series A-1-S, Rev., 5.00%, 11/01/2027 | 2500 | 2649 |
| Series A-2, Rev., 4.00%, 11/01/2038 | 6270 | 6232 |
| California Health Facilities Financing Authority, PIH Health, Series A, Rev., 5.00%, 06/01/2035 | 3010 | 3183 |
| California Health Facilities Financing Authority, Stanford Health Care, Series A, Rev., 5.00%, 11/15/2030 | 2000 | 2104 |
| California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 4.00%, 11/15/2048 | 2240 | 2008 |
| California Health Facilities Financing Authority, Unrefunded, Rev., 5.00%, 10/01/2039 (z) | 1055 | 1055 |
| California Housing Finance Agency |  |  |
| Rev., 3.25%, 08/20/2036 | 9060 | 8641 |
| Rev., 3.50%, 11/20/2035 | 2325 | 2271 |
| Rev., 4.25%, 01/15/2035 | 2257 | 2312 |
| California Housing Finance Agency, Symphony at Del Sur, Rev., 5.00%, 05/01/2054 (z) | 265 | 269 |
| California Infrastructure & Economic Development Bank, J. Paul Getty Trust, Rev., 3.00%, 10/01/2047 (z) | 1000 | 1002 |
| California Infrastructure & Economic Development Bank, Los Angeles County, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 3.59%, 12/01/2050 (aa) | 1370 | 1364 |
| California Infrastructure & Economic Development Bank, Sanford Consortium Project, Series A, Rev., 5.00%, 05/15/2031 | 1230 | 1246 |
| California Infrastructure & Economic Development Bank, Sustainable Bond Subordinated B, Rev., AMT, 9.50%, 01/01/2065 (e) | 1630 | 1492 |
| California Municipal Finance Authority |  |  |
| Rev., 0.00%, 02/20/2041 (z) | 3992 | 3627 |
| Rev., 5.00%, 11/01/2035 (e) | 1000 | 1053 |
| Series A, Rev., 5.00%, 10/01/2044 | 2400 | 2400 |
| California Municipal Finance Authority, Community Facilities No. 2023-5 Improvement, Special Tax, 5.50%, 09/01/2048 | 600 | 631 |
| California Municipal Finance Authority, Open Door Community Health Center |  |  |
| Rev., 4.00%, 09/15/2034 | 920 | 962 |
| Rev., 4.00%, 09/15/2035 | 960 | 996 |
| Rev., 4.00%, 09/15/2036 | 1000 | 1031 |
| California Municipal Finance Authority, Pleasant View Apartments Project, Rev., FHA HUD, 2.80%, 02/01/2028 (z) | 4000 | 3994 |
| California Municipal Finance Authority, Republic Services, Rev., AMT, 4.38%, 09/01/2053 (z) | 5350 | 5594 |
| California Municipal Finance Authority, Republic Services, Inc., Rev., AMT, 3.88%, 03/01/2054 (z) | 550 | 549 |
| California Municipal Finance Authority, Republic Services, Inc. Project, Series B, Rev., AMT, 3.85%, 07/01/2051 (z) | 4500 | 4498 |
| California Municipal Finance Authority, Simpson University, Series A, Rev., 6.00%, 10/01/2050 (e) | 2000 | 1953 |
| California Municipal Finance Authority, Southern California Institute, Rev., 5.00%, 12/01/2037 | 745 | 759 |
| California Municipal Finance Authority, Taxable Virginia Oceanside Health Care Center, Rev., 3.64%, 07/01/2030 (e) | 2950 | 2674 |
| California Municipal Finance Authority, United Airlines, Inc. Project, Rev., AMT, 4.00%, 07/15/2029 | 2500 | 2515 |
| California Municipal Finance Authority, View At Sanitary Bruno, Series A1, Rev., 5.00%, 06/01/2056 (z) | 835 | 886 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| California Municipal Finance Authority, Waste Management, Inc. Project |  |  |
| Rev., AMT, 3.38%, 09/01/2050 (z) | 5750 | 5714 |
| Series A, Rev., AMT, 2.40%, 10/01/2044 (z) | 4960 | 4740 |
| California Pollution Control Financing Authority, Series B1, Rev., AMT, 3.00%, 11/01/2025 | 2660 | 2659 |
| California Pollution Control Financing Authority, Plant Bonds |  |  |
| Rev., AMT, 5.00%, 07/01/2037 (e) | 1500 | 1501 |
| Rev., AMT, 5.00%, 11/21/2045 (e) | 6000 | 5974 |
| California Pollution Control Financing Authority, Poseidon Resources, Rev., AMT, 5.00%, 07/01/2037 (e) | 2200 | 2336 |
| California Pollution Control Financing Authority, Republic Services, Inc. |  |  |
| Rev., AMT, 3.80%, 07/01/2043 (e) (z) | 6500 | 6495 |
| Rev., AMT, 3.85%, 11/01/2042 (e) (z) | 12250 | 12250 |
| California Public Finance Authority, Series A, Rev., 6.20%, 06/01/2044 (e) | 5150 | 4948 |
| California Public Finance Authority, Enso Village Project, Green Bond, Rev., 5.00%, 11/15/2036 (e) | 325 | 321 |
| California Public Finance Authority, Henry Mayo Newhall Hospital, Rev., 5.00%, 10/15/2032 | 1000 | 1014 |
| California School Finance Authority, Rev., 5.00%, 07/01/2046 (e) | 1500 | 1502 |
| California School Finance Authority, Rocketship Education Obligated, Series A, Rev., 5.00%, 06/01/2034 (e) | 1230 | 1235 |
| California State Public Works Board |  |  |
| Rev., 5.00%, 09/01/2029 | 2000 | 2204 |
| Series H, Rev., 5.00%, 12/01/2026 | 1000 | 1005 |
| California State Public Works Board, Various Capital Projects |  |  |
| Rev., 4.00%, 11/01/2030 | 1245 | 1261 |
| Rev., 4.00%, 11/01/2031 | 1000 | 1011 |
| Rev., 5.00%, 11/01/2026 | 565 | 581 |
| Series D, Rev., 4.00%, 11/01/2037 | 1000 | 1022 |
| California State University |  |  |
| Series A, Rev., 5.00%, 11/01/2041 | 2000 | 2234 |
| Series A, Rev., 5.00%, 11/01/2044 | 2640 | 2735 |
| California State University, Systemwide, Series A, Rev., 4.00%, 11/01/2035 | 1000 | 1003 |
| California Statewide Communities Development Authority |  |  |
| Rev., 5.00%, 12/01/2034 | 1750 | 2034 |
| Series B, Special Assessment, 4.00%, 09/02/2040 | 570 | 529 |
| California Statewide Communities Development Authority, Enloe Medical Center, Series A, Rev., 5.13%, 08/15/2047 | 500 | 514 |
| California Statewide Communities Development Authority, Green Bond, Marin General Hospital, Rev., 4.00%, 08/01/2045 | 3000 | 2587 |
| California Statewide Communities Development Authority, Kaiser Foundation Hospitals |  |  |
| Series A, Rev., 5.00%, 10/01/2028 (e) | 10000 | 10731 |
| Series B, Rev., 5.00%, 10/01/2035 (e) | 10000 | 11477 |
| California Statewide Communities Development Authority, Loma Linda University Medical, Rev., 5.50%, 12/01/2058 (e) | 4500 | 4478 |
| California Statewide Communities Development Authority, Loma Linda University Medical Center |  |  |
| Rev., 5.25%, 12/01/2044 | 4065 | 4065 |
| Rev., 5.50%, 12/01/2054 | 2100 | 2099 |
| Series A, Rev., 5.00%, 12/01/2026 (e) | 300 | 305 |
| Series A, Rev., 5.00%, 12/01/2041 (e) | 2000 | 2000 |
| Series A, Rev., 5.25%, 12/01/2056 (e) | 9750 | 9386 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| California Statewide Communities Development Authority, Montage Health, Series A, Rev., 4.00%, 06/01/2028 | 435 | 454 |
| California Statewide Communities Development Authority, Southern California Edison, Rev., 4.50%, 11/01/2033 | 1200 | 1250 |
| Central Valley Energy Authority, Rev., 5.00%, 12/01/2055 (z) | 21685 | 23744 |
| Chino Valley Unified School District, Election of 2016, Series C, GO, Zero Coupon, 08/01/2034 | 125 | 91 |
| City & County of San Francisco Special Tax District No. 2020-1, Mission Rock Facilities and Services |  |  |
| Special Tax, 4.00%, 09/01/2031 (e) | 300 | 307 |
| Special Tax, 4.00%, 09/01/2036 (e) | 155 | 154 |
| City & County of San Francisco Special Tax District No. 2020-1, Special Tax |  |  |
| Special Tax, 5.50%, 09/01/2043 (e) | 2060 | 2158 |
| City of Dixon, Community Facilities District Improvement, Special Tax, 4.00%, 09/01/2036 | 200 | 199 |
| City of Long Beach Airport System Revenue |  |  |
| Series C, Rev., AMT, 5.00%, 06/01/2042 | 1000 | 1024 |
| Series C, Rev., AMT, 5.25%, 06/01/2047 | 1000 | 1022 |
| City of Los Angeles Department of Airports |  |  |
| Rev., AMT, 5.00%, 05/15/2026 | 1500 | 1522 |
| Series B, Rev., AMT, 5.00%, 05/15/2046 | 30965 | 31012 |
| Series E, Rev., 5.00%, 05/15/2044 | 3000 | 3234 |
| City of Los Angeles Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2032 | 1000 | 1059 |
| City of Los Angeles Department of Airports, Senior |  |  |
| Series B, Rev., 5.00%, 05/15/2034 | 1600 | 1755 |
| Series C, Rev., AMT, 5.00%, 05/15/2036 | 4090 | 4330 |
| City of Los Angeles Department of Airports, Senior Bonds Green Bond Project |  |  |
| Rev., AMT, 5.00%, 05/15/2029 | 2670 | 2873 |
| Rev., AMT, 5.25%, 05/15/2047 | 4000 | 4115 |
| City of Los Angeles Department of Airports, Senior Bonds Private Activity, Rev., AMT, 5.50%, 05/15/2047 | 4625 | 4832 |
| City of Los Angeles Department of Airports, Subordinate |  |  |
| Series B, Rev., 5.00%, 05/15/2040 | 900 | 963 |
| Series C, Rev., AMT, 5.00%, 05/15/2033 | 1330 | 1373 |
| Series D, Rev., AMT, 5.00%, 05/15/2027 | 2605 | 2703 |
| Series D, Rev., AMT, 5.00%, 05/15/2028 | 500 | 529 |
| Series D, Rev., AMT, 5.00%, 05/15/2029 | 4485 | 4825 |
| Series E, Rev., 5.00%, 05/15/2039 | 1510 | 1576 |
| Series E, Rev., 5.00%, 05/15/2044 | 1000 | 1026 |
| City of Los Angeles Department of Airports, Subordinate Los Angeles International Airport |  |  |
| Rev., AMT, 5.00%, 05/15/2029 | 1000 | 1076 |
| Rev., 5.00%, 05/15/2036 | 1000 | 1065 |
| Rev., AMT, 5.25%, 05/15/2038 | 1735 | 1787 |
| City of Los Angeles Department of Airports, Subordinate P3 Project |  |  |
| Series A, Rev., AMT, 5.00%, 05/15/2026 | 1180 | 1197 |
| Series A, Rev., AMT, 5.00%, 05/15/2046 | 8000 | 8117 |
| City of Los Angeles Department of Airports, Subordinated, Rev., AMT, 5.00%, 05/15/2044 | 6535 | 6579 |
| City of Los Angeles Department of Airports, Subordinated Los Angeles International, Rev., AMT, 5.25%, 05/15/2048 | 3000 | 3032 |
| City of Los Angeles Department of Airports, Subordinated Los Angeles International Airport |  |  |
| Rev., AMT, 3.25%, 05/15/2049 | 3000 | 2229 |
| Series D, Rev., AMT, 4.00%, 05/15/2051 | 3000 | 2659 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| City of Los Angeles Department of Airports, Sustainable Bond Subordinate, Rev., AMT, 5.00%, 05/15/2036 | 1650 | 1806 |
| City of Los Angeles Department of Airports, Sustainable Bonds |  |  |
| Rev., AMT, 5.00%, 05/15/2034 | 850 | 958 |
| Rev., AMT, 5.00%, 05/15/2035 | 3000 | 3382 |
| Rev., AMT, 5.50%, 05/15/2055 | 3335 | 3551 |
| City of Los Angeles Department of Airports, Unrefunded Subordinate, Rev., AMT, 4.00%, 05/15/2038 | 1995 | 1975 |
| City of Los Angeles Wastewater System Revenue, Subordinate, Series C, Rev., 5.00%, 06/01/2026 | 500 | 509 |
| City of Los Angeles, Wastewater System Revenue |  |  |
| Series A, Rev., 5.00%, 06/01/2038 | 5150 | 5917 |
| Series C, Rev., 5.00%, 06/01/2040 | 5960 | 6671 |
| Series C, Rev., 5.00%, 06/01/2041 | 5000 | 5539 |
| City of Roseville |  |  |
| Special Tax, 4.00%, 09/01/2040 | 1000 | 950 |
| Special Tax, 5.00%, 09/01/2035 | 1160 | 1215 |
| City of San Francisco CA Public Utilities Commission Water Revenue |  |  |
| Rev., 5.00%, 11/01/2038 | 5000 | 5779 |
| Rev., 5.00%, 11/01/2040 | 750 | 890 |
| City of San Francisco, Public Utilities Commission Water Revenue, Regional Water, Series B, Rev., 5.00%, 11/01/2050 | 4235 | 4270 |
| City of Santa Rosa Wastewater Revenue, Series A, Rev., 5.00%, 09/01/2033 | 1770 | 1977 |
| City of Victorville Electric Revenue |  |  |
| Series A, Rev., 5.00%, 05/01/2038 | 1055 | 1154 |
| Series A, Rev., 5.00%, 05/01/2039 | 1110 | 1205 |
| City of West Sacramento CA Infrastructure Financing District No. 1 |  |  |
| Tax Allocation, 5.00%, 09/01/2040 | 1635 | 1659 |
| Tax Allocation, 5.13%, 09/01/2044 | 2205 | 2220 |
| City of Woodland, Facilities District Number 2004 1 Capital Project, Special Tax, 4.00%, 09/01/2041 | 500 | 471 |
| Coast Community College District, Election of 2012, Series F, GO, Zero Coupon, 08/01/2040 | 3020 | 1614 |
| Compton Community Redevelopment Agency Successor Agency, Series A, Tax Allocation, 5.00%, 08/01/2042 | 750 | 788 |
| Compton Unified School District, Series B, GO, BAM, Zero Coupon, 06/01/2036 | 1400 | 916 |
| County of Los Angeles Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2033 | 105 | 113 |
| County of Los Angeles, Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2042 | 540 | 555 |
| County of Sacramento CA Airport System Revenue, Series C, Rev., AMT, 5.00%, 07/01/2030 | 1780 | 1872 |
| County of Sacramento, Community Facilities District #2004-1, Special Tax, 5.00%, 09/01/2035 | 1335 | 1361 |
| CSCDA Community Improvement Authority, Series A, Rev., 5.00%, 01/01/2054 (e) | 7245 | 6503 |
| CSCDA Community Improvement Authority, Altana-Glendale Sustainable Bond, Rev., 4.00%, 10/01/2056 (e) | 1000 | 758 |
| CSCDA Community Improvement Authority, Renaissance at City Center, Series A, Rev., 5.00%, 07/01/2051 (e) | 215 | 200 |
| CSCDA Community Improvement Authority, Social Bonds, Rev., 4.00%, 08/01/2056 (e) | 410 | 362 |
| CSCDA Community Improvement Authority, Union South Bay, Social Bonds, Rev., 4.00%, 07/01/2056 (e) | 2000 | 1602 |
| Department of Veterans Affairs, Veteran's Farm & Home Purchase Program, Series A, Rev., 3.00%, 12/01/2050 | 500 | 497 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| East Bay Municipal Utility District Water System Revenue, Green Bond, Series A, Rev., 5.00%, 06/01/2035 | 1200 | 1242 |
| East County Advanced Water Purification Joint Powers Authority, Rev., 5.00%, 09/01/2026 | 2000 | 2034 |
| Elk Grove Finance Authority, Special Tax, 4.00%, 09/01/2040 | 1280 | 1204 |
| FHLMC Multifamily ML Certificates |  |  |
| Rev., 0.00%, 12/25/2036 (z) | 1746 | 1751 |
| Rev., 0.00%, 08/25/2040 (z) | 3571 | 3629 |
| Series 2021-ML10, Class AUS, Rev., 2.03%, 01/25/2038 (e) | 327 | 265 |
| Foothill-De Anza Community College District, Capital Appreciation, Series B, GO, AMBAC, Zero Coupon, 08/01/2032 | 7930 | 6611 |
| Fremont Unified School District, Series D, GO, 3.00%, 08/01/2033 | 1205 | 1203 |
| Fremont Unified School District, Election 2014, Series E, GO, 4.00%, 08/01/2042 | 2230 | 2230 |
| Golden State Tobacco Securitization Corp., Subordinated, Series B2, Rev., Zero Coupon, 06/01/2066 | 10000 | 1061 |
| Golden State Tobacco Securitization Corp., Taxable Tobacco Settlement Asset Backed Bonds, Series C, Rev., 2.75%, 06/01/2034 | 1900 | 1685 |
| Golden State Tobacco Securitization Corp., Tobacco Settlement Asset Backed Bonds, Rev., 5.00%, 06/01/2051 | 3235 | 3187 |
| Hayward Unified School District, COP, 5.25%, 08/01/2047 | 3000 | 3030 |
| Lammersville Joint Unified School District, Community Facilities District No. 2024-1 |  |  |
| Special Tax, 5.00%, 09/01/2040 | 300 | 311 |
| Special Tax, 5.00%, 09/01/2045 | 575 | 584 |
| Los Angeles Community College District, Series K, GO, 3.00%, 08/01/2039 | 700 | 635 |
| Los Angeles County Development Authority, Rev., 3.35%, 09/01/2059 (z) | 9360 | 9475 |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Proposition C, Series A, Rev., 5.00%, 07/01/2027 | 625 | 657 |
| Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinated, Green Bonds, Series A, Rev., 5.00%, 06/01/2034 | 7000 | 7277 |
| Los Angeles County Sanitation Districts Financing Authority, Series A, Rev., 4.00%, 10/01/2033 | 1000 | 1004 |
| Los Angeles County, Metropolitan Transportation Authority, Green Bond, Measure R Junior Subordinated, Series A, Rev., 5.00%, 06/01/2030 | 750 | 851 |
| Los Angeles Department of Water, Series B, Rev., 5.00%, 07/01/2037 | 740 | 763 |
| Los Angeles Department of Water & Power |  |  |
| Series A, Rev., 5.00%, 07/01/2028 | 360 | 379 |
| Series A, Rev., 5.00%, 07/01/2029 | 1000 | 1086 |
| Series A, Rev., 5.00%, 07/01/2036 | 1000 | 1115 |
| Series A, Rev., 5.00%, 07/01/2037 | 645 | 712 |
| Series A, Rev., BAM, 5.00%, 07/01/2041 | 625 | 676 |
| Series A, Rev., BAM, 5.00%, 07/01/2042 | 195 | 209 |
| Series A, Rev., BAM, 5.25%, 07/01/2045 | 1000 | 1072 |
| Series A, Rev., BAM, 5.25%, 07/01/2046 | 1000 | 1068 |
| Series B, Rev., 5.00%, 07/01/2031 | 12880 | 14424 |
| Series B, Rev., 5.00%, 07/01/2034 | 850 | 974 |
| Series B, Rev., 5.00%, 07/01/2035 | 835 | 928 |
| Series B, Rev., 5.00%, 07/01/2036 | 1000 | 1115 |
| Series B, Rev., 5.00%, 07/01/2037 | 500 | 541 |
| Series B, Rev., 5.00%, 07/01/2038 | 855 | 936 |
| Series B, Rev., 5.00%, 07/01/2039 | 680 | 728 |
| Series C, Rev., 5.00%, 07/01/2033 | 1980 | 2258 |
| Series C, Rev., 5.00%, 07/01/2038 | 900 | 963 |
| Series C, Rev., 5.00%, 07/01/2039 | 500 | 543 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| Series C, Rev., 5.00%, 07/01/2040 | 1515 | 1636 |
| Series C, Rev., 5.00%, 07/01/2041 | 810 | 862 |
| Series E, Rev., 5.00%, 07/01/2035 | 525 | 596 |
| Series E, Rev., 5.00%, 07/01/2036 | 520 | 576 |
| Series E, Rev., 5.00%, 07/01/2037 | 1605 | 1762 |
| Series E, Rev., 5.00%, 07/01/2039 | 1235 | 1336 |
| Series E, Rev., 5.00%, 07/01/2048 | 1000 | 1036 |
| Series E, Rev., 5.00%, 07/01/2053 | 500 | 512 |
| Los Angeles Department of Water & Power Water System Revenue |  |  |
| Series B4, Rev., VRDO, 3.00%, 10/01/2025 (z) | 28100 | 28100 |
| Series B, Rev., 5.00%, 07/01/2030 | 2785 | 2952 |
| Series B, Rev., BAM, 5.00%, 07/01/2031 | 10725 | 12053 |
| Series B, Rev., 5.00%, 07/01/2048 | 3000 | 3020 |
| Los Angeles Department of Water & Power, Power System Bonds, Series C, Rev., 5.00%, 07/01/2037 | 1000 | 1043 |
| Los Angeles Department of Water & Power, Power System Revenue Bonds |  |  |
| Rev., 5.00%, 07/01/2033 | 315 | 349 |
| Rev., 5.00%, 07/01/2039 | 500 | 529 |
| Los Angeles Department of Water & Power, Water System Revenue |  |  |
| Series A, Rev., 5.00%, 01/01/2030 | 850 | 924 |
| Series A, Rev., 5.00%, 07/01/2036 | 700 | 781 |
| Series A, Rev., 5.00%, 07/01/2039 | 1000 | 1085 |
| Series B, Rev., 5.00%, 07/01/2033 | 1285 | 1467 |
| Series B, Rev., 5.00%, 07/01/2034 | 120 | 138 |
| Series B, Rev., 5.00%, 07/01/2035 | 180 | 207 |
| Series B, Rev., 5.00%, 07/01/2037 | 600 | 667 |
| Series B, Rev., 5.00%, 07/01/2039 | 1445 | 1581 |
| Series B, Rev., 5.00%, 07/01/2042 | 1100 | 1174 |
| Series B, Rev., 5.00%, 07/01/2047 | 500 | 513 |
| Los Angeles Unified School District |  |  |
| GO, 4.00%, 07/01/2049 | 2000 | 1889 |
| Series A, GO, 3.00%, 01/01/2034 | 2000 | 1975 |
| Series C, GO, 4.00%, 07/01/2036 | 1000 | 1029 |
| Series C, GO, 4.00%, 07/01/2038 | 1860 | 1887 |
| Series C, GO, 5.00%, 07/01/2026 | 2285 | 2332 |
| Los Angeles Unified School District, Election 2008, Series B1, GO, BAM, 5.00%, 07/01/2029 | 100 | 106 |
| Los Angeles Unified School District, Sustainability Bonds, Series QRR, GO, 5.00%, 07/01/2026 | 550 | 561 |
| Marin Municipal Water District, Subordinate, Rev., 4.00%, 06/15/2045 | 3500 | 3390 |
| Metropolitan Water District of Southern California |  |  |
| Rev., 5.00%, 07/01/2037 (z) | 550 | 614 |
| Rev., 5.00%, 01/01/2038 | 3015 | 3164 |
| Natomas Unified School District |  |  |
| Series A, GO, 4.00%, 08/01/2045 | 7740 | 7405 |
| Series A, GO, 4.00%, 08/01/2049 | 2655 | 2502 |
| New Hampshire Business Finance Authority, Rev., 3.93%, 07/20/2039 (z) | 7949 | 7628 |
| Norman Y Mineta San Jose International Airport SJC |  |  |
| Series A, Rev., BAM, AMT, 4.00%, 03/01/2034 | 3875 | 3924 |
| Series A, Rev., AMT, 5.00%, 03/01/2027 | 1480 | 1523 |
| Series A, Rev., AMT, 5.00%, 03/01/2031 | 1000 | 1093 |
| Series A, Rev., AMT, 5.00%, 03/01/2032 | 2000 | 2164 |
| Series A, Rev., AMT, 5.00%, 03/01/2036 | 1160 | 1177 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| Northern California Energy Authority, Rev., 5.00%, 12/01/2054 (z) | 2000 | 2161 |
| Norwalk-La Mirada Unified School District, Series D, GO, 3.00%, 08/01/2043 | 2000 | 1608 |
| Norwalk-La Mirada Unified School District, Election 2014, Series E, GO, 3.00%, 08/01/2050 | 10000 | 7477 |
| Oakland Unified School District, Election Of 2020 |  |  |
| Series A, GO, 5.00%, 08/01/2037 | 1850 | 2084 |
| Series A, GO, 5.25%, 08/01/2041 | 1410 | 1553 |
| Oakland Unified School District/Alameda County, Election Of 2012, Series A, GO, 4.00%, 08/01/2034 | 1000 | 1012 |
| Ontario International Airport Authority, Series A, Rev., 5.00%, 05/15/2046 | 1500 | 1560 |
| Orange County Community Facilities District, District No. 2021-1 Rienda, Series A, Special Tax, 5.00%, 08/15/2033 | 300 | 324 |
| Oxnard Union High School District, Series B, GO, 5.00%, 08/01/2045 | 3000 | 3060 |
| Palo Alto Unified School District, Capital Appreciation Election Of 2008, GO, Zero Coupon, 08/01/2032 | 15385 | 12887 |
| Palomar Health, Rev., 5.00%, 11/01/2039 | 4000 | 3477 |
| Palomar Health, Capital Appreciation, Electric of 2004 |  |  |
| Series A, GO, Zero Coupon, 08/01/2028 | 500 | 448 |
| Series A, GO, Zero Coupon, 08/01/2031 | 330 | 261 |
| Peralta Community College District |  |  |
| GO, 5.00%, 08/01/2036 | 1455 | 1711 |
| GO, 5.25%, 08/01/2037 | 2000 | 2268 |
| Peralta Community College District, Election 2018, Series C1, GO, 5.00%, 08/01/2026 | 6170 | 6316 |
| Pittsburg Public Financing Authority, Series A, Rev., 4.13%, 08/01/2047 | 1400 | 1369 |
| Port of Oakland |  |  |
| Rev., AMT, 5.00%, 05/01/2027 (p) | 2500 | 2578 |
| Rev., AMT, 5.00%, 05/01/2028 (p) | 1905 | 2006 |
| Rev., AMT, 5.00%, 05/01/2029 | 980 | 1050 |
| Rancho Mirage Community Facilities District, Special Tax, 5.00%, 09/01/2049 | 1000 | 1004 |
| Regents of the University of California Medical Center Pooled Revenue, Series L, Rev., 4.00%, 05/15/2037 | 2650 | 2656 |
| River Islands Public Financing Authority, Community Facilities District No. 2003-1, Special Tax, 5.25%, 09/01/2052 | 1085 | 1128 |
| Sacramento City Unified School District, GO, BAM, 5.00%, 07/01/2031 | 525 | 601 |
| Sacramento County Airport System Revenue |  |  |
| Series A, Rev., AMT, 5.00%, 07/01/2039 | 2375 | 2531 |
| Series A, Rev., AMT, 5.00%, 07/01/2040 | 2000 | 2109 |
| Sacramento Municipal Utility District, Series E, Rev., 5.00%, 08/15/2049 (z) | 1250 | 1432 |
| Sacramento Municipal Utility District, Electric, Series H, Rev., 4.00%, 08/15/2040 | 2000 | 2017 |
| San Bernardino Community College District, Election of 2018, Series A, GO, 3.00%, 08/01/2041 (p) | 2000 | 2029 |
| San Diego Community College District, GO, 4.00%, 08/01/2032 (p) | 2910 | 2953 |
| San Diego County Regional Airport Authority |  |  |
| Rev., AMT, 5.00%, 07/01/2033 | 4000 | 4492 |
| Rev., AMT, 5.00%, 07/01/2034 | 2165 | 2432 |
| Rev., AMT, 5.00%, 07/01/2036 | 2500 | 2779 |
| Rev., AMT, 5.00%, 07/01/2053 | 2500 | 2546 |
| Rev., AMT, 5.25%, 07/01/2041 | 4300 | 4660 |
| Rev., AMT, 5.25%, 07/01/2044 | 9400 | 9980 |
| Rev., AMT, 5.25%, 07/01/2045 | 6200 | 6560 |
| San Diego County Regional Airport Authority Subordinate, Series B, Rev., AMT, 4.00%, 07/01/2035 | 2915 | 2929 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| San Diego County Regional Airport Authority, Senior Private Activity, Rev., AMT, 5.25%, 07/01/2058 | 3000 | 3103 |
| San Diego County Regional Airport Authority, Subordinated, Series B, Rev., AMT, 5.00%, 07/01/2031 | 775 | 798 |
| San Diego Unified School District |  |  |
| GO, Zero Coupon, 07/01/2030 (p) | 1000 | 882 |
| Series K2, GO, Zero Coupon, 07/01/2038 | 2045 | 1173 |
| San Diego Unified School District, Election 2008, Series E, GO, Zero Coupon, 07/01/2034 | 1250 | 942 |
| San Diego Unified School District, Election 2012, Series I, GO, 4.00%, 07/01/2047 | 8000 | 7497 |
| San Diego Unified School District, Election Of 2008 |  |  |
| Series SR-3A, GO, 5.00%, 07/01/2034 | 500 | 589 |
| Series SR-3A, GO, 5.00%, 07/01/2035 | 500 | 583 |
| San Dieguito School Facilities Financing Authority, Special Tax, 5.00%, 03/01/2031 | 1030 | 1092 |
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue, Series A, Rev., 4.00%, 07/01/2037 | 2350 | 2361 |
| San Francisco Bay Area Rapid Transit District, Election 2004, Green Bond, GO, 5.00%, 08/01/2036 | 1875 | 1941 |
| San Francisco Bay Area Rapid Transit District, Green Bonds, Series C1, GO, 4.00%, 08/01/2032 | 1000 | 1057 |
| San Francisco Bay Area Rapid Transit District, Sustainable Bond Transit District, GO, 3.00%, 08/01/2037 | 2495 | 2313 |
| San Francisco City & County Airport Commission—San Francisco International Airport, Rev., AMT, 5.25%, 05/01/2040 | 3000 | 3234 |
| San Francisco City & County Airport Commission-San Francisco International Airport, Series H, Rev., AMT, 5.00%, 05/01/2028 | 3000 | 3156 |
| San Francisco City & County Airport Commission-San Francisco International Airport, Unrefunded, Rev., AMT, 5.00%, 05/01/2027 | 775 | 801 |
| San Francisco City & County Airport Comm-San Francisco International Airport |  |  |
| Rev., AMT, 5.00%, 05/01/2041 | 9075 | 9093 |
| Rev., AMT, 5.00%, 05/01/2046 | 5000 | 5000 |
| Rev., AMT, 5.25%, 05/01/2042 | 6895 | 6957 |
| Rev., AMT, 5.25%, 05/01/2044 | 5645 | 5910 |
| Series A2, Rev., AMT, 5.00%, 05/01/2031 | 3215 | 3538 |
| Series A, Rev., AMT, 5.00%, 05/01/2027 | 3000 | 3103 |
| Series A, Rev., AMT, 5.00%, 05/01/2030 | 2000 | 2177 |
| Series A, Rev., AMT, 5.00%, 05/01/2031 | 1500 | 1651 |
| Series A, Rev., AMT, 5.00%, 05/01/2032 | 2000 | 2184 |
| Series A, Rev., AMT, 5.50%, 05/01/2055 | 5770 | 6143 |
| Series C, Rev., 5.00%, 05/01/2046 | 1920 | 1929 |
| Series H, Rev., AMT, 5.00%, 05/01/2027 | 5500 | 5689 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Rev., 4.00%, 10/01/2039 | 1325 | 1318 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Green Bonds, Series C, Rev., 4.00%, 10/01/2048 (z) | 1145 | 1210 |
| San Francisco City & County Redevelopment Agency Successor Agency |  |  |
| Special Tax, 5.00%, 08/01/2036 | 1000 | 1128 |
| Special Tax, 5.25%, 08/01/2037 | 1000 | 1137 |
| Special Tax, 5.25%, 08/01/2038 | 1000 | 1127 |
| San Jacinto Unified School District, Election 2016, GO, 4.00%, 08/01/2042 | 2580 | 2577 |
| San Joaquin Hills Transportation Corridor Agency, Junior Lien |  |  |
| Series B, Rev., 5.25%, 01/15/2044 | 2590 | 2591 |
| Series B, Rev., 5.25%, 01/15/2049 | 2535 | 2536 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Rev., 4.00%, 01/15/2034 | 3000 | 3118 |
| San Joaquin Valley Clean Energy Authority, Sustainable Bonds, Rev., 5.50%, 01/01/2056 (z) | 4500 | 5164 |
| San Jose Unified School District, Taxable, GO, 1.01%, 08/01/2027 | 1700 | 1619 |
| San Mateo County Community College District, Capital Appreciation Election 2005, Series B, GO, NATL, Zero Coupon, 09/01/2035 | 1955 | 1429 |
| South San Francisco Public Facilities Financing Authority, Multiple Capital Projects at Orange Memorial Park, Rev., 5.25%, 06/01/2046 | 1000 | 1041 |
| Southern California Public Power Authority |  |  |
| Rev., 3.70%, 07/01/2040 (z) | 3000 | 3012 |
| Rev., 5.00%, 04/01/2055 (z) | 30320 | 32617 |
| Southern California Public Power Authority, Apex Power Project, Series A, Rev., 5.00%, 07/01/2033 | 500 | 570 |
| Southern California Public Power Authority, Southern Transmission System, Rev., 5.00%, 07/01/2053 | 500 | 513 |
| Southern California Public Power Authority, Southern Transmission System Renewal Project |  |  |
| Rev., 5.00%, 07/01/2034 | 650 | 745 |
| Rev., BAM, 5.25%, 07/01/2042 | 1000 | 1098 |
| State of California |  |  |
| GO, 3.00%, 11/01/2040 | 500 | 436 |
| GO, 4.00%, 09/01/2028 | 2060 | 2159 |
| GO, 4.00%, 11/01/2041 | 1000 | 983 |
| GO, 5.00%, 04/01/2027 | 145 | 151 |
| GO, 5.00%, 04/01/2028 | 1000 | 1065 |
| GO, 5.00%, 04/01/2029 | 80 | 87 |
| GO, 5.00%, 09/01/2029 | 1000 | 1100 |
| GO, 5.00%, 11/01/2029 | 8215 | 9070 |
| GO, 5.00%, 08/01/2032 | 1225 | 1410 |
| GO, 5.00%, 09/01/2034 | 3335 | 3576 |
| GO, 5.00%, 03/01/2038 | 3000 | 3413 |
| GO, 5.00%, 08/01/2039 (w) | 1500 | 1694 |
| GO, 5.00%, 08/01/2042 (w) | 1370 | 1505 |
| GO, 5.00%, 10/01/2047 | 500 | 502 |
| State of California, Bidding Group A, GO, 5.00%, 09/01/2027 | 3000 | 3154 |
| State of California, Taxable, GO, 4.60%, 04/01/2038 (p) | 13000 | 13258 |
| State of California, Taxable Bidding Group A, GO, 1.75%, 10/01/2028 | 5000 | 4692 |
| State of California, Taxable Group B, GO, 5.50%, 10/01/2025 | 9000 | 9000 |
| State of California, Various Purpose |  |  |
| GO, 4.00%, 09/01/2031 | 1000 | 1010 |
| GO, 4.00%, 11/01/2033 | 3550 | 3626 |
| GO, 4.00%, 10/01/2035 | 1885 | 1973 |
| GO, 4.00%, 10/01/2036 | 8850 | 9151 |
| GO, 4.00%, 10/01/2037 | 6000 | 6152 |
| GO, 5.00%, 04/01/2031 | 1000 | 1132 |
| GO, 5.00%, 03/01/2034 | 1455 | 1589 |
| GO, 5.00%, 04/01/2035 | 1000 | 1068 |
| State of California, Veterans Bonds, GO, 5.00%, 12/01/2031 | 5500 | 5509 |
| Stockton Unified School District, Series B, GO, 5.00%, 08/01/2031 | 5000 | 5784 |
| Tejon Ranch Public Facilities Finance Authority |  |  |
| Special Tax, 5.00%, 09/01/2038 | 1000 | 1065 |
| Special Tax, 5.00%, 09/01/2042 | 615 | 633 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **California** — **continued** |  |  |
| Tender Option Bond Trust Receipts/Certificates, Series 2025-BAML5065, Rev., LOC: Bank of America NA, LIQ: Bank of America NA, 2.95%, 11/15/2051 (e) (z) | 11355 | 11355 |
| Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization |  |  |
| Rev., 5.00%, 06/01/2027 | 750 | 776 |
| Rev., 5.00%, 06/01/2028 | 750 | 790 |
| University of California |  |  |
| Rev., 5.00%, 05/15/2031 | 2000 | 2291 |
| Series BM, Rev., 5.00%, 05/15/2029 | 1665 | 1836 |
| Series BN, Rev., 5.00%, 05/15/2038 | 5000 | 5598 |
| Series BT, Rev., 5.00%, 05/15/2026 | 4000 | 4065 |
| Series CC, Rev., 5.00%, 05/15/2036 | 3000 | 3524 |
| Series CC, Rev., 5.00%, 05/15/2042 | 2000 | 2208 |
| Series CC, Rev., 5.00%, 05/15/2043 | 2500 | 2737 |
| University of California, Limited Project |  |  |
| Series M, Rev., 4.00%, 05/15/2047 | 1300 | 1213 |
| Series M, Rev., 5.00%, 05/15/2034 | 1500 | 1551 |
| University of California, Limited Project Bonds, Series Q, Rev., 4.00%, 05/15/2040 | 1000 | 1005 |
| University of California, Limited Project Revenue Bonds, Series Q, Rev., 5.00%, 05/15/2032 | 350 | 400 |
| Upper Santa Clara Valley Joint Powers Authority |  |  |
| Series A, Rev., 4.00%, 08/01/2045 | 1500 | 1447 |
| Series A, Rev., 4.00%, 08/01/2050 | 2000 | 1879 |
| Victor Valley Union High School District, Series B, GO, 4.00%, 08/01/2036 | 1270 | 1274 |
| West Contra Costa Healthcare District, Special Tax, 5.00%, 07/01/2027 | 805 | 844 |
|  |  | 1293257 |
| **Colorado** — **3.3%** |  |  |
| Adams & Weld Counties School District No. 27J Brighton, GO, 5.00%, 12/01/2042 | 1000 | 1012 |
| Aerotropolis Regional Transportation Authority |  |  |
| Rev., 4.25%, 12/01/2041 | 500 | 432 |
| Rev., 5.50%, 12/01/2044 (e) | 2500 | 2444 |
| Alpine Mountain Ranch Metropolitan District Special Improvement District No. 1, Special Assessment, 4.00%, 12/01/2040 | 500 | 451 |
| Baseline Metropolitan District No. 1 |  |  |
| GO, 4.00%, 12/01/2046 | 2000 | 1868 |
| GO, 5.00%, 12/01/2049 | 1970 | 2027 |
| Board of Water Commissioners City & County of Denver, Green Bond, Series A, Rev., 4.00%, 09/15/2042 | 2180 | 2141 |
| Brighton Crossing Metropolitan District No. 6, Series A, GO, 5.00%, 12/01/2035 | 525 | 529 |
| Castle Oaks Metropolitan District No. 3, GO, 4.00%, 12/01/2026 | 220 | 223 |
| Centennial Water & Sanitation District, Rev., 5.00%, 12/01/2053 | 2750 | 2824 |
| Centerra Metropolitan District No. 1, Rev., 6.50%, 12/01/2053 | 500 | 522 |
| City & County of Denver Airport System Revenue |  |  |
| Series A, Rev., AMT, 4.00%, 12/01/2033 | 1500 | 1508 |
| Series A, Rev., AMT, 5.00%, 11/15/2026 | 3500 | 3588 |
| Series A, Rev., AMT, 5.00%, 11/15/2027 | 2000 | 2092 |
| Series A, Rev., AMT, 5.00%, 11/15/2029 | 1000 | 1079 |
| Series A, Rev., AMT, 5.00%, 12/01/2030 | 3000 | 3288 |
| Series A, Rev., AMT, 5.00%, 12/01/2038 | 2000 | 2046 |
| Series A, Rev., AMT, 5.00%, 11/15/2047 | 13500 | 13815 |
| Series A, Rev., AMT, 5.50%, 11/15/2053 | 4000 | 4188 |
| Series B2, Rev., AMT, 5.00%, 11/15/2031 (z) | 1000 | 1002 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Colorado** — **continued** |  |  |
| Series B, Rev., 5.25%, 11/15/2053 | 4775 | 4975 |
| Series D, Rev., AMT, 5.75%, 11/15/2040 | 4750 | 5229 |
| Series D, Rev., AMT, 5.75%, 11/15/2041 | 3000 | 3277 |
| Series D, Rev., AMT, 5.75%, 11/15/2045 | 11050 | 11836 |
| City & County of Denver Airport System Revenue, Subordinate |  |  |
| Series B, Rev., AMT, 5.00%, 11/15/2029 | 3250 | 3508 |
| Series B, Rev., AMT, 5.00%, 11/15/2030 | 6215 | 6809 |
| Series B, Rev., AMT, 5.00%, 11/15/2031 | 4250 | 4699 |
| Series B, Rev., AMT, 5.50%, 11/15/2037 | 700 | 781 |
| City & County of Denver Airport System Revenue, Subordinated |  |  |
| Series A, Rev., AMT, 5.00%, 12/01/2027 | 5840 | 6107 |
| Series A, Rev., AMT, 5.00%, 12/01/2034 | 2510 | 2609 |
| Series A, Rev., AMT, 5.00%, 12/01/2043 | 3000 | 3021 |
| City & County of Denver CO Airport System Revenue, Rev., AMT, 4.13%, 11/15/2053 | 5000 | 4422 |
| City & County of Denver Dedicated Excise Tax Revenue, Series A, Rev., 4.00%, 08/01/2051 | 9925 | 8950 |
| Colorado Bridge & Tunnel Enterprise, Rev., 5.00%, 12/01/2036 | 1500 | 1711 |
| Colorado Bridge & Tunnel Enterprise, Senior Infrastructure, Series A, Rev., 5.25%, 12/01/2049 | 2330 | 2475 |
| Colorado Bridge Enterprise, Rev., AMT, 4.00%, 06/30/2051 | 1500 | 1256 |
| Colorado Bridge Enterprise, Central 70 Project |  |  |
| Rev., AMT, 4.00%, 12/31/2025 | 1000 | 1002 |
| Rev., AMT, 4.00%, 12/31/2030 | 1505 | 1521 |
| Colorado Educational & Cultural Facilities Authority, Rev., 6.88%, 02/01/2059 (e) | 5525 | 5736 |
| Colorado Educational & Cultural Facilities Authority, Aspen View Academy Project |  |  |
| Rev., 4.00%, 05/01/2036 | 175 | 170 |
| Rev., 4.00%, 05/01/2041 | 175 | 156 |
| Colorado Health Facilities Authority |  |  |
| Rev., 4.00%, 11/15/2048 | 9000 | 8203 |
| Rev., 4.00%, 05/15/2052 | 11610 | 10458 |
| Rev., 5.00%, 05/15/2047 | 18520 | 19027 |
| Rev., 5.00%, 05/15/2054 | 33325 | 33820 |
| Rev., 5.00%, 11/15/2059 (z) | 2000 | 2173 |
| Series A, Rev., 5.00%, 11/01/2039 | 10000 | 10345 |
| Colorado Health Facilities Authority, AdventHealth Obligated Group |  |  |
| Rev., 3.00%, 11/15/2051 | 9790 | 7027 |
| Rev., 4.00%, 11/15/2038 | 2000 | 2003 |
| Rev., 5.00%, 11/15/2038 | 1000 | 1069 |
| Colorado Health Facilities Authority, Adventist Health System, Rev., 5.00%, 11/15/2036 (z) | 1295 | 1326 |
| Colorado Health Facilities Authority, Adventist Health System Sunbelt, Rev., 5.00%, 11/15/2041 | 4000 | 4019 |
| Colorado Health Facilities Authority, Children's Hospital, Series C, Rev., 5.00%, 12/01/2030 | 1000 | 1014 |
| Colorado Health Facilities Authority, Commonspirit Health |  |  |
| Rev., 5.25%, 11/01/2052 | 2710 | 2774 |
| Series A1, Rev., 5.00%, 08/01/2027 | 1025 | 1065 |
| Series A1, Rev., 5.00%, 08/01/2034 | 1240 | 1306 |
| Series A2, Rev., 5.00%, 08/01/2028 | 2215 | 2345 |
| Series A2, Rev., 5.00%, 08/01/2044 | 20440 | 20615 |
| Series A, Rev., 5.00%, 12/01/2034 | 5680 | 6308 |
| Colorado Health Facilities Authority, Covenant Living Communities, Rev., 5.00%, 12/01/2035 | 750 | 816 |
| Colorado Health Facilities Authority, Improvement Bonds Christian Living Communities, Rev., 4.00%, 01/01/2042 | 500 | 429 |
| Colorado Health Facilities Authority, Intermountain Healthcare, Rev., 5.00%, 05/15/2052 | 2500 | 2556 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Colorado** — **continued** |  |  |
| Colorado Health Facilities Authority, Sanford Health, Series A, Rev., 4.00%, 11/01/2039 | 3400 | 3289 |
| Colorado High Performance Transportation Enterprise, C-470 Express Lanes, Rev., 5.00%, 12/31/2056 | 1000 | 978 |
| Colorado Housing and Finance Authority |  |  |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2055 | 7560 | 8520 |
| Series H, Rev., GNMA COLL, 3.00%, 05/01/2050 | 1165 | 1155 |
| Colorado Housing and Finance Authority, Class III Bonds Sustainable Bond, Rev., GNMA COLL, 6.50%, 05/01/2054 | 2720 | 3014 |
| Colorado Housing and Finance Authority, Social Bonds |  |  |
| Series E, Rev., GNMA, 3.00%, 11/01/2051 | 1835 | 1815 |
| Series H, Rev., GNMA, 3.00%, 11/01/2051 | 820 | 809 |
| Series I, Rev., GNMA COLL, 6.00%, 05/01/2053 | 1240 | 1354 |
| Series L, Rev., GNMA COLL, 3.25%, 11/01/2051 | 1245 | 1236 |
| Colorado Housing and Finance Authority, Sustainable Bond, Rev., GNMA/FNMA/FHLMC, 5.75%, 11/01/2054 | 4255 | 4720 |
| Colorado Housing and Finance Authority, Sustainable Bonds, Rev., GNMA/FNMA/FHLMC, 6.25%, 11/01/2055 (w) | 3370 | 3775 |
| Colorado Science and Technology Park Metropolitan District No. 1, Series B, Rev., 4.75%, 12/15/2054 | 1000 | 977 |
| Copperleaf Metropolitan District No. 2, GO, BAM, 4.00%, 12/01/2025 | 470 | 471 |
| Crystal Valley, Metropolitan District No. 2 |  |  |
| Series A, GO, 5.00%, 12/01/2028 | 500 | 536 |
| Series A, GO, 5.00%, 12/01/2030 | 360 | 401 |
| Dawson Trails Metropolitan District No. 1, GO, Zero Coupon, 12/01/2031 | 6740 | 4254 |
| Denver City & County, School District No. 1, GO, 5.00%, 12/01/2029 | 1000 | 1028 |
| Denver Convention Center Hotel Authority, Senior, Rev., 5.00%, 12/01/2036 | 1320 | 1330 |
| Denver Health & Hospital Authority, Series A, Rev., 6.00%, 12/01/2055 | 3610 | 3866 |
| Denver Urban Renewal Authority, Senior Subordinated Stapleton, Series B, Tax Allocation, 5.00%, 12/01/2025 | 500 | 502 |
| E-470 Public Highway Authority, Rev., 5.00%, 09/01/2040 | 1550 | 1684 |
| E-470 Public Highway Authority, Capital Appreciation, Series A, Rev., NATL, Zero Coupon, 09/01/2027 | 1250 | 1190 |
| E-470 Public Highway Authority, Capital Appreciation School Reform, Series B, Rev., NATL, Zero Coupon, 09/01/2030 | 290 | 254 |
| E-470 Public Highway Authority, Senior |  |  |
| Series A, Rev., 5.00%, 09/01/2027 | 1000 | 1047 |
| Series A, Rev., 5.00%, 09/01/2028 | 1000 | 1071 |
| Falcon Area Water & Wastewater Authority, Series A, Rev., 6.75%, 12/01/2034 (e) | 3000 | 3008 |
| Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork, GO, 4.00%, 12/15/2034 (p) | 2000 | 2005 |
| Jefferson Center Metropolitan District No. 1 |  |  |
| Series A2, Rev., 4.13%, 12/01/2040 | 575 | 525 |
| Series A2, Rev., 4.38%, 12/01/2047 | 795 | 712 |
| Jefferson County School District, Series R1, GO, 5.00%, 12/15/2031 | 2000 | 2148 |
| Jefferson County School District No. R-1, GO, 4.00%, 12/15/2032 | 1500 | 1582 |
| Kremmling Memorial Hospital District, COP, 6.13%, 12/01/2044 (e) | 3850 | 3653 |
| Mesa County School District No. 50, GO, 5.50%, 12/01/2049 | 1835 | 1974 |
| Mesa County Valley School District No. 51 Grand Junction, GO, 5.25%, 12/01/2042 | 2705 | 2979 |
| Metro Water Recovery |  |  |
| Series A, Rev., 5.00%, 04/01/2028 | 1200 | 1278 |
| Series A, Rev., 5.00%, 04/01/2029 | 830 | 905 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Colorado** — **continued** |  |  |
| Mirabelle Metropolitan District No. 2, Senior |  |  |
| Series A, GO, 5.00%, 12/01/2035 | 600 | 648 |
| Series A, GO, 5.00%, 12/01/2037 | 500 | 534 |
| Park Creek Metropolitan District, Senior, Series A, Rev., 5.00%, 12/01/2043 | 1500 | 1562 |
| Peak Metropolitan District No. 3, GO, 0.00%, 12/01/2042 | 3950 | 2671 |
| Prairie Farm Metropolitan District, Series A, GO, 5.25%, 12/01/2048 | 1261 | 1235 |
| Public Authority for Colorado Energy, Rev., 6.50%, 11/15/2038 | 8000 | 9667 |
| Pueblo Urban Renewal Authority, EVRAZ Project Tax, Increment, Tax Allocation, 4.75%, 12/01/2045 (e) | 635 | 593 |
| Redtail Ridge Metropolitan District, GO, Zero Coupon, 12/01/2032 | 4000 | 2460 |
| Regional Transportation District Sales Tax Revenue, Fastracks Project, Series A, Rev., 5.00%, 11/01/2033 | 1000 | 1159 |
| Regional Transportation District, Denver Transit Partners Eagle |  |  |
| Series A, Rev., 5.00%, 07/15/2026 | 575 | 583 |
| Series A, Rev., 5.00%, 01/15/2027 | 1000 | 1022 |
| Series A, Rev., 5.00%, 01/15/2032 | 1470 | 1586 |
| Riverpark Metropolitan District/Arapahoe County, GO, 6.00%, 12/01/2042 | 1150 | 1154 |
| Siena Lake Metropolitan District, GO, 3.75%, 12/01/2041 | 500 | 392 |
| South Suburban Park & Recreation District, COP, 4.00%, 12/15/2036 | 1350 | 1358 |
| State of Colorado |  |  |
| COP, 4.00%, 12/15/2040 | 1600 | 1583 |
| COP, 6.00%, 12/15/2041 | 15000 | 17066 |
| Series A, COP, 4.00%, 12/15/2039 | 1500 | 1500 |
| Series A, COP, 5.00%, 12/15/2029 | 1000 | 1105 |
| Series L, COP, 5.00%, 03/15/2028 | 1000 | 1061 |
| State of Colorado, Health Sciences Facilities |  |  |
| COP, 5.00%, 11/01/2042 | 2365 | 2523 |
| COP, 5.00%, 11/01/2053 | 1500 | 1557 |
| Sterling Ranch Community Authority Board, Senior, Rev., 6.50%, 12/01/2054 | 1000 | 1028 |
| Sterling Ranch Community Authority Board, Special Improvement District No. 1, Special Assessment, 5.63%, 12/01/2043 | 1253 | 1267 |
| Sterling Ranch Metropolitan District No. 1, GO, 5.00%, 12/01/2040 | 500 | 489 |
| Sunset Parks Metropolitan District, Series A, GO, 5.13%, 12/01/2054 (e) | 800 | 761 |
| The Canyons Metropolitan District No. 5 |  |  |
| Series A, GO, BAM, 5.00%, 12/01/2035 | 640 | 709 |
| Series A, GO, BAM, 5.00%, 12/01/2049 | 2875 | 2909 |
| Series A, GO, BAM, 5.25%, 12/01/2059 | 7725 | 7959 |
| Trails at Crowfoot Metropolitan District No. 3, GO, 4.25%, 12/01/2054 | 1500 | 1329 |
| University of Colorado, Series B1, Rev., 4.00%, 06/01/2034 (p) | 2665 | 2690 |
| University of Colorado Hospital Authority, Rev., VRDO, 4.00%, 10/01/2025 (z) | 8000 | 8000 |
| University of Colorado, University Enterprise |  |  |
| Rev., 2.00%, 06/01/2051 (z) | 4000 | 3980 |
| Verve Metropolitan District No. 1, GO, 5.00%, 12/01/2036 | 1500 | 1446 |
| Village Metropolitan District (The), GO, 4.15%, 12/01/2030 | 380 | 382 |
| Villages at Johnstown Metropolitan District No. 3, Senior Bond, Series A, GO, 5.00%, 12/01/2040 | 585 | 580 |
| Waterview II Metropolitan District, GO, 5.00%, 12/01/2041 | 1250 | 1235 |
| Weld County School District No. RE-4 |  |  |
| GO, 5.00%, 12/01/2029 | 1100 | 1212 |
| GO, 5.00%, 12/01/2031 | 1000 | 1139 |
| GO, 5.25%, 12/01/2047 | 5000 | 5316 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Colorado** — **continued** |  |  |
| Windler Public Improvement Authority, Series A1, Rev., 4.00%, 12/01/2036 | 2565 | 2286 |
| Windy Gap Firming Project Water Activity Enterprise, Windy Gap Firming Project, Rev., 5.00%, 07/15/2051 | 5000 | 5110 |
|  |  | 438918 |
| **Connecticut** — **1.0%** |  |  |
| City of Bridgeport, Series A, GO, 4.00%, 06/01/2039 | 250 | 250 |
| Connecticut Housing Finance Authority, Social Bonds |  |  |
| Series A1, Rev., 3.50%, 11/15/2051 | 50 | 50 |
| Series B, Rev., 4.50%, 11/15/2043 | 2725 | 2744 |
| Connecticut Housing Finance Authority, Sustainable Bond, Housing Mortgage Finance |  |  |
| Rev., 5.13%, 11/15/2043 | 5000 | 5144 |
| Rev., 6.25%, 05/15/2054 | 4660 | 5073 |
| Connecticut Housing Finance Authority, Sustainable Bonds, Rev., GNMA/FNMA/FHLMC, 4.45%, 11/15/2044 | 10000 | 9966 |
| Connecticut State Health & Educational Facilities Authority |  |  |
| Rev., 5.00%, 07/01/2064 (z) | 8650 | 9698 |
| Series 2017 B1, Rev., 5.00%, 07/01/2029 | 4845 | 5311 |
| Series A, Rev., 2.80%, 07/01/2048 (z) | 2000 | 1998 |
| Connecticut State Health & Educational Facilities Authority, Connecticut Children's Medical Center, Rev., 5.25%, 07/15/2048 | 4575 | 4783 |
| Connecticut State Health & Educational Facilities Authority, Hartford Healthcare Project |  |  |
| Series A, Rev., 5.00%, 07/01/2026 | 555 | 564 |
| Series A, Rev., 5.00%, 07/01/2033 | 565 | 609 |
| Connecticut State Health & Educational Facilities Authority, Quinnipiac University Issue, Rev., 5.00%, 07/01/2048 | 3000 | 3047 |
| Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issue |  |  |
| Rev., 4.00%, 07/01/2035 | 1000 | 1011 |
| Rev., 4.00%, 07/01/2038 | 2500 | 2448 |
| Rev., 4.00%, 07/01/2041 | 2250 | 2100 |
| Rev., 5.00%, 07/01/2030 | 865 | 934 |
| Connecticut State Higher Education Supplement Loan Authority |  |  |
| Rev., AMT, 4.13%, 11/15/2040 | 2315 | 2262 |
| Series B, Rev., AMT, 4.88%, 11/15/2038 | 900 | 911 |
| Series B, Rev., AMT, 5.00%, 11/15/2039 | 675 | 696 |
| Series B, Rev., AMT, 5.00%, 11/15/2040 | 335 | 337 |
| Series B, Rev., AMT, 5.00%, 11/15/2041 | 400 | 400 |
| Connecticut State Higher Education Supplement Loan Authority, CHESLA Loan Program, Series B, Rev., AMT, 5.00%, 11/15/2030 | 495 | 529 |
| Connecticut State, Health & Educational Facilities Authority, Sacred Heart University |  |  |
| Series K, Rev., 4.00%, 07/01/2045 | 4625 | 4166 |
| Series K, Rev., 5.00%, 07/01/2037 | 950 | 1001 |
| Connecticut State, Health & Educational Facilities Authority, Yale University, Series C1, Rev., 5.00%, 07/01/2040 (z) | 2150 | 2273 |
| Stamford Housing Authority, Mozaic Concierge Living Project |  |  |
| Rev., 4.25%, 10/01/2030 | 5000 | 5065 |
| Rev., 6.00%, 10/01/2040 | 1750 | 1804 |
| State of Connecticut |  |  |
| GO, 5.00%, 03/15/2045 | 1000 | 1067 |
| Series 2021A, GO, 3.00%, 01/15/2026 | 5000 | 5002 |
| Series 2021A, GO, 3.00%, 01/15/2032 | 2250 | 2255 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Connecticut** — **continued** |  |  |
| Series 2021A, GO, 3.00%, 01/15/2033 | 500 | 495 |
| Series 2021A, GO, 4.00%, 01/15/2028 | 3500 | 3620 |
| Series B, GO, 5.00%, 08/01/2033 | 1750 | 2018 |
| Series C, GO, 5.00%, 06/15/2037 | 40 | 44 |
| Series F, GO, 5.00%, 11/15/2025 | 5000 | 5014 |
| State of Connecticut Special Tax Revenue |  |  |
| Rev., BAM, 4.00%, 05/01/2039 | 2990 | 3020 |
| Series A, Rev., 5.00%, 07/01/2028 | 500 | 534 |
| Series A, Rev., 5.00%, 05/01/2035 | 500 | 551 |
| Series A, Rev., 5.25%, 07/01/2042 | 10000 | 10830 |
| Series B, Rev., 5.00%, 07/01/2030 | 1500 | 1672 |
| Series D, Rev., 4.00%, 11/01/2038 | 3500 | 3535 |
| Series D, Rev., 5.00%, 11/01/2028 | 1480 | 1594 |
| Series D, Rev., 5.00%, 11/01/2033 | 1675 | 1874 |
| State of Connecticut Special Tax Revenue, Transportation Infrastructure Purposes, Rev., 5.00%, 07/01/2043 | 4740 | 5076 |
| State of Connecticut, Social Bonds, Series F, GO, 5.00%, 11/15/2041 | 1525 | 1634 |
| State of Connecticut, Special Tax Obligation Bonds, Rev., 5.00%, 05/01/2040 | 300 | 316 |
| State of Connecticut, Sustainable Bond |  |  |
| Series B, GO, 4.00%, 01/15/2041 | 1000 | 993 |
| Series B, GO, 5.00%, 01/15/2040 | 1000 | 1094 |
| Steel Point Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation, 4.00%, 04/01/2036 (e) | 195 | 192 |
| Town of Hamden |  |  |
| GO, BAM, 4.00%, 08/15/2027 | 535 | 549 |
| GO, BAM, 5.00%, 08/15/2029 | 575 | 627 |
| GO, BAM, 5.00%, 08/15/2031 | 500 | 564 |
| Series A, GO, BAM, 5.00%, 08/01/2032 | 2255 | 2487 |
| University of Connecticut |  |  |
| Series A, Rev., 5.00%, 01/15/2037 | 3000 | 3062 |
| Series A, Rev., 5.00%, 08/15/2039 | 650 | 714 |
| Series A, Rev., 5.00%, 08/15/2040 | 860 | 936 |
|  |  | 136543 |
| **Delaware** — **0.2%** |  |  |
| County of Kent DE, Rev., 5.00%, 07/01/2033 | 1190 | 1203 |
| Delaware State Economic Development Authority, Rev., 3.60%, 01/01/2031 | 1865 | 1932 |
| Delaware State Economic Development Authority, NRG Energy Project, Rev., 1.25%, 10/01/2045 (z) | 4065 | 4065 |
| Delaware State Health Facilities Authority, Beebe Medical Center, Rev., 5.00%, 06/01/2050 | 2250 | 2129 |
| Delaware State Health Facilities Authority, Christiana Health Care System, Rev., 5.00%, 10/01/2039 | 5345 | 5587 |
| Delaware Transportation Authority, Rev., 5.00%, 07/01/2033 | 2265 | 2494 |
| State of Delaware |  |  |
| GO, 2.00%, 02/01/2036 | 6910 | 5708 |
| GO, 4.00%, 02/01/2031 | 1000 | 1048 |
| GO, 5.00%, 02/01/2028 | 5020 | 5329 |
| GO, 5.00%, 02/01/2031 | 85 | 96 |
|  |  | 29591 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **District of Columbia** — **1.5%** |  |  |
| District of Columbia |  |  |
| GO, 5.00%, 12/01/2030 | 1070 | 1202 |
| GO, 5.00%, 12/01/2031 | 2210 | 2516 |
| Rev., 5.00%, 06/01/2040 | 1725 | 1692 |
| Series A, Rev., 4.00%, 03/01/2037 | 2000 | 2025 |
| Series A, Rev., 4.00%, 03/01/2040 | 10000 | 9910 |
| Series A, GO, 5.00%, 01/01/2027 | 475 | 490 |
| Series A, Rev., 5.00%, 03/01/2031 | 1500 | 1640 |
| Series A, GO, 5.00%, 01/01/2038 | 1000 | 1096 |
| Series A, GO, 5.00%, 01/01/2040 | 2400 | 2581 |
| Series C, Rev., 4.00%, 05/01/2039 | 2500 | 2515 |
| Series C, Rev., 4.00%, 05/01/2045 | 5000 | 4699 |
| Series D, GO, 5.00%, 02/01/2028 | 820 | 869 |
| Series D, GO, 5.00%, 02/01/2029 | 70 | 76 |
| Series E, GO, 5.00%, 02/01/2028 | 110 | 116 |
| District of Columbia Housing Finance Agency, Rev., 5.00%, 12/01/2028 (z) | 225 | 235 |
| District of Columbia Housing Finance Agency, Belmont Crossing Phase II, Rev., 5.00%, 03/01/2029 (z) | 330 | 345 |
| District of Columbia Income Tax Revenue |  |  |
| Series A, Rev., 5.00%, 10/01/2037 | 2000 | 2245 |
| Series A, Rev., 5.00%, 05/01/2038 | 1450 | 1593 |
| Series A, Rev., 5.00%, 05/01/2039 | 2000 | 2181 |
| Series A, Rev., 5.00%, 06/01/2039 | 1500 | 1667 |
| Series A, Rev., 5.00%, 06/01/2040 | 2685 | 2949 |
| District of Columbia Water & Sewer Authority, Rev., 4.00%, 10/01/2041 | 1525 | 1488 |
| District of Columbia Water & Sewer Authority, Green Bond Subordinate, Series A, Rev., 5.00%, 10/01/2038 | 1010 | 1066 |
| District of Columbia Water & Sewer Authority, Subordinate, Series C1, Rev., 5.00%, 10/01/2031 | 2000 | 2271 |
| District of Columbia Water & Sewer Authority, Sustainable Bond Subordinated |  |  |
| Rev., 5.00%, 10/01/2043 | 2505 | 2673 |
| Rev., 5.00%, 10/01/2045 | 1445 | 1527 |
| District of Columbia, Georgetown University, Rev., 5.00%, 04/01/2060 (z) | 5500 | 6148 |
| District of Columbia, Latin American Montessori, Rev., 4.00%, 06/01/2030 | 555 | 552 |
| District of Columbia, National Child Research Center, Rev., VRDO, LOC: Truist Bank, 3.25%, 10/07/2025 (z) | 1985 | 1985 |
| District of Columbia, National Public Radio |  |  |
| Rev., 4.00%, 04/01/2032 (p) | 1500 | 1510 |
| Rev., 5.00%, 04/01/2028 (p) | 270 | 273 |
| Rev., 5.00%, 04/01/2029 (p) | 275 | 278 |
| Metropolitan Washington Airports Authority |  |  |
| Rev., AMT, 5.00%, 10/01/2026 | 1335 | 1362 |
| Rev., AMT, 5.00%, 10/01/2029 | 2000 | 2076 |
| Series A, Rev., AMT, 5.00%, 10/01/2027 | 1515 | 1581 |
| Metropolitan Washington Airports Authority Aviation Revenue |  |  |
| Rev., AMT, 4.00%, 10/01/2051 | 2500 | 2190 |
| Rev., AMT, 5.00%, 10/01/2044 | 3500 | 3585 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **District of Columbia** — **continued** |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2025 | 450 | 450 |
| Series A, Rev., AMT, 5.00%, 10/01/2028 | 3880 | 4126 |
| Series A, Rev., AMT, 5.00%, 10/01/2030 | 1000 | 1097 |
| Series A, Rev., AMT, 5.00%, 10/01/2032 | 5000 | 5433 |
| Series A, Rev., AMT, 5.25%, 10/01/2039 | 1135 | 1214 |
| Series A, Rev., AMT, 5.25%, 10/01/2048 | 7000 | 7254 |
| Metropolitan Washington Airports Authority Aviation Revenue, Airport System |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2033 | 3000 | 3165 |
| Series A, Rev., AMT, 5.00%, 10/01/2049 | 5000 | 5021 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Dulles Metrorail & Capital, Rev., 4.00%, 10/01/2052 | 10000 | 8887 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Subordinated Dulles Metrorail, Rev., 4.00%, 10/01/2053 | 1965 | 1743 |
| Metropolitan Washington Airports Authority, Aviation Revenue |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2031 | 4390 | 4850 |
| Series A, Rev., AMT, 5.00%, 10/01/2033 | 3205 | 3444 |
| Series A, Rev., AMT, 5.00%, 10/01/2048 | 3940 | 3963 |
| Series A, Rev., AMT, 5.25%, 10/01/2040 | 3000 | 3280 |
| Series A, Rev., AMT, 5.25%, 10/01/2041 | 2000 | 2164 |
| Metropolitan Washington Airports Authority, Dulles Toll Road Revenue Subordinated Lien Dulles Metrorail, Series B, Rev., 4.00%, 10/01/2049 | 2000 | 1743 |
| Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, Series C, Rev., 6.50%, 10/01/2041 (p) | 350 | 363 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XX1413, Rev., LIQ: Barclays Bank plc, 2.92%, 07/15/2060 (e) | 3000 | 3000 |
| Series 2025-ZL0667, Rev., LIQ: Barclays Bank plc, 2.92%, 07/15/2060 (e) | 8000 | 8000 |
| Washington Convention & Sports Authority |  |  |
| Series A, Rev., 4.00%, 10/01/2034 | 1015 | 1040 |
| Series A, Rev., 5.00%, 10/01/2033 | 1000 | 1093 |
| Washington Convention & Sports Authority, Senior Lien, Series B, Tax Allocation, 5.00%, 10/01/2029 (p) | 1000 | 1101 |
| Washington Convention and Sports Authority, Dedicated Tax Revenue Prerefunded Refunding Senior Lien, Tax Allocation, 5.00%, 10/01/2030 (p) | 695 | 781 |
| Washington Convention and Sports Authority, Dedicated Tax Revenue Unrefunded Balance Refunding Senior, Tax Allocation, 5.00%, 10/01/2030 | 805 | 895 |
| Washington Metropolitan Area Transit Authority |  |  |
| Series A, Rev., 5.00%, 07/15/2026 | 1650 | 1680 |
| Series A, Rev., 5.00%, 07/15/2037 | 2000 | 2140 |
| Series B, Rev., 5.00%, 07/01/2032 | 1115 | 1157 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue |  |  |
| Rev., 5.00%, 07/15/2054 | 23750 | 24451 |
| Rev., 5.25%, 07/15/2059 | 17870 | 18796 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, Sustainability Financed Bond, Rev., 5.00%, 07/15/2029 | 3000 | 3273 |
| Washington Metropolitan Area Transit Authority, Dedicated Revenue Bonds, Series A, Rev., 5.00%, 07/15/2046 | 1190 | 1224 |
| Washington Metropolitan Area Transit Authority, Dedicated Revenue, Sustainable Bond, Series A, Rev., BAM, 3.00%, 07/15/2036 | 5925 | 5499 |
| Washington Metropolitan Area Transit Authority, Green Bond, Series A, Rev., 5.00%, 07/15/2029 | 1540 | 1680 |
|  |  | 207214 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Florida — 5.0%** |  |  |
| Alachua County Health Facilities Authority, Oak Hammock at the University of Florida |  |  |
| Rev., 3.63%, 10/01/2030 | 870 | 873 |
| Rev., 3.75%, 10/01/2030 | 765 | 767 |
| Alachua County Health Facilities Authority, Oak Hammock at The University of Florida, Inc. Project, Rev., 4.00%, 10/01/2031 | 615 | 627 |
| Alachua County Health Facilities Authority, Shands Teaching Hospital & Clinics, Rev., 5.00%, 12/01/2034 | 2570 | 2694 |
| Ave Maria Stewardship Community District, Phase 3 Master Improvements Project |  |  |
| Special Assessment, 2.75%, 05/01/2031 | 420 | 396 |
| Special Assessment, 3.13%, 05/01/2041 | 1775 | 1404 |
| Avenir Community Development District, Special Assessment, 5.63%, 05/01/2054 | 1000 | 1009 |
| Aventura Isles Community Development District |  |  |
| Special Assessment, 5.00%, 05/01/2034 | 720 | 771 |
| Special Assessment, 5.00%, 05/01/2043 | 1000 | 995 |
| Babcock Ranch Community Independent Special District |  |  |
| Special Assessment, 4.00%, 05/01/2052 | 695 | 561 |
| Special Assessment, 5.00%, 05/01/2044 (e) | 995 | 977 |
| Belmond Reserve Community Development District, 202 Project, Special Assessment, 4.00%, 05/01/2040 | 340 | 329 |
| Belmont II Community Development District, 2020 Assessment Area |  |  |
| Special Assessment, 2.50%, 12/15/2025 | 5 | 5 |
| Special Assessment, 3.13%, 12/15/2030 | 125 | 123 |
| Boggy Branch Community Development District, Special Assessment, 2.50%, 05/01/2026 | 100 | 99 |
| Boggy Creek Improvement District, Series 2013, Special Assessment, 5.13%, 05/01/2043 (e) | 950 | 947 |
| Brevard County Health Facilities Authority, Health First Obligated Group, Rev., 5.00%, 04/01/2052 | 8235 | 8226 |
| Brevard County Health Facilities Authority, Health First, Inc., Rev., 4.00%, 04/01/2036 | 1790 | 1764 |
| Broward County Housing Finance Authority, Pinnacle 441 Phase 2, Rev., 4.05%, 09/01/2056 (z) | 990 | 994 |
| Broward County Water & Sewer Utility Revenue, Series A, Rev., 4.00%, 10/01/2038 | 675 | 687 |
| Capital Projects Finance Authority, Florida University Project, Series A1, Rev., 5.00%, 10/01/2032 | 1350 | 1431 |
| Capital Projects Finance Authority, IPS Enterprises, Inc. Projects, Rev., 7.00%, 06/15/2030 (e) | 4000 | 4143 |
| Capital Projects Finance Authority/FL, Rev., 5.00%, 06/15/2044 (e) | 760 | 713 |
| Capital Trust Agency, Inc., Imagine School at North Manatee, Rev., 5.00%, 06/01/2041 (e) | 325 | 300 |
| Capital Trust Agency, Inc., Lutz Preparatory School, Inc. Project, Series A, Rev., 4.00%, 06/01/2041 | 300 | 270 |
| Capital Trust Agency, Inc., Tallahassee Classical School, Rev., 4.00%, 07/01/2036 (e) | 1370 | 1057 |
| Capital Trust Agency, Inc., Franklin Academy Project, Rev., 5.00%, 12/15/2050 (e) | 2350 | 2055 |
| Capital Trust Authority, Ips Enterprises, Inc., Series A, Rev., 6.00%, 06/15/2043 (e) | 4350 | 4437 |
| Capital Trust Authority, UF Health Projects |  |  |
| Series A, Rev., 5.00%, 12/01/2032 | 1000 | 1110 |
| Series A, Rev., 5.00%, 12/01/2035 | 6045 | 6703 |
| Central Florida Expressway Authority |  |  |
| Rev., 5.00%, 07/01/2032 | 1500 | 1713 |
| Series D, Rev., 5.00%, 07/01/2029 | 565 | 614 |
| Series D, Rev., 5.00%, 07/01/2034 | 3000 | 3303 |
| Series D, Rev., 5.00%, 07/01/2035 | 10000 | 10959 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Florida — continued** |  |  |
| Central Florida Expressway Authority, Senior Lien |  |  |
| Rev., 4.00%, 07/01/2038 | 3625 | 3664 |
| Rev., 4.00%, 07/01/2039 | 1260 | 1267 |
| Series B, Rev., 4.00%, 07/01/2035 (p) | 5600 | 5658 |
| Centre Lake Community Development District, Special Assessment, 3.00%, 05/01/2042 | 605 | 475 |
| Chapel Creek Community Development District, Special Assessment, 3.00%, 05/01/2031 (e) | 160 | 152 |
| Charlotte County Industrial Development Authority, Town & Country Utilities Project |  |  |
| Rev., AMT, 5.00%, 10/01/2049 (e) | 2985 | 2883 |
| Rev., AMT, 5.88%, 10/01/2045 | 1250 | 1288 |
| City of Daytona Beach, Rev., 5.50%, 09/01/2049 | 5000 | 5400 |
| City of Delray Beach Water & Sewer Revenue |  |  |
| Rev., 5.00%, 10/01/2042 | 750 | 815 |
| Rev., 5.00%, 10/01/2043 | 1520 | 1639 |
| Rev., 5.25%, 10/01/2055 | 5685 | 6050 |
| City of Doral FL, GO, 4.00%, 07/01/2043 | 3055 | 2966 |
| City of Jacksonville, Baptist Health, Rev., VRDO, 2.91%, 10/07/2025 (z) | 9260 | 9260 |
| City of Jacksonville, Bayptist Health, Rev., VRDO, 2.91%, 10/07/2025 (z) | 1200 | 1200 |
| City of Jacksonville, Brooks Rehabilitation Project |  |  |
| Rev., 4.00%, 11/01/2034 | 500 | 503 |
| Rev., 4.00%, 11/01/2045 | 1500 | 1331 |
| City of Miami Beach, Arts and Cultural Facilities, Series A, GO, 5.25%, 05/01/2053 | 5000 | 5254 |
| City of Pompano Beach, John Knox Village Project, Series A, Rev., 4.00%, 09/01/2036 | 175 | 166 |
| City of Port St. Lucie Stormwater Utility Revenue, Rev., 4.00%, 05/01/2039 | 1075 | 1079 |
| City of Tallahassee FL Energy System Revenue |  |  |
| Rev., 5.00%, 10/01/2033 | 2500 | 2888 |
| Rev., 5.00%, 10/01/2034 | 1500 | 1740 |
| City of Tallahassee, Energy System Revenue, Rev., 5.00%, 10/01/2028 | 2000 | 2152 |
| City of Tallahassee, Tallahassee Memorial Healthcare, Rev., 5.00%, 12/01/2040 | 3000 | 3000 |
| City of Tampa, Baycare, Series A, Rev., 5.00%, 11/15/2046 | 10000 | 10033 |
| City of Tampa, H. Lee Moffitt Cancer Center, Rev., 5.00%, 07/01/2050 | 4000 | 4010 |
| Collier County Health Facilities Authority, The Moorings, Inc., Rev., 4.00%, 05/01/2052 | 145 | 120 |
| County of Broward Port Facilities Revenue, Rev., AMT, 5.50%, 09/01/2052 | 3675 | 3808 |
| County of Broward Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 5.00%, 09/01/2031 | 3000 | 3388 |
| County of Broward, Airport System Revenue |  |  |
| Rev., AMT, 5.00%, 10/01/2033 | 655 | 673 |
| Series A, Rev., AMT, 5.00%, 10/01/2028 | 800 | 849 |
| Series A, Rev., AMT, 5.00%, 10/01/2036 | 2000 | 2077 |
| County of Broward, Port Facilities Revenue, Senior Bond, Series B, Rev., AMT, 4.00%, 09/01/2044 | 3000 | 2749 |
| County of Broward, Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 4.00%, 09/01/2047 | 3000 | 2672 |
| County of Hillsborough, Rev., 4.00%, 08/01/2034 | 4370 | 4502 |
| County of Lee Airport Revenue |  |  |
| Series B, Rev., AMT, 5.00%, 10/01/2029 | 180 | 194 |
| Series B, Rev., AMT, 5.00%, 10/01/2032 | 2000 | 2184 |
| County of Lee Local Option Gas Tax Revenue, Rev., 5.25%, 08/01/2049 | 13000 | 13404 |
| County of Miami-Dade Aviation Revenue |  |  |
| Rev., 5.00%, 10/01/2041 | 6000 | 6038 |
| Series A, Rev., 5.00%, 10/01/2025 | 1250 | 1250 |
| Series A, Rev., AMT, 5.00%, 10/01/2030 | 2000 | 2002 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Florida — continued** |  |  |
| Series A, Rev., 5.00%, 10/01/2031 | 2000 | 2206 |
| Series A, Rev., AMT, 5.00%, 10/01/2044 | 2200 | 2217 |
| Series A, Rev., AMT, 5.00%, 10/01/2049 | 3250 | 3257 |
| Series B, Rev., AMT, 5.00%, 10/01/2040 | 23000 | 23226 |
| County of Miami-Dade FL Aviation Revenue |  |  |
| Rev., AMT, 5.00%, 10/01/2029 | 2920 | 3146 |
| Rev., AMT, 5.00%, 10/01/2035 | 15000 | 16581 |
| Rev., AMT, 5.00%, 10/01/2036 | 3710 | 4052 |
| County of Miami-Dade FL Transit System, Rev., 4.00%, 07/01/2035 | 3405 | 3412 |
| County of Miami-Dade FL Water & Sewer System Revenue |  |  |
| Rev., 5.00%, 10/01/2041 | 4500 | 4877 |
| Rev., 5.00%, 10/01/2042 | 5000 | 5371 |
| County of Miami-Dade Seaport Department, Senior Bonds |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2030 | 1970 | 2144 |
| Series A, Rev., AMT, 5.00%, 10/01/2031 | 2975 | 3265 |
| Series A, Rev., AMT, 5.00%, 10/01/2033 | 3500 | 3837 |
| Series A, Rev., AMT, 5.25%, 10/01/2052 | 2000 | 2025 |
| County of Miami-Dade Seaport Department, Subordinate, Series A1, Rev., AMT, 4.00%, 10/01/2040 | 2675 | 2606 |
| County of Miami-Dade Transit System |  |  |
| Rev., 4.00%, 07/01/2048 | 5000 | 4610 |
| Series A, Rev., 4.00%, 07/01/2045 | 2070 | 1979 |
| County of Miami-Dade, Building Better Communities Project, Series A, GO, 4.00%, 07/01/2044 | 350 | 334 |
| County of Miami-Dade, Public Health Trust Program, GO, 4.00%, 07/01/2042 | 3000 | 2954 |
| County of Monroe Airport Revenue, Key West International Airport, Series 202, Rev., AMT, 5.00%, 10/01/2052 | 2450 | 2406 |
| County of Orange Water Utility System Revenue, Rev., 5.00%, 10/01/2028 | 2040 | 2199 |
| County of Palm Beach, Lynn University Housing Project, Series A, Rev., 5.00%, 06/01/2057 (e) | 1000 | 859 |
| Currents Community Development District, Series A, Special Assessment, 4.00%, 05/01/2051 (e) | 2000 | 1641 |
| Cypress Mill Community Development District, 2023 Project, Special Assessment, 5.00%, 05/01/2053 | 1025 | 996 |
| DG Farms Community Development District, Special Assessment, 3.75%, 05/01/2040 | 400 | 359 |
| Duval County Public Schools, Series A, COP, 5.00%, 07/01/2032 | 4750 | 5220 |
| Eden Hills Community Development District, Special Assessment, 4.00%, 05/01/2040 | 300 | 286 |
| Epperson North Community Development District, Assessment Area, Special Assessment, 2.50%, 05/01/2026 | 40 | 40 |
| Epperson Ranch II Community Development District, Assessment Area Two Capital Improvement, Special Assessment, 4.20%, 05/01/2040 | 1250 | 1165 |
| Everlands II Community Development District, Special Assessment, 5.20%, 06/15/2044 | 725 | 725 |
| Florida Development Finance Corp. |  |  |
| Rev., AMT, 4.38%, 10/01/2054 (e) (z) | 17000 | 17161 |
| Rev., 5.00%, 06/01/2044 (e) | 1750 | 1685 |
| Rev., 5.25%, 06/01/2059 (e) | 3145 | 2961 |
| Series A, Rev., 4.00%, 06/01/2030 | 400 | 390 |
| Florida Development Finance Corp., Brightline Florida Passenger |  |  |
| Rev., AMT, 0.00%, 07/15/2032 (e) | 2810 | 1753 |
| Rev., AMT, 5.00%, 07/01/2041 | 4500 | 3800 |
| Rev., AMT, 5.00%, 07/01/2044 | 9930 | 9764 |
| Rev., AMT, 5.25%, 07/01/2047 | 6050 | 5951 |
| Rev., AMT, 5.25%, 07/01/2053 | 4000 | 3906 |
| Rev., AMT, 5.50%, 07/01/2053 | 6000 | 5122 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Florida — continued** |  |  |
| Florida Development Finance Corp., Brightline Passenger Rail Project, Rev., AMT, 10.00%, 07/01/2057 (e) (z) | 7445 | 6343 |
| Florida Development Finance Corp., Discovery High School Project, Series A, Rev., 4.00%, 06/01/2030 (e) | 1000 | 879 |
| Florida Development Finance Corp., Lakeland Regional Health System, Rev., 4.00%, 11/15/2037 | 2400 | 2396 |
| Florida Development Finance Corp., Mater Academy Project, Series A, Rev., 5.00%, 06/15/2040 | 400 | 401 |
| Florida Development Finance Corp., Tampa General Hospital Project, Rev., 5.25%, 08/01/2055 (e) | 4750 | 4848 |
| Florida Development Finance Corp., UF Health Jacksonville Project, Rev., 5.00%, 02/01/2035 | 1200 | 1266 |
| Florida Development Finance Corp., Waste Management, Inc. Project, Rev., AMT, 3.40%, 09/01/2050 (z) | 2550 | 2549 |
| Florida Development Finance Corp., Waste Pro USA, Inc., Rev., AMT, 5.00%, 05/01/2029 (e) | 2500 | 2533 |
| Florida Housing Finance Corp. |  |  |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 2895 | 3176 |
| Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 380 | 375 |
| Series 3, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 01/01/2054 | 605 | 660 |
| Florida Housing Finance Corp., Social Bond, Social Bond, Series 1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 820 | 812 |
| Florida Housing Finance Corp., Social Bonds |  |  |
| Series 1, Rev., GNMA/FNMA/FHLMC, 3.50%, 07/01/2052 | 740 | 739 |
| Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 3545 | 3511 |
| Florida Local Government Finance Commission, Fleet Landing At Nocatee Project |  |  |
| Rev., 4.20%, 11/15/2030 (e) | 3260 | 3283 |
| Rev., 6.63%, 11/15/2045 (e) | 1665 | 1730 |
| Florida Municipal Loan Council, Shingle Creek Transit and Utility Community Development District, Special Assessment, AMT, 5.15%, 05/01/2044 | 655 | 660 |
| Florida State Board of Governors Florida International University Dormitory Rev, Series A, Rev., BAM, 5.00%, 07/01/2029 | 1900 | 2066 |
| Florida State Board of Governors University of North Florida Dormitory Revenue, Series A, Rev., BAM, 5.00%, 11/01/2053 | 6375 | 6518 |
| Fort Pierce Utilities Authority, Series A, Rev., 5.00%, 10/01/2039 | 925 | 987 |
| Grand Bay at Doral Community Development District, Assessment Area Two Phase I |  |  |
| Special Assessment, 5.00%, 05/01/2035 | 1000 | 1075 |
| Special Assessment, 5.00%, 05/01/2045 | 1000 | 989 |
| Greater Orlando Aviation Authority |  |  |
| Series A, Rev., AMT, 4.00%, 10/01/2040 | 2500 | 2425 |
| Series A, Rev., AMT, 5.00%, 10/01/2026 (p) | 1785 | 1785 |
| Series A, Rev., AMT, 5.00%, 10/01/2027 (p) | 1875 | 1875 |
| Series A, Rev., AMT, 5.00%, 10/01/2030 (p) | 1005 | 1005 |
| Series A, Rev., AMT, 5.00%, 10/01/2032 | 1500 | 1591 |
| Series A, Rev., AMT, 5.00%, 10/01/2046 (p) | 5000 | 5101 |
| Series A, Rev., AMT, 5.00%, 10/01/2049 | 8880 | 8921 |
| Greater Orlando Aviation Authority Orlando Amt Subordinated, Rev., AMT, 5.00%, 10/01/2036 | 1000 | 1094 |
| Greater Orlando Aviation Authority, Priority Subordinated |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2033 | 1500 | 1541 |
| Series A, Rev., AMT, 5.00%, 10/01/2036 | 2230 | 2274 |
| Hammock Reserve Community Development District, Assessment Area One Project, Special Assessment, 4.00%, 05/01/2040 | 545 | 512 |
| Hammock Reserve Community Development District, Assessment Area Three Project, Special Assessment, 4.70%, 05/01/2042 | 1370 | 1310 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Florida — continued** |  |  |
| Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., 2.91%, 11/15/2037 (z) | 17000 | 17000 |
| Hillsborough County Industrial Development Authority |  |  |
| Rev., 4.13%, 11/15/2051 | 6965 | 6324 |
| Rev., 5.25%, 11/15/2049 | 1500 | 1584 |
| Hillsborough County Industrial Development Authority, Tampa General Hospital Project |  |  |
| Rev., 4.00%, 08/01/2050 | 5000 | 4346 |
| Series A, Rev., 4.00%, 08/01/2045 | 3275 | 2945 |
| Hillsborough County, Industrial Development Authority, Baycare Health System, Series C, Rev., VRDO, LOC: TD Bank NA, 2.80%, 10/07/2025 (z) | 3500 | 3500 |
| Hobe-St Lucie Conservancy District, Special Assessment, 5.88%, 05/01/2055 | 1000 | 1013 |
| JEA Electric System Revenue |  |  |
| Rev., 5.00%, 10/01/2033 | 1000 | 1149 |
| Series 3A, Rev., 5.00%, 10/01/2035 | 5000 | 5366 |
| Series IIIB, Rev., 5.00%, 10/01/2032 | 1295 | 1348 |
| JEA Electric System Revenue, Subordinate, Series A, Rev., 5.00%, 10/01/2031 | 1795 | 2013 |
| JEA Water & Sewer System Revenue, Series A, Rev., 4.00%, 10/01/2037 | 750 | 765 |
| Julington Creek Plantation Community Development District, Special Assessment, 5.50%, 05/01/2043 | 1500 | 1609 |
| Lake Hideaway Community Development District, Assessment Area One, Special Assessment, 5.65%, 05/01/2044 | 950 | 953 |
| Lakewood Ranch Stewardship District, Special Assessment, 5.30%, 05/01/2044 | 485 | 488 |
| Lakewood Ranch Stewardship District, Del Webb Project, Special Assessment, 5.00%, 05/01/2037 (e) | 1655 | 1674 |
| Lakewood Ranch Stewardship District, Lorraine Lakes Project |  |  |
| Special Assessment, 3.13%, 05/01/2030 (e) | 315 | 309 |
| Special Assessment, 3.88%, 05/01/2051 (e) | 2000 | 1611 |
| Lakewood Ranch Stewardship District, Northeast Sector Project |  |  |
| Special Assessment, 3.20%, 05/01/2030 (e) | 540 | 528 |
| Special Assessment, 3.50%, 05/01/2040 | 925 | 794 |
| Lakewood Ranch Stewardship District, Palm Grove Project, Special Assessment, 5.25%, 05/01/2044 | 580 | 584 |
| Lakewood Ranch Stewardship District, Southeast Project |  |  |
| Special Assessment, 5.80%, 05/01/2045 | 1565 | 1597 |
| Special Assessment, 6.00%, 05/01/2056 | 1000 | 1020 |
| Lee County Industrial Development Authority, Exchange Lee Health Systems, Rev., 4.00%, 04/01/2037 | 3000 | 2943 |
| Lee County Industrial Development Authority, Shell Point/Waterside Health |  |  |
| Rev., 5.00%, 11/15/2044 | 3000 | 2978 |
| Rev., 5.00%, 11/15/2049 | 2550 | 2450 |
| Lee County Industrial Development Authority/FL |  |  |
| Rev., 4.13%, 11/15/2029 | 1000 | 1007 |
| Rev., 5.25%, 11/15/2054 | 2000 | 1979 |
| Miami Beach Health Facilities Authority, Mount Sinai Medical Center |  |  |
| Rev., 5.00%, 11/15/2039 | 2000 | 2001 |
| Rev., 5.00%, 11/15/2044 | 5000 | 5001 |
| Miami Beach Redevelopment Agency, City Center/Historic Convention |  |  |
| Tax Allocation, 5.00%, 02/01/2040 | 2000 | 2140 |
| Tax Allocation, 5.00%, 02/01/2042 | 5580 | 5857 |
| Tax Allocation, 5.00%, 02/01/2044 | 7590 | 7860 |
| Miami World Center Community Development District, Special Assessment, 5.25%, 11/01/2049 | 4505 | 4524 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Florida — continued** |  |  |
| Miami-Dade County Expressway Authority, Series A, Rev., 5.00%, 07/01/2040 | 1625 | 1632 |
| Miami-Dade County Health Facilities Authority, Rev., 4.00%, 08/01/2046 | 1790 | 1673 |
| Miami-Dade County Housing Finance Authority, Doral Academy, Inc., Rev., 5.00%, 01/15/2048 | 1570 | 1528 |
| Miami-Dade County Industrial Development Authority, Miami Community Charter Schools, Inc., Rev., 6.25%, 06/01/2055 (e) | 750 | 756 |
| Midtown Miami Community Development District, Series A, Special Assessment, 5.00%, 05/01/2037 | 350 | 350 |
| Mirada Community Development District/Pasco County, Special Assessment, 5.00%, 05/01/2034 | 960 | 987 |
| North Loop Community Development District, Special Assessment, 6.38%, 05/01/2043 | 1000 | 1061 |
| North Miami Community Redevelopment Agency |  |  |
| Rev., 5.00%, 03/01/2035 | 1000 | 1100 |
| Rev., 5.00%, 03/01/2036 | 1200 | 1299 |
| North Powerline Road Community Development District, Special Assessment, 3.63%, 05/01/2040 | 1345 | 1187 |
| North Springs Improvement District, Water Management Parkland Bay Unit, Special Assessment, 5.00%, 05/01/2048 | 3220 | 3186 |
| Orange County Health Facilities Authority, Rev., 5.00%, 08/01/2054 | 3500 | 3327 |
| Orange County Health Facilities Authority, Orlando Health Obligated Group |  |  |
| Rev., 4.00%, 10/01/2052 | 5000 | 4278 |
| Rev., 4.50%, 10/01/2056 | 11515 | 10820 |
| Rev., 5.25%, 10/01/2056 | 7500 | 7796 |
| Orange County Health Facilities Authority, Presbyterian Retirement Communities, Rev., 4.00%, 08/01/2036 | 295 | 287 |
| Orlando Utilities Commission |  |  |
| Series 2018A, Rev., 5.00%, 10/01/2035 | 2480 | 2572 |
| Series A, Rev., 5.00%, 10/01/2027 | 500 | 525 |
| Series A, Rev., 5.00%, 10/01/2043 | 2300 | 2451 |
| Palm Beach County Health Facilities Authority, Rev., 5.00%, 11/15/2045 | 1250 | 1241 |
| Palm Beach County Health Facilities Authority, Jupiter Medical Center, Rev., 5.00%, 11/01/2052 | 2550 | 2513 |
| Palm Beach County Health Facilities Authority, Retirement Life Communities, Rev., 5.00%, 11/15/2032 | 2270 | 2300 |
| Palm Coast Park Community Development District, Sawmill Branch at Palm Coast Park Homeowners Association, Inc., Special Assessment, 5.13%, 05/01/2051 | 1500 | 1426 |
| Parkview at Long Lake Ranch Community Development District, Special Assessment, 4.00%, 05/01/2051 | 800 | 656 |
| Parrish Lakes Community Development District, Special Assessment, 5.00%, 05/01/2031 | 480 | 489 |
| Pasco County School Board, Series A, COP, BAM, 5.00%, 08/01/2036 | 1720 | 1799 |
| Pine Island Community Development District, Special Assessment, 5.75%, 05/01/2035 | 3200 | 3201 |
| Reunion East Community Development District |  |  |
| Special Assessment, 2.40%, 05/01/2026 (e) | 25 | 25 |
| Special Assessment, 2.85%, 05/01/2031 | 25 | 24 |
| Saddle Creek Preserve of Polk County Community Development District, Special Assessment, 4.00%, 06/15/2040 | 500 | 469 |
| Sarasota County Health Facilities Authority, Sunnyside Village Project, Rev., 5.00%, 05/15/2048 | 425 | 393 |
| Sarasota County Public Hospital District, Sarasota Memorial Hospital Project |  |  |
| Rev., 4.00%, 07/01/2052 | 6000 | 5137 |
| Rev., 5.00%, 07/01/2052 | 1175 | 1191 |
| Sarasota County School Board, Series A, COP, 5.00%, 07/01/2033 | 1000 | 1143 |
| Sarasota National Community Development District, Special Assessment, 4.00%, 05/01/2039 | 615 | 597 |
| Sawyers Landing Community Development District, Special Assessment, 3.75%, 05/01/2031 | 400 | 401 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Florida — continued** |  |  |
| School District of Broward County, Series A, COP, 5.00%, 07/01/2027 | 1500 | 1560 |
| Somerset Community Development District, Special Assessment, 4.00%, 05/01/2032 | 845 | 845 |
| South Broward Hospital District |  |  |
| Rev., 4.00%, 05/01/2048 | 6500 | 6050 |
| Series A, Rev., 4.00%, 05/01/2044 | 4000 | 3712 |
| South Kendall Community Development District, Special Assessment, 4.25%, 11/01/2037 | 1575 | 1557 |
| Southeast Overtown/Park West Community Redevelopment Agency, Series A, Tax Allocation, 5.00%, 03/01/2038 | 2200 | 2377 |
| St. John's County School Board |  |  |
| Series A, COP, 5.25%, 07/01/2046 | 1500 | 1586 |
| Series A, COP, 5.25%, 07/01/2047 | 3000 | 3117 |
| State Board of Administration Finance Corp., Taxable, Series A, Rev., 1.71%, 07/01/2027 | 4000 | 3851 |
| State of Florida Department of Transportation Turnpike System Revenue, Department Of Transportation, Rev., 4.00%, 07/01/2041 | 1000 | 985 |
| State of Florida Department of Transportation Turnpike System Revenue, Turnpike Revenue, Series B, Rev., 3.00%, 07/01/2033 | 2390 | 2352 |
| State of Florida Department of Transportation Turnpike System, Revenue Refunding, Series A, Rev., 5.00%, 07/01/2026 | 1000 | 1019 |
| State of Florida, Capital Outlay, Series C, GO, 5.00%, 06/01/2027 | 1060 | 1078 |
| State of Florida, Department of Transportation, Turnpike System Revenue, Series A, Rev., 5.00%, 07/01/2029 | 500 | 547 |
| Stellar North Community Development District, Special Assessment, 4.00%, 05/01/2052 | 1440 | 1169 |
| Stillwater Community Development District, Project 2021, Special Assessment, 3.00%, 06/15/2031 (e) | 225 | 214 |
| Stonegate Preserve Community Development District, 2023 Project Area, Special Assessment, 5.88%, 12/15/2043 | 995 | 1048 |
| Stoneybrook South Community Development District, Fox South Assessment Area |  |  |
| Special Assessment, 2.50%, 12/15/2025 (e) | 140 | 140 |
| Special Assessment, 3.00%, 12/15/2030 (e) | 475 | 470 |
| Special Assessment, 3.50%, 12/15/2040 (e) | 1030 | 938 |
| Storey Park Community Development District, Assessment Area Four Project |  |  |
| Special Assessment, 2.38%, 06/15/2026 (e) | 10 | 10 |
| Special Assessment, 2.88%, 06/15/2031 (e) | 60 | 59 |
| Summit View Community Development District, Assessment Area Two, Special Assessment, 5.63%, 05/01/2044 | 975 | 985 |
| Tampa Bay Water, Rev., 5.25%, 10/01/2054 | 20000 | 21226 |
| Touchstone Community Development District, Senior Lien, Series A1, Special Assessment, 5.38%, 05/01/2042 | 1000 | 1021 |
| Tradition Community Development District No. 9, Special Assessment, 3.00%, 05/01/2041 | 130 | 102 |
| Turtle Run Community Development District, Series 2, Special Assessment, 5.00%, 05/01/2047 | 1500 | 1492 |
| Two Lakes Community Development District, Special Assessment, 5.00%, 05/01/2044 | 1500 | 1516 |
| Two Rivers West Community Development District, Special Assessment, 5.63%, 05/01/2044 | 580 | 586 |
| V-Dana Community Development District, CDD Assessment Area One 2021, Special Assessment, 4.00%, 05/01/2052 | 1000 | 817 |
| Village Community Development District No. 12, Special Assessment, 4.25%, 05/01/2043 | 2000 | 1859 |
| Village Community Development District No. 13, Special Assessment, 2.63%, 05/01/2030 (e) | 1445 | 1387 |
| Village Community Development District No. 15 |  |  |
| Special Assessment, 4.00%, 05/01/2034 (e) | 120 | 121 |
| Special Assessment, 4.20%, 05/01/2039 (e) | 500 | 482 |
| Villamar Community Development District, Special Assessment, 3.75%, 05/01/2040 | 655 | 599 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Florida — continued** |  |  |
| Volusia County Educational Facility Authority, Educational Facilities Embry Riddle, Rev., 5.00%, 10/15/2029 | 1000 | 1043 |
| West Hillcrest Community Development District, Series 2023, Special Assessment, 5.50%, 06/15/2053 | 1250 | 1271 |
| West Villages Improvement District, Special Assessment, Unit Of Development #8, Special Assessment, 5.38%, 05/01/2042 | 1875 | 1922 |
| Wildwood Utility Dependent District, Senior South Sumter Utilities Project |  |  |
| Rev., BAM, 5.00%, 10/01/2031 | 1300 | 1458 |
| Rev., BAM, 5.00%, 10/01/2033 | 1150 | 1271 |
| Rev., BAM, 5.00%, 10/01/2039 | 1490 | 1585 |
| Rev., BAM, 5.00%, 10/01/2040 | 1610 | 1705 |
| Wildwood Utility Dependent District, Senior South Sumter Utility Project, Rev., BAM, 5.00%, 10/01/2052 | 1640 | 1664 |
| Wildwood Utility Dependent District, Subordinate South Sumter Utilities Project, Rev., BAM, 5.00%, 10/01/2041 | 650 | 684 |
|  |  | 668117 |
| **Georgia** — **3.8%** |  |  |
| Bartow County Development Authority, Georgia Power Co. Pollution Bowen Project, Rev., 1.80%, 09/01/2029 (z) | 4425 | 4020 |
| Board of Water Light & Sinking Fund Commissioners of The City of Dalton, Combined Utilities Revenue Bonds |  |  |
| Rev., 4.00%, 03/01/2035 | 1100 | 1114 |
| Rev., 4.00%, 03/01/2036 | 1000 | 1008 |
| Rev., 4.00%, 03/01/2037 | 1135 | 1141 |
| Rev., 4.00%, 03/01/2038 | 1000 | 999 |
| Brookhaven Development Authority, Children's Healthcare of Atlanta |  |  |
| Rev., 5.00%, 07/01/2036 | 2425 | 2577 |
| Rev., 5.00%, 07/01/2037 | 2400 | 2539 |
| Series A, Rev., 4.00%, 07/01/2044 | 3000 | 2783 |
| Brookhaven Urban Redevelopment Agency, Series A, Rev., 4.00%, 07/01/2045 | 3260 | 3178 |
| City of Atlanta Airport Passenger Facility Charge, Airport Revenue Subordinated, Rev., AMT, 4.00%, 07/01/2038 | 2825 | 2781 |
| City of Atlanta Department of Aviation |  |  |
| Series B, Rev., AMT, 5.00%, 07/01/2028 | 3300 | 3498 |
| Series C, Rev., AMT, 5.00%, 07/01/2034 | 540 | 585 |
| Series C, Rev., AMT, 5.00%, 07/01/2048 | 1000 | 1016 |
| City of Atlanta Department of Aviation, Sustainable Bonds |  |  |
| Series B1, Rev., AMT, 5.00%, 07/01/2036 | 700 | 766 |
| Series B1, Rev., AMT, 5.00%, 07/01/2037 | 2500 | 2710 |
| City of Atlanta GA Department of Aviation |  |  |
| Rev., AMT, 5.25%, 07/01/2041 | 1775 | 1912 |
| Rev., AMT, 5.25%, 07/01/2043 | 1500 | 1592 |
| City of Atlanta Water & Wastewater Revenue, Series B, Rev., 4.00%, 11/01/2037 | 1000 | 1005 |
| City of Atlanta, Airport Passenger Facility, Subordinated Lien, Series C, Rev., 5.00%, 07/01/2040 | 2000 | 2068 |
| City of Atlanta, Department of Aviation, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2031 | 1155 | 1238 |
| City of Atlanta, Water & Wastewater Revenue, Series B, Rev., 5.00%, 11/01/2047 | 4000 | 4042 |
| Cobb County Hospital Authority, Rev., VRDO, LOC: Truist Bank, 2.92%, 10/07/2025 (z) | 8000 | 8000 |
| Cobb County Kennestone Hospital Authority, Revenue Anticipation Certificates, Rev., 5.00%, 04/01/2036 | 500 | 510 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Georgia — continued** |  |  |
| Cobb County Kennestone Hospital Authority, Wellstar Health System, Inc., Rev., 3.00%, 04/01/2037 | 700 | 636 |
| Cobb-Marietta Coliseum & Exhibit Hall Authority, Cobb Galleria Center Project |  |  |
| Rev., 5.25%, 10/01/2043 | 2760 | 3019 |
| Rev., 5.25%, 10/01/2044 | 1355 | 1470 |
| Columbia County Hospital Authority, Anticipation Certificate Wellstar, Rev., 5.13%, 04/01/2053 | 3625 | 3704 |
| DeKalb County Housing Authority, Kensington Station Project, Series A, Rev., 4.00%, 12/01/2033 | 10000 | 10139 |
| Development Authority of Burke County (The), Rev., 3.30%, 12/01/2049 (z) | 515 | 523 |
| Development Authority of Burke County, Georgia Power Co. Plant Vogtle Project, Rev., 3.38%, 11/01/2053 (z) | 1000 | 1006 |
| Development Authority of Cobb County, The Northwest Classical Academy Project, Rev., 5.70%, 06/15/2038 (e) | 605 | 607 |
| Development Authority of Monroe County, Georgia Power Company Plant Scherer, Rev., 3.88%, 06/01/2042 (z) | 1250 | 1255 |
| Development Authority of Monroe County/The, Georgia Power Co. Plant Scherer, Rev., 1.00%, 07/01/2049 (z) | 1785 | 1743 |
| Fayette County Development Authority |  |  |
| Rev., 5.00%, 10/01/2036 | 900 | 981 |
| Rev., 5.00%, 10/01/2037 | 925 | 1001 |
| Rev., 5.00%, 10/01/2041 | 950 | 990 |
| Rev., 5.00%, 10/01/2043 | 1400 | 1440 |
| Rev., 5.00%, 10/01/2044 | 1250 | 1279 |
| Gainesville & Hall County Hospital Authority |  |  |
| Rev., 5.00%, 10/15/2030 | 3500 | 3885 |
| Rev., 5.00%, 10/15/2034 | 7545 | 8599 |
| George L Smith II Congress Center Authority, Convention Center Hotel, Series 2, Rev., 5.00%, 01/01/2054 (e) | 1000 | 916 |
| George L Smith II Congress Center Authority, Convention Center Hotel First |  |  |
| Rev., 4.00%, 01/01/2054 | 7850 | 6515 |
| Series 1, Rev., 4.00%, 01/01/2036 | 2750 | 2754 |
| Georgia Housing & Finance Authority |  |  |
| Rev., 4.70%, 12/01/2054 | 15000 | 15003 |
| Series A, Rev., 2.75%, 12/01/2035 | 500 | 443 |
| Series A, Rev., 4.50%, 12/01/2045 | 2000 | 2004 |
| Series E, Rev., GNMA/FNMA/FHLMC, 4.85%, 12/01/2040 | 1000 | 1023 |
| Georgia Ports Authority, Rev., 5.25%, 07/01/2043 | 2705 | 2893 |
| Georgia State Road & Tollway Authority |  |  |
| Rev., 5.00%, 06/01/2027 | 5250 | 5475 |
| Rev., 5.00%, 06/01/2028 | 5500 | 5867 |
| Rev., 5.00%, 06/01/2030 | 6205 | 6895 |
| Homerville Housing Authority, Brookwood Apartments, Rev., 3.45%, 01/01/2028 (z) | 530 | 534 |
| Main Street Natural Gas, Inc. |  |  |
| Rev., 5.00%, 12/01/2054 (z) | 1730 | 1875 |
| Series A, Rev., 4.00%, 07/01/2052 (z) | 14500 | 14805 |
| Series A, Rev., 5.00%, 05/15/2033 | 4950 | 5184 |
| Series A, Rev., 5.00%, 05/15/2043 | 8000 | 8104 |
| Series A, Rev., 5.00%, 06/01/2053 (z) | 15000 | 15981 |
| Series A, Rev., 5.00%, 05/01/2054 (z) | 15925 | 17237 |
| Series A, Rev., 5.00%, 06/01/2055 (z) | 20255 | 22035 |
| Series A, Rev., 5.50%, 09/15/2028 | 1000 | 1064 |
| Series B, Rev., 5.00%, 06/01/2028 | 2500 | 2611 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Georgia — continued** |  |  |
| Series B, Rev., 5.00%, 06/01/2029 | 1500 | 1577 |
| Series B, Rev., 5.00%, 12/01/2052 (z) | 5000 | 5297 |
| Series B, Rev., 5.00%, 07/01/2053 (z) | 6910 | 7435 |
| Series B, Rev., 5.00%, 12/01/2054 (z) | 11185 | 12179 |
| Series B, Rev., 5.00%, 12/01/2055 (z) | 5000 | 5430 |
| Series C, Rev., 4.00%, 03/01/2050 (z) | 6350 | 6403 |
| Series C, Rev., 4.00%, 05/01/2052 (z) | 15310 | 15684 |
| Series C, Rev., 5.00%, 09/01/2053 (z) | 8165 | 8759 |
| Series D, Rev., 5.00%, 05/01/2054 (z) | 9500 | 10177 |
| Series E1, Rev., 5.00%, 12/01/2053 (z) | 3000 | 3232 |
| Main Street Natural Gas, Inc., Gas Supply, Series C, Rev., 4.00%, 08/01/2052 (e) (z) | 30600 | 30786 |
| Main Street Natural Gas, Inc. |  |  |
| Series D, Rev., 5.00%, 04/01/2054 (z) | 26545 | 28733 |
| Series E, Rev., 5.00%, 05/01/2055 (z) | 25990 | 28412 |
| Metropolitan Atlanta Rapid Transit Authority, Rev., 5.00%, 07/01/2036 | 8500 | 9674 |
| Metropolitan Atlanta Rapid Transit Authority, Sustainable Bond |  |  |
| Series A, Rev., 5.00%, 07/01/2043 | 3000 | 3227 |
| Series A, Rev., 5.00%, 07/01/2044 | 3000 | 3210 |
| Milledgeville & Baldwin County Development Authority, Georgia College & State University Projects, Rev., 4.00%, 06/15/2037 | 500 | 502 |
| Municipal Electric Authority of Georgia |  |  |
| Rev., 5.00%, 01/01/2029 | 1000 | 1075 |
| Rev., 5.00%, 01/01/2049 | 2800 | 2792 |
| Rev., 5.00%, 01/01/2059 | 3855 | 3790 |
| Municipal Electric Authority of Georgia, Combined Cycle Project |  |  |
| Series A, Rev., 5.00%, 11/01/2027 | 250 | 263 |
| Series A, Rev., 5.00%, 11/01/2029 | 250 | 273 |
| Municipal Electric Authority of Georgia, General Resolution Project, Series A, Rev., 4.00%, 01/01/2037 | 1125 | 1128 |
| Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Rev., 5.00%, 01/01/2059 | 3000 | 2987 |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project |  |  |
| Series A, Rev., 5.00%, 07/01/2033 | 1610 | 1803 |
| Series A, Rev., 5.00%, 07/01/2035 | 1300 | 1432 |
| Series A, Rev., 5.00%, 07/01/2036 | 2795 | 3047 |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project |  |  |
| Rev., 4.00%, 01/01/2036 | 330 | 335 |
| Rev., 4.00%, 01/01/2041 | 1000 | 972 |
| Rev., 5.00%, 07/01/2027 | 500 | 523 |
| Rev., 5.00%, 01/01/2039 | 1310 | 1336 |
| Rev., BAM, 5.00%, 01/01/2049 | 13455 | 13481 |
| Rev., 5.00%, 07/01/2053 | 3675 | 3734 |
| Rev., 5.00%, 07/01/2055 | 4615 | 4635 |
| Rev., 5.00%, 01/01/2056 | 1350 | 1346 |
| Rev., 5.50%, 07/01/2063 | 2500 | 2570 |
| Municipal Electric Authority of Georgia, Power Revenue |  |  |
| Series HH, Rev., 5.00%, 01/01/2033 | 1000 | 1041 |
| Series HH, Rev., 5.00%, 01/01/2034 | 1000 | 1039 |
| Municipal Electric Authority of Georgia, Project One Subordinated |  |  |
| Rev., 5.00%, 01/01/2029 | 1110 | 1193 |
| Rev., 5.00%, 01/01/2037 | 1250 | 1330 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Georgia — continued** |  |  |
| Municipal Electric Authority of Georgia, Project One, Subordinated, Series B, Rev., 4.00%, 01/01/2039 | 1400 | 1382 |
| Municipal Electric Authority of Georgia, Subordinate General Resolution, Rev., 5.00%, 01/01/2033 | 1010 | 1122 |
| Municipal Electric Authority of Georgia, Subordinate Project One |  |  |
| Series A, Rev., 5.00%, 01/01/2030 | 705 | 770 |
| Series A, Rev., 5.00%, 01/01/2031 | 1715 | 1899 |
| Paulding County Hospital Authority, Anticipation Certificates Wellstar Health |  |  |
| Rev., 5.00%, 04/01/2036 | 325 | 355 |
| Rev., 5.00%, 04/01/2038 | 500 | 537 |
| Private Colleges & Universities Authority |  |  |
| Series A, Rev., 5.00%, 09/01/2033 | 1605 | 1842 |
| Series A, Rev., 5.25%, 09/01/2043 | 2495 | 2728 |
| Private Colleges & Universities Authority, Emory University |  |  |
| Series B, Rev., 4.00%, 10/01/2038 | 13500 | 13506 |
| Series B, Rev., 4.00%, 09/01/2039 | 1420 | 1419 |
| Private Colleges & Universities Authority, Savannah College of Art And Design |  |  |
| Rev., 4.00%, 04/01/2038 | 1400 | 1404 |
| Rev., 5.00%, 04/01/2027 | 400 | 413 |
| Savannah-Georgia Convention Center Authority, Convention Center Hotel First, Rev., 5.25%, 06/01/2061 | 1465 | 1456 |
| Savannah-Georgia Convention Center Authority, Convention Center Hotel Second |  |  |
| Rev., 5.50%, 06/01/2040 (e) | 5935 | 5943 |
| Rev., 6.25%, 06/01/2061 (e) | 2400 | 2402 |
| Savannah-Georgia Convention Center Authority, Convention Center Hotel Third, Rev., 5.50%, 06/01/2050 | 1220 | 1292 |
| State of Georgia, Series E, GO, 5.00%, 12/01/2027 | 1570 | 1619 |
| State of Georgia, Bidding Group 1, Series A, GO, 5.00%, 07/01/2033 | 2000 | 2250 |
| State of Georgia, Bidding Group 2, Series A, GO, 4.00%, 07/01/2035 | 750 | 779 |
| State of Georgia, Tranche 2, Series A, GO, 5.00%, 07/01/2030 | 2000 | 2193 |
| The Development Authority of Burke County, Georgia Power Company Plant Vogtle Project, Rev., 2.90%, 12/01/2049 (z) | 3515 | 3517 |
|  |  | 514247 |
| **Guam** — **0.1%** |  |  |
| Antonio B. Won Pat International Airport Authority |  |  |
| Rev., AMT, 5.00%, 10/01/2031 | 250 | 267 |
| Rev., AMT, 5.25%, 10/01/2035 | 550 | 593 |
| Antonio B. Won Pat International Airport Authority, Rev., AMT, 5.25%, 10/01/2030 | 750 | 805 |
| Territory of Guam |  |  |
| Series F, Rev., 4.00%, 01/01/2042 | 1000 | 929 |
| Series G, Rev., 5.00%, 01/01/2034 | 1000 | 1101 |
| Series G, Rev., 5.00%, 01/01/2035 | 875 | 960 |
| Series G, Rev., 5.00%, 01/01/2036 | 1000 | 1084 |
| Series G, Rev., 5.25%, 01/01/2038 | 2000 | 2166 |
| Series G, Rev., 5.25%, 01/01/2039 | 900 | 967 |
|  |  | 8872 |
| **Hawaii** — **0.5%** |  |  |
| City & County Honolulu HI Wastewater System Revenue |  |  |
| Rev., 5.00%, 07/01/2032 | 290 | 333 |
| Rev., 5.00%, 07/01/2039 | 1470 | 1631 |
| Rev., 5.00%, 07/01/2041 | 2945 | 3207 |
| Rev., 5.25%, 07/01/2054 | 6900 | 7308 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Hawaii — continued** |  |  |
| City & County Honolulu Wastewater System Revenue, Green Bonds Senior Lien, Rev., 5.00%, 07/01/2040 | 540 | 588 |
| City & County Honolulu Wastewater System Revenue, Senior First Bond Resolution, Series A, Rev., 5.00%, 07/01/2035 | 2110 | 2202 |
| City & County of Honolulu |  |  |
| Series A, GO, 5.00%, 10/01/2025 (p) | 15 | 15 |
| Series A, GO, 5.00%, 09/01/2027 | 30 | 31 |
| Series C, GO, 5.00%, 10/01/2028 | 1450 | 1562 |
| Series C, GO, 5.00%, 10/01/2029 | 1000 | 1099 |
| City & County of Honolulu Wastewater System Revenue Bonds, Junior Second Bond Resolution, Rev., 5.00%, 07/01/2034 | 1000 | 1165 |
| City & County of Honolulu, Rail Transit Project |  |  |
| GO, 3.00%, 07/01/2032 | 430 | 428 |
| GO, 3.00%, 07/01/2035 | 1000 | 950 |
| State of Hawaii |  |  |
| Series FG, GO, 4.00%, 10/01/2032 | 2000 | 2017 |
| Series FG, GO, 4.00%, 10/01/2033 | 3000 | 3022 |
| State of Hawaii Airports System Revenue |  |  |
| Series A, Rev., AMT, 5.00%, 07/01/2032 | 1500 | 1563 |
| Series A, Rev., AMT, 5.00%, 07/01/2033 | 1630 | 1692 |
| Series A, Rev., AMT, 5.00%, 07/01/2034 | 2000 | 2134 |
| Series A, Rev., AMT, 5.00%, 07/01/2035 | 1000 | 1031 |
| Series A, Rev., AMT, 5.00%, 07/01/2051 | 1905 | 1929 |
| Series A, Rev., AMT, 5.25%, 07/01/2051 | 8630 | 9037 |
| Series B, Rev., 5.00%, 07/01/2026 | 625 | 636 |
| Series C, Rev., AMT, 5.00%, 07/01/2040 | 1000 | 1068 |
| State of Hawaii Department of Budget & Finance |  |  |
| Rev., 3.20%, 07/01/2039 | 11685 | 10130 |
| Rev., 5.00%, 07/01/2034 (e) | 1350 | 1368 |
| State of Hawaii Harbor System Revenue |  |  |
| Series A, Rev., AMT, 4.00%, 07/01/2031 | 250 | 257 |
| Series A, Rev., AMT, 4.00%, 07/01/2032 | 500 | 512 |
| Series A, Rev., AMT, 4.00%, 07/01/2033 | 750 | 764 |
| Series A, Rev., AMT, 4.00%, 07/01/2034 | 3555 | 3601 |
| Series A, Rev., AMT, 5.00%, 07/01/2027 | 250 | 259 |
| Series A, Rev., AMT, 5.00%, 07/01/2028 | 500 | 527 |
| Series A, Rev., AMT, 5.00%, 07/01/2029 | 250 | 268 |
| Series C, Rev., 4.00%, 07/01/2032 | 200 | 209 |
| State of Hawaii State Highway Fund, Rev., 5.00%, 01/01/2029 | 1000 | 1081 |
| State of Hawaii, Airports System Revenue, Series D, Rev., 5.00%, 07/01/2030 | 1000 | 1115 |
|  |  | 64739 |
| **Idaho** — **0.1%** |  |  |
| Idaho Health Facilities Authority, Trinity Health Credit Group |  |  |
| Rev., 4.00%, 12/01/2043 | 4460 | 4176 |
| Series A, Rev., 5.00%, 12/01/2047 | 1715 | 1723 |
| Idaho Housing & Finance Association |  |  |
| Series A, Rev., 5.00%, 08/15/2034 | 1130 | 1298 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054 | 3600 | 3982 |
| Idaho Housing & Finance Association, Garvee |  |  |
| Series A, Rev., 4.00%, 07/15/2039 | 1440 | 1428 |
| Series A, Rev., 5.00%, 07/15/2030 | 1250 | 1384 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Idaho — continued** |  |  |
| Idaho Housing & Finance Association, Transportation Expansion & Mitigation, Rev., 5.00%, 08/15/2037 | 165 | 182 |
| Idaho Housing and Finance Association, Series C, Rev., GNMA/FNMA/FHLMC, 5.15%, 07/01/2045 | 1500 | 1555 |
| Spring Valley Community Infrastructure District No. 1, Assessment Area Two, Special Assessment, 6.25%, 09/01/2053 (e) | 1120 | 1139 |
|  |  | 16867 |
| **Illinois** — **5.8%** |  |  |
| Chicago Board of Education |  |  |
| GO, 5.00%, 12/01/2032 | 600 | 615 |
| Series A, GO, 5.00%, 12/01/2026 | 10 | 10 |
| Series A, GO, 5.00%, 12/01/2041 | 1000 | 958 |
| Series A, GO, 5.00%, 12/01/2042 | 10000 | 9430 |
| Series D, GO, 5.00%, 12/01/2046 | 7500 | 6795 |
| Chicago Board of Education Dedicated Capital Improvement Tax |  |  |
| Rev., 5.25%, 04/01/2039 | 3125 | 3279 |
| Rev., 5.75%, 04/01/2048 | 4000 | 4159 |
| Chicago Board of Education, Capital Appreciation School Reform |  |  |
| Series A, GO, NATL, Zero Coupon, 12/01/2025 | 255 | 253 |
| Series A, GO, NATL, Zero Coupon, 12/01/2029 | 1220 | 1047 |
| Series B1, GO, NATL, Zero Coupon, 12/01/2028 | 500 | 446 |
| Series B1, GO, NATL, Zero Coupon, 12/01/2029 | 1105 | 949 |
| Chicago Board of Education, Dedicated |  |  |
| Series H, GO, 5.00%, 12/01/2036 | 2000 | 1982 |
| Series H, GO, 5.00%, 12/01/2046 | 1000 | 906 |
| Chicago Midway International Airport, Series B, Rev., 5.00%, 01/01/2046 | 10000 | 10004 |
| Chicago Midway International Airport, Senior |  |  |
| Series C, Rev., AMT, 5.00%, 01/01/2028 | 2825 | 2948 |
| Series C, Rev., AMT, 5.00%, 01/01/2034 | 6000 | 6600 |
| Series C, Rev., AMT, 5.00%, 01/01/2040 | 2610 | 2697 |
| Chicago Midway International Airport, Senior Lien |  |  |
| Series A, Rev., BAM, AMT, 5.00%, 01/01/2033 | 2400 | 2656 |
| Series A, Rev., AMT, 5.00%, 01/01/2034 | 1660 | 1826 |
| Chicago O'Hare International Airport |  |  |
| Rev., 5.00%, 01/01/2052 | 4030 | 4039 |
| Rev., 5.25%, 01/01/2053 | 5000 | 5226 |
| Series C, Rev., AMT, 5.00%, 01/01/2032 | 4000 | 4403 |
| Series C, Rev., AMT, 5.00%, 01/01/2036 | 1500 | 1649 |
| Series D, Rev., 5.25%, 01/01/2042 | 6670 | 6752 |
| Chicago O'Hare International Airport, General Senior Lien, Series B, Rev., 5.00%, 01/01/2053 | 4895 | 4920 |
| Chicago O'Hare International Airport, Senior Lien |  |  |
| Series A, Rev., 4.00%, 01/01/2035 | 3500 | 3545 |
| Series A, Rev., 5.00%, 01/01/2035 | 6000 | 6423 |
| Series A, Rev., AMT, 5.00%, 01/01/2039 | 2000 | 2041 |
| Series A, Rev., AMT, 5.00%, 01/01/2053 | 3000 | 2966 |
| Series F, Rev., BAM, 4.25%, 01/01/2047 | 2180 | 2060 |
| Chicago O'Hare International Airport, Senior Lien Customer Facility, Rev., BAM, 5.25%, 01/01/2042 | 1465 | 1554 |
| Chicago O'Hare International Airport, Trips Obligated Group, Rev., AMT, 5.00%, 07/01/2048 | 3000 | 2945 |
| Chicago Transit Authority Capital Grant Receipts Revenue, Section 5357, Rev., 5.00%, 06/01/2028 | 1000 | 1053 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Illinois — continued** |  |  |
| Chicago Transit Authority Sales Tax Receipts Fund |  |  |
| Rev., 5.00%, 12/01/2046 | 4780 | 4793 |
| Series A, Rev., 5.00%, 12/01/2037 | 2000 | 2220 |
| Series A, Rev., 5.00%, 12/01/2045 | 6500 | 6619 |
| Series A, Rev., BAM, 5.00%, 12/01/2046 | 4500 | 4664 |
| Chicago Transit Authority Sales Tax Receipts Fund, Rev., Series A, Rev., 5.00%, 12/01/2049 | 5000 | 5101 |
| Chicago Transit Authority Sales Tax Receipts Fund, Second Lien |  |  |
| Rev., 5.00%, 12/01/2051 | 4750 | 4756 |
| Series A, Rev., 4.00%, 12/01/2049 | 4000 | 3520 |
| Series A, Rev., 5.00%, 12/01/2055 | 2000 | 2011 |
| City of Aurora Waterworks & Sewerage Revenue, Series B, Rev., 4.00%, 12/01/2034 | 1565 | 1565 |
| City of Berwyn, Series A, GO, 5.00%, 12/01/2029 | 1000 | 1007 |
| City of Chicago |  |  |
| Series A, GO, 5.00%, 01/01/2027 | 5500 | 5592 |
| Series A, GO, 5.00%, 01/01/2034 | 4500 | 4657 |
| Series A, GO, 5.50%, 01/01/2049 | 6325 | 6248 |
| Series A, GO, 6.00%, 01/01/2050 | 2000 | 2082 |
| Series B, GO, 4.00%, 01/01/2038 (e) | 521 | 472 |
| Series B, GO, 5.00%, 01/01/2029 | 1000 | 1043 |
| Series B, GO, 5.00%, 01/01/2034 | 3555 | 3784 |
| Series C, GO, Zero Coupon, 01/01/2027 (p) | 500 | 482 |
| Series C, GO, 5.00%, 01/01/2028 | 1450 | 1455 |
| Series E, GO, 6.00%, 01/01/2045 | 1500 | 1590 |
| City of Chicago IL Wastewater Transmission Revenue |  |  |
| Rev., 5.00%, 01/01/2036 | 1000 | 1089 |
| Rev., BAM, 5.00%, 01/01/2041 | 1000 | 1060 |
| Rev., BAM, 5.00%, 01/01/2042 | 785 | 826 |
| Rev., BAM, 5.00%, 01/01/2043 | 1125 | 1174 |
| Rev., 5.25%, 01/01/2058 | 1910 | 1978 |
| City of Chicago IL Waterworks Revenue |  |  |
| Rev., 5.00%, 11/01/2031 | 665 | 743 |
| Rev., 5.00%, 11/01/2037 | 1000 | 1072 |
| City of Chicago Special Assessment Revenue, Lakeshore East Project |  |  |
| Special Assessment, 2.69%, 12/01/2026 (e) | 210 | 207 |
| Special Assessment, 3.04%, 12/01/2028 (e) | 270 | 262 |
| City of Chicago Wastewater Transmission Revenue, Second Lien |  |  |
| Series A, Rev., 5.25%, 01/01/2042 | 2300 | 2325 |
| Series B, Rev., 5.00%, 01/01/2037 | 1050 | 1135 |
| Series B, Rev., 5.00%, 01/01/2039 | 2000 | 2127 |
| City of Chicago Wastewater Transmission Revenue, Second Lien Wastewater Transmission Revenue Bonds, Rev., BAM, 5.00%, 01/01/2044 | 1500 | 1557 |
| City of Chicago Waterworks Revenue, Second Lien |  |  |
| Series 2017-2, Rev., 5.00%, 11/01/2038 | 3500 | 3567 |
| Series B, Rev., 5.00%, 11/01/2032 | 1000 | 1118 |
| Series B, Rev., 5.00%, 11/01/2038 | 1000 | 1063 |
| Series B, Rev., 5.00%, 11/01/2039 | 1000 | 1058 |
| City of Chicago, Chicago Recovery Plan, Series A, GO, 5.00%, 01/01/2044 | 9415 | 9066 |
| City of Chicago, Chicago Works |  |  |
| Series A, GO, 5.50%, 01/01/2039 | 1180 | 1208 |
| Series A, GO, 5.50%, 01/01/2040 | 1000 | 1020 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Illinois — continued** |  |  |
| Series A, GO, 5.50%, 01/01/2041 | 1000 | 1010 |
| Series A, GO, 5.50%, 01/01/2043 | 1500 | 1504 |
| City of Chicago, Wastewater Transmission Revenue, Second Lien |  |  |
| Series A, Rev., 5.25%, 01/01/2048 | 5000 | 5216 |
| Series B, Rev., 5.00%, 01/01/2027 | 1000 | 1030 |
| Series B, Rev., 5.00%, 01/01/2029 | 300 | 322 |
| Series B, Rev., 5.00%, 01/01/2038 | 1940 | 2079 |
| City of Chicago, Waterworks Revenue, Second Lien |  |  |
| Series A, Rev., 5.25%, 11/01/2048 | 1500 | 1562 |
| Series B, Rev., 4.00%, 11/01/2040 | 4320 | 4245 |
| Series B, Rev., 5.00%, 11/01/2028 | 300 | 321 |
| Series B, Rev., 5.00%, 11/01/2031 | 400 | 448 |
| Series B, Rev., 5.00%, 11/01/2033 | 2350 | 2603 |
| City of Granite City, Waste Management, Inc., Rev., AMT, 1.25%, 05/01/2027 | 5000 | 4813 |
| Cook County Community College District No. 508, City Colleges of Chicago |  |  |
| GO, BAM, 5.00%, 12/01/2041 | 3000 | 3096 |
| GO, BAM, 5.00%, 12/01/2042 | 2000 | 2047 |
| Cook County Community Consolidated School District No. 34 Glenview, GO, 4.00%, 12/01/2029 | 2000 | 2121 |
| Cook County High School District No. 214 Arlington Heights, GO, 4.00%, 12/01/2026 | 1910 | 1944 |
| Cook County School District No. 87 Berkeley, GO, 3.00%, 12/01/2034 | 1500 | 1423 |
| Cook County, Community School District No. 97, Oak Park, GO, 4.00%, 01/01/2034 | 2000 | 2046 |
| County of Cook |  |  |
| Series A, GO, 5.00%, 11/15/2025 | 960 | 963 |
| Series A, GO, 5.00%, 11/15/2026 | 4900 | 5032 |
| Series A, GO, 5.00%, 11/15/2033 | 250 | 282 |
| County of Cook IL Sales Tax Revenue, Rev., 5.00%, 11/15/2031 | 2000 | 2242 |
| County of Cook Sales Tax Revenue |  |  |
| Rev., 4.00%, 11/15/2037 | 3500 | 3505 |
| Rev., 4.00%, 11/15/2038 | 1545 | 1519 |
| Series A, Rev., 4.00%, 11/15/2039 | 2000 | 1929 |
| Series A, Rev., 4.00%, 11/15/2040 | 5250 | 4976 |
| Series A, Rev., 5.00%, 11/15/2025 | 690 | 692 |
| Series A, Rev., 5.25%, 11/15/2045 | 2500 | 2612 |
| County of Cook, Sales Tax Revenue, Series A, Rev., 5.00%, 11/15/2038 | 1240 | 1314 |
| County of Will, GO, 4.00%, 11/15/2047 | 7000 | 6383 |
| Du Page & Will Counties Community School District No. 204 Indian Prairie, GO, 5.00%, 01/15/2045 | 5000 | 5203 |
| Illinois Development Finance Authority, Rev., AMT, 4.25%, 11/01/2044 (z) | 4000 | 4001 |
| Illinois Finance Authority |  |  |
| Rev., AMT, 4.80%, 12/01/2043 (e) (z) | 14225 | 14601 |
| Rev., 5.00%, 04/01/2036 | 3000 | 3353 |
| Rev., 5.00%, 07/01/2042 | 750 | 808 |
| Rev., 5.25%, 04/01/2038 | 3250 | 3624 |
| Rev., 5.25%, 04/01/2040 | 1660 | 1729 |
| Rev., 5.25%, 04/01/2043 | 1200 | 1220 |
| Series A, Rev., 4.00%, 07/15/2036 | 710 | 720 |
| Series A, Rev., 4.00%, 07/15/2039 | 3000 | 2902 |
| Series A, Rev., 5.00%, 11/15/2038 | 2000 | 2000 |
| Series B2, Rev., 5.00%, 05/15/2050 (z) | 2550 | 2577 |
| Series B, Rev., 5.00%, 07/01/2034 | 2170 | 2512 |
| Illinois Finance Authority, Acero Charter Schools, Inc., Rev., 4.00%, 10/01/2042 (e) | 500 | 422 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Illinois — continued** |  |  |
| Illinois Finance Authority, Advocate Health Care Network Project, Rev., 4.00%, 11/01/2030 | 1730 | 1765 |
| Illinois Finance Authority, Ann & Robert H. Lurie Child, Rev., 4.00%, 08/15/2037 | 500 | 495 |
| Illinois Finance Authority, Ann & Robert H. Lurie Children's Hospital of Chicago, Rev., 5.00%, 08/15/2035 | 1610 | 1646 |
| Illinois Finance Authority, Carle Foundation, Series A, Rev., 5.00%, 02/15/2045 | 20775 | 20802 |
| Illinois Finance Authority, CenterPoint Intermodal Center, Rev., AMT, 4.13%, 12/01/2043 (e) (z) | 15000 | 14869 |
| Illinois Finance Authority, DePaul College Prep Foundation, Rev., 5.50%, 08/01/2043 (e) | 1360 | 1409 |
| Illinois Finance Authority, Green Bond, Rev., 4.00%, 07/01/2038 | 4160 | 4165 |
| Illinois Finance Authority, Green Bonds |  |  |
| Rev., 4.00%, 01/01/2033 | 8190 | 8498 |
| Rev., 4.00%, 07/01/2040 | 1500 | 1472 |
| Illinois Finance Authority, Health Services Facility Lease Revenue, Provident Group UIC Surgery |  |  |
| Rev., 4.00%, 10/01/2040 | 1750 | 1616 |
| Rev., 5.00%, 10/01/2032 | 750 | 793 |
| Illinois Finance Authority, Illinois State Clean Water Initiative, Green Bond, Rev., 5.00%, 01/01/2028 | 100 | 106 |
| Illinois Finance Authority, Mercy Health Corp., Rev., 5.00%, 12/01/2040 | 3080 | 3092 |
| Illinois Finance Authority, Mercy Health System Corporation, Rev., 5.00%, 12/01/2046 | 4000 | 4004 |
| Illinois Finance Authority, Midwestern University Foundation, Rev., 4.25%, 07/01/2041 | 690 | 691 |
| Illinois Finance Authority, Northshore University Health System |  |  |
| Rev., 4.00%, 08/15/2037 | 1000 | 977 |
| Rev., 5.00%, 08/15/2035 | 750 | 808 |
| Illinois Finance Authority, Northwestern Memorial HealthCare, Rev., 4.00%, 07/15/2047 | 14000 | 12624 |
| Illinois Finance Authority, OSF Healthcare System |  |  |
| Rev., 4.00%, 05/15/2050 | 1000 | 847 |
| Series A, Rev., 5.00%, 11/15/2045 | 10900 | 10902 |
| Illinois Finance Authority, Plymouth Place, Inc., Rev., 5.00%, 05/15/2041 | 400 | 376 |
| Illinois Finance Authority, Presbyterian Homes, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 3.59%, 05/01/2042 (aa) | 180 | 179 |
| Illinois Finance Authority, Rush University Medical Center, Series A, Rev., 4.00%, 11/15/2039 | 1320 | 1249 |
| Illinois Finance Authority, Southern Illinois Healthcare, Rev., 5.00%, 03/01/2031 | 2135 | 2185 |
| Illinois Finance Authority, State Clean Water Initiative, Rev., 4.00%, 07/01/2026 | 2100 | 2106 |
| Illinois Finance Authority, Swedish Covenant Hospital, Rev., 5.00%, 08/15/2032 (p) | 4000 | 4085 |
| Illinois Finance Authority, The Carle Foundation |  |  |
| Series A, Rev., 3.00%, 08/15/2048 | 2850 | 2193 |
| Series A, Rev., 4.00%, 08/15/2038 | 1615 | 1567 |
| Series A, Rev., 5.00%, 08/15/2031 | 2530 | 2834 |
| Series B, Rev., 5.00%, 08/15/2053 (z) | 285 | 313 |
| Illinois Finance Authority, UChicago Medicine |  |  |
| Rev., 5.00%, 08/15/2052 (z) | 875 | 905 |
| Series A, Rev., 5.00%, 08/15/2047 | 28845 | 29408 |
| Illinois Finance Authority, University Chicago Medical Center, Rev., VRDO, LOC: TD Bank NA, 3.85%, 10/01/2025 (z) | 6930 | 6930 |
| Illinois Finance Authority, University of Chicago |  |  |
| Series A, Rev., 5.00%, 10/01/2034 | 1750 | 2000 |
| Series A, Rev., 5.00%, 10/01/2035 | 1400 | 1600 |
| Series A, Rev., 5.25%, 05/15/2048 | 2000 | 2088 |
| Illinois Housing Development Authority |  |  |
| Series C, Rev., FHA, 0.80%, 07/01/2026 | 270 | 264 |
| Series D, Rev., GNMA/FNMA/FHLMC, 3.75%, 04/01/2050 | 845 | 848 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Illinois — continued** |  |  |
| Illinois Housing Development Authority, 6900 Crandon, Rev., FHA HUD, 5.00%, 02/01/2027 (z) | 1700 | 1711 |
| Illinois Housing Development Authority, Social Bonds |  |  |
| Series A, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051 | 2505 | 2478 |
| Series B, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051 | 270 | 267 |
| Series H, Rev., GNMA FNMA FHLMC COLL, 5.75%, 10/01/2053 | 605 | 648 |
| Illinois Housing Development Authority, South Shore HHDC, Rev., HUD, 5.00%, 02/01/2027 (z) | 1520 | 1530 |
| Illinois Housing Development Authority, Sustainable Bond |  |  |
| Series A, Rev., VRDO, FHA, 2.92%, 10/07/2025 (z) | 4000 | 4000 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 10/01/2054 | 755 | 818 |
| Illinois Housing Development Authority, Sustainable Bonds |  |  |
| Series C, Rev., GNMA/FNMA/FHLMC, 4.85%, 04/01/2049 | 4885 | 4938 |
| Series I, Rev., GNMA/FNMA/FHLMC, 6.00%, 10/01/2055 | 4700 | 5235 |
| Series N, Rev., GNMA/FNMA/FHLMC, 6.25%, 04/01/2054 | 9085 | 9895 |
| Illinois Municipal Electric Agency, Series A, Rev., 5.00%, 02/01/2035 | 10000 | 11376 |
| Illinois Sports Facilities Authority (The), State Tax Supported |  |  |
| Rev., 5.00%, 06/15/2030 | 500 | 531 |
| Rev., 5.25%, 06/15/2031 | 225 | 225 |
| Rev., 5.25%, 06/15/2032 | 5000 | 5010 |
| Illinois State Toll Highway Authority |  |  |
| Series A, Rev., 4.00%, 01/01/2044 | 1000 | 934 |
| Series A, Rev., 4.00%, 01/01/2046 | 14950 | 13723 |
| Series A, Rev., 5.00%, 01/01/2028 | 100 | 106 |
| Series A, Rev., 5.00%, 01/01/2040 | 4500 | 4502 |
| Series A, Rev., 5.00%, 01/01/2043 | 4000 | 4170 |
| Series A, Rev., 5.00%, 01/01/2044 | 6580 | 6707 |
| Series B, Rev., 5.00%, 01/01/2029 | 100 | 101 |
| Series B, Rev., 5.00%, 01/01/2040 | 8480 | 8497 |
| Series C, Rev., 5.00%, 01/01/2039 | 6750 | 6752 |
| Illinois State Toll Highway Authority, Senior |  |  |
| Series A, Rev., 5.00%, 01/01/2029 | 800 | 863 |
| Series A, Rev., 5.00%, 12/01/2031 | 5115 | 5139 |
| Series A, Rev., 5.00%, 01/01/2036 | 1300 | 1465 |
| Series A, Rev., 5.00%, 01/01/2037 | 800 | 893 |
| Series A, Rev., 5.25%, 01/01/2043 | 2315 | 2483 |
| Series B, Rev., 5.00%, 01/01/2028 | 4000 | 4223 |
| Series B, Rev., 5.00%, 01/01/2041 | 2190 | 2202 |
| Illinois State Toll Highway Authority, Toll Highway Revenue |  |  |
| Series A, Rev., 5.00%, 01/01/2036 | 1000 | 1083 |
| Series A, Rev., 5.00%, 01/01/2037 | 1555 | 1675 |
| Kane & DuPage Counties Community Unit School District No. 303 St Charles |  |  |
| GO, 4.00%, 01/01/2041 | 2110 | 2073 |
| GO, 4.00%, 01/01/2042 | 2210 | 2146 |
| Macon County School District No. 61 Decatur, Series A, GO, 4.00%, 12/01/2036 | 5000 | 5005 |
| Macon County, School District No. 61 Decatur |  |  |
| GO, 4.00%, 01/01/2040 | 1420 | 1421 |
| GO, 4.00%, 01/01/2045 | 3000 | 2809 |
| Metropolitan Pier & Exposition Authority |  |  |
| Rev., NATL, Zero Coupon, 12/15/2034 | 500 | 353 |
| Rev., 5.00%, 12/15/2036 | 540 | 585 |
| Rev., 5.00%, 12/15/2037 | 1090 | 1171 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Illinois — continued** |  |  |
| Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion, Rev., 5.00%, 06/15/2042 | 5645 | 5714 |
| Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick |  |  |
| Rev., NATL, Zero Coupon, 12/15/2035 | 500 | 335 |
| Rev., NATL, Zero Coupon, 06/15/2036 | 6000 | 3907 |
| Rev., NATL, Zero Coupon, 06/15/2037 | 500 | 307 |
| Rev., Zero Coupon, 06/15/2044 | 500 | 204 |
| Series B, Rev., Zero Coupon, 06/15/2027 | 4310 | 4094 |
| Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick Place Expansion |  |  |
| Rev., NATL, Zero Coupon, 06/15/2031 | 1500 | 1240 |
| Rev., NATL, Zero Coupon, 12/15/2031 | 5000 | 4049 |
| Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick Project, Rev., NATL, Zero Coupon, 06/15/2028 | 4250 | 3904 |
| Metropolitan Pier & Exposition Authority, McCormick Expansion Project, Series B, Rev., 5.00%, 12/15/2027 | 125 | 125 |
| Metropolitan Pier & Exposition Authority, McCormick Place |  |  |
| Rev., Zero Coupon, 06/15/2037 | 1175 | 719 |
| Rev., Zero Coupon, 06/15/2041 | 1750 | 833 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion |  |  |
| Rev., Zero Coupon, 12/15/2035 | 3200 | 2127 |
| Rev., 4.00%, 12/15/2042 | 1000 | 918 |
| Rev., 4.00%, 06/15/2050 | 1000 | 850 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Rev., 5.00%, 06/15/2057 | 1760 | 1714 |
| Metropolitan Water Reclamation District of Greater Chicago, Green Bond, Series C, GO, 5.00%, 12/01/2045 | 3000 | 3001 |
| Metropolitan Water Reclamation District of Greater Chicago, Green Bonds, Series E, GO, 5.00%, 12/01/2036 | 2065 | 2089 |
| Monroe & St Clair Counties Community Unit School District No. 4 Columbia/IL, GO, 5.50%, 07/01/2040 | 2175 | 2176 |
| Northeastern Illinois University, Capital Improvement Projects |  |  |
| COP, BAM, 5.00%, 07/01/2027 | 1195 | 1233 |
| COP, BAM, 5.00%, 07/01/2029 | 1075 | 1149 |
| COP, BAM, 5.00%, 07/01/2034 | 1310 | 1436 |
| COP, BAM, 5.00%, 07/01/2035 | 1035 | 1127 |
| COP, BAM, 5.50%, 07/01/2040 | 1150 | 1239 |
| Northern Illinois University, Auxiliary Facilities Systems Revenue Bonds, Rev., BAM, 4.00%, 10/01/2041 | 825 | 792 |
| Northern Illinois University, Board of Trustees Auxiliary Facilities, Rev., BAM, 4.00%, 10/01/2033 | 1000 | 1022 |
| Northern Illinois University, Sustainable Bond |  |  |
| COP, BAM, 4.25%, 04/01/2044 | 1000 | 923 |
| COP, BAM, 5.50%, 04/01/2049 | 1250 | 1306 |
| Sales Tax Securitization Corp., Series A, Rev., 5.00%, 01/01/2048 | 2000 | 2009 |
| Sales Tax Securitization Corp., Second Lien |  |  |
| Series A, Rev., 4.00%, 01/01/2039 | 3000 | 2933 |
| Series A, Rev., 5.00%, 01/01/2036 | 5000 | 5631 |
| Series A, Rev., BAM, 5.00%, 01/01/2037 | 750 | 790 |
| Series A, Rev., 5.00%, 01/01/2037 | 3370 | 3752 |
| Series C, Rev., 5.00%, 01/01/2029 | 850 | 913 |
| Series C, Rev., 5.00%, 01/01/2032 | 1400 | 1570 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Illinois — continued** |  |  |
| Southwestern Illinois Development Authority, Southwestern Il Flood Prevention, Rev., 4.00%, 10/15/2035 | 1215 | 1232 |
| State of Illinois |  |  |
| GO, 4.00%, 06/01/2032 | 1980 | 1986 |
| GO, 4.00%, 06/01/2034 | 4485 | 4489 |
| GO, 4.00%, 06/01/2035 | 1000 | 1000 |
| GO, 4.00%, 06/01/2036 | 485 | 483 |
| GO, 5.00%, 01/01/2028 | 6810 | 6848 |
| GO, 5.00%, 02/01/2028 | 1050 | 1081 |
| GO, 5.00%, 01/01/2029 | 2085 | 2096 |
| GO, 5.00%, 02/01/2029 | 1450 | 1511 |
| GO, 5.00%, 02/01/2030 | 1460 | 1592 |
| GO, 5.00%, 05/01/2041 | 850 | 893 |
| GO, 5.50%, 05/01/2030 | 2000 | 2159 |
| Series A, GO, 4.00%, 03/01/2041 | 250 | 232 |
| Series A, GO, 5.00%, 11/01/2026 | 1360 | 1394 |
| Series A, GO, 5.00%, 03/01/2027 | 855 | 883 |
| Series A, GO, 5.00%, 03/01/2028 | 1500 | 1581 |
| Series A, GO, 5.00%, 03/01/2030 | 1000 | 1092 |
| Series A, GO, 5.00%, 03/01/2046 | 1000 | 1014 |
| Series A, GO, 5.50%, 03/01/2042 | 1500 | 1597 |
| Series A, GO, 5.50%, 03/01/2047 | 2690 | 2814 |
| Series B, GO, 4.00%, 10/01/2033 | 2000 | 2036 |
| Series B, GO, 5.00%, 10/01/2029 | 1000 | 1084 |
| Series B, GO, 5.00%, 10/01/2031 | 5000 | 5473 |
| Series B, GO, 5.50%, 05/01/2039 | 250 | 265 |
| Series B, GO, 5.50%, 05/01/2047 | 2500 | 2616 |
| Series C, GO, 4.00%, 10/01/2037 | 2000 | 1951 |
| Series C, GO, 5.00%, 11/01/2029 | 4200 | 4389 |
| Series C, GO, 5.25%, 10/01/2047 | 3000 | 3088 |
| Series D, GO, 5.00%, 11/01/2026 | 1980 | 2029 |
| Series D, GO, 5.00%, 11/01/2027 | 6080 | 6359 |
| Series D, GO, 5.00%, 11/01/2028 | 2500 | 2612 |
| State of Illinois Sales Tax Revenue, Series A, Rev., BAM, 4.00%, 06/15/2029 | 2250 | 2353 |
| State of Illinois Sales Tax Revenue, Junior Obligation |  |  |
| Series A, Rev., BAM, 4.00%, 06/15/2026 | 505 | 509 |
| Series A, Rev., BAM, 4.00%, 06/15/2031 | 1500 | 1587 |
| Series B, Rev., 5.00%, 06/15/2040 | 5000 | 5370 |
| State of Illinois, Build America Bonds |  |  |
| GO, 6.90%, 03/01/2035 | 1000 | 1099 |
| GO, 7.35%, 07/01/2035 | 2857 | 3115 |
| State of Illinois, Rebuild Illinois Program, Series B, GO, 4.00%, 11/01/2039 | 1500 | 1418 |
| University of Illinois Auxiliary Facilities System, Rev., 5.25%, 04/01/2041 | 4390 | 4783 |
| University of Illinois, Auxiliary Facility, Series A, Rev., 4.00%, 04/01/2036 | 4730 | 4737 |
| Village of Rosemont, Series A, GO, BAM, 5.00%, 12/01/2042 | 10000 | 10289 |
| Will County Community High School District No. 210 Lincoln-Way, GO, BAM, 4.00%, 01/01/2037 | 13775 | 13946 |
| Will County Community Unit School District No. 209-U Wilmington, GO, 5.50%, 02/01/2038 | 1195 | 1279 |
|  |  | 786352 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Indiana** — **1.4%** |  |  |
| City of Carmel IN Waterworks Revenue, Rev., BAM, 5.25%, 05/01/2051 | 1375 | 1420 |
| City of Fishers Sewage Works Revenue, Rev., BAM, 4.00%, 07/01/2047 | 1000 | 947 |
| City of Valparaiso, Pratt Paper (In) LLC, Rev., AMT, 4.88%, 01/01/2044 (e) | 3000 | 2980 |
| City of Whiting, BP Products North America |  |  |
| Rev., AMT, 4.40%, 11/01/2045 (z) | 6000 | 6397 |
| Rev., AMT, 4.40%, 03/01/2046 (z) | 4500 | 4798 |
| Evansville Waterworks District, Series A, Rev., BAM, 5.00%, 07/01/2042 | 925 | 964 |
| Indiana Finance Authority |  |  |
| Rev., 5.00%, 02/01/2041 | 725 | 784 |
| Rev., 5.00%, 08/15/2051 | 2500 | 2513 |
| Rev., 5.00%, 10/01/2063 (z) | 3250 | 3621 |
| Rev., 5.00%, 10/01/2064 (z) | 3000 | 3236 |
| Rev., 5.25%, 10/01/2044 | 5000 | 5378 |
| Series E, Rev., 5.00%, 10/01/2035 | 5000 | 5748 |
| Series E, Rev., 5.00%, 10/01/2038 | 6000 | 6598 |
| Indiana Finance Authority, Citizens Water Westfield Project, Series A, Rev., 4.00%, 10/01/2048 | 1500 | 1370 |
| Indiana Finance Authority, Community Foundation of Northwest Industry, Rev., 5.00%, 09/01/2036 | 1000 | 1013 |
| Indiana Finance Authority, DePauw University Project, Series A, Rev., 5.00%, 07/01/2047 | 8000 | 7827 |
| Indiana Finance Authority, Duke Energy Indian, Rev., AMT, 4.50%, 05/01/2035 (z) | 3305 | 3345 |
| Indiana Finance Authority, First Lien, Series A, Rev., 5.00%, 10/01/2025 | 1625 | 1625 |
| Indiana Finance Authority, First Lien CWA Authority Project |  |  |
| Rev., 5.00%, 10/01/2033 | 1250 | 1444 |
| Rev., 5.00%, 10/01/2034 | 955 | 1112 |
| Rev., 5.00%, 10/01/2035 | 1250 | 1428 |
| Rev., 5.00%, 10/01/2040 | 1250 | 1354 |
| Rev., 5.00%, 10/01/2041 | 500 | 537 |
| Indiana Finance Authority, Green Bonds CWA Authority Project, Rev., 4.00%, 10/01/2037 | 1440 | 1453 |
| Indiana Finance Authority, IN University Health Obligation Group, Rev., 4.00%, 12/01/2040 | 7000 | 6835 |
| Indiana Finance Authority, Indiana University Health, Series A, Rev., 5.00%, 10/01/2053 | 3000 | 3076 |
| Indiana Finance Authority, Indianapolis Power |  |  |
| Series A, Rev., 0.75%, 12/01/2038 (z) | 4875 | 4806 |
| Series B, Rev., AMT, 0.95%, 12/01/2038 (z) | 7025 | 6932 |
| Indiana Finance Authority, Margaret Mary Health |  |  |
| Rev., 5.50%, 03/01/2044 | 2650 | 2760 |
| Rev., 5.75%, 03/01/2054 | 4050 | 4222 |
| Indiana Finance Authority, Marion General Hospital, Series A, Rev., 4.00%, 07/01/2040 | 5060 | 4788 |
| Indiana Finance Authority, Ohio Valley Electric Corp., Rev., 3.00%, 11/01/2030 | 1230 | 1203 |
| Indiana Finance Authority, Ohio Valley Electric Corp. Project |  |  |
| Series A, Rev., 4.25%, 11/01/2030 | 2000 | 2048 |
| Series B, Rev., 2.50%, 11/01/2030 | 1000 | 953 |
| Indiana Finance Authority, Second Lien, CWA Authority Project, Rev., 5.00%, 10/01/2035 | 3000 | 3283 |
| Indiana Finance Authority, United States Steel Corp., Series A, Rev., 4.13%, 12/01/2026 | 145 | 145 |
| Indiana Finance Authority, University of Evansville, Rev., 5.25%, 09/01/2037 | 1150 | 1184 |
| Indiana Finance Authority, Valley Electric Corporation Project, Series B, Rev., 3.00%, 11/01/2030 | 1000 | 978 |
| Indiana Finance Authority, Valparaiso University Project, Rev., 4.00%, 10/01/2034 | 1315 | 1218 |
| Indiana Health & Educational Facilities Financing Authority, Rev., 4.00%, 11/15/2046 | 3400 | 3104 |
| Indiana Housing & Community Development Authority, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 455 | 450 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Indiana — continued** |  |  |
| Indiana Housing & Community Development Authority, Social Bonds |  |  |
| Series A1, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 07/01/2053 | 215 | 228 |
| Series A, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2052 | 710 | 699 |
| Series C1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 35 | 35 |
| Indiana Housing & Community Development Authority, Sustainable Bond, Series A1, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044 | 4000 | 3982 |
| Indiana Housing & Community Development Authority, Sustainable Bonds, Series B1, Rev., GNMA/FNMA/FHLMC, 4.90%, 07/01/2045 | 2265 | 2326 |
| Indiana Municipal Power Agency |  |  |
| Series A, Rev., 5.00%, 01/01/2029 | 400 | 431 |
| Series A, Rev., 5.00%, 01/01/2042 | 8435 | 8491 |
| Indiana University, Rev., 5.00%, 06/01/2034 | 2665 | 3081 |
| Indianapolis Local Public Improvement Bond Bank |  |  |
| Rev., AMT, 5.00%, 01/01/2033 | 3750 | 4150 |
| Series A, Rev., 3.84%, 02/01/2054 | 1000 | 904 |
| Series A, Rev., 4.00%, 06/01/2036 | 5000 | 5123 |
| Series A, Rev., 4.00%, 06/01/2041 | 9000 | 8734 |
| Indianapolis Local Public Improvement Bond Bank, Airport Authority, Series A1, Rev., AMT, 5.00%, 01/01/2028 | 200 | 203 |
| Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport, Rev., AMT, 5.00%, 01/01/2029 | 2855 | 3037 |
| Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority |  |  |
| Rev., AMT, 5.00%, 01/01/2029 | 4245 | 4515 |
| Rev., AMT, 5.00%, 01/01/2031 | 3500 | 3840 |
| Indianapolis Local Public Improvement Bond Bank, Metropolitan Thoroughfare District, Series D, Rev., 4.00%, 01/01/2041 | 10000 | 10013 |
| Indianapolis Local Public Improvement Bond Bank, Senior, Convention Center Hotel |  |  |
| Rev., 5.50%, 03/01/2038 | 2150 | 2297 |
| Rev., 6.00%, 03/01/2053 | 2050 | 2126 |
| Northern Indiana Commuter Transportation District, Rev., 5.25%, 01/01/2049 | 1500 | 1589 |
| Northwestern School Building Corp. |  |  |
| Rev., 6.00%, 07/15/2040 | 700 | 775 |
| Rev., 6.00%, 07/15/2041 | 900 | 989 |
| Purdue University |  |  |
| Series A, Rev., 5.00%, 07/01/2027 | 1500 | 1567 |
| Series A, Rev., 5.00%, 07/01/2036 | 405 | 462 |
| Westfield-Washington Multi-School Building Corp., Series A, Rev., BAM, 5.25%, 07/15/2043 | 1550 | 1656 |
|  |  | 187130 |
| **Iowa** — **0.5%** |  |  |
| Iowa Finance Authority |  |  |
| Rev., VRDO, GNMA/FNMA/FHLMC, 2.90%, 10/07/2025 (z) | 2000 | 2000 |
| Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2039 | 3545 | 3518 |
| Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044 | 5665 | 5640 |
| Series D, Rev., GNMA/FNMA/FHLMC, 3.50%, 01/01/2049 | 200 | 200 |
| Iowa Finance Authority, Ahepa 192, IV Apartments Project, Rev., HUD, 5.00%, 11/01/2026 (z) | 3040 | 3044 |
| Iowa Finance Authority, Alcoa, Inc. Project, Rev., 4.75%, 08/01/2042 | 13000 | 12854 |
| Iowa Finance Authority, Iowa Fertilizer Company Project |  |  |
| Rev., 4.00%, 12/01/2050 (p) (z) | 5905 | 6412 |
| Rev., 5.00%, 12/01/2050 (p) | 5255 | 6047 |
| Iowa Finance Authority, Lifespace Communities, Inc., Rev., 5.00%, 05/15/2044 | 3000 | 2886 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Iowa — continued** |  |  |
| Iowa Finance Authority, Social Bond, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 1455 | 1433 |
| Iowa Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2047 | 1160 | 1146 |
| Iowa Finance Authority, Sustainable Bond Mortgage Backed, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044 | 2000 | 1991 |
| Iowa Finance Authority, Sustainable Bond Mortgage Backed Securities Program, Rev., GNMA/FNMA/FHLMC, 4.55%, 07/01/2045 | 1220 | 1223 |
| Iowa Student Loan Liquidity Corp., Series B, Rev., AMT, 5.00%, 12/01/2030 | 1000 | 1064 |
| Iowa Student Loan Liquidity Corp., Senior, Series B, Rev., AMT, 4.50%, 12/01/2045 | 2905 | 2929 |
| PEFA, Inc., Rev., 5.00%, 09/01/2049 (z) | 1830 | 1862 |
| Sioux City Community School District, Rev., BAM, 3.00%, 10/01/2025 | 3625 | 3625 |
| Southeast Polk Community School District, Series A, GO, 5.00%, 05/01/2028 | 5185 | 5511 |
|  |  | 63385 |
| **Kansas** — **0.2%** |  |  |
| Butler County Unified School District No. 385 Andover, Refunding and School Building, GO, 5.00%, 09/01/2032 (p) | 1000 | 1050 |
| City of Lawrence KS, Rev., 4.00%, 07/01/2036 | 1500 | 1492 |
| City of Manhattan, Meadowlark Hills, Series A, Rev., 4.00%, 06/01/2036 | 1000 | 922 |
| City of Wichita KS, Rev., 5.25%, 05/15/2039 | 2460 | 2404 |
| Johnson County Unified School District No. 512 Shawnee Mission, Series A, GO, 4.00%, 10/01/2043 | 2000 | 1947 |
| Kansas Development Finance Authority, Multifamily Housing Revenue Bonds, Series F, Rev., 2.95%, 09/01/2059 (z) | 1240 | 1239 |
| Kansas Development Finance Authority, Unrefunded, Rev., 5.00%, 11/15/2054 (z) | 1500 | 1599 |
| Riley County Unified School District No. 383 Manhattan-Ogden, Series A, GO, 5.00%, 09/01/2034 (p) | 1000 | 1048 |
| University of Kansas Hospital Authority, Improvement KU Health System, Rev., 5.00%, 09/01/2045 | 3800 | 3801 |
| University of Kansas Hospital Authority, University Kansas Health System, Rev., 5.00%, 03/01/2047 (p) | 3865 | 3997 |
| University of Kansas Hospital Authority, Unrefunded University Kansas Health System, Rev., 5.00%, 03/01/2047 | 7350 | 7389 |
| Wyandotte County Unified School District No. 203 Piper |  |  |
| Series A, GO, 5.00%, 09/01/2040 | 900 | 956 |
| Series A, GO, 5.25%, 09/01/2052 | 1000 | 1042 |
|  |  | 28886 |
| **Kentucky** — **1.6%** |  |  |
| City of Henderson, Pratt Paper LLC Project, Rev., AMT, 4.45%, 01/01/2042 (e) | 1685 | 1625 |
| County of Carroll, Utilities Company Project, Rev., AMT, 2.00%, 02/01/2032 | 8620 | 7598 |
| County of Trimble, Kentucky Utilities Co., Rev., AMT, 4.70%, 06/01/2054 (z) | 8000 | 8086 |
| County of Trimble, Louisville Gas & Electric, Rev., 0.63%, 09/01/2026 | 605 | 589 |
| County of Trimble, Louisville Gas & Electricity, Rev., AMT, 1.35%, 11/01/2027 | 8100 | 7778 |
| County of Trimble, Louisville Gas and Electric, Rev., AMT, 4.70%, 06/01/2054 (z) | 6665 | 6737 |
| County of Trimble, Louisville Gas and Electric Company, Rev., AMT, 1.30%, 09/01/2044 (z) | 4500 | 4206 |
| County of Warren, Bowling Green Warren County, Rev., 5.25%, 04/01/2049 | 5000 | 5184 |
| Fayette County School District, Series A, GO, BAM, 5.00%, 06/01/2042 | 10000 | 10679 |
| Fayette County School District Finance Corp., Series A, Rev., 4.00%, 05/01/2038 | 3000 | 2969 |
| Kenton County Airport Board, Rev., AMT, 5.00%, 01/01/2032 | 1175 | 1297 |
| Kentucky Bond Development Corp., Baptist Healthcare System, Rev., 5.00%, 08/15/2055 (z) | 1650 | 1819 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Kentucky — continued** |  |  |
| Kentucky Bond Development Corp., Centre College, Rev., 4.00%, 06/01/2040 | 420 | 392 |
| Kentucky Economic Development Finance Authority, Baptist Healthcare System, Series B, Rev., 5.00%, 08/15/2041 | 9550 | 9689 |
| Kentucky Economic Development Finance Authority, Commonspirit Health, Series A, Rev., 5.00%, 08/01/2044 | 3500 | 3530 |
| Kentucky Economic Development Finance Authority, Norton Healthcare, Inc. |  |  |
| Series B, Rev., NATL, Zero Coupon, 10/01/2026 | 4305 | 4144 |
| Series B, Rev., NATL, Zero Coupon, 10/01/2027 | 2195 | 2036 |
| Kentucky Economic Development Finance Authority, Owensboro Health, Series A, Rev., 5.00%, 06/01/2045 | 1000 | 992 |
| Kentucky Economic Development Finance Authority, Senior Next Generation Information |  |  |
| Rev., 4.25%, 07/01/2035 | 2645 | 2645 |
| Rev., 5.00%, 07/01/2040 | 5000 | 5001 |
| Rev., 5.00%, 01/01/2045 | 3295 | 3296 |
| Kentucky Higher Education Student Loan Corporation, Series A1, Rev., AMT, 4.75%, 06/01/2040 | 1170 | 1198 |
| Kentucky Housing Corp. |  |  |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 1050 | 1151 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2054 | 2285 | 2546 |
| Series E, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 2490 | 2754 |
| Kentucky Housing Corp., Beecher Terrace Phase IV, Rev., HUD, 5.00%, 09/01/2043 (z) | 1015 | 1023 |
| Kentucky Public Energy Authority |  |  |
| Rev., 5.00%, 01/01/2055 (z) | 5510 | 5970 |
| Series A1, Rev., 4.00%, 08/01/2052 (z) | 2570 | 2629 |
| Series A1, Rev., 5.25%, 04/01/2054 (z) | 24200 | 26518 |
| Series A2, Rev., (United States SOFR \* 0.67 + 1.20%), 3.99%, 08/01/2052 (aa) | 2500 | 2504 |
| Series A, Rev., 5.00%, 05/01/2055 (z) | 10285 | 10901 |
| Series C, Rev., 4.00%, 02/01/2050 (z) | 10885 | 11131 |
| Kentucky State Property & Building Commission, Project No. 131, Series A, Rev., 5.00%, 10/01/2041 | 1500 | 1612 |
| Kentucky State Property & Buildings Commission, Project No. 132, Series A, Rev., 5.00%, 04/01/2044 | 9000 | 9521 |
| Kentucky State University, Kentucky State University Project |  |  |
| COP, BAM, 4.00%, 11/01/2033 | 145 | 152 |
| COP, BAM, 4.00%, 11/01/2035 | 135 | 139 |
| COP, BAM, 4.00%, 11/01/2036 | 155 | 158 |
| COP, BAM, 4.00%, 11/01/2038 | 650 | 654 |
| Louisville and Jefferson County Metropolitan Government, Louisville Gas And Electric Co. Project, Series A, Rev., 0.90%, 09/01/2026 | 2750 | 2683 |
| Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2031 | 670 | 682 |
| Louisville and Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2052 | 8995 | 8846 |
| Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric, Rev., 2.00%, 10/01/2033 | 1000 | 859 |
| Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric Co. Project, Rev., AMT, 1.35%, 11/01/2027 | 2000 | 1915 |
| Louisville/Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2047 | 3180 | 3186 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Kentucky — continued** |  |  |
| Louisville-Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2033 | 2000 | 2030 |
| Public Energy Authority of Kentucky, Series A, Rev., 5.25%, 06/01/2055 (z) | 12550 | 13460 |
| Rural Water Financing Agency, Public Projects Construction, Rev., 3.70%, 05/01/2027 | 4000 | 3974 |
| University of Kentucky, Rev., 4.00%, 10/01/2036 | 5000 | 5008 |
|  |  | 213496 |
| **Louisiana** — **1.0%** |  |  |
| City of Lafayette, Utilities Revenue Electric Project, Rev., 5.00%, 11/01/2046 | 5000 | 5208 |
| City of New Orleans LA, GO, 5.00%, 12/01/2039 | 2000 | 2143 |
| Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax, Rev., 5.00%, 08/01/2027 | 1400 | 1462 |
| East Baton Rouge Sewerage Commission, Series A, Rev., 1.30%, 02/01/2041 (z) | 4500 | 4226 |
| Ernest N Morial New Orleans Exhibition Hall Authority, Special Tax, 5.25%, 07/15/2048 | 6000 | 6183 |
| Lakeshore Villages Master Community Development District, Parish of St. Tammany, Special Assessment, 3.20%, 06/01/2041 (e) | 630 | 489 |
| Louisiana Housing Corp., Series C, Rev., GNMA/FNMA/FHLMC, 6.25%, 06/01/2055 | 1600 | 1797 |
| Louisiana Housing Corp., Home Ownership Program, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 06/01/2054 | 380 | 411 |
| Louisiana Housing Corp., Social Bonds Home Ownership Project, Rev., GNMA/FNMA/FHLMC, 5.00%, 06/01/2052 | 945 | 981 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Entergy Louisiana LLC Project |  |  |
| Rev., 2.00%, 06/01/2030 | 2755 | 2565 |
| Rev., 2.50%, 04/01/2036 | 1185 | 991 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Subordinate, East Baton Rouge |  |  |
| Rev., 5.00%, 02/01/2036 | 640 | 696 |
| Rev., 5.00%, 02/01/2041 | 1560 | 1627 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project, Rev., 3.50%, 11/01/2032 | 3685 | 3599 |
| Louisiana Public Facilities Authority |  |  |
| Rev., AMT, 5.50%, 09/01/2054 | 3000 | 3039 |
| Rev., AMT, 5.75%, 09/01/2064 | 5000 | 5132 |
| Louisiana Public Facilities Authority, Elementus Minerals LLC Project, Rev., AMT, 5.00%, 10/01/2043 (e) (z) | 6365 | 6373 |
| Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge |  |  |
| Rev., AMT, 5.00%, 09/01/2066 | 3830 | 3636 |
| Rev., AMT, 5.50%, 09/01/2059 | 3000 | 3027 |
| Louisiana Public Facilities Authority, Loyola University Project |  |  |
| Rev., 4.00%, 10/01/2038 | 2560 | 2404 |
| Rev., 5.25%, 10/01/2048 | 5100 | 5032 |
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project |  |  |
| Rev., 5.00%, 05/15/2042 | 1000 | 1005 |
| Rev., 5.00%, 05/15/2047 | 805 | 805 |
| Louisiana Public Facilities Authority, South Quad L3C Louisiana State University, Rev., 5.25%, 07/01/2050 | 3500 | 3638 |
| Louisiana Stadium & Exposition District, Series A, Rev., 5.00%, 07/01/2043 | 4995 | 5185 |
| Louisiana Stadium & Exposition District, Senior Bonds |  |  |
| Series A, Rev., 5.00%, 07/01/2042 | 5460 | 5711 |
| Series A, Rev., 5.00%, 07/01/2048 | 2500 | 2557 |
| Series A, Rev., 5.25%, 07/01/2053 | 7500 | 7789 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Louisiana — continued** |  |  |
| New Orleans Aviation Board |  |  |
| Rev., AMT, 5.00%, 01/01/2032 | 1440 | 1577 |
| Rev., AMT, 5.00%, 01/01/2033 | 1000 | 1098 |
| Rev., AMT, 5.25%, 01/01/2041 | 3500 | 3730 |
| New Orleans Aviation Board, General Airport, Series D2, Rev., AMT, 5.00%, 01/01/2033 | 1100 | 1115 |
| New Orleans Aviation Board, General Airport North Terminal |  |  |
| Series B, Rev., AMT, 5.00%, 01/01/2038 | 1000 | 1006 |
| Series B, Rev., AMT, 5.00%, 01/01/2048 | 5000 | 4968 |
| Parish of St John the Baptist, Marathon Oil Corporation Project, Rev., 4.05%, 06/01/2037 (z) | 2625 | 2648 |
| Parish of St. James, NuStar Logistics, L.P. Project, Rev., 3.70%, 08/01/2041 (e) (w) (z) | 3320 | 3328 |
| Parish of St. John the Baptist, Marathon Oil Corporation, Rev., 3.30%, 06/01/2037 (z) | 10430 | 10563 |
| Parish of St. John the Baptist, Marathon Oil Corporation Project, Rev., 2.38%, 06/01/2037 (z) | 3000 | 2989 |
| Port New Orleans Board of Commissioners, Series E, Rev., AMT, 5.00%, 04/01/2039 | 1170 | 1202 |
| St. Tammany Parish Hospital Service District No. 1 |  |  |
| Series A, Rev., 5.00%, 07/01/2032 | 1615 | 1697 |
| Series A, Rev., 5.00%, 07/01/2034 | 1655 | 1724 |
| State of Louisiana, Series A, GO, 5.00%, 03/01/2037 | 9555 | 10019 |
| State of Louisiana Gasoline & Fuels Tax Revenue, Second Lien, Series A, Rev., (United States SOFR \* 0.70 + 0.50%), 3.41%, 05/01/2043 (aa) | 1105 | 1102 |
|  |  | 136477 |
| **Maine** — **0.2%** |  |  |
| Finance Authority of Maine, Casella Waste Systems, Rev., AMT, 4.63%, 12/01/2047 (e) (z) | 745 | 734 |
| Finance Authority of Maine, Supplemental Educational Loan Program |  |  |
| Series A1, Rev., AMT, 2.38%, 12/01/2033 | 705 | 614 |
| Series A1, Rev., AMT, 5.00%, 12/01/2025 | 85 | 85 |
| Maine Health & Higher Educational Facilities Authority |  |  |
| Series A, Rev., 4.38%, 07/01/2048 | 2100 | 2052 |
| Series A, Rev., 5.25%, 07/01/2049 | 1930 | 2030 |
| Maine Health & Higher Educational Facilities Authority, Maine Healthcare |  |  |
| Series A, Rev., 4.00%, 07/01/2046 | 4000 | 3144 |
| Series A, Rev., 5.00%, 07/01/2041 | 6030 | 5690 |
| Series A, Rev., 5.00%, 07/01/2046 | 7645 | 7029 |
| Maine State Housing Authority, Social Bonds, Series D, Rev., 3.00%, 11/15/2051 | 705 | 697 |
| Maine Turnpike Authority |  |  |
| Rev., 4.00%, 07/01/2045 | 9000 | 8570 |
| Rev., 5.00%, 07/01/2028 | 2000 | 2140 |
|  |  | 32785 |
| **Maryland — 1.5%** |  |  |
| City of Baltimore MD, Rev., 4.88%, 06/01/2042 | 1275 | 1276 |
| City of Baltimore, Wastewater Projects, Series A, Rev., 5.00%, 07/01/2049 | 5000 | 5071 |
| City of Baltimore, Water Project, Series A, Rev., 5.00%, 07/01/2050 | 3200 | 3259 |
| City of Brunswick, Brunswick Crossing Special Tax, Special Tax, 4.00%, 07/01/2029 | 415 | 415 |
| City of Hyattsville, University Town Center Project, Special Tax, 5.00%, 07/01/2031 | 2120 | 2120 |
| County of Anne Arundel, GO, 3.00%, 10/01/2027 | 4400 | 4400 |
| County of Baltimore, GO, 4.00%, 03/01/2042 | 10300 | 10213 |
| County of Baltimore MD, GO, 5.00%, 02/01/2046 | 5000 | 5006 |
| County of Howard, Series D, GO, 5.00%, 02/15/2030 | 3000 | 3179 |
| County of Montgomery, Series B, GO, 4.00%, 11/01/2028 | 1500 | 1574 |
| County of Montgomery MD |  |  |
| GO, 2.00%, 08/01/2039 | 2000 | 1500 |
| Rev., 5.00%, 12/01/2045 | 5000 | 5028 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Maryland — continued** |  |  |
| County of Montgomery, Trinity Health Credit Group |  |  |
| Rev., 4.00%, 12/01/2044 | 3000 | 2770 |
| Rev., 5.00%, 12/01/2044 | 1650 | 1650 |
| County of Prince George's MD, Series A, GO, 5.00%, 08/01/2041 | 2435 | 2687 |
| County of Prince George's, Chesapeake Lighthouse Obligations, Series A, Rev., 6.50%, 08/01/2035 (e) (p) | 750 | 752 |
| Maryland Community Development Administration |  |  |
| Series B, Rev., 3.00%, 09/01/2051 | 100 | 99 |
| Series D, Rev., 3.25%, 09/01/2050 | 1470 | 1462 |
| Maryland Community Development Administration, Community Dev Admin Social Bonds, Rev., GNMA/FNMA/FHLMC COLL, 4.95%, 09/01/2042 | 1430 | 1482 |
| Maryland Community Development Administration, Park Heights Senior, Series C, Rev., 5.25%, 11/01/2025 | 4880 | 4884 |
| Maryland Community Development Administration, Residential |  |  |
| Series A, Rev., 3.75%, 03/01/2050 | 820 | 823 |
| Series B, Rev., AMT, 4.50%, 09/01/2048 | 740 | 750 |
| Maryland Community Development Administration, Social Bonds |  |  |
| Series C, Rev., 3.00%, 09/01/2051 | 3866 | 3818 |
| Series C, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 09/01/2054 | 400 | 428 |
| Maryland Community Development Administration, Sustainable Bonds, Series E, Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2054 | 4450 | 4851 |
| Maryland Economic Development Corp., Core Natural Resources, Inc., Rev., 5.00%, 07/01/2048 (e) (z) | 1510 | 1559 |
| Maryland Economic Development Corp., Green Bond Purple Line Light, Rev., AMT, 5.25%, 06/30/2052 | 2000 | 2003 |
| Maryland Economic Development Corp., Green Bond, Purple Line, Rev., AMT, 5.25%, 06/30/2047 | 1300 | 1307 |
| Maryland Economic Development Corp., Maryland Department of Health Headquarters Project, Rev., 5.00%, 06/01/2043 | 5000 | 5307 |
| Maryland Economic Development Corp., Morgan State University Project |  |  |
| Rev., 4.00%, 07/01/2040 | 665 | 619 |
| Rev., 5.38%, 07/01/2038 | 1250 | 1331 |
| Maryland Economic Development Corp., Port Covington Project |  |  |
| Tax Allocation, 3.25%, 09/01/2030 | 1105 | 1076 |
| Tax Allocation, 4.00%, 09/01/2040 | 2280 | 2095 |
| Maryland Economic Development Corp., Transportation Facilities Project, Series A, Rev., 5.00%, 06/01/2035 | 1000 | 1024 |
| Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare |  |  |
| Rev., 4.00%, 01/01/2038 | 2020 | 1948 |
| Rev., 5.00%, 01/01/2036 | 4580 | 4780 |
| Maryland Health & Higher Educational Facilities Authority, Doctors Community Hospital, Rev., 5.00%, 07/01/2034 | 2000 | 2034 |
| Maryland Health & Higher Educational Facilities Authority, Lifebridge Health, Rev., 4.00%, 07/01/2041 | 2315 | 2213 |
| Maryland Health & Higher Educational Facilities Authority, Medstar Health Issue |  |  |
| Series A, Rev., 5.00%, 05/15/2042 | 3000 | 3024 |
| Series A, Rev., 5.00%, 05/15/2045 | 9565 | 9608 |
| Series B, Rev., 5.00%, 08/15/2038 | 1000 | 1000 |
| Maryland Health & Higher Educational Facilities Authority, UPMC Health System, Series B, Rev., 4.00%, 04/15/2050 | 3000 | 2604 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Maryland — continued** |  |  |
| Maryland Stadium Authority, Built To Learn Act |  |  |
| Rev., 5.00%, 06/01/2039 | 4135 | 4536 |
| Rev., 5.00%, 06/01/2040 | 4150 | 4504 |
| Maryland State Transportation Authority Passenger Facility Charge Revenue, Rev., AMT, 4.00%, 06/01/2039 | 5145 | 4985 |
| State of Maryland |  |  |
| GO, 5.00%, 06/01/2036 | 5000 | 5722 |
| Series A, GO, 5.00%, 06/01/2040 | 12000 | 13359 |
| State of Maryland Department of Transportation, Rev., 3.00%, 10/01/2030 | 1500 | 1507 |
| State of Maryland Department of Transportation, Baltimore Washington International |  |  |
| Rev., AMT, 4.00%, 08/01/2038 | 965 | 944 |
| Rev., AMT, 4.00%, 08/01/2039 | 1160 | 1126 |
| State of Maryland, Department of Transportation, Series A, Rev., 4.00%, 04/01/2038 | 9215 | 9308 |
| State of Maryland, Group 1, Series A, GO, 5.00%, 08/01/2028 | 1500 | 1610 |
| State of Maryland, Local Facilities Loan, Series A, GO, 5.00%, 08/01/2028 | 5000 | 5366 |
| State of Maryland, State & Local Facilities Loan of 2022, GO, 5.00%, 06/01/2033 | 1000 | 1138 |
| University System of Maryland, Series A, Rev., 4.00%, 04/01/2051 | 1500 | 1374 |
| Washington Suburban Sanitary Commission |  |  |
| Rev., CNTY GTD, 2.13%, 06/01/2036 | 7885 | 6578 |
| Rev., CNTY GTD, 3.00%, 06/01/2038 | 4550 | 4144 |
| Rev., CNTY GTD, 5.00%, 06/01/2029 | 2000 | 2190 |
| Rev., CNTY GTD, 5.00%, 06/01/2039 | 9080 | 9948 |
| Washington Suburban Sanitary Commission, Consolidated Public Improvement |  |  |
| Rev., CNTY GTD, 3.00%, 06/01/2035 | 3045 | 2948 |
| Rev., CNTY GTD, 3.00%, 06/01/2037 | 5180 | 4824 |
| Rev., CNTY GTD, 5.00%, 06/01/2029 | 1500 | 1604 |
| Rev., CNTY GTD, 5.00%, 06/01/2038 | 5000 | 5630 |
|  |  | 206374 |
| **Massachusetts** — **2.1%** |  |  |
| Boston Water & Sewer Commission, Senior Bonds, Series B, Rev., 4.00%, 11/01/2039 | 1570 | 1595 |
| City of Brockton, GO, 4.00%, 08/01/2047 | 3145 | 2947 |
| Collegiate Charter School of Lowell, Rev., 5.00%, 06/15/2049 | 1250 | 1178 |
| Commonwealth of Massachusetts |  |  |
| GO, 4.00%, 09/01/2036 | 11765 | 11767 |
| GO, 4.00%, 07/01/2037 | 10000 | 10001 |
| GO, 4.00%, 09/01/2044 | 13020 | 12243 |
| GO, 4.00%, 05/01/2045 | 10000 | 9347 |
| Rev., NATL, 5.50%, 01/01/2034 | 1500 | 1709 |
| Series B, GO, 5.00%, 11/01/2041 | 9000 | 9769 |
| Series C, GO, 5.00%, 10/01/2049 | 10000 | 10435 |
| Series D, GO, 5.00%, 10/01/2053 | 10000 | 10378 |
| Series E, GO, 4.00%, 09/01/2043 | 10000 | 9512 |
| Series E, GO, 5.00%, 11/01/2047 | 5000 | 5206 |
| Commonwealth of Massachusetts Transportation Fund Revenue, Series A, Rev., 4.00%, 06/01/2038 | 3525 | 3535 |
| Commonwealth of Massachusetts, Consolidated Loan |  |  |
| Series A, GO, 5.00%, 01/01/2041 | 1500 | 1624 |
| Series A, GO, 5.00%, 01/01/2054 | 2000 | 2076 |
| Commonwealth of Massachusetts, Consolidated Loans, Series E, GO, 5.00%, 11/01/2050 | 17175 | 17655 |
| Massachusetts Bay Transportation Authority Senior Sales Tax Bond, Senior, Series A1, Rev., 4.00%, 07/01/2053 | 2750 | 2519 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Massachusetts** — **continued** |  |  |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue, Senior Bond, Series B, Rev., 5.00%, 07/01/2044 | 4235 | 4524 |
| Massachusetts Bay Transportation Authority, Subordinated Sales Tax Bonds, Series A1, Rev., 4.00%, 07/01/2051 | 5000 | 4612 |
| Massachusetts Clean Water Trust (The), Sustainable Bonds |  |  |
| Rev., 5.00%, 02/01/2033 | 1000 | 1163 |
| Rev., 5.00%, 02/01/2035 | 3760 | 4283 |
| Rev., 5.00%, 02/01/2038 | 250 | 277 |
| Massachusetts Development Finance Agency |  |  |
| Rev., 5.00%, 11/15/2032 | 1000 | 1160 |
| Series E, Rev., 5.00%, 07/01/2031 | 1980 | 2003 |
| Series E, Rev., 5.00%, 07/01/2034 | 5000 | 5044 |
| Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Rev., 5.00%, 07/01/2032 | 4385 | 4939 |
| Massachusetts Development Finance Agency, Beth Israel Lahey Health, Inc. |  |  |
| Rev., 5.00%, 07/01/2050 | 4045 | 4112 |
| Rev., 5.50%, 07/01/2050 | 7500 | 8029 |
| Massachusetts Development Finance Agency, Boston Medical Center, Rev., 5.25%, 07/01/2052 | 5100 | 5070 |
| Massachusetts Development Finance Agency, Care Communities LLC, Rev., 6.50%, 07/15/2060 (e) | 1000 | 1004 |
| Massachusetts Development Finance Agency, Emerson College, Series A, Rev., 5.00%, 01/01/2047 | 5075 | 4884 |
| Massachusetts Development Finance Agency, Gingercare Living, Inc., Rev., 4.75%, 12/01/2029 (e) | 1700 | 1703 |
| Massachusetts Development Finance Agency, Green Bond, Boston Medical Center, Rev., 5.00%, 07/01/2044 | 2840 | 2753 |
| Massachusetts Development Finance Agency, Lahey Health System, Series F, Rev., 5.00%, 08/15/2045 | 10000 | 10001 |
| Massachusetts Development Finance Agency, Lowell General Hospital, Series G, Rev., 5.00%, 07/01/2044 | 4000 | 3769 |
| Massachusetts Development Finance Agency, Mass General Brigham |  |  |
| Series D, Rev., 5.00%, 07/01/2047 | 8010 | 8344 |
| Series D, Rev., 5.00%, 07/01/2054 | 8000 | 8264 |
| Massachusetts Development Finance Agency, Milford Regional Medical Center, Rev., 5.00%, 07/15/2046 (p) | 1000 | 1112 |
| Massachusetts Development Finance Agency, Northeastern University Issue, Rev., 5.00%, 10/01/2044 | 2000 | 2083 |
| Massachusetts Development Finance Agency, Partners Healthcare System, Rev., (SIFMA Municipal Swap Index + 0.60%), 3.49%, 07/01/2049 (e) (aa) | 100 | 100 |
| Massachusetts Development Finance Agency, Suffolk University Project, Rev., 4.00%, 07/01/2051 | 1250 | 998 |
| Massachusetts Development Finance Agency, UMass Memorial Health Care, Rev., 5.00%, 07/01/2044 | 1000 | 1001 |
| Massachusetts Educational Financing Authority |  |  |
| Rev., AMT, 4.25%, 07/01/2032 | 80 | 81 |
| Rev., AMT, 5.00%, 07/01/2029 | 2250 | 2374 |
| Rev., AMT, 5.00%, 07/01/2032 | 585 | 632 |
| Series B, Rev., AMT, 2.63%, 07/01/2036 | 95 | 93 |
| Massachusetts Educational Financing Authority, Educational Loan Revenue Bonds, Rev., AMT, 2.00%, 07/01/2037 | 130 | 107 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Massachusetts — continued** |  |  |
| Massachusetts Educational Financing Authority, Senior, Series B, Rev., AMT, 5.00%, 07/01/2029 | 1400 | 1477 |
| Massachusetts Educational Financing Authority, Senior Bonds |  |  |
| Series B, Rev., AMT, 4.25%, 07/01/2044 | 615 | 617 |
| Series B, Rev., AMT, 5.00%, 07/01/2029 | 2650 | 2796 |
| Massachusetts Educational Financing Authority, Senior Issue M, Series B, Rev., AMT, 3.63%, 07/01/2038 | 725 | 713 |
| Massachusetts Educational Financing Authority, Subordinated, Rev., AMT, 5.50%, 07/01/2055 | 4000 | 4021 |
| Massachusetts Health & Educational Facilities Authority, Series F3, Rev., VRDO, LOC: TD Bank NA, 2.90%, 10/07/2025 (z) | 5550 | 5550 |
| Massachusetts Housing Finance Agency, Mill Road Apartments Project, Rev., VRDO, 2.85%, 10/07/2025 (z) | 5700 | 5700 |
| Massachusetts Housing Finance Agency, Social Bond, Series 220, Rev., GNMA/FNMA/FHLMC, 3.00%, 12/01/2050 | 2550 | 2524 |
| Massachusetts Housing Finance Agency, Social Bonds |  |  |
| Series 223, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2047 | 835 | 826 |
| Series 227, Rev., GNMA/FNMA/FHLMC COLL, 4.70%, 12/01/2043 | 2250 | 2262 |
| Massachusetts Housing Finance Agency, Sustainability Bond |  |  |
| Series C1, Rev., 2.65%, 12/01/2034 | 1000 | 874 |
| Series D3, Rev., FHA HUD, 3.35%, 06/01/2027 | 650 | 651 |
| Massachusetts Housing Finance Agency, Sustainable Bond, Series 234, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/01/2044 | 575 | 569 |
| Massachusetts Port Authority |  |  |
| Rev., AMT, 4.00%, 07/01/2046 | 8000 | 7205 |
| Rev., AMT, 5.00%, 07/01/2049 | 2735 | 2751 |
| Series E, Rev., AMT, 5.00%, 07/01/2031 | 1495 | 1652 |
| Series E, Rev., AMT, 5.00%, 07/01/2032 | 2000 | 2188 |
| Series E, Rev., AMT, 5.00%, 07/01/2051 | 3000 | 3025 |
| Massachusetts Port Authority, Green Bonds |  |  |
| Series A, Rev., AMT, 5.00%, 07/01/2031 | 925 | 1022 |
| Series A, Rev., AMT, 5.00%, 07/01/2038 | 2580 | 2743 |
| Series A, Rev., AMT, 5.00%, 07/01/2040 | 3500 | 3669 |
| Massachusetts School Building Authority, Rev., 4.00%, 02/15/2042 | 5700 | 5462 |
| Massachusetts School Building Authority, Sales Tax, Series A, Rev., 5.00%, 11/15/2027 | 1105 | 1108 |
| Massachusetts School Building Authority, Subordinated Bonds, Rev., 5.00%, 02/15/2038 | 1105 | 1244 |
| Massachusetts Water Resources Authority, Sustainable Bond, Rev., 5.00%, 08/01/2026 (p) | 515 | 525 |
| Massachusetts Water Resources Authority, Unrefunded Sustainable Bond, Rev., 5.00%, 08/01/2026 | 485 | 495 |
| Town of Tyngsborough, GO, 4.00%, 10/15/2045 | 1955 | 1882 |
| Town of Watertown MA, GO, 4.00%, 06/15/2050 | 1850 | 1740 |
| University of Massachusetts Building Authority, Series 2021, Rev., 5.00%, 11/01/2026 | 5000 | 5138 |
|  |  | 288444 |
| **Michigan** — **1.9%** |  |  |
| City of Detroit Sewage Disposal System Revenue, Floating Rate Notes Refunding System Libor D, Rev., (CME Term SOFR 3 Month \* 0.67 + 0.60%), 3.65%, 07/01/2032 (aa) | 1000 | 992 |
| City of Detroit, Social Bonds |  |  |
| Series A, GO, 4.00%, 04/01/2041 | 500 | 462 |
| Series A, GO, 5.00%, 04/01/2039 | 115 | 120 |
| Series A, GO, 5.00%, 04/01/2046 | 35 | 35 |
| Series A, GO, 5.00%, 04/01/2050 | 30 | 30 |
| City of Grand Rapids MI, GO, 5.00%, 04/01/2054 | 2700 | 2783 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Michigan — continued** |  |  |
| City of Warren |  |  |
| GO, 5.00%, 11/01/2043 | 1430 | 1512 |
| GO, 5.00%, 11/01/2044 | 1015 | 1071 |
| Detroit Downtown Development Authority, Tax Allocation, 5.00%, 07/01/2048 | 995 | 1028 |
| Gerald R Ford International Airport Authority |  |  |
| Rev., CNTY GTD, AMT, 5.00%, 01/01/2026 | 225 | 226 |
| Rev., CNTY GTD, AMT, 5.00%, 01/01/2027 | 350 | 360 |
| Rev., CNTY GTD, AMT, 5.00%, 01/01/2028 | 275 | 289 |
| Rev., CNTY GTD, AMT, 5.00%, 01/01/2029 | 600 | 642 |
| Rev., CNTY GTD, AMT, 5.00%, 01/01/2034 | 1140 | 1242 |
| Grand Rapids Public Schools |  |  |
| GO, 5.00%, 05/01/2042 | 1225 | 1303 |
| GO, 5.00%, 05/01/2043 | 1700 | 1793 |
| GO, 5.00%, 05/01/2044 | 1450 | 1520 |
| GO, 5.00%, 05/01/2046 | 4000 | 4149 |
| Great Lakes Water Authority Sewage Disposal System Revenue |  |  |
| Series B, Rev., 5.00%, 07/01/2031 | 2085 | 2344 |
| Series B, Rev., 5.00%, 07/01/2035 | 14010 | 15954 |
| Series B, Rev., 5.00%, 07/01/2036 | 1000 | 1130 |
| Great Lakes Water Authority Sewage Disposal System Revenue, Senior Lien |  |  |
| Series A, Rev., 5.00%, 07/01/2038 | 645 | 709 |
| Series B, Rev., 5.00%, 07/01/2028 | 140 | 150 |
| Series C, Rev., 5.00%, 07/01/2037 | 850 | 946 |
| Series C, Rev., 5.00%, 07/01/2038 | 725 | 800 |
| Series C, Rev., 5.00%, 07/01/2040 | 1150 | 1252 |
| Series C, Rev., 5.00%, 07/01/2041 | 1140 | 1232 |
| Series C, Rev., 5.00%, 07/01/2042 | 1200 | 1288 |
| Series C, Rev., 5.00%, 07/01/2043 | 875 | 933 |
| Great Lakes Water Authority Water Supply System Revenue |  |  |
| Rev., 5.00%, 07/01/2036 | 10625 | 11891 |
| Rev., 5.00%, 07/01/2037 | 1570 | 1748 |
| Rev., 5.25%, 07/01/2052 | 3000 | 3131 |
| Series B, Rev., 5.00%, 07/01/2034 | 3500 | 4029 |
| Series B, Rev., 5.00%, 07/01/2046 | 8500 | 8526 |
| Series C, Rev., 5.25%, 07/01/2055 | 3605 | 3791 |
| Great Lakes Water Authority Water Supply System Revenue, Senior Lien Bonds |  |  |
| Series A, Rev., 5.00%, 07/01/2037 | 2510 | 2795 |
| Series A, Rev., 5.00%, 07/01/2038 | 2000 | 2202 |
| Series B, Rev., 5.00%, 07/01/2037 | 550 | 612 |
| Series B, Rev., 5.00%, 07/01/2038 | 500 | 551 |
| Lansing Board of Water & Light |  |  |
| Series A, Rev., 5.00%, 07/01/2037 | 1625 | 1839 |
| Series A, Rev., 5.00%, 07/01/2039 | 405 | 448 |
| Series A, Rev., 5.00%, 07/01/2041 | 1500 | 1626 |
| Series A, Rev., 5.00%, 07/01/2048 | 1675 | 1704 |
| Series A, Rev., 5.25%, 07/01/2054 | 7000 | 7423 |
| Michigan Finance Authority, Series A, Rev., 4.00%, 12/01/2049 | 1000 | 876 |
| Michigan Finance Authority, Aquinas College Project |  |  |
| Rev., 5.00%, 05/01/2036 | 300 | 234 |
| Rev., 5.00%, 05/01/2046 | 2000 | 1496 |
| Michigan Finance Authority, Beaumont Health Credit Group, Rev., 5.00%, 11/01/2044 | 8090 | 8092 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Michigan — continued** |  |  |
| Michigan Finance Authority, Beaumont Spectrum |  |  |
| Rev., 4.00%, 04/15/2042 | 2500 | 2407 |
| Rev., 5.00%, 04/15/2030 | 3000 | 3313 |
| Michigan Finance Authority, Beaumont Spectrum Consolidated, Rev., 4.00%, 04/15/2038 | 1175 | 1176 |
| Michigan Finance Authority, Che Trinity Health, Rev., 4.00%, 12/01/2040 (p) | 95 | 100 |
| Michigan Finance Authority, Henry Ford Health System |  |  |
| Rev., 5.00%, 11/15/2041 | 3145 | 3166 |
| Series A, Rev., 5.00%, 11/15/2048 | 7000 | 7019 |
| Michigan Finance Authority, Higher Educational Facilities Authority |  |  |
| Rev., 5.00%, 09/01/2032 | 690 | 752 |
| Rev., 5.00%, 09/01/2033 | 800 | 863 |
| Rev., 5.00%, 09/01/2034 | 570 | 612 |
| Rev., 5.00%, 09/01/2035 | 1200 | 1279 |
| Michigan Finance Authority, Local Government Loan Program, Rev., 5.00%, 07/01/2044 | 4000 | 4003 |
| Michigan Finance Authority, Multi Modal McLaren Health Care |  |  |
| Rev., 4.00%, 02/15/2044 | 9625 | 8798 |
| Rev., 4.00%, 02/15/2047 | 3000 | 2659 |
| Rev., 4.00%, 02/15/2050 | 2500 | 2167 |
| Michigan Finance Authority, Senior Turbo, Series A2, Rev., 5.00%, 06/01/2040 | 1655 | 1678 |
| Michigan Finance Authority, State Aid Note Loan Program, Rev., 5.00%, 11/01/2029 | 2755 | 3010 |
| Michigan Finance Authority, State Revolving Fund Program, Rev., 5.00%, 10/01/2042 | 8000 | 8635 |
| Michigan Finance Authority, Trinity Health Credit Group |  |  |
| Rev., 4.00%, 12/01/2040 | 9130 | 8718 |
| Rev., 4.00%, 12/01/2048 | 1300 | 1145 |
| Rev., 5.00%, 12/01/2036 | 1000 | 1084 |
| Michigan Finance Authority, Unrefunded Trinity Health Co., Rev., 5.00%, 12/01/2045 | 7250 | 7285 |
| Michigan State Building Authority |  |  |
| Series I, Rev., 5.00%, 10/15/2027 | 2500 | 2628 |
| Series I, Rev., 5.00%, 04/15/2042 | 2500 | 2679 |
| Michigan State Building Authority, Facilities Multi Mod Program, Rev., VRDO, 2.99%, 10/01/2025 (z) | 10955 | 10955 |
| Michigan State Building Authority, Facilities Program |  |  |
| Series II, Rev., 4.00%, 10/15/2043 | 1000 | 949 |
| Series II, Rev., 5.00%, 10/15/2026 | 3500 | 3590 |
| Series II, Rev., 5.00%, 10/15/2042 | 1350 | 1440 |
| Michigan State Hospital Finance Authority, Hospital Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2027 | 100 | 105 |
| Michigan State Housing Development Authority |  |  |
| Rev., HUD, 4.45%, 10/01/2044 | 1500 | 1503 |
| Series A, Rev., 5.10%, 10/01/2053 | 5000 | 5075 |
| Series C, Rev., 3.00%, 06/01/2051 | 1405 | 1391 |
| Michigan State Housing Development Authority, Social Bond |  |  |
| Series A, Rev., 3.00%, 06/01/2052 | 2465 | 2435 |
| Series A, Rev., 5.00%, 06/01/2053 | 1750 | 1828 |
| Michigan State Housing Development Authority, Social Bonds |  |  |
| Series A, Rev., 5.50%, 12/01/2053 | 1140 | 1230 |
| Series D, Rev., 5.50%, 06/01/2053 | 285 | 302 |
| Michigan State Housing Development Authority, Sustainable Bond, Series D, Rev., 6.25%, 06/01/2055 | 800 | 882 |
| Michigan State Housing Development Authority, Sustainable Bonds, Series A, Rev., 6.00%, 06/01/2054 | 2750 | 2987 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Michigan — continued** |  |  |
| Michigan State Housing Development Authority, The Dean Apartments at Eastlawn, Rev., 2.90%, 09/01/2045 (z) | 2000 | 1996 |
| Michigan State University, Series C, Rev., 4.00%, 02/15/2039 | 2000 | 2003 |
| Michigan Strategic Fund |  |  |
| Rev., AMT, 3.35%, 10/01/2049 (z) | 1000 | 994 |
| Rev., AMT, 5.00%, 12/31/2043 | 3000 | 3004 |
| Michigan Strategic Fund, Consumers Energy Co. Project, Rev., AMT, 0.88%, 04/01/2035 (z) | 1620 | 1569 |
| Michigan Strategic Fund, Detroit Edison Co. Exempt, Rev., 1.35%, 08/01/2029 | 3450 | 3145 |
| Michigan Strategic Fund, Detroit Edison Company, Rev., 1.45%, 09/01/2030 | 810 | 721 |
| Michigan Strategic Fund, Green Bond Recycling, Rev., AMT, 4.00%, 10/01/2061 (z) | 1685 | 1684 |
| Michigan Strategic Fund, I-75 Improvement Project, Rev., AMT, 5.00%, 12/31/2032 | 1250 | 1300 |
| Okemos Public Schools, Series II, GO, Q-SBLF, 5.00%, 05/01/2046 | 1200 | 1261 |
| State of Michigan Trunk Line Revenue, State Trunk Line Fund Bonds, Rev., 4.00%, 11/15/2037 | 2015 | 2044 |
| State of Michigan Trunk Line Revenue, State Trunkline Fund Bonds, Series A, Rev., 4.00%, 11/15/2046 | 8125 | 7518 |
| State of Michigan, Environmental Program Bonds, Series A, GO, 5.00%, 05/15/2030 | 400 | 444 |
| State of Michigan, Gans Garvee, Rev., GAN, 5.00%, 03/15/2027 | 2000 | 2075 |
| Troy School District, GO, Q-SBLF, 5.00%, 05/01/2039 | 1025 | 1115 |
| Wayne County Airport Authority |  |  |
| Series B, Rev., AMT, 5.00%, 12/01/2032 | 2160 | 2212 |
| Series F, Rev., AMT, 5.00%, 12/01/2034 | 1470 | 1473 |
|  |  | 253715 |
| **Minnesota** — **1.0%** |  |  |
| Brainerd Independent School District No. 181, GO, 4.00%, 02/01/2039 | 6760 | 6788 |
| City of Minneapolis, Allina Health System, Series B, Rev., 5.00%, 11/15/2053 (z) | 2650 | 2886 |
| City of Minneapolis, Fairview Health Services |  |  |
| Series A, Rev., 4.00%, 11/15/2048 | 4120 | 3512 |
| Series AA, Rev., 5.00%, 11/15/2036 | 3000 | 3169 |
| City of Rochester MN, Series A, Rev., 4.38%, 11/15/2053 | 4485 | 4391 |
| City of Rochester, Mayo Clinic, Series C, Rev., VRDO, 2.70%, 10/01/2025 (z) | 2600 | 2600 |
| City of St Cloud MN, Rev., 5.00%, 05/01/2048 | 1500 | 1517 |
| County of Hennepin, Series C, GO, 5.00%, 12/15/2032 | 1500 | 1641 |
| Duluth Economic Development Authority, Essentia Health, Rev., 5.00%, 02/15/2058 | 6115 | 6134 |
| Duluth Economic Development Authority, Essentia Health Obligation Group |  |  |
| Rev., 5.00%, 02/15/2048 | 3000 | 3018 |
| Rev., 5.25%, 02/15/2058 | 1000 | 1005 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, Fairview Health Services, Series A, Rev., 5.00%, 11/15/2047 | 9000 | 9010 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hope Community Academy Project, Series A, Rev., 5.00%, 12/01/2043 | 1000 | 783 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, System Fairview Health Services, Series 2015, Rev., 5.00%, 11/15/2047 | 4500 | 4517 |
| Minneapolis St. Paul Metropolitan Airports Commission, Subordinate |  |  |
| Series B, Rev., AMT, 5.00%, 01/01/2034 | 1345 | 1461 |
| Series B, Rev., AMT, 5.25%, 01/01/2047 | 1845 | 1893 |
| Minneapolis-St Paul Metropolitan Airports Commission |  |  |
| Rev., AMT, 5.00%, 01/01/2035 | 5000 | 5521 |
| Rev., AMT, 5.00%, 01/01/2038 | 5000 | 5371 |
| Rev., AMT, 5.00%, 01/01/2040 | 1800 | 1891 |
| Rev., AMT, 5.25%, 01/01/2049 | 6000 | 6227 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Minnesota — continued** |  |  |
| Minnesota Agricultural & Economic Development Board, Healthpartners Obligated Group |  |  |
| Rev., 5.25%, 01/01/2047 | 5000 | 5177 |
| Rev., 5.25%, 01/01/2054 | 6750 | 6945 |
| Minnesota Housing Finance Agency |  |  |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 3270 | 3673 |
| Series B, Rev., GNMA/FNMA/FHLMC, 2.63%, 01/01/2040 | 1920 | 1523 |
| Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 720 | 710 |
| Series C, Rev., 5.00%, 08/01/2032 | 2365 | 2629 |
| Series D, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 1230 | 1215 |
| Series G, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051 | 2150 | 2129 |
| Series I, Rev., GNMA/FNMA/FHLMC, 2.80%, 12/01/2047 | 278 | 240 |
| Series I, Rev., 3.00%, 01/01/2051 | 1180 | 1168 |
| Minnesota Housing Finance Agency, Social Bond, Series H, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 300 | 296 |
| Minnesota Housing Finance Agency, Social Bonds |  |  |
| Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 925 | 911 |
| Series F, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 190 | 188 |
| Series F, Rev., GNMA/FNMA/FHLMC, 5.75%, 07/01/2053 | 350 | 374 |
| Minnesota Housing Finance Agency, State Appropriation Bond Housing, Rev., 5.00%, 08/01/2029 | 1245 | 1357 |
| Minnesota Housing Finance Agency, Sustainable Bonds, Series R, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2054 | 4565 | 4963 |
| Minnesota Office of Higher Education, Senior, Rev., AMT, 2.65%, 11/01/2038 | 1000 | 932 |
| Minnesota Office of Higher Education, Supplemental Student Loan, Rev., AMT, 4.00%, 11/01/2037 | 665 | 667 |
| Minnesota Rural Water Finance Authority, Inc., Rev., BAN, 3.30%, 08/01/2026 | 2000 | 2003 |
| St. Paul Port Authority, Solid Gerdau St. Paul Steel Mill Project, Rev., AMT, 4.50%, 10/01/2037 (e) | 4600 | 4402 |
| State of Minnesota |  |  |
| Series A, GO, 4.00%, 09/01/2037 | 690 | 702 |
| Series A, GO, 5.00%, 08/01/2026 | 250 | 255 |
| Series A, GO, 5.00%, 10/01/2029 | 45 | 48 |
| Series A, GO, 5.00%, 10/01/2032 | 1000 | 1047 |
| Series A, GO, 5.00%, 08/01/2033 | 2000 | 2033 |
| Series A, GO, 5.00%, 08/01/2034 | 2000 | 2120 |
| Series E, GO, 3.00%, 08/01/2026 | 710 | 712 |
| State of Minnesota, Trunk Highways, Series B, GO, 3.00%, 08/01/2030 | 5000 | 5038 |
| University of Minnesota |  |  |
| Series A, Rev., 5.00%, 01/01/2040 | 405 | 444 |
| Series A, Rev., 5.00%, 01/01/2041 | 2500 | 2719 |
| Series A, Rev., 5.00%, 01/01/2042 | 2750 | 2971 |
|  |  | 132926 |
| **Mississippi** — **0.2%** |  |  |
| County of Warren MS, Rev., 4.00%, 09/01/2032 | 12615 | 12954 |
| Mississippi Business Finance Corp., System Energy Resources, Inc. Project, Rev., 2.38%, 06/01/2044 | 175 | 110 |
| Mississippi Development Bank |  |  |
| Rev., 5.25%, 06/01/2042 | 850 | 902 |
| Rev., 5.25%, 06/01/2043 | 1000 | 1053 |
| Rev., 5.25%, 06/01/2044 | 2180 | 2282 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Mississippi — continued** |  |  |
| Mississippi Development Bank, Hinds County School District Project, Rev., 5.00%, 03/01/2048 | 1360 | 1367 |
| Mississippi Hospital Equipment & Facilities Authority |  |  |
| Rev., 5.00%, 09/01/2036 | 1250 | 1258 |
| Rev., 5.00%, 09/01/2046 | 1500 | 1474 |
| State of Mississippi, ABC Warehouse Construction |  |  |
| Rev., 4.00%, 10/01/2045 | 1000 | 922 |
| Rev., 5.00%, 10/01/2041 | 1000 | 1071 |
| Rev., 5.00%, 10/01/2043 | 1035 | 1092 |
| Rev., 5.00%, 10/01/2044 | 1000 | 1049 |
|  |  | 25534 |
| **Missouri** — **0.7%** |  |  |
| Cape Girardeau County Industrial Development Authority, Rev., 4.00%, 06/01/2043 | 5305 | 4985 |
| Cape Girardeau County Industrial Development Authority, Southeasthealth, Rev., 4.00%, 03/01/2041 | 870 | 841 |
| City of Kansas City Sanitary Sewer System Revenue, Series A, Rev., 5.00%, 01/01/2041 | 1000 | 1076 |
| City of St Louis MO Airport Revenue, Rev., 5.00%, 07/01/2032 | 1000 | 1137 |
| Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Service Projects, Series A, Rev., 5.00%, 02/01/2029 | 1410 | 1448 |
| Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services, Rev., 4.00%, 02/01/2034 | 500 | 488 |
| Kansas City Industrial Development Authority, Rev., AMT, 5.00%, 03/01/2032 | 900 | 958 |
| Kansas City Industrial Development Authority, Kansas City International Airport |  |  |
| Rev., AMT, 4.00%, 03/01/2036 | 1250 | 1238 |
| Rev., AMT, 5.00%, 03/01/2029 | 3050 | 3250 |
| Rev., AMT, 5.00%, 03/01/2038 | 2480 | 2542 |
| Kansas City Industrial Development Authority, Kansas City International Airport, Rev., AMT, 5.00%, 03/01/2044 | 5000 | 5027 |
| Kansas City Planned Industrial Expansion Authority, The Depot On Old Santa Fe, Rev., 5.00%, 07/01/2045 (z) | 5722 | 5864 |
| Missouri Development Finance Board, Procter & Gamble Paper Products, Rev., AMT, 5.20%, 03/15/2029 | 370 | 396 |
| Missouri Health & Educational Facilities Authority, CoxHealth Obligated Group |  |  |
| Rev., 5.00%, 11/15/2036 (w) | 1725 | 1920 |
| Rev., 5.00%, 11/15/2044 (w) | 650 | 674 |
| Missouri Housing Development Commission |  |  |
| Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044 | 4445 | 4404 |
| Rev., GNMA/FNMA/FHLMC, 4.55%, 11/01/2044 | 995 | 991 |
| Rev., GNMA/FNMA/FHLMC, 4.80%, 11/01/2040 | 3000 | 3094 |
| Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2055 | 9835 | 10931 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2056 | 7250 | 8143 |
| Missouri Housing Development Commission, First Place Homeownership Loan |  |  |
| Rev., GNMA/FNMA/FHLMC, 3.00%, 05/01/2052 | 2915 | 2880 |
| Rev., GNMA/FNMA/FHLMC, 3.25%, 11/01/2052 | 315 | 313 |
| Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044 | 1720 | 1704 |
| Rev., GNMA/FNMA/FHLMC, 5.75%, 05/01/2055 | 2690 | 2958 |
| Rev., GNMA/FNMA/FHLMC, 5.75%, 05/01/2056 | 6000 | 6578 |
| Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2056 | 2825 | 3110 |
| Rev., GNMA/FNMA/FHLMC, 6.50%, 05/01/2054 | 2465 | 2770 |
| Series D, Rev., GNMA/FNMA/FHLMC, 3.25%, 05/01/2051 | 5 | 5 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Missouri** — **continued** |  |  |
| Missouri Housing Development Commission, First Place Loan Program, Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2056 | 1420 | 1577 |
| Missouri State Environmental Improvement & Energy Resources Authority, Rev., AMT, 4.05%, 05/01/2038 (z) | 1600 | 1616 |
| Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Company Project, Series AR, Rev., 2.90%, 09/01/2033 | 2000 | 1851 |
| Plaza at Noah's Ark Community Improvement District, Rev., 3.00%, 05/01/2030 | 575 | 551 |
| St. Louis Municipal Finance Corp., Convention Center Expansion, Rev., 5.00%, 10/01/2045 | 3215 | 3295 |
|  |  | 88615 |
| **Montana** — **0.1%** |  |  |
| City of Forsyth, Northwestern Corp. Colstrip, Rev., 3.88%, 07/01/2028 | 3275 | 3341 |
| Montana Board of Housing |  |  |
| Rev., 3.00%, 12/01/2050 | 1775 | 1758 |
| Rev., 4.60%, 12/01/2049 | 2780 | 2735 |
| Rev., 6.00%, 12/01/2054 | 405 | 440 |
| Series A, Rev., 3.00%, 06/01/2052 | 260 | 257 |
| Series B2, Rev., AMT, 3.50%, 12/01/2042 | 30 | 30 |
| Series B, Rev., 3.00%, 12/01/2051 | 810 | 801 |
| Series C, Rev., 6.25%, 06/01/2054 | 1420 | 1544 |
| Montana Facility Finance Authority, Rev., 5.00%, 02/15/2033 | 1000 | 1022 |
| Montana Facility Finance Authority, Bozeman Deaconess Health Services, Rev., 5.00%, 06/01/2048 | 2700 | 2719 |
|  |  | 14647 |
| **Nebraska** — **0.5%** |  |  |
| Central Plains Energy Project |  |  |
| Series 1, Rev., 5.00%, 05/01/2053 (z) | 3915 | 4162 |
| Series A1, Rev., 5.00%, 08/01/2055 (z) | 32170 | 34780 |
| Douglas County Hospital Authority No. 2, Rev., 5.50%, 11/01/2049 | 4665 | 4984 |
| Douglas County Hospital Authority No. 2, Children's Hospital Obligation, Rev., 4.00%, 11/15/2038 | 1125 | 1112 |
| Douglas County Hospital Authority No. 2, Health Facilities Children's Hospital, Rev., 5.00%, 11/15/2047 | 2000 | 2009 |
| Douglas County Hospital Authority No. 2, Madonna Rehabilitation Hospital, Rev., 4.00%, 05/15/2033 | 2100 | 2063 |
| Douglas County, Hospital Authority No. 2, Children's Hospital Obligated Group, Rev., 5.00%, 11/15/2053 (z) | 2190 | 2194 |
| Nebraska Educational Health Cultural & Social Services Finance Authority, Rev., 4.00%, 01/01/2044 | 1625 | 1468 |
| Nebraska Educational Health Cultural & Social Services Finance Authority, Immanuel Obligated Group, Rev., 4.00%, 01/01/2037 | 1000 | 973 |
| Nebraska Public Power District, Series A, Rev., 5.00%, 07/01/2028 | 300 | 317 |
| Omaha Airport Authority, Airport Facilities, Rev., AMT, 5.00%, 12/15/2036 | 1250 | 1361 |
| Omaha Public Power District, Rev., 5.00%, 02/01/2038 | 5505 | 6081 |
| Omaha School District, GO, 4.00%, 12/15/2038 | 5000 | 4876 |
| University of Nebraska, Rev., 3.00%, 07/01/2035 (p) | 1030 | 1033 |
|  |  | 67413 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Nevada** — **0.9%** |  |  |
| City of Carson City, Carson Tahoe Regional Medical Center, Rev., 5.00%, 09/01/2047 | 1000 | 974 |
| City of Henderson, Series A1, GO, 4.00%, 06/01/2045 | 2000 | 1908 |
| City of Las Vegas Special Improvement District No. 612 Skye Hills, Special Assessment, 3.50%, 06/01/2035 | 195 | 179 |
| City of Las Vegas Special Improvement District No. 817 Summerlin Village 29, Special Improvement No. 817, Summerlin Village |  |  |
| Special Assessment, 5.50%, 06/01/2038 | 400 | 424 |
| Special Assessment, 5.75%, 06/01/2043 | 500 | 523 |
| City of North Las Vegas, GO, BAM, 5.00%, 06/01/2027 | 2000 | 2084 |
| Clark County School District |  |  |
| Series A, GO, 4.00%, 06/15/2040 | 1375 | 1352 |
| Series B, GO, 5.00%, 06/15/2030 | 1445 | 1604 |
| Series B, GO, 5.00%, 06/15/2039 | 5000 | 5539 |
| Series B, GO, 5.00%, 06/15/2041 | 5000 | 5430 |
| Series C, GO, 5.00%, 06/15/2026 | 1250 | 1270 |
| Clark County School District, Building |  |  |
| Series A, GO, 5.00%, 06/15/2029 | 500 | 532 |
| Series B, GO, 5.00%, 06/15/2033 | 3000 | 3184 |
| County of Clark, GO, 4.00%, 06/01/2038 | 4300 | 4315 |
| County of Clark Department of Aviation, Airport Systems, Subordinate, Rev., 5.00%, 07/01/2033 | 1010 | 1122 |
| County of Clark Department of Aviation, Subordinate, Series B, Rev., AMT, 5.00%, 07/01/2027 | 6000 | 6223 |
| County of Clark Department of Aviation, System Senior, Series A, Rev., 5.00%, 07/01/2040 | 4000 | 4001 |
| County of Clark Passenger Facility Charge Revenue, McCarran International |  |  |
| Rev., 5.00%, 07/01/2029 | 5000 | 5461 |
| Rev., 5.00%, 07/01/2031 | 1950 | 2108 |
| Rev., 5.00%, 07/01/2032 | 2385 | 2566 |
| County of Clark, Detention Center, GO, 4.00%, 06/01/2034 | 3335 | 3427 |
| County of Clark, Passenger Facility Charge Revenue, Las Vegas McCarran International Airport, Rev., 5.00%, 07/01/2030 | 1425 | 1548 |
| County of Clark, Southern CA Edison Company, Rev., 2.10%, 06/01/2031 | 1000 | 909 |
| County of Clark, Streets and Highway Project, Rev., 4.00%, 07/01/2043 | 4465 | 4298 |
| County of Washoe, Sierra Pacific Power Company, Rev., AMT, 4.13%, 03/01/2036 (z) | 9000 | 9110 |
| Las Vegas Convention & Visitors Authority |  |  |
| Series A, Rev., 5.00%, 07/01/2027 | 900 | 938 |
| Series A, Rev., 5.00%, 07/01/2028 | 1250 | 1332 |
| Series A, Rev., 5.00%, 07/01/2040 | 250 | 269 |
| Series B, Rev., 4.00%, 07/01/2049 | 10765 | 9728 |
| Series B, Rev., 5.00%, 07/01/2029 | 1345 | 1462 |
| Series B, Rev., 5.00%, 07/01/2034 | 1275 | 1423 |
| Series B, Rev., 5.00%, 07/01/2038 | 1000 | 1084 |
| Series B, Rev., 5.00%, 07/01/2043 | 5150 | 5261 |
| Las Vegas Valley Water District |  |  |
| Series A, GO, 5.00%, 06/01/2026 | 1500 | 1525 |
| Series A, GO, 5.00%, 06/01/2043 | 5000 | 5348 |
| Series A, GO, 5.00%, 06/01/2044 | 5000 | 5317 |
| Series D, GO, 5.00%, 06/01/2027 | 2025 | 2110 |
| Las Vegas Valley Water District, Water Improvement, Series A, GO, 5.00%, 06/01/2046 | 5000 | 5009 |
| State of Nevada, Series A, GO, 5.00%, 05/01/2042 | 8400 | 8993 |
| Truckee Meadows Water Authority, Rev., 5.00%, 07/01/2034 | 2000 | 2319 |
|  |  | 122209 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New Hampshire** — **0.7%** |  |  |
| New Hampshire Business Finance Authority |  |  |
| Rev., Zero Coupon, 12/15/2033 (e) | 1960 | 1202 |
| Rev., 3.63%, 08/20/2039 | 10480 | 9805 |
| Rev., 4.13%, 01/20/2034 | 2909 | 2925 |
| Rev., 4.18%, 11/20/2039 (z) | 4593 | 4492 |
| Rev., 4.25%, 07/20/2041 | 5036 | 4889 |
| Rev., 4.38%, 09/20/2036 | 635 | 628 |
| Rev., 5.00%, 12/01/2035 | 4105 | 4524 |
| Rev., 5.05%, 06/15/2035 (e) | 2055 | 2102 |
| Rev., 5.25%, 06/01/2043 | 4000 | 4167 |
| New Hampshire Business Finance Authority, Caritas Oregon Project, Series A, Rev., 4.13%, 08/15/2040 (e) | 2000 | 1774 |
| New Hampshire Business Finance Authority, Centurion Foundation Woodway Drive, Rev., 4.53%, 10/15/2034 (e) | 4060 | 4133 |
| New Hampshire Business Finance Authority, Presbyterian Senior Living Project, Rev., 5.25%, 07/01/2048 | 1750 | 1744 |
| New Hampshire Business Finance Authority, Saint Luke's University Health, Rev., 4.00%, 08/15/2036 | 720 | 716 |
| New Hampshire Business Finance Authority, Springpoint Senior Living |  |  |
| Rev., 4.00%, 01/01/2026 | 270 | 270 |
| Rev., 4.00%, 01/01/2027 | 250 | 251 |
| Rev., 4.00%, 01/01/2028 | 290 | 291 |
| Rev., 4.00%, 01/01/2029 | 300 | 302 |
| Rev., 4.00%, 01/01/2030 | 280 | 282 |
| Rev., 4.00%, 01/01/2031 | 870 | 874 |
| New Hampshire Business Finance Authority, Sustainable Bond, Series B, Rev., AMT, 3.75%, 07/01/2045 (e) (z) | 3000 | 2470 |
| New Hampshire Business Finance Authority, Sustainable Bonds Municipal Certificates, Rev., 0.00%, 01/20/2041 | 6572 | 6331 |
| New Hampshire Business Finance Authority, Sustainable Certificates |  |  |
| Rev., HUD, 4.15%, 10/20/2040 (z) | 4960 | 4843 |
| Series 2, Rev., 3.88%, 01/20/2038 | 1218 | 1131 |
| New Hampshire Business Finance Authority, Taxable Virginia Birmingham Care Center, Rev., 3.78%, 01/01/2036 | 2000 | 1458 |
| New Hampshire Business Finance Authority, University of Nevada, Reno Project, Rev., BAM, 5.25%, 06/01/2051 | 1875 | 1949 |
| New Hampshire Business Finance Authority, Waste Management, Inc. Project, Rev., AMT, 4.00%, 10/01/2033 (z) | 18000 | 18010 |
| New Hampshire Health and Education Facilities Authority Act |  |  |
| Rev., 3.30%, 06/01/2040 (z) | 2500 | 2514 |
| Rev., 4.00%, 08/01/2043 | 5000 | 4585 |
| Series B, Rev., AMT, 5.00%, 11/01/2043 | 1220 | 1270 |
| New Hampshire Health and Education Facilities Authority Act, Granite Edvance Corporation, Rev., AMT, 4.00%, 11/01/2044 | 790 | 754 |
| New Hampshire Housing Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC COLL, 6.00%, 07/01/2053 | 370 | 396 |
| New Hampshire Housing Finance Authority, Sustainable Bonds, Series D, Rev., GNMA/FNMA/FHLMC, 6.50%, 07/01/2055 | 1955 | 2146 |
|  |  | 93228 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New Jersey** — **2.2%** |  |  |
| Camden County Improvement Authority, Social Bonds, KIPP Cooper Norcross Academy |  |  |
| Rev., 6.00%, 06/15/2042 | 530 | 558 |
| Rev., 6.00%, 06/15/2047 | 1000 | 1043 |
| City of Bayonne, Qualified General Improvement, GO, BAM, 5.00%, 07/01/2034 (p) | 1000 | 1019 |
| City of Newark, Series A, GO, 5.00%, 10/01/2028 | 750 | 802 |
| Garden State Preservation Trust, Capital Appreciation, Series B, Rev., Zero Coupon, 11/01/2026 | 1000 | 968 |
| Gloucester County Improvement Authority, The Rowan University Fossil Park |  |  |
| Rev., BAM, 4.00%, 07/01/2046 | 725 | 699 |
| Rev., BAM, 4.00%, 07/01/2051 | 1000 | 954 |
| New Brunswick Parking Authority, City Guaranteed Parking, Series A, Rev., BAM, 5.00%, 09/01/2026 | 1000 | 1022 |
| New Jersey Economic Development Authority |  |  |
| Rev., 5.00%, 03/01/2028 | 785 | 831 |
| Series A, Rev., 5.00%, 11/01/2027 | 2500 | 2625 |
| Series AAA, Rev., 5.00%, 06/15/2036 (p) | 1000 | 1030 |
| Series AAA, Rev., 5.00%, 06/15/2041 (p) | 500 | 515 |
| Series AAA, Rev., 5.50%, 06/15/2028 | 5000 | 5170 |
| Series AAA, Rev., 5.50%, 06/15/2032 (p) | 2000 | 2071 |
| Series BBB, Rev., 5.50%, 06/15/2030 (p) | 1225 | 1269 |
| Series DDD, Rev., 5.00%, 06/15/2031 (p) | 2000 | 2086 |
| New Jersey Economic Development Authority, Middlesex Water Company |  |  |
| Rev., AMT, 4.00%, 08/01/2059 | 4200 | 3621 |
| Rev., AMT, 5.00%, 08/01/2059 | 3000 | 3033 |
| New Jersey Economic Development Authority, New Jersey American Water Company, Inc. |  |  |
| Rev., AMT, 1.10%, 11/01/2029 (z) | 2610 | 2446 |
| Series E, Rev., AMT, 0.85%, 12/01/2025 | 1940 | 1928 |
| New Jersey Economic Development Authority, Port Newark Container, Rev., AMT, 5.00%, 10/01/2037 | 1000 | 1012 |
| New Jersey Economic Development Authority, Portal North Bridge NJ Transit |  |  |
| Rev., 5.00%, 11/01/2038 | 5345 | 5754 |
| Rev., 5.00%, 11/01/2052 | 6190 | 6334 |
| Rev., 5.25%, 11/01/2041 | 6000 | 6434 |
| New Jersey Economic Development Authority, School Facilities Construction |  |  |
| Series EEE, Rev., 5.00%, 06/15/2032 | 1500 | 1600 |
| Series GGG, Rev., 5.25%, 09/01/2026 (e) | 8000 | 8190 |
| New Jersey Economic Development Authority, Self Designated Social Bonds |  |  |
| Series QQQ, Rev., 5.00%, 06/15/2026 | 555 | 564 |
| Series QQQ, Rev., 5.00%, 06/15/2027 | 410 | 427 |
| Series QQQ, Rev., 5.00%, 06/15/2028 | 400 | 426 |
| New Jersey Economic Development Authority, State House Project |  |  |
| Series B, Rev., 5.00%, 06/15/2027 | 10690 | 11129 |
| Series B, Rev., 5.00%, 06/15/2028 | 8635 | 9192 |
| New Jersey Economic Development Authority, Sustainable Bonds, Series QQQ, Rev., 4.00%, 06/15/2037 | 2400 | 2407 |
| New Jersey Educational Facilities Authority, Series A, Rev., 5.00%, 07/01/2064 (z) | 860 | 988 |
| New Jersey Educational Facilities Authority, Higher Education Capital Improvement Fund Issue |  |  |
| Rev., 5.00%, 09/01/2038 | 1000 | 1082 |
| Rev., 5.00%, 09/01/2040 | 2200 | 2347 |
| New Jersey Educational Facilities Authority, Princeton University, Series I, Rev., 5.00%, 07/01/2036 | 1015 | 1047 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New Jersey** — **continued** |  |  |
| New Jersey Educational Facilities Authority, Princeton University Revenue, Rev., 5.00%, 03/01/2044 | 2250 | 2411 |
| New Jersey Educational Facilities Authority, Ramapo College of New Jersey, Series A, Rev., 5.00%, 07/01/2035 | 200 | 222 |
| New Jersey Health Care Facilities Financing Authority, Rev., 5.00%, 07/01/2036 | 7500 | 8451 |
| New Jersey Health Care Facilities Financing Authority, AtlantiCare Health System Obligated, Rev., 5.00%, 07/01/2032 | 2070 | 2283 |
| New Jersey Health Care Facilities Financing Authority, AtlantiCare Health System Obligation, Rev., 3.00%, 07/01/2051 | 1715 | 1262 |
| New Jersey Health Care Facilities Financing Authority, Hackensack Meridian Health |  |  |
| Rev., 5.00%, 07/01/2037 | 285 | 293 |
| Rev., 5.00%, 07/01/2038 | 630 | 647 |
| Rev., 5.00%, 07/01/2039 | 365 | 374 |
| New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group |  |  |
| Rev., 4.25%, 07/01/2054 | 1875 | 1778 |
| Rev., 5.25%, 07/01/2044 | 8780 | 9530 |
| New Jersey Higher Education Student Assistance Authority |  |  |
| Series 1B, Rev., AMT, 4.50%, 12/01/2045 | 5715 | 5788 |
| Series 1A, Rev., AMT, 5.00%, 12/01/2034 | 3000 | 3193 |
| Series B, Rev., AMT, 5.00%, 12/01/2027 | 1340 | 1389 |
| Series B, Rev., AMT, 5.00%, 12/01/2028 | 1480 | 1558 |
| Series B, Rev., AMT, 5.00%, 12/01/2029 | 1440 | 1526 |
| New Jersey Higher Education Student Assistance Authority, Senior |  |  |
| Series A, Rev., AMT, 3.50%, 12/01/2039 | 1440 | 1416 |
| Series B, Rev., AMT, 4.00%, 12/01/2041 | 965 | 960 |
| Series B, Rev., AMT, 4.00%, 12/01/2044 | 1940 | 1839 |
| Series B, Rev., AMT, 4.25%, 12/01/2045 | 3880 | 3810 |
| Series B, Rev., AMT, 5.00%, 12/01/2027 | 1060 | 1099 |
| New Jersey Higher Education Student Assistance Authority, Subordinated, Series C, Rev., AMT, 4.00%, 12/01/2048 | 1195 | 1020 |
| New Jersey Housing & Mortgage Finance Agency |  |  |
| Series E, Rev., 3.50%, 04/01/2051 | 1570 | 1569 |
| Series M, Rev., 4.75%, 10/01/2040 | 3500 | 3589 |
| Series M, Rev., 6.50%, 04/01/2056 | 8085 | 9160 |
| New Jersey Housing & Mortgage Finance Agency, New Irvine Turner Apartments, Rev., HUD, 3.67%, 02/01/2026 | 550 | 551 |
| New Jersey Housing & Mortgage Finance Agency, Social Bond, Rev., 5.00%, 10/01/2053 | 160 | 166 |
| New Jersey Housing & Mortgage Finance Agency, Social Bonds, Series H, Rev., 3.00%, 10/01/2052 | 615 | 606 |
| New Jersey Housing & Mortgage Finance Agency, Sustainable Bond, Series K, Rev., 4.55%, 10/01/2044 | 665 | 662 |
| New Jersey Transportation Trust Fund Authority |  |  |
| Rev., 5.00%, 06/15/2046 | 5000 | 5072 |
| Rev., 5.25%, 06/15/2046 (p) | 14455 | 16071 |
| Series A, Rev., 5.00%, 06/15/2029 | 1550 | 1684 |
| Series A, Rev., 5.00%, 06/15/2030 | 3000 | 3320 |
| Series A, Rev., 5.00%, 06/15/2034 | 6590 | 7535 |
| Series AA, Rev., 4.00%, 06/15/2040 | 3750 | 3661 |
| Series AA, Rev., 5.00%, 06/15/2035 | 3000 | 3311 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New Jersey** — **continued** |  |  |
| Series AA, Rev., 5.00%, 06/15/2045 | 660 | 678 |
| Series AA, Rev., 5.25%, 06/15/2041 | 1250 | 1366 |
| Series BB, Rev., 5.00%, 06/15/2032 | 2000 | 2128 |
| New Jersey Transportation Trust Fund Authority, Capital Appreciation |  |  |
| Series A, Rev.,TRAN, BAM, Zero Coupon, 12/15/2038 | 1000 | 589 |
| Series C, Rev.,TRAN, AMBAC, Zero Coupon, 12/15/2026 | 1455 | 1406 |
| New Jersey Transportation Trust Fund Authority, Program B, Rev., 5.00%, 06/15/2037 | 2000 | 2178 |
| New Jersey Transportation Trust Fund Authority, Taxable Transportation System, Rev., 4.08%, 06/15/2039 | 7095 | 6576 |
| New Jersey Transportation Trust Fund Authority, Transportation Program |  |  |
| Series BB, Rev., 5.00%, 06/15/2036 | 3000 | 3334 |
| Series BB, Rev., 5.00%, 06/15/2040 | 8120 | 8719 |
| Series CC, Rev., 5.00%, 06/15/2041 | 3500 | 3753 |
| Series CC, Rev., 5.25%, 06/15/2050 | 5700 | 5984 |
| New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Rev., 5.00%, 06/15/2035 | 500 | 548 |
| New Jersey Transportation Trust Fund Authority, Transportation System, Series A, Rev., 5.00%, 06/15/2038 | 500 | 543 |
| New Jersey Transportation Trust Fund Authority, Transportation System Bond |  |  |
| Rev., 4.00%, 12/15/2039 | 2000 | 1969 |
| Rev., 5.00%, 12/15/2028 | 1000 | 1076 |
| Rev., 5.00%, 12/15/2031 | 1560 | 1700 |
| New Jersey Turnpike Authority |  |  |
| Rev., 5.00%, 01/01/2042 | 10000 | 10712 |
| Series A, Rev., 5.00%, 01/01/2045 | 2500 | 2663 |
| Series B, Rev., 4.50%, 01/01/2048 | 1750 | 1752 |
| Series B, Rev., 5.00%, 01/01/2034 | 2035 | 2342 |
| Series D, Rev., 5.00%, 01/01/2028 | 1900 | 1953 |
| Newark Board of Education, Sustainability Bonds |  |  |
| GO, BAM, 4.00%, 07/15/2034 | 400 | 415 |
| GO, BAM, 4.00%, 07/15/2035 | 410 | 422 |
| GO, BAM, 4.00%, 07/15/2036 | 425 | 435 |
| GO, BAM, 4.00%, 07/15/2037 | 430 | 437 |
| North Hudson Sewerage Authority, Senior Lien Lease Certificates |  |  |
| Rev., 5.00%, 06/01/2039 | 1100 | 1244 |
| Rev., 5.00%, 06/01/2040 | 1100 | 1231 |
| Rev., 5.00%, 06/01/2041 | 1000 | 1107 |
| Rev., 5.00%, 06/01/2042 | 1000 | 1094 |
| South Jersey Port Corp., Marine Terminal, Series B, Rev., AMT, 5.00%, 01/01/2026 | 1015 | 1019 |
| South Jersey Port Corp., Marine Terminal, Subordinated, Series B, Rev., AMT, 5.00%, 01/01/2037 | 1000 | 1018 |
| South Jersey Port Corp., Subordinate Marine Term, Series B, Rev., AMT, 5.00%, 01/01/2032 | 2140 | 2215 |
| South Jersey Port Corp., Subordinate, Marine Terminal |  |  |
| Series B, Rev., AMT, 5.00%, 01/01/2033 | 1220 | 1259 |
| Series B, Rev., AMT, 5.00%, 01/01/2034 | 1250 | 1286 |
| Series B, Rev., AMT, 5.00%, 01/01/2036 | 1000 | 1022 |
| South Jersey Transportation Authority |  |  |
| Series A, Rev., 5.00%, 11/01/2030 | 500 | 547 |
| Series A, Rev., 5.00%, 11/01/2033 | 1215 | 1311 |
| Series A, Rev., BAM, 5.00%, 11/01/2041 | 2925 | 3063 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New Jersey** — **continued** |  |  |
| South Jersey Transportation Authority, Transportation System, Rev., BAM, 5.25%, 11/01/2052 | 3100 | 3267 |
| State of New Jersey, Covid-19 Emergency Bonds, General Obligations |  |  |
| Series A, GO, 4.00%, 06/01/2030 | 2000 | 2133 |
| Series A, GO, 5.00%, 06/01/2028 | 4245 | 4525 |
| Tender Option Bond Trust Receipts/Certificates, Series 2016-XM0226, Rev., BHAC-CR, NATL-RE, LIQ: Bank of America NA, 2.93%, 07/01/2026 (e) (z) | 10220 | 10220 |
| The Gloucester County Improvement Authority, Rowan University Project, Rev., BAM, 5.00%, 07/01/2044 | 900 | 940 |
|  |  | 302608 |
| **New Mexico** — **0.3%** |  |  |
| City of Farmington NM |  |  |
| Rev., 3.88%, 06/01/2040 (z) | 6750 | 6861 |
| City of Farmington, Four Corners Project, Rev., 1.80%, 04/01/2029 | 3000 | 2840 |
| City of Farmington, Public Service Company, San Juan, Rev., 3.90%, 06/01/2040 (z) | 1000 | 1014 |
| City of Farmington, San Juan and Four Corners |  |  |
| Rev., 2.15%, 04/01/2033 | 4890 | 4222 |
| New Mexico Educational Assistance Foundation, Series 1A, Rev., AMT, 2.05%, 09/01/2051 | 170 | 155 |
| New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 4.00%, 06/01/2028 | 1070 | 1081 |
| New Mexico Hospital Equipment Loan Council |  |  |
| Rev., 5.00%, 06/01/2030 | 1050 | 1125 |
| Rev., 5.00%, 06/01/2032 | 1000 | 1054 |
| Series A, Rev., 5.00%, 08/01/2044 | 3185 | 3216 |
| New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare, Rev., 4.00%, 08/01/2037 | 500 | 492 |
| New Mexico Mortgage Finance Authority, Series C, Rev., GNMA/FNMA/FHLMC, 4.70%, 09/01/2049 | 1955 | 1950 |
| New Mexico Mortgage Finance Authority, Mountain View II & III Apartments, Rev., HUD, 2.97%, 02/01/2042 (z) | 1500 | 1498 |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program |  |  |
| Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 03/01/2054 | 555 | 598 |
| Series C, Rev., GNMA/FNMA/FHLMC, 4.00%, 01/01/2049 | 105 | 105 |
| New Mexico Municipal Energy Acquisition Authority, Rev., 5.00%, 06/01/2054 (z) | 4470 | 4813 |
| Santa Fe Public School District, GO, 5.00%, 08/01/2029 | 1375 | 1464 |
| Winrock Town Center, Increment Development District No 1, Senior Lien, Tax Allocation, 4.25%, 05/01/2040 (e) | 1750 | 1624 |
|  |  | 34112 |
| **New York** — **12.0%** |  |  |
| Battery Park City Authority, Series B, Rev., 5.00%, 11/01/2036 | 2000 | 2273 |
| Broome County, Local Development Corp., United Health Services Hospital |  |  |
| Rev., 4.00%, 04/01/2039 | 2750 | 2681 |
| Rev., 5.00%, 04/01/2026 | 500 | 505 |
| Build C Resource Corp., Success Academy Charter School |  |  |
| Rev., 4.00%, 09/01/2042 | 1200 | 1120 |
| Rev., 4.00%, 09/01/2043 | 1000 | 927 |
| Rev., 5.00%, 09/01/2036 | 1660 | 1772 |
| Rev., 5.00%, 09/01/2037 | 1475 | 1565 |
| Rev., 5.00%, 09/01/2039 | 1125 | 1177 |
| Build NYC Resource Corp., Rev., 5.00%, 07/01/2026 | 325 | 325 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| Build NYC Resource Corp., Family Life Academy Charter, Series A1, Rev., 5.25%, 06/01/2040 (e) | 1220 | 1159 |
| Build NYC Resource Corp., Family Life Academy Charter Project, Rev., 7.25%, 06/01/2055 (e) | 250 | 260 |
| Build NYC Resource Corp., Friends of Hellenic Classical, Series A, Rev., 4.00%, 12/01/2031 (e) | 700 | 685 |
| Build NYC Resource Corp., Grand Concourse Academy Charter School |  |  |
| Rev., 5.00%, 07/01/2042 | 555 | 554 |
| Rev., 5.00%, 07/01/2052 | 700 | 667 |
| City of Long Beach, Series A, GO, 5.00%, 09/01/2027 | 1500 | 1572 |
| City of New York |  |  |
| Series A1, GO, 4.00%, 08/01/2034 | 3000 | 3087 |
| Series A1, GO, 4.00%, 08/01/2036 | 1000 | 1020 |
| Series A1, GO, 5.00%, 08/01/2029 | 2900 | 3168 |
| Series A1, GO, 5.00%, 09/01/2034 | 2000 | 2228 |
| Series A1, GO, 5.00%, 08/01/2041 | 3000 | 3101 |
| Series A1, GO, 5.25%, 09/01/2042 | 8715 | 9319 |
| Series B1, GO, 5.00%, 08/01/2031 | 1000 | 1128 |
| Series B1, GO, 5.00%, 10/01/2031 | 500 | 565 |
| Series B1, GO, 5.00%, 08/01/2035 | 90 | 99 |
| Series B1, GO, 5.25%, 10/01/2047 | 3000 | 3152 |
| Series C1, GO, 5.00%, 08/01/2031 | 500 | 552 |
| Series C4, GO, 5.00%, 10/01/2027 | 5000 | 5253 |
| Series C, GO, 5.00%, 08/01/2027 | 2000 | 2095 |
| Series C, GO, 5.00%, 03/01/2042 | 1340 | 1430 |
| Series C, GO, 5.25%, 03/01/2053 | 15140 | 15934 |
| Series D1, GO, 5.00%, 12/01/2031 | 1380 | 1476 |
| Series D1, GO, 5.00%, 12/01/2036 | 11955 | 12556 |
| Series E, GO, 5.00%, 08/01/2028 | 1625 | 1738 |
| Series E, GO, 5.00%, 08/01/2033 | 2000 | 2135 |
| Series F1, GO, 3.00%, 03/01/2035 | 2135 | 2048 |
| Series F1, GO, 5.00%, 03/01/2043 | 1000 | 1033 |
| Series G1, GO, 5.00%, 02/01/2043 | 1000 | 1068 |
| City of New York NY |  |  |
| GO, 5.00%, 08/01/2031 | 6000 | 6766 |
| GO, 5.00%, 09/01/2041 | 1000 | 1072 |
| City of New York, Fiscal 2001 |  |  |
| Series 2, GO, VRDO, 3.90%, 10/07/2025 (z) | 120 | 120 |
| Series 3, GO, VRDO, 3.90%, 10/01/2025 (z) | 11590 | 11590 |
| City of New York, Fiscal 2020, Series B1, GO, 5.00%, 10/01/2038 | 5000 | 5255 |
| City of New York, Fiscal 2021 |  |  |
| Series C, GO, 4.00%, 08/01/2037 | 450 | 457 |
| Series C, GO, 5.00%, 08/01/2035 | 4740 | 5103 |
| City of New York, Fiscal 2022 |  |  |
| GO, 5.25%, 05/01/2039 | 200 | 218 |
| GO, 5.25%, 05/01/2041 | 2000 | 2144 |
| GO, 5.50%, 05/01/2044 | 1000 | 1074 |
| City of New York, Fiscal 2024, Series A, GO, 5.00%, 08/01/2028 | 360 | 385 |
| City of New York, Fiscal 2026 |  |  |
| Series A1, GO, 5.00%, 08/01/2041 | 1500 | 1623 |
| Series A1, GO, 5.00%, 08/01/2042 | 1500 | 1619 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| City of New York, Subordinated |  |  |
| Series E1, GO, 4.00%, 04/01/2050 | 8500 | 7684 |
| Series F1, GO, 5.00%, 08/01/2027 | 1750 | 1833 |
| Series F1, GO, 5.00%, 08/01/2028 | 350 | 374 |
| City of Yonkers |  |  |
| Series F, GO, BAM, 5.00%, 11/15/2038 | 500 | 549 |
| Series F, GO, BAM, 5.00%, 11/15/2039 | 1000 | 1090 |
| County of Nassau |  |  |
| Series A, GO, 4.00%, 04/01/2046 | 1300 | 1225 |
| Series B, GO, BAM, 5.00%, 10/01/2027 | 1450 | 1484 |
| Dutchess County, Local Development Corp., Health Quest System, Inc. Project, Series B, Rev., 5.00%, 07/01/2046 | 6250 | 6166 |
| Empire State Development Corp., Series A, Rev., 5.00%, 03/15/2051 | 4525 | 4687 |
| Hempstead Town Local Development Corp., Evergreen Charter School Project, Series A, Rev., 5.25%, 06/15/2042 | 4000 | 4026 |
| Hudson Yards Infrastructure Corp. |  |  |
| Series A, Rev., 4.00%, 02/15/2047 | 9335 | 8697 |
| Series A, Rev., 5.00%, 02/15/2045 | 2210 | 2234 |
| Long Island Power Authority |  |  |
| Rev., 5.00%, 09/01/2042 | 2070 | 2105 |
| Series A, Rev., 5.00%, 09/01/2037 | 1250 | 1335 |
| Series B, Rev., 1.50%, 09/01/2051 (z) | 8200 | 8077 |
| Long Island Power Authority, Electric System General Revenue Bonds, Series B, Rev., 3.00%, 09/01/2055 (z) | 1500 | 1492 |
| Long Island Power Authority, Green Bond, Series E, Rev., 5.00%, 09/01/2048 | 2440 | 2538 |
| Metropolitan Transportation Authority |  |  |
| Rev., (United States SOFR \* 0.67 + 0.80%), 3.59%, 11/01/2032 (aa) | 430 | 430 |
| Rev., BAM, 4.00%, 11/15/2048 | 4415 | 4003 |
| Rev., 5.00%, 11/15/2049 | 2000 | 2017 |
| Special Tax, 5.25%, 11/15/2042 | 2140 | 2335 |
| Special Tax, 5.25%, 11/15/2045 | 8500 | 9147 |
| Series A2, Rev., 5.00%, 11/15/2045 (z) | 4500 | 4852 |
| Series A, Rev., 5.25%, 11/15/2030 | 1475 | 1519 |
| Series A, Rev., 5.25%, 11/15/2034 | 8000 | 8195 |
| Series B, Rev., 5.00%, 11/15/2025 | 540 | 541 |
| Series C1, Rev., 5.00%, 11/15/2056 | 3100 | 3104 |
| Series D, Rev., BAM, 4.00%, 11/15/2042 | 3295 | 3090 |
| Series D, Rev., 5.00%, 11/15/2027 | 1200 | 1231 |
| Metropolitan Transportation Authority Dedicated Tax Fund, Sustainable Bond, Series A, Special Tax, 5.25%, 11/15/2054 | 2790 | 2949 |
| Metropolitan Transportation Authority, Build America Bonds, Rev., 6.67%, 11/15/2039 | 2500 | 2740 |
| Metropolitan Transportation Authority, Green Bond |  |  |
| Series A2, Rev., 5.00%, 11/15/2027 | 1085 | 1112 |
| Series C2, Rev., Zero Coupon, 11/15/2032 | 500 | 394 |
| Series C, Rev., 5.00%, 11/15/2040 | 2465 | 2540 |
| Series E, Rev., 4.00%, 11/15/2045 | 60 | 54 |
| Series E, Rev., 5.00%, 11/15/2029 | 250 | 272 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| Metropolitan Transportation Authority, Green Bonds |  |  |
| Series A2, Rev., 5.00%, 11/15/2025 | 1000 | 1002 |
| Series B1, Rev., 5.00%, 11/15/2046 | 2000 | 2010 |
| Series D1, Rev., 5.00%, 11/15/2043 | 2000 | 2041 |
| Series D3, Rev., 4.00%, 11/15/2049 | 1000 | 899 |
| Metropolitan Transportation Authority, Green Bonds, Subordinated, Series B1, Rev., 5.00%, 11/15/2036 | 10000 | 10186 |
| Metropolitan Transportation Authority, Sustainable Bond |  |  |
| Series A, Rev., 5.25%, 11/15/2049 | 2000 | 2092 |
| Series C1, Rev., 4.00%, 11/15/2031 | 2450 | 2491 |
| Series E, Rev., 5.00%, 11/15/2033 | 2400 | 2616 |
| Metropolitan Transportation Authority, Transportation Green Bonds, Series B, Rev., 5.00%, 11/15/2026 | 1720 | 1763 |
| Monroe County Industrial Development Corp., Andrews Terrace Community |  |  |
| Rev., HUD, 5.00%, 07/01/2028 (z) | 3915 | 4057 |
| Monroe County Industrial Development Corp., Rochester Regional Health Project |  |  |
| Rev., 5.00%, 12/01/2027 | 1000 | 1042 |
| Rev., 5.00%, 12/01/2028 | 1700 | 1802 |
| Rev., 5.00%, 12/01/2029 | 1900 | 2043 |
| Monroe County Industrial Development Corp., University of Rochester Project, Series A, Rev., 5.00%, 07/01/2053 | 13650 | 14000 |
| MTA Hudson Rail Yards Trust Obligations |  |  |
| Series A, Rev., 5.00%, 11/15/2051 | 10000 | 9997 |
| Series A, Rev., 5.00%, 11/15/2056 | 2000 | 1980 |
| New York City Health and Hospitals Corp. |  |  |
| Series A, Rev., 5.00%, 02/15/2026 | 6055 | 6109 |
| Series A, Rev., 5.00%, 02/15/2027 | 2675 | 2769 |
| New York City Housing Development Corp. |  |  |
| Rev., HUD, 3.70%, 05/01/2064 (z) | 2450 | 2490 |
| Rev., 3.75%, 05/01/2065 (z) | 15550 | 15828 |
| Rev., 4.00%, 12/15/2031 | 205 | 212 |
| Series E, Rev., 3.30%, 05/01/2055 (z) | 2930 | 2931 |
| New York City Housing Development Corp., 8 Spruce Street, Rev., 5.25%, 12/15/2031 | 1000 | 1032 |
| New York City Housing Development Corp., Sustainable Bond |  |  |
| Series A2, Rev., 3.25%, 11/01/2064 (z) | 2725 | 2752 |
| Series E2, Rev., 3.80%, 11/01/2063 (z) | 1300 | 1319 |
| New York City Industrial Development Agency, Queens Baseball Stadium Project |  |  |
| Rev., 2.00%, 01/01/2038 | 675 | 507 |
| Rev., 3.00%, 01/01/2040 | 250 | 210 |
| Series A, Rev., 4.00%, 01/01/2032 | 1000 | 1041 |
| Series A, Rev., 5.00%, 01/01/2027 | 625 | 643 |
| Series A, Rev., 5.00%, 01/01/2029 | 1000 | 1072 |
| Series A, Rev., 5.00%, 01/01/2030 | 1500 | 1636 |
| New York City Industrial Development Agency, Yankee Stadium Project Pilot |  |  |
| Rev., 4.00%, 03/01/2045 | 8825 | 8187 |
| Rev., 5.00%, 03/01/2028 | 1250 | 1321 |
| Rev., 5.00%, 03/01/2029 | 1500 | 1616 |
| Rev., 5.00%, 03/01/2030 | 3900 | 4274 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| New York City Municipal Water Finance Authority |  |  |
| Rev., VRDO, 3.50%, 10/01/2025 (z) | 6665 | 6665 |
| Rev., VRDO, 4.00%, 10/01/2025 (z) | 11150 | 11150 |
| Rev., 5.00%, 06/15/2037 | 2000 | 2275 |
| Series AA1, Rev., 5.25%, 06/15/2052 | 4610 | 4829 |
| Series AA3, Rev., 5.00%, 06/15/2047 | 4065 | 4212 |
| Series BB, Rev., 3.55%, 06/15/2049 (z) | 29190 | 29190 |
| Series CC1, Rev., 4.00%, 06/15/2052 | 5000 | 4567 |
| Series DD, Rev., 5.00%, 06/15/2034 | 1920 | 2205 |
| New York City Municipal Water Finance Authority, Second General Resolution |  |  |
| Rev., VRDO, 3.50%, 10/01/2025 (z) | 8195 | 8195 |
| Rev., VRDO, 3.65%, 10/01/2025 (z) | 8000 | 8000 |
| Rev., 4.00%, 06/15/2051 | 9205 | 8470 |
| Rev., 5.00%, 06/15/2044 | 2755 | 2901 |
| Rev., 5.00%, 06/15/2046 | 5000 | 5066 |
| Rev., 5.25%, 06/15/2054 | 5000 | 5267 |
| Series BB, Rev., 5.00%, 06/15/2043 | 5535 | 5951 |
| Series CC1, Rev., 5.00%, 06/15/2049 | 5000 | 5092 |
| New York City Municipal Water Finance Authority, Subordinate Fiscal 2025, Series AA, Rev., 5.25%, 06/15/2053 | 15890 | 16899 |
| New York City Municipal Water Finance Authority, Subordinated Second General Resolution, Rev., VRDO, 3.55%, 10/01/2025 (z) | 4300 | 4300 |
| New York City Transitional Finance Authority |  |  |
| Rev., VRDO, 4.00%, 10/01/2025 (z) | 11100 | 11100 |
| Rev., 5.00%, 11/01/2027 | 4490 | 4731 |
| Rev., 5.00%, 05/01/2030 | 2000 | 2221 |
| Rev., 5.00%, 11/01/2034 | 2465 | 2847 |
| Rev., 5.00%, 05/01/2038 | 4900 | 5418 |
| Rev., 5.00%, 11/01/2038 | 3485 | 3872 |
| Rev., 5.00%, 05/01/2041 | 6000 | 6506 |
| Rev., 5.25%, 05/01/2048 | 5165 | 5475 |
| Rev., 5.25%, 05/01/2049 | 3000 | 3174 |
| New York City Transitional Finance Authority Building Aid Revenue, Subordinate |  |  |
| Series S1, Rev., 4.00%, 07/15/2034 | 1000 | 1033 |
| Series S1, Rev., 5.00%, 07/15/2043 | 1505 | 1514 |
| New York City Transitional Finance Authority Future Tax Secured, Rev., 5.00%, 08/01/2029 | 1000 | 1094 |
| New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
| Rev., VRDO, 3.52%, 10/01/2025 (z) | 10000 | 10000 |
| Rev., 4.00%, 08/01/2036 | 11260 | 11312 |
| Rev., 5.00%, 11/01/2028 | 600 | 646 |
| Series A4, Rev., VRDO, 3.85%, 10/01/2025 (z) | 11200 | 11200 |
| Series B1, Rev., 4.00%, 08/01/2042 | 17500 | 16584 |
| Series E1, Rev., 3.00%, 02/01/2028 | 730 | 738 |
| Series F1, Rev., 5.00%, 02/01/2039 | 3000 | 3221 |
| Series F1, Rev., 5.00%, 02/01/2041 | 2000 | 2160 |
| Series F1, Rev., 5.00%, 02/01/2045 | 5000 | 5241 |
| Series F1, Rev., 5.00%, 02/01/2046 | 3335 | 3480 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured |  |  |
| Rev., 4.00%, 11/01/2035 | 7000 | 7117 |
| Series A3, Rev., 4.00%, 08/01/2043 | 5645 | 5290 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured Subordinate, Series B1, Rev., 5.00%, 08/01/2038 | 1000 | 1010 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Subordinated |  |  |
| Series A3, Rev., 4.00%, 08/01/2042 | 2500 | 2369 |
| Series E1, Rev., 4.00%, 02/01/2041 | 12000 | 11660 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate |  |  |
| Rev., 4.00%, 05/01/2038 | 2000 | 2004 |
| Rev., 5.00%, 11/01/2025 | 255 | 255 |
| Series B1, Rev., 4.00%, 08/01/2036 | 7415 | 7521 |
| Series DS, Rev., 4.00%, 11/01/2038 | 4000 | 3993 |
| Series E1, Rev., 4.00%, 02/01/2046 | 2000 | 1873 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Future Tax Secured, Rev., 4.00%, 11/01/2040 | 5000 | 4917 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Multi Modal, Series A, Rev., 5.00%, 05/01/2040 | 1000 | 1080 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate, Future Tax Secured, Rev., 3.75%, 11/01/2025 | 8000 | 7996 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated |  |  |
| Rev., 5.00%, 11/01/2026 | 1000 | 1027 |
| Rev., 5.00%, 05/01/2031 | 1000 | 1110 |
| Rev., 5.25%, 08/01/2042 | 3000 | 3208 |
| Series A3, Rev., 4.00%, 05/01/2042 | 2000 | 1908 |
| Series A3, Rev., 5.00%, 08/01/2040 | 1720 | 1759 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated Future Tax Secured, Rev., VRDO, 3.50%, 10/01/2025 (z) | 7000 | 7000 |
| New York City Transitional Finance Authority, Building Aid Revenue |  |  |
| Series S2, Rev., 5.00%, 07/15/2031 (w) | 4055 | 4567 |
| Series S2, Rev., 5.00%, 07/15/2042 (w) | 1250 | 1346 |
| New York City Transitional Finance Authority, Fiscal 2025 |  |  |
| Series D, Rev., 5.00%, 05/01/2035 | 900 | 1033 |
| Series D, Rev., 5.00%, 05/01/2036 | 1540 | 1752 |
| New York City Transitional Finance Authority, Multi Modal Bonds Subordinate, Rev., 5.00%, 05/01/2039 | 1500 | 1639 |
| New York City Transitional Finance Authority, Subordinate |  |  |
| Series D1, Rev., 5.00%, 11/01/2034 | 4410 | 5060 |
| Series D1, Rev., 5.00%, 11/01/2037 | 715 | 794 |
| Series D1, Rev., 5.00%, 11/01/2039 | 3000 | 3290 |
| New York City Transitional Finance Authority, Subordinate Fiscal 2025 |  |  |
| Rev., 5.00%, 11/01/2032 | 1315 | 1505 |
| Rev., 5.00%, 11/01/2034 | 1965 | 2269 |
| Rev., 5.00%, 11/01/2038 | 4100 | 4538 |
| Series H, Rev., 5.00%, 11/01/2042 | 1000 | 1078 |
| Series H, Rev., 5.25%, 11/01/2045 | 1500 | 1617 |
| New York City Transitional Finance Authority, Subordinate Fiscal 2026, Series A, Rev., 5.00%, 05/01/2044 | 5000 | 5313 |
| New York City Transitional Finance Authority, Subordinated Bonds |  |  |
| Series E, Rev., 5.00%, 11/01/2039 | 6000 | 6609 |
| Series E, Rev., 5.00%, 11/01/2042 | 900 | 968 |
| Series E, Rev., 5.00%, 11/01/2043 | 2485 | 2646 |
| Series E, Rev., 5.00%, 11/01/2053 | 4500 | 4662 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| New York City Transitional Finance Authority, Subordinated Future Tax |  |  |
| Rev., 5.00%, 11/01/2039 | 3780 | 4164 |
| Series CS, Rev., 5.00%, 05/01/2045 | 5000 | 5259 |
| New York City Trust for Cultural Resources, Refunding Lincoln Center, Series A, Rev., 5.00%, 12/01/2032 | 500 | 552 |
| New York City Water & Sewer System |  |  |
| Series BB1, Rev., 5.00%, 06/15/2049 | 500 | 509 |
| Series FF, Rev., 5.00%, 06/15/2041 | 2000 | 2108 |
| New York City Water & Sewer System, Second General Resolution |  |  |
| Rev., 5.00%, 06/15/2026 | 1005 | 1023 |
| Series CC1, Rev., 5.00%, 06/15/2048 | 2730 | 2764 |
| Series CC1, Rev., 5.25%, 06/15/2037 | 2345 | 2397 |
| Series DD1, Rev., 5.00%, 06/15/2048 | 3115 | 3164 |
| Series DD2, Rev., 5.00%, 06/15/2040 | 2000 | 2058 |
| Series DD, Rev., 5.00%, 06/15/2047 | 6680 | 6700 |
| New York City Water & Sewer System, Various Second General Resolution, Series BB4, Rev., VRDO, 3.85%, 10/01/2025 (z) | 12800 | 12800 |
| New York City Water & Sewer System, Water and Sewer System Revenue Second General Resolution, Series BB2, Rev., 4.00%, 06/15/2042 | 1180 | 1139 |
| New York Liberty Development Corp. |  |  |
| Rev., 5.25%, 10/01/2035 | 19150 | 22020 |
| Series 1WTC, Rev., 3.00%, 02/15/2042 | 1755 | 1445 |
| Series 1WTC, Rev., 4.00%, 02/15/2043 | 4985 | 4789 |
| New York Liberty Development Corp., 3 World Trade Center, Rev., 5.38%, 11/15/2040 (e) | 1945 | 1945 |
| New York Liberty Development Corp., 7 World Trade Center Project, Rev., 3.13%, 09/15/2050 | 3000 | 2234 |
| New York Liberty Development Corp., World Trade Center Project, Series 1, Rev., 5.00%, 11/15/2044 (e) | 30100 | 30100 |
| New York Power Authority |  |  |
| Rev., 4.00%, 11/15/2049 | 2000 | 1837 |
| Rev., 5.00%, 11/15/2041 | 1500 | 1639 |
| New York Power Authority, Green Transmission Project |  |  |
| Rev., 5.00%, 11/15/2028 | 1000 | 1086 |
| Rev., 5.00%, 11/15/2034 | 635 | 712 |
| Rev., 5.00%, 11/15/2035 | 1250 | 1390 |
| New York Power Authority, Sustainable Bonds, Rev., 5.13%, 11/15/2063 | 4000 | 4159 |
| New York State Dormitory Authority |  |  |
| Rev., 5.00%, 10/01/2025 | 1350 | 1350 |
| Rev., 5.00%, 10/01/2026 | 875 | 897 |
| Rev., 5.00%, 07/01/2035 | 750 | 867 |
| Rev., 5.00%, 10/01/2037 | 1000 | 1091 |
| Rev., 5.00%, 10/01/2039 | 860 | 925 |
| Rev., 5.00%, 07/01/2042 | 5000 | 5078 |
| Series A1, Rev., 5.00%, 03/15/2036 | 2500 | 2815 |
| Series A, Rev., 4.00%, 03/15/2039 | 1000 | 1001 |
| Series A, Rev., 4.00%, 03/15/2054 | 8090 | 7375 |
| Series A, Rev., 5.00%, 03/15/2029 (p) | 1070 | 1163 |
| Series A, Rev., 5.00%, 03/15/2034 | 2000 | 2039 |
| Series A, Rev., 5.00%, 03/15/2036 | 1765 | 1995 |
| Series A, Rev., 5.00%, 03/15/2040 | 1000 | 1038 |
| Series A, Rev., 5.00%, 02/15/2043 | 3000 | 3008 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| Series A, Rev., 5.00%, 03/15/2044 | 2460 | 2592 |
| Series C, Rev., 5.00%, 03/15/2041 | 690 | 751 |
| Series C, Rev., 5.00%, 03/15/2042 | 1060 | 1142 |
| Series C, Rev., 5.00%, 03/15/2043 | 1435 | 1537 |
| New York State Dormitory Authority, Bidding Group 3, Series A, Rev., 5.00%, 03/15/2054 | 14205 | 14657 |
| New York State Dormitory Authority, Cornell University, Series A, Rev., 5.50%, 07/01/2054 | 5000 | 5432 |
| New York State Dormitory Authority, Exchange Bonds, Series C, Rev., 5.00%, 07/01/2031 | 1227 | 1382 |
| New York State Dormitory Authority, General Purpose, Series D, Rev., 5.00%, 02/15/2026 (p) | 95 | 96 |
| New York State Dormitory Authority, Green Bond, Cornell University, Rev., 5.00%, 07/01/2034 | 1100 | 1292 |
| New York State Dormitory Authority, Group 2 |  |  |
| Series A, Rev., 5.00%, 03/15/2033 | 2000 | 2195 |
| Series A, Rev., 5.00%, 03/15/2036 | 2015 | 2126 |
| New York State Dormitory Authority, Group 3, Series A, Rev., 5.00%, 03/15/2037 | 5000 | 5257 |
| New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Rev., 5.00%, 07/01/2040 | 1500 | 1499 |
| New York State Dormitory Authority, Montefiore Obligated Group |  |  |
| Series A, Rev., 5.00%, 08/01/2026 | 900 | 913 |
| Series A, Rev., 5.00%, 08/01/2031 | 1010 | 1042 |
| New York State Dormitory Authority, Northwell Health Obligated |  |  |
| Rev., 5.00%, 05/01/2034 | 13180 | 14882 |
| Rev., 5.25%, 05/01/2054 | 5000 | 5148 |
| New York State Dormitory Authority, Northwell Health Obligated Group |  |  |
| Rev., 4.00%, 05/01/2045 | 6500 | 5898 |
| Rev., 4.25%, 05/01/2052 | 4930 | 4431 |
| Rev., 5.00%, 05/01/2052 | 3000 | 3037 |
| New York State Dormitory Authority, Refunded General Purpose, Series B, Rev., 5.00%, 02/15/2026 (p) | 2835 | 2860 |
| New York State Dormitory Authority, Roswell Park Cancer Institute, Rev., 5.50%, 07/01/2050 | 2500 | 2674 |
| New York State Dormitory Authority, Second Bond Financing Program |  |  |
| Rev., 5.00%, 10/01/2029 | 2000 | 2203 |
| Rev., 5.00%, 10/01/2030 | 2670 | 2996 |
| Rev., 5.00%, 10/01/2036 | 260 | 285 |
| New York State Dormitory Authority, St John's University, Series A, Rev., 4.00%, 07/01/2048 | 1000 | 875 |
| New York State Dormitory Authority, Unrefunded, Series A, Rev., 5.00%, 03/15/2029 | 1930 | 2095 |
| New York State Dormitory Authority, Unrefunded 2024 Bidding Group, Rev., 5.00%, 03/15/2029 | 2000 | 2171 |
| New York State Dormitory Authority, Unrefunded General Purpose, Series D, Rev., 5.00%, 02/15/2026 (p) | 5 | 5 |
| New York State Dormitory Authority, Unrefunded Group 2, Series E, Rev., 5.00%, 03/15/2028 (p) | 1000 | 1064 |
| New York State Dormitory Authority, White Plains Hospital Obligated |  |  |
| Rev., 5.00%, 10/01/2039 | 750 | 803 |
| Rev., 5.25%, 10/01/2040 | 500 | 540 |
| Rev., 5.25%, 10/01/2041 | 525 | 560 |
| Rev., 5.25%, 10/01/2049 | 2025 | 2041 |
| New York State Dormitory Authority, Yeshiva University, Series A, Rev., 5.00%, 07/15/2037 | 2500 | 2579 |
| New York State Energy Research & Development Authority |  |  |
| Series A, Rev., 3.80%, 08/01/2032 | 6710 | 6911 |
| Series B, Rev., 3.80%, 08/01/2032 | 6240 | 6427 |
| Series C, Rev., 3.80%, 08/01/2032 | 6750 | 6953 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| New York State Environmental Facilities Corp., Green Bond 2010 Master Financing Project |  |  |
| Rev., 5.00%, 09/15/2028 | 575 | 621 |
| Rev., 5.00%, 09/15/2031 | 250 | 286 |
| New York State Environmental Facilities Corp., Solid Waste Disposal Revenue, Casella Waste System, Inc. Project, Rev., AMT, 4.25%, 09/01/2050 (e) (z) | 1100 | 1110 |
| New York State Housing Finance Agency, Series B2, Rev., HUD, SONYMA, 3.60%, 11/01/2064 (z) | 11000 | 11116 |
| New York State Housing Finance Agency, Housing 160 West 62nd Street, Rev., 3.60%, 11/01/2044 (z) | 2805 | 2862 |
| New York State Housing Finance Agency, Sustainability Bonds |  |  |
| Series B, Rev., HUD, SONYMA, 3.60%, 11/01/2062 (z) | 1705 | 1705 |
| Series J, Rev., HUD, SONYMA, 1.10%, 11/01/2061 (z) | 4045 | 3902 |
| New York State Thruway Authority |  |  |
| Series A1, Rev., 4.00%, 03/15/2041 | 500 | 487 |
| Series A1, Rev., 5.00%, 03/15/2033 | 1000 | 1109 |
| Series A, Rev., 5.00%, 01/01/2041 | 6000 | 6003 |
| New York State Thruway Authority, Bidding Group 4, Series A, Rev., 5.00%, 03/15/2051 | 5000 | 5198 |
| New York State Thruway Authority, Group 2, Series N, Rev., 4.00%, 01/01/2041 | 3120 | 3052 |
| New York State Urban Development Corp. |  |  |
| Series A, Rev., 4.00%, 03/15/2042 | 2000 | 1939 |
| Series E, Rev., 4.00%, 03/15/2046 | 10000 | 9201 |
| New York State Urban Development Corp., Bidding Group 4, Series A, Rev., 3.00%, 03/15/2050 | 4000 | 2933 |
| New York State Urban Development Corp., Group 2, Series E, Rev., 4.00%, 03/15/2038 | 1000 | 1004 |
| New York State Urban Development Corp., Personal Income Tax |  |  |
| Rev., 4.00%, 03/15/2037 | 2000 | 2018 |
| Rev., 4.00%, 03/15/2041 | 5000 | 4876 |
| Rev., 5.00%, 03/15/2030 | 500 | 554 |
| Series C3, Rev., 5.00%, 03/15/2038 | 1860 | 1914 |
| New York State Urban Development Corp., State Personal Income Tax |  |  |
| Rev., 4.00%, 03/15/2042 | 2000 | 1923 |
| Series AG, Rev., 5.00%, 03/15/2038 | 5000 | 5108 |
| New York State Urban Development Corp., State Personal Income Tax, General Purpose |  |  |
| Series A, Rev., 5.00%, 03/15/2042 | 5000 | 5114 |
| Series B, Rev., 3.54%, 03/15/2028 (p) | 7000 | 6957 |
| New York State Urban Development Corp., Sustainable Bond State Person, Rev., 5.00%, 03/15/2063 | 25905 | 26652 |
| New York Transportation Development Corp. |  |  |
| Rev., AMT, 5.00%, 01/01/2036 | 5405 | 5491 |
| Rev., AMT, 5.00%, 12/01/2036 | 4000 | 4221 |
| Rev., AMT, 5.00%, 06/30/2049 | 12000 | 12030 |
| Rev., AMT, 5.00%, 06/30/2054 | 5000 | 4989 |
| Rev., AMT, 5.25%, 06/30/2049 | 5000 | 5044 |
| Rev., AMT, 5.50%, 06/30/2060 | 13500 | 13623 |
| New York Transportation Development Corp., American Airlines Inc |  |  |
| Rev., AMT, 2.25%, 08/01/2026 | 200 | 198 |
| Rev., AMT, 5.00%, 08/01/2026 | 1880 | 1881 |
| New York Transportation Development Corp., Delta Air Lines, Inc, LaGuardia |  |  |
| Rev., AMT, 4.38%, 10/01/2045 | 11130 | 10244 |
| Rev., AMT, 5.00%, 01/01/2032 | 3000 | 3083 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 4.00%, 10/01/2030 | 2500 | 2535 |
| New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 5.00%, 10/01/2035 | 11000 | 11492 |
| New York Transportation Development Corp., John F. Kennedy International Airport, Rev., AMT, 5.38%, 08/01/2036 | 2000 | 2079 |
| New York Transportation Development Corp., LaGuardia Airport Terminal |  |  |
| Rev., AMT, 5.63%, 04/01/2040 | 15355 | 16045 |
| Rev., AMT, 6.00%, 04/01/2035 | 5000 | 5496 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B |  |  |
| Rev., AMT, 4.00%, 07/01/2033 | 2500 | 2500 |
| Rev., AMT, 5.00%, 07/01/2046 | 16280 | 16118 |
| Rev., AMT, 5.25%, 01/01/2050 | 15195 | 15194 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment |  |  |
| Rev., AMT, 4.00%, 07/01/2031 | 4500 | 4500 |
| Rev., AMT, 4.00%, 07/01/2032 | 11200 | 11202 |
| Rev., AMT, 4.00%, 07/01/2035 | 5080 | 5047 |
| Rev., AMT, 5.00%, 07/01/2041 | 1000 | 1000 |
| New York Transportation Development Corp., New York State Thruway, Rev., AMT, 4.00%, 10/31/2034 | 600 | 599 |
| New York Transportation Development Corp., Sustainable Bond, JFK International Airport |  |  |
| Rev., AMT, 4.50%, 12/31/2054 | 3000 | 2826 |
| Rev., AMT, 5.00%, 06/30/2049 | 14750 | 14779 |
| Rev., AMT, 5.38%, 06/30/2060 | 3920 | 3878 |
| Rev., AMT, 5.50%, 06/30/2043 | 1585 | 1640 |
| Rev., AMT, 5.50%, 06/30/2054 | 4500 | 4575 |
| Rev., AMT, 5.50%, 12/31/2054 | 12000 | 12320 |
| Rev., AMT, 5.50%, 12/31/2060 | 5000 | 5103 |
| Rev., AMT, 6.00%, 06/30/2043 | 2000 | 2217 |
| Rev., AMT, 6.00%, 06/30/2044 | 2650 | 2869 |
| Rev., AMT, 6.00%, 06/30/2050 | 8000 | 8537 |
| Rev., AMT, 6.00%, 06/30/2054 | 14075 | 14667 |
| New York Transportation Development Corp., Terminal 4 JFK International |  |  |
| Rev., AMT, 5.00%, 12/01/2030 | 1710 | 1857 |
| Rev., AMT, 5.00%, 12/01/2032 | 2005 | 2192 |
| Rev., AMT, 5.00%, 12/01/2033 | 1000 | 1061 |
| Rev., AMT, 5.00%, 12/01/2037 | 3500 | 3666 |
| Rev., AMT, 5.00%, 12/01/2038 | 1000 | 1039 |
| New York Transportation Development Corp., Terminal 4 JFK International Airport |  |  |
| Rev., AMT, 5.00%, 12/01/2030 | 4170 | 4529 |
| Rev., AMT, 5.00%, 12/01/2035 | 1000 | 1064 |
| New York Transportation Development Corp., Terminal 4 John F Kennedy International |  |  |
| Rev., AMT, 4.00%, 12/01/2038 | 300 | 284 |
| Rev., AMT, 4.00%, 12/01/2039 | 300 | 281 |
| Rev., AMT, 4.00%, 12/01/2040 | 1475 | 1362 |
| Rev., AMT, 4.00%, 12/01/2041 | 300 | 272 |
| Rev., AMT, 4.00%, 12/01/2042 | 300 | 267 |
| Rev., 5.00%, 12/01/2025 | 200 | 201 |
| Rev., 5.00%, 12/01/2026 | 995 | 1019 |
| Rev., 5.00%, 12/01/2027 | 200 | 209 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| Rev., 5.00%, 12/01/2028 | 200 | 214 |
| Rev., 5.00%, 12/01/2037 | 250 | 265 |
| Rev., 5.00%, 12/01/2038 | 2250 | 2369 |
| Onondaga Civic Development Corp. |  |  |
| Rev., 5.00%, 12/01/2039 | 1000 | 1116 |
| Rev., 5.25%, 12/01/2042 | 1000 | 1109 |
| Port Authority of New York & New Jersey |  |  |
| Rev., AMT, 5.00%, 11/15/2042 | 1500 | 1515 |
| Series 207, Rev., AMT, 5.00%, 09/15/2027 | 2210 | 2300 |
| Series 207, Rev., AMT, 5.00%, 09/15/2028 | 1080 | 1133 |
| Series 207, Rev., AMT, 5.00%, 09/15/2031 | 5000 | 5226 |
| Series 226, Rev., AMT, 5.00%, 10/15/2031 | 4500 | 4974 |
| Series 226, Rev., AMT, 5.00%, 10/15/2032 | 1250 | 1370 |
| Series 226, Rev., AMT, 5.00%, 10/15/2036 | 2040 | 2173 |
| Series 242, Rev., AMT, 5.00%, 12/01/2042 | 7000 | 7233 |
| Port Authority of New York & New Jersey, Consolidated |  |  |
| Series 197, Rev., AMT, 5.00%, 11/15/2032 | 3000 | 3045 |
| Series 206, Rev., AMT, 5.00%, 11/15/2032 | 3000 | 3110 |
| Series 221, Rev., AMT, 5.00%, 07/15/2031 | 1620 | 1752 |
| Series 221, Rev., AMT, 5.00%, 07/15/2032 | 2620 | 2817 |
| Port Authority of New York & New Jersey, Consolidated 211, Rev., 4.00%, 09/01/2043 | 18590 | 17785 |
| Port Authority of New York & New Jersey, Consolidated Bond 233, Rev., 5.00%, 08/01/2038 | 670 | 732 |
| Port Authority of New York & New Jersey, Consolidated Bond Two, Rev., AMT, 5.50%, 08/01/2052 | 8500 | 8938 |
| Port Authority of New York & New Jersey, Consolidated Bond Two Hund, Rev., AMT, 5.00%, 01/15/2039 | 1250 | 1322 |
| Port Authority of New York & New Jersey, Consolidated Bonds |  |  |
| Series 221, Rev., AMT, 4.00%, 07/15/2039 | 5000 | 4868 |
| Series 221, Rev., AMT, 4.00%, 07/15/2040 | 3715 | 3548 |
| Port Authority of New York & New Jersey, Consolidated One Hundred Eighty, Series 222, Rev., 4.00%, 07/15/2036 | 10250 | 10417 |
| Port Authority of New York & New Jersey, Consolidated One Hundred Eighty Third, Rev., 4.00%, 12/15/2039 | 6000 | 5963 |
| State of New York Mortgage Agency Homeowner Mortgage Revenue, Social Bonds, Series 253, Rev., SONYMA, AMT, 4.70%, 10/01/2038 | 2030 | 2052 |
| State of New York Mortgage Agency, Social Bonds, Series 233, Rev., 3.00%, 10/01/2045 | 1505 | 1487 |
| State of New York Mortgage Agency, Social Bonds 242, Rev., SONYMA, 3.50%, 10/01/2052 | 85 | 85 |
| Suffolk Regional Off-Track Betting Co., Rev., 6.00%, 12/01/2053 | 1000 | 1010 |
| Triborough Bridge & Tunnel Authority |  |  |
| Rev., 5.25%, 05/15/2054 | 9940 | 10494 |
| Series A2, Rev., 2.00%, 05/15/2045 (z) | 4250 | 4082 |
| Series A, Rev., 5.00%, 11/15/2041 | 1975 | 1981 |
| Series A, Rev., 5.00%, 11/15/2047 | 2500 | 2574 |
| Series A, Rev., 5.00%, 11/15/2049 | 3040 | 3111 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue |  |  |
| Series A1, Rev., 5.00%, 05/15/2049 | 2600 | 2717 |
| Series A1, Rev., 5.00%, 05/15/2054 | 2355 | 2445 |
| Series A1, Rev., 5.25%, 05/15/2059 | 16710 | 17629 |
| Series A1, Rev., 5.25%, 05/15/2064 | 5000 | 5260 |
| Series A2, Rev., 5.25%, 05/15/2064 | 24000 | 25144 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **New York** — **continued** |  |  |
| Triborough Bridge & Tunnel Authority, Green Bond |  |  |
| Series E1, Rev., 5.00%, 11/15/2027 | 1155 | 1211 |
| Series E-2B, Rev., 5.00%, 11/15/2032 | 575 | 656 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Rev., 5.00%, 05/15/2047 | 5250 | 5422 |
| Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Rev., 5.00%, 11/15/2026 | 2440 | 2511 |
| Triborough Bridge & Tunnel Authority, MTA Bridges And Tunnels |  |  |
| Series A, Rev., 5.00%, 11/15/2042 | 2000 | 2158 |
| Series A, Rev., 5.00%, 11/15/2043 | 3500 | 3751 |
| Series A, Rev., 5.00%, 11/15/2045 | 2000 | 2122 |
| Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Green Bonds, Rev., 5.00%, 11/15/2029 | 1615 | 1787 |
| Triborough Bridge & Tunnel Authority, Sales Tax Revenue, MTA Bridges & Tunnels TBTA Capital Lockbox Fund, Rev., 5.25%, 05/15/2062 | 7500 | 7828 |
| Triborough Bridge & Tunnel Authority, Senior |  |  |
| Series C, Rev., 5.00%, 05/15/2040 | 5000 | 5343 |
| Series C, Rev., 5.00%, 05/15/2047 | 1000 | 1033 |
| Triborough Bridge & Tunnel Authority, Senior Lien |  |  |
| Rev., 5.00%, 05/15/2050 (z) | 7000 | 7093 |
| Series C, Rev., 5.25%, 05/15/2052 | 10000 | 10449 |
| Series C1-A, Rev., 5.00%, 05/15/2038 | 2000 | 2159 |
| Triborough Bridge & Tunnel Authority, Senior Lien MTA Bridges & Tunnels |  |  |
| Rev., 5.00%, 05/15/2035 | 2000 | 2226 |
| Rev., 5.00%, 05/15/2036 | 2000 | 2209 |
| Rev., 5.00%, 05/15/2038 | 4240 | 4608 |
| Triborough Bridge & Tunnel Authority, TBTA Capital Lockbox Fund |  |  |
| Rev., 4.50%, 12/01/2056 | 4085 | 3976 |
| Rev., 5.00%, 12/01/2036 | 500 | 574 |
| Rev., 5.00%, 12/01/2043 | 1400 | 1484 |
| Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Rev., 4.00%, 09/01/2036 | 750 | 753 |
| TSASC, Inc., Series B, Rev., 5.00%, 06/01/2048 | 6780 | 5889 |
| Utility Debt Securitization Authority |  |  |
| Series 1, Rev., 5.00%, 12/15/2031 | 3000 | 3304 |
| Series 1, Rev., 5.00%, 12/15/2039 | 1000 | 1117 |
| Utility Debt Securitization Authority, Restructuring Bonds |  |  |
| Rev., 5.00%, 12/15/2033 | 1500 | 1505 |
| Series TE, Rev., 5.00%, 12/15/2029 | 1500 | 1661 |
| Westchester County Local Development Corp., Rev., 5.00%, 07/01/2056 (e) | 2000 | 1721 |
| Westchester County Local Development Corp., Westchester Med. Ctr. Obligated |  |  |
| Rev., 5.00%, 11/01/2047 | 5610 | 5730 |
| Rev., 5.75%, 11/01/2048 | 1400 | 1497 |
| Rev., 5.75%, 11/01/2049 | 2000 | 2136 |
| Rev., 6.25%, 11/01/2052 | 420 | 420 |
| Westchester County Local Development Corp., Westchester Medical Center |  |  |
| Rev., 5.00%, 11/01/2032 | 1500 | 1458 |
| Rev., 5.00%, 11/01/2046 | 3500 | 3140 |
| Western Regional Off-Track Betting Corp., Rev., 3.00%, 12/01/2026 (e) | 140 | 138 |
|  |  | 1620917 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **North Carolina** — **1.1%** |  |  |
| Charlotte-Mecklenburg Hospital Authority, Atrium Health, Series B, Rev., 1.95%, 01/15/2048 (z) | 2285 | 2144 |
| Charlotte-Mecklenburg Hospital Authority, The Atrium Health, Series D, Rev., 3.63%, 01/15/2048 (z) | 2200 | 2228 |
| City of Charlotte Airport Revenue, Rev., 5.00%, 07/01/2040 | 2375 | 2563 |
| City of Charlotte Airport Revenue, Airport, Series A, Rev., 4.00%, 07/01/2036 | 1520 | 1548 |
| City of Charlotte Airport Revenue, Charlotte Douglas International, Rev., AMT, 5.00%, 07/01/2026 | 1315 | 1335 |
| City of Charlotte Airport Special Facilities Revenue, Charlotte Douglas International |  |  |
| Rev., 5.00%, 07/01/2049 | 5000 | 5092 |
| Rev., AMT, 5.00%, 07/01/2049 | 7335 | 7399 |
| City of Charlotte NC Water & Sewer System Revenue, Rev., 5.00%, 07/01/2041 | 500 | 548 |
| City of Charlotte, Airport Special Facilities Revenue, Series B, Rev., AMT, 5.00%, 07/01/2027 | 1315 | 1363 |
| City of Mebane, Combined Utilities Revenue, Rev., 4.00%, 08/01/2044 | 1175 | 1116 |
| Columbus County Industrial Facilities & Pollution Control Financing Authority |  |  |
| Rev., 3.45%, 11/01/2033 (z) | 2500 | 2514 |
| Rev., 4.20%, 05/01/2034 | 1000 | 1024 |
| County of Cumberland, Qualified School Construction Bonds, COP, 1.25%, 12/15/2025 | 4000 | 3977 |
| County of Macon NC, Rev., 4.00%, 10/01/2043 | 650 | 624 |
| Greater Asheville Regional Airport Authority |  |  |
| Rev., AMT, 5.25%, 07/01/2040 | 500 | 530 |
| Rev., AMT, 5.25%, 07/01/2041 | 415 | 437 |
| Rev., AMT, 5.25%, 07/01/2048 | 13150 | 13454 |
| Inlivian, Rev., 3.30%, 11/10/2043 (z) | 1130 | 1141 |
| North Carolina Department of Transportation, I-77 Hot Lanes Project, Rev., AMT, 5.00%, 06/30/2054 | 5325 | 5325 |
| North Carolina Housing Finance Agency |  |  |
| Rev., GNMA/FNMA/FHLMC, 3.20%, 07/01/2056 (z) | 3760 | 3760 |
| Rev., GNMA/FNMA/FHLMC, 4.35%, 01/01/2044 | 1075 | 1068 |
| Rev., GNMA/FNMA/FHLMC, 4.55%, 07/01/2044 | 835 | 831 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 920 | 1030 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 3690 | 4079 |
| Series 44, Rev., 2.30%, 01/01/2031 | 1030 | 971 |
| Series 44, Rev., 4.00%, 07/01/2050 | 180 | 182 |
| Series 45, Rev., GNMA/FNMA/FHLMC, 1.90%, 01/01/2032 | 1525 | 1368 |
| North Carolina Housing Finance Agency, 1998 Trust Agreement, Series 5, Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2056 | 2120 | 2390 |
| North Carolina Housing Finance Agency, Home Ownership, Series 47, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051 | 620 | 613 |
| North Carolina Housing Finance Agency, Sustainable Bond 1998 Trust Agency, Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 2075 | 2259 |
| North Carolina Housing Finance Agency, Sustainable Bonds 1998 Trust |  |  |
| Rev., GNMA/FNMA/FHLMC, 4.90%, 07/01/2043 | 4915 | 5021 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 4685 | 5085 |
| North Carolina Medical Care Commission, CaroMont Health, Series A, Rev., 4.00%, 02/01/2036 | 1875 | 1893 |
| North Carolina Medical Care Commission, Lutheran Services for the Aging, Rev., 4.00%, 03/01/2041 | 1050 | 949 |
| North Carolina Medical Care Commission, Penick Village Project, Series A, Rev., 5.50%, 09/01/2054 | 460 | 449 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **North Carolina** — **continued** |  |  |
| North Carolina Medical Care Commission, Presbyterian Homes Obligations |  |  |
| Series A, Rev., 4.00%, 10/01/2027 | 600 | 604 |
| Series A, Rev., 4.00%, 10/01/2040 | 1600 | 1475 |
| Series A, Rev., 4.00%, 10/01/2045 | 2250 | 1942 |
| North Carolina Medical Care Commission, Rex Healthcare, Series A, Rev., 5.00%, 07/01/2031 | 1760 | 1925 |
| North Carolina Medical Care Commission, The Forest at Duke Project, Rev., 4.00%, 09/01/2041 | 830 | 735 |
| North Carolina Medical Care Commission, Vidant Health, Rev., 5.00%, 06/01/2045 | 1145 | 1145 |
| North Carolina State Education Assistance Authority, Series A, Rev., AMT, 5.00%, 06/01/2045 | 4020 | 4151 |
| North Carolina State Education Assistance Authority, Senior Bonds, Series A, Rev., AMT, 5.00%, 06/01/2043 | 1355 | 1402 |
| North Carolina Turnpike Authority, Senior Lien, Rev., 5.00%, 01/01/2038 | 2375 | 2463 |
| North Carolina Turnpike Authority, Triangle Expressway System |  |  |
| Rev., 5.00%, 01/01/2053 | 2000 | 2053 |
| Rev., 5.00%, 01/01/2058 | 14995 | 15357 |
| North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., 5.00%, 01/01/2049 | 1000 | 1014 |
| Raleigh Durham Airport Authority, Series A, Rev., AMT, 5.00%, 05/01/2032 | 505 | 518 |
| State of North Carolina, Rev., 3.00%, 05/01/2028 | 3000 | 2986 |
| State of North Carolina, Build Nc Programs, Series B, Rev., 5.00%, 05/01/2027 | 2750 | 2862 |
| State of North Carolina, Grant Anticipation Revenue, Rev., 5.00%, 03/01/2029 | 1000 | 1085 |
| The Charlotte-Mecklenburg Hospital Authority, Atrium Health, Rev., VRDO, LOC: Royal Bank of Canada, 3.65%, 10/01/2025 (z) | 15000 | 15000 |
| University of North Carolina at Chapel Hill, Series A, Rev., (United States SOFR \* 0.67 + 1.05%), 3.84%, 12/01/2041 (aa) | 3000 | 3014 |
| University of North Carolina at Wilmington, Rev., 5.00%, 06/01/2028 | 1400 | 1402 |
| Western Carolina University, Series B, Rev., 5.00%, 04/01/2031 | 2120 | 2323 |
|  |  | 149766 |
| **North Dakota** — **0.4%** |  |  |
| Cass County Joint Water Resource District, Series A, Rev., CNTY GTD, 3.45%, 04/01/2027 | 17250 | 17261 |
| City of Grand Forks, Altru Health System |  |  |
| Rev., 5.00%, 12/01/2031 | 1500 | 1606 |
| Series A, Rev., 5.00%, 12/01/2041 | 1000 | 1041 |
| City of Horace |  |  |
| Series C, GO, 4.50%, 05/01/2039 | 1780 | 1783 |
| Series C, GO, 4.75%, 05/01/2044 | 1885 | 1830 |
| County of Ward, Trinity Obligation Group |  |  |
| Series C, Rev., 5.00%, 06/01/2043 | 2500 | 2386 |
| Series C, Rev., 5.00%, 06/01/2048 | 4000 | 3741 |
| Series C, Rev., 5.00%, 06/01/2053 | 2000 | 1832 |
| North Dakota Housing Finance Agency |  |  |
| Rev., 4.65%, 07/01/2044 | 5000 | 5059 |
| Series B, Rev., 3.00%, 07/01/2051 | 1235 | 1223 |
| Series C, Rev., 4.00%, 01/01/2050 | 460 | 466 |
| North Dakota Housing Finance Agency, Home Mortgage Financing Program, Series A, Rev., 3.00%, 01/01/2052 | 35 | 35 |
| North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Finance, Series D, Rev., 4.25%, 01/01/2049 | 1460 | 1470 |
| North Dakota Housing Finance Agency, Social Bonds, Series B, Rev., 3.00%, 07/01/2052 | 765 | 753 |
| North Dakota Housing Finance Agency, Social Bonds Home Mortgage Finance Program, Rev., 5.75%, 01/01/2054 | 455 | 487 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **North Dakota — continued** |  |  |
| North Dakota Housing Finance Agency, Social Bonds Home Mortgage Financing, Rev., 5.75%, 07/01/2053 | 1125 | 1197 |
| North Dakota Housing Finance Agency, Sustainable Bonds Home Mortgage, Rev., 6.25%, 01/01/2054 | 3520 | 3832 |
| North Dakota Public Finance Authority, Rev., 5.00%, 10/01/2038 | 4840 | 5398 |
| University of North Dakota, Series A, COP, 4.00%, 06/01/2046 | 1480 | 1414 |
| West Fargo Public School District No. 6, Series C, GO, 4.00%, 08/01/2026 | 300 | 303 |
|  |  | 53117 |
| **Ohio** — **2.0%** |  |  |
| Akron Bath Copley Joint Township Hospital District |  |  |
| Rev., 4.00%, 11/15/2036 | 1000 | 1016 |
| Rev., 5.00%, 11/15/2030 | 700 | 760 |
| Rev., 5.25%, 11/15/2046 | 6275 | 6354 |
| Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical, Rev., 4.00%, 11/15/2042 | 1265 | 1179 |
| Akron Bath Copley Joint Township Hospital District, Summa Health Obligations |  |  |
| Rev., 4.00%, 11/15/2034 | 500 | 511 |
| Rev., 4.00%, 11/15/2035 | 1000 | 1018 |
| Rev., 4.00%, 11/15/2038 | 750 | 754 |
| Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligation Group, Rev., 4.00%, 11/15/2037 | 1600 | 1620 |
| American Municipal Power, Inc., Fremont Energy Center Project |  |  |
| Rev., 4.00%, 02/15/2036 | 1750 | 1773 |
| Rev., 5.00%, 02/15/2026 | 600 | 605 |
| American Municipal Power, Inc., Prairie State Energy Campus, Rev., 5.00%, 02/15/2026 | 2500 | 2522 |
| Buckeye Tobacco Settlement Financing Authority |  |  |
| Series B2, Rev., 5.00%, 06/01/2055 | 18415 | 15709 |
| Series B, Rev., Zero Coupon, 06/01/2057 | 5000 | 467 |
| City of Chillicothe, Adena Health System, Rev., 5.00%, 12/01/2047 | 10410 | 10448 |
| City of Cincinnati, Mercer Commons Phase 2 Project, Rev., 5.00%, 11/01/2035 | 1085 | 1086 |
| Columbus Metropolitan Housing Authority, Rev., 4.00%, 06/01/2034 | 2000 | 1993 |
| Columbus Regional Airport Authority, Rev., AMT, 5.00%, 01/01/2033 | 4275 | 4691 |
| Columbus Regional Airport Authority, John Glenn Columbus International Airport |  |  |
| Rev., 5.00%, 01/01/2044 | 2700 | 2845 |
| Rev., AMT, 5.25%, 01/01/2041 | 6500 | 6898 |
| Columbus-Franklin County Finance Authority |  |  |
| Rev., 5.00%, 12/01/2029 (e) | 805 | 843 |
| Rev., 5.00%, 12/01/2038 (e) | 1345 | 1374 |
| Columbus-Franklin County Finance Authority, Bridge Park D Block Project, Series A, Rev., 5.00%, 12/01/2051 | 1750 | 1698 |
| Columbus-Franklin County Finance Authority, Dering Family Homes Project, Rev., HUD, 5.00%, 07/01/2045 (z) | 2200 | 2241 |
| County of Allen OH Hospital Facilities Revenue, Rev., 4.00%, 12/01/2040 | 1415 | 1366 |
| County of Allen, Hospital Facilities Revenue, Series A, Rev., 5.00%, 08/01/2027 | 50 | 52 |
| County of Butler, UC Health, Rev., 5.00%, 11/15/2030 | 1300 | 1328 |
| County of Franklin, Nationwide Children's Hospital |  |  |
| Rev., 4.00%, 11/01/2040 | 2000 | 1938 |
| Rev., 5.00%, 11/01/2031 | 1000 | 1119 |
| County of Hamilton OH Sewer System Revenue, Rev., 5.00%, 12/01/2049 | 2915 | 3048 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Ohio** — **continued** |  |  |
| County of Hamilton, TriHealth, Inc. Obligated Group, Rev., 5.00%, 08/15/2040 | 1510 | 1578 |
| County of Hamilton, Uc Health |  |  |
| Series A, Rev., 5.50%, 08/01/2039 | 1000 | 1072 |
| Series A, Rev., 5.50%, 08/01/2042 | 3000 | 3106 |
| Series A, Rev., 5.50%, 08/01/2051 | 1000 | 1009 |
| County of Lucas, ProMedica Healthcare Obligated Group, Rev., 5.25%, 11/15/2048 | 3120 | 3078 |
| County of Miami, Improvement, Kettering Health Network, Rev., 5.00%, 08/01/2049 | 2000 | 2007 |
| County of Montgomery, Dayton Children's Hospital |  |  |
| Rev., 5.00%, 08/01/2027 | 725 | 754 |
| Rev., 5.00%, 08/01/2029 | 145 | 157 |
| Rev., 5.00%, 08/01/2033 | 230 | 253 |
| County of Montgomery, Kettering Health Network Obligations, Rev., 4.00%, 08/01/2041 | 1200 | 1131 |
| County of Van Wert, Van Wert Health Obligated, Rev., 6.13%, 12/01/2049 (p) | 1900 | 2120 |
| County of Warren, Otterbein Homes Obligated Group |  |  |
| Rev., 5.00%, 07/01/2031 | 845 | 924 |
| Rev., 5.00%, 07/01/2032 | 800 | 881 |
| Rev., 5.00%, 07/01/2042 | 1380 | 1415 |
| Franklin County Convention Facilities Authority, Greater Columbus Convention Center, Rev., 5.00%, 12/01/2044 | 1000 | 957 |
| Jefferson County Port Authority, JSW Steel USA Ohio, Rev., AMT, 5.00%, 12/01/2053 (e) (z) | 5835 | 5902 |
| JobsOhio Beverage System, Series A, Rev., 2.83%, 01/01/2038 | 15000 | 12538 |
| Miami University |  |  |
| Series A, Rev., 5.00%, 09/01/2028 | 515 | 551 |
| Series A, Rev., 5.00%, 09/01/2030 | 1005 | 1122 |
| Series A, Rev., 5.00%, 09/01/2037 | 925 | 1033 |
| Northeast Ohio Medical University, Rev., BAM, 5.00%, 12/01/2043 | 1475 | 1495 |
| Ohio Air Quality Development Authority |  |  |
| Rev., AMT, 3.70%, 04/01/2028 | 3345 | 3349 |
| Rev., AMT, 3.70%, 10/01/2028 | 3345 | 3349 |
| Ohio Air Quality Development Authority, American Electric Power Co. Project, Rev., AMT, 2.50%, 08/01/2040 (z) | 2500 | 2392 |
| Ohio Air Quality Development Authority, AMG Vanadium Project, Rev., AMT, 5.00%, 07/01/2049 (e) | 9000 | 8234 |
| Ohio Air Quality Development Authority, Dayton Power & Light, Rev., AMT, 4.25%, 11/01/2040 (z) | 7000 | 7158 |
| Ohio Air Quality Development Authority, Duke Energy, Rev., AMT, 4.25%, 11/01/2039 (z) | 7205 | 7354 |
| Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Rev., AMT, 2.50%, 11/01/2042 (z) | 1000 | 957 |
| Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Rev., 1.50%, 02/01/2026 (z) | 120 | 120 |
| Ohio Higher Educational Facility Commission, Rev., 4.00%, 10/01/2050 | 1500 | 1186 |
| Ohio Higher Educational Facility Commission, Case Western Reserve, Rev., (SIFMA Municipal Swap Index + 0.23%), 3.12%, 12/01/2042 (aa) | 155 | 154 |
| Ohio Higher Educational Facility Commission, Case Western Reserve University, Rev., 5.00%, 12/01/2040 | 1065 | 1075 |
| Ohio Higher Educational Facility Commission, Senior University Circle, Inc., Rev., 5.00%, 01/15/2050 | 1000 | 1002 |
| Ohio Higher Educational Facility Commission, University of Dayton, Rev., 5.00%, 02/01/2034 | 1125 | 1209 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Ohio** — **continued** |  |  |
| Ohio Housing Finance Agency |  |  |
| Rev., 3.35%, 07/01/2043 (z) | 5000 | 5047 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2055 | 1225 | 1348 |
| Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 09/01/2048 | 670 | 677 |
| Ohio Housing Finance Agency, Mortgage Backed Securities Program, Rev., GNMA/FNMA/FHLMC, 3.25%, 09/01/2052 | 5360 | 5323 |
| Ohio Housing Finance Agency, Thornwood Commons, Rev., FHA HUD, 5.00%, 12/01/2026 (z) | 2000 | 2006 |
| Ohio State University (The), Sustainable Bonds Multiyear Debt, Rev., 4.00%, 12/01/2041 | 2060 | 2023 |
| Ohio Turnpike & Infrastructure Commission, Infrastructure Projects, Series A, Rev., 4.00%, 02/15/2038 | 1500 | 1511 |
| Ohio Turnpike & Infrastructure Commission, Junior Lien Infrastructure |  |  |
| Rev., 5.00%, 02/15/2028 | 500 | 530 |
| Rev., 5.00%, 02/15/2033 | 365 | 418 |
| Ohio Water Development Authority |  |  |
| Series A, Rev., 5.00%, 06/01/2029 | 500 | 542 |
| Series A, Rev., 5.00%, 12/01/2039 | 4000 | 4464 |
| Series A, Rev., 5.00%, 12/01/2043 | 2250 | 2436 |
| Ohio Water Development Authority Water Pollution Control Loan Fund |  |  |
| Series A, Rev., 5.00%, 12/01/2030 | 3000 | 3378 |
| Series B, Rev., 3.00%, 12/01/2034 | 125 | 122 |
| Ohio Water Development Authority Water Pollution Control Loan Fund, Sustainable Bonds Water Pollution, Rev., 5.00%, 12/01/2033 | 4420 | 5101 |
| Ohio Water Development Authority, Sustainability Bond, Series A, Rev., 5.00%, 06/01/2031 | 300 | 340 |
| Ohio Water Development Authority, Water Pollution Control Loan Fund, Sustainable Bond, Series D, Rev., 5.00%, 12/01/2038 | 1400 | 1565 |
| Port of Greater Cincinnati Development Authority |  |  |
| Rev., 4.25%, 12/01/2048 | 4865 | 4636 |
| Rev., 5.00%, 12/01/2053 | 5985 | 6103 |
| Port of Greater Cincinnati Development Authority, Subordinated Duke Energy, Rev., 5.00%, 12/01/2063 | 3000 | 3025 |
| State of Ohio |  |  |
| Rev., VRDO, 3.15%, 10/07/2025 (z) | 20250 | 20250 |
| Rev., 5.25%, 08/15/2048 | 3000 | 3196 |
| Series A, GO, 5.00%, 03/01/2034 | 1000 | 1146 |
| Series X, GO, 5.00%, 05/01/2035 | 300 | 336 |
| State of Ohio, Cleveland Clinic, Rev., 5.00%, 01/01/2039 (p) | 105 | 119 |
| State of Ohio, Cleveland Clinic Health System |  |  |
| Rev., 5.00%, 01/01/2033 | 2410 | 2697 |
| Rev., 5.00%, 01/01/2034 | 2425 | 2694 |
| Series A, Rev., 5.00%, 01/01/2027 | 940 | 968 |
| State of Ohio, Common Schools, Series C, GO, 5.00%, 03/15/2030 | 125 | 139 |
| State of Ohio, Garvee |  |  |
| Series 1A, Rev., 5.00%, 12/15/2025 | 800 | 804 |
| Series 1A, Rev., 5.00%, 12/15/2028 | 1000 | 1078 |
| Series 2022-1, Rev., 5.00%, 12/15/2028 | 1000 | 1079 |
| Series 2022-1, Rev., 5.00%, 12/15/2031 | 1000 | 1118 |
| State of Ohio, Higher Education, Series C, GO, 5.00%, 08/01/2028 (p) | 350 | 375 |
| State of Ohio, Infrastructure Improvement, GO, 5.00%, 03/01/2034 | 1000 | 1128 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Ohio — continued** |  |  |
| State of Ohio, Premier Health Partners |  |  |
| Rev., 4.00%, 11/15/2039 | 1320 | 1238 |
| Rev., 4.00%, 11/15/2041 | 1450 | 1309 |
| Rev., 5.00%, 11/15/2028 | 680 | 713 |
| State of Ohio, University Hospital Health, Rev., VRDO, 3.15%, 10/01/2025 (z) | 1500 | 1500 |
| State of Ohio, University Hospitals Health, Rev., 4.00%, 01/15/2037 | 1000 | 992 |
| State of Ohio, University Hospitals Health System, Series A, Rev., 5.00%, 01/15/2041 | 1000 | 1001 |
| State of Ohio, Unrefunded Cleveland Clinic, Rev., 5.00%, 01/01/2039 | 465 | 498 |
| Summit County Development Finance Authority, University of Akron Parking Project, Rev., 5.63%, 12/01/2048 | 4645 | 4817 |
| University of Cincinnati |  |  |
| Series A, Rev., 5.00%, 06/01/2042 | 3500 | 3721 |
| Series A, Rev., 5.25%, 06/01/2044 | 3545 | 3788 |
|  |  | 265177 |
| **Oklahoma** — **0.6%** |  |  |
| Creek County Educational Facilities Authority, Sapulpa Public Schools Project, Rev., BAM, 4.13%, 09/01/2048 | 4250 | 4019 |
| Grand River Dam Authority, Rev., 5.00%, 06/01/2037 | 1850 | 2034 |
| Oklahoma Capitol Improvement Authority |  |  |
| Rev., 5.00%, 07/01/2043 | 1000 | 1067 |
| Rev., 5.00%, 07/01/2044 | 1250 | 1327 |
| Oklahoma City Economic Development Trust, Increment District #8 Project |  |  |
| Rev., 4.00%, 03/01/2032 | 1640 | 1724 |
| Rev., 4.00%, 03/01/2033 | 5000 | 5210 |
| Rev., 4.00%, 03/01/2034 | 4440 | 4586 |
| Oklahoma City Water Utilities Trust, Rev., 5.25%, 07/01/2059 | 10000 | 10525 |
| Oklahoma Development Finance Authority, Integris, Series A, Rev., 4.00%, 08/15/2038 | 2000 | 1877 |
| Oklahoma Development Finance Authority, Integris Obligated Group, Rev., VRDO, 3.30%, 10/07/2025 (z) | 1610 | 1610 |
| Oklahoma Development Finance Authority, OU Health Project, Series A, Rev., 5.50%, 08/15/2037 (e) | 1110 | 1156 |
| Oklahoma Development Finance Authority, OU Medicine Project, Series B, Rev., 5.50%, 08/15/2057 | 4000 | 4006 |
| Oklahoma Housing Finance Agency, Rev., GNMA/FNMA/FHLMC, 6.25%, 09/01/2055 | 760 | 851 |
| Oklahoma Housing Finance Agency, Home Ownership Loan Program, Rev., GNMA/FNMA/FHLMC, 6.50%, 09/01/2054 | 2500 | 2808 |
| Oklahoma Turnpike Authority |  |  |
| Series A, Rev., 3.75%, 01/01/2033 | 1000 | 1004 |
| Series A, Rev., 5.00%, 01/01/2037 | 1665 | 1674 |
| Oklahoma Turnpike Authority, Senior Bonds |  |  |
| Series A, Rev., 5.00%, 01/01/2039 | 2500 | 2782 |
| Series A, Rev., 5.25%, 01/01/2046 | 5000 | 5386 |
| Series A, Rev., 5.25%, 01/01/2047 | 3000 | 3222 |
| Series B, Rev., 5.00%, 01/01/2041 (w) | 1750 | 1909 |
| Oklahoma Water Resources Board |  |  |
| Rev., 4.25%, 10/01/2050 | 4200 | 4060 |
| Series B, Rev., 5.00%, 10/01/2026 | 1255 | 1286 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Oklahoma — continued** |  |  |
| Oklahoma Water Resources Board, Drinking Water Program 2019 Master, Rev., 4.00%, 04/01/2048 | 13950 | 13082 |
| Osage County Industrial Authority, Rev., 5.75%, 09/01/2053 | 1000 | 981 |
| Tulsa County Independent School District No. 1 Tulsa, Series B, GO, 2.00%, 09/01/2026 | 1500 | 1484 |
| University of Oklahoma, Series A, Rev., BAM, 5.00%, 07/01/2042 | 1740 | 1850 |
|  |  | 81520 |
| **Oregon** — **0.9%** |  |  |
| Astoria Hospital Facilities Authority, Rev., 5.25%, 08/01/2054 | 1340 | 1336 |
| City of Portland Sewer System Revenue, Second Lien |  |  |
| Series A, Rev., 5.00%, 12/01/2031 | 2670 | 3043 |
| Series A, Rev., 5.00%, 10/01/2039 | 3500 | 3894 |
| Series A, Rev., 5.00%, 10/01/2043 | 1125 | 1209 |
| City of Portland Water System Revenue, Second Lien, Series A, Rev., 4.00%, 05/01/2039 | 500 | 502 |
| Jackson County School District No. 5 Ashland, GO, SCH BD GTY, 5.00%, 06/15/2030 | 1000 | 1087 |
| Medford Hospital Facilities Authority, Asante Project, Series A, Rev., 4.00%, 08/15/2045 | 9740 | 8926 |
| Multnomah County School District No. 1 Portland, GO, SCH BD GTY, 5.00%, 06/15/2028 | 1850 | 1979 |
| Oregon Health & Science University, Series B1, Rev., 5.00%, 07/01/2046 (z) | 1500 | 1617 |
| Oregon State Facilities Authority, Samaritan Health Services, Rev., 5.00%, 10/01/2040 | 1750 | 1777 |
| Oregon State Facilities Authority, Samaritan Health Services Project, Rev., 5.00%, 10/01/2031 | 1740 | 1747 |
| Oregon State Lottery, Series A, Rev., 5.00%, 04/01/2033 | 1000 | 1154 |
| Port of Portland Airport Revenue |  |  |
| Series 24B, Rev., AMT, 5.00%, 07/01/2037 | 1000 | 1011 |
| Series 27A, Rev., AMT, 5.00%, 07/01/2028 | 1595 | 1686 |
| Series 27A, Rev., AMT, 5.00%, 07/01/2034 | 1455 | 1552 |
| Series 27A, Rev., AMT, 5.00%, 07/01/2036 | 1000 | 1055 |
| Port of Portland Airport Revenue, Green Bonds, Rev., AMT, 5.00%, 07/01/2036 | 500 | 542 |
| Port of Portland Airport Revenue, Portland International Air, Rev., AMT, 5.00%, 07/01/2035 | 1270 | 1323 |
| Port of Portland Airport Revenue, Portland International Airport |  |  |
| Rev., AMT, 5.00%, 07/01/2026 | 1145 | 1163 |
| Rev., AMT, 5.00%, 07/01/2031 | 2230 | 2371 |
| Series 25B, Rev., AMT, 5.00%, 07/01/2039 | 1020 | 1044 |
| Port of Portland OR Airport Revenue |  |  |
| Rev., AMT, 5.00%, 07/01/2047 | 5000 | 5005 |
| Rev., AMT, 5.25%, 07/01/2040 | 2000 | 2155 |
| Rev., AMT, 5.25%, 07/01/2041 | 1895 | 2023 |
| Rev., AMT, 5.25%, 07/01/2049 | 23500 | 24482 |
| Rev., AMT, 5.25%, 07/01/2054 | 16250 | 16819 |
| RBC Municipal Products Trust, Inc., Series 2025-E, Rev., LOC: Royal Bank of Canada, LIQ: Royal Bank of Canada, 2.92%, 09/01/2026 (e) (z) | 12475 | 12475 |
| Salem Hospital Facility Authority, Capital Manor Project |  |  |
| Rev., 4.00%, 05/15/2032 | 185 | 187 |
| Rev., 4.00%, 05/15/2040 | 750 | 684 |
| Salem Hospital Facility Authority, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2046 | 3000 | 3006 |
| State of Oregon |  |  |
| GO, 5.00%, 05/01/2041 | 1000 | 1088 |
| GO, 5.25%, 05/01/2042 | 500 | 555 |
| State of Oregon Department of Transportation, Subordinate, Series A, Rev., 5.00%, 11/15/2036 | 9095 | 9715 |
| State of Oregon Housing & Community Services Department, Series C, Rev., 3.00%, 01/01/2052 | 2715 | 2688 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Oregon — continued** |  |  |
| State of Oregon Housing & Community Services Department, Single Family Mortgage Program, Series A, Rev., 3.00%, 07/01/2052 | 405 | 400 |
| State of Oregon, Article XI Q, Series F, GO, 5.00%, 05/01/2030 | 100 | 101 |
| State of Oregon, Article XI Q State Project, GO, 5.00%, 05/01/2030 | 405 | 452 |
| State of Oregon, Article XI-Q State Project, Series A, GO, 5.00%, 05/01/2027 | 1220 | 1271 |
| State of Oregon, Veterans Welfare Bonds, GO, 5.50%, 12/01/2053 | 240 | 258 |
| State of Oregon, Veterans Welfare Bonds Series, GO, 3.00%, 12/01/2051 | 1010 | 993 |
| Yamhill Clackamas & Washington Counties School District No. 29J Newberg, Series B, GO, SCH BD GTY, 4.00%, 06/15/2039 | 3620 | 3640 |
|  |  | 128015 |
| **Other Territory** — **0.1%** |  |  |
| FHLMC Multifamily ML Certificates |  |  |
| Rev., 0.00%, 11/25/2038 (z) | 11871 | 11186 |
| Rev., 0.00%, 12/25/2038 (z) | 3968 | 3502 |
|  |  | 14688 |
| **Pennsylvania** — **4.7%** |  |  |
| Adams County General Authority, Rev., 5.00%, 06/01/2039 | 1750 | 1800 |
| Allegheny County Airport Authority |  |  |
| Series A, Rev., AMT, 4.00%, 01/01/2046 | 11800 | 10473 |
| Series A, Rev., AMT, 4.00%, 01/01/2056 | 8920 | 7590 |
| Series B, Rev., 4.00%, 01/01/2039 | 2635 | 2639 |
| Allegheny County Hospital Development Authority, Health Network Obligations |  |  |
| Rev., 5.00%, 04/01/2033 | 1000 | 1043 |
| Series A, Rev., 5.00%, 04/01/2047 | 1560 | 1560 |
| Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center |  |  |
| Rev., 4.00%, 07/15/2037 | 1000 | 977 |
| Rev., 4.00%, 07/15/2038 | 3185 | 3047 |
| Allegheny County Sanitary Authority, Rev., 5.75%, 06/01/2047 | 2250 | 2439 |
| Allegheny County, Hospital Development Authority, Pittsburg University Medical Center |  |  |
| Series A, Rev., 4.00%, 07/15/2036 | 4795 | 4744 |
| Series A, Rev., 5.00%, 07/15/2027 | 765 | 796 |
| Allegheny County, Sanitary Authority |  |  |
| Series B, Rev., 4.00%, 06/01/2035 | 400 | 410 |
| Series B, Rev., 4.00%, 06/01/2036 | 675 | 691 |
| Series B, Rev., 5.00%, 06/01/2030 | 500 | 555 |
| Allentown Commercial and Industrial Development Authority, Executive Education Academy, Rev., 5.00%, 07/01/2040 (e) | 2000 | 2008 |
| Allentown Neighborhood Improvement Zone Development Authority, Rev., 5.25%, 05/01/2032 (e) | 500 | 510 |
| Allentown Neighborhood Improvement Zone Development Authority, City Center Project, Rev., 5.50%, 05/01/2032 (e) | 1250 | 1350 |
| Allentown Neighborhood Improvement Zone Development Authority, Forward Delivery, Rev., 5.00%, 05/01/2042 | 1000 | 1023 |
| Allentown Neighborhood Improvement Zone Development Authority, Neuweiler Lofts Project, Rev., 6.25%, 05/01/2042 (e) | 2010 | 1984 |
| Allentown Neighborhood Improvement Zone Development Authority, Senior Tax Revenue, Rev., 6.00%, 05/01/2042 (e) | 180 | 186 |
| Altoona Area School District, GO, BAM, 5.00%, 12/01/2048 (p) | 1000 | 1004 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Pennsylvania** — **continued** |  |  |
| Berks County Municipal Authority (The) |  |  |
| Rev., 0.00%, 06/30/2044 | 1647 | 1113 |
| Rev., 5.00%, 06/30/2039 | 3054 | 2761 |
| Rev., 6.00%, 06/30/2034 | 243 | 254 |
| Rev., 7.00%, 06/30/2039 | 700 | 578 |
| Rev., 8.00%, 06/30/2034 | 510 | 503 |
| Bethlehem Area School District Authority, Bethlehem Area School District, Rev., (United States SOFR \* 0.67 + 0.35%), 3.14%, 01/01/2032 (aa) | 240 | 240 |
| Capital Region Water, Water Revenue, Rev., 5.00%, 07/15/2032 | 1000 | 1061 |
| Chester County Industrial Development Authority, Avon Grove Charter School, Rev., 5.00%, 03/01/2027 | 185 | 187 |
| Chester County School Authority, Chester County Intermediate Unit |  |  |
| Rev., BAM, 5.00%, 04/01/2037 | 1000 | 1086 |
| Rev., BAM, 5.00%, 04/01/2039 | 1000 | 1073 |
| Rev., BAM, 5.00%, 04/01/2040 | 1550 | 1657 |
| Rev., BAM, 5.00%, 04/01/2043 | 1000 | 1055 |
| City of Lancaster, GO, BAM, 5.00%, 11/01/2047 | 6665 | 6826 |
| City of Philadelphia Airport Revenue |  |  |
| Series A, Rev., 5.00%, 07/01/2047 | 8270 | 8324 |
| Series B, Rev., AMT, 5.00%, 07/01/2034 | 5680 | 5807 |
| Series B, Rev., AMT, 5.00%, 07/01/2035 | 2235 | 2280 |
| Series C, Rev., AMT, 4.00%, 07/01/2050 | 1500 | 1311 |
| Series C, Rev., AMT, 5.00%, 07/01/2028 | 10000 | 10546 |
| City of Philadelphia Airport Revenue, Private Activity |  |  |
| Rev., AMT, 4.00%, 07/01/2041 | 1100 | 1033 |
| Rev., AMT, 5.00%, 07/01/2029 | 1435 | 1539 |
| Series B, Rev., AMT, 5.25%, 07/01/2042 | 1900 | 2024 |
| Series B, Rev., AMT, 5.25%, 07/01/2043 | 2400 | 2539 |
| City of Philadelphia PA Airport Revenue, Rev., AMT, 5.00%, 07/01/2042 | 4440 | 4460 |
| City of Philadelphia Water & Wastewater Revenue |  |  |
| Series A, Rev., 5.00%, 11/01/2040 | 2790 | 2928 |
| Series A, Rev., 5.00%, 11/01/2045 | 7000 | 7153 |
| Series C, Rev., 5.00%, 06/01/2042 | 4650 | 4881 |
| Commonwealth Financing Authority, Tobacco Master Settlement Payment, Rev., 4.00%, 06/01/2039 | 19840 | 19470 |
| Commonwealth of Pennsylvania, Series 1, GO, 4.00%, 03/01/2035 | 3650 | 3720 |
| Commonwealth of Pennsylvania, Bidding Group C First Series, Series 1, GO, 4.00%, 09/01/2040 | 5000 | 5039 |
| County of Lehigh, Lehigh Valley Health Network, Rev., 5.00%, 07/01/2044 | 1350 | 1361 |
| County of Lehigh, St. Luke's Hospital Project, Rev., (SIFMA Municipal Swap Index + 1.10%), 3.99%, 08/15/2038 (aa) | 355 | 350 |
| Cumberland County Municipal Authority, Rev., 5.00%, 05/01/2030 | 1000 | 1012 |
| Cumberland County Municipal Authority, Unrefunded Diakon Lutheran, Rev., 5.00%, 01/01/2038 | 2035 | 2032 |
| Delaware Valley Regional Finance Authority |  |  |
| Series A, Rev., AMBAC, 5.50%, 08/01/2028 | 2795 | 3012 |
| Series C, Rev., (CME Term SOFR 3 Month \* 0.67 + 0.75%), 3.72%, 06/01/2037 (aa) | 250 | 233 |
| Doylestown Hospital Authority, Rev., 5.00%, 07/01/2046 | 11195 | 11230 |
| DuBois Hospital Authority, Penn Highlands Healthcare Bay, Rev., BAM, 4.00%, 07/15/2043 | 6450 | 5914 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Pennsylvania** — **continued** |  |  |
| Erie Sewer Authority |  |  |
| Rev., BAM, 5.00%, 12/01/2043 (w) | 1440 | 1494 |
| Rev., BAM, 5.00%, 12/01/2046 (w) | 2500 | 2557 |
| Geisinger Authority |  |  |
| Rev., 4.00%, 02/15/2039 | 3150 | 3081 |
| Rev., 4.00%, 02/15/2047 | 2500 | 2250 |
| Rev., 5.00%, 02/15/2039 | 2155 | 2186 |
| Geisinger Authority, Geisinger Health System Obligated Group, Rev., 5.00%, 04/01/2050 | 7000 | 7042 |
| Geisinger Authority, Geisinger Health System Obligation Group, Rev., 4.00%, 04/01/2039 | 7000 | 6825 |
| Geisinger Authority, Geisinger Health System Se, Rev., 5.00%, 02/15/2045 | 5560 | 5602 |
| Hospitals & Higher Education Facilities Authority of Philadelphia (The) |  |  |
| Rev., 5.00%, 07/01/2032 | 1000 | 1018 |
| Rev., 5.00%, 07/01/2033 | 2950 | 2994 |
| Rev., 5.00%, 07/01/2034 | 1000 | 1013 |
| Lancaster County Hospital Authority, Auth Masonic Villages Project, Rev., 5.13%, 11/01/2038 | 1675 | 1789 |
| Lancaster County Hospital Authority, Penn State Health, Rev., 5.00%, 11/01/2037 | 600 | 627 |
| Lancaster County Hospital Authority/PA, Rev., 5.00%, 08/15/2046 | 1960 | 1967 |
| Lancaster Industrial Development Authority, Landis Homes Retirement Community, Rev., 4.00%, 07/01/2056 | 765 | 591 |
| Lancaster Municipal Authority, Rev., 5.00%, 05/01/2049 | 900 | 886 |
| Lehigh County Industrial Development Authority, PPL Electric Utilities Project, Series A, Rev., 3.00%, 09/01/2029 | 3455 | 3473 |
| Monroe County Hospital Authority/PA, Rev., 5.10%, 06/15/2039 (e) | 4890 | 4784 |
| Monroeville Finance Authority |  |  |
| Series B, Rev., 5.00%, 02/15/2029 | 1425 | 1528 |
| Series B, Rev., 5.00%, 02/15/2038 | 1200 | 1272 |
| Series B, Rev., 5.00%, 02/15/2039 | 2000 | 2106 |
| Montgomery County Higher Education and Health Authority, Thomas Jefferson University, Rev., 4.00%, 05/01/2038 | 250 | 241 |
| Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Rev., 4.00%, 09/01/2044 | 1610 | 1454 |
| Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Rev., 5.00%, 11/15/2049 | 5000 | 4871 |
| Montgomery County Industrial Development Authority, Constellation Energy, Rev., 4.10%, 04/01/2053 (z) | 8435 | 8688 |
| Montgomery County Industrial Development Authority, Retirement Life Communities |  |  |
| Rev., 5.00%, 11/15/2033 | 1500 | 1518 |
| Series C, Rev., 5.00%, 11/15/2045 | 2585 | 2567 |
| New Castle Sanitation Authority, Series A, Rev., 3.00%, 06/01/2029 | 500 | 504 |
| Norristown Area School District, GO, 5.00%, 09/01/2026 | 1500 | 1530 |
| Northampton County General Purpose Authority, Rev., 5.00%, 08/15/2048 | 1125 | 1127 |
| Northampton County General Purpose Authority, St. Luke's University Health Network |  |  |
| Rev., 5.00%, 08/15/2046 | 5030 | 5037 |
| Rev., 5.00%, 08/15/2049 | 4000 | 4079 |
| Pennsylvania Economic Development Financing Authority |  |  |
| Rev., AMT, 3.80%, 06/01/2049 (z) | 5700 | 5698 |
| Rev., 4.00%, 05/15/2048 | 2055 | 1825 |
| Rev., AMT, 4.25%, 07/01/2041 (z) | 8000 | 8060 |
| Rev., AMT, 5.00%, 12/31/2038 | 1890 | 1896 |
| Rev., 5.25%, 12/01/2038 (z) | 1500 | 1510 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Pennsylvania** — **continued** |  |  |
| Pennsylvania Economic Development Financing Authority Parking System Revenue, Senior Insured Capitol |  |  |
| Rev., 4.00%, 01/01/2041 | 1000 | 979 |
| Rev., 4.00%, 01/01/2042 | 1035 | 996 |
| Rev., 4.13%, 01/01/2043 | 1070 | 1026 |
| Rev., 5.00%, 01/01/2034 | 2000 | 2167 |
| Pennsylvania Economic Development Financing Authority, Core Natural Resources, Inc., Rev., AMT, 5.45%, 01/01/2051 (e) (z) | 500 | 521 |
| Pennsylvania Economic Development Financing Authority, Covanta Project Sustainable, Rev., AMT, 3.25%, 08/01/2039 (e) | 2515 | 2012 |
| Pennsylvania Economic Development Financing Authority, Pennsylvania Bridges Finco LP P3 Project |  |  |
| Rev., AMT, 5.00%, 12/31/2030 | 3460 | 3497 |
| Rev., AMT, 5.00%, 12/31/2034 | 10670 | 10741 |
| Rev., AMT, 5.00%, 06/30/2042 | 1250 | 1251 |
| Pennsylvania Economic Development Financing Authority, Philadelphia Biosolids Facility |  |  |
| Rev., 4.00%, 01/01/2028 | 1590 | 1617 |
| Rev., 4.00%, 01/01/2029 | 450 | 460 |
| Rev., 4.00%, 01/01/2031 | 800 | 827 |
| Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges |  |  |
| Rev., AMT, 5.00%, 12/31/2057 | 6730 | 6777 |
| Rev., AMT, 5.25%, 06/30/2035 | 1500 | 1627 |
| Rev., AMT, 5.50%, 06/30/2042 | 5640 | 5986 |
| Rev., AMT, 5.75%, 06/30/2048 | 3750 | 3878 |
| Rev., AMT, 5.75%, 12/31/2062 | 2500 | 2637 |
| Rev., AMT, 6.00%, 06/30/2061 | 1150 | 1207 |
| Pennsylvania Economic Development Financing Authority, The PennDOT Major Bridges, Rev., AMT, 5.25%, 06/30/2053 | 2000 | 2009 |
| Pennsylvania Economic Development Financing Authority, UPMC |  |  |
| Series A1, Rev., 4.00%, 04/15/2045 | 5440 | 4953 |
| Series A, Rev., 4.00%, 02/15/2042 | 1330 | 1227 |
| Pennsylvania Economic Development Financing Authority, UPMC Obligated Group, Series B, Rev., 5.00%, 03/15/2050 | 6000 | 6127 |
| Pennsylvania Economic Development Financing Authority, Villanova University Project, Rev., 5.00%, 08/01/2049 | 2525 | 2641 |
| Pennsylvania Economic Development Financing Authority, Waste Management Project, Rev., 0.95%, 12/01/2033 (z) | 2000 | 1933 |
| Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Rev., AMT, 1.10%, 06/01/2031 (z) | 2000 | 1942 |
| Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Rev., AMT, 4.60%, 10/01/2046 (z) | 10000 | 10043 |
| Pennsylvania Higher Education Assistance Agency |  |  |
| Rev., AMT, 5.00%, 06/01/2031 | 1270 | 1353 |
| Series 1A, Rev., AMT, 4.75%, 06/01/2046 | 1000 | 1001 |
| Series 1A, Rev., AMT, 5.00%, 06/01/2030 | 700 | 744 |
| Series 1A, Rev., AMT, 5.00%, 06/01/2031 | 2130 | 2271 |
| Series 1A, Rev., AMT, 5.00%, 06/01/2032 | 4150 | 4453 |
| Series 1A, Rev., AMT, 5.00%, 06/01/2033 | 8810 | 9430 |
| Series 1A, Rev., AMT, 5.00%, 06/01/2034 | 3500 | 3702 |
| Series A, Rev., AMT, 2.45%, 06/01/2041 | 85 | 78 |
| Series A, Rev., AMT, 5.00%, 06/01/2026 | 95 | 96 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Pennsylvania** — **continued** |  |  |
| Pennsylvania Higher Education Assistance Agency, Senior |  |  |
| Rev., AMT, 4.13%, 06/01/2045 | 430 | 419 |
| Series A, Rev., AMT, 5.00%, 06/01/2028 | 3775 | 3899 |
| Pennsylvania Higher Educational Facilities Authority |  |  |
| Rev., 4.00%, 08/15/2049 | 4000 | 3564 |
| Rev., 5.50%, 08/15/2055 | 2500 | 2690 |
| Pennsylvania Higher Educational Facilities Authority, Trustees University, Series A, Rev., 4.00%, 02/15/2043 | 1000 | 964 |
| Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System |  |  |
| Rev., 5.00%, 08/15/2042 | 2500 | 2530 |
| Rev., 5.00%, 08/15/2049 | 3000 | 3044 |
| Pennsylvania Higher Educational Facilities Authority, University Pennsylvania Health System, Series A, Rev., 4.00%, 08/15/2035 | 1170 | 1177 |
| Pennsylvania Higher Educational Facilities Authority, Unrefunded 2024, Series AT1, Rev., 4.00%, 06/15/2032 | 2790 | 2804 |
| Pennsylvania Housing Finance Agency |  |  |
| Rev., 4.50%, 10/01/2044 | 5000 | 4949 |
| Rev., 4.60%, 10/01/2044 | 7500 | 7557 |
| Rev., 6.00%, 10/01/2054 | 3805 | 4138 |
| Rev., 6.25%, 10/01/2054 | 80 | 88 |
| Series 133, Rev., 3.00%, 10/01/2050 | 2250 | 2229 |
| Series 149A, Rev., 6.50%, 10/01/2055 | 1875 | 2151 |
| Pennsylvania Housing Finance Agency, Social Bond |  |  |
| Series A, Rev., 4.85%, 10/01/2043 | 4000 | 4069 |
| Series A, Rev., 5.50%, 10/01/2053 | 1375 | 1458 |
| Pennsylvania Housing Finance Agency, Social Bonds, Series 141A, Rev., 5.75%, 10/01/2053 | 2450 | 2601 |
| Pennsylvania Housing Finance Agency, Sustainable Bond |  |  |
| Series 144A, Rev., 4.45%, 10/01/2044 | 2000 | 1980 |
| Series 144A, Rev., 6.00%, 10/01/2054 | 2490 | 2700 |
| Pennsylvania Housing Finance Agency, Sustainable Bonds |  |  |
| Series 150A, Rev., 4.90%, 10/01/2040 | 7500 | 7684 |
| Series 2022, Rev., 4.25%, 10/01/2052 | 1770 | 1795 |
| Pennsylvania Turnpike Commission |  |  |
| Rev., 5.00%, 12/01/2037 | 2100 | 2369 |
| Rev., 5.00%, 12/01/2043 | 715 | 766 |
| Series A1, Rev., 5.00%, 12/01/2027 | 1000 | 1056 |
| Series A1, Rev., 5.00%, 12/01/2034 | 1000 | 1040 |
| Series A1, Rev., 5.00%, 12/01/2046 | 1000 | 1004 |
| Series A, Rev., 4.00%, 12/01/2041 | 1250 | 1229 |
| Series A, Rev., 5.00%, 12/01/2053 | 6380 | 6566 |
| Series A, Rev., 5.25%, 12/01/2044 | 2500 | 2545 |
| Series B1, Rev., 5.25%, 06/01/2047 | 2465 | 2484 |
| Series B, Rev., 4.00%, 12/01/2039 | 3000 | 2987 |
| Series B, Rev., 5.00%, 12/01/2026 | 400 | 412 |
| Series B, Rev., 5.00%, 12/01/2027 | 500 | 528 |
| Series B, Rev., 5.00%, 12/01/2036 | 2000 | 2283 |
| Series B, Rev., 5.00%, 12/01/2039 | 1305 | 1415 |
| Series B, Rev., 5.00%, 12/01/2041 | 1680 | 1836 |
| Series B, Rev., 5.00%, 12/01/2043 | 460 | 494 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Pennsylvania** — **continued** |  |  |
| Series B, Rev., 5.25%, 12/01/2047 | 3000 | 3146 |
| Series C, Rev., 4.00%, 12/01/2040 | 1400 | 1382 |
| Series C, Rev., 4.00%, 12/01/2042 | 1555 | 1502 |
| Series C, Rev., 5.00%, 12/01/2027 | 345 | 364 |
| Series C, Rev., 5.00%, 12/01/2041 | 1560 | 1654 |
| Series C, Rev., 5.00%, 12/01/2046 | 2110 | 2168 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Subordinate, Series B, Rev., 5.00%, 12/01/2038 | 1500 | 1558 |
| Pennsylvania Turnpike Commission, Motor License, Rev., 5.00%, 12/01/2040 | 1000 | 1023 |
| Pennsylvania Turnpike Commission, Subordinate, Rev., 5.00%, 12/01/2030 | 1750 | 1835 |
| Pennsylvania Turnpike Commission, Subordinated |  |  |
| Rev., 5.00%, 06/01/2026 | 2000 | 2007 |
| Series B2, Rev., 5.00%, 06/01/2027 | 2480 | 2582 |
| Pennsylvania Turnpike Commission, Third Subordinated, Rev., 5.00%, 12/01/2045 (z) | 1440 | 1624 |
| Philadelphia Authority for Industrial Development |  |  |
| Rev., 5.00%, 05/01/2033 | 1250 | 1315 |
| Rev., 5.00%, 06/15/2039 (e) | 740 | 737 |
| Philadelphia Authority for Industrial Development, Children's Hospital of Philadelphia, Rev., 4.00%, 07/01/2037 | 2000 | 2000 |
| Philadelphia Authority for Industrial Development, String Theory Charter School, Rev., 5.00%, 06/15/2040 (e) | 900 | 877 |
| Philadelphia Authority for Industrial Development, Thomas Jefferson University |  |  |
| Series A, Rev., 5.00%, 09/01/2032 | 1110 | 1135 |
| Series A, Rev., 5.00%, 09/01/2035 | 1105 | 1120 |
| Series A, Rev., 5.00%, 09/01/2047 | 1000 | 1002 |
| Philadelphia Gas Works Co., Series A, Rev., 4.00%, 08/01/2045 | 5000 | 4711 |
| Phoenixville Area School District, GO, 4.00%, 11/15/2040 | 695 | 679 |
| Pittsburgh School District, GO, BAM, 4.00%, 09/01/2042 | 2240 | 2109 |
| Pittsburgh Water & Sewer Authority |  |  |
| Series B, Rev., 4.00%, 09/01/2036 | 500 | 509 |
| Series B, Rev., 4.00%, 09/01/2038 | 500 | 505 |
| Series B, Rev., 4.00%, 09/01/2045 | 2250 | 2152 |
| Pittsburgh Water & Sewer Authority, First Lien, Series A, Rev., 5.00%, 09/01/2048 | 1000 | 1036 |
| Ridley School District, GO, BAM, 5.25%, 11/15/2039 | 4545 | 4796 |
| School District of Philadelphia, Series A, GO, BAM, 4.00%, 09/01/2039 | 7500 | 7507 |
| School District of Philadelphia (The) |  |  |
| GO, 4.00%, 09/01/2046 | 2000 | 1853 |
| GO, BAM, 4.00%, 09/01/2046 | 6610 | 6269 |
| Series A, GO, 5.00%, 09/01/2027 | 610 | 635 |
| Series A, GO, 5.00%, 09/01/2031 | 245 | 273 |
| Series A, GO, 5.00%, 09/01/2035 | 3000 | 3123 |
| Series F, GO, 5.00%, 09/01/2035 | 5000 | 5045 |
| Series F, GO, 5.00%, 09/01/2037 | 2000 | 2013 |
| School District of Philadelphia (The), Green Bond |  |  |
| Series B, GO, 5.00%, 09/01/2027 | 895 | 932 |
| Series B, GO, 5.00%, 09/01/2028 | 485 | 516 |
| Series B, GO, 5.00%, 09/01/2029 | 450 | 488 |
| Scranton School District, Series E, GO, BAM, 4.00%, 12/01/2037 | 1025 | 1011 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Pennsylvania** — **continued** |  |  |
| Southeastern Pennsylvania Transportation Authority, Asset Improvement Program |  |  |
| Rev., 5.25%, 06/01/2041 | 3000 | 3248 |
| Rev., 5.25%, 06/01/2042 | 1500 | 1611 |
| Rev., 5.25%, 06/01/2047 | 7750 | 8109 |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County |  |  |
| Rev., 5.00%, 02/01/2027 | 2250 | 2317 |
| Rev., 5.00%, 02/01/2028 | 2590 | 2728 |
| State College Area School District, GO, 5.00%, 03/15/2040 | 2500 | 2500 |
| State Public School Building Authority |  |  |
| Rev., 5.00%, 06/01/2032 | 4520 | 4612 |
| Rev., 5.00%, 06/01/2033 | 3320 | 3382 |
| State Public School Building Authority, Northampton County Area Community |  |  |
| Rev., BAM, 4.00%, 03/01/2029 | 1000 | 1032 |
| Rev., BAM, 4.00%, 03/01/2030 | 640 | 659 |
| Rev., BAM, 4.00%, 03/01/2031 | 500 | 515 |
| Rev., BAM, 5.00%, 03/01/2027 | 715 | 739 |
| Rev., BAM, 5.00%, 03/01/2028 | 755 | 794 |
| State Public School Building Authority, Philadelphia Community College, Rev., BAM, 5.00%, 06/15/2028 | 5505 | 5510 |
| State Public School Building Authority, Philadelphia School District, Rev., 5.00%, 06/01/2030 | 3480 | 3563 |
| Tender Option Bond Trust Receipts/Certificates, Series 2025-XX1404, Rev., LIQ: Barclays Bank plc, 2.92%, 10/01/2055 (e) (z) | 12380 | 12380 |
| The Pennsylvania State University, Rev., 5.00%, 09/01/2043 | 1570 | 1681 |
| The School District of Philadelphia, Series A, GO, 5.00%, 09/01/2044 | 16500 | 16730 |
| Union County Hospital Authority, Evangelical Community Hospital, Rev., 5.00%, 08/01/2048 | 7500 | 7500 |
| Westmoreland County Industrial Development Authority, Excela Health Project, Series A, Rev., 5.00%, 07/01/2028 | 1400 | 1457 |
|  |  | 631084 |
| **Puerto Rico** — **0.5%** |  |  |
| Commonwealth of Puerto Rico, Note Claims, 0.00%, 11/01/2051 (z) | 10252 | 6062 |
| Commonwealth of Puerto Rico, Restructured |  |  |
| Series A1, GO, 4.00%, 07/01/2033 | 481 | 476 |
| Series A1, GO, 5.63%, 07/01/2027 | 5045 | 5223 |
| Series A1, GO, 5.63%, 07/01/2029 | 2000 | 2139 |
| Series A1, GO, 5.75%, 07/01/2031 | 2008 | 2225 |
| Series A, GO, Zero Coupon, 07/01/2033 | 7410 | 5292 |
| Commonwealth of Puerto Rico, Subordinate, Note Claims, Series CW, 0.00%, 11/01/2043 (z) | 17010 | 11247 |
| Commonwealth of Puerto Rico, Subordinated, Note Claims, Series CL, 0.00%, 11/01/2051 (z) | 4507 | 3042 |
| Puerto Rico Electric Power Authority |  |  |
| Series AAA, Rev., 5.25%, 07/01/2023 (d) | 100 | 68 |
| Series DDD, Rev., 5.00%, 07/01/2020 (d) | 570 | 385 |
| Series NN, Rev., NATL, 4.75%, 07/01/2033 | 30 | 29 |
| Series TT, Rev., 5.00%, 07/01/2020 (d) | 285 | 192 |
| Series TT, Rev., 5.00%, 07/01/2021 (d) | 100 | 67 |
| Series TT, Rev., 5.00%, 07/01/2037 (d) | 1200 | 810 |
| Series XX, Rev., 4.75%, 07/01/2026 (d) | 295 | 199 |
| Series ZZ, Rev., 4.25%, 07/01/2020 (d) | 470 | 317 |
| Series ZZ, Rev., 5.25%, 07/01/2019 (d) | 580 | 392 |
| Series ZZ, Rev., 5.25%, 07/01/2023 (d) | 500 | 338 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Puerto Rico** — **continued** |  |  |
| Puerto Rico Electric Power Authority, Libor, Series UU, Rev., (CME Term SOFR 3 Month \* 0.67 + 0.52%), 3.57%, 07/01/2029 (aa) | 365 | 351 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured |  |  |
| Series A1, Rev., Zero Coupon, 07/01/2031 | 2925 | 2393 |
| Series A1, Rev., 5.00%, 07/01/2058 | 20950 | 20218 |
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured |  |  |
| Series A1, Rev., 4.55%, 07/01/2040 | 1385 | 1353 |
| Series A2, Rev., 4.33%, 07/01/2040 | 11000 | 10525 |
|  |  | 73343 |
| **Rhode Island** — **0.2%** |  |  |
| Rhode Island Health and Educational Building Corp., Rev., 5.25%, 05/15/2054 | 1000 | 1009 |
| Rhode Island Health and Educational Building Corp., Brown University, Series A, Rev., 4.00%, 09/01/2037 | 1000 | 1003 |
| Rhode Island Health and Educational Building Corp., Lifespan Health System, Rev., 5.00%, 05/15/2039 | 5500 | 5502 |
| Rhode Island Housing & Mortgage Finance Corp., Rev., FHA, 3.60%, 10/01/2054 (z) | 1000 | 1003 |
| Rhode Island Housing and Mortgage Finance Corp., Series 71, Rev., GNMA COLL, 3.75%, 10/01/2049 | 215 | 216 |
| Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity |  |  |
| Series 73A, Rev., 0.95%, 04/01/2026 | 500 | 493 |
| Series 73A, Rev., 1.10%, 04/01/2027 | 300 | 288 |
| Series 73A, Rev., 1.65%, 10/01/2029 | 715 | 664 |
| Series 73A, Rev., 3.00%, 10/01/2050 | 765 | 757 |
| Rhode Island Housing and Mortgage Finance Corp., Social Bonds, Series 75A, Rev., 3.00%, 10/01/2051 | 1855 | 1833 |
| Rhode Island Student Loan Authority |  |  |
| Rev., AMT, 3.63%, 12/01/2037 | 755 | 741 |
| Rev., AMT, 4.13%, 12/01/2041 | 995 | 971 |
| Rev., AMT, 4.13%, 12/01/2043 | 1445 | 1377 |
| Series A, Rev., AMT, 5.00%, 12/01/2044 | 3950 | 3953 |
| Rhode Island Student Loan Authority, Senior Bond |  |  |
| Series A, Rev., AMT, 5.00%, 12/01/2029 | 370 | 393 |
| Series B, Rev., AMT, 4.13%, 12/01/2043 | 1350 | 1276 |
| Rhode Island Turnpike & Bridge Authority, Rev., 5.00%, 10/01/2040 | 1000 | 1004 |
| Tobacco Settlement Financing Corp., Series B, Rev., 4.50%, 06/01/2045 | 1950 | 1906 |
|  |  | 24389 |
| **South Carolina** — **1.0%** |  |  |
| Charleston County Airport District, Rev., 5.00%, 07/01/2042 | 1650 | 1753 |
| City of Columbia Waterworks & Sewer System Revenue |  |  |
| Rev., 5.00%, 02/01/2047 | 2625 | 2722 |
| Series B, Rev., 4.00%, 02/01/2041 | 5000 | 4957 |
| Series B, Rev., 5.00%, 02/01/2036 | 1085 | 1218 |
| Series B, Rev., 5.00%, 02/01/2037 | 1500 | 1669 |
| Series B, Rev., 5.00%, 02/01/2038 | 1500 | 1654 |
| Lexington County Health Services District, Inc., Lexmed Obligated Group |  |  |
| Rev., 4.00%, 11/01/2030 | 1000 | 1019 |
| Rev., 4.00%, 11/01/2031 | 1000 | 1013 |
| Patriots Energy Group Financing Agency, Series B1, Rev., 5.25%, 02/01/2054 (z) | 14400 | 15716 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **South Carolina — continued** |  |  |
| South Carolina Jobs-Economic Development Authority |  |  |
| Rev., 4.50%, 11/01/2054 | 2300 | 2204 |
| Rev., 5.00%, 02/01/2038 | 3975 | 3984 |
| Rev., 5.25%, 07/01/2047 (p) | 7480 | 7492 |
| Rev., 5.50%, 11/01/2046 | 2000 | 2126 |
| South Carolina Jobs-Economic Development Authority, Beaufort Memorial Hospital & South of Broad Healthcare Projects, Rev., 5.50%, 11/15/2044 | 500 | 505 |
| South Carolina Jobs-Economic Development Authority, Bon Secours Mercy Health, Series S, Rev., 5.00%, 12/01/2048 (z) | 1000 | 1000 |
| South Carolina Jobs-Economic Development Authority, McLeod Health Projects, Rev., 5.00%, 11/01/2048 | 1000 | 1011 |
| South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Series A, Rev., 5.00%, 05/01/2030 | 1500 | 1580 |
| South Carolina Jobs-Economic Development Authority, Prisma Health Obligation Group, Rev., 5.00%, 05/01/2043 | 2000 | 2026 |
| South Carolina Ports Authority |  |  |
| Rev., AMT, 5.00%, 07/01/2043 | 5680 | 5738 |
| Rev., AMT, 5.00%, 07/01/2055 | 2000 | 2002 |
| South Carolina Public Service Authority |  |  |
| Rev., 5.00%, 12/01/2037 | 3250 | 3617 |
| Rev., 5.00%, 12/01/2039 | 4000 | 4192 |
| Rev., 5.00%, 12/01/2042 | 3250 | 3461 |
| Rev., 5.00%, 12/01/2043 | 2800 | 2924 |
| Series A, Rev., 4.00%, 12/01/2033 | 1000 | 1024 |
| Series A, Rev., 4.00%, 12/01/2034 | 2000 | 2036 |
| Series A, Rev., 4.00%, 12/01/2037 | 2000 | 1999 |
| Series A, Rev., 4.00%, 12/01/2038 | 520 | 514 |
| Series A, Rev., 5.00%, 12/01/2027 | 1525 | 1606 |
| Series A, Rev., 5.00%, 12/01/2029 | 85 | 93 |
| Series A, Rev., 5.00%, 12/01/2031 | 4500 | 4965 |
| Series A, Rev., 5.00%, 12/01/2032 | 1000 | 1092 |
| Series A, Rev., 5.00%, 12/01/2037 | 2025 | 2236 |
| Series A, Rev., 5.00%, 12/01/2043 | 1500 | 1569 |
| Series A, Rev., 5.25%, 12/01/2050 | 3000 | 3119 |
| Series B, Rev., 5.00%, 12/01/2036 | 2200 | 2454 |
| Series B, Rev., 5.00%, 12/01/2040 | 1000 | 1040 |
| Series B, Rev., 5.00%, 12/01/2041 | 2000 | 2013 |
| South Carolina Public Service Authority, Bond Exchange, Series A, Rev., 5.00%, 12/01/2050 | 4290 | 4290 |
| South Carolina Public Service Authority, Obligations, Series C, Rev., 5.00%, 12/01/2027 | 1600 | 1641 |
| South Carolina Public Service Authority, Unrefunded Obligations, Series E, Rev., 5.25%, 12/01/2055 | 7000 | 7004 |
| South Carolina State Housing Finance & Development Authority |  |  |
| Rev., 6.00%, 01/01/2055 | 3290 | 3656 |
| Series A, Rev., 3.00%, 01/01/2052 | 470 | 464 |
| Series A, Rev., 4.00%, 01/01/2052 | 635 | 644 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 07/01/2055 | 3315 | 3786 |
| Series B, Rev., 3.25%, 01/01/2052 | 3975 | 3955 |
| South Carolina Transportation Infrastructure Bank, Rev., 5.00%, 10/01/2039 | 5000 | 5123 |
|  |  | 131906 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **South Dakota** — **0.2%** |  |  |
| County of Lincoln, GO, 5.00%, 12/01/2048 | 3000 | 3101 |
| County of Lincoln, Augustana College Association, Rev., 4.00%, 08/01/2041 | 250 | 218 |
| South Dakota Health & Educational Facilities Authority, Rev., 5.00%, 07/01/2046 | 2000 | 2010 |
| South Dakota Health & Educational Facilities Authority, Avera Health, Series A, Rev., 5.25%, 07/01/2054 | 10000 | 10466 |
| South Dakota Health & Educational Facilities Authority, Sanford Health, Rev., 5.00%, 11/01/2045 | 1975 | 1979 |
| South Dakota Health & Educational Facilities Authority, Unrefunded Balance Sanford, Rev., 5.00%, 11/01/2045 | 2525 | 2530 |
| South Dakota Housing Development Authority |  |  |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 11/01/2055 | 3230 | 3624 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 11/01/2055 | 1040 | 1187 |
| Series C, Rev., GNMA/FNMA/FHLMC, 3.50%, 05/01/2051 | 655 | 655 |
| Series G, Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2055 | 4120 | 4478 |
| South Dakota Housing Development Authority, Homeownership Mortgage, Series B, Rev., 3.00%, 11/01/2051 | 2010 | 1987 |
|  |  | 32235 |
| **Tennessee** — **1.2%** |  |  |
| Chattanooga Health Educational & Housing Facility Board, Commonspirit Health |  |  |
| Series A1, Rev., 5.00%, 08/01/2028 | 305 | 323 |
| Series A, Rev., 5.00%, 08/01/2044 | 1000 | 1008 |
| City of Clarksville Water Sewer & Gas Revenue, Rev., 5.00%, 02/01/2041 (p) | 965 | 973 |
| City of Memphis Storm Water System Revenue, Rev., 5.00%, 10/01/2044 | 3365 | 3411 |
| City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue |  |  |
| Rev., 5.00%, 12/01/2025 | 1085 | 1089 |
| Rev., 5.00%, 12/01/2031 | 600 | 682 |
| Rev., 5.00%, 12/01/2032 | 850 | 973 |
| Series A, Rev., 4.00%, 12/01/2050 | 1225 | 1120 |
| Cleveland Health & Educational Facilities Board, Rev., 5.25%, 08/15/2054 | 14700 | 15446 |
| County of Coffee, GO, 5.00%, 06/01/2026 | 250 | 254 |
| County of Rutherford TN, GO, 3.00%, 04/01/2033 | 6625 | 6539 |
| Johnson City Health & Educational Facilities Board, Tapestry at Roan Hill, Rev., HUD, 3.60%, 12/01/2027 (z) | 3000 | 3024 |
| Knox County Health Educational & Housing Facility Board, University of Tennessee Project |  |  |
| Series A1, Rev., BAM, 5.00%, 07/01/2039 | 500 | 531 |
| Series A1, Rev., BAM, 5.25%, 07/01/2049 | 1365 | 1408 |
| Knox County Health Educational & Housing Facility Board, Westview Towers Project, Rev., HUD, 3.95%, 12/01/2027 (z) | 410 | 411 |
| Knoxville's Community Development Corp., Willow Place Project, Rev., HUD, 3.75%, 12/01/2027 (z) | 2400 | 2409 |
| Memphis-Shelby County Airport Authority |  |  |
| Rev., AMT, 5.00%, 07/01/2032 | 270 | 280 |
| Rev., AMT, 5.00%, 07/01/2043 | 2055 | 2068 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Belmont University, Rev., 5.25%, 05/01/2048 | 1250 | 1288 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Vanderbilt University Medical Center, Rev., 5.00%, 07/01/2046 | 1285 | 1286 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bond, Vanderbilt University Medical Center, Series A, Rev., 5.00%, 07/01/2040 | 7555 | 7587 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Tennessee — continued** |  |  |
| Metropolitan Government Nashville & Davidson County Sports Authority, Stadium Project Senior Lien, Series A, Rev., 5.25%, 07/01/2048 | 2925 | 3066 |
| Metropolitan Government Nashville & Davidson County Sports Authority, Stadium Project, Senior Lien, Series A, Rev., 5.25%, 07/01/2053 | 4000 | 4161 |
| Metropolitan Government of Nashville & Davidson County Electric Revenue, Series A, Rev., 5.00%, 05/15/2043 | 1500 | 1602 |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue, Rev., 5.00%, 07/01/2039 | 2045 | 2257 |
| Metropolitan Knoxville Airport Authority, Series A, Rev., 5.25%, 06/01/2054 | 4235 | 4425 |
| Metropolitan Nashville Airport Authority (The) |  |  |
| Series B, Rev., AMT, 5.00%, 07/01/2026 | 70 | 71 |
| Series B, Rev., AMT, 5.00%, 07/01/2027 | 170 | 176 |
| Series B, Rev., AMT, 5.25%, 07/01/2033 | 270 | 302 |
| Series B, Rev., AMT, 5.25%, 07/01/2047 | 3500 | 3608 |
| Series B, Rev., AMT, 5.50%, 07/01/2038 | 1625 | 1772 |
| State of Tennessee, GO, 5.00%, 05/01/2041 | 7470 | 8080 |
| Tennergy Corp., Series A, Rev., 4.00%, 12/01/2051 (z) | 5500 | 5635 |
| Tennergy Corp., Gas Supply Bonds, Series A, Rev., 5.50%, 10/01/2053 (z) | 5000 | 5396 |
| Tennessee Energy Acquisition Corp. |  |  |
| Rev., 4.00%, 11/01/2049 (z) | 4480 | 4485 |
| Rev., 5.00%, 05/01/2052 (z) | 18000 | 19363 |
| Series A, Rev., 5.00%, 12/01/2035 | 28305 | 30611 |
| Tennessee Energy Acquisition Corp., Gas Project, Series A1, Rev., 5.00%, 05/01/2053 (z) | 9000 | 9396 |
| Tennessee Housing Development Agency, Sustainable Bonds |  |  |
| Series 1A, Rev., 4.50%, 07/01/2044 | 1220 | 1208 |
| Series 2A, Rev., 6.00%, 01/01/2056 | 1295 | 1453 |
| Williamson County Industrial Development Board, Wood Duck Court Apartments, Rev., HUD, 5.00%, 05/01/2042 (z) | 1460 | 1491 |
|  |  | 160668 |
| **Texas** — **10.5%** |  |  |
| Alamo Community College District |  |  |
| GO, 5.00%, 08/15/2042 | 2505 | 2654 |
| GO, 5.00%, 08/15/2045 | 6740 | 7052 |
| Alief Independent School District, GO, PSF-GTD, 2.00%, 02/15/2038 | 1890 | 1442 |
| Allen Independent School District, GO, PSF-GTD, 4.38%, 02/15/2050 | 2600 | 2531 |
| Anson Education Facilities Corp., Arlington Classics Academy, Rev., 5.00%, 08/15/2045 | 1370 | 1333 |
| Arlington Higher Education Finance Corp. |  |  |
| Rev., 4.88%, 06/15/2054 (e) | 1050 | 940 |
| Series A, Rev., PSF-GTD, 4.00%, 08/15/2026 | 265 | 268 |
| Series A, Rev., PSF-GTD, 4.00%, 08/15/2030 | 425 | 442 |
| Series A, Rev., PSF-GTD, 5.00%, 08/15/2031 | 555 | 621 |
| Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc., Rev., 5.00%, 06/15/2035 (e) | 2500 | 2607 |
| Arlington Higher Education Finance Corp., Legacy Traditional Schools |  |  |
| Rev., 4.13%, 02/15/2041 | 815 | 648 |
| Rev., 6.00%, 02/15/2042 (e) | 250 | 241 |
| Austin Community College District |  |  |
| GO, 5.00%, 08/01/2048 | 3500 | 3627 |
| GO, 5.25%, 08/01/2053 | 1500 | 1575 |
| Austin Convention Enterprises, Inc., First Tier Convention Center, Rev., 5.00%, 01/01/2033 | 1125 | 1133 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **continued** |  |  |
| **Texas — continued** |  |  |
| Austin Independent School District |  |  |
| GO, 5.00%, 08/01/2026 | 1000 | 1021 |
| GO, 5.00%, 08/01/2038 | 500 | 545 |
| Barbers Hill Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2032 | 500 | 567 |
| GO, PSF-GTD, 5.00%, 02/15/2035 | 3000 | 3313 |
| Bastrop Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040 | 2000 | 2140 |
| Beaumont Independent School District |  |  |
| GO, PSF-GTD, 3.00%, 02/15/2033 | 2500 | 2478 |
| GO, PSF-GTD, 5.00%, 02/15/2028 | 1535 | 1549 |
| Bells Independent School District, GO, PSF-GTD, 4.25%, 02/15/2053 | 2310 | 2176 |
| Bexar County Hospital District, Certificates Obligation |  |  |
| GO, 4.00%, 02/15/2039 | 1090 | 1086 |
| GO, 5.00%, 02/15/2043 | 2750 | 2892 |
| Bexar County Hospital District, Certificates of Obligation |  |  |
| GO, 5.00%, 02/15/2036 | 370 | 407 |
| GO, 5.00%, 02/15/2037 | 230 | 251 |
| Board of Regents of the University of Texas System |  |  |
| Series A, Rev., 5.00%, 08/15/2030 | 1000 | 1118 |
| Series E, Rev., 5.00%, 08/15/2027 | 1000 | 1048 |
| Boerne Independent School District, GO, PSF-GTD, 3.13%, 02/01/2053 (z) | 1735 | 1741 |
| Brazoria County Toll Road Authority, Subordinated Lien, Series A, Rev., CNTY GTD, 5.00%, 03/01/2033 | 1670 | 1723 |
| Brazos Higher Education Authority, Inc. |  |  |
| Rev., AMT, 4.00%, 04/01/2045 | 2630 | 2358 |
| Series 1A, Rev., AMT, 4.50%, 04/01/2046 | 7320 | 7369 |
| Brazosport Independent School District, GO, PSF-GTD, 5.00%, 02/15/2030 | 1925 | 2082 |
| Capital Area Housing Finance Corp., Redwood Apartments, Rev., 3.50%, 01/01/2041 (z) | 2395 | 2396 |
| Carrollton-Farmers Branch Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 02/15/2053 | 5000 | 4489 |
| GO, PSF-GTD, 5.00%, 02/15/2026 | 2500 | 2523 |
| Castleberry Independent School District, GO, PSF-GTD, 5.00%, 02/15/2041 | 700 | 754 |
| Celina Independent School District, GO, PSF-GTD, 5.00%, 02/15/2031 | 500 | 560 |
| Central Texas Regional Mobility Authority |  |  |
| Rev., 5.00%, 01/01/2037 | 1285 | 1355 |
| Series B, Rev., 4.00%, 01/01/2040 | 800 | 779 |
| Series B, Rev., 4.00%, 01/01/2051 | 1250 | 1121 |
| Series B, Rev., 5.00%, 01/01/2037 | 1000 | 1066 |
| Series B, Rev., 5.00%, 01/01/2046 | 7800 | 7923 |
| Series C, Rev., BAN, 5.00%, 01/01/2027 | 2000 | 2010 |
| Central Texas Regional Mobility Authority, Senior Lien |  |  |
| Series B, Rev., 4.00%, 01/01/2039 | 600 | 594 |
| Series B, Rev., 4.00%, 01/01/2040 | 500 | 487 |
| Series B, Rev., 5.00%, 01/01/2045 | 3595 | 3652 |
| Series D, Rev., 5.00%, 01/01/2033 | 480 | 529 |
| Series E, Rev., 5.00%, 01/01/2045 | 2665 | 2706 |
| Central Texas Turnpike System |  |  |
| Rev., 5.00%, 08/15/2037 | 10000 | 11004 |
| Rev., 5.00%, 08/15/2038 | 7690 | 8405 |
| Rev., 5.00%, 08/15/2040 | 2500 | 2681 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Chapel Hill Independent School District/Smith County, GO, PSF-GTD, 5.00%, 02/15/2039 | 700 | 762 |
| City Austin, Certificates Obligation |  |  |
| GO, 5.00%, 09/01/2032 | 1750 | 1926 |
| GO, 5.00%, 09/01/2033 | 1100 | 1205 |
| GO, 5.00%, 09/01/2034 | 1750 | 1907 |
| City of Arlington TX Water & Wastewater System Revenue |  |  |
| Rev., 5.00%, 06/01/2037 | 1445 | 1610 |
| Rev., 5.00%, 06/01/2039 | 1445 | 1588 |
| City of Arlington, Tax, Increment Reinvestment Zone, Tax Allocation, 4.00%, 08/15/2041 | 1000 | 874 |
| City of Austin |  |  |
| GO, 5.00%, 09/01/2039 (w) | 2675 | 2984 |
| GO, 5.00%, 09/01/2040 (w) | 1000 | 1106 |
| GO, 5.00%, 09/01/2041 (w) | 2430 | 2659 |
| City of Austin Electric Utility Revenue |  |  |
| Rev., 5.00%, 11/15/2048 | 6210 | 6462 |
| Series A, Rev., 5.00%, 11/15/2031 | 1595 | 1598 |
| City of Austin TX Water & Wastewater System Revenue, Rev., 5.00%, 11/15/2041 | 6500 | 7025 |
| City of Austin Water & Wastewater System Revenue |  |  |
| Rev., 4.00%, 11/15/2036 | 185 | 190 |
| Rev., 4.00%, 11/15/2041 | 1510 | 1485 |
| Rev., 5.00%, 11/15/2041 | 7000 | 7063 |
| Series C, Rev., 5.00%, 11/15/2025 (p) | 510 | 511 |
| Series C, Rev., 5.00%, 11/15/2032 | 1000 | 1100 |
| City of Austin, Airport System Revenue |  |  |
| Rev., AMT, 5.00%, 11/15/2029 | 1400 | 1511 |
| Rev., AMT, 5.00%, 11/15/2040 | 1500 | 1565 |
| Series B, Rev., AMT, 5.00%, 11/15/2030 | 1000 | 1072 |
| Series B, Rev., AMT, 5.00%, 11/15/2033 | 1130 | 1145 |
| Series B, Rev., AMT, 5.00%, 11/15/2036 | 3335 | 3402 |
| Series B, Rev., AMT, 5.00%, 11/15/2044 | 1335 | 1344 |
| City of Austin, Electric Utility Revenue |  |  |
| Series A, Rev., 5.00%, 11/15/2038 | 1265 | 1265 |
| Series B, Rev., 5.00%, 11/15/2037 | 1505 | 1588 |
| Series B, Rev., 5.00%, 11/15/2038 | 1340 | 1408 |
| City of Austin, Public Improvement |  |  |
| GO, 5.00%, 09/01/2033 | 5000 | 5745 |
| GO, 5.00%, 09/01/2034 | 2800 | 3238 |
| City of Austin, Refunding & Public Improvement, GO, 5.00%, 09/01/2033 | 620 | 679 |
| City of Beaumont TX Waterworks & Sewer System Revenue, Rev., BAM, 5.00%, 09/01/2049 | 2000 | 2064 |
| City of Celina TX |  |  |
| Special Assessment, BAM, 5.00%, 09/01/2040 | 1200 | 1243 |
| Special Assessment, 5.25%, 09/01/2046 (e) | 1120 | 1121 |
| City of Celina, Mosaic Public Improvement District |  |  |
| Special Assessment, 5.13%, 09/01/2044 (e) | 2150 | 2068 |
| City of Corpus Christi TX Utility System Revenue |  |  |
| Rev., 5.00%, 07/15/2041 | 2110 | 2287 |
| Rev., 5.00%, 07/15/2042 | 2750 | 2947 |
| City of Corpus Christi, Utility System Revenue |  |  |
| Rev., 5.00%, 07/15/2028 | 1885 | 2010 |
| Rev., 5.00%, 07/15/2039 | 1000 | 1078 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| City of Dallas Housing Finance Corp., Rev., FHA, 5.00%, 08/01/2027 (z) | 350 | 356 |
| City of Dallas Housing Finance Corp., Estates at Ferguson, Rev., 5.00%, 07/01/2042 (z) | 1010 | 1035 |
| City of Dallas TX, GO, 4.00%, 02/15/2043 | 6000 | 5781 |
| City of Dallas Waterworks & Sewer System Revenue |  |  |
| Series A, Rev., 5.00%, 10/01/2032 | 1250 | 1271 |
| Series A, Rev., 5.00%, 10/01/2047 | 5000 | 5223 |
| Series C, Rev., 4.00%, 10/01/2031 | 1500 | 1549 |
| City of Dallas, Fair Park Venue Project Senior, Special Tax, 6.25%, 08/15/2053 (e) (z) | 3400 | 3402 |
| City of Dallas, Waterworks & Sewer System Revenue |  |  |
| Series C, Rev., 4.00%, 10/01/2039 | 7470 | 7359 |
| Series C, Rev., 4.00%, 10/01/2040 | 1000 | 978 |
| Series C, Rev., 5.00%, 10/01/2029 | 1125 | 1234 |
| City of Denton, GO, 2.00%, 02/15/2032 | 1345 | 1247 |
| City of Denton, Certificates Obligation |  |  |
| GO, 2.00%, 02/15/2034 | 2565 | 2272 |
| GO, 2.00%, 02/15/2035 | 2625 | 2265 |
| City of Eagle Pass, Certificates Obligation |  |  |
| GO, 4.00%, 03/01/2039 | 500 | 495 |
| GO, 4.00%, 03/01/2041 | 680 | 673 |
| City of El Paso TX |  |  |
| GO, BAM, 4.00%, 08/15/2042 (p) | 10900 | 10503 |
| City of Fort Worth, GO, 4.00%, 03/01/2030 | 1150 | 1196 |
| City of Fort Worth TX Water & Sewer System Revenue |  |  |
| Rev., 5.00%, 02/15/2037 | 2305 | 2538 |
| Rev., 5.00%, 02/15/2038 | 1390 | 1520 |
| Rev., 5.00%, 02/15/2041 | 710 | 758 |
| City of Galveston TX Wharves & Terminal Revenue |  |  |
| Rev., AMT, 5.25%, 08/01/2039 | 750 | 789 |
| Rev., AMT, 5.50%, 08/01/2041 | 1050 | 1109 |
| Rev., AMT, 5.50%, 08/01/2042 | 700 | 736 |
| Rev., AMT, 5.50%, 08/01/2043 | 1100 | 1153 |
| Rev., AMT, 5.50%, 08/01/2044 | 700 | 728 |
| City of Haslet, Improvement Area Second Project, Special Assessment, 3.25%, 09/01/2031 (e) | 500 | 455 |
| City of Houston Airport System Revenue |  |  |
| Series B, Rev., AMT, 5.25%, 07/15/2033 | 3000 | 3215 |
| Series C, Rev., AMT, 5.00%, 07/01/2028 | 470 | 497 |
| City of Houston Airport System Revenue, Subordinated Lien |  |  |
| Series A, Rev., AMT, 4.00%, 07/01/2035 | 1000 | 1008 |
| Series A, Rev., AMT, 4.00%, 07/01/2040 | 3570 | 3364 |
| Series A, Rev., AMT, 5.00%, 07/01/2028 | 1440 | 1521 |
| Series A, Rev., AMT, 5.00%, 07/01/2029 | 1580 | 1695 |
| Series A, Rev., AMT, 5.00%, 07/01/2034 | 2500 | 2655 |
| Series A, Rev., AMT, 5.00%, 07/01/2037 | 2000 | 2143 |
| Series A, Rev., AMT, 5.25%, 07/01/2040 | 2850 | 3073 |
| Series A, Rev., AMT, 5.50%, 07/01/2043 | 2500 | 2720 |
| Series B, Rev., 5.00%, 07/01/2026 | 1000 | 1017 |
| Series B, Rev., 5.00%, 07/01/2027 | 995 | 1038 |
| City of Houston Airport System Revenue, United Airlines, Inc. |  |  |
| Series B, Rev., AMT, 5.50%, 07/15/2037 | 8565 | 9247 |
| Series B, Rev., AMT, 5.50%, 07/15/2039 | 2000 | 2130 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| City of Houston Airport System Revenue, United Airlines, Inc. Terminal, Rev., AMT, 4.00%, 07/15/2041 | 4365 | 3964 |
| City of Houston Combined Utility System Revenue, First Lien, Series A, Rev., 4.00%, 11/15/2033 | 1200 | 1256 |
| City of Houston Combined Utility System Revenue, Subordinated First Lien, Rev., 5.00%, 11/15/2025 | 2500 | 2507 |
| City of Houston Hotel Occupancy Tax & Special Revenue, Convention & Entertainment, Rev., 4.00%, 09/01/2029 | 280 | 291 |
| City of Houston TX, GO, 5.25%, 03/01/2049 | 16000 | 17040 |
| City of Houston, Airport System Revenue, Special Facilities, United Airlines, Inc., Rev., AMT, 5.00%, 07/15/2028 | 600 | 615 |
| City of Houston, Combined Utility System Revenue, First Lien |  |  |
| Series A, Rev., 5.00%, 11/15/2029 | 1100 | 1209 |
| Series C, Rev., 5.00%, 11/15/2029 | 3100 | 3405 |
| City of Hutto TX |  |  |
| GO, BAM, 4.13%, 08/01/2049 | 2500 | 2355 |
| GO, BAM, 5.00%, 08/01/2043 | 1220 | 1293 |
| City of Justin, Timberbrook Public Improvement, Special Assessment, 3.00%, 09/01/2031 (e) | 315 | 294 |
| City of Lavon, Elevon Public Improvement District, Special Assessment, 5.00%, 09/15/2044 (e) | 500 | 493 |
| City of Lubbock Electric Light & Power System Revenue |  |  |
| Rev., 5.00%, 04/15/2026 | 800 | 810 |
| Rev., 5.00%, 04/15/2027 | 785 | 815 |
| Rev., 5.00%, 04/15/2035 | 1345 | 1503 |
| Rev., 5.00%, 04/15/2038 | 1045 | 1138 |
| Rev., 5.00%, 04/15/2040 | 1200 | 1283 |
| City of McKinney Waterworks & Sewer System Revenue, Rev., 5.00%, 03/15/2026 | 350 | 354 |
| City of Palestine, Certificates Obligation, GO, 4.00%, 02/15/2046 | 5000 | 4628 |
| City of Pflugerville, Certificates of Obligation, GO, 4.00%, 08/01/2049 | 2750 | 2511 |
| City of Plano, GO, 4.00%, 09/01/2043 | 1000 | 967 |
| City of Round Rock TX, GO, 4.13%, 08/15/2046 | 3210 | 3050 |
| City of San Antonio |  |  |
| GO, 5.00%, 02/01/2042 | 2380 | 2549 |
| GO, 5.00%, 02/01/2044 | 2250 | 2376 |
| City of San Antonio Electric & Gas Systems Revenue |  |  |
| Rev., 4.00%, 02/01/2030 | 1660 | 1758 |
| Rev., 5.00%, 02/01/2033 | 1795 | 1844 |
| Rev., 5.00%, 02/01/2035 | 1650 | 1689 |
| Series B, Rev., 5.25%, 02/01/2040 | 3000 | 3253 |
| City of San Antonio Electric & Gas Systems Revenue, Junior Lien |  |  |
| Rev., (SIFMA Municipal Swap Index + 0.87%), 3.76%, 02/01/2048 (aa) | 3000 | 2999 |
| Rev., 4.00%, 02/01/2037 | 1000 | 1024 |
| Series A, Rev., 5.00%, 02/01/2035 | 2200 | 2390 |
| Series D, Rev., 1.13%, 12/01/2045 (z) | 6510 | 6339 |
| City of San Antonio TX Electric & Gas Systems Revenue |  |  |
| Rev., 5.00%, 02/01/2036 | 1680 | 1872 |
| Rev., 5.00%, 02/01/2040 | 1000 | 1073 |
| Rev., 5.25%, 02/01/2044 | 1660 | 1773 |
| Rev., 5.25%, 02/01/2049 | 4000 | 4224 |
| City of San Antonio, Electric & Gas Systems Revenue |  |  |
| Rev., 4.00%, 02/01/2027 | 2000 | 2042 |
| Series D, Rev., 5.25%, 02/01/2054 | 4500 | 4745 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| City of Sugar Land TX, GO, 5.00%, 02/15/2037 | 1060 | 1178 |
| City of Texas City TX, GO, 5.00%, 02/15/2045 | 10455 | 10867 |
| City of Waco TX, GO, 5.00%, 02/01/2049 | 3000 | 3137 |
| Clear Creek Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2044 | 2875 | 3032 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2033 | 760 | 870 |
| Cleburne Independent School District, Prerefunded School Building, GO, PSF-GTD, 5.00%, 02/15/2036 (p) | 195 | 197 |
| Cleburne Independent School District, Unrefunded School Building, GO, PSF-GTD, 5.00%, 02/15/2036 | 870 | 875 |
| Clifton Higher Education Finance Corp. |  |  |
| Rev., PSF-GTD, 4.00%, 08/15/2044 | 4045 | 3780 |
| Rev., PSF-GTD, 4.00%, 02/15/2055 (z) | 7000 | 7285 |
| Rev., PSF-GTD, 5.00%, 08/15/2035 | 1300 | 1423 |
| Rev., PSF-GTD, 5.00%, 08/15/2037 | 500 | 539 |
| Rev., PSF-GTD, 5.00%, 08/15/2038 | 2905 | 3147 |
| Rev., PSF-GTD, 5.00%, 08/15/2041 | 2550 | 2718 |
| Rev., PSF-GTD, 5.00%, 08/15/2042 | 625 | 661 |
| Rev., PSF-GTD, 5.00%, 08/15/2044 | 2270 | 2374 |
| Rev., PSF-GTD, 5.25%, 02/15/2043 | 3900 | 4124 |
| Rev., PSF-GTD, 5.25%, 02/15/2044 | 2000 | 2106 |
| Clifton Higher Education Finance Corp., Idea Public School |  |  |
| Rev., PSF-GTD, 5.00%, 08/15/2026 | 1840 | 1876 |
| Series A, Rev., 4.00%, 08/15/2035 | 415 | 417 |
| Series A, Rev., 4.00%, 08/15/2047 | 1300 | 1146 |
| Series T, Rev., PSF-GTD, 4.00%, 08/15/2036 | 700 | 715 |
| Series T, Rev., PSF-GTD, 4.00%, 08/15/2047 | 1175 | 1082 |
| Series T, Rev., PSF-GTD, 5.00%, 08/15/2026 | 55 | 56 |
| Series T, Rev., PSF-GTD, 5.00%, 08/15/2027 | 30 | 31 |
| Series T, Rev., PSF-GTD, 5.00%, 08/15/2028 | 40 | 43 |
| Series T, Rev., PSF-GTD, 5.00%, 08/15/2030 | 215 | 238 |
| Clifton Higher Education Finance Corp., International Leadership of Texas, Inc., Rev., PSF-GTD, 5.00%, 08/15/2028 | 900 | 954 |
| Collin County Community College District, Series A, GO, 4.00%, 08/15/2035 | 1600 | 1640 |
| Comal Independent School District, GO, PSF-GTD, 5.00%, 02/01/2042 | 750 | 803 |
| County of Bexar |  |  |
| GO, 4.00%, 06/15/2040 | 11085 | 11085 |
| GO, 5.00%, 06/15/2043 (p) | 2000 | 2033 |
| County of Bexar TX, GO, 4.00%, 06/15/2038 | 2205 | 2222 |
| County of Collin, GO, 5.00%, 02/15/2029 | 2000 | 2162 |
| County of Dallas, Certificates of Obligation, GO, 5.00%, 08/15/2041 | 2550 | 2722 |
| County of Denton, GO, 5.00%, 07/15/2027 | 1000 | 1046 |
| County of Denton TX, GO, 4.00%, 07/15/2043 | 2800 | 2708 |
| County of El Paso, Series A, GO, 5.00%, 02/15/2027 | 1430 | 1442 |
| County of Harris, Series A, GO, 5.00%, 10/01/2029 | 1150 | 1262 |
| County of Harris, Subordinate, Series A, GO, 5.00%, 08/15/2026 | 1750 | 1790 |
| County of Nueces, GO, 5.00%, 02/15/2029 | 460 | 494 |
| Cypress-Fairbanks Independent School District |  |  |
| Series B, GO, PSF-GTD, 5.00%, 02/15/2037 | 2000 | 2230 |
| Series B, GO, PSF-GTD, 5.00%, 02/15/2038 | 1330 | 1470 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Dallas Area Rapid Transit |  |  |
| Series A, Rev., 5.00%, 12/01/2029 (p) | 1890 | 1897 |
| Series A, Rev., 5.00%, 12/01/2046 (p) | 2000 | 2008 |
| Dallas Area Rapid Transit, Senior Lien |  |  |
| Rev., 5.00%, 12/01/2032 | 1000 | 1087 |
| Series B, Rev., 4.00%, 12/01/2051 | 2000 | 1793 |
| Dallas Fort Worth International Airport |  |  |
| Series B, Rev., 5.00%, 11/01/2050 | 4000 | 4088 |
| Series C, Rev., AMT, 5.00%, 11/01/2030 | 5000 | 5475 |
| Dallas Fort Worth International Airport, Dallas Fort Worth International, Rev., 5.00%, 11/01/2025 | 1825 | 1828 |
| Dallas Independent School District, Series B, GO, PSF-GTD, 3.00%, 02/15/2034 | 1370 | 1326 |
| Del Valle Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 06/15/2031 | 3085 | 3266 |
| GO, PSF-GTD, 4.00%, 06/15/2032 | 3405 | 3579 |
| GO, PSF-GTD, 4.00%, 06/15/2033 | 5740 | 5994 |
| GO, PSF-GTD, 4.00%, 06/15/2034 | 3280 | 3394 |
| Denton Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 08/15/2027 | 600 | 627 |
| GO, PSF-GTD, 5.00%, 08/15/2034 | 950 | 1080 |
| GO, PSF-GTD, 5.00%, 08/15/2038 | 5000 | 5590 |
| GO, PSF-GTD, 5.00%, 08/15/2042 | 2000 | 2127 |
| Series B1, GO, PSF-GTD, 4.00%, 08/15/2055 (z) | 5000 | 5199 |
| Series B2, GO, PSF-GTD, 4.00%, 08/15/2055 (z) | 1000 | 1066 |
| Eagle Mountain and Saginaw Independent School District, GO, PSF-GTD, 5.00%, 08/15/2043 | 3070 | 3263 |
| East Montgomery County Improvement District, Sales Tax Revenue, Rev., 5.00%, 08/15/2041 | 500 | 529 |
| El Paso County Hospital District |  |  |
| GO, 5.00%, 02/15/2034 | 3205 | 3612 |
| GO, 5.00%, 02/15/2035 | 1800 | 2032 |
| Flour Bluff Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 08/15/2041 | 2000 | 2142 |
| GO, PSF-GTD, 5.00%, 08/15/2042 | 3200 | 3395 |
| GO, PSF-GTD, 5.00%, 08/15/2043 | 1800 | 1900 |
| Forney Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 08/15/2040 | 600 | 643 |
| GO, PSF-GTD, 5.00%, 08/15/2043 | 2075 | 2176 |
| GO, PSF-GTD, 5.25%, 08/15/2041 | 500 | 555 |
| Series A, GO, PSF-GTD, 3.00%, 08/15/2037 | 3585 | 3330 |
| Series A, GO, PSF-GTD, 3.00%, 08/15/2038 | 4950 | 4506 |
| Fort Bend Grand Parkway Toll Road Authority |  |  |
| Series A, Rev., CNTY GTD, 5.00%, 03/01/2026 | 750 | 757 |
| Series A, Rev., CNTY GTD, 5.00%, 03/01/2027 | 285 | 295 |
| Series A, Rev., CNTY GTD, 5.00%, 03/01/2029 | 390 | 422 |
| Series A, Rev., CNTY GTD, 5.00%, 03/01/2030 | 1000 | 1101 |
| Fort Bend Independent School District, Series B, GO, PSF-GTD, 0.72%, 08/01/2051 (z) | 595 | 581 |
| Fort Worth Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040 | 1750 | 1876 |
| Garland Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2037 | 500 | 551 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2037 | 3500 | 3858 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Georgetown Independent School District |  |  |
| GO, PSF-GTD, 2.00%, 08/15/2034 | 6155 | 5337 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 2100 | 2220 |
| Goose Creek Consolidated Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 900 | 908 |
| Grand Parkway Transportation Corp., Grand Parkway System, Rev., 4.00%, 10/01/2045 | 10125 | 9140 |
| Greater Texoma Utility Authority |  |  |
| Rev., BAM, 5.25%, 10/01/2042 | 1000 | 1067 |
| Rev., BAM, 5.25%, 10/01/2045 | 1150 | 1211 |
| Greater Texoma Utility Authority, City of Sherman Project |  |  |
| Rev., BAM, 5.00%, 10/01/2037 | 3060 | 3299 |
| Rev., BAM, 5.00%, 10/01/2038 | 1450 | 1551 |
| Rev., BAM, 5.00%, 10/01/2049 | 10000 | 10216 |
| Series A, Rev., BAM, 4.00%, 10/01/2043 | 1940 | 1823 |
| Harris County Cultural Education Facilities Finance Corp., Series A, Rev., 5.00%, 05/15/2050 (z) | 8000 | 8763 |
| Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, Rev., 4.00%, 10/01/2041 | 1000 | 956 |
| Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital |  |  |
| Rev., LOC: TD Bank NA, 2.80%, 10/01/2045 (z) | 2400 | 2400 |
| Rev., BAM, 4.00%, 10/01/2037 | 1790 | 1801 |
| Rev., 4.00%, 10/01/2038 | 1000 | 987 |
| Rev., BAM, 4.00%, 10/01/2038 | 1000 | 1001 |
| Harris County Flood Control District, Series A, GO, 5.00%, 10/01/2029 | 1700 | 1863 |
| Harris County Flood Control District, Sustainability Bond |  |  |
| Series A, GO, 4.00%, 09/15/2041 | 2500 | 2453 |
| Series A, GO, 4.00%, 09/15/2048 | 9000 | 8421 |
| Harris County Industrial Development Corp., Energy Transfer, Rev., 4.05%, 11/01/2050 (z) | 5000 | 5132 |
| Harris County, Toll Road Authority, First Lien, Rev., 5.00%, 08/15/2030 | 1200 | 1336 |
| Harris County-Houston Sports Authority, Senior Lien, Series A, Rev., 5.00%, 11/15/2029 | 3010 | 3277 |
| Hays Consolidated Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 02/15/2042 | 18160 | 17664 |
| GO, PSF-GTD, 5.00%, 02/15/2038 | 1000 | 1081 |
| GO, PSF-GTD, 5.00%, 02/15/2040 | 1305 | 1384 |
| Hidalgo County Regional Mobility Authority, Senior Lien |  |  |
| Series A, Rev., 5.00%, 12/01/2032 | 1000 | 1076 |
| Series A, Rev., 5.00%, 12/01/2033 | 575 | 614 |
| Series A, Rev., 5.00%, 12/01/2034 | 750 | 796 |
| Houston Higher Education Finance Corp., Houston Baptist University, Rev., 4.00%, 10/01/2051 | 1100 | 855 |
| Houston Higher Education Finance Corp., Kipp Inc, Rev., PSF-GTD, 4.00%, 08/15/2040 | 2500 | 2471 |
| Houston Independent School District, Maintenance Tax Notes, Series A, GO, 5.00%, 07/15/2045 (z) | 20400 | 21600 |
| Hurst-Euless-Bedford Independent School District, GO, PSF-GTD, 5.00%, 08/15/2038 | 1490 | 1643 |
| Hutto Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 02/01/2055 (z) | 2620 | 2702 |
| GO, PSF-GTD, 5.00%, 08/01/2048 | 2400 | 2503 |
| Irving Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2028 | 500 | 530 |
| GO, PSF-GTD, 5.00%, 02/15/2035 | 2300 | 2555 |
| GO, PSF-GTD, 5.00%, 02/15/2038 | 4375 | 4714 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 250 | 266 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Jarrell Independent School District, GO, PSF-GTD, 5.00%, 02/15/2037 | 725 | 792 |
| Katy Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2027 | 3000 | 3102 |
| GO, PSF-GTD, 5.00%, 02/15/2036 | 1340 | 1457 |
| GO, PSF-GTD, 5.00%, 02/15/2042 | 1000 | 1067 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 1505 | 1596 |
| GO, PSF-GTD, 5.00%, 02/15/2046 | 2560 | 2690 |
| Series B, GO, PSF-GTD, 5.00%, 02/15/2036 | 2475 | 2488 |
| Kilgore Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 450 | 454 |
| Klein Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 08/01/2046 | 4000 | 3733 |
| GO, PSF-GTD, 5.00%, 08/01/2028 | 4270 | 4570 |
| GO, PSF-GTD, 5.00%, 08/01/2041 | 1775 | 1918 |
| Lake Houston Redevelopment Authority, Rev., 4.00%, 09/01/2035 | 250 | 240 |
| Lake Travis Independent School District, School Building, Series A, GO, PSF-GTD, 5.00%, 02/15/2043 (p) | 1090 | 1126 |
| Lamar Consolidated Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2029 | 150 | 162 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 1500 | 1606 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 2100 | 2216 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2058 | 4335 | 4450 |
| Liberty Hill Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/01/2040 | 1890 | 2038 |
| GO, PSF-GTD, 5.00%, 02/01/2041 | 2020 | 2160 |
| Llano Independent School District, GO, PSF-GTD, 5.00%, 02/15/2032 | 1350 | 1360 |
| Longview Independent School District, GO, PSF-GTD, 5.00%, 02/15/2043 | 1750 | 1851 |
| Love Field Airport Modernization Corp., Southwest Airlines Co Project, Rev., AMT, 5.00%, 11/01/2028 | 1400 | 1401 |
| Lower Colorado River Authority |  |  |
| Rev., 5.00%, 05/15/2031 | 4795 | 5384 |
| Rev., 5.00%, 05/15/2032 | 5000 | 5573 |
| Series A, Rev., 5.00%, 05/15/2027 | 420 | 437 |
| Series B, Rev., 5.00%, 05/15/2039 (z) | 3000 | 3124 |
| Lower Colorado River Authority, LCRA Transmission Services |  |  |
| Rev., 5.00%, 05/15/2030 | 1000 | 1104 |
| Rev., 5.00%, 05/15/2051 | 3500 | 3551 |
| Lower Colorado River Authority, LCRA Transmission Services Corp., Rev., BAM, 5.25%, 05/15/2043 | 3500 | 3780 |
| Lower Colorado, River Authority, Transmission Services Contract, Rev., 5.00%, 05/15/2029 | 100 | 108 |
| Mansfield Independent School District, GO, PSF-GTD, 3.00%, 08/01/2036 | 1000 | 940 |
| Matagorda County Navigation District No. 1, Central Power & Light, Rev., AMT, 4.25%, 05/01/2030 | 825 | 861 |
| Matagorda County Navigation District No. 1, Central Power & Light Co., Rev., 2.60%, 11/01/2029 | 3500 | 3398 |
| McKinney Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 1245 | 1256 |
| Medina Valley Independent School District |  |  |
| GO, PSF-GTD, 0.82%, 02/15/2051 (z) | 445 | 440 |
| GO, PSF-GTD, 5.00%, 02/15/2040 | 3000 | 3222 |
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Contractual Obligation, Series B, Rev., 5.00%, 11/01/2025 | 435 | 436 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Midland County Hospital District, Rev., BAM, 5.25%, 05/15/2054 | 2170 | 2251 |
| Midland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2050 (p) | 190 | 201 |
| Midland Independent School District, Unrefunded Balance School Building, GO, PSF-GTD, 5.00%, 02/15/2050 (p) | 2110 | 2136 |
| Mission Economic Development Corp. |  |  |
| Rev., AMT, 0.00%, 06/01/2048 (z) | 5665 | 5698 |
| Rev., AMT, 3.80%, 05/01/2046 (z) | 10000 | 9997 |
| Rev., AMT, 4.00%, 06/01/2054 (z) | 2475 | 2488 |
| Rev., AMT, 5.00%, 12/01/2064 (z) | 1000 | 1036 |
| New Caney Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2037 | 625 | 687 |
| GO, PSF-GTD, 5.00%, 02/15/2040 | 1375 | 1487 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 2000 | 2146 |
| GO, PSF-GTD, 5.00%, 02/15/2044 | 1250 | 1313 |
| New Hope Cultural Education Facilities Finance Corp., Series A, Rev., 5.00%, 07/01/2047 | 2000 | 1853 |
| New Hope Cultural Education Facilities Finance Corp., Bella Vida Facility Living |  |  |
| Rev., 4.25%, 10/01/2030 | 2000 | 2009 |
| Rev., 4.63%, 10/01/2030 | 2000 | 2013 |
| New Hope Cultural Education Facilities Finance Corp., Children's Health System, Series A, Rev., 5.00%, 08/15/2047 | 1000 | 1008 |
| New Hope Cultural Education Facilities Finance Corp., Children's Health System of Texas |  |  |
| Rev., 5.25%, 08/15/2043 | 1375 | 1491 |
| Rev., 5.25%, 08/15/2045 | 2035 | 2186 |
| Rev., 5.50%, 08/15/2049 | 3000 | 3239 |
| New Hope Cultural Education Facilities Finance Corp., NCCD College Station Project, Series A, Rev., 5.00%, 07/01/2035 | 9400 | 9130 |
| New Hope Cultural Education Facilities Finance Corp., Westminster Project, Rev., 4.00%, 11/01/2049 | 100 | 83 |
| New Hope Cultural Education Facilities Finance Corporation, Series A, Rev., 4.00%, 08/15/2040 | 3000 | 2829 |
| Newark Higher Education Finance Corp., Austin Achieve Public Schools, Rev., PSF-GTD, 5.00%, 06/15/2038 | 1365 | 1467 |
| North East Independent School District |  |  |
| GO, PSF-GTD, 3.75%, 08/01/2049 (z) | 1500 | 1524 |
| GO, PSF-GTD, 4.00%, 08/01/2033 | 4000 | 4000 |
| North Fort Bend Water Authority, Rev., BAM, 5.00%, 12/15/2026 | 1520 | 1566 |
| North Texas Higher Education Authority, Inc., Rev., AMT, 4.13%, 06/01/2045 | 4895 | 4804 |
| North Texas Higher Education Authority, Inc., Senior |  |  |
| Rev., AMT, 4.50%, 06/01/2046 (w) | 3105 | 3108 |
| Rev., AMT, 5.00%, 06/01/2031 (w) | 800 | 853 |
| Rev., AMT, 5.00%, 06/01/2032 (w) | 500 | 533 |
| Rev., AMT, 5.00%, 06/01/2033 (w) | 390 | 416 |
| North Texas Municipal Water District Water System Revenue, Rev., 3.00%, 09/01/2041 | 575 | 476 |
| North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System, Rev., 4.50%, 06/01/2054 (w) | 3000 | 2944 |
| North Texas Tollway Authority |  |  |
| Rev., Zero Coupon, 01/01/2035 | 10000 | 7203 |
| Rev., 5.00%, 01/01/2031 | 3000 | 3350 |
| Rev., 5.00%, 01/01/2035 | 3250 | 3670 |
| Rev., 5.25%, 01/01/2044 | 3225 | 3446 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| North Texas Tollway Authority, Capital Appreciation, First Tier, Rev., Zero Coupon, 01/01/2030 | 1500 | 1321 |
| North Texas Tollway Authority, First Tier Bonds |  |  |
| Series A, Rev., 4.00%, 01/01/2035 | 2000 | 2037 |
| Series A, Rev., 5.00%, 01/01/2037 | 1500 | 1629 |
| Series A, Rev., 5.00%, 01/01/2040 | 4000 | 4240 |
| North Texas Tollway Authority, Second Tier |  |  |
| Rev., 4.25%, 01/01/2049 | 4000 | 3602 |
| Rev., 5.00%, 01/01/2048 | 2335 | 2355 |
| Series B, Rev., 4.00%, 01/01/2035 | 2100 | 2138 |
| Series B, Rev., 4.00%, 01/01/2036 | 1000 | 1011 |
| Series B, Rev., 4.00%, 01/01/2037 | 1000 | 1004 |
| Series B, Rev., 5.00%, 01/01/2027 | 215 | 216 |
| Series B, Rev., 5.00%, 01/01/2033 | 1000 | 1025 |
| Northside Independent School District, GO, PSF-GTD, 3.55%, 06/01/2050 (z) | 4000 | 4056 |
| Northwest Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2040 | 1000 | 1062 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 2225 | 2397 |
| GO, PSF-GTD, 5.25%, 02/15/2055 | 3820 | 4052 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2036 | 1000 | 1098 |
| Northwest Independent School District, School Building, GO, PSF-GTD, 5.00%, 02/15/2042 (p) | 1505 | 1518 |
| Odessa Junior College District, Consolidated Fund, Rev., 4.00%, 07/01/2026 | 1015 | 1026 |
| Pasadena Independent School District, GO, PSF-GTD, 5.00%, 02/15/2047 | 2000 | 2062 |
| Pearland Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 1075 | 1084 |
| Pecos Barstow Toyah Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2027 | 300 | 311 |
| GO, PSF-GTD, 5.00%, 02/15/2039 | 500 | 525 |
| Permanent University Fund—Texas A&M University System, Board of Regents, Rev., 5.00%, 07/01/2042 | 1695 | 1790 |
| Permanent University Fund—Texas A&M University System, Board Of Regents, Rev., 5.00%, 07/01/2039 | 1500 | 1621 |
| Plano Independent School District, GO, 5.00%, 02/15/2027 | 650 | 672 |
| Port Authority of Houston of Harris County Texas |  |  |
| Rev., 5.00%, 10/01/2026 | 850 | 871 |
| Rev., 5.00%, 10/01/2028 | 1250 | 1339 |
| Rev., 5.00%, 10/01/2029 | 1250 | 1367 |
| Port Authority of Houston of Harris County Texas, First Lien |  |  |
| Rev., 5.00%, 10/01/2025 | 950 | 950 |
| Rev., 5.00%, 10/01/2048 | 8500 | 8737 |
| Port Beaumont Navigation District, Jefferson Gulf Coast Energy |  |  |
| Rev., AMT, 2.00%, 01/01/2027 (e) | 550 | 536 |
| Rev., AMT, 2.25%, 01/01/2029 (e) | 800 | 755 |
| Rev., AMT, 2.88%, 01/01/2041 (e) | 120 | 87 |
| Port of Beaumont Industrial Development Authority, Taxable Jefferson Gulf Coast Energy, Rev., 4.10%, 01/01/2028 (e) | 8000 | 7179 |
| Port of Beaumont Navigation District, Rev., AMT, 5.00%, 01/01/2039 (e) | 3250 | 3208 |
| Port of Beaumont Navigation District, Taxable Jefferson Gulf Coast, Rev., 10.00%, 07/01/2026 (e) | 4000 | 4018 |
| Prosper Independent School District |  |  |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2030 | 25 | 28 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2038 | 1000 | 1104 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Red River Education Finance Corp., Rev., 5.00%, 03/15/2035 | 1430 | 1649 |
| Rockwall Independent School District, GO, PSF-GTD, 5.00%, 02/15/2027 | 1335 | 1381 |
| Round Rock Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/01/2044 (z) | 10000 | 10982 |
| Royse City Independent School District, GO, PSF-GTD, 5.00%, 02/15/2039 | 1000 | 1084 |
| San Angelo Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2042 | 5500 | 5901 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 9010 | 9603 |
| San Antonio Education Facilities Corp., University of The Incarnate Word |  |  |
| Rev., 4.00%, 04/01/2038 | 2065 | 1877 |
| Rev., 4.00%, 04/01/2041 | 1000 | 855 |
| San Antonio Water System |  |  |
| Series 2013F, Rev., 1.00%, 05/01/2043 (z) | 6000 | 5846 |
| Series A, Rev., 5.00%, 05/15/2034 | 2375 | 2493 |
| Series C, Rev., 5.00%, 05/15/2046 | 6670 | 6825 |
| San Antonio Water System, Junior Lien, Series A, Rev., 5.00%, 05/15/2043 | 3500 | 3574 |
| San Marcos Consolidated Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 08/15/2027 | 1830 | 1918 |
| GO, PSF-GTD, 5.00%, 08/15/2040 | 2000 | 2149 |
| Sherman Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2036 | 1335 | 1517 |
| GO, PSF-GTD, 5.00%, 02/15/2037 | 1000 | 1125 |
| Socorro Independent School District, GO, PSF-GTD, 4.00%, 08/15/2040 | 2575 | 2576 |
| Southwest Independent School District, GO, PSF-GTD, 5.00%, 02/01/2027 | 410 | 424 |
| Spring Branch Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/01/2043 | 1250 | 1340 |
| GO, PSF-GTD, 5.00%, 02/01/2044 | 1625 | 1732 |
| Spring Independent School District |  |  |
| GO, 5.00%, 08/15/2030 | 600 | 668 |
| GO, PSF-GTD, 5.25%, 08/15/2044 | 5000 | 5438 |
| GO, PSF-GTD, 5.25%, 08/15/2046 | 12500 | 13545 |
| Stanton Independent School District, GO, PSF-GTD, 5.00%, 02/15/2037 | 1100 | 1225 |
| State of Texas |  |  |
| GO, 5.00%, 10/01/2042 | 1170 | 1252 |
| Series B, GO, 4.00%, 08/01/2030 | 60 | 60 |
| State of Texas, Mobility Fund, Series B, GO, 5.00%, 10/01/2032 | 14655 | 14602 |
| State of Texas, Public Finance Authority, GO, 5.00%, 10/01/2026 | 1000 | 1026 |
| State of Texas, Water Financial Assistance, Series B, GO, 5.00%, 08/01/2037 | 1000 | 1000 |
| Tarrant County Cultural Education Facilities Finance Corp. |  |  |
| Rev., VRDO, LOC: TD Bank NA, 3.30%, 10/01/2025 (z) | 13400 | 13400 |
| Rev., VRDO, LOC: TD Bank NA, 3.45%, 10/01/2025 (z) | 6000 | 6000 |
| Rev., 5.00%, 07/01/2038 | 5000 | 5170 |
| Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health |  |  |
| Rev., 4.00%, 11/15/2042 | 15000 | 14146 |
| Series A, Rev., 5.00%, 11/15/2045 | 4195 | 4207 |
| Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Rev., 5.50%, 11/15/2047 | 12415 | 13098 |
| Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott And White Health, Rev., 5.00%, 11/15/2052 (z) | 1890 | 2065 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas |  |  |
| Rev., 4.00%, 10/01/2041 | 1975 | 1892 |
| Rev., 5.00%, 10/01/2030 | 1000 | 1114 |
| Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources, Rev., 5.00%, 02/15/2041 | 5000 | 5038 |
| Tarrant Regional Water District Water Supply System Revenue, Rev., 5.00%, 03/01/2036 | 3500 | 3916 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XG0585, Rev., LOC: Barclays Bank plc, LIQ: Barclays Bank plc, 4.05%, 07/01/2064 (e) (z) | 24075 | 24075 |
| Series 2025-XF3424, GO, PSF-GTD, LIQ: Barclays Bank plc, 2.92%, 02/15/2055 (e) (z) | 2250 | 2250 |
| Terrell Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 08/01/2039 | 1000 | 1103 |
| GO, PSF-GTD, 5.00%, 08/01/2040 | 1000 | 1092 |
| GO, PSF-GTD, 5.00%, 08/01/2041 | 1000 | 1080 |
| Texas A&M University |  |  |
| Rev., 5.00%, 05/15/2036 | 5000 | 5657 |
| Rev., 5.00%, 05/15/2037 | 1000 | 1121 |
| Rev., 5.00%, 05/15/2042 | 4830 | 5164 |
| Texas A&M University, Financing System, Series B, Rev., 4.00%, 05/15/2043 | 20595 | 19975 |
| Texas Department of Housing & Community Affairs |  |  |
| Rev., GNMA COLL, 6.00%, 07/01/2054 | 1990 | 2206 |
| Series A, Rev., GNMA COLL, 4.00%, 03/01/2050 | 270 | 273 |
| Series B, Rev., GNMA COLL, 6.00%, 03/01/2053 | 520 | 569 |
| Series C, Rev., GNMA COLL, 6.00%, 03/01/2054 | 3005 | 3307 |
| Texas Department of Housing & Community Affairs, Social Bonds, Series A, Rev., GNMA, 3.00%, 01/01/2052 | 1620 | 1598 |
| Texas Department of Housing & Community Affairs, Sustainable Bond, Series B, Rev., GNMA COLL, 5.75%, 01/01/2053 | 885 | 956 |
| Texas Department of Housing and Community Affairs, Series B, Rev., GNMA COLL, 4.90%, 07/01/2045 | 3000 | 3080 |
| Texas Municipal Gas Acquisition & Supply Corp. III |  |  |
| Rev., 5.00%, 12/15/2025 | 1305 | 1309 |
| Rev., 5.00%, 12/15/2030 | 3300 | 3553 |
| Rev., 5.00%, 12/15/2031 | 2000 | 2171 |
| Texas Municipal Gas Acquisition & Supply Corp. IV |  |  |
| Series A, Rev., 5.50%, 01/01/2054 (z) | 15815 | 17013 |
| Series B, Rev., 5.50%, 01/01/2054 (z) | 9795 | 11027 |
| Texas Municipal Gas Acquisition & Supply Corporation V, Rev., 5.00%, 01/01/2055 (z) | 5835 | 6373 |
| Texas Municipal Gas Acquisition and Supply Corp. I, Series D, Rev., 6.25%, 12/15/2026 | 5470 | 5586 |
| Texas Municipal Power Agency, Rev., 3.00%, 09/01/2038 | 500 | 442 |
| Texas Private Activity Bond Surface Transportation Corp., Rev., AMT, 5.00%, 06/30/2058 | 25060 | 24607 |
| Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group |  |  |
| Rev., 4.00%, 12/31/2030 | 3970 | 4121 |
| Rev., 4.00%, 06/30/2033 | 1000 | 1020 |
| Texas Private Activity Bond Surface Transportation Corp., Senior Lien Bond |  |  |
| Rev., AMT, 5.38%, 06/30/2037 | 1750 | 1853 |
| Rev., AMT, 5.38%, 06/30/2038 | 3955 | 4173 |
| Rev., AMT, 5.50%, 06/30/2041 | 1425 | 1485 |
| Rev., AMT, 5.50%, 06/30/2043 | 2750 | 2836 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Texas Private Activity Bond Surface Transportation Corp., Senior Lien North Tarrant Express Project, Rev., AMT, 5.50%, 12/31/2058 | 6000 | 6183 |
| Texas State Affordable Housing Corp., Juniper Creek Apartments, Rev., 3.75%, 07/01/2044 (z) | 485 | 488 |
| Texas State Affordable Housing Corp., Norman Commons, Rev., 3.63%, 01/01/2045 (z) | 565 | 570 |
| Texas State University System, Rev., 5.00%, 03/15/2041 | 2550 | 2731 |
| Texas Transportation Commission, Transportation Commission Mobility, GO, 0.65%, 10/01/2041 (z) | 4500 | 4434 |
| Texas Water Development Board |  |  |
| Rev., 4.00%, 10/15/2035 | 4000 | 4000 |
| Rev., 5.00%, 08/01/2026 | 2250 | 2297 |
| Series A, Rev., 5.00%, 10/15/2028 | 115 | 124 |
| Series A, Rev., 5.00%, 10/15/2038 | 1900 | 2101 |
| Texas Water Development Board, Master Trust |  |  |
| Rev., 4.00%, 10/15/2033 | 1000 | 1040 |
| Rev., 4.25%, 10/15/2041 (w) | 2000 | 2025 |
| Rev., 5.00%, 10/15/2037 (w) | 4400 | 4985 |
| Rev., 5.00%, 10/15/2038 (w) | 8740 | 9817 |
| Rev., 5.00%, 10/15/2040 (w) | 7535 | 8326 |
| Series A, Rev., 4.25%, 10/15/2051 | 2890 | 2727 |
| Series A, Rev., 4.38%, 10/15/2054 | 3835 | 3681 |
| Series A, Rev., 4.38%, 10/15/2059 | 1610 | 1538 |
| Series A, Rev., 5.00%, 10/15/2039 | 3000 | 3291 |
| Texas Water Development Board, Revolving Fund |  |  |
| Rev., 4.00%, 08/01/2038 | 500 | 506 |
| Rev., 5.00%, 08/01/2028 | 625 | 671 |
| Series A, Rev., 5.00%, 10/15/2028 | 100 | 106 |
| Texas Water Development Board, State Revolving Fund |  |  |
| Rev., 4.00%, 08/01/2037 | 2015 | 2052 |
| Rev., 5.00%, 08/01/2027 | 2835 | 2969 |
| Texas Water Development Board, State Water Implementation Fund |  |  |
| Rev., 3.00%, 10/15/2033 | 2000 | 1965 |
| Series A, Rev., 4.00%, 10/15/2033 | 1900 | 1927 |
| Series A, Rev., 5.00%, 04/15/2026 | 100 | 101 |
| Series A, Rev., 5.00%, 10/15/2030 | 500 | 501 |
| Series A, Rev., 5.00%, 10/15/2047 | 2480 | 2511 |
| Series B, Rev., 5.00%, 04/15/2049 | 11535 | 11726 |
| Texas Water Development Board, State Water Implementation Revenue, Rev., 5.25%, 10/15/2046 | 2000 | 2009 |
| Travis County Housing Finance Corp., Airport Gateway Apartments, Rev., 4.13%, 06/01/2045 (z) | 190 | 190 |
| Trinity River Authority Central Regional Wastewater System Revenue, Rev., 5.00%, 08/01/2029 | 1500 | 1636 |
| University of Houston |  |  |
| Series A, Rev., 5.00%, 02/15/2034 | 2000 | 2227 |
| Series A, Rev., 5.00%, 02/15/2041 | 2000 | 2112 |
| University of Texas, Series C, Rev., 5.00%, 08/15/2028 | 100 | 107 |
| Upper Trinity Regional Water District, Rev., BAM, 4.25%, 08/01/2049 | 1500 | 1424 |
| Uptown Development Authority |  |  |
| Tax Allocation, 4.00%, 09/01/2033 | 400 | 397 |
| Tax Allocation, 4.00%, 09/01/2035 | 995 | 952 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** |  |  |
| Waco Educational Finance Corp., Baylor University Issue |  |  |
| Rev., 5.00%, 03/01/2035 | 1500 | 1639 |
| Series A, Rev., 4.00%, 03/01/2036 | 750 | 760 |
| Waller Consolidated Independent School District |  |  |
| GO, BAM, 5.00%, 02/15/2040 | 2800 | 2997 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 2000 | 2161 |
| GO, BAM, 5.00%, 02/15/2042 | 6550 | 6911 |
| GO, PSF-GTD, 5.00%, 02/15/2042 | 2500 | 2680 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 4000 | 4247 |
| Waxahachie Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 02/15/2049 | 2500 | 2323 |
| GO, PSF-GTD, 4.25%, 02/15/2053 | 1670 | 1588 |
| GO, PSF-GTD, 5.00%, 02/15/2028 | 1250 | 1325 |
| GO, PSF-GTD, 5.00%, 02/15/2029 | 1370 | 1478 |
| GO, PSF-GTD, 5.00%, 02/15/2035 | 1135 | 1284 |
| GO, PSF-GTD, 5.00%, 02/15/2040 | 1000 | 1083 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 1000 | 1074 |
| GO, PSF-GTD, 5.00%, 02/15/2042 | 1000 | 1064 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 1500 | 1585 |
| GO, PSF-GTD, 5.00%, 02/15/2044 | 900 | 946 |
| Weslaco Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040 | 500 | 544 |
| Whitesboro Independent School District, GO, PSF-GTD, 5.00%, 02/15/2028 | 550 | 583 |
|  |  | 1413340 |
| **Utah** — **0.9%** |  |  |
| Black Desert Public Infrastructure District, Special Assessment, 5.63%, 12/01/2053 (e) | 2135 | 2139 |
| City of Salt Lake City Airport Revenue |  |  |
| Series A, Rev., AMT, 5.00%, 07/01/2037 | 5000 | 5275 |
| Series A, Rev., AMT, 5.00%, 07/01/2046 | 5000 | 5057 |
| Series A, Rev., AMT, 5.00%, 07/01/2047 | 2560 | 2559 |
| Series A, Rev., AMT, 5.25%, 07/01/2040 | 2400 | 2549 |
| Series A, Rev., AMT, 5.25%, 07/01/2041 | 1000 | 1053 |
| Series A, Rev., AMT, 5.25%, 07/01/2042 | 2750 | 2872 |
| Series A, Rev., AMT, 5.25%, 07/01/2048 | 2750 | 2830 |
| County of Utah, IHC Health Services, Inc. |  |  |
| Series A, Rev., 4.00%, 05/15/2045 | 10020 | 9361 |
| Series B, Rev., 5.00%, 05/15/2060 (z) | 625 | 637 |
| Downtown East Streetcar Sewer Public Infrastructure District, Senior Lien, Series A, GO, 6.00%, 03/01/2053 (e) | 1415 | 1399 |
| Downtown Revitalization Public Infrastructure District |  |  |
| Rev., 5.00%, 07/15/2035 (e) | 1425 | 1434 |
| Rev., 5.00%, 06/01/2036 | 1650 | 1755 |
| Rev., 5.00%, 06/01/2037 | 1700 | 1799 |
| Rev., 5.00%, 06/01/2038 | 1650 | 1738 |
| Rev., 5.00%, 06/01/2039 | 2300 | 2406 |
| Rev., 5.25%, 06/01/2041 | 1425 | 1571 |
| Rev., 5.25%, 06/01/2042 | 1000 | 1091 |
| Rev., 5.25%, 06/01/2043 | 545 | 589 |
| Rev., 5.50%, 06/01/2050 | 9170 | 9837 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Utah** — **continued** |  |  |
| Firefly Public Infrastructure District No. 1 Assessment Area No. 1, Special Assessment, 5.63%, 12/01/2043 (e) | 531 | 531 |
| Intermountain Power Agency, Series A, Rev., 5.00%, 07/01/2030 | 500 | 551 |
| Mida Cormont Public Infrastructure District |  |  |
| GO, 0.00%, 06/01/2055 (e) | 500 | 416 |
| Series A1, GO, 6.25%, 06/01/2055 (e) | 1000 | 1042 |
| Mida Mountain Village Public Infrastructure District, Subordinate, Series 2, Tax Allocation, 5.75%, 06/15/2044 (e) | 3295 | 3323 |
| Mountain Veterans Program Public Infrastructure District, Tax Allocation, 5.20%, 06/01/2054 (e) | 1190 | 1143 |
| Point Phase 1 Public Infrastructure District No. 1, Series A1, Rev., 5.88%, 03/01/2045 | 1250 | 1277 |
| Provo School District, GO, SCH BD GTY, 5.00%, 06/15/2028 | 2000 | 2136 |
| Red Bridge Public Infrastructure District No. 1, Senior Infrastructure District, Series 1A, GO, 3.63%, 02/01/2035 (e) | 600 | 515 |
| State of Utah |  |  |
| GO, 3.00%, 07/01/2034 | 2000 | 1969 |
| Series B, GO, 5.00%, 07/01/2029 | 100 | 108 |
| Timpanogos Special Service District, Rev., 5.00%, 06/01/2054 | 11150 | 11567 |
| University of Utah (The), Series A, Rev., 5.00%, 08/01/2039 | 1505 | 1542 |
| University of Utah, Board of Regents, Series A, Rev., 4.00%, 08/01/2040 | 1750 | 1726 |
| Utah Housing Corp. |  |  |
| Rev., GNMA/FNMA/FHLMC, 4.60%, 07/01/2044 | 2275 | 2291 |
| Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054 | 1755 | 1946 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 2650 | 2977 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 01/01/2054 | 1385 | 1516 |
| Series C, Rev., GNMA/FNMA/FHLMC, 4.45%, 01/01/2044 | 1350 | 1336 |
| Series C, Rev., GNMA/FNMA/FHLMC, 4.65%, 01/01/2049 | 1975 | 1954 |
| Series C, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054 | 1955 | 2160 |
| Series I, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 4745 | 5353 |
| Utah Housing Corp., Drawdown New City, Rev., FHA HUD, 3.63%, 02/01/2026 | 906 | 907 |
| Utah Municipal Power Agency, Rev., 5.00%, 07/01/2038 | 8900 | 8959 |
| Utah Telecommunication Open Infrastructure Agency |  |  |
| Rev., 5.00%, 06/01/2027 | 130 | 135 |
| Rev., 5.00%, 06/01/2031 | 210 | 236 |
| Rev., 5.25%, 06/01/2035 | 700 | 787 |
| Rev., 5.25%, 06/01/2037 | 2250 | 2488 |
| Utah Transit Authority, Rev., 5.00%, 12/15/2043 | 950 | 1022 |
|  |  | 119864 |
| **Vermont** — **0.1%** |  |  |
| Vermont Housing Finance Agency |  |  |
| Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044 | 2035 | 2016 |
| Series A, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/01/2049 | 180 | 183 |
| Vermont Municipal Bond Bank, Vermont State Colleges System, Series A, Rev., 4.00%, 10/01/2034 | 250 | 257 |
| Vermont Student Assistance Corp. |  |  |
| Rev., AMT, 4.13%, 06/15/2036 | 460 | 450 |
| Rev., AMT, 4.25%, 06/15/2037 | 780 | 772 |
| Rev., AMT, 4.38%, 06/15/2038 | 690 | 672 |
| Rev., AMT, 4.50%, 06/15/2039 | 735 | 719 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Vermont** — **continued** |  |  |
| Rev., AMT, 5.25%, 06/15/2030 | 600 | 645 |
| Rev., AMT, 5.25%, 06/15/2031 | 700 | 759 |
| Rev., AMT, 5.25%, 06/15/2032 | 950 | 1033 |
| Series A, Rev., AMT, 2.38%, 06/15/2039 | 390 | 360 |
| Vermont Student Assistance Corporation |  |  |
| Series A, Rev., AMT, 5.00%, 06/15/2037 | 2225 | 2277 |
| Series A, Rev., AMT, 5.00%, 06/15/2038 | 1620 | 1635 |
| Series A, Rev., AMT, 5.00%, 06/15/2039 | 1540 | 1542 |
| Series A, Rev., AMT, 5.13%, 06/15/2040 | 1495 | 1496 |
| Series A, Rev., AMT, 5.25%, 06/15/2041 | 1355 | 1355 |
|  |  | 16171 |
| **Virginia** — **1.9%** |  |  |
| Albemarle County Economic Development Authority, Westminster Canterbury of the Blue Ridge, Rev., 4.00%, 06/01/2035 | 1365 | 1385 |
| Alexandria Redevelopment and Housing Authority, 431 S Columbus Street, Rev., HUD, 3.40%, 12/01/2054 (z) | 1000 | 1000 |
| Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution |  |  |
| Rev., 5.00%, 07/01/2046 | 2930 | 2934 |
| Rev., 5.00%, 07/01/2051 | 4000 | 4001 |
| Commonwealth of Virginia, Series B, GO, 5.00%, 06/01/2027 | 1000 | 1016 |
| County of Fairfax Sewer Revenue, Series A, Rev., 5.00%, 07/15/2037 | 685 | 779 |
| County of Fairfax, Public Improvement, Series A, GO, 5.00%, 10/01/2031 (p) | 945 | 957 |
| Fairfax County Economic Development Authority, Smithsonian Institution, Series A, Rev., VRDO, 2.89%, 10/07/2025 (z) | 8395 | 8395 |
| Fairfax County Industrial Development Authority, Rev., 4.00%, 05/15/2048 | 20615 | 19213 |
| Fairfax County Industrial Development Authority, Inova Health System Project |  |  |
| Rev., 4.00%, 05/15/2042 | 3440 | 3311 |
| Rev., 5.00%, 05/15/2029 | 2000 | 2173 |
| Fairfax County Redevelopment & Housing Authority, Dominion Square North Project, Rev., 5.00%, 01/01/2045 (z) | 1700 | 1757 |
| FHLMC Multifamily VRD Certificates, Series A, Rev., 2.25%, 12/15/2037 | 940 | 751 |
| Halifax County Industrial Development Authority, Rev., 3.80%, 12/01/2041 (z) | 1000 | 1015 |
| Hampton Roads Sanitation District |  |  |
| Series A, Rev., 5.00%, 11/01/2036 | 1000 | 1144 |
| Series A, Rev., 5.00%, 11/01/2037 | 1600 | 1810 |
| Series A, Rev., 5.00%, 11/01/2038 | 1500 | 1678 |
| Hampton Roads Transportation Accountability Commission, Series A, Rev., BAN, 5.00%, 07/01/2027 | 6310 | 6589 |
| Hampton Roads Transportation Accountability Commission, Senior Lien |  |  |
| Series A, Rev., BAN, 5.00%, 07/01/2026 (p) | 1130 | 1150 |
| Series A, Rev., 5.00%, 07/01/2031 | 1500 | 1667 |
| Series A, Rev., TRAN, 5.00%, 07/01/2038 (p) | 1000 | 1059 |
| Series A, Rev., 5.00%, 07/01/2039 | 2100 | 2227 |
| Henrico County Economic Development Authority, Rev., 5.00%, 11/01/2035 | 7105 | 8034 |
| Isle of Wight County Economic Development Authority, Riverside Health System |  |  |
| Rev., 5.00%, 07/01/2036 | 750 | 832 |
| Rev., 5.00%, 07/01/2037 | 500 | 549 |
| Rev., 5.25%, 07/01/2043 | 1620 | 1706 |
| Rev., 5.25%, 07/01/2053 | 5000 | 5162 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Virginia** — **continued** |  |  |
| Isle Wight County Industrial Development Authority, Riverside Health System, Rev., 5.25%, 07/01/2048 | 3000 | 3119 |
| James City County Economic Development Authority, Williamsburg Landing, Series A, Rev., 4.00%, 12/01/2035 | 150 | 143 |
| Lynchburg Economic Development Authority, Centra Health Obligation Group |  |  |
| Rev., 3.00%, 01/01/2051 | 4750 | 3260 |
| Rev., 5.00%, 01/01/2029 | 700 | 746 |
| Norfolk Airport Authority, Rev., 5.00%, 07/01/2038 | 1175 | 1226 |
| Norfolk Redevelopment & Housing Authority, Braywood Manor Apartments Project, Rev., HUD, 5.00%, 05/01/2043 (z) | 350 | 354 |
| Norfolk Redevelopment & Housing Authority, Fort Norfolk Retirement Community Harbor, Rev., 4.38%, 01/01/2039 | 1400 | 1280 |
| Roanoke Economic Development Authority, Carilion Clinic Obligation Group, Rev., 5.00%, 07/01/2047 | 2000 | 2152 |
| Tender Option Bond Trust Receipts/Certificates, Series 2024-BAML6038, Rev., AMT, LOC: Bank of America NA, LIQ: Bank of America NA, 3.65%, 08/31/2027 (e) (z) | 15120 | 15120 |
| Virginia Beach Development Authority, Temps 50Sm Westminster Canterbury, Rev., 5.38%, 09/01/2029 | 2000 | 2020 |
| Virginia Beach Development Authority, Westminster Canterbury, Rev., 5.00%, 09/01/2044 | 2215 | 2126 |
| Virginia Beach Development Authority, Westminster Canterbury on Chesapeake Bay, Rev., 6.50%, 09/01/2043 | 3300 | 3601 |
| Virginia College Building Authority |  |  |
| Rev., 4.00%, 02/01/2036 | 12500 | 12543 |
| Series A, Rev., 3.00%, 02/01/2028 | 4000 | 4005 |
| Series A, Rev., 4.00%, 02/01/2034 | 3500 | 3585 |
| Virginia College Building Authority, 21st Century College & Equipment |  |  |
| Rev., 4.00%, 02/01/2044 | 5000 | 4783 |
| Rev., 5.00%, 02/01/2028 | 1000 | 1060 |
| Virginia College Building Authority, 21st Century College and Equipment |  |  |
| Rev., 4.00%, 02/01/2040 | 1815 | 1813 |
| Rev., 5.00%, 02/01/2029 | 1000 | 1084 |
| Rev., 5.00%, 02/01/2033 | 3750 | 4095 |
| Virginia College Building Authority, Marymount University Project, Series A, Rev., 5.00%, 07/01/2045 (e) | 1000 | 766 |
| Virginia Commonwealth University Health System Authority, Rev., VRDO, LOC: TD Bank NA, 4.00%, 10/01/2025 (z) | 14400 | 14400 |
| Virginia Housing Development Authority |  |  |
| Rev., 4.40%, 10/01/2044 | 1000 | 997 |
| Rev., 4.70%, 07/01/2040 | 930 | 953 |
| Series E1, Rev., 4.35%, 10/01/2044 | 685 | 678 |
| Series E, Rev., 4.50%, 07/01/2045 | 735 | 734 |
| Series G, Rev., 5.05%, 11/01/2047 | 1750 | 1784 |
| Virginia Housing Development Authority, Commonwealth Mortgage Bond, Rev., 3.63%, 07/01/2055 (z) | 950 | 950 |
| Virginia Port Authority, Series B, Rev., AMT, 5.00%, 07/01/2045 (p) | 5000 | 5072 |
| Virginia Public Building Authority, Rev., 5.00%, 08/01/2034 | 4000 | 4644 |
| Virginia Public Building Authority, Bidding Group 1, Series A, Rev., 5.00%, 08/01/2033 | 1000 | 1139 |
| Virginia Public School Authority, Series B, Rev., 5.00%, 08/01/2052 | 3670 | 3815 |
| Virginia Resources Authority Clean Water Revolving Fund, Revolving Fund, Series B, Rev., 4.00%, 10/01/2027 | 5000 | 5000 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Virginia** — **continued** |  |  |
| Virginia Resources Authority, Virginia Pooled Financing, Rev., 5.00%, 11/01/2028 | 1510 | 1627 |
| Virginia Resources Authority, Virginia Pooled Financing Program, Rev., 5.00%, 11/01/2028 | 1000 | 1079 |
| Virginia Small Business Financing Authority, National Senior Campuses, Series A, Rev., 5.00%, 01/01/2032 | 1500 | 1582 |
| Virginia Small Business Financing Authority, Pure Salmon Virginia, LLC, Rev., AMT, 4.00%, 11/01/2052 (z) | 3305 | 3307 |
| Virginia Small Business Financing Authority, Senior Lien 95 Express |  |  |
| Rev., AMT, 5.00%, 07/01/2032 | 400 | 431 |
| Rev., AMT, 5.00%, 07/01/2033 | 2320 | 2484 |
| Rev., AMT, 5.00%, 01/01/2036 | 200 | 211 |
| Rev., AMT, 5.00%, 07/01/2037 | 1000 | 1040 |
| Virginia Small Business Financing Authority, Senior Lien Elizabeth River, Rev., AMT, 3.00%, 01/01/2041 | 4000 | 3249 |
| Virginia Small Business Financing Authority, Senior Lien, 495 Hot |  |  |
| Rev., AMT, 5.00%, 06/30/2040 | 3735 | 3838 |
| Rev., AMT, 5.00%, 06/30/2041 | 3470 | 3537 |
| Rev., AMT, 5.00%, 12/31/2047 | 1000 | 1001 |
| Virginia Small Business Financing Authority, Senior Lien, Elizabeth River |  |  |
| Rev., AMT, 3.00%, 01/01/2041 | 4740 | 3779 |
| Rev., AMT, 4.00%, 01/01/2030 | 3125 | 3205 |
| Rev., AMT, 4.00%, 01/01/2033 | 1500 | 1530 |
| Rev., AMT, 4.00%, 01/01/2034 | 2250 | 2279 |
| Virginia Small Business Financing Authority, Transform 66 P3 Project |  |  |
| Rev., AMT, 5.00%, 12/31/2047 | 2575 | 2538 |
| Rev., AMT, 5.00%, 12/31/2052 | 8425 | 8213 |
| Rev., AMT, 5.00%, 12/31/2056 | 7750 | 7507 |
| Williamsburg Economic Development Authority, Williamsburg Properties LLC |  |  |
| Rev., 4.00%, 07/01/2048 | 1245 | 1143 |
| Rev., 5.25%, 07/01/2053 | 5100 | 5366 |
| Winchester Economic Development Authority, Valley Health Systems Obligation, Rev., 4.00%, 01/01/2037 | 2000 | 1992 |
|  |  | 252279 |
| **Washington** — **2.6%** |  |  |
| Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes Revenue, Series S1, Rev., 5.00%, 11/01/2035 (p) | 1085 | 1087 |
| Chelan County Public Utility District No. 1, Series C, Rev., AMT, 5.00%, 07/01/2026 | 1285 | 1307 |
| City of Seattle Municipal Light & Power Revenue |  |  |
| Rev., 4.00%, 09/01/2040 | 1000 | 988 |
| Rev., 5.00%, 02/01/2034 | 1500 | 1738 |
| Rev., 5.00%, 02/01/2035 | 545 | 632 |
| Rev., 5.00%, 02/01/2041 | 1000 | 1089 |
| Series B, Rev., (SIFMA Municipal Swap Index + 0.25%), 3.14%, 05/01/2045 (aa) | 2000 | 1982 |
| City of Seattle Municipal Light & Power Revenue, Green Bond, Series A, Rev., 4.00%, 07/01/2040 | 1300 | 1297 |
| City of Seattle WA Municipal Light & Power Revenue, Series A, Rev., 4.00%, 01/01/2047 | 10000 | 9324 |
| City of Seattle, Drainage & Wastewater Revenue, Rev., 4.00%, 05/01/2044 | 945 | 904 |
| City of Tacoma, Electric System Revenue, Series A, Rev., 4.00%, 01/01/2042 | 5460 | 5177 |
| Clark County Public Utility District No. 1, Rev., 4.00%, 01/01/2034 | 665 | 693 |
| County of Grant, GO, 5.25%, 12/01/2047 | 1000 | 1051 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Washington** — **continued** |  |  |
| County of King |  |  |
| GO, 5.00%, 12/01/2042 | 5155 | 5504 |
| Series A, GO, 5.00%, 12/01/2034 | 1335 | 1467 |
| Energy Northwest, Series A, Rev., 5.00%, 07/01/2039 | 1000 | 1108 |
| Energy Northwest Washington, Project 3 Electric Revenue, Series C, Rev., 5.00%, 07/01/2027 | 100 | 105 |
| Energy Northwest, Columbia Generating Station |  |  |
| Rev., 4.00%, 07/01/2035 | 5265 | 5266 |
| Rev., 4.00%, 07/01/2042 | 1625 | 1583 |
| Fircrest Properties, Sustainable Bonds State of Water, Rev., 5.50%, 06/01/2049 | 3000 | 3243 |
| Grant County Public Hospital District No. 2, GO, 5.50%, 12/01/2044 | 900 | 926 |
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project |  |  |
| Rev., 5.00%, 01/01/2040 | 1250 | 1344 |
| Series A, Rev., 5.00%, 01/01/2043 (p) | 1555 | 1564 |
| Grant County Public Utility District No. 2, Priest Rapids Hydroelectric Project, Rev., 2.92%, 01/01/2040 | 2000 | 1627 |
| Grant County, Public Utility District No. 2, Electric Revenue |  |  |
| Series 2017-O, Rev., 5.00%, 01/01/2047 | 4950 | 5003 |
| Series R, Rev., 2.00%, 01/01/2044 (z) | 1500 | 1497 |
| Jefferson County Public Hospital District No. 2, Jefferson Healthcare, Series A, Rev., 6.63%, 12/01/2043 | 7500 | 7669 |
| King & Snohomish Counties School District No. 417 Northshore, GO, SCH BD GTY, 5.00%, 12/01/2042 | 3855 | 4118 |
| King County Housing Authority, Rev., 5.00%, 11/01/2029 | 1325 | 1412 |
| King County Public Hospital District No. 4, GO, 5.00%, 12/01/2038 | 1000 | 998 |
| King County School District No. 401 Highline, GO, SCH BD GTY, 5.00%, 12/01/2041 | 5030 | 5361 |
| King County School District No. 405 Bellevue |  |  |
| GO, SCH BD GTY, 3.00%, 12/01/2037 | 5385 | 4948 |
| GO, SCH BD GTY, 3.00%, 12/01/2038 | 1925 | 1706 |
| Pierce County School District No. 10 Tacoma, GO, SCH BD GTY, 5.00%, 12/01/2048 | 4000 | 4198 |
| Pierce County School District No. 10 Tacoma, Social Bonds, Series B, GO, SCH BD GTY, 4.00%, 12/01/2042 | 10000 | 9726 |
| Pierce County, Sumner School District No. 320, GO, SCH BD GTY, 5.00%, 12/01/2040 | 1600 | 1754 |
| Port of Seattle |  |  |
| Series A, Rev., AMT, 5.00%, 05/01/2036 | 2000 | 2023 |
| Series B, Rev., AMT, 5.00%, 05/01/2028 | 4000 | 4222 |
| Port of Seattle Industrial Development Corp., Special Facilities Delta Airline, Rev., AMT, 5.00%, 04/01/2030 | 2000 | 2000 |
| Port of Seattle WA |  |  |
| Rev., AMT, 5.00%, 07/01/2028 | 2250 | 2383 |
| Rev., AMT, 5.00%, 07/01/2031 | 3450 | 3813 |
| GO, AMT, 5.00%, 06/01/2048 | 10000 | 10289 |
| Rev., AMT, 5.25%, 07/01/2043 | 5000 | 5314 |
| Rev., AMT, 5.25%, 07/01/2044 | 14000 | 14802 |
| Port of Seattle, Intermediate Lien |  |  |
| Rev., AMT, 5.00%, 08/01/2026 | 1000 | 1017 |
| Rev., 5.00%, 02/01/2028 | 900 | 907 |
| Rev., AMT, 5.00%, 04/01/2028 | 2250 | 2371 |
| Rev., AMT, 5.00%, 08/01/2028 | 1000 | 1061 |
| Rev., AMT, 5.00%, 04/01/2030 | 4000 | 4271 |
| Rev., AMT, 5.00%, 04/01/2032 | 2110 | 2234 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Washington** — **continued** |  |  |
| Rev., AMT, 5.00%, 04/01/2044 | 2000 | 2021 |
| Rev., AMT, 5.00%, 08/01/2046 | 3500 | 3547 |
| Rev., AMT, 5.00%, 08/01/2047 | 1250 | 1279 |
| Rev., AMT, 5.50%, 08/01/2047 | 1000 | 1052 |
| Series C, Rev., AMT, 5.00%, 05/01/2026 | 1000 | 1012 |
| Series C, Rev., AMT, 5.00%, 05/01/2028 | 1415 | 1458 |
| Series C, Rev., AMT, 5.00%, 05/01/2034 | 3455 | 3509 |
| Series C, Rev., AMT, 5.00%, 08/01/2034 | 5000 | 5402 |
| Port of Seattle, Intermediate Lien Revenue, Rev., AMT, 5.00%, 04/01/2029 | 3000 | 3213 |
| Seattle Housing Authority, Northgate Plaza Project, Rev., 1.00%, 06/01/2026 | 2045 | 2008 |
| Skagit County Public Hospital District No. 1, Rev., 5.50%, 12/01/2054 | 4500 | 4590 |
| Skagit County Public Hospital District No. 1, Improvement Skagit Regional Health, Rev., 5.00%, 12/01/2031 | 2145 | 2174 |
| Spokane County School District No. 81 Spokane, Series C, GO, SCH BD GTY, 5.00%, 12/01/2034 | 2000 | 2074 |
| State of Washington |  |  |
| GO, 4.00%, 06/01/2043 | 2975 | 2874 |
| Series 2020A, GO, 5.00%, 08/01/2038 | 1500 | 1583 |
| Series 2021A, GO, 5.00%, 06/01/2034 | 1000 | 1091 |
| Series A3, GO, 5.00%, 08/01/2044 | 1000 | 1048 |
| Series A, GO, 5.00%, 08/01/2036 | 1475 | 1594 |
| Series A, GO, 5.00%, 08/01/2040 | 3890 | 4110 |
| Series B, GO, 5.00%, 07/01/2027 | 1000 | 1006 |
| Series B, GO, 5.00%, 06/01/2035 | 4760 | 5163 |
| Series B, GO, 5.00%, 02/01/2042 | 1000 | 1062 |
| Series B, GO, 5.00%, 06/01/2044 | 5000 | 5266 |
| Series B, GO, 5.00%, 06/01/2045 | 2900 | 3044 |
| Series D, GO, 4.00%, 07/01/2033 | 2000 | 2110 |
| Series F, GO, AMBAC, Zero Coupon, 12/01/2029 | 1000 | 898 |
| Series R, GO, 5.00%, 02/01/2031 | 1000 | 1127 |
| Series R, GO, 5.00%, 08/01/2031 | 750 | 851 |
| Series R, GO, 5.00%, 08/01/2040 | 1545 | 1687 |
| Series RC, GO, 5.00%, 08/01/2029 | 100 | 105 |
| Series R-2017A, GO, 5.00%, 08/01/2027 | 1000 | 1020 |
| Series R-2022B, GO, 4.00%, 02/01/2035 | 500 | 521 |
| Series R-2022D, GO, 4.00%, 07/01/2028 | 3140 | 3277 |
| Series R-2024C, GO, 5.00%, 08/01/2039 | 6980 | 7695 |
| State of Washington, Bid Group 1, Series C, GO, 5.00%, 02/01/2028 | 1490 | 1580 |
| State of Washington, Bid Group 2, Series C, GO, 5.00%, 02/01/2046 | 7000 | 7381 |
| State of Washington, MVFT/VRF GO Bonds |  |  |
| Series F, GO, 5.00%, 06/01/2034 | 4080 | 4523 |
| Series F, GO, 5.00%, 06/01/2038 | 2775 | 2993 |
| State of Washington, Various Purpose, Series A, GO, 5.00%, 08/01/2041 | 10000 | 10307 |
| Three Rivers Regional Wastewater Authority, Sustainable Bond |  |  |
| Rev., BAM, 4.00%, 09/01/2042 | 1750 | 1709 |
| Rev., BAM, 4.00%, 09/01/2043 | 1000 | 960 |
| Thurston County School District No. 111 Olympia, GO, SCH BD GTY, 5.00%, 12/01/2026 | 1275 | 1312 |
| University of Washington |  |  |
| Rev., 5.00%, 04/01/2026 (p) | 1500 | 1518 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Washington** — **continued** |  |  |
| Washington Health Care Facilities Authority, Multicare Health System, Series B, Rev., 5.00%, 08/15/2037 | 1200 | 1225 |
| Washington Health Care Facilities Authority, Seattle Cancer Care Alliance, Rev., 4.00%, 12/01/2040 (e) | 1510 | 1430 |
| Washington Health Care Facilities Authority, Seattle Children's Hospital, Series A, Rev., 4.00%, 10/01/2045 | 7500 | 6965 |
| Washington Health Care Facilities Authority, Unrefunded Providence Health, Rev., 5.00%, 10/01/2041 | 9500 | 9503 |
| Washington Health Care Facilities Authority, Unrefunded Providence Health & Services, Rev., 5.00%, 10/01/2044 | 4365 | 4365 |
| Washington Health Care Facilities Authority, Virginia Mason Medical Center, Rev., 5.00%, 08/15/2036 | 5500 | 5543 |
| Washington State Convention Center Public Facilities District, Rev., 5.00%, 07/01/2058 | 3150 | 3117 |
| Washington State Convention Center Public Facilities District, Subordinated, Rev., 4.00%, 07/01/2058 | 1760 | 1391 |
| Washington State Convention Center Public Facilities District, Subordinated Sustainable Bond, Rev., 5.00%, 07/01/2032 | 1540 | 1665 |
| Washington State Housing Finance Commission |  |  |
| Rev., 3.38%, 04/20/2037 | 2381 | 2212 |
| Rev., 3.50%, 12/20/2035 | 5569 | 5365 |
| Rev., 4.22%, 03/01/2050 | 7032 | 6760 |
| Rev., BAM, 5.25%, 07/01/2055 (e) | 10600 | 10692 |
| Rev., BAM, 5.25%, 07/01/2064 (e) | 4590 | 4598 |
| Series 2025-1, Class A1, 4.08%, 08/20/2063 (z) | 3497 | 3300 |
| Washington State Housing Finance Commission, Ardea at Totem Lake Apartments, Rev., 5.00%, 12/01/2043 (z) | 6540 | 6621 |
| Washington State Housing Finance Commission, Downtowner Apartments Project, Rev., LIQ: FHLMC, 3.70%, 07/01/2030 | 2000 | 2059 |
| Washington State Housing Finance Commission, Social Bond, Series 2N, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2051 | 750 | 739 |
|  |  | 346407 |
| **West Virginia** — **0.3%** |  |  |
| Monongalia County Commission Excise Tax District, Series A, Rev., 4.13%, 06/01/2043 (e) | 460 | 395 |
| Monongalia County Commission Special District, Refunding and Improvement, University Town Center, Series A, Rev., 5.50%, 06/01/2037 (e) | 1050 | 1062 |
| Monongalia County Commission Special District, University Town Center, Series A, Rev., 5.75%, 06/01/2043 (e) | 500 | 504 |
| West Virginia Economic Development Authority, Rev., AMT, 4.63%, 04/15/2055 (z) | 2600 | 2628 |
| West Virginia Economic Development Authority, Appalachian Power Company Amos Project, Rev., AMT, 3.30%, 01/01/2041 (z) | 6000 | 6043 |
| West Virginia Economic Development Authority, Provident Group Marshall Properties |  |  |
| Rev., 5.00%, 07/01/2035 | 3150 | 3456 |
| Rev., 5.00%, 07/01/2036 | 3000 | 3265 |
| Rev., 5.00%, 07/01/2037 | 2250 | 2428 |
| West Virginia Hospital Finance Authority, Rev., 5.75%, 09/01/2043 | 5250 | 5594 |
| West Virginia Hospital Finance Authority, Cabell Huntington Hospital, Rev., 5.00%, 01/01/2043 | 3000 | 2761 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **West Virginia — continued** |  |  |
| West Virginia Hospital Finance Authority, Improvement, University Health System Obligation, Rev., 5.00%, 06/01/2052 | 7000 | 7009 |
| West Virginia Housing Development Fund, Sustainable Bonds, Series A, Rev., 4.40%, 11/01/2044 | 4000 | 3998 |
| West Virginia Parkways Authority, Senior Lien, Rev., 5.00%, 06/01/2038 | 1000 | 1075 |
|  |  | 40218 |
| **Wisconsin** — **2.2%** |  |  |
| City of Milwaukee, Promissory Notes |  |  |
| Series N3, GO, 5.00%, 04/01/2031 | 5500 | 6110 |
| Series N4, GO, 5.00%, 04/01/2030 | 10150 | 11109 |
| City of Milwaukee, Sewerage System Revenue, Series S7, Rev., 5.00%, 06/01/2026 | 2665 | 2701 |
| Milwaukee Metropolitan Sewerage District, Green Bond, Series A, GO, 3.00%, 10/01/2031 | 1700 | 1701 |
| Milwaukee Metropolitan Sewerage District, Green Bond Climate Bond Certificate, GO, 4.00%, 10/01/2043 | 6150 | 5957 |
| Public Finance Authority, Rev., 5.20%, 12/01/2037 | 2450 | 2502 |
| Public Finance Authority, A Challenge Foundation Academy |  |  |
| Rev., 6.63%, 07/01/2043 (e) | 700 | 712 |
| Rev., 6.88%, 07/01/2053 (e) | 1650 | 1674 |
| Public Finance Authority, Astro Texas Land Project, Rev., 5.00%, 12/15/2036 (e) | 2385 | 2387 |
| Public Finance Authority, Carmelite System, Social Bonds, Rev., 5.00%, 01/01/2045 | 1105 | 1076 |
| Public Finance Authority, Celanese Project, Series C, Rev., AMT, 4.30%, 11/01/2030 | 5000 | 5006 |
| Public Finance Authority, CFP3 Eastern Michigan University |  |  |
| Rev., BAM, 5.00%, 07/01/2029 | 500 | 536 |
| Rev., BAM, 5.25%, 07/01/2034 | 260 | 289 |
| Rev., BAM, 5.25%, 07/01/2042 | 5625 | 5878 |
| Rev., BAM, 5.38%, 07/01/2047 | 8025 | 8330 |
| Rev., BAM, 5.50%, 07/01/2052 | 6005 | 6253 |
| Public Finance Authority, CHF Wilmington LLC University, Rev., 5.00%, 07/01/2053 | 3970 | 4000 |
| Public Finance Authority, Duke Energy Progress, Rev., 3.70%, 10/01/2046 (z) | 1545 | 1579 |
| Public Finance Authority, Givens Estates, Rev., 4.00%, 12/01/2041 | 1000 | 894 |
| Public Finance Authority, Kahala Nui Project |  |  |
| Rev., 5.00%, 11/15/2040 | 450 | 469 |
| Rev., 5.00%, 11/15/2041 | 715 | 737 |
| Public Finance Authority, KU Campus Development Corp. Project |  |  |
| Rev., 5.00%, 03/01/2041 | 3000 | 3000 |
| Rev., 5.00%, 03/01/2046 | 6495 | 6471 |
| Public Finance Authority, Lake Norman Charter School, Rev., 5.00%, 06/15/2064 | 4630 | 4387 |
| Public Finance Authority, Lenoir Rhyne University |  |  |
| Rev., 5.00%, 04/01/2036 | 1625 | 1673 |
| Rev., 5.00%, 04/01/2037 | 1705 | 1739 |
| Public Finance Authority, Miami Waterworld Center Project, Tax Allocation, 5.00%, 06/01/2041 (e) | 4570 | 4595 |
| Public Finance Authority, Point College Prep Project |  |  |
| Rev., 4.00%, 06/15/2030 (e) | 200 | 185 |
| Rev., 5.00%, 06/15/2041 (e) | 250 | 212 |
| Public Finance Authority, Renown Regional Medical Center Project |  |  |
| Rev., 5.00%, 06/01/2026 | 500 | 507 |
| Rev., 5.00%, 06/01/2027 | 425 | 440 |
| Rev., 5.00%, 06/01/2028 | 600 | 635 |
| Rev., 5.00%, 06/01/2034 | 1000 | 1066 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| Public Finance Authority, Senior Georgia SR 400 Express |  |  |
| Rev., AMT, 5.75%, 06/30/2060 | 12750 | 13109 |
| Rev., AMT, 5.75%, 12/31/2065 | 6500 | 6683 |
| Rev., AMT, 6.50%, 06/30/2060 | 3000 | 3290 |
| Rev., AMT, 6.50%, 12/31/2065 | 3000 | 3282 |
| Public Finance Authority, Senior Lien, Grand Hyatt San Antonio Hotel Acquisition Project, Rev., 5.00%, 02/01/2042 | 4000 | 4071 |
| Public Finance Authority, Two Steps Project, Rev., Zero Coupon, 12/15/2034 (e) | 2132 | 1231 |
| Public Finance Authority, United Methodist Retirement, Rev., 4.00%, 10/01/2026 | 60 | 60 |
| Public Finance Authority, Waste Management, Inc. Project |  |  |
| Rev., AMT, 1.10%, 07/01/2029 (z) | 1445 | 1419 |
| Rev., AMT, 2.63%, 11/01/2025 | 5000 | 4994 |
| Rev., AMT, 3.85%, 10/01/2025 | 5000 | 5000 |
| State of Wisconsin |  |  |
| GO, 5.00%, 05/01/2026 | 7000 | 7098 |
| Series 1, GO, 5.00%, 05/01/2027 | 2400 | 2497 |
| Series 1, GO, 5.00%, 05/01/2030 | 1000 | 1116 |
| Series 1, GO, 5.00%, 05/01/2035 | 1375 | 1616 |
| Series 1, GO, 5.00%, 05/01/2036 | 1000 | 1154 |
| Series 2, GO, 5.00%, 05/01/2034 | 1000 | 1145 |
| Series 3, GO, 5.00%, 05/01/2037 | 3000 | 3426 |
| Series 2024-2, GO, 5.00%, 05/01/2027 | 2000 | 2081 |
| Series B, GO, 4.00%, 05/01/2039 | 500 | 506 |
| Series B, GO, 5.00%, 05/01/2035 | 10580 | 11321 |
| University of Wisconsin Hospitals & Clinics, Rev., 5.00%, 04/01/2027 | 900 | 933 |
| University of Wisconsin Hospitals & Clinics, Green Bond University of Wisconsin Hospital, Rev., 4.00%, 04/01/2035 | 440 | 450 |
| University of Wisconsin Hospitals & Clinics, Green Bonds, Rev., 4.00%, 04/01/2046 | 4120 | 3834 |
| Wisconsin Center District, Capital Appreciation Senior Dedicated |  |  |
| Series C, Rev., Zero Coupon, 12/15/2036 | 1550 | 1007 |
| Series C, Rev., Zero Coupon, 12/15/2039 | 1750 | 950 |
| Series C, Rev., Zero Coupon, 12/15/2040 | 1650 | 842 |
| Series D, Rev., Zero Coupon, 12/15/2028 | 545 | 497 |
| Wisconsin Center District, Junior Dedicated, Series D, Rev., Zero Coupon, 12/15/2045 | 8500 | 3270 |
| Wisconsin Department of Transportation, Series A, Rev., 5.00%, 07/01/2027 | 1675 | 1752 |
| Wisconsin Health & Educational Facilities Authority |  |  |
| Rev., 4.50%, 11/15/2039 | 4000 | 4001 |
| Rev., 5.00%, 10/01/2029 | 5940 | 6444 |
| Rev., 5.00%, 10/01/2030 | 6355 | 7016 |
| Wisconsin Health & Educational Facilities Authority Revenue, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2027 | 500 | 525 |
| Wisconsin Health & Educational Facilities Authority, Advocate Aurora Health Care |  |  |
| Rev., 4.00%, 08/15/2035 | 1250 | 1255 |
| Rev., 4.00%, 08/15/2037 | 1605 | 1595 |
| Rev., 4.00%, 08/15/2038 | 1680 | 1644 |
| Wisconsin Health & Educational Facilities Authority, Advocate Aurora Healthcare, Rev., 5.00%, 08/15/2054 (z) | 2590 | 2630 |
| Wisconsin Health & Educational Facilities Authority, Ascension Health Alliance Senor, Rev., 4.00%, 11/15/2043 | 2045 | 1903 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Wisconsin — continued** |  |  |
| Wisconsin Health & Educational Facilities Authority, Ascension Health Credit Group |  |  |
| Rev., 4.00%, 11/15/2039 | 10500 | 10007 |
| Rev., 5.00%, 11/15/2035 | 4500 | 4538 |
| Wisconsin Health & Educational Facilities Authority, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2036 | 1500 | 1511 |
| Wisconsin Health & Educational Facilities Authority, Aspirus, Inc. Obligated Group, Rev., 5.00%, 08/15/2038 | 1000 | 1071 |
| Wisconsin Health & Educational Facilities Authority, Bellin Memorial Hospital, Inc. |  |  |
| Rev., 5.00%, 12/01/2045 | 2500 | 2577 |
| Series B, Rev., 5.25%, 12/01/2048 | 3000 | 3123 |
| Wisconsin Health & Educational Facilities Authority, Beloit Health System, Inc., Rev., 4.00%, 07/01/2046 | 1870 | 1658 |
| Wisconsin Health & Educational Facilities Authority, Forensic Science and Protective Medicine Facility Project, Rev., 5.00%, 08/01/2027 (e) | 7000 | 7094 |
| Wisconsin Health & Educational Facilities Authority, Froedtert Health, Series A, Rev., 4.00%, 04/01/2039 | 2710 | 2657 |
| Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc. |  |  |
| Series A, Rev., 5.00%, 04/01/2030 | 1280 | 1410 |
| Series A, Rev., 5.00%, 04/01/2033 | 1010 | 1128 |
| Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc. Obligated |  |  |
| Rev., 4.00%, 04/01/2039 | 5000 | 4837 |
| Rev., 5.00%, 04/01/2035 | 1325 | 1357 |
| Wisconsin Health & Educational Facilities Authority, Gundersen Health System |  |  |
| Rev., 4.00%, 10/15/2035 | 545 | 553 |
| Rev., 4.00%, 10/15/2036 | 2100 | 2116 |
| Wisconsin Health & Educational Facilities Authority, Hospital Sisters Credit Group, Rev., 5.00%, 08/15/2040 | 7000 | 7547 |
| Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System |  |  |
| Rev., 5.00%, 02/15/2047 | 8955 | 8968 |
| Rev., 5.00%, 02/15/2051 (p) (z) | 2600 | 2653 |
| Series B, Rev., 5.00%, 02/15/2042 | 1000 | 1001 |
| Series B, Rev., 5.00%, 02/15/2046 | 8935 | 8940 |
| Wisconsin Health & Educational Facilities Authority, The Medical College of Wisconsin, Rev., 4.00%, 12/01/2046 | 3000 | 2662 |
| Wisconsin Health & Educational Facilities Authority, The Milwaukee Regional Medical Center, Rev., 5.00%, 04/01/2044 | 2500 | 2518 |
| Wisconsin Health & Educational Facilities Authority, Three Pillars Senior Living Communities, Rev., 4.19%, 08/15/2055 | 1000 | 568 |
| Wisconsin Housing & Economic Development Authority |  |  |
| Rev., 5.00%, 08/01/2058 (z) | 245 | 249 |
| Series D, Rev., 4.00%, 03/01/2047 | 45 | 45 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Rev., GNMA/FNMA/FHLMC, 6.00%, 03/01/2055 | 1940 | 2109 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Sustainable Bond |  |  |
| Series A, Rev., GNMA/FNMA/FHLMC, 4.38%, 09/01/2044 | 7000 | 6972 |
| Series C, Rev., GNMA/FNMA/FHLMC, 6.00%, 03/01/2055 | 690 | 758 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Wisconsin — continued** |  |  |
| Wisconsin Housing & Economic Development Authority Housing Revenue, Series E, Rev., HUD, 3.88%, 11/01/2054 (z) | 805 | 806 |
| Wisconsin Housing & Economic Development Authority, Social Bonds |  |  |
| Series A, Rev., 3.00%, 03/01/2052 | 520 | 513 |
| Series C, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 09/01/2052 | 840 | 828 |
|  |  | 303231 |
| **Wyoming** — **0.1%** |  |  |
| Consolidated Municipalities Electric Power Systems Joint Powers Board, Rev., 5.25%, 06/01/2039 | 1000 | 1092 |
| County of Laramie, Cheyenne Regional Medical Center, Rev., 4.00%, 05/01/2026 | 615 | 619 |
| County of Sweetwater, Idaho Power Company Project, Rev., 1.70%, 07/15/2026 | 1045 | 1029 |
| Wyoming Community Development Authority |  |  |
| Rev., 6.00%, 12/01/2054 | 475 | 518 |
| Series 2, Rev., VRDO, LIQ: Royal Bank of Canada, 2.90%, 10/07/2025 (z) | 3000 | 3000 |
| Series 2, Rev., 3.00%, 06/01/2049 | 705 | 698 |
| Series 3, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 06/01/2050 | 850 | 843 |
| Series 3, Rev., GNMA/FNMA/FHLMC, 4.70%, 12/01/2043 | 5000 | 5026 |
| Series 6, Rev., 3.90%, 12/01/2034 | 2255 | 2255 |
|  |  | 15080 |
| Total Municipal Bonds<br>(Cost $13,322,692) |  | 13191429 |
| **Short-Term Investments** — **1.2%** |  |  |
| **Municipal Bonds** — **0.2% (t)** |  |  |
| City of Los Angeles, Rev., TRAN, 5.00%, 06/25/2026 | 18500 | 18856 |
| Hampton Roads Sanitation District, Subordinated Bonds, Series A, Rev., 5.00%, 07/15/2026 | 3265 | 3323 |
| Katy Independent School District, GO, PSF-GTD, 5.00%, 02/15/2026 | 1000 | 1009 |
| Total Municipal Bonds |  | 23188 |
| **Time Deposits** — **1.0%** |  |  |
| Brown Brothers Harriman & Co., 3.44%, 10/01/2025 | — (h) | — (h) |
| Royal Bank of Canada, 3.44%, 10/01/2025 | 3585 | 3585 |
| Skandinaviska Enskilda Banken AB, 3.44%, 10/01/2025 | 130477 | 130477 |
| Sumitomo Mitsui Banking Corp., 3.44%, 10/01/2025 | 2155 | 2155 |
| Total Time Deposits |  | 136217 |
| Total Short-Term Investments<br>(Cost $159,301) |  | 159405 |
| **Total Investments — 99.1%<br>(Cost - $13,481,993)** |  | **13350834** |
| **Other Assets in Excess of Liabilities — 0.9%** |  | **121182** |
| **NET ASSETS — 100.0%** |  | $**13472016** |

---

Percentages indicated are based on net assets.

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

---

| |
|:---|
| AS OF SEPTEMBER 30, 2025 |
| AMBAC – Insured by American Municipal Bond Assurance Corp. |
| AMT – Alternative Minimum Tax |
| BAM – Insured by Build America Mutual |
| BAN – Bond Anticipation Note |
| BHAC – Insured by Berkshire Hathaway Assurance Corp. |
| CNTY – County |
| COLL – Collateral |
| COP – Certificate of Participation |
| CR – Custodial Receipts |
| FHA – Federal Housing Administration |
| FHLMC – Federal Home Loan Mortgage Corp. |
| FNMA – Federal National Mortgage Association |
| GAN – Grant Anticipation Note |
| GNMA – Government National Mortgage Association |
| GO – General Obligation |
| GTD – Guaranteed |
| HUD – U.S. Department of Housing and Urban Development |
| LIQ – Liquidity Agreement |
| LOC – Letter of Credit |
| NATL – Insured by National Public Finance Guarantee Corp. |
| PSF – Permanent School Fund |
| Q-SBLF – Qualified School Bond Loan Fund |
| Rev. – Revenue |
| SCH BD GTY – School Bond Guaranty |
| SIFMA – Securities Industry and Financial Markets Association |
| SOFR – Secured Overnight Financing Rate |
| SONYMA – State of New York Mortgage Agency |
| TRAN – Tax & Revenue Anticipation Note |
| VRDO – Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of September 30, 2025. |
| (d) – Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued. |
| (e) – Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (p) – Security is prerefunded or escrowed to maturity. |
| (t) – The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (w) – All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (z) – Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2025. |
| (aa) – Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2025. |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — 1.5%** | **Asset-Backed Securities — 1.5%** | **Asset-Backed Securities — 1.5%** |
| **Automobile ABS — 0.5%** |  |  |
| AmeriCredit Automobile Receivables Trust, |  |  |
| Series 2023-1, Class C, 5.80%, 12/18/2028 | 240 | 245 |
| Series 2024-1, Class A2A, 5.75%, 02/18/2028 | 154 | 154 |
| Series 2024-1, Class A3, 5.43%, 01/18/2029 | 675 | 682 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2020-2A, Class A, 2.02%, 02/20/2027 (e) | 958 | 953 |
| Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class A, (United States 30 Day Average SOFR + 1.10%), 5.46%, 12/26/2031 (e) (aa) | 324 | 325 |
| CarMax Auto Owner Trust, |  |  |
| Series 2023-1, Class B, 4.98%, 01/16/2029 | 1670 | 1691 |
| Series 2023-2, Class B, 5.18%, 11/15/2028 | 2200 | 2231 |
| Series 2023-4, Class B, 6.39%, 05/15/2029 | 1245 | 1297 |
| Series 2024-2, Class A3, 5.50%, 01/16/2029 | 1002 | 1016 |
| CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027 | 168 | 168 |
| Carvana Auto Receivables Trust, Series 2021-N1, Class A, 0.70%, 01/10/2028 | 31 | 30 |
| Citizens Auto Receivables Trust, |  |  |
| Series 2023-1, Class A3, 5.84%, 01/18/2028 (e) | 1193 | 1201 |
| Series 2023-1, Class A4, 5.78%, 10/15/2030 (e) | 1000 | 1020 |
| Series 2023-2, Class A3, 5.83%, 02/15/2028 (e) | 904 | 911 |
| CPS Auto Receivables Trust, Series 2024-A, Class D, 6.13%, 04/15/2030 (e) | 630 | 644 |
| Drive Auto Receivables Trust, Series 2025-1, Class A2, 4.87%, 08/15/2028 | 347 | 348 |
| Exeter Automobile Receivables Trust, |  |  |
| Series 2024-2A, Class C, 5.74%, 05/15/2029 | 737 | 746 |
| Series 2024-3A, Class D, 5.98%, 09/16/2030 | 120 | 123 |
| Series 2025-4A, Class A3, 4.39%, 09/17/2029 | 1780 | 1787 |
| First Investors Auto Owner Trust, Series 2022-2A, Class A, 6.26%, 07/15/2027 (e) | 9 | 9 |
| Ford Credit Auto Lease Trust, Series 2024-A, Class B, 5.29%, 06/15/2027 | 1230 | 1240 |
| GLS Auto Receivables Issuer Trust, Series 2025-3A, Class A3, 4.44%, 03/15/2029 (e) | 1441 | 1447 |
| Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.15%, 05/20/2032 (e) | 381 | 388 |
| Hyundai Auto Lease Securitization Trust, Series 2025-C, Class A3, 4.36%, 07/17/2028 (e) | 840 | 846 |
| LAD Auto Receivables Trust, |  |  |
| Series 2023-3A, Class C, 6.43%, 12/15/2028 (e) | 1695 | 1736 |
| Series 2024-2A, Class A3, 5.61%, 08/15/2028 (e) | 1091 | 1098 |
| Series 2024-3A, Class A2, 4.64%, 11/15/2027 (e) | 253 | 253 |
| M&T Bank Auto Receivables Trust, Series 2025-1A, Class A3, 4.73%, 06/17/2030 (e) | 240 | 243 |
| Merchants Fleet Funding LLC, Series 2024-1A, Class A, 5.82%, 04/20/2037 (e) | 1097 | 1106 |
| Navistar Financial Dealer Note Master Owner Trust, Series 2024-1, Class A, 5.59%, 04/25/2029 (e) | 1290 | 1299 |
| Nissan Auto Lease Trust, Series 2025-B, Class A3, 4.32%, 11/15/2028 | 895 | 901 |
| Nissan Auto Receivables Owner Trust, |  |  |
| Series 2023-B, Class A3, 5.93%, 03/15/2028 | 1619 | 1633 |
| Series 2025-A, Class A3, 4.49%, 12/17/2029 | 275 | 278 |
| Octane Receivables Trust, |  |  |
| Series 2024-2A, Class A2, 5.80%, 07/20/2032 (e) | 306 | 309 |
| Series 2024-3A, Class A2, 4.94%, 05/20/2030 (e) | 1214 | 1220 |
| Santander Drive Auto Receivables Trust, |  |  |
| Series 2022-7, Class C, 6.69%, 03/17/2031 | 1130 | 1153 |
| Series 2023-1, Class C, 5.09%, 05/15/2030 | 960 | 967 |
| Series 2023-3, Class C, 5.77%, 11/15/2030 | 775 | 789 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — continued** |  |  |  |
| **Automobile ABS — continued** |  |  |  |
| Series 2024-1, Class C, 5.45%, 03/15/2030 |  | 900 | 912 |
| Series 2024-2, Class B, 5.78%, 07/16/2029 |  | 1395 | 1417 |
| Series 2024-2, Class C, 5.84%, 06/17/2030 |  | 700 | 716 |
| Series 2024-3, Class B, 5.55%, 09/17/2029 |  | 325 | 330 |
| Series 2025-1, Class B, 4.88%, 03/17/2031 |  | 315 | 318 |
| SFS Auto Receivables Securitization Trust, Series 2024-1A, Class A3, 4.95%, 05/21/2029 (e) |  | 1116 | 1124 |
| Western Funding Auto Loan Trust, Series 2025-1, Class A, 4.75%, 07/16/2035 (e) |  | 1025 | 1031 |
| Westlake Automobile Receivables Trust, |  |  |  |
| Series 2022-2A, Class C, 4.85%, 09/15/2027 (e) |  | 110 | 110 |
| Series 2023-1A, Class D, 6.79%, 11/15/2028 (e) |  | 560 | 575 |
| Series 2023-3A, Class C, 6.02%, 09/15/2028 (e) |  | 995 | 1009 |
| Series 2024-1A, Class B, 5.55%, 11/15/2027 (e) |  | 1360 | 1369 |
| Series 2024-1A, Class C, 5.65%, 02/15/2029 (e) |  | 1155 | 1169 |
| Series 2024-1A, Class D, 6.02%, 10/15/2029 (e) |  | 505 | 516 |
| Series 2024-2A, Class D, 5.91%, 04/15/2030 (e) |  | 590 | 604 |
| Series 2025-2A, Class B, 4.63%, 01/15/2031 (e) |  | 1560 | 1569 |
| Westlake Flooring Master Trust, Series 2024-1A, Class A, 5.43%, 02/15/2028 (e) |  | 1110 | 1114 |
| Wheels Fleet Lease Funding 1 LLC, Series 2024-3A, Class A1, 4.80%, 09/19/2039 (e) |  | 749 | 757 |
| Total Automobile ABS |  |  | 47127 |
| **Commercial Services — 0.0% (g)** |  |  |  |
| Verisure Holding AB, (Sweden), Reg. S, 9.25%, 10/15/2027 | EUR | 253 | 305 |
| **Credit Card ABS — 0.0% (g)** |  |  |  |
| First National Master Note Trust, Series 2023-1, Class A, 5.13%, 04/15/2029 |  | 1340 | 1347 |
| **Other ABS — 1.0%** |  |  |  |
| Affirm Asset Securitization Trust, Series 2024-A, Class 1A, 5.61%, 02/15/2029 (e) |  | 920 | 924 |
| Affirm Master Trust, Series 2025-1A, Class A, 4.99%, 02/15/2033 (e) |  | 450 | 454 |
| AGL CLO 1 Ltd., (Cayman Islands), Series 2019-1A, Class ARR, (CME Term SOFR 3 Month + 1.20%), 5.53%, 10/20/2034 (e) (aa) |  | 1860 | 1862 |
| AGL CLO 14 Ltd., (Cayman Islands), Series 2021-14A, Class AR, (CME Term SOFR 3 Month + 1.13%), 5.46%, 12/02/2034 (e) (aa) |  | 1000 | 1001 |
| AIMCO CLO 17 Ltd., (Jersey), Series 2022-17A, Class D1R, (CME Term SOFR 3 Month + 2.90%), 7.23%, 07/20/2037 (e) (aa) |  | 1000 | 999 |
| Allegany Park CLO Ltd., (Cayman Islands), Series 2019-1A, Class ARR, (CME Term SOFR 3 Month + 1.10%), 5.37%, 01/20/2035 (e) (aa) |  | 960 | 960 |
| Apidos CLO XL Ltd., (Jersey), Series 2022-40A, Class D1R, (CME Term SOFR 3 Month + 2.90%), 7.22%, 07/15/2037 (e) (aa) |  | 2000 | 2003 |
| ARES LX CLO Ltd., (Cayman Islands), Series 2021-60A, Class AR, (CME Term SOFR 3 Month + 1.18%), 5.51%, 07/18/2034 (e) (aa) |  | 1500 | 1502 |
| Ares LXV CLO Ltd., (Cayman Islands), Series 2022-65A, Class A1R, (CME Term SOFR 3 Month + 1.12%), 5.28%, 07/25/2034 (e) (aa) |  | 290 | 291 |
| Bain Capital Credit CLO 2019-1, (Cayman Islands), Series 2019-1A, Class AR2, (CME Term SOFR 3 Month + 1.23%), 5.56%, 04/19/2034 (e) (aa) |  | 1500 | 1502 |
| Bardot CLO Ltd., (Cayman Islands), Series 2019-2A, Class ARR, (CME Term SOFR 3 Month + 0.98%), 5.31%, 10/22/2032 (e) (aa) |  | 872 | 872 |
| Barings CLO Ltd. 2021-III, (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.13%), 5.46%, 01/18/2035 (e) (aa) |  | 720 | 722 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — continued** |  |  |
| **Other ABS — continued** |  |  |
| Battalion CLO IX Ltd., (Cayman Islands), Series 2015-9A, Class BRR, (CME Term SOFR 3 Month + 1.60%), 5.91%, 07/15/2031 (e) (aa) | 1050 | 1052 |
| Battalion CLO XI Ltd., (Cayman Islands), Series 2017-11A, Class AR2, (CME Term SOFR 3 Month + 1.13%), 5.45%, 04/24/2034 (e) (aa) | 610 | 609 |
| Black Diamond CLO 2021-1 Ltd., (Cayman Islands), Series 2021-1A, Class A1AR, (CME Term SOFR 3 Month + 1.25%), 5.57%, 11/22/2034 (e) (aa) | 550 | 551 |
| Carlyle Global Market Strategies CLO 2015-4 Ltd., (Cayman Islands), |  |  |
| Series 2015-4A, Class A1JR, (CME Term SOFR 3 Month + 1.55%), 5.88%, 07/20/2032 (e) (aa) | 1500 | 1505 |
| Series 2015-4A, Class AJR3, (CME Term SOFR 3 Month + 1.20%), 5.53%, 07/20/2032 (e) (aa) (w) | 1500 | 1500 |
| Carlyle Global Market Strategies CLO 2016-1 Ltd., (Cayman Islands), Series 2016-1A, Class A1R3, (CME Term SOFR 3 Month + 1.09%), 5.42%, 04/20/2034 (e) (aa) | 450 | 450 |
| Carlyle US CLO 2020-2 Ltd., (Cayman Islands), Series 2020-2A, Class A1R2, (CME Term SOFR 3 Month + 1.08%), 5.30%, 01/25/2035 (e) (aa) | 1130 | 1129 |
| Carlyle US CLO 2021-9 Ltd., (Cayman Islands), Series 2021-9A, Class AR, (CME Term SOFR 3 Month + 1.11%), 5.43%, 10/20/2034 (e) (aa) | 1070 | 1071 |
| CarVal CLO VII-C Ltd., (Jersey), Series 2023-1A, Class D1R, (CME Term SOFR 3 Month + 3.15%), 7.48%, 07/20/2037 (e) (aa) | 2000 | 2008 |
| Cathedral Lake VI Ltd., (Cayman Islands), Series 2021-6A, Class ANR, (CME Term SOFR 3 Month + 1.20%), 5.46%, 04/25/2034 (e) (aa) | 570 | 570 |
| CIFC Funding 2021-IV Ltd., (Cayman Islands), Series 2021-4A, Class DR, (CME Term SOFR 3 Month + 2.95%), 7.27%, 07/23/2037 (e) (aa) | 1000 | 1006 |
| Clover CLO 2021-3 LLC, Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.07%), 5.39%, 01/25/2035 (e) (aa) | 940 | 943 |
| Columbia Cent CLO 32 Ltd., (Cayman Islands), Series 2022-32A, Class A1R2, (CME Term SOFR 3 Month + 1.12%), 5.27%, 07/24/2034 (e) (aa) | 940 | 939 |
| Dell Equipment Finance Trust, Series 2023-3, Class D, 6.75%, 10/22/2029 (e) | 1005 | 1019 |
| Dryden 104 CLO Ltd., (Cayman Islands), Series 2022-104A, Class A1R, (CME Term SOFR 3 Month + 1.29%), 5.49%, 08/20/2034 (e) (aa) | 980 | 983 |
| Dryden 86 CLO Ltd., (Cayman Islands), Series 2020-86A, Class A1R2, (CME Term SOFR 3 Month + 1.13%), 5.45%, 07/17/2034 (e) (aa) | 1260 | 1263 |
| Galaxy XXVI CLO Ltd., (Cayman Islands), Series 2018-26A, Class AR, (CME Term SOFR 3 Month + 1.17%), 5.37%, 11/22/2031 (e) (aa) | 362 | 362 |
| Generate CLO 17 Ltd., (Cayman Islands), Series 2024-17A, Class D1, (CME Term SOFR 3 Month + 3.00%), 7.33%, 10/22/2037 (e) (aa) | 2000 | 2003 |
| Greywolf CLO IV Ltd., (Cayman Islands), Series 2019-1A, Class A2R2, (CME Term SOFR 3 Month + 1.80%), 6.08%, 04/17/2034 (e) (aa) | 1350 | 1350 |
| HPEFS Equipment Trust, Series 2025-1A, Class A3, 4.43%, 09/20/2032 (e) | 560 | 563 |
| IFC Emerging Markets Securitization Ltd., (Cayman Islands), Series 2025-1A, Class A, (CME Term SOFR 3 Month + 1.30%), 5.45%, 12/31/2035 (e) (aa) | 700 | 699 |
| KKR CLO 23 Ltd., (Cayman Islands), Series 23, Class BR, (CME Term SOFR 3 Month + 1.55%), 5.88%, 10/20/2031 (e) (aa) | 1190 | 1193 |
| KKR CLO 27 Ltd., (Cayman Islands), Series 27A, Class A1R2, (CME Term SOFR 3 Month + 1.11%), 5.43%, 01/15/2035 (e) (aa) | 680 | 681 |
| KKR CLO 40 Ltd., (Jersey), Series 40A, Class AR, (CME Term SOFR 3 Month + 1.30%), 5.63%, 10/20/2034 (e) (aa) | 1460 | 1461 |
| KKR Financial CLO 2013-1 Ltd., (Cayman Islands), Series 2013-1A, Class A2R2, (CME Term SOFR 3 Month + 1.45%), 5.77%, 04/15/2029 (e) (aa) | 998 | 998 |
| LCM Ltd., (Cayman Islands), Series 33A, Class AR, (CME Term SOFR 3 Month + 1.18%), 5.49%, 07/20/2034 (e) (aa) | 640 | 640 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — continued** |  |  |
| **Other ABS — continued** |  |  |
| Lendmark Funding Trust, Series 2021-2A, Class A, 2.00%, 04/20/2032 (e) | 915 | 880 |
| Madison Park Funding LVII Ltd., (Cayman Islands), Series 2022-57A, Class A1R, (CME Term SOFR 3 Month + 1.28%), 5.59%, 07/27/2034 (e) (aa) | 2270 | 2278 |
| Marathon CLO XIII Ltd., (Cayman Islands), Series 2019-1A, Class AAR2, (CME Term SOFR 3 Month + 1.20%), 5.52%, 04/15/2032 (e) (aa) | 366 | 367 |
| Mariner Finance Issuance Trust, |  |  |
| Series 2021-AA, Class A, 1.86%, 03/20/2036 (e) | 910 | 891 |
| Series 2021-BA, Class A, 2.10%, 11/20/2036 (e) | 1395 | 1350 |
| Navesink Clo 4 Ltd., (Cayman Islands), Series 2025-4A, Class A1, (CME Term SOFR 3 Month + 1.28%), 0.00%, 10/15/2037 (e) (w) (aa) | 730 | 730 |
| Neuberger Berman Loan Advisers CLO 50 Ltd., (Jersey), Series 2022-50A, Class AR, (CME Term SOFR 3 Month + 1.25%), 5.57%, 07/23/2036 (e) (aa) | 2280 | 2288 |
| Ocean Trails Clo XI, (Cayman Islands), Series 2021-11A, Class AR, (CME Term SOFR 3 Month + 1.03%), 5.36%, 07/20/2034 (e) (aa) | 1350 | 1350 |
| OCP CLO 2023-26 Ltd., (Jersey), Series 2023-26A, Class AR, (CME Term SOFR 3 Month + 1.08%), 5.40%, 04/17/2037 (e) (aa) | 2000 | 2000 |
| OCP CLO 2024-34 Ltd., (Jersey), Series 2024-34A, Class D1, (CME Term SOFR 3 Month + 2.90%), 7.22%, 10/15/2037 (e) (aa) | 1000 | 1001 |
| Octagon Investment Partners 41 Ltd., (Cayman Islands), Series 2019-2A, Class A1R2, (CME Term SOFR 3 Month + 1.09%), 5.41%, 10/15/2033 (e) (aa) | 2050 | 2052 |
| Octagon Investment Partners 44 Ltd., (Cayman Islands), Series 2019-1A, Class AR2, (CME Term SOFR 3 Month + 1.15%), 5.47%, 10/15/2034 (e) (aa) | 720 | 721 |
| Octagon Investment Partners 45 Ltd., (Cayman Islands), Series 2019-1A, Class A1RR, (CME Term SOFR 3 Month + 1.15%), 5.39%, 04/15/2035 (e) (aa) | 800 | 803 |
| Octagon Investment Partners XVII Ltd., (Cayman Islands), Series 2013-1A, Class A1R2, (CME Term SOFR 3 Month + 1.26%), 5.58%, 01/25/2031 (e) (aa) | 2 | 2 |
| OFSI BSL IX Ltd., (Cayman Islands), Series 2018-1A, Class AR, (CME Term SOFR 3 Month + 1.19%), 5.51%, 07/15/2031 (e) (aa) | 3565 | 3566 |
| OHA Credit Funding 13 Ltd., (Bermuda), Series 2022-13A, Class D2R, (CME Term SOFR 3 Month + 4.10%), 8.43%, 07/20/2037 (e) (aa) | 1000 | 1002 |
| OneMain Financial Issuance Trust, |  |  |
| Series 2019-2A, Class A, 3.14%, 10/14/2036 (e) | 535 | 525 |
| Series 2021-1A, Class A1, 1.55%, 06/16/2036 (e) | 290 | 280 |
| Series 2022-3A, Class A, 5.94%, 05/15/2034 (e) | 268 | 270 |
| Series 2023-1A, Class A, 5.50%, 06/14/2038 (e) | 1360 | 1406 |
| Parallel Ltd., (Cayman Islands), Series 2023-1A, Class A1R, (CME Term SOFR 3 Month + 1.39%), 5.72%, 07/20/2036 (e) (aa) | 1080 | 1084 |
| Saratoga Investment Corp. Senior Loan Fund Ltd., (Cayman Islands), Series 2022-1A, Class A1R, (CME Term SOFR 3 Month + 1.39%), 5.34%, 10/20/2037 (e) (aa) | 1250 | 1253 |
| SCF Equipment Leasing LLC, Series 2024-1A, Class A3, 5.52%, 01/20/2032 (e) | 145 | 149 |
| SCF Equipment Trust 2016-1 LLC, Series 2025-1A, Class A3, 5.11%, 11/21/2033 (e) | 415 | 425 |
| Signal Peak CLO 4 Ltd., (Cayman Islands), Series 2017-4A, Class AR2, (CME Term SOFR 3 Month + 1.12%), 5.28%, 10/26/2034 (e) (aa) | 1170 | 1171 |
| Silver Point CLO 5 Ltd., (Cayman Islands), Series 2024-5A, Class D1, (CME Term SOFR 3 Month + 3.25%), 7.58%, 10/20/2037 (e) (aa) | 1500 | 1516 |
| Sycamore Tree CLO 2024-5 Ltd., (Cayman Islands), Series 2024-5A, Class A1, (CME Term SOFR 3 Month + 1.42%), 5.75%, 04/20/2036 (e) (aa) | 860 | 861 |
| Symphony CLO XVIII Ltd., (Cayman Islands), Series 2016-18A, Class AR4, (CME Term SOFR 3 Month + 1.23%), 5.51%, 10/23/2037 (e) (aa) | 260 | 261 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — continued** |  |  |
| **Other ABS — continued** |  |  |
| Trimaran Cavu Ltd., (Cayman Islands), Series 2021-1A, Class D1R, (CME Term SOFR 3 Month + 3.40%), 7.72%, 07/23/2037 (e) (aa) | 1500 | 1508 |
| Trinitas CLO XII Ltd., (Cayman Islands), Series 2020-12A, Class A1R2, (CME Term SOFR 3 Month + 1.05%), 5.31%, 04/25/2033 (e) (aa) | 530 | 531 |
| Trinitas CLO XVI Ltd., (Cayman Islands), Series 2021-16A, Class A1R, (CME Term SOFR 3 Month + 1.13%), 5.27%, 07/20/2034 (e) (aa) | 850 | 849 |
| Trinitas CLO XVIII Ltd., (Cayman Islands), Series 2021-18A, Class A1R, (CME Term SOFR 3 Month + 1.22%), 5.55%, 01/20/2035 (e) (aa) | 250 | 250 |
| Venture 28A CLO Ltd., (Cayman Islands), |  |  |
| Series 2017-28AA, Class A1RR, (CME Term SOFR 3 Month + 1.11%), 5.44%, 10/20/2034 (e) (aa) | 1000 | 1000 |
| Series 2017-28AA, Class A2RR, (CME Term SOFR 3 Month + 1.45%), 5.78%, 10/20/2034 (e) (aa) | 2200 | 2203 |
| Venture 45 CLO Ltd., (Jersey), Series 2022-45A, Class A1R, (CME Term SOFR 3 Month + 1.27%), 5.55%, 07/20/2035 (e) (aa) | 580 | 582 |
| Verizon Master Trust, Series 2024-7, Class A, 4.35%, 08/20/2032 (e) | 235 | 237 |
| Voya CLO 2016-1 Ltd., (Cayman Islands), Series 2016-1A, Class A1R, (CME Term SOFR 3 Month + 1.33%), 5.66%, 01/20/2031 (e) (aa) | 1626 | 1626 |
| Wellfleet CLO 2021-3 Ltd., (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.20%), 5.52%, 01/15/2035 (e) (aa) | 940 | 943 |
| Wind River 2021-4 CLO Ltd., (Cayman Islands), Series 2021-4A, Class AR, (CME Term SOFR 3 Month + 1.23%), 5.56%, 01/20/2035 (e) (aa) | 320 | 321 |
| Wind River 2022-1 CLO Ltd., (Cayman Islands), Series 2022-1A, Class AR, (CME Term SOFR 3 Month + 1.35%), 5.68%, 07/20/2035 (e) (aa) | 2250 | 2253 |
| Wingspire Equipment Finance LLC, Series 2025-1A, Class A2, 4.33%, 09/20/2033 (e) | 1390 | 1390 |
| Total Other ABS |  | 83815 |
| **Student Loan ABS — 0.0% (g)** |  |  |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (e) | 299 | 282 |
| Total Asset-Backed Securities<br>(Cost $132,472) |  | 132876 |
| **Collateralized Mortgage Obligations** — **0.1%** |  |  |
| **WL Collateral CMO — 0.1%** |  |  |
| Connecticut Avenue Securities Series, |  |  |
| Series 2025-R01, Class 1A1, (United States 30 Day Average SOFR + 0.95%), 5.30%, 01/25/2045 (e) (aa) | 315 | 315 |
| Series 2025-R01, Class 1M1, (United States 30 Day Average SOFR + 1.10%), 5.45%, 01/25/2045 (e) (aa) | 90 | 91 |
| Connecticut Avenue Securities Trust, |  |  |
| Series 2023-R01, Class 1M1, (United States 30 Day Average SOFR + 2.40%), 6.75%, 12/25/2042 (e) (aa) | 231 | 237 |
| Series 2024-R03, Class 2M1, (United States 30 Day Average SOFR + 1.15%), 5.50%, 03/25/2044 (e) (aa) | 419 | 419 |
| Series 2025-R02, Class 1A1, (United States 30 Day Average SOFR + 1.00%), 5.35%, 02/25/2045 (e) (aa) | 243 | 243 |
| FHLMC STACR REMIC Trust, |  |  |
| Series 2022-DNA3, Class M2, (United States 30 Day Average SOFR + 4.35%), 8.71%, 04/25/2042 (e) (aa) | 100 | 105 |
| Series 2022-HQA2, Class M1A, (United States 30 Day Average SOFR + 2.65%), 7.01%, 07/25/2042 (e) (aa) | 332 | 339 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
| **WL Collateral CMO — continued** |  |  |
| Series 2022-HQA3, Class M1A, (United States 30 Day Average SOFR + 2.30%), 6.66%, 08/25/2042 (e) (aa) | 130 | 132 |
| Series 2023-HQA1, Class M1A, (United States 30 Day Average SOFR + 2.00%), 6.36%, 05/25/2043 (e) (aa) | 230 | 231 |
| Series 2024-DNA2, Class A1, (United States 30 Day Average SOFR + 1.25%), 5.61%, 05/25/2044 (e) (aa) | 1033 | 1038 |
| Series 2024-DNA3, Class A1, (United States 30 Day Average SOFR + 1.05%), 5.41%, 10/25/2044 (e) (aa) | 303 | 303 |
| Series 2024-DNA3, Class M1, (United States 30 Day Average SOFR + 1.00%), 5.36%, 10/25/2044 (e) (aa) | 57 | 57 |
| Series 2024-HQA1, Class M1, (United States 30 Day Average SOFR + 1.25%), 5.61%, 03/25/2044 (e) (aa) | 477 | 477 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC3, Class A1, 4.91%, 09/25/2070 (e) (z) | 420 | 419 |
| OBX Trust, Series 2025-NQM16, Class A1, SUB, 4.91%, 08/25/2065 (e) | 400 | 399 |
| Towd Point Mortgage Trust, Series 2019-HY1, Class M2, (CME Term SOFR 1 Month + 2.11%), 6.27%, 10/25/2048 (e) (aa) | 385 | 400 |
| Verus Securitization Trust, Series 2021-1, Class A1, 0.82%, 01/25/2066 (e) (z) | 120 | 108 |
| Total WL Collateral CMO |  | 5313 |
|  Total Collateralized Mortgage Obligations<br> (Cost $5,642) |  | 5313 |
| **Commercial Mortgage-Backed Securities** — **0.4%** |  |  |
| **Commercial MBS — 0.4%** |  |  |
| ACREC Ltd., (Cayman Islands), Series 2021-FL1, Class A, (CME Term SOFR 1 Month + 1.26%), 5.40%, 10/16/2036 (e) (aa) | 226 | 226 |
| Arbor Realty Commercial Real Estate Notes LLC, Series 2025-FL1, Class A, (CME Term SOFR 1 Month + 1.35%), 5.49%, 01/20/2043 (e) (aa) | 460 | 460 |
| ARDN Mortgage Trust, Series 2025-ARCP, Class A, (CME Term SOFR 1 Month + 1.75%), 5.90%, 06/15/2035 (e) (aa) | 550 | 550 |
| BANK5, |  |  |
| Series 2024-5YR11, Class A3, 5.89%, 11/15/2057 | 1640 | 1725 |
| Series 2024-5YR8, Class A3, 5.88%, 08/15/2057 | 450 | 473 |
| BBCMS Mortgage Trust, |  |  |
| Series 2024-5C29, Class A2, 4.74%, 09/15/2057 | 700 | 707 |
| Series 2025-5C34, Class A3, 5.66%, 05/15/2058 | 550 | 577 |
| Series 2025-5C33, Class A4, 5.84%, 03/15/2058 | 430 | 453 |
| BDS LLC, Series 2025-FL15, Class A, (CME Term SOFR 1 Month + 1.40%), 5.53%, 03/19/2043 (e) (aa) | 590 | 591 |
| Benchmark Mortgage Trust, |  |  |
| Series 2018-B2, Class A5, 3.88%, 02/15/2051 (z) | 90 | 89 |
| Series 2019-B11, Class A5, 3.54%, 05/15/2052 | 410 | 395 |
| Series 2024-V7, Class A3, 6.23%, 05/15/2056 (z) | 690 | 730 |
| Series 2024-V9, Class A3, 5.60%, 08/15/2057 | 1000 | 1039 |
| Series 2024-V11, Class A3, 5.91%, 11/15/2057 (z) | 1020 | 1073 |
| Series 2025-V14, Class A4, 5.66%, 04/15/2057 | 930 | 974 |
| Series 2025-V16, Class A3, 5.44%, 08/15/2058 (z) | 470 | 489 |
| BMO Mortgage Trust, |  |  |
| Series 2024-5C8, Class A3, 5.63%, 12/15/2057 (z) | 640 | 667 |
| Series 2024-5C5, Class A3, 5.86%, 02/15/2057 | 1080 | 1131 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Commercial Mortgage-Backed Securities — continued** |  |  |
| **Commercial MBS — continued** |  |  |
| BSPRT Issuer Ltd., (Cayman Islands), Series 2021-FL7, Class A, (CME Term SOFR 1 Month + 1.43%), 5.58%, 12/15/2038 (e) (aa) | 100 | 100 |
| BX Commercial Mortgage Trust, |  |  |
| Series 2024-XL4, Class A, (CME Term SOFR 1 Month + 1.44%), 5.59%, 02/15/2039 (e) (aa) | 204 | 205 |
| Series 2024-XL5, Class A, (CME Term SOFR 1 Month + 1.39%), 5.54%, 03/15/2041 (e) (aa) | 331 | 331 |
| Series 2025-BCAT, Class A, (CME Term SOFR 1 Month + 1.38%), 5.53%, 08/15/2042 (e) (aa) | 393 | 393 |
| BX Trust, |  |  |
| Series 2019-OC11, Class E, 4.08%, 12/09/2041 (e) (z) | 3005 | 2769 |
| Series 2024-CNYN, Class A, (CME Term SOFR 1 Month + 1.44%), 5.59%, 04/15/2041 (e) (aa) | 877 | 879 |
| Series 2025-ROIC, Class A, (CME Term SOFR 1 Month + 1.14%), 5.29%, 03/15/2030 (e) (aa) | 428 | 427 |
| Series 2025-TAIL, Class A, (CME Term SOFR 1 Month + 1.40%), 5.55%, 06/15/2035 (e) (aa) | 310 | 310 |
| Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A4, 3.01%, 01/15/2053 | 1910 | 1785 |
| Citigroup Commercial Mortgage Trust, |  |  |
| Series 2016-GC36, Class A5, 3.62%, 02/10/2049 | 945 | 939 |
| Series 2017-P7, Class A4, 3.71%, 04/14/2050 | 1000 | 987 |
| CONE Trust, Series 2024-DFW1, Class A, (CME Term SOFR 1 Month + 1.64%), 5.79%, 08/15/2041 (e) (aa) | 300 | 300 |
| DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/2051 | 1260 | 1257 |
| FS Rialto Issuer LLC, Series 2025-FL10, Class A, (CME Term SOFR 1 Month + 1.39%), 5.52%, 08/19/2042 (e) (aa) | 1050 | 1050 |
| GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.05%, 11/10/2052 | 1670 | 1584 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.65%, 01/13/2040 (e) (z) | 860 | 889 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, 03/15/2050 | 565 | 557 |
| KIND Commercial Mortgage Trust, Series 2024-1, Class A, (CME Term SOFR 1 Month + 1.89%), 6.04%, 08/15/2041 (e) (aa) | 310 | 310 |
| LoanCore Issuer Ltd., (Cayman Islands), Series 2022-CRE7, Class A, (United States 30 Day Average SOFR + 1.55%), 5.93%, 01/17/2037 (e) (aa) | 349 | 350 |
| MF1 LLC, Series 2022-FL9, Class A, (CME Term SOFR 1 Month + 2.15%), 6.28%, 06/19/2037 (e) (aa) | 1086 | 1087 |
| MF1 Ltd., (Cayman Islands), Series 2021-FL7, Class A, (CME Term SOFR 1 Month + 1.19%), 5.33%, 10/16/2036 (e) (aa) | 40 | 40 |
| Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| Series 2015-C27, Class A4, 3.75%, 12/15/2047 | 76 | 76 |
| Series 2016-C29, Class A4, 3.33%, 05/15/2049 | 900 | 893 |
| Series 2025-5C1, Class A3, 5.64%, 03/15/2058 | 640 | 669 |
| Morgan Stanley Capital I Trust, Series 2024-NSTB, Class A, 3.90%, 09/24/2057 (e) (z) | 946 | 930 |
| PFP Ltd., (Cayman Islands), Series 2025-12, Class A, (CME Term SOFR 1 Month + 1.49%), 5.63%, 12/18/2042 (e) (aa) | 790 | 790 |
| ROCK Trust, |  |  |
| Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (e) | 1040 | 1072 |
| Series 2024-CNTR, Class E, 8.82%, 11/13/2041 (e) | 590 | 617 |
| SCG Trust, Series 2025-SNIP, Class A, (CME Term SOFR 1 Month + 1.50%), 5.75%, 09/15/2030 (e) (aa) | 520 | 520 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (CME Term SOFR 1 Month + 1.44%), 5.59%, 02/15/2042 (e) (aa) | 540 | 537 |
| UBS Commercial Mortgage Trust, |  |  |
| Series 2018-C9, Class A4, 4.12%, 03/15/2051 (z) | 660 | 649 |
| Series 2019-C18, Class A4, 3.04%, 12/15/2052 | 50 | 47 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Commercial Mortgage-Backed Securities — continued** |  |  |  |
| **Commercial MBS — continued** |  |  |  |
| US Bank NA, Series 2025-SUP1, Class B, 5.58%, 02/25/2032 (e) |  | 326 | 326 |
| Wells Fargo Commercial Mortgage Trust, |  |  |  |
| Series 2017-C42, Class A3, 3.33%, 12/15/2050 |  | 1270 | 1252 |
| Series 2019-C50, Class A5, 3.73%, 05/15/2052 |  | 90 | 87 |
| Series 2019-C51, Class A3, 3.06%, 06/15/2052 |  | 717 | 685 |
| Series 2025-5C4, Class A3, 5.67%, 05/15/2058 |  | 631 | 661 |
| Total Commercial MBS |  |  | 38709 |
| Total Commercial Mortgage-Backed Securities<br> (Cost $37,989) |  |  | 38709 |
| **Convertible Bonds** — **0.2%** |  |  |  |
| **Communications** — **0.0% (g)** |  |  |  |
| **Media** — **0.0% (g)** |  |  |  |
| Cable One, Inc., |  |  |  |
| Zero Coupon, 03/15/2026 |  | 857 | 835 |
| 1.13%, 03/15/2028 |  | 2025 | 1728 |
| Total Communications |  |  | 2563 |
| **Consumer Cyclical** — **0.0% (g)** |  |  |  |
| **Home Builders** — **0.0% (g)** |  |  |  |
| Meritage Homes Corp., 1.75%, 05/15/2028 |  | 2804 | 2870 |
| **Lodging** — **0.0% (g)** |  |  |  |
| Wynn Macau Ltd., (Cayman Islands), 4.50%, 03/07/2029 (e) |  | 342 | 368 |
| Total Consumer Cyclical |  |  | 3238 |
| **Consumer Non-cyclical** — **0.0% (g)** |  |  |  |
| **Commercial Services** — **0.0% (g)** |  |  |  |
| Block, Inc., Zero Coupon, 05/01/2026 |  | 566 | 550 |
| Shift4 Payments, Inc., Zero Coupon, 12/15/2025 |  | 1735 | 1780 |
| Worldline SA, (France), Reg. S, Zero Coupon, 07/30/2026 | EUR | 22 | 25 |
|  |  |  | 2355 |
| **Food** — **0.0% (g)** |  |  |  |
| Ocado Group plc, (United Kingdom), Reg. S, 6.25%, 08/06/2029 | GBP | 400 | 484 |
| Total Consumer Non-cyclical |  |  | 2839 |
| **Energy** — **0.1%** |  |  |  |
| **Energy - Alternate Sources** — **0.1%** |  |  |  |
| XPLR Infrastructure LP, 2.50%, 06/15/2026 (e) |  | 4447 | 4336 |
| **Financial** — **0.0% (g)** |  |  |  |
| **Real Estate** — **0.0% (g)** |  |  |  |
| Vonovia SE, (Germany), Reg. S, 0.88%, 05/20/2032 | EUR | 200 | 236 |
| **REITS** — **0.0% (g)** |  |  |  |
| Digital Realty Trust LP, 1.88%, 11/15/2029 (e) |  | 800 | 840 |
| Total Financial |  |  | 1076 |
| **Technology** — **0.1%** |  |  |  |
| **Semiconductors** — **0.1%** |  |  |  |
| MKS, Inc., 1.25%, 06/01/2030 |  | 5915 | 6477 |
| Total Convertible Bonds<br>(Cost $20,167) |  |  | 20529 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds** — **79.0%** |  |  |  |
| **Basic Materials** — **3.4%** |  |  |  |
| **Chemicals** — **1.7%** |  |  |  |
| Advancion Sciences, Inc., 9.25% (cash), 11/01/2026 (e) (v) |  | 1785 | 1580 |
| Ashland, Inc., |  |  |  |
| 3.38%, 09/01/2031 (e) |  | 1000 | 886 |
| 6.88%, 05/15/2043 |  | 2425 | 2532 |
| ASK Chemicals Deutschland Holding GmbH, (Germany), Reg. S, 10.00%, 11/15/2029 | EUR | 1150 | 1300 |
| Avient Corp., |  |  |  |
| 6.25%, 11/01/2031 (e) |  | 1697 | 1723 |
| 7.13%, 08/01/2030 (e) |  | 80 | 82 |
| Axalta Coating Systems Dutch Holding B BV, (Netherlands), 7.25%, 02/15/2031 (e) |  | 2069 | 2165 |
| Axalta Coating Systems LLC, 3.38%, 02/15/2029 (e) |  | 1926 | 1825 |
| Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, (Multinational), 4.75%, 06/15/2027 (e) |  | 150 | 149 |
| Celanese US Holdings LLC, |  |  |  |
| 5.00%, 04/15/2031 | EUR | 500 | 584 |
| 6.50%, 04/15/2030 |  | 48 | 48 |
| 6.67%, 07/15/2027 |  | 1155 | 1185 |
| 6.75%, 04/15/2033 |  | 1733 | 1726 |
| 6.83%, 07/15/2029 |  | 140 | 145 |
| 6.85%, 11/15/2028 |  | 1240 | 1287 |
| 6.88%, 07/15/2032 |  | 190 | 194 |
| 7.05%, 11/15/2030 |  | 230 | 237 |
| 7.20%, 11/15/2033 |  | 176 | 183 |
| Cerdia Finanz GmbH, (Germany), 9.38%, 10/03/2031 (e) |  | 150 | 159 |
| Chemours Co. (The), |  |  |  |
| 4.63%, 11/15/2029 (e) |  | 90 | 81 |
| 5.38%, 05/15/2027 |  | 1932 | 1930 |
| 5.75%, 11/15/2028 (e) |  | 4520 | 4409 |
| 8.00%, 01/15/2033 (e) |  | 2459 | 2445 |
| Consolidated Energy Finance SA, (Luxembourg), |  |  |  |
| 5.63%, 10/15/2028 (e) |  | 40 | 33 |
| 12.00%, 02/15/2031 (e) |  | 50 | 46 |
| CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028 (e) |  | 180 | 180 |
| Element Solutions, Inc., 3.88%, 09/01/2028 (e) |  | 9371 | 9082 |
| EQUATE Petrochemical Co. KSC, (Kuwait), Reg. S, 4.25%, 11/03/2026 |  | 427 | 425 |
| FIS Fabbrica Italiana Sintetici SpA, (Italy), Reg. S, 5.63%, 08/01/2027 | EUR | 700 | 828 |
| FMC Corp., (CMT Index 5 Year + 4.37%), 8.45%, 11/01/2055 (aa) |  | 230 | 243 |
| HB Fuller Co., 4.00%, 02/15/2027 |  | 40 | 39 |
| Herens Holdco Sarl, (Luxembourg), 4.75%, 05/15/2028 (e) |  | 1393 | 1219 |
| Herens Midco Sarl, (Luxembourg), Reg. S, 5.25%, 05/15/2029 | EUR | 1000 | 675 |
| Huntsman International LLC, |  |  |  |
| 2.95%, 06/15/2031 |  | 70 | 59 |
| 4.50%, 05/01/2029 |  | 130 | 124 |
| ICL Group Ltd., (Israel), Reg. S, 6.38%, 05/31/2038 (e) |  | 4000 | 4163 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 (e) |  | 70 | 70 |
| INEOS Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 6.38%, 04/15/2029 | EUR | 2325 | 2703 |
| 6.75%, 05/15/2028 (e) |  | 100 | 98 |
| 7.50%, 04/15/2029 (e) |  | 130 | 127 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Chemicals — continued** |  |  |  |
| INEOS Quattro Finance 2 Plc, (United Kingdom), |  |  |  |
| Reg. S, 6.75%, 04/15/2030 | EUR | 3257 | 3584 |
| 9.63%, 03/15/2029 (e) |  | 90 | 89 |
| Ingevity Corp., 3.88%, 11/01/2028 (e) |  | 80 | 77 |
| Innophos Holdings, Inc., 11.50%, 06/15/2029 (e) |  | 80 | 79 |
| Inversion Escrow Issuer LLC, 6.75%, 08/01/2032 (e) |  | 6261 | 6167 |
| Kronos International, Inc., Reg. S, 9.50%, 03/15/2029 | EUR | 297 | 367 |
| Lune Holdings Sarl, (Luxembourg), Reg. S, 5.63%, 11/15/2028 | EUR | 1632 | 592 |
| Mativ Holdings, Inc., 8.00%, 10/01/2029 (e) |  | 2280 | 2257 |
| Methanex Corp., (Canada), 5.65%, 12/01/2044 |  | 20 | 17 |
| Methanex US Operations, Inc., 6.25%, 03/15/2032 (e) |  | 2177 | 2215 |
| Minerals Technologies, Inc., 5.00%, 07/01/2028 (e) |  | 70 | 69 |
| Nufarm Australia Ltd. / Nufarm Americas, Inc., (Australia), 5.00%, 01/27/2030 (e) |  | 60 | 55 |
| OCP SA, (Morocco), |  |  |  |
| Reg. S, 3.75%, 06/23/2031 |  | 3800 | 3564 |
| Reg. S, 4.50%, 10/22/2025 |  | 200 | 200 |
| Reg. S, 5.13%, 06/23/2051 |  | 4900 | 4091 |
| Olin Corp., 6.63%, 04/01/2033 (e) |  | 60 | 60 |
| Olympus Water US Holding Corp., |  |  |  |
| 4.25%, 10/01/2028 (e) |  | 3396 | 3266 |
| Reg. S, 5.38%, 10/01/2029 | EUR | 200 | 223 |
| 6.25%, 10/01/2029 (e) |  | 5396 | 5236 |
| 7.13%, 10/01/2027 (e) |  | 759 | 772 |
| 7.25%, 06/15/2031 (e) |  | 9709 | 9843 |
| 7.25%, 02/15/2033 (e) (w) |  | 9008 | 9010 |
| Reg. S, 9.63%, 11/15/2028 | EUR | 598 | 736 |
| 9.75%, 11/15/2028 (e) |  | 16665 | 17490 |
| Rain Carbon, Inc., 12.25%, 09/01/2029 (e) |  | 80 | 86 |
| Sasol Financing USA LLC, Reg. S, 8.75%, 05/03/2029 |  | 3700 | 3838 |
| SCIH Salt Holdings, Inc., |  |  |  |
| 4.88%, 05/01/2028 (e) |  | 180 | 176 |
| 6.63%, 05/01/2029 (e) |  | 140 | 137 |
| SCIL IV LLC / SCIL USA Holdings LLC, 5.38%, 11/01/2026 (e) |  | 240 | 240 |
| SK Invictus Intermediate II Sarl, (Luxembourg), 5.00%, 10/30/2029 (e) |  | 6350 | 6216 |
| SNF Group SACA, (France), 3.38%, 03/15/2030 (e) |  | 1799 | 1670 |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/2033 (e) |  | 4524 | 4540 |
| Tronox, Inc., |  |  |  |
| 4.63%, 03/15/2029 (e) |  | 810 | 528 |
| 9.13%, 09/30/2030 (e) |  | 346 | 339 |
| Vibrantz Technologies, Inc., 9.00%, 02/15/2030 (e) |  | 80 | 45 |
| WR Grace Holdings LLC, |  |  |  |
| 4.88%, 06/15/2027 (e) |  | 1032 | 1026 |
| 5.63%, 08/15/2029 (e) |  | 17664 | 16415 |
| 6.63%, 08/15/2032 (e) |  | 4302 | 4252 |
| 7.38%, 03/01/2031 (e) |  | 168 | 171 |
|  |  |  | 156707 |
| **Forest Products & Paper** — **0.0% (g)** |  |  |  |
| Ahlstrom Holding 3 Oy, (Finland), 4.88%, 02/04/2028 (e) |  | 421 | 408 |
| Domtar Corp., 6.75%, 10/01/2028 (e) |  | 140 | 121 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Forest Products & Paper — continued** |  |  |  |
| Fedrigoni SpA, (Italy), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 4.00%), 6.00%, 01/15/2030 (aa) | EUR | 100 | 117 |
| Reg. S, 6.13%, 06/15/2031 | EUR | 560 | 654 |
| Magnera Corp., |  |  |  |
| 4.75%, 11/15/2029 (e) |  | 70 | 62 |
| 7.25%, 11/15/2031 (e) |  | 3586 | 3374 |
| Mercer International, Inc., |  |  |  |
| 5.13%, 02/01/2029 |  | 90 | 66 |
| 12.88%, 10/01/2028 (e) |  | 130 | 119 |
|  |  |  | 4921 |
| **Iron/Steel** — **0.3%** |  |  |  |
| Algoma Steel, Inc., (Canada), 9.13%, 04/15/2029 (e) |  | 40 | 34 |
| Big River Steel LLC / BRS Finance Corp., 6.63%, 01/31/2029 (e) |  | 6192 | 6194 |
| Carpenter Technology Corp., |  |  |  |
| 6.38%, 07/15/2028 |  | 60 | 60 |
| 7.63%, 03/15/2030 |  | 88 | 90 |
| Champion Iron Canada, Inc., (Canada), 7.88%, 07/15/2032 (e) |  | 1405 | 1469 |
| Cleveland-Cliffs, Inc., |  |  |  |
| 4.63%, 03/01/2029 (e) |  | 30 | 29 |
| 4.88%, 03/01/2031 (e) |  | 20 | 19 |
| 6.25%, 10/01/2040 |  | 30 | 25 |
| 6.75%, 04/15/2030 (e) |  | 2950 | 2998 |
| 6.88%, 11/01/2029 (e) |  | 2413 | 2459 |
| 7.00%, 03/15/2032 (e) |  | 820 | 828 |
| 7.38%, 05/01/2033 (e) |  | 1430 | 1460 |
| 7.50%, 09/15/2031 (e) |  | 1925 | 1983 |
| 7.63%, 01/15/2034 (e) |  | 963 | 993 |
| CSN Inova Ventures, (Cayman Islands), Reg. S, 6.75%, 01/28/2028 |  | 2000 | 1943 |
| Infrabuild Australia Pty Ltd., (Australia), 14.50%, 11/15/2028 (e) |  | 130 | 140 |
| Mineral Resources Ltd., (Australia), |  |  |  |
| 7.00%, 04/01/2031 (e) (w) |  | 58 | 59 |
| 8.00%, 11/01/2027 (e) |  | 735 | 749 |
| 8.13%, 05/01/2027 (e) |  | 900 | 900 |
| 8.50%, 05/01/2030 (e) |  | 330 | 343 |
| 9.25%, 10/01/2028 (e) |  | 2550 | 2672 |
| United States Steel Corp., |  |  |  |
| 6.65%, 06/01/2037 |  | 60 | 62 |
| 6.88%, 03/01/2029 |  | 70 | 71 |
| Vale Overseas Ltd., (Cayman Islands), 6.40%, 06/28/2054 |  | 862 | 886 |
|  |  |  | 26466 |
| **Mining** — **1.4%** |  |  |  |
| Alcoa Nederland Holding BV, (Netherlands), |  |  |  |
| 4.13%, 03/31/2029 (e) |  | 50 | 48 |
| 7.13%, 03/15/2031 (e) |  | 140 | 147 |
| Alumina Pty Ltd., (Australia), |  |  |  |
| 6.13%, 03/15/2030 (e) |  | 80 | 82 |
| 6.38%, 09/15/2032 (e) |  | 60 | 61 |
| Antofagasta plc, (United Kingdom), Reg. S, 2.38%, 10/14/2030 |  | 4900 | 4441 |
| Aris Mining Corp., (Canada), 8.00%, 10/31/2029 (e) |  | 775 | 806 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |
|  **Mining — continued** |  |  |
| Arsenal AIC Parent LLC, |  |  |
| 8.00%, 10/01/2030 (e) | 1309 | 1386 |
| 11.50%, 10/01/2031 (e) | 13791 | 15317 |
| Boroo Investments Pte Ltd., (Singapore), 9.50%, 08/07/2032 (e) | 50 | 47 |
| Capstone Copper Corp., (Canada), 6.75%, 03/31/2033 (e) | 940 | 968 |
| Century Aluminum Co., 6.88%, 08/01/2032 (e) | 865 | 896 |
| Coeur Mining, Inc., 5.13%, 02/15/2029 (e) | 50 | 49 |
| Compass Minerals International, Inc., |  |  |
| 6.75%, 12/01/2027 (e) | 20 | 20 |
| 8.00%, 07/01/2030 (e) | 140 | 146 |
| Constellium SE, (France), |  |  |
| 3.75%, 04/15/2029 (e) | 7828 | 7449 |
| 5.63%, 06/15/2028 (e) | 30 | 30 |
| 6.38%, 08/15/2032 (e) | 3786 | 3870 |
| Corp. Nacional del Cobre de Chile, (Chile), |  |  |
| Reg. S, 4.50%, 08/01/2047 | 4300 | 3502 |
| Reg. S, 5.95%, 01/08/2034 | 2200 | 2310 |
| Eldorado Gold Corp., (Canada), 6.25%, 09/01/2029 (e) | 2850 | 2856 |
| ERO Copper Corp., (Canada), 6.50%, 02/15/2030 (e) | 1107 | 1105 |
| First Quantum Minerals Ltd., (Canada), |  |  |
| 7.25%, 02/15/2034 (e) | 2965 | 3066 |
| 8.00%, 03/01/2033 (e) | 3670 | 3871 |
| 8.63%, 06/01/2031 (e) | 1400 | 1471 |
| 9.38%, 03/01/2029 (e) | 9700 | 10281 |
| Fortescue Treasury Pty Ltd., (Australia), |  |  |
| 4.38%, 04/01/2031 (e) | 140 | 134 |
| 4.50%, 09/15/2027 (e) | 90 | 89 |
| Freeport Indonesia PT, (Indonesia), Reg. S, 4.76%, 04/14/2027 | 600 | 601 |
| Glencore Funding LLC, |  |  |
| 4.00%, 03/27/2027 (e) | 746 | 743 |
| 4.91%, 04/01/2028 (e) | 121 | 123 |
| 5.19%, 04/01/2030 (e) | 347 | 357 |
| 5.34%, 04/04/2027 (e) | 335 | 340 |
| 5.37%, 04/04/2029 (e) | 973 | 1003 |
| 6.13%, 10/06/2028 (e) | 83 | 87 |
| Hecla Mining Co., 7.25%, 02/15/2028 | 1237 | 1248 |
| Hudbay Minerals, Inc., (Canada), |  |  |
| 4.50%, 04/01/2026 (e) | 5737 | 5723 |
| 6.13%, 04/01/2029 (e) | 3261 | 3286 |
| Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT, (Indonesia), |  |  |
| Reg. S, 5.45%, 05/15/2030 | 3300 | 3405 |
| Reg. S, 5.80%, 05/15/2050 | 1600 | 1570 |
| Ivanhoe Mines Ltd., (Canada), 7.88%, 01/23/2030 (e) | 1400 | 1444 |
| JW Aluminum Continuous Cast Co., 10.25%, 04/01/2030 (e) | 80 | 84 |
| Kaiser Aluminum Corp., |  |  |
| 4.50%, 06/01/2031 (e) | 9905 | 9337 |
| 4.63%, 03/01/2028 (e) | 1357 | 1344 |
| New Gold, Inc., (Canada), 6.88%, 04/01/2032 (e) | 3908 | 4093 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Mining — continued** |  |  |  |
| Novelis Corp., |  |  |  |
| 3.88%, 08/15/2031 (e) |  | 5565 | 5075 |
| 4.75%, 01/30/2030 (e) |  | 5080 | 4901 |
| 6.38%, 08/15/2033 (e) |  | 5695 | 5761 |
| 6.88%, 01/30/2030 (e) |  | 4936 | 5118 |
| Novelis Sheet Ingot GmbH, (Germany), Reg. S, 3.38%, 04/15/2029 | EUR | 2640 | 3018 |
| Stillwater Mining Co., Reg. S, 4.00%, 11/16/2026 |  | 268 | 265 |
| Taseko Mines Ltd., (Canada), 8.25%, 05/01/2030 (e) |  | 725 | 768 |
|  |  |  | 124142 |
| Total Basic Materials |  |  | 312236 |
| **Communications** — **12.3%** |  |  |  |
| **Advertising** — **0.6%** |  |  |  |
| Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028 (e) |  | 60 | 52 |
| Clear Channel Outdoor Holdings, Inc., |  |  |  |
| 7.13%, 02/15/2031 (e) |  | 8252 | 8533 |
| 7.50%, 06/01/2029 (e) |  | 7595 | 7377 |
| 7.50%, 03/15/2033 (e) |  | 9556 | 9991 |
| 7.75%, 04/15/2028 (e) |  | 2176 | 2172 |
| 7.88%, 04/01/2030 (e) |  | 8816 | 9257 |
| CMG Media Corp., 8.88%, 06/18/2029 (e) |  | 915 | 842 |
| Dotdash Meredith, Inc., 7.63%, 06/15/2032 (e) |  | 70 | 69 |
| Lamar Media Corp., |  |  |  |
| 3.63%, 01/15/2031 |  | 170 | 158 |
| 3.75%, 02/15/2028 |  | 110 | 107 |
| 4.00%, 02/15/2030 |  | 160 | 153 |
| 4.88%, 01/15/2029 |  | 120 | 119 |
| 5.38%, 11/01/2033 (e) |  | 2012 | 1998 |
| Neptune Bidco US, Inc., 9.29%, 04/15/2029 (e) |  | 6605 | 6478 |
| Outfront Media Capital LLC / Outfront Media Capital Corp., |  |  |  |
| 4.25%, 01/15/2029 (e) |  | 2514 | 2415 |
| 4.63%, 03/15/2030 (e) |  | 428 | 411 |
| 5.00%, 08/15/2027 (e) |  | 920 | 915 |
| 7.38%, 02/15/2031 (e) |  | 70 | 74 |
| Stagwell Global LLC, 5.63%, 08/15/2029 (e) |  | 170 | 165 |
| Summer BC Holdco A Sarl, (Luxembourg), Reg. S, 5.88%, 02/15/2030 | EUR | 1350 | 1548 |
|  |  |  | 52834 |
| **Internet** — **1.1%** |  |  |  |
| Acuris Finance US, Inc. / Acuris Finance Sarl, |  |  |  |
| 5.00%, 05/01/2028 (e) |  | 3000 | 2915 |
| 9.00%, 08/01/2029 (e) |  | 1727 | 1805 |
| ANGI Group LLC, 3.88%, 08/15/2028 (e) |  | 905 | 851 |
| AppLovin Corp., 5.13%, 12/01/2029 |  | 1854 | 1897 |
| Arches Buyer, Inc., |  |  |  |
| 4.25%, 06/01/2028 (e) |  | 130 | 128 |
| 6.13%, 12/01/2028 (e) |  | 90 | 88 |
| Cablevision Lightpath LLC, |  |  |  |
| 3.88%, 09/15/2027 (e) |  | 6442 | 6252 |
| 5.63%, 09/15/2028 (e) |  | 2655 | 2612 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Internet — continued** |  |  |  |
| Cars.com, Inc., 6.38%, 11/01/2028 (e) |  | 30 | 30 |
| Cogent Communications Group LLC / Cogent Finance, Inc., |  |  |  |
| 6.50%, 07/01/2032 (e) |  | 80 | 77 |
| 7.00%, 06/15/2027 (e) |  | 90 | 90 |
| eDreams ODIGEO SA, (Spain), |  |  |  |
| 4.88%, 12/30/2030 (e) | EUR | 3540 | 4205 |
| Reg. S, 4.88%, 12/30/2030 | EUR | 1200 | 1426 |
| Engineering - Ingegneria Informatica - SpA, (Italy), |  |  |  |
| Reg. S, 8.63%, 02/15/2030 | EUR | 2975 | 3763 |
| Reg. S, 11.13%, 05/15/2028 | EUR | 217 | 271 |
| Future plc, (United Kingdom), Reg. S, 6.75%, 07/10/2030 | GBP | 1475 | 1983 |
| Gen Digital, Inc., |  |  |  |
| 6.25%, 04/01/2033 (e) |  | 1560 | 1593 |
| 6.75%, 09/30/2027 (e) |  | 815 | 827 |
| 7.13%, 09/30/2030 (e) |  | 180 | 185 |
| Getty Images, Inc., |  |  |  |
| 9.75%, 03/01/2027 (e) |  | 50 | 48 |
| 11.25%, 02/21/2030 (e) |  | 80 | 76 |
| Go Daddy Operating Co. LLC / GD Finance Co., Inc., |  |  |  |
| 3.50%, 03/01/2029 (e) |  | 1631 | 1545 |
| 5.25%, 12/01/2027 (e) |  | 100 | 100 |
| iliad SA, (France), Reg. S, 5.63%, 02/15/2030 | EUR | 500 | 630 |
| ION Trading Technologies Sarl, (Luxembourg), |  |  |  |
| 5.75%, 05/15/2028 (e) |  | 400 | 391 |
| 9.50%, 05/30/2029 (e) |  | 1476 | 1554 |
| Match Group Holdings II LLC, |  |  |  |
| 3.63%, 10/01/2031 (e) |  | 505 | 458 |
| 4.13%, 08/01/2030 (e) |  | 150 | 141 |
| 4.63%, 06/01/2028 (e) |  | 441 | 433 |
| 5.00%, 12/15/2027 (e) |  | 80 | 80 |
| 5.63%, 02/15/2029 (e) |  | 110 | 110 |
| 6.13%, 09/15/2033 (e) |  | 3344 | 3373 |
| Newfold Digital Holdings Group, Inc., |  |  |  |
| 6.00%, 02/15/2029 (e) |  | 80 | 47 |
| 11.75%, 10/15/2028 (e) |  | 90 | 60 |
| Prosus NV, (Netherlands), |  |  |  |
| 3.26%, 01/19/2027 (e) |  | 200 | 197 |
| Reg. S, 3.26%, 01/19/2027 |  | 3100 | 3052 |
| Reg. S, 4.99%, 01/19/2052 |  | 3800 | 3067 |
| Rakuten Group, Inc., (Japan), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 4.49%), 4.25%, 04/22/2027 (x) (aa) | EUR | 4499 | 5169 |
| (CMT Index 5 Year + 4.96%), 6.25%, 04/22/2031 (e) (x) (aa) |  | 140 | 135 |
| (CMT Index 5 Year + 4.25%), 8.13%, 12/15/2029 (e) (x) (aa) |  | 1019 | 1059 |
| 9.75%, 04/15/2029 (e) |  | 4300 | 4836 |
| 11.25%, 02/15/2027 (e) |  | 2991 | 3243 |
| Snap, Inc., |  |  |  |
| 6.88%, 03/01/2033 (e) |  | 8159 | 8339 |
| 6.88%, 03/15/2034 (e) |  | 3737 | 3787 |
| Uber Technologies, Inc., 4.50%, 08/15/2029 (e) |  | 1547 | 1543 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Internet — continued** |  |  |  |
| United Group BV, (Netherlands), |  |  |  |
| Reg. S, 4.00%, 11/15/2027 | EUR | 32 | 37 |
| Reg. S, 4.63%, 08/15/2028 | EUR | 7117 | 8324 |
| Reg. S, 5.25%, 02/01/2030 | EUR | 10765 | 12497 |
| Reg. S, 6.50%, 10/31/2031 | EUR | 5884 | 6995 |
| Reg. S, 6.75%, 02/15/2031 | EUR | 700 | 841 |
| Wayfair LLC, |  |  |  |
| 7.25%, 10/31/2029 (e) |  | 90 | 93 |
| 7.75%, 09/15/2030 (e) |  | 80 | 84 |
| Ziff Davis, Inc., 4.63%, 10/15/2030 (e) |  | 40 | 38 |
|  |  |  | 103380 |
| **Media** — **3.4%** |  |  |  |
| AMC Networks, Inc., |  |  |  |
| 4.25%, 02/15/2029 |  | 40 | 35 |
| 10.25%, 01/15/2029 (e) |  | 40 | 42 |
| 10.50%, 07/15/2032 (e) |  | 50 | 53 |
| Arqiva Broadcast Finance plc, (United Kingdom), Reg. S, 8.63%, 07/01/2030 | GBP | 3200 | 4496 |
| Beasley Mezzanine Holdings LLC, 9.20%, 08/01/2028 (e) |  | 30 | 11 |
| Belo Corp., |  |  |  |
| 7.25%, 09/15/2027 |  | 140 | 145 |
| 7.75%, 06/01/2027 |  | 130 | 136 |
| Block Communications, Inc., 4.88%, 03/01/2028 (e) |  | 80 | 77 |
| Cable One, Inc., 4.00%, 11/15/2030 (e) |  | 30 | 26 |
| CCO Holdings LLC / CCO Holdings Capital Corp., |  |  |  |
| 4.25%, 02/01/2031(e) |  | 10564 | 9732 |
| 4.25%, 01/15/2034(e) |  | 18694 | 16149 |
| 4.50%, 08/15/2030(e) |  | 878 | 829 |
| 4.50%, 05/01/2032 |  | 6192 | 5635 |
| 4.50%, 06/01/2033(e) |  | 402 | 358 |
| 4.75%, 03/01/2030(e) |  | 602 | 578 |
| 4.75%, 02/01/2032(e) |  | 3986 | 3686 |
| 5.00%, 02/01/2028(e) |  | 9951 | 9840 |
| 5.13%, 05/01/2027(e) |  | 4375 | 4344 |
| 5.38%, 06/01/2029(e) |  | 640 | 636 |
| 5.50%, 05/01/2026(e) |  | 500 | 499 |
| 6.38%, 09/01/2029(e) |  | 6132 | 6216 |
| 7.38%, 03/01/2031(e) |  | 6424 | 6637 |
| CSC Holdings LLC, |  |  |  |
| 3.38%, 02/15/2031(e) |  | 620 | 400 |
| 4.13%, 12/01/2030(e) |  | 615 | 403 |
| 4.50%, 11/15/2031(e) |  | 190 | 123 |
| 4.63%, 12/01/2030(e) |  | 7780 | 2730 |
| 5.00%, 11/15/2031(e) |  | 1760 | 616 |
| 5.38%, 02/01/2028(e) |  | 5285 | 4633 |
| 5.50%, 04/15/2027(e) |  | 9545 | 9059 |
| 5.75%, 01/15/2030(e) |  | 2260 | 861 |
| 6.50%, 02/01/2029(e) |  | 1900 | 1404 |
| 7.50%, 04/01/2028(e) |  | 630 | 456 |
| 11.25%, 05/15/2028(e) |  | 6966 | 6449 |
| 11.75%, 01/31/2029(e) |  | 4529 | 3809 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Media — continued** |  |  |  |
| Cumulus Media New Holdings, Inc., 8.00%, 07/01/2029 (e) |  | 40 | 10 |
| Digi Romania SA, (Romania), Reg. S, 3.25%, 02/05/2028 | EUR | 200 | 232 |
| Directv Financing LLC, |  |  |  |
| 8.88%, 02/01/2030(e) |  | 4592 | 4536 |
| Directv Financing LLC / Directv Financing Co-Obligor, Inc., |  |  |  |
| 5.88%, 08/15/2027(e) |  | 4330 | 4326 |
| 10.00%, 02/15/2031(e) |  | 445 | 444 |
| Discovery Communications LLC, |  |  |  |
| 3.63%, 05/15/2030 |  | 102 | 94 |
| 3.95%, 03/20/2028 |  | 505 | 493 |
| 4.13%, 05/15/2029 |  | 73 | 70 |
| 5.00%, 09/20/2037 |  | 63 | 54 |
| 5.30%, 05/15/2049 |  | 60 | 45 |
| 6.35%, 06/01/2040 |  | 111 | 99 |
| DISH DBS Corp., |  |  |  |
| 5.13%, 06/01/2029 |  | 1525 | 1304 |
| 5.25%, 12/01/2026(e) |  | 7094 | 6971 |
| 5.75%, 12/01/2028(e) |  | 9627 | 9232 |
| 7.38%, 07/01/2028 |  | 4193 | 3837 |
| 7.75%, 07/01/2026 |  | 10083 | 9986 |
| DISH Network Corp., 11.75%, 11/15/2027 (e) |  | 20511 | 21706 |
| EW Scripps Co. (The), 9.88%, 08/15/2030 (e) |  | 140 | 131 |
| FactSet Research Systems, Inc., 2.90%, 03/01/2027 |  | 86 | 84 |
| Gray Media, Inc., |  |  |  |
| 4.75%, 10/15/2030(e) |  | 120 | 92 |
| 5.38%, 11/15/2031(e) |  | 1385 | 1037 |
| 7.25%, 08/15/2033(e) |  | 5456 | 5404 |
| 9.63%, 07/15/2032(e) |  | 4826 | 4930 |
| 10.50%, 07/15/2029(e) |  | 2645 | 2858 |
| iHeartCommunications, Inc., |  |  |  |
| 4.75%, 01/15/2028(e) |  | 50 | 43 |
| 7.00%, 01/15/2031 (e) |  | 30 | 23 |
| 7.75%, 08/15/2030 (e) |  | 2070 | 1713 |
| 9.13%, 05/01/2029 (e) |  | 110 | 99 |
| 10.88%, 05/01/2030 (e) |  | 120 | 81 |
| LCPR Senior Secured Financing DAC, (Ireland), |  |  |  |
| 5.13%, 07/15/2029 (e) |  | 90 | 50 |
| 6.75%, 10/15/2027 (e) |  | 4917 | 2950 |
| McGraw-Hill Education, Inc., |  |  |  |
| 5.75%, 08/01/2028 (e) |  | 50 | 50 |
| 7.38%, 09/01/2031 (e) |  | 100 | 104 |
| 8.00%, 08/01/2029 (e) |  | 110 | 112 |
| Midcontinent Communications, 8.00%, 08/15/2032 (e) |  | 3110 | 3204 |
| News Corp., 3.88%, 05/15/2029 (e) |  | 550 | 531 |
| Nexstar Media, Inc., |  |  |  |
| 4.75%, 11/01/2028 (e) |  | 290 | 283 |
| 5.63%, 07/15/2027 (e) |  | 782 | 781 |
| Paramount Global, |  |  |  |
| (ICE LIBOR USD 3 Month + 3.90%), 6.25%, 02/28/2057 (aa) |  | 208 | 205 |
| (CMT Index 5 Year + 4.00%), 6.38%, 03/30/2062 (aa) |  | 336 | 335 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Media — continued** |  |  |  |
| Radiate Holdco LLC / Radiate Finance, Inc., 9.25% (Blend (cash 6.00% + PIK 3.25%)), 03/25/2030 (e) (v) |  | 5412 | 3383 |
| Scripps Escrow II, Inc., |  |  |  |
| 3.88%, 01/15/2029 (e) |  | 60 | 53 |
| 5.38%, 01/15/2031 (e) |  | 70 | 49 |
| Sinclair Television Group, Inc., |  |  |  |
| 4.38%, 12/31/2032 (e) |  | 20 | 14 |
| 5.50%, 03/01/2030 (e) |  | 70 | 59 |
| 8.13%, 02/15/2033 (e) |  | 8271 | 8506 |
| 9.75%, 02/15/2033 (e) |  | 60 | 66 |
| Sirius XM Radio LLC, |  |  |  |
| 3.13%, 09/01/2026 (e) |  | 1285 | 1267 |
| 3.88%, 09/01/2031 (e) |  | 110 | 100 |
| 4.00%, 07/15/2028 (e) |  | 666 | 643 |
| 4.13%, 07/01/2030 (e) |  | 180 | 169 |
| 5.00%, 08/01/2027 (e) |  | 4189 | 4169 |
| 5.50%, 07/01/2029 (e) |  | 90 | 90 |
| Summer BidCo BV, (Netherlands), Reg. S, 10.00% (cash), 02/15/2029 (v) | EUR | 7444 | 8898 |
| Sunrise FinCo. I BV, (Netherlands), |  |  |  |
| 4.63%, 05/15/2032 (e) | EUR | 5520 | 6568 |
| 4.88%, 07/15/2031 (e) |  | 3015 | 2872 |
| TEGNA, Inc., |  |  |  |
| 4.63%, 03/15/2028 |  | 120 | 118 |
| 5.00%, 09/15/2029 |  | 160 | 159 |
| Tele Columbus AG, (Germany), Reg. S, 10.00% (PIK), 01/01/2029 (v) | EUR | 3315 | 2623 |
| Telenet Finance Luxembourg Notes Sarl, (Luxembourg), 5.50%, 03/01/2028 (e) |  | 2200 | 2187 |
| Univision Communications, Inc., |  |  |  |
| 4.50%, 05/01/2029 (e) |  | 1600 | 1510 |
| 7.38%, 06/30/2030 (e) |  | 140 | 140 |
| 8.00%, 08/15/2028 (e) |  | 8817 | 9135 |
| 8.50%, 07/31/2031 (e) |  | 4903 | 5063 |
| 9.38%, 08/01/2032 (e) |  | 6209 | 6619 |
| UPCB Finance VII Ltd., (Cayman Islands), Reg. S, 3.63%, 06/15/2029 | EUR | 5480 | 6407 |
| Urban One, Inc., 7.38%, 02/01/2028 (e) |  | 50 | 26 |
| Virgin Media Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 3.75%, 07/15/2030 | EUR | 2307 | 2598 |
| 5.00%, 07/15/2030 (e) |  | 160 | 149 |
| Virgin Media O2 Vendor Financing Notes V DAC, (Ireland), Reg. S, 7.88%, 03/15/2032 | GBP | 200 | 278 |
| Virgin Media Secured Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 4.13%, 08/15/2030 | GBP | 100 | 123 |
| Reg. S, 4.25%, 01/15/2030 | GBP | 1042 | 1299 |
| 4.50%, 08/15/2030 (e) |  | 717 | 676 |
| 5.50%, 05/15/2029 (e) |  | 2030 | 2008 |
| Virgin Media Vendor Financing Notes III DAC, (Ireland), |  |  |  |
| 4.88%, 07/15/2028 (e) | GBP | 700 | 917 |
| Reg. S, 4.88%, 07/15/2028 | GBP | 10560 | 13833 |
| Virgin Media Vendor Financing Notes IV DAC, (Ireland), 5.00%, 07/15/2028 (e) |  | 2495 | 2444 |
| VZ Secured Financing BV, (Netherlands), 5.00%, 01/15/2032 (e) |  | 3200 | 2895 |
| VZ Vendor Financing II BV, (Netherlands), Reg. S, 2.88%, 01/15/2029 | EUR | 5862 | 6488 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Media — continued** |  |  |  |
| Ziggo Bond Co. BV, (Netherlands), |  |  |  |
| Reg. S, 3.38%, 02/28/2030 | EUR | 806 | 850 |
| 5.13%, 02/28/2030 (e) |  | 1092 | 989 |
| 6.13%, 11/15/2032 (e) | EUR | 3572 | 4020 |
| Ziggo BV, (Netherlands), |  |  |  |
| Reg. S, 2.88%, 01/15/2030 | EUR | 7696 | 8594 |
| 4.88%, 01/15/2030 (e) |  | 302 | 285 |
|  |  |  | 308981 |
| **Telecommunications** — **7.2%** |  |  |  |
| Altice Financing SA, (Luxembourg), |  |  |  |
| Reg. S, 3.00%, 01/15/2028 | EUR | 14256 | 12902 |
| Reg. S, 4.25%, 08/15/2029 | EUR | 16714 | 14955 |
| 5.00%, 01/15/2028 (e) |  | 5657 | 4398 |
| 5.75%, 08/15/2029 (e) |  | 9819 | 7389 |
| 9.63%, 07/15/2027 (e) |  | 1535 | 1381 |
| Altice Finco SA, (Luxembourg), Reg. S, 4.75%, 01/15/2028 | EUR | 3131 | 1330 |
| Altice France Holding SA, (Luxembourg), |  |  |  |
| Reg. S, 4.00%, 02/15/2028 | EUR | 5125 | 2153 |
| Reg. S, 8.00%, 05/15/2027 (d) | EUR | 4500 | 1876 |
| Altice France SA, (France), |  |  |  |
| Reg. S, 3.38%, 01/15/2028 | EUR | 1359 | 1372 |
| Reg. S, 4.13%, 01/15/2029 | EUR | 1000 | 1013 |
| Reg. S, 4.25%, 10/15/2029 | EUR | 16755 | 17060 |
| 5.13%, 01/15/2029 (e) |  | 1498 | 1288 |
| 5.13%, 07/15/2029 (e) |  | 6350 | 5423 |
| 5.50%, 01/15/2028 (e) |  | 2735 | 2407 |
| 5.50%, 10/15/2029 (e) |  | 7655 | 6621 |
| Reg. S, 5.88%, 02/01/2027 | EUR | 3500 | 3709 |
| 8.13%, 02/01/2027 (e) |  | 225 | 214 |
| Reg. S, 11.50%, 02/01/2027 | EUR | 6823 | 7762 |
| Axiata SPV2 Bhd., (Malaysia), Reg. S, 2.16%, 08/19/2030 |  | 7400 | 6655 |
| Bell Telephone Co. of Canada or Bell Canada, (Canada), |  |  |  |
| (CMT Index 5 Year + 2.39%), 6.88%, 09/15/2055 (aa) |  | 170 | 177 |
| (CMT Index 5 Year + 2.36%), 7.00%, 09/15/2055 (aa) |  | 180 | 188 |
| British Telecommunications plc, (United Kingdom), (CMT Index 5 Year + 2.99%), 4.25%, 11/23/2081 (e) (aa) |  | 100 | 99 |
| CommScope LLC, |  |  |  |
| 4.75%, 09/01/2029 (e) |  | 6950 | 6905 |
| 7.13%, 07/01/2028 (e) |  | 90 | 90 |
| 8.25%, 03/01/2027 (e) |  | 482 | 487 |
| 9.50%, 12/15/2031 (e) |  | 300 | 311 |
| CommScope Technologies LLC, 5.00%, 03/15/2027 (e) |  | 520 | 516 |
| Connect Finco Sarl / Connect US Finco LLC, (Multinational), 9.00%, 09/15/2029 (e) |  | 4105 | 4310 |
| Connect Holding II LLC, 10.50%, 04/03/2031 (e) |  | 278 | 278 |
| Digicel Group Holdings Ltd., (Bermuda), |  |  |  |
| Series 1B14, , Zero Coupon, 12/31/2030 (e) (bb) |  | 95 | 4 |
| Series 3B14, , Zero Coupon, 12/31/2030 (e) (bb) |  | 64 | — (h) |
| Digicel International Finance Ltd. / Difl US LLC, (Multinational), 8.63%, 08/01/2032 (e) |  | 14670 | 15083 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Telecommunications — continued** |  |  |  |
| EchoStar Corp., |  |  |  |
| 6.75% (cash), 11/30/2030 (v) |  | 25135 | 25944 |
| 10.75%, 11/30/2029 |  | 13078 | 14402 |
| eircom Finance DAC, (Ireland), |  |  |  |
| Reg. S, 2.63%, 02/15/2027 | EUR | 3125 | 3664 |
| Reg. S, 5.00%, 04/30/2031 | EUR | 343 | 413 |
| Embarq LLC, 8.00%, 06/01/2036 |  | 150 | 73 |
| Eutelsat SA, (France), |  |  |  |
| Reg. S, 1.50%, 10/13/2028 | EUR | 2500 | 2752 |
| Reg. S, 2.25%, 07/13/2027 | EUR | 100 | 116 |
| Reg. S, 9.75%, 04/13/2029 | EUR | 176 | 223 |
| Fibercop SpA, (Italy), |  |  |  |
| 1.63%, 01/18/2029 | EUR | 5100 | 5595 |
| Reg. S, 2.38%, 10/12/2027 | EUR | 13935 | 16073 |
| Reg. S, (EURIBOR 3 Month + 3.00%), 4.98%, 06/30/2031 (aa) | EUR | 2500 | 2950 |
| Reg. S, 5.13%, 06/30/2032 | EUR | 7695 | 9183 |
| 6.00%, 09/30/2034 (e) |  | 2520 | 2402 |
| Reg. S, 6.88%, 02/15/2028 | EUR | 2697 | 3383 |
| 7.20%, 07/18/2036 (e) |  | 2456 | 2474 |
| 7.72%, 06/04/2038 (e) |  | 18 | 18 |
| Reg. S, 7.88%, 07/31/2028 | EUR | 5318 | 6903 |
| Series 2033, 6.38%, 11/15/2033 (e) |  | 10 | 10 |
| Frontier Communications Holdings LLC, |  |  |  |
| 5.00%, 05/01/2028 (e) |  | 15312 | 15278 |
| 5.88%, 10/15/2027 (e) |  | 8100 | 8096 |
| 5.88%, 11/01/2029 |  | 4799 | 4848 |
| 6.00%, 01/15/2030 (e) |  | 2371 | 2399 |
| 6.75%, 05/01/2029 (e) |  | 2494 | 2519 |
| 8.63%, 03/15/2031 (e) |  | 2096 | 2210 |
| 8.75%, 05/15/2030 (e) |  | 15056 | 15728 |
| Frontier Florida LLC, Series E, 6.86%, 02/01/2028 |  | 40 | 42 |
| Frontier North, Inc., Series G, 6.73%, 02/15/2028 |  | 30 | 31 |
| GCI LLC, 4.75%, 10/15/2028 (e) |  | 90 | 87 |
| GoTo Group, Inc., |  |  |  |
| 5.50%, 05/01/2028 (e) |  | 130 | 66 |
| Kaixo Bondco Telecom SA, (Spain), Reg. S, 5.13%, 09/30/2029 | EUR | 300 | 357 |
| Koninklijke KPN NV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 3.77%), 6.00%, 09/21/2027 (x) (aa) | EUR | 3820 | 4750 |
| Level 3 Financing, Inc., |  |  |  |
| 3.63%, 01/15/2029 (e) |  | 647 | 560 |
| 3.75%, 07/15/2029 (e) |  | 2390 | 2037 |
| 3.88%, 10/15/2030 (e) |  | 1116 | 974 |
| 4.00%, 04/15/2031 (e) |  | 1862 | 1596 |
| 4.25%, 07/01/2028 (e) |  | 40 | 38 |
| 4.50%, 04/01/2030 (e) |  | 4594 | 4192 |
| 4.88%, 06/15/2029 (e) |  | 10392 | 9821 |
| 6.88%, 06/30/2033 (e) |  | 20957 | 21359 |
| 7.00%, 03/31/2034 (e) |  | 23737 | 24200 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Telecommunications — continued** |  |  |  |
| Lorca Telecom Bondco SA, (Spain), |  |  |  |
| Reg. S, 4.00%, 09/18/2027 | EUR | 13874 | 16288 |
| Reg. S, 5.75%, 04/30/2029 | EUR | 4680 | 5718 |
| Lumen Technologies, Inc., |  |  |  |
| 4.13%, 04/15/2029 (e) |  | 50 | 49 |
| 4.13%, 04/15/2030 (e) |  | 951 | 932 |
| 4.50%, 01/15/2029 (e) |  | 50 | 45 |
| 5.38%, 06/15/2029 (e) |  | 40 | 37 |
| 10.00%, 10/15/2032 (e) |  | 2286 | 2312 |
| Series P, 7.60%, 09/15/2039 |  | 50 | 47 |
| Series U, 7.65%, 03/15/2042 |  | 40 | 37 |
| Matterhorn Telecom SA, (Luxembourg), Reg. S, 5.25%, 07/31/2028 | CHF | 1750 | 2255 |
| Maya SAS, (France), |  |  |  |
| Reg. S, 5.38%, 04/15/2030 | EUR | 300 | 360 |
| 5.38%, 04/15/2030 (e) | EUR | 17015 | 20403 |
| Reg. S, 6.88%, 04/15/2031 | EUR | 12021 | 14991 |
| 7.00%, 10/15/2028 (e) |  | 4733 | 4811 |
| 7.00%, 04/15/2032 (e) |  | 6255 | 6379 |
| 8.50%, 04/15/2031 (e) |  | 3599 | 3860 |
| Odido Group Holding BV, (Netherlands), Reg. S, 5.50%, 01/15/2030 | EUR | 7316 | 8652 |
| Odido Holding BV, (Netherlands), Reg. S, 3.75%, 01/15/2029 | EUR | 7300 | 8496 |
| PLT VII Finance Sarl, (Luxembourg), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 3.50%), 5.51%, 06/15/2031 (aa) | EUR | 2750 | 3236 |
| 6.00%, 06/15/2031 (e) | EUR | 5400 | 6596 |
| Reg. S, 6.00%, 06/15/2031 | EUR | 775 | 947 |
| Proximus SADP, (Belgium), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.41%), 4.75%, 07/02/2031 (x) (aa) | EUR | 1400 | 1662 |
| Rogers Communications, Inc., (Canada), |  |  |  |
| (CMT Index 5 Year + 3.59%), 5.25%, 03/15/2082 (e) (aa) |  | 320 | 318 |
| (CMT Index 5 Year + 2.65%), 7.00%, 04/15/2055 (aa) |  | 330 | 344 |
| (CMT Index 5 Year + 2.62%), 7.13%, 04/15/2055 (aa) |  | 270 | 286 |
| Sable International Finance Ltd., (Cayman Islands), 7.13%, 10/15/2032 (e) |  | 6940 | 7028 |
| SES SA, (Luxembourg), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.23%), 5.50%, 09/12/2054 (aa) | EUR | 500 | 598 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.59%), 6.00%, 09/12/2054 (aa) | EUR | 1175 | 1399 |
| SoftBank Group Corp., (Japan), |  |  |  |
| Reg. S, 3.38%, 07/06/2029 | EUR | 7427 | 8477 |
| Reg. S, 4.00%, 09/19/2029 | EUR | 3756 | 4381 |
| Reg. S, 5.00%, 04/15/2028 | EUR | 13768 | 16620 |
| Reg. S, 5.38%, 01/08/2029 | EUR | 1499 | 1823 |
| Reg. S, 5.75%, 07/08/2032 | EUR | 6681 | 8196 |
| Reg. S, 5.88%, 07/10/2031 | EUR | 100 | 124 |
| Reg. S, 6.38%, 07/10/2033 | EUR | 142 | 177 |
| Sprint Capital Corp., 6.88%, 11/15/2028 |  | 1025 | 1103 |
| Sunrise HoldCo IV BV, (Netherlands), 5.50%, 01/15/2028 (e) |  | 60 | 60 |
| TDC Net A/S, (Denmark), Reg. S, 6.50%, 06/01/2031 | EUR | 1975 | 2571 |
| Telecom Italia Capital SA, (Luxembourg), |  |  |  |
| 6.00%, 09/30/2034 |  | 50 | 51 |
| 6.38%, 11/15/2033 |  | 70 | 73 |
| 7.20%, 07/18/2036 |  | 70 | 75 |
| 7.72%, 06/04/2038 |  | 3529 | 3900 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Telecommunications — continued** |  |  |  |
| Telecom Italia SpA, (Italy), |  |  |  |
| Reg. S, 6.88%, 02/15/2028 | EUR | 628 | 793 |
| Reg. S, 7.88%, 07/31/2028 | EUR | 4390 | 5753 |
| Telecommunications co Telekom Srbija AD Belgrade, (Serbia), Reg. S, 7.00%, 10/28/2029 |  | 1300 | 1319 |
| Telefonica Europe BV, (Netherlands), |  |  |  |
| Reg. S, (EUR Swap Rate 8 Year + 2.62%), 2.38%, 02/12/2029 (x) (aa) | EUR | 12500 | 13925 |
| Reg. S, (EUR Swap Rate 8 Year + 3.07%), 2.88%, 06/24/2027 (x) (aa) | EUR | 3000 | 3475 |
| Reg. S, (EUR Swap Rate 6 Year + 2.87%), 2.88%, 02/24/2028 (x) (aa) | EUR | 5100 | 5873 |
| Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.12%), 5.75%, 01/15/2032 (x) (aa) | EUR | 2300 | 2860 |
| Reg. S, (EUR Swap Rate + 3.35%), 6.14%, 02/03/2030 (x) (aa) | EUR | 1400 | 1773 |
| Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.62%), 6.75%, 06/07/2031 (x) (aa) | EUR | 9100 | 11930 |
| Telesat Canada / Telesat LLC, (Canada), |  |  |  |
| 4.88%, 06/01/2027 (e) |  | 40 | 31 |
| 5.63%, 12/06/2026 (e) |  | 50 | 40 |
| 6.50%, 10/15/2027 (e) |  | 30 | 15 |
| TELUS Corp., (Canada), |  |  |  |
| (CMT Index 5 Year + 2.77%), 6.63%, 10/15/2055 (aa) |  | 220 | 226 |
| (CMT Index 5 Year + 2.71%), 7.00%, 10/15/2055 (aa) |  | 220 | 232 |
| Viasat, Inc., |  |  |  |
| 5.63%, 04/15/2027 (e) |  | 90 | 90 |
| 6.50%, 07/15/2028 (e) |  | 80 | 78 |
| 7.50%, 05/30/2031 (e) |  | 120 | 112 |
| Viavi Solutions, Inc., 3.75%, 10/01/2029 (e) |  | 1101 | 1038 |
| Vmed O2 UK Financing I plc, (United Kingdom), |  |  |  |
| Reg. S, 3.25%, 01/31/2031 | EUR | 9801 | 11049 |
| Reg. S, 4.00%, 01/31/2029 | GBP | 1775 | 2273 |
| 4.25%, 01/31/2031 (e) |  | 4230 | 3921 |
| Reg. S, 4.50%, 07/15/2031 | GBP | 11480 | 14126 |
| 4.75%, 07/15/2031 (e) |  | 1910 | 1797 |
| Reg. S, 5.63%, 04/15/2032 | EUR | 10434 | 12558 |
| 7.75%, 04/15/2032 (e) |  | 2232 | 2344 |
| Vodafone Group plc, (United Kingdom), |  |  |  |
| (CMT Index 5 Year + 2.77%), 4.13%, 06/04/2081 (aa) |  | 400 | 375 |
| Reg. S, (GBP Swap Rate 5 Year + 3.27%), 4.88%, 10/03/2078 (aa) | GBP | 200 | 269 |
| (CMT Index 5 Year + 3.07%), 5.13%, 06/04/2081 (aa) |  | 100 | 79 |
| (USD Semi-annual Swap Rate 5 Year + 4.87%), 7.00%, 04/04/2079 (aa) |  | 470 | 496 |
| Reg. S, (UK Gilts 5 Year + 3.84%), 8.00%, 08/30/2086 (aa) | GBP | 9065 | 13285 |
| Windstream Services LLC, 7.50%, 10/15/2033 (e) (w) |  | 4369 | 4369 |
| Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031 (e) |  | 18299 | 18955 |
| Zayo Group Holdings, Inc., |  |  |  |
| 9.25% (cash), 03/09/2030 (e) (v) |  | 5305 | 5066 |
| 13.75% (cash), 09/09/2030 (e) (v) |  | 2851 | 2702 |
| Zegona Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 6.75%, 07/15/2029 | EUR | 540 | 671 |
| 8.63%, 07/15/2029 (e) |  | 1180 | 1256 |
|  |  |  | 656993 |
| Total Communications |  |  | 1122188 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Consumer Cyclical** — **13.3%** |  |  |  |
| **Airlines** — **0.4%** |  |  |  |
| Air Canada, (Canada), 3.88%, 08/15/2026 (e) |  | 566 | 561 |
| Air France-KLM, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.58%), 5.75%, 05/21/2030 (x) (aa) | EUR | 2500 | 2995 |
| Allegiant Travel Co., 7.25%, 08/15/2027 (e) |  | 50 | 51 |
| American Airlines, Inc., |  |  |  |
| 7.25%, 02/15/2028 (e) |  | 1385 | 1419 |
| 8.50%, 05/15/2029 (e) |  | 409 | 426 |
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd., (Multinational), |  |  |  |
| 5.50%, 04/20/2026 (e) |  | 322 | 323 |
| 5.75%, 04/20/2029 (e) |  | 3409 | 3421 |
| AS Mileage Plan IP Ltd., (Cayman Islands), 5.02%, 10/20/2029 (e) |  | 159 | 159 |
| Avianca Midco 2 plc, (United Kingdom), |  |  |  |
| 9.00%, 12/01/2028 (e) |  | 330 | 329 |
| 9.63%, 02/14/2030 (e) |  | 260 | 259 |
| JetBlue Airways Corp. / JetBlue Loyalty LP, (Multinational), 9.88%, 09/20/2031 (e) |  | 2780 | 2821 |
| OneSky Flight LLC, 8.88%, 12/15/2029 (e) |  | 2177 | 2288 |
| Spirit Airlines Pass Through Trust 2015-1A, Series A, 4.10%, 04/01/2028 |  | 157 | 149 |
| Transportes Aereos Portugueses SA, (Portugal), Reg. S, 5.13%, 11/15/2029 | EUR | 1000 | 1211 |
| United Airlines 2014-1 Class A Pass Through Trust, Series A, 4.00%, 04/11/2026 |  | 198 | 198 |
| United Airlines 2016-2 Class A Pass Through Trust, Series A, 3.10%, 10/07/2028 |  | 25 | 24 |
| United Airlines Pass Through Trust, Series 20-1, Class A, 5.88%, 10/15/2027 |  | 266 | 273 |
| United Airlines, Inc., |  |  |  |
| 4.38%, 04/15/2026 (e) |  | 3415 | 3405 |
| 4.63%, 04/15/2029 (e) |  | 4815 | 4742 |
| VistaJet Malta Finance plc / Vista Management Holding, Inc., (Multinational), |  |  |  |
| 6.38%, 02/01/2030 (e) |  | 2160 | 2106 |
| 7.88%, 05/01/2027 (e) |  | 3869 | 3927 |
| 9.50%, 06/01/2028 (e) |  | 2430 | 2530 |
|  |  |  | 33617 |
| **Apparel** — **0.6%** |  |  |  |
| Beach Acquisition Bidco LLC, |  |  |  |
| 5.25%, 07/15/2032 (e) | EUR | 10457 | 12585 |
| 10.00% (cash), 07/15/2033 (e) (v) |  | 7163 | 7727 |
| Champ Acquisition Corp., 8.38%, 12/01/2031 (e) |  | 90 | 96 |
| Crocs, Inc., |  |  |  |
| 4.13%, 08/15/2031 (e) |  | 223 | 204 |
| 4.25%, 03/15/2029 (e) |  | 1221 | 1170 |
| Golden Goose SpA, (Italy), (EURIBOR 3 Month + 3.75%), 5.79%, 05/15/2031 (e) (aa) | EUR | 4813 | 5707 |
| Hanesbrands, Inc., 9.00%, 02/15/2031 (e) |  | 240 | 254 |
| Kontoor Brands, Inc., 4.13%, 11/15/2029 (e) |  | 1470 | 1392 |
| Levi Strauss & Co., |  |  |  |
| 3.50%, 03/01/2031 (e) |  | 779 | 723 |
| 4.00%, 08/15/2030 (e) | EUR | 9940 | 11842 |
| S&S Holdings LLC, 8.38%, 10/01/2031 (e) |  | 150 | 146 |
| Under Armour, Inc., 7.25%, 07/15/2030 (e) |  | 120 | 120 |
| VF Corp., |  |  |  |
| 0.63%, 02/25/2032 | EUR | 2350 | 2085 |
| 2.80%, 04/23/2027 |  | 100 | 97 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Apparel — continued** |  |  |  |
| 2.95%, 04/23/2030 |  | 200 | 176 |
| 4.25%, 03/07/2029 | EUR | 202 | 237 |
| 6.00%, 10/15/2033 |  | 10 | 10 |
| 6.45%, 11/01/2037 |  | 20 | 19 |
| Wolverine World Wide, Inc., 4.00%, 08/15/2029 (e) |  | 6780 | 6203 |
|  |  |  | 50793 |
| **Auto Manufacturers** — **0.7%** |  |  |  |
| Allison Transmission, Inc., |  |  |  |
| 3.75%, 01/30/2031 (e) |  | 170 | 157 |
| 4.75%, 10/01/2027 (e) |  | 70 | 70 |
| 5.88%, 06/01/2029 (e) |  | 120 | 121 |
| Aston Martin Capital Holdings Ltd., (Jersey), |  |  |  |
| 10.00%, 03/31/2029 (e) |  | 1865 | 1826 |
| Reg. S, 10.38%, 03/31/2029 | GBP | 325 | 425 |
| Ford Motor Credit Co. LLC, |  |  |  |
| 2.70%, 08/10/2026 |  | 1235 | 1215 |
| 3.38%, 11/13/2025 |  | 1241 | 1239 |
| 4.27%, 01/09/2027 |  | 2500 | 2480 |
| 5.13%, 11/05/2026 |  | 1374 | 1378 |
| 5.30%, 09/06/2029 |  | 452 | 451 |
| 5.80%, 03/08/2029 |  | 2067 | 2098 |
| 5.85%, 05/17/2027 |  | 943 | 955 |
| 5.88%, 11/07/2029 |  | 1700 | 1730 |
| 6.80%, 05/12/2028 |  | 225 | 234 |
| 6.95%, 06/10/2026 |  | 343 | 347 |
| 7.35%, 11/04/2027 |  | 325 | 339 |
| General Motors Financial Co., Inc., |  |  |  |
| 5.00%, 07/15/2027 |  | 230 | 233 |
| 5.40%, 05/08/2027 |  | 491 | 499 |
| 5.55%, 07/15/2029 |  | 151 | 156 |
| (United States SOFR + 1.29%), 5.63%, 01/07/2030 (aa) |  | 229 | 228 |
| 5.65%, 01/17/2029 |  | 641 | 663 |
| Hyundai Capital America, |  |  |  |
| 2.00%, 06/15/2028 (e) |  | 248 | 233 |
| 4.30%, 09/24/2027 (e) |  | 417 | 417 |
| 5.30%, 01/08/2029 (e) |  | 83 | 85 |
| 6.10%, 09/21/2028 (e) |  | 735 | 769 |
| 6.50%, 01/16/2029 (e) |  | 72 | 76 |
| Jaguar Land Rover Automotive plc, (United Kingdom), |  |  |  |
| 4.50%, 10/01/2027 (e) |  | 180 | 177 |
| 5.50%, 07/15/2029 (e) |  | 50 | 50 |
| 5.88%, 01/15/2028 (e) |  | 60 | 60 |
| JB Poindexter & Co., Inc., 8.75%, 12/15/2031 (e) |  | 1326 | 1389 |
| New Flyer Holdings, Inc., 9.25%, 07/01/2030 (e) |  | 1030 | 1102 |
| Nissan Motor Acceptance Co. LLC, |  |  |  |
| 2.00%, 03/09/2026 (e) |  | 138 | 136 |
| 2.45%, 09/15/2028 (e) |  | 80 | 73 |
| 2.75%, 03/09/2028 (e) |  | 142 | 133 |
| 5.30%, 09/13/2027 (e) |  | 50 | 50 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Auto Manufacturers — continued** |  |  |  |
| 5.55%, 09/13/2029 (e) |  | 70 | 70 |
| 5.63%, 09/29/2028 (e) |  | 1512 | 1513 |
| 6.13%, 09/30/2030 (e) |  | 6123 | 6121 |
| 6.95%, 09/15/2026 (e) |  | 462 | 468 |
| 7.05%, 09/15/2028 (e) |  | 166 | 173 |
| Nissan Motor Co. Ltd., (Japan), |  |  |  |
| 4.35%, 09/17/2027 (e) |  | 670 | 657 |
| 4.81%, 09/17/2030 (e) |  | 600 | 564 |
| 5.25%, 07/17/2029 (e) | EUR | 2823 | 3378 |
| Reg. S, 5.25%, 07/17/2029 | EUR | 327 | 391 |
| 6.38%, 07/17/2033 (e) | EUR | 3163 | 3823 |
| Reg. S, 6.38%, 07/17/2033 | EUR | 875 | 1058 |
| 7.50%, 07/17/2030 (e) |  | 3490 | 3663 |
| 7.75%, 07/17/2032 (e) |  | 5601 | 5924 |
| 8.13%, 07/17/2035 (e) |  | 5820 | 6248 |
| PM General Purchaser LLC, 9.50%, 10/01/2028 (e) |  | 4500 | 3881 |
| RCI Banque SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.75%), 5.50%, 10/09/2034 (aa) | EUR | 300 | 370 |
| Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC, 10.00%, 01/15/2031 (e) |  | 1428 | 1329 |
| Stellantis Finance US, Inc., 5.35%, 03/17/2028 (e) |  | 400 | 405 |
| Volkswagen Group of America Finance LLC, |  |  |  |
| 4.90%, 08/14/2026 (e) |  | 200 | 201 |
| 4.95%, 03/25/2027 (e) |  | 400 | 403 |
| 5.70%, 09/12/2026 (e) |  | 222 | 225 |
| 6.00%, 11/16/2026 (e) |  | 200 | 204 |
| Volkswagen International Finance NV, (Netherlands), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.17%), 5.49%, 11/15/2030 (x) (aa) | EUR | 2800 | 3393 |
| Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.49%), 5.99%, 11/15/2033 (x) (aa) | EUR | 100 | 122 |
| Series PNC5, Reg. S, (EUR Swap Rate 5 Year + 4.29%), 7.50%, 09/06/2028 (x) (aa) | EUR | 900 | 1156 |
| Wabash National Corp., 4.50%, 10/15/2028 (e) |  | 120 | 111 |
|  |  |  | 67445 |
| **Auto Parts & Equipment** — **2.2%** |  |  |  |
| Adient Global Holdings Ltd., (Jersey), |  |  |  |
| 7.00%, 04/15/2028 (e) |  | 2800 | 2869 |
| 7.50%, 02/15/2033 (e) |  | 80 | 83 |
| 8.25%, 04/15/2031 (e) |  | 30 | 31 |
| Adler Pelzer Holding GmbH, (Germany), Reg. S, 9.50%, 04/01/2027 | EUR | 400 | 447 |
| American Axle & Manufacturing, Inc., |  |  |  |
| 5.00%, 10/01/2029 |  | 40 | 38 |
| 6.38%, 10/15/2032 (e) (w) |  | 2552 | 2546 |
| 6.50%, 04/01/2027 |  | 1420 | 1421 |
| 6.88%, 07/01/2028 |  | 40 | 40 |
| 7.75%, 10/15/2033 (e) (w) |  | 3325 | 3350 |
| Aptiv Swiss Holdings Ltd., (Jersey), (CMT Index 5 Year + 3.39%), 6.88%, 12/15/2054 (aa) |  | 2450 | 2503 |
| Clarios Global LP / Clarios US Finance Co., (Multinational), |  |  |  |
| 4.75%, 06/15/2031 (e) | EUR | 14551 | 17405 |
| 6.75%, 05/15/2028 (e) |  | 5800 | 5929 |
| 6.75%, 02/15/2030 (e) |  | 8910 | 9204 |
| 6.75%, 09/15/2032 (e) |  | 7881 | 8055 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Auto Parts & Equipment — continued** |  |  |  |
| Cooper-Standard Automotive, Inc., 5.63% (cash), 05/15/2027 (e) (v) |  | 60 | 57 |
| Dana, Inc., |  |  |  |
| 4.25%, 09/01/2030 |  | 845 | 837 |
| 4.50%, 02/15/2032 |  | 1258 | 1239 |
| 5.38%, 11/15/2027 |  | 315 | 315 |
| 5.63%, 06/15/2028 |  | 740 | 739 |
| Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/2029 (e) |  | 70 | 60 |
| Forvia SE, (France), |  |  |  |
| Reg. S, 5.13%, 06/15/2029 | EUR | 924 | 1121 |
| 5.38%, 03/15/2031 (e) | EUR | 3149 | 3766 |
| Reg. S, 5.38%, 03/15/2031 | EUR | 725 | 867 |
| Reg. S, 5.50%, 06/15/2031 | EUR | 14898 | 17984 |
| Reg. S, 5.63%, 06/15/2030 | EUR | 7672 | 9323 |
| 6.75%, 09/15/2033 (e) |  | 78 | 79 |
| 8.00%, 06/15/2030 (e) |  | 70 | 74 |
| Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.75%, 05/31/2032 (e) |  | 2859 | 2997 |
| Gestamp Automocion SA, (Spain), 4.38%, 10/15/2030 (e) (w) | EUR | 1650 | 1945 |
| Goodyear Tire & Rubber Co. (The), |  |  |  |
| 4.88%, 03/15/2027 |  | 80 | 80 |
| 5.00%, 07/15/2029 |  | 768 | 741 |
| 5.25%, 04/30/2031 |  | 183 | 173 |
| 5.25%, 07/15/2031 |  | 100 | 94 |
| 5.63%, 04/30/2033 |  | 506 | 471 |
| 6.63%, 07/15/2030 |  | 326 | 331 |
| 7.00%, 03/15/2028 |  | 20 | 21 |
| IHO Verwaltungs GmbH, (Germany), |  |  |  |
| Reg. S, 6.75% (cash), 11/15/2029 (v) | EUR | 1725 | 2144 |
| Reg. S, 7.00% (cash), 11/15/2031 (v) | EUR | 8120 | 10320 |
| 7.75% (cash), 11/15/2030 (e) (v) |  | 150 | 157 |
| 8.00% (cash), 11/15/2032 (e) (v) |  | 100 | 105 |
| Reg. S, 8.75% (cash), 05/15/2028 (v) | EUR | 7186 | 8836 |
| Mahle GmbH, (Germany), |  |  |  |
| Reg. S, 2.38%, 05/14/2028 | EUR | 300 | 335 |
| Reg. S, 7.13%, 07/15/2032 | EUR | 1725 | 2117 |
| Opmobility, (France), Reg. S, 4.30%, 02/05/2031 | EUR | 500 | 590 |
| Phinia, Inc., |  |  |  |
| 6.63%, 10/15/2032 (e) |  | 985 | 1015 |
| 6.75%, 04/15/2029 (e) |  | 715 | 738 |
| Qnity Electronics, Inc., |  |  |  |
| 5.75%, 08/15/2032 (e) |  | 3411 | 3438 |
| 6.25%, 08/15/2033 (e) |  | 2322 | 2371 |
| Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029 (e) |  | 110 | 75 |
| Schaeffler AG, (Germany), |  |  |  |
| Reg. S, 4.50%, 03/28/2030 | EUR | 6300 | 7515 |
| Reg. S, 5.38%, 04/01/2031 | EUR | 8400 | 10326 |
| Tenneco, Inc., 8.00%, 11/17/2028 (e) |  | 12793 | 12816 |
| Titan International, Inc., 7.00%, 04/30/2028 |  | 2625 | 2628 |
| Valeo SE, (France), |  |  |  |
| Reg. S, 4.63%, 03/23/2032 | EUR | 700 | 818 |
| Reg. S, 5.13%, 05/20/2031 | EUR | 1600 | 1928 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Auto Parts & Equipment — continued** |  |  |  |
| ZF Europe Finance BV, (Netherlands), |  |  |  |
| Reg. S, 2.50%, 10/23/2027 | EUR | 600 | 682 |
| Reg. S, 3.00%, 10/23/2029 | EUR | 3800 | 4067 |
| Reg. S, 4.75%, 01/31/2029 | EUR | 4700 | 5418 |
| Reg. S, 6.13%, 03/13/2029 | EUR | 3000 | 3600 |
| Reg. S, 7.00%, 06/12/2030 | EUR | 11800 | 14381 |
| ZF Finance GmbH, (Germany), |  |  |  |
| Reg. S, 2.25%, 05/03/2028 | EUR | 1400 | 1545 |
| Reg. S, 2.75%, 05/25/2027 | EUR | 1200 | 1380 |
| Reg. S, 3.75%, 09/21/2028 | EUR | 1300 | 1474 |
| ZF North America Capital, Inc., |  |  |  |
| 6.75%, 04/23/2030 (e) |  | 70 | 68 |
| 6.88%, 04/14/2028 (e) |  | 885 | 897 |
| 6.88%, 04/23/2032 (e) |  | 220 | 211 |
| 7.13%, 04/14/2030 (e) |  | 90 | 89 |
| 7.50%, 03/24/2031 (e) |  | 3203 | 3181 |
|  |  |  | 202500 |
| **Distribution/Wholesale** — **0.2%** |  |  |  |
| American Builders & Contractors Supply Co., Inc., |  |  |  |
| 3.88%, 11/15/2029 (e) |  | 71 | 67 |
| 4.00%, 01/15/2028 (e) |  | 10 | 10 |
| Azelis Finance NV, (Belgium), |  |  |  |
| Reg. S, 4.75%, 09/25/2029 | EUR | 900 | 1092 |
| 4.75%, 09/25/2029 (e) | EUR | 5730 | 6952 |
| Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/2028 (e) |  | 90 | 89 |
| Gates Corp., 6.88%, 07/01/2029 (e) |  | 1545 | 1604 |
| RB Global Holdings, Inc., |  |  |  |
| 6.75%, 03/15/2028 (e) |  | 120 | 123 |
| 7.75%, 03/15/2031 (e) |  | 250 | 261 |
| Resideo Funding, Inc., |  |  |  |
| 4.00%, 09/01/2029 (e) |  | 248 | 237 |
| 6.50%, 07/15/2032 (e) |  | 2571 | 2635 |
| Rexel SA, (France), Reg. S, 4.00%, 09/15/2030 | EUR | 1075 | 1278 |
| Velocity Vehicle Group LLC, 8.00%, 06/01/2029 (e) |  | 500 | 502 |
| Windsor Holdings III LLC, 8.50%, 06/15/2030 (e) |  | 2170 | 2297 |
|  |  |  | 17147 |
| **Entertainment** — **2.2%** |  |  |  |
| 888 Acquisitions Ltd., (Gibraltar), |  |  |  |
| 8.00%, 09/30/2031 (e) | EUR | 5595 | 6417 |
| Reg. S, 10.75%, 05/15/2030 | GBP | 5393 | 7227 |
| Affinity Interactive, 6.88%, 12/15/2027 (e) |  | 100 | 57 |
| Allen Media LLC / Allen Media Co-Issuer, Inc., 10.50%, 02/15/2028 (e) |  | 110 | 49 |
| Allwyn Entertainment Financing UK plc, (United Kingdom), Reg. S, 7.25%, 04/30/2030 | EUR | 3330 | 4110 |
| AMC Entertainment Holdings, Inc., 7.50%, 02/15/2029 (e) |  | 40 | 35 |
| Banijay Entertainment SAS, (France), |  |  |  |
| Reg. S, 7.00%, 05/01/2029 | EUR | 425 | 517 |
| 8.13%, 05/01/2029 (e) |  | 80 | 83 |
| Boyne USA, Inc., 4.75%, 05/15/2029 (e) |  | 2156 | 2115 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Entertainment — continued** |  |  |  |
| Caesars Entertainment, Inc., |  |  |  |
| 4.63%, 10/15/2029 (e) |  | 7145 | 6833 |
| 6.00%, 10/15/2032 (e) |  | 70 | 69 |
| 6.50%, 02/15/2032 (e) |  | 5388 | 5496 |
| 7.00%, 02/15/2030 (e) |  | 7899 | 8122 |
| Churchill Downs, Inc., |  |  |  |
| 4.75%, 01/15/2028 (e) |  | 130 | 128 |
| 5.50%, 04/01/2027 (e) |  | 40 | 40 |
| 5.75%, 04/01/2030 (e) |  | 6075 | 6068 |
| 6.75%, 05/01/2031 (e) |  | 5317 | 5450 |
| Cinemark USA, Inc., |  |  |  |
| 5.25%, 07/15/2028 (e) |  | 110 | 109 |
| 7.00%, 08/01/2032 (e) |  | 561 | 583 |
| Cirsa Finance International Sarl, (Luxembourg), |  |  |  |
| Reg. S, 4.50%, 03/15/2027 | EUR | 1100 | 1292 |
| Reg. S, 6.50%, 03/15/2029 | EUR | 5611 | 6860 |
| Reg. S, 7.88%, 07/31/2028 | EUR | 1700 | 2078 |
| Empire Resorts, Inc., 7.75%, 11/01/2026 (e) |  | 391 | 390 |
| Flutter Treasury DAC, (Ireland), |  |  |  |
| 4.00%, 06/04/2031 (e) | EUR | 1250 | 1471 |
| 5.88%, 06/04/2031 (e) |  | 4499 | 4567 |
| 6.38%, 04/29/2029 (e) |  | 799 | 825 |
| Great Canadian Gaming Corp. / Raptor LLC, (Multinational), 8.75%, 11/15/2029 (e) |  | 3107 | 3072 |
| Jacobs Entertainment, Inc., |  |  |  |
| 6.75%, 02/15/2029 (e) |  | 3650 | 3549 |
| LHMC Finco 2 Sarl, (Luxembourg), Reg. S, 8.63% (cash), 05/15/2030 (v) | EUR | 1925 | 2346 |
| Light & Wonder International, Inc., |  |  |  |
| 6.25%, 10/01/2033 (e) |  | 3617 | 3623 |
| 7.25%, 11/15/2029 (e) |  | 140 | 144 |
| 7.50%, 09/01/2031 (e) |  | 406 | 422 |
| Live Nation Entertainment, Inc., |  |  |  |
| 3.75%, 01/15/2028 (e) |  | 80 | 78 |
| 4.75%, 10/15/2027 (e) |  | 2470 | 2454 |
| 6.50%, 05/15/2027 (e) |  | 180 | 182 |
| Loarre Investments Sarl, (Luxembourg), Reg. S, 6.50%, 05/15/2029 | EUR | 4200 | 5093 |
| Lottomatica Group SpA, (Italy), |  |  |  |
| 4.88%, 01/31/2031 (e) | EUR | 5220 | 6315 |
| Reg. S, 4.88%, 01/31/2031 | EUR | 2000 | 2419 |
| Lottomatica SpA, (Italy), 5.38%, 06/01/2030 (e) | EUR | 12518 | 15229 |
| Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/2031 (e) |  | 3650 | 3141 |
| Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 05/01/2029 (e) |  | 4769 | 4635 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC, |  |  |  |
| 8.25%, 04/15/2030 (e) |  | 2395 | 2489 |
| 11.88%, 04/15/2031 (e) |  | 150 | 157 |
| 13.25%, 12/15/2029 (e) |  | 25 | 28 |
| Motion Bondco DAC, (Ireland), 6.63%, 11/15/2027 (e) |  | 70 | 68 |
| Motion Finco Sarl, (Luxembourg), |  |  |  |
| Reg. S, 7.38%, 06/15/2030 | EUR | 500 | 529 |
| 8.38%, 02/15/2032 (e) |  | 80 | 69 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Entertainment — continued** |  |  |  |
| Odeon Finco plc, (United Kingdom), 12.75%, 11/01/2027 (e) |  | 2471 | 2559 |
| Ontario Gaming GTA LP / OTG Co-Issuer, Inc., (Canada), 8.00%, 08/01/2030 (e) |  | 50 | 50 |
| Penn Entertainment, Inc., |  |  |  |
| 4.13%, 07/01/2029 (e) |  | 20 | 19 |
| 5.63%, 01/15/2027 (e) |  | 2399 | 2397 |
| Pinewood Finco plc, (United Kingdom), |  |  |  |
| Reg. S, 3.63%, 11/15/2027 | GBP | 244 | 318 |
| Reg. S, 6.00%, 03/27/2030 | GBP | 291 | 394 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., |  |  |  |
| 5.63%, 09/01/2029 (e) |  | 1549 | 836 |
| 5.88%, 09/01/2031 (e) |  | 2701 | 1393 |
| Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp., 6.63%, 02/01/2033 (e) |  | 4687 | 4749 |
| Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., 6.25%, 10/15/2030 (e) (w) |  | 2444 | 2464 |
| Scientific Games Holdings LP / Scientific Games US FinCo., Inc., 6.63%, 03/01/2030 (e) |  | 5196 | 4829 |
| SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029 (e) |  | 100 | 98 |
| Six Flags Entertainment Corp., |  |  |  |
| 5.50%, 04/15/2027 (e) |  | 20 | 20 |
| 7.25%, 05/15/2031 (e) |  | 120 | 120 |
| Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp., |  |  |  |
| 5.25%, 07/15/2029 |  | 70 | 68 |
| 5.38%, 04/15/2027 |  | 740 | 738 |
| 6.50%, 10/01/2028 |  | 30 | 30 |
| Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc. / Canada's Wonderland Co., 6.63%, 05/01/2032 (e) |  | 120 | 122 |
| Speedway Motorsports LLC / Speedway Funding II, Inc., 4.88%, 11/01/2027 (e) |  | 10 | 10 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/2030 (e) |  | 2507 | 2378 |
| Vail Resorts, Inc., |  |  |  |
| 5.63%, 07/15/2030 (e) |  | 1873 | 1885 |
| 6.50%, 05/15/2032 (e) |  | 1382 | 1429 |
| Voyager Parent LLC, 9.25%, 07/01/2032 (e) |  | 7531 | 7964 |
| Warnermedia Holdings, Inc., |  |  |  |
| 3.76%, 03/15/2027 |  | 716 | 704 |
| 4.05%, 03/15/2029 |  | 427 | 411 |
| 4.28%, 03/15/2032 |  | 361 | 326 |
| 4.30%, 01/17/2030 | EUR | 946 | 1102 |
| 4.69%, 05/17/2033 | EUR | 5340 | 6058 |
| 5.05%, 03/15/2042 |  | 17169 | 13692 |
| 5.14%, 03/15/2052 |  | 7707 | 5737 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., |  |  |  |
| 5.13%, 10/01/2029 (e) |  | 3301 | 3306 |
| 6.25%, 03/15/2033 (e) |  | 3874 | 3932 |
| 7.13%, 02/15/2031 (e) |  | 4629 | 4984 |
|  |  |  | 202155 |
| **Food Service — 0.0% (g)** |  |  |  |
| Aramark Services, Inc., 5.00%, 02/01/2028 (e) |  | 190 | 189 |
| Sodexo, Inc., 5.15%, 08/15/2030 (e) |  | 200 | 205 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |
|  **Food Service — continued** |  |  |
| TKC Holdings, Inc., |  |  |
| 6.88%, 05/15/2028 (e) | 60 | 60 |
| 10.50%, 05/15/2029 (e) | 120 | 123 |
|  |  | 577 |
| **Home Builders** — **1.2%** |  |  |
| Adams Homes, Inc., 9.25%, 10/15/2028 (e) | 170 | 177 |
| Ashton Woods USA LLC / Ashton Woods Finance Co., |  |  |
| 4.63%, 08/01/2029 (e) | 2098 | 2009 |
| 4.63%, 04/01/2030 (e) | 1885 | 1786 |
| 6.63%, 01/15/2028 (e) | 1575 | 1584 |
| 6.88%, 08/01/2033 (e) | 2258 | 2277 |
| Beazer Homes USA, Inc., |  |  |
| 5.88%, 10/15/2027 | 6402 | 6398 |
| 7.25%, 10/15/2029 | 5352 | 5444 |
| 7.50%, 03/15/2031 (e) | 1845 | 1869 |
| Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, (Canada), |  |  |
| 4.88%, 02/15/2030 (e) | 7413 | 6952 |
| 5.00%, 06/15/2029 (e) | 4241 | 4038 |
| 6.25%, 09/15/2027 (e) | 2505 | 2499 |
| Century Communities, Inc., |  |  |
| 3.88%, 08/15/2029 (e) | 160 | 150 |
| 6.63%, 09/15/2033 (e) | 1860 | 1877 |
| Dream Finders Homes, Inc., |  |  |
| 6.88%, 09/15/2030 (e) | 835 | 840 |
| 8.25%, 08/15/2028 (e) | 677 | 703 |
| Empire Communities Corp., (Canada), 9.75%, 05/01/2029 (e) | 1956 | 2051 |
| Forestar Group, Inc., |  |  |
| 5.00%, 03/01/2028 (e) | 3290 | 3260 |
| 6.50%, 03/15/2033 (e) | 2355 | 2409 |
| Installed Building Products, Inc., 5.75%, 02/01/2028 (e) | 60 | 60 |
| K Hovnanian Enterprises, Inc., |  |  |
| 8.00%, 04/01/2031 (e) | 2613 | 2678 |
| 8.38%, 10/01/2033 (e) | 3453 | 3539 |
| KB Home, |  |  |
| 4.00%, 06/15/2031 | 1450 | 1362 |
| 4.80%, 11/15/2029 | 2950 | 2919 |
| 6.88%, 06/15/2027 | 698 | 712 |
| 7.25%, 07/15/2030 | 50 | 52 |
| LGI Homes, Inc., |  |  |
| 4.00%, 07/15/2029 (e) | 70 | 64 |
| 7.00%, 11/15/2032 (e) | 1653 | 1610 |
| 8.75%, 12/15/2028 (e) | 715 | 750 |
| M/I Homes, Inc., |  |  |
| 3.95%, 02/15/2030 | 1450 | 1385 |
| 4.95%, 02/01/2028 | 1688 | 1676 |
| Mattamy Group Corp., (Canada), |  |  |
| 4.63%, 03/01/2030 (e) | 4952 | 4779 |
| 5.25%, 12/15/2027 (e) | 6289 | 6248 |
| Meritage Homes Corp., 3.88%, 04/15/2029 (e) | 287 | 279 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Home Builders — continued** |  |  |  |
| Miller Homes Group Finco plc, (United Kingdom), (EURIBOR 3 Month + 4.25%), 6.29%, 10/15/2030 (e) (aa) | EUR | 7770 | 9259 |
| New Home Co., Inc. (The), |  |  |  |
| 8.50%, 11/01/2030 (e) |  | 910 | 945 |
| 9.25%, 10/01/2029 (e) |  | 3026 | 3180 |
| Shea Homes LP / Shea Homes Funding Corp., |  |  |  |
| 4.75%, 02/15/2028 |  | 3460 | 3406 |
| 4.75%, 04/01/2029 |  | 3065 | 3000 |
| STL Holding Co. LLC, 8.75%, 02/15/2029 (e) |  | 2585 | 2709 |
| Taylor Morrison Communities, Inc., |  |  |  |
| 5.13%, 08/01/2030 (e) |  | 1600 | 1595 |
| 5.75%, 01/15/2028 (e) |  | 1300 | 1318 |
| 5.88%, 06/15/2027 (e) |  | 3595 | 3638 |
| Thor Industries, Inc., 4.00%, 10/15/2029 (e) |  | 80 | 76 |
| Tri Pointe Homes, Inc., |  |  |  |
| 5.25%, 06/01/2027 |  | 500 | 499 |
| 5.70%, 06/15/2028 |  | 2946 | 3003 |
| Winnebago Industries, Inc., 6.25%, 07/15/2028 (e) |  | 60 | 60 |
|  |  |  | 107124 |
| **Home Furnishings** — **0.1%** |  |  |  |
| FXI Holdings, Inc., |  |  |  |
| 12.25%, 11/15/2026 (e) |  | 190 | 167 |
| Leggett & Platt, Inc., 3.50%, 11/15/2027 |  | 63 | 62 |
| Somnigroup International, Inc., |  |  |  |
| 3.88%, 10/15/2031 (e) |  | 275 | 252 |
| 4.00%, 04/15/2029 (e) |  | 1681 | 1613 |
| Whirlpool Corp., |  |  |  |
| 2.40%, 05/15/2031 |  | 50 | 42 |
| 4.50%, 06/01/2046 |  | 10 | 8 |
| 4.60%, 05/15/2050 |  | 70 | 52 |
| 4.70%, 05/14/2032 |  | 50 | 46 |
| 4.75%, 02/26/2029 |  | 40 | 40 |
| 5.15%, 03/01/2043 |  | 30 | 25 |
| 5.50%, 03/01/2033 |  | 50 | 48 |
| 5.75%, 03/01/2034 |  | 40 | 39 |
| 6.13%, 06/15/2030 |  | 1252 | 1261 |
| 6.50%, 06/15/2033 |  | 4342 | 4331 |
|  |  |  | 7986 |
| **Housewares** — **0.2%** |  |  |  |
| CD&R Smokey Buyer, Inc. / Radio Systems Corp., 9.50%, 10/15/2029 (e) |  | 80 | 62 |
| Newell Brands, Inc., |  |  |  |
| 6.38%, 09/15/2027 |  | 60 | 61 |
| 6.38%, 05/15/2030 |  | 987 | 978 |
| 6.63%, 09/15/2029 |  | 100 | 100 |
| 6.63%, 05/15/2032 |  | 1793 | 1763 |
| 6.88%, 04/01/2036 |  | 50 | 50 |
| 7.00%, 04/01/2046 |  | 1671 | 1473 |
| 8.50%, 06/01/2028 (e) |  | 3130 | 3310 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Housewares — continued** |  |  |  |
| Scotts Miracle-Gro Co. (The), |  |  |  |
| 4.00%, 04/01/2031 |  | 3851 | 3552 |
| 4.38%, 02/01/2032 |  | 4073 | 3761 |
| 5.25%, 12/15/2026 |  | 40 | 40 |
| SWF Holdings I Corp., |  |  |  |
| 6.50%, 10/01/2029 (e) |  | 7670 | 2915 |
| 6.50%, 10/06/2029 (e) |  | 20 | 10 |
|  |  |  | 18075 |
| **Leisure Time** — **1.5%** |  |  |  |
| Acushnet Co., 7.38%, 10/15/2028 (e) |  | 60 | 62 |
| Amer Sports Co., 6.75%, 02/16/2031 (e) |  | 1660 | 1729 |
| Carnival Corp., (Panama), |  |  |  |
| 4.00%, 08/01/2028 (e) |  | 6585 | 6488 |
| Reg. S, 5.75%, 01/15/2030 | EUR | 1606 | 2033 |
| 5.75%, 03/15/2030 (e) |  | 1650 | 1685 |
| 5.75%, 08/01/2032 (e) |  | 5715 | 5815 |
| 5.88%, 06/15/2031 (e) |  | 2061 | 2112 |
| 6.00%, 05/01/2029 (e) |  | 2493 | 2528 |
| 6.13%, 02/15/2033 (e) |  | 5271 | 5403 |
| 6.65%, 01/15/2028 |  | 30 | 31 |
| Carnival plc, (United Kingdom), 4.13%, 07/15/2031 (e) | EUR | 3696 | 4393 |
| Deuce Finco Plc, (United Kingdom), Reg. S, 5.50%, 06/15/2027 | GBP | 2388 | 3206 |
| Life Time, Inc., 6.00%, 11/15/2031 (e) |  | 40 | 41 |
| Lindblad Expeditions LLC, |  |  |  |
| 6.75%, 02/15/2027 (e) |  | 1300 | 1310 |
| 7.00%, 09/15/2030 (e) |  | 4358 | 4442 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/2029 (e) |  | 2828 | 2318 |
| NCL Corp. Ltd., (Bermuda), |  |  |  |
| 5.88%, 01/15/2031 (e) |  | 4700 | 4698 |
| 6.25%, 03/01/2030 (e) |  | 1987 | 2011 |
| 6.25%, 09/15/2033 (e) |  | 6435 | 6471 |
| 6.75%, 02/01/2032 (e) |  | 3444 | 3541 |
| 7.75%, 02/15/2029 (e) |  | 2135 | 2273 |
| NCL Finance Ltd., (Bermuda), 6.13%, 03/15/2028 (e) |  | 3866 | 3950 |
| Pinnacle Bidco plc, (United Kingdom), |  |  |  |
| Reg. S, 8.25%, 10/11/2028 | EUR | 14514 | 17855 |
| Reg. S, 10.00%, 10/11/2028 | GBP | 7950 | 11280 |
| Royal Caribbean Cruises Ltd., (Liberia), |  |  |  |
| 3.70%, 03/15/2028 |  | 907 | 893 |
| 4.25%, 07/01/2026 (e) |  | 498 | 498 |
| 5.38%, 07/15/2027 (e) |  | 462 | 466 |
| 5.50%, 08/31/2026 (e) |  | 231 | 232 |
| 5.50%, 04/01/2028 (e) |  | 127 | 129 |
| 5.63%, 09/30/2031 (e) |  | 1155 | 1177 |
| Sabre GLBL, Inc., |  |  |  |
| 8.63%, 06/01/2027 (e) |  | 2096 | 2126 |
| 10.75%, 11/15/2029 (e) |  | 3918 | 3787 |
| 11.13%, 07/15/2030 (e) |  | 3823 | 3703 |
| TUI AG, (Germany), Reg. S, 5.88%, 03/15/2029 | EUR | 6092 | 7431 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Leisure Time — continued** |  |  |  |
| Viking Cruises Ltd., (Bermuda), |  |  |  |
| 5.88%, 09/15/2027 (e) |  | 897 | 897 |
| 5.88%, 10/15/2033 (e) (w) |  | 6378 | 6384 |
| 7.00%, 02/15/2029 (e) |  | 2720 | 2734 |
| 9.13%, 07/15/2031 (e) |  | 3759 | 4035 |
| Viking Ocean Cruises Ship VII Ltd., (Bermuda), 5.63%, 02/15/2029 (e) |  | 3488 | 3485 |
| VOC Escrow Ltd., (Bermuda), 5.00%, 02/15/2028 (e) |  | 2940 | 2932 |
|  |  |  | 136584 |
| **Lodging** — **1.1%** |  |  |  |
| Boyd Gaming Corp., |  |  |  |
| 4.75%, 12/01/2027 |  | 170 | 169 |
| 4.75%, 06/15/2031 (e) |  | 3880 | 3741 |
| Essendi SA, (Luxembourg), |  |  |  |
| Reg. S, 5.38%, 05/15/2030 | EUR | 100 | 121 |
| Reg. S, 5.50%, 11/15/2031 | EUR | 245 | 296 |
| 5.50%, 11/15/2031 (e) | EUR | 8574 | 10366 |
| Reg. S, 5.63%, 05/15/2032 | EUR | 1175 | 1422 |
| Reg. S, (EURIBOR 3 Month + 3.75%), 5.79%, 05/15/2032 (aa) | EUR | 100 | 119 |
| 6.38%, 10/15/2029 (e) | EUR | 7540 | 9342 |
| Reg. S, 6.38%, 10/15/2029 | EUR | 3476 | 4307 |
| Fortune Star BVI Ltd., (British Virgin Islands), |  |  |  |
| Reg. S, 3.95%, 10/02/2026 | EUR | 1800 | 2106 |
| Reg. S, 5.00%, 05/18/2026 |  | 1600 | 1592 |
| Reg. S, 5.05%, 01/27/2027 |  | 4400 | 4346 |
| Full House Resorts, Inc., 8.25%, 02/15/2028 (e) |  | 60 | 56 |
| Genting New York LLC / GENNY Capital, Inc., 7.25%, 10/01/2029 (e) |  | 90 | 93 |
| Hilton Domestic Operating Co., Inc., |  |  |  |
| 3.63%, 02/15/2032 (e) |  | 3608 | 3302 |
| 3.75%, 05/01/2029 (e) |  | 190 | 183 |
| 4.00%, 05/01/2031 (e) |  | 290 | 274 |
| 4.88%, 01/15/2030 |  | 230 | 229 |
| 5.75%, 05/01/2028 (e) |  | 70 | 70 |
| 5.75%, 09/15/2033 (e) |  | 1230 | 1246 |
| 5.88%, 04/01/2029 (e) |  | 1150 | 1175 |
| 5.88%, 03/15/2033 (e) |  | 1622 | 1656 |
| 6.13%, 04/01/2032 (e) |  | 1286 | 1322 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., |  |  |  |
| 4.88%, 07/01/2031 (e) |  | 30 | 28 |
| 5.00%, 06/01/2029 (e) |  | 140 | 134 |
| 6.63%, 01/15/2032 (e) |  | 70 | 71 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.88%, 04/01/2027 |  | 80 | 80 |
| Hyatt Hotels Corp., 5.25%, 06/30/2029 |  | 146 | 150 |
| Las Vegas Sands Corp., |  |  |  |
| 3.50%, 08/18/2026 |  | 435 | 431 |
| 5.90%, 06/01/2027 |  | 25 | 26 |
| Marriott Ownership Resorts, Inc., |  |  |  |
| 4.50%, 06/15/2029 (e) |  | 40 | 39 |
| 4.75%, 01/15/2028 |  | 30 | 29 |
| 6.50%, 10/01/2033 (e) |  | 54 | 54 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Lodging — continued** |  |  |  |
| Melco Resorts Finance Ltd., (Cayman Islands), |  |  |  |
| 5.38%, 12/04/2029 (e) |  | 4237 | 4155 |
| 5.63%, 07/17/2027 (e) |  | 200 | 199 |
| Reg. S, 5.63%, 07/17/2027 |  | 70 | 70 |
| 5.75%, 07/21/2028 (e) |  | 1450 | 1445 |
| 6.50%, 09/24/2033 (e) |  | 472 | 473 |
| 7.63%, 04/17/2032 (e) |  | 2132 | 2234 |
| MGM China Holdings Ltd., (Cayman Islands), |  |  |  |
| 4.75%, 02/01/2027 (e) |  | 130 | 130 |
| 7.13%, 06/26/2031 (e) |  | 774 | 816 |
| MGM Resorts International, |  |  |  |
| 4.63%, 09/01/2026 |  | 275 | 274 |
| 4.75%, 10/15/2028 |  | 4776 | 4739 |
| 5.50%, 04/15/2027 |  | 4610 | 4640 |
| 6.13%, 09/15/2029 |  | 2065 | 2102 |
| 6.50%, 04/15/2032 |  | 2600 | 2649 |
| Motel One GmbH, (Germany), Reg. S, 7.75%, 04/02/2031 | EUR | 3613 | 4577 |
| Station Casinos LLC, |  |  |  |
| 4.50%, 02/15/2028 (e) |  | 1299 | 1277 |
| 4.63%, 12/01/2031 (e) |  | 1821 | 1718 |
| 6.63%, 03/15/2032 (e) |  | 1295 | 1330 |
| Studio City Finance Ltd., (British Virgin Islands), |  |  |  |
| 5.00%, 01/15/2029 (e) |  | 300 | 289 |
| 6.50%, 01/15/2028 (e) |  | 190 | 190 |
| Travel + Leisure Co., |  |  |  |
| 4.50%, 12/01/2029 (e) |  | 80 | 77 |
| 4.63%, 03/01/2030 (e) |  | 90 | 87 |
| 6.00%, 04/01/2027 |  | 140 | 142 |
| 6.13%, 09/01/2033 (e) |  | 80 | 80 |
| Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/2028 (e) |  | 140 | 137 |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027 (e) |  | 240 | 239 |
| Wynn Macau Ltd., (Cayman Islands), |  |  |  |
| 5.13%, 12/15/2029 (e) |  | 3307 | 3245 |
| 5.50%, 10/01/2027 (e) |  | 1880 | 1880 |
| 5.63%, 08/26/2028 (e) |  | 10952 | 10942 |
| 6.75%, 02/15/2034 (e) |  | 170 | 172 |
|  |  |  | 98883 |
| **Office Furnishings** — **0.0% (g)** |  |  |  |
|  Interface, Inc., 5.50%, 12/01/2028 (e) |  | 40 | 40 |
|  Steelcase, Inc., 5.13%, 01/18/2029 |  | 70 | 70 |
|  |  |  | 110 |
| **Retail** — **2.9%** |  |  |  |
| 1011778 BC ULC / New Red Finance, Inc., (Canada), |  |  |  |
| 3.50%, 02/15/2029 (e) |  | 2025 | 1933 |
| 3.88%, 01/15/2028 (e) |  | 1055 | 1030 |
| 4.00%, 10/15/2030 (e) |  | 6451 | 6078 |
| 4.38%, 01/15/2028 (e) |  | 1287 | 1264 |
| 6.13%, 06/15/2029 (e) |  | 120 | 123 |
| Academy Ltd., 6.00%, 11/15/2027 (e) |  | 60 | 60 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Retail — continued** |  |  |  |
| Advance Auto Parts, Inc., |  |  |  |
| 1.75%, 10/01/2027 |  | 50 | 47 |
| 3.50%, 03/15/2032 |  | 50 | 44 |
| 3.90%, 04/15/2030 |  | 50 | 46 |
| 7.00%, 08/01/2030 (e) |  | 1840 | 1894 |
| 7.38%, 08/01/2033 (e) |  | 190 | 196 |
| Afflelou SAS, (France), Reg. S, 6.00%, 07/25/2029 | EUR | 654 | 801 |
| Agrifarma SpA, (Italy), Reg. S, 4.50%, 10/31/2028 | EUR | 2455 | 2897 |
| Arko Corp., 5.13%, 11/15/2029 (e) |  | 2695 | 2293 |
| Asbury Automotive Group, Inc., |  |  |  |
| 4.63%, 11/15/2029 (e) |  | 80 | 78 |
| 4.75%, 03/01/2030 |  | 73 | 71 |
| B&M European Value Retail SA, (Luxembourg), Reg. S, 6.50%, 11/27/2031 | GBP | 166 | 226 |
| Bath & Body Works, Inc., |  |  |  |
| 5.25%, 02/01/2028 |  | 50 | 50 |
| 6.63%, 10/01/2030 (e) |  | 90 | 92 |
| 6.69%, 01/15/2027 |  | 30 | 31 |
| 6.75%, 07/01/2036 |  | 50 | 51 |
| 6.88%, 11/01/2035 |  | 60 | 62 |
| 6.95%, 03/01/2033 |  | 40 | 42 |
| 7.50%, 06/15/2029 |  | 70 | 72 |
| 7.60%, 07/15/2037 |  | 40 | 41 |
| BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer, Inc., 9.50%, 07/01/2032 (e) |  | 110 | 115 |
| Bloomin' Brands, Inc. / OSI Restaurant Partners LLC, 5.13%, 04/15/2029 (e) |  | 20 | 17 |
| BlueLinx Holdings, Inc., 6.00%, 11/15/2029 (e) |  | 90 | 89 |
| Boots Group Finco LP, |  |  |  |
| 5.38%, 08/31/2032 (e) | EUR | 9570 | 11559 |
| 7.38%, 08/31/2032 (e) | GBP | 3914 | 5362 |
| Brinker International, Inc., 8.25%, 07/15/2030 (e) |  | 2645 | 2798 |
| Bubbles Bidco SpA, (Italy), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 4.25%), 6.25%, 09/30/2031 (aa) | EUR | 201 | 238 |
| Reg. S, 6.50%, 09/30/2031 | EUR | 338 | 406 |
| Bubbles Bidco SPA, (Italy), 6.50%, 09/30/2031 (e) | EUR | 2888 | 3473 |
| Carvana Co., |  |  |  |
| 9.00% (cash), 06/01/2030 (e) (v) |  | 17866 | 18693 |
| 9.00% (cash), 06/01/2031 (e) (v) |  | 22546 | 25526 |
| CD&R Firefly Bidco plc, (United Kingdom), Reg. S, 8.63%, 04/30/2029 | GBP | 9451 | 13354 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/2032 (e) |  | 2294 | 2440 |
| Dufry One BV, (Netherlands), |  |  |  |
| Reg. S, 3.38%, 04/15/2028 | EUR | 3120 | 3662 |
| Reg. S, 4.50%, 05/23/2032 | EUR | 2450 | 2956 |
| Duomo Bidco SpA, (Italy), Reg. S, (EURIBOR 3 Month + 4.13%), 6.15%, 07/15/2031 (aa) | EUR | 235 | 278 |
| eG Global Finance plc, (United Kingdom), 12.00%, 11/30/2028 (e) |  | 4371 | 4806 |
| Eroski S Coop, (Spain), Reg. S, 10.63%, 04/30/2029 | EUR | 10750 | 13341 |
| Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/2029 (e) |  | 120 | 112 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., |  |  |  |
| 4.63%, 01/15/2029 (e) |  | 4110 | 3912 |
| 6.75%, 01/15/2030 (e) |  | 8445 | 7916 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Retail — continued** |  |  |  |
| FirstCash, Inc., 6.88%, 03/01/2032 (e) |  | 140 | 145 |
| Foundation Building Materials, Inc., 6.00%, 03/01/2029 (e) |  | 2897 | 2936 |
| Fressnapf Holding SE, (Germany), Reg. S, 5.25%, 10/31/2031 | EUR | 9289 | 11052 |
| Gap, Inc. (The), |  |  |  |
| 3.63%, 10/01/2029 (e) |  | 1555 | 1455 |
| 3.88%, 10/01/2031 (e) |  | 3375 | 3066 |
| Global Auto Holdings Ltd. / AAG FH UK Ltd., (United Kingdom), |  |  |  |
| 8.38%, 01/15/2029 (e) |  | 50 | 49 |
| 8.75%, 01/15/2032 (e) |  | 50 | 49 |
| 11.50%, 08/15/2029 (e) |  | 1403 | 1480 |
| Goldstory SAS, (France), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 4.00%), 6.02%, 02/01/2030 (aa) | EUR | 100 | 119 |
| Reg. S, 6.75%, 02/01/2030 | EUR | 1719 | 2095 |
| GPS Hospitality Holding Co. LLC / GPS Finco Inc, 7.00%, 08/15/2028 (e) |  | 70 | 40 |
| Group 1 Automotive, Inc., |  |  |  |
| 4.00%, 08/15/2028 (e) |  | 40 | 39 |
| 6.38%, 01/15/2030 (e) |  | 1480 | 1514 |
| Ken Garff Automotive LLC, 4.88%, 09/15/2028 (e) |  | 63 | 62 |
| KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 4.75%, 06/01/2027 (e) |  | 190 | 189 |
| Kohl's Corp., |  |  |  |
| 5.13%, 05/01/2031 |  | 70 | 55 |
| 5.55%, 07/17/2045 |  | 60 | 39 |
| 10.00%, 06/01/2030 (e) |  | 20 | 22 |
| Lagardere SA, (France), Reg. S, 4.75%, 06/12/2030 | EUR | 1600 | 1914 |
| LBM Acquisition LLC, |  |  |  |
| 6.25%, 01/15/2029 (e) |  | 3595 | 3327 |
| 9.50%, 06/15/2031 (e) |  | 1485 | 1563 |
| LCM Investments Holdings II LLC, |  |  |  |
| 4.88%, 05/01/2029 (e) |  | 3590 | 3516 |
| 8.25%, 08/01/2031 (e) |  | 3967 | 4195 |
| Liberty Interactive LLC, 8.25%, 02/01/2030 |  | 80 | 11 |
| Lithia Motors, Inc., |  |  |  |
| 3.88%, 06/01/2029 (e) |  | 1630 | 1557 |
| 4.38%, 01/15/2031 (e) |  | 110 | 105 |
| 5.50%, 10/01/2030 (e) |  | 2876 | 2877 |
| Macy's Retail Holdings LLC, |  |  |  |
| 4.30%, 02/15/2043 |  | 10 | 7 |
| 4.50%, 12/15/2034 |  | 10 | 9 |
| 5.13%, 01/15/2042 |  | 20 | 16 |
| 5.88%, 03/15/2030 (e) |  | 30 | 30 |
| 6.13%, 03/15/2032 (e) |  | 60 | 60 |
| 6.38%, 03/15/2037 |  | 20 | 19 |
| 6.70%, 07/15/2034 (e) |  | 120 | 110 |
| 7.38%, 08/01/2033 (e) |  | 80 | 83 |
| Michaels Cos., Inc. (The), |  |  |  |
| 5.25%, 05/01/2028 (e) |  | 100 | 92 |
| 7.88%, 05/01/2029 (e) |  | 200 | 167 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Retail — continued** |  |  |  |
| Murphy Oil USA, Inc., |  |  |  |
| 3.75%, 02/15/2031 (e) |  | 10 | 9 |
| 4.75%, 09/15/2029 |  | 20 | 20 |
| 5.63%, 05/01/2027 |  | 70 | 70 |
| Nordstrom, Inc., |  |  |  |
| 4.00%, 03/15/2027 |  | 60 | 59 |
| 4.25%, 08/01/2031 |  | 20 | 18 |
| 4.38%, 04/01/2030 |  | 20 | 19 |
| 5.00%, 01/15/2044 |  | 80 | 59 |
| 6.95%, 03/15/2028 |  | 50 | 51 |
| Papa John's International, Inc., 3.88%, 09/15/2029 (e) |  | 40 | 38 |
| Park River Holdings, Inc., |  |  |  |
| 5.63%, 02/01/2029 (e) |  | 3345 | 3278 |
| 6.75%, 08/01/2029 (e) |  | 1675 | 1658 |
| 8.00%, 03/15/2031 (e) (w) |  | 3588 | 3637 |
| Patrick Industries, Inc., |  |  |  |
| 4.75%, 05/01/2029 (e) |  | 585 | 573 |
| 6.38%, 11/01/2032 (e) |  | 1840 | 1867 |
| Penske Automotive Group, Inc., 3.75%, 06/15/2029 (e) |  | 80 | 77 |
| PetSmart LLC / PetSmart Finance Corp., |  |  |  |
| 7.50%, 09/15/2032 (e) |  | 1667 | 1671 |
| 10.00%, 09/15/2033 (e) |  | 130 | 131 |
| PEU Fin plc, (United Kingdom), Reg. S, 7.25%, 07/01/2028 | EUR | 11983 | 14585 |
| Punch Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 7.88%, 12/30/2030 | GBP | 2475 | 3394 |
| 7.88%, 12/30/2030 (e) | GBP | 4112 | 5638 |
| QVC, Inc., |  |  |  |
| 5.45%, 08/15/2034 |  | 40 | 21 |
| 5.95%, 03/15/2043 |  | 40 | 20 |
| 6.88%, 04/15/2029 (e) |  | 50 | 27 |
| QXO Building Products, Inc., 6.75%, 04/30/2032 (e) |  | 9076 | 9383 |
| Raising Cane's Restaurants LLC, 9.38%, 05/01/2029 (e) |  | 20 | 21 |
| Saks Global Enterprises LLC, |  |  |  |
| 11.00%, 12/15/2029 (e) |  | 280 | 135 |
| Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032 |  | 2344 | 2437 |
| Sonic Automotive, Inc., 4.88%, 11/15/2031 (e) |  | 70 | 67 |
| Specialty Building Products Holdings LLC / SBP Finance Corp., 7.75%, 10/15/2029 (e) |  | 40 | 41 |
| Staples, Inc., |  |  |  |
| 10.75%, 09/01/2029 (e) |  | 2200 | 2176 |
| 12.75%, 01/15/2030 (e) |  | 150 | 120 |
| Stonegate Pub Co. Financing 2019 plc, (United Kingdom), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 6.63%), 8.66%, 07/31/2029 (aa) | EUR | 1160 | 1342 |
| Reg. S, 10.75%, 07/31/2029 | GBP | 219 | 295 |
| Suburban Propane Partners LP / Suburban Energy Finance Corp., |  |  |  |
| 5.00%, 06/01/2031 (e) |  | 1230 | 1170 |
| 5.88%, 03/01/2027 |  | 2875 | 2869 |
| Superior Plus LP / Superior General Partner, Inc., (Canada), 4.50%, 03/15/2029 (e) |  | 2101 | 2027 |
| Victoria's Secret & Co., 4.63%, 07/15/2029 (e) |  | 40 | 38 |
| Victra Holdings LLC / Victra Finance Corp., 8.75%, 09/15/2029 (e) |  | 110 | 115 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Retail — continued** |  |  |  |
| White Cap Buyer LLC, 6.88%, 10/15/2028 (e) |  | 20784 | 20711 |
| Yum! Brands, Inc., |  |  |  |
| 3.63%, 03/15/2031 |  | 320 | 299 |
| 4.63%, 01/31/2032 |  | 330 | 321 |
| 4.75%, 01/15/2030 (e) |  | 230 | 228 |
| 5.35%, 11/01/2043 |  | 50 | 48 |
| 5.38%, 04/01/2032 |  | 280 | 281 |
| 6.88%, 11/15/2037 |  | 10 | 11 |
|  |  |  | 265694 |
| **Toys/Games/Hobbies** — **0.0% (g)** |  |  |  |
| Hasbro, Inc., 3.90%, 11/19/2029 |  | 857 | 835 |
| Mattel, Inc., |  |  |  |
| 3.38%, 04/01/2026 (e) |  | 110 | 109 |
| 5.88%, 12/15/2027 (e) |  | 1898 | 1903 |
|  |  |  | 2847 |
| Total Consumer Cyclical |  |  | 1211537 |
| **Consumer Non-cyclical** — **13.0%** |  |  |  |
| **Agriculture** — **0.1%** |  |  |  |
| Adecoagro SA, (Luxembourg), 7.50%, 07/29/2032 (e) |  | 1100 | 1077 |
| BAT Capital Corp., 3.56%, 08/15/2027 |  | 503 | 498 |
| Darling Ingredients, Inc., 6.00%, 06/15/2030 (e) |  | 499 | 504 |
| Imperial Brands Finance plc, (United Kingdom), |  |  |  |
| 5.50%, 02/01/2030 (e) |  | 1271 | 1319 |
| 6.13%, 07/27/2027 (e) |  | 403 | 416 |
| Japan Tobacco, Inc., (Japan), 5.25%, 06/15/2030 (e) |  | 539 | 559 |
| Kernel Holding SA, (Luxembourg), Reg. S, 6.75%, 10/27/2027 |  | 1500 | 1365 |
| Roquette Freres SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.25%), 5.49%, 11/25/2029 (x) (aa) | EUR | 3500 | 4200 |
| Tereos Finance Groupe I SA, (France), |  |  |  |
| Reg. S, 5.88%, 04/30/2030 | EUR | 1400 | 1645 |
| Reg. S, 7.25%, 04/15/2028 | EUR | 875 | 1057 |
| Turning Point Brands, Inc., 7.63%, 03/15/2032 (e) |  | 180 | 190 |
|  |  |  | 12830 |
| **Beverages** — **0.0% (g)** |  |  |  |
| Bacardi-Martini BV, (Netherlands), 5.55%, 02/01/2030 (e) |  | 482 | 498 |
| Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, (British Virgin Islands), 5.25%, 04/27/2029 (e) |  | 550 | 544 |
| Keurig Dr Pepper, Inc., |  |  |  |
| 4.35%, 05/15/2028 |  | 310 | 310 |
| 5.10%, 03/15/2027 |  | 203 | 205 |
| Primo Water Holdings, Inc. / Triton Water Holdings, Inc., |  |  |  |
| 4.38%, 04/30/2029 (e) |  | 130 | 126 |
| 6.25%, 04/01/2029 (e) |  | 90 | 90 |
|  |  |  | 1773 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Biotechnology** — **0.3%** |  |  |  |
| Cidron Aida Finco Sarl, (Luxembourg), |  |  |  |
| 7.00%, 10/27/2031 (e) | EUR | 11483 | 13694 |
| 9.13%, 10/27/2031 (e) | GBP | 6097 | 8331 |
| Emergent BioSolutions, Inc., 3.88%, 08/15/2028 (e) |  | 70 | 58 |
| Illumina, Inc., 5.75%, 12/13/2027 |  | 108 | 111 |
| Royalty Pharma plc, (United Kingdom), |  |  |  |
| 4.45%, 03/25/2031 |  | 328 | 325 |
| 5.15%, 09/02/2029 |  | 54 | 56 |
|  |  |  | 22575 |
| **Commercial Services** — **5.3%** |  |  |  |
| ADT Security Corp. (The), 4.13%, 08/01/2029 (e) |  | 40 | 39 |
| Adtalem Global Education, Inc., 5.50%, 03/01/2028 (e) |  | 1730 | 1724 |
| Albion Financing 1 Sarl / Aggreko Holdings, Inc., (Luxembourg), |  |  |  |
| Reg. S, 5.38%, 05/21/2030 | EUR | 608 | 740 |
| 5.38%, 05/21/2030 (e) | EUR | 14145 | 17228 |
| 7.00%, 05/21/2030 (e) |  | 4513 | 4659 |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031 (e) |  | 23898 | 25061 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp., |  |  |  |
| 6.00%, 06/01/2029 (e) |  | 13359 | 13134 |
| 6.88%, 06/15/2030 (e) |  | 9181 | 9436 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 Sarl, (Multinational), |  |  |  |
| Reg. S, 3.63%, 06/01/2028 | EUR | 3338 | 3883 |
| 4.63%, 06/01/2028 (e) |  | 19008 | 18634 |
| Reg. S, 4.88%, 06/01/2028 | GBP | 2045 | 2689 |
| Alta Equipment Group, Inc., 9.00%, 06/01/2029 (e) |  | 1269 | 1184 |
| Amber Finco plc, (United Kingdom), |  |  |  |
| Reg. S, 6.63%, 07/15/2029 | EUR | 2579 | 3183 |
| 6.63%, 07/15/2029 (e) | EUR | 7565 | 9335 |
| AMN Healthcare, Inc., |  |  |  |
| 4.00%, 04/15/2029 (e) |  | 3105 | 2928 |
| 4.63%, 10/01/2027 (e) |  | 3232 | 3231 |
| 6.50%, 01/15/2031 (e) (w) |  | 1062 | 1066 |
| APCOA Group GmbH, (Germany), Reg. S, 6.00%, 04/15/2031 | EUR | 5717 | 6796 |
| APi Group DE, Inc., |  |  |  |
| 4.13%, 07/15/2029 (e) |  | 1780 | 1715 |
| 4.75%, 10/15/2029 (e) |  | 40 | 39 |
| Ashtead Capital, Inc., 4.38%, 08/15/2027 (e) |  | 488 | 488 |
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc., |  |  |  |
| 4.75%, 04/01/2028 (e) |  | 4775 | 4628 |
| 5.38%, 03/01/2029 (e) |  | 60 | 58 |
| 5.75%, 07/15/2027 (e) |  | 60 | 60 |
| 8.00%, 02/15/2031 (e) |  | 70 | 72 |
| 8.25%, 01/15/2030 (e) |  | 70 | 73 |
| 8.38%, 06/15/2032 (e) |  | 130 | 136 |
| Avis Budget Finance Plc, (Jersey), |  |  |  |
| Reg. S, 7.00%, 02/28/2029 | EUR | 2936 | 3545 |
| Reg. S, 7.25%, 07/31/2030 | EUR | 2649 | 3207 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Commercial Services — continued** |  |  |  |
| BCP V Modular Services Finance II plc, (United Kingdom), |  |  |  |
| Reg. S, 4.75%, 11/30/2028 | EUR | 5758 | 6472 |
| Reg. S, 6.13%, 11/30/2028 | GBP | 200 | 251 |
| Reg. S, 6.50%, 07/10/2031 | EUR | 147 | 161 |
| 6.50%, 07/10/2031 (e) | EUR | 4901 | 5380 |
| BCP V Modular Services Finance plc, (United Kingdom), Reg. S, 6.75%, 11/30/2029 | EUR | 3803 | 3347 |
| Belron UK Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 4.63%, 10/15/2029 | EUR | 200 | 241 |
| 4.63%, 10/15/2029 (e) | EUR | 11525 | 13887 |
| 5.75%, 10/15/2029 (e) |  | 3873 | 3924 |
| Block, Inc., |  |  |  |
| 2.75%, 06/01/2026 |  | 2571 | 2537 |
| 3.50%, 06/01/2031 |  | 10 | 9 |
| 5.63%, 08/15/2030 (e) |  | 4419 | 4477 |
| 6.00%, 08/15/2033 (e) |  | 5674 | 5811 |
| 6.50%, 05/15/2032 |  | 10821 | 11200 |
| Boels Topholding BV, (Netherlands), |  |  |  |
| Reg. S, 5.75%, 05/15/2030 | EUR | 15115 | 18405 |
| Reg. S, 6.25%, 02/15/2029 | EUR | 1238 | 1501 |
| Boost Newco Borrower LLC, 7.50%, 01/15/2031 (e) |  | 9991 | 10599 |
| Boost Newco Borrower LLC / GTCR W Dutch Finance Sub BV, (Multinational), Reg. S, 8.50%, 01/15/2031 | GBP | 2950 | 4268 |
| Brink's Co. (The), |  |  |  |
| 4.63%, 10/15/2027 (e) |  | 80 | 79 |
| 6.50%, 06/15/2029 (e) |  | 60 | 62 |
| 6.75%, 06/15/2032 (e) |  | 3105 | 3229 |
| Carriage Services, Inc., 4.25%, 05/15/2029 (e) |  | 100 | 95 |
| Champions Financing, Inc., 8.75%, 02/15/2029 (e) |  | 70 | 68 |
| Cimpress plc, (Ireland), 7.38%, 09/15/2032 (e) |  | 90 | 90 |
| Clarivate Science Holdings Corp., |  |  |  |
| 3.88%, 07/01/2028 (e) |  | 6534 | 6288 |
| 4.88%, 07/01/2029 (e) |  | 10845 | 10249 |
| CoreCivic, Inc., |  |  |  |
| 4.75%, 10/15/2027 |  | 150 | 148 |
| 8.25%, 04/15/2029 |  | 50 | 53 |
| CPI CG, Inc., 10.00%, 07/15/2029 (e) |  | 70 | 73 |
| Currenta Group Holdings Sarl, (Luxembourg), |  |  |  |
| 5.50%, 05/15/2030 (e) | EUR | 2100 | 2527 |
| Reg. S, 5.50%, 05/15/2030 | EUR | 700 | 842 |
| Reg. S, (EURIBOR 3 Month + 4.00%), 6.04%, 05/15/2032 (aa) | EUR | 800 | 947 |
| Dcli Bidco LLC, 7.75%, 11/15/2029 (e) |  | 2110 | 2194 |
| Deluxe Corp., |  |  |  |
| 8.00%, 06/01/2029 (e) |  | 100 | 100 |
| 8.13%, 09/15/2029 (e) |  | 1243 | 1298 |
| DP World Ltd., (United Arab Emirates), Reg. S, 4.70%, 09/30/2049 |  | 1000 | 864 |
| EquipmentShare.com, Inc., |  |  |  |
| 8.00%, 03/15/2033 (e) |  | 1428 | 1525 |
| 8.63%, 05/15/2032 (e) |  | 120 | 130 |
| 9.00%, 05/15/2028 (e) |  | 210 | 222 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Commercial Services — continued** |  |  |  |
| Garda World Security Corp., (Canada), |  |  |  |
| 4.63%, 02/15/2027 (e) |  | 1295 | 1285 |
| 6.00%, 06/01/2029 (e) |  | 445 | 441 |
| 7.75%, 02/15/2028 (e) |  | 2567 | 2631 |
| 8.25%, 08/01/2032 (e) |  | 6814 | 7063 |
| 8.38%, 11/15/2032 (e) |  | 12585 | 13064 |
| GEO Group, Inc. (The), |  |  |  |
| 8.63%, 04/15/2029 |  | 710 | 752 |
| 10.25%, 04/15/2031 |  | 240 | 264 |
| Global Payments, Inc., 4.45%, 06/01/2028 |  | 110 | 110 |
| Grand Canyon University, |  |  |  |
| 4.38%, 10/01/2026 |  | 23 | 22 |
| 5.13%, 10/01/2028 |  | 80 | 79 |
| GXO Logistics, Inc., 6.25%, 05/06/2029 |  | 1177 | 1236 |
| Herc Holdings, Inc., |  |  |  |
| 5.50%, 07/15/2027 (e) |  | 2460 | 2454 |
| 6.63%, 06/15/2029 (e) |  | 2000 | 2055 |
| 7.00%, 06/15/2030 (e) |  | 6147 | 6384 |
| 7.25%, 06/15/2033 (e) |  | 3045 | 3179 |
| Hertz Corp. (The), |  |  |  |
| 4.63%, 12/01/2026 (e) |  | 460 | 452 |
| 5.00%, 12/01/2029 (e) |  | 110 | 88 |
| 12.63%, 07/15/2029 (e) |  | 2094 | 2220 |
| House of HR Group BV, (Netherlands), Reg. S, 9.00%, 11/03/2029 | EUR | 2654 | 3074 |
| ION Platform Finance Sarl, (Luxembourg), |  |  |  |
| 6.50%, 09/30/2030 (e) (w) | EUR | 1481 | 1739 |
| 6.88%, 09/30/2032 (e) (w) | EUR | 1481 | 1739 |
| ION Platform Finance US, Inc., 7.88%, 09/30/2032 (e) (w) |  | 8177 | 8187 |
| Kapla Holding SAS, (France), Reg. S, 5.00%, 04/30/2031 | EUR | 208 | 247 |
| Kingpin Intermediate Holdings LLC, 7.25%, 10/15/2032 (e) |  | 56 | 53 |
| Korn Ferry, 4.63%, 12/15/2027 (e) |  | 70 | 70 |
| La Financiere Atalian SAS, (France), Reg. S, 8.50% (Blend (cash 3.50% + PIK 5.00%)), 06/30/2028 (v) | EUR | 155 | 64 |
| Loxam SAS, (France), |  |  |  |
| 4.25%, 02/15/2030 (e) | EUR | 2280 | 2690 |
| 4.25%, 02/15/2031 (e) | EUR | 3905 | 4587 |
| Reg. S, 6.38%, 05/15/2028 | EUR | 200 | 242 |
| Matthews International Corp., 8.63%, 10/01/2027 (e) |  | 130 | 134 |
| Mavis Tire Express Services Topco Corp., 6.50%, 05/15/2029 (e) |  | 7379 | 7344 |
| Mobius Merger Sub, Inc., 9.00%, 06/01/2030 (e) |  | 60 | 50 |
| NESCO Holdings II, Inc., 5.50%, 04/15/2029 (e) |  | 2585 | 2532 |
| OT Midco, Inc., 10.00%, 02/15/2030 (e) |  | 70 | 47 |
| Pachelbel Bidco SpA, (Italy), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 4.25%), 6.27%, 05/17/2031 (aa) | EUR | 400 | 473 |
| Reg. S, 7.13%, 05/17/2031 | EUR | 3895 | 4927 |
| 7.13%, 05/17/2031 (e) | EUR | 5016 | 6345 |
| Paysafe Finance PLC / Paysafe Holdings US Corp., (Multinational), 4.00%, 06/15/2029 (e) |  | 50 | 46 |
| Pelabuhan Indonesia Persero PT, (Indonesia), Reg. S, 5.38%, 05/05/2045 |  | 2100 | 1995 |
| PeopleCert Wisdom Issuer plc, (United Kingdom), Reg. S, 5.75%, 09/15/2026 | EUR | 1000 | 1171 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Commercial Services — continued** |  |  |  |
| Prime Security Services Borrower LLC / Prime Finance, Inc., |  |  |  |
| 3.38%, 08/31/2027 (e) |  | 270 | 262 |
| 6.25%, 01/15/2028 (e) |  | 1208 | 1207 |
| PROG Holdings, Inc., 6.00%, 11/15/2029 (e) |  | 120 | 118 |
| Q-Park Holding I BV, (Netherlands), |  |  |  |
| Reg. S, 4.25%, 09/01/2030 | EUR | 1650 | 1967 |
| Reg. S, 5.13%, 03/01/2029 | EUR | 1986 | 2405 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/2031 (e) |  | 3550 | 3648 |
| Rekeep SpA, (Italy), |  |  |  |
| Reg. S, 9.00%, 09/15/2029 | EUR | 750 | 865 |
| 9.00%, 09/15/2029 (e) | EUR | 1398 | 1612 |
| RR Donnelley & Sons Co., |  |  |  |
| 9.50%, 08/01/2029 (e) |  | 3133 | 3211 |
| 10.88%, 08/01/2029 (e) |  | 190 | 189 |
| RRD Intermediate Holdings, Inc., 11.00% (cash), 12/01/2030 (e) (v) |  | 70 | 68 |
| RRD Parent, Inc., 10.00% (PIK), 10/15/2031 (e) (v) |  | 130 | 230 |
| Rutas 2 & 7 Finance Ltd., (Cayman Islands), Reg. S, Zero Coupon, 09/30/2036 |  | 953 | 724 |
| Service Corp. International, |  |  |  |
| 3.38%, 08/15/2030 |  | 1625 | 1507 |
| 4.00%, 05/15/2031 |  | 3641 | 3433 |
| 4.63%, 12/15/2027 |  | 70 | 70 |
| 5.13%, 06/01/2029 |  | 60 | 60 |
| 5.75%, 10/15/2032 |  | 7441 | 7538 |
| 7.50%, 04/01/2027 |  | 1510 | 1564 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., |  |  |  |
| 5.50%, 05/15/2033 (e) | EUR | 6467 | 7906 |
| Reg. S, 5.50%, 05/15/2033 | EUR | 2776 | 3393 |
| 6.75%, 08/15/2032 (e) |  | 8108 | 8383 |
| Signal Parent, Inc., 6.13%, 04/01/2029 (e) |  | 50 | 17 |
| Sotheby's, 7.38%, 10/15/2027 (e) |  | 8432 | 8413 |
| Sotheby's / Bidfair Holdings, Inc., 5.88%, 06/01/2029 (e) |  | 1534 | 1398 |
| StoneMor, Inc., 8.50%, 05/15/2029 (e) |  | 160 | 156 |
| Techem Verwaltungsgesellschaft 675 mbH, (Germany), |  |  |  |
| 4.63%, 07/15/2032 (e) | EUR | 1250 | 1471 |
| Reg. S, (EURIBOR 3 Month + 3.00%), 4.96%, 07/15/2032 (aa) | EUR | 100 | 118 |
| Reg. S, 5.38%, 07/15/2029 | EUR | 5861 | 7115 |
| TriNet Group, Inc., |  |  |  |
| 3.50%, 03/01/2029 (e) |  | 80 | 75 |
| 7.13%, 08/15/2031 (e) |  | 60 | 62 |
| Triton Container International Ltd., (Bermuda), 2.05%, 04/15/2026 (e) |  | 1133 | 1119 |
| United Rentals North America, Inc., |  |  |  |
| 3.75%, 01/15/2032 |  | 3487 | 3230 |
| 3.88%, 11/15/2027 |  | 10 | 10 |
| 3.88%, 02/15/2031 |  | 1869 | 1768 |
| 4.00%, 07/15/2030 |  | 70 | 67 |
| 4.88%, 01/15/2028 |  | 2305 | 2298 |
| 5.25%, 01/15/2030 |  | 2876 | 2890 |
| 5.50%, 05/15/2027 |  | 80 | 80 |
| 6.13%, 03/15/2034 (e) |  | 80 | 83 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Commercial Services — continued** |  |  |  |
| Upbound Group, Inc., 6.38%, 02/15/2029 (e) |  | 140 | 138 |
| Valvoline, Inc., 3.63%, 06/15/2031 (e) |  | 2466 | 2257 |
| Verisure Holding AB, (Sweden), |  |  |  |
| Reg. S, 3.88%, 07/15/2026 | EUR | 14999 | 17599 |
| Reg. S, 5.50%, 05/15/2030 | EUR | 7274 | 8864 |
| Veritiv Operating Co., 10.50%, 11/30/2030 (e) |  | 3648 | 3923 |
| VM Consolidated, Inc., 5.50%, 04/15/2029 (e) |  | 30 | 30 |
| VT Topco, Inc., 8.50%, 08/15/2030 (e) |  | 955 | 972 |
| Wand NewCo. 3, Inc., 7.63%, 01/30/2032 (e) |  | 3757 | 3959 |
| WEX, Inc., 6.50%, 03/15/2033 (e) |  | 4302 | 4392 |
| Williams Scotsman, Inc., |  |  |  |
| 4.63%, 08/15/2028 (e) |  | 20 | 19 |
| 6.63%, 06/15/2029 (e) |  | 700 | 716 |
| 6.63%, 04/15/2030 (e) |  | 3263 | 3358 |
| 7.38%, 10/01/2031 (e) |  | 476 | 497 |
| Worldline SA, (France), |  |  |  |
| Reg. S, 4.13%, 09/12/2028 | EUR | 2100 | 2009 |
| Reg. S, 5.50%, 06/10/2030 | EUR | 1100 | 1001 |
| ZipRecruiter, Inc., 5.00%, 01/15/2030 (e) |  | 80 | 64 |
|  |  |  | 484587 |
| **Cosmetics/Personal Care** — **0.2%** |  |  |  |
| Coty, Inc., 5.00%, 04/15/2026 (e) |  | 197 | 196 |
| Edgewell Personal Care Co., |  |  |  |
| 4.13%, 04/01/2029 (e) |  | 50 | 47 |
| 5.50%, 06/01/2028 (e) |  | 170 | 170 |
| Opal Bidco SAS, (France), |  |  |  |
| 5.50%, 03/31/2032 (e) | EUR | 4739 | 5758 |
| Reg. S, 5.50%, 03/31/2032 | EUR | 202 | 245 |
| 6.50%, 03/31/2032 (e) |  | 3082 | 3159 |
| P&L Development LLC / PLD Finance Corp., 12.00% (cash), 05/15/2029 (e) (v) |  | 717 | 742 |
| Perrigo Finance Unlimited Co., (Ireland), |  |  |  |
| 4.90%, 06/15/2030 |  | 70 | 69 |
| 4.90%, 12/15/2044 |  | 20 | 16 |
| 6.13%, 09/30/2032 |  | 2947 | 2964 |
| Prestige Brands, Inc., |  |  |  |
| 3.75%, 04/01/2031 (e) |  | 120 | 111 |
| 5.13%, 01/15/2028 (e) |  | 130 | 129 |
|  |  |  | 13606 |
| **Food** — **1.8%** |  |  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, |  |  |  |
| 3.50%, 03/15/2029 (e) |  | 190 | 180 |
| 4.63%, 01/15/2027 (e) |  | 1797 | 1786 |
| 4.88%, 02/15/2030 (e) |  | 160 | 157 |
| 5.88%, 02/15/2028 (e) |  | 80 | 80 |
| 6.25%, 03/15/2033 (e) |  | 1124 | 1149 |
| 6.50%, 02/15/2028 (e) |  | 987 | 1003 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Food** — **continued** |  |  |  |
| B&G Foods, Inc., |  |  |  |
| 5.25%, 09/15/2027 |  | 7976 | 7751 |
| 8.00%, 09/15/2028 (e) |  | 3221 | 3121 |
| Bellis Acquisition Co. plc , (United Kingdom), |  |  |  |
| Reg. S, 8.00%, 07/01/2031 | EUR | 2232 | 2659 |
| 8.00%, 07/01/2031 (e) | EUR | 2953 | 3519 |
| Reg. S, 8.13%, 05/14/2030 | GBP | 17155 | 22079 |
| Boparan Finance plc, (United Kingdom), Reg. S, 9.38%, 11/07/2029 | GBP | 1975 | 2769 |
| C&S Group Enterprises LLC, 5.00%, 12/15/2028 (e) |  | 90 | 81 |
| Chobani Holdco II LLC, 8.75% (cash), 10/01/2029 (e) (v) |  | 14773 | 15664 |
| Chobani LLC / Chobani Finance Corp., Inc., |  |  |  |
| 4.63%, 11/15/2028 (e) |  | 3417 | 3379 |
| 7.63%, 07/01/2029 (e) |  | 6046 | 6304 |
| Darling Global Finance BV, (Netherlands), 4.50%, 07/15/2032 (e) | EUR | 1731 | 2052 |
| ELO SACA, (France), Reg. S, 2.88%, 01/29/2026 | EUR | 700 | 818 |
| Fiesta Purchaser, Inc., |  |  |  |
| 7.88%, 03/01/2031 (e) |  | 143 | 151 |
| 9.63%, 09/15/2032 (e) |  | 1457 | 1573 |
| Flora Food Management BV, (Netherlands), Reg. S, 6.88%, 07/02/2029 | EUR | 4825 | 5663 |
| Froneri Lux FinCo. SARL, (Luxembourg), |  |  |  |
| 4.75%, 08/01/2032 (e) | EUR | 14077 | 16673 |
| Reg. S, 4.75%, 08/01/2032 | EUR | 169 | 200 |
| 6.00%, 08/01/2032 (e) |  | 40 | 40 |
| Iceland Bondco plc, (United Kingdom), Reg. S, 4.38%, 05/15/2028 | GBP | 6949 | 9105 |
| Irca SpA, (Italy), Reg. S, (EURIBOR 3 Month + 3.75%), 5.76%, 12/15/2029 (aa) | EUR | 283 | 335 |
| JBS USA Holding Lux Sarl / JBS USA Food Co. / JBS Lux Co. Sarl, (Luxembourg), 3.00%, 02/02/2029 |  | 346 | 331 |
| KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (e) |  | 1827 | 1922 |
| Koninklijke FrieslandCampina NV, (Netherlands), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.85%), 4.85%, 10/23/2029 (x) (aa) | EUR | 2675 | 3176 |
| Lamb Weston Holdings, Inc., |  |  |  |
| 4.13%, 01/31/2030 (e) |  | 1698 | 1630 |
| 4.38%, 01/31/2032 (e) |  | 2057 | 1944 |
| 4.88%, 05/15/2028 (e) |  | 60 | 60 |
| Land O'Lakes Capital Trust I, 7.45%, 03/15/2028 (e) |  | 160 | 165 |
| Lion / Polaris Lux 4 SA, (Luxembourg), Reg. S, (EURIBOR 3 Month + 3.63%), 5.64%, 07/01/2029 (aa) | EUR | 349 | 414 |
| Market Bidco Finco plc, (United Kingdom), |  |  |  |
| 6.75%, 01/31/2031 (e) | EUR | 2844 | 3297 |
| Reg. S, 6.75%, 01/31/2031 | EUR | 3775 | 4377 |
| Reg. S, 8.75%, 01/31/2031 | GBP | 1925 | 2545 |
| Ocado Group plc, (United Kingdom), |  |  |  |
| Reg. S, 10.50%, 08/08/2029 | GBP | 3338 | 4480 |
| Reg. S, 11.00%, 06/15/2030 | GBP | 272 | 368 |
| Performance Food Group, Inc., |  |  |  |
| 4.25%, 08/01/2029 (e) |  | 772 | 750 |
| 5.50%, 10/15/2027 (e) |  | 300 | 299 |
| 6.13%, 09/15/2032 (e) |  | 3020 | 3094 |
| Picard Groupe SAS, (France), Reg. S, 6.38%, 07/01/2029 | EUR | 100 | 123 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Food** — **continued** |  |  |  |
| Pilgrim's Pride Corp., |  |  |  |
| 3.50%, 03/01/2032 |  | 2600 | 2380 |
| 4.25%, 04/15/2031 |  | 3440 | 3326 |
| Post Holdings, Inc., |  |  |  |
| 4.50%, 09/15/2031 (e) |  | 1870 | 1747 |
| 4.63%, 04/15/2030 (e) |  | 3435 | 3312 |
| 5.50%, 12/15/2029 (e) |  | 1780 | 1772 |
| 6.25%, 02/15/2032 (e) |  | 143 | 147 |
| 6.25%, 10/15/2034 (e) |  | 5435 | 5479 |
| 6.38%, 03/01/2033 (e) |  | 1310 | 1322 |
| Premier Foods Finance plc, (United Kingdom), Reg. S, 3.50%, 10/15/2026 | GBP | 1000 | 1332 |
| Safeway, Inc., 7.25%, 02/01/2031 |  | 50 | 54 |
| Sammontana Italia SpA, (Italy), Reg. S, (EURIBOR 3 Month + 3.75%), 5.78%, 10/15/2031 (aa) | EUR | 925 | 1089 |
| Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 4.63%, 03/01/2029 (e) |  | 491 | 471 |
| TreeHouse Foods, Inc., 4.00%, 09/01/2028 |  | 90 | 87 |
| United Natural Foods, Inc., 6.75%, 10/15/2028 (e) |  | 2027 | 2025 |
| US Foods, Inc., |  |  |  |
| 4.63%, 06/01/2030 (e) |  | 70 | 69 |
| 4.75%, 02/15/2029 (e) |  | 150 | 148 |
| 5.75%, 04/15/2033 (e) |  | 80 | 80 |
| 6.88%, 09/15/2028 (e) |  | 70 | 72 |
| 7.25%, 01/15/2032 (e) |  | 595 | 623 |
| Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031 (e) |  | 160 | 160 |
|  |  |  | 162961 |
| **Healthcare - Products** — **0.6%** |  |  |  |
| 180 Medical, Inc., 3.88%, 10/15/2029 (e) |  | 200 | 191 |
| Avantor Funding, Inc., |  |  |  |
| Reg. S, 2.63%, 11/01/2025 | EUR | 416 | 488 |
| Reg. S, 3.88%, 07/15/2028 | EUR | 100 | 117 |
| 3.88%, 11/01/2029 (e) |  | 50 | 47 |
| 4.63%, 07/15/2028 (e) |  | 2769 | 2724 |
| Bausch + Lomb Corp., (Canada), 8.38%, 10/01/2028 (e) |  | 11163 | 11634 |
| Bausch + Lomb Netherlands BV and Bausch & Lomb, Inc., (Multinational), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 3.88%), 5.87%, 01/15/2031 (aa) | EUR | 1000 | 1190 |
| (EURIBOR 3 Month + 3.88%), 5.87%, 01/15/2031 (e) (aa) | EUR | 1225 | 1457 |
| DENTSPLY SIRONA, Inc., (CMT Index 5 Year + 4.38%), 8.38%, 09/12/2055 (aa) |  | 245 | 253 |
| Embecta Corp., |  |  |  |
| 5.00%, 02/15/2030 (e) |  | 50 | 47 |
| 6.75%, 02/15/2030 (e) |  | 160 | 156 |
| Hologic, Inc., 3.25%, 02/15/2029 (e) |  | 110 | 106 |
| Insulet Corp., 6.50%, 04/01/2033 (e) |  | 1868 | 1942 |
| Medline Borrower LP, |  |  |  |
| 3.88%, 04/01/2029 (e) |  | 16234 | 15646 |
| 5.25%, 10/01/2029 (e) |  | 13251 | 13135 |
| Medline Borrower LP / Medline Co-Issuer, Inc., 6.25%, 04/01/2029 (e) |  | 4255 | 4368 |
| Neogen Food Safety Corp., 8.63%, 07/20/2030 (e) |  | 832 | 870 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Healthcare - Products** — **continued** |  |  |  |
| Solventum Corp., |  |  |  |
| 5.40%, 03/01/2029 |  | 489 | 505 |
| 5.45%, 02/25/2027 |  | 92 | 93 |
| Teleflex, Inc., |  |  |  |
| 4.25%, 06/01/2028 (e) |  | 80 | 78 |
| 4.63%, 11/15/2027 |  | 80 | 79 |
| Varex Imaging Corp., 7.88%, 10/15/2027 (e) |  | 130 | 133 |
|  |  |  | 55259 |
| **Healthcare - Services** — **2.4%** |  |  |  |
| Acadia Healthcare Co., Inc., |  |  |  |
| 5.00%, 04/15/2029 (e) |  | 50 | 49 |
| 5.50%, 07/01/2028 (e) |  | 40 | 39 |
| 7.38%, 03/15/2033 (e) |  | 1945 | 2019 |
| Adventist Health System, Series 2025, 4.74%, 12/01/2030 |  | 1105 | 1106 |
| AHP Health Partners, Inc., 5.75%, 07/15/2029 (e) |  | 2996 | 2948 |
| CAB SELAS, (France), Reg. S, 3.38%, 02/01/2028 | EUR | 12110 | 13316 |
| Centene Corp., |  |  |  |
| 2.45%, 07/15/2028 |  | 550 | 511 |
| 4.25%, 12/15/2027 |  | 2302 | 2261 |
| Cerba Healthcare SACA, (France), Reg. S, 3.50%, 05/31/2028 | EUR | 15273 | 12491 |
| Charles River Laboratories International, Inc., |  |  |  |
| 4.00%, 03/15/2031 (e) |  | 15 | 14 |
| 4.25%, 05/01/2028 (e) |  | 452 | 442 |
| CHS / Community Health Systems, Inc., |  |  |  |
| 4.75%, 02/15/2031 (e) |  | 5778 | 4993 |
| 5.25%, 05/15/2030 (e) |  | 6547 | 5915 |
| 6.00%, 01/15/2029 (e) |  | 5519 | 5357 |
| 6.13%, 04/01/2030 (e) |  | 150 | 109 |
| 6.88%, 04/15/2029 (e) |  | 150 | 119 |
| 9.75%, 01/15/2034 (e) |  | 11634 | 11920 |
| 10.88%, 01/15/2032 (e) |  | 5159 | 5460 |
| Clariane SE, (France), Reg. S, 7.88%, 06/27/2030 | EUR | 200 | 241 |
| Concentra Health Services, Inc., 6.88%, 07/15/2032 (e) |  | 2320 | 2409 |
| DaVita, Inc., |  |  |  |
| 3.75%, 02/15/2031 (e) |  | 10066 | 9223 |
| 4.63%, 06/01/2030 (e) |  | 10861 | 10403 |
| 6.75%, 07/15/2033 (e) |  | 870 | 897 |
| 6.88%, 09/01/2032 (e) |  | 1601 | 1654 |
| Encompass Health Corp., |  |  |  |
| 4.50%, 02/01/2028 |  | 200 | 198 |
| 4.63%, 04/01/2031 |  | 120 | 117 |
| 4.75%, 02/01/2030 |  | 240 | 237 |
| Ephios Subco 3 Sarl, (Luxembourg), Reg. S, 7.88%, 01/31/2031 | EUR | 4482 | 5602 |
| Eurofins Scientific SE, (Luxembourg), Reg. S, (EURIBOR 3 Month + 4.24%), 6.75%, 04/24/2028 (x) (aa) | EUR | 2500 | 3137 |
| Fortrea Holdings, Inc., 7.50%, 07/01/2030 (e) |  | 289 | 274 |
| Fresenius Medical Care US Finance III, Inc., |  |  |  |
| 1.88%, 12/01/2026 (e) |  | 150 | 146 |
| 3.75%, 06/15/2029 (e) |  | 530 | 516 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Healthcare - Services** — **continued** |  |  |  |
| Global Medical Response, Inc., 7.38%, 10/01/2032 (e) |  | 134 | 138 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/2031 (e) |  | 2250 | 2138 |
| HCA, Inc., 7.50%, 11/06/2033 |  | 1100 | 1258 |
| Health Care Service Corp. A Mutual Legal Reserve Co, 5.20%, 06/15/2029 (e) |  | 124 | 127 |
| HealthEquity, Inc., 4.50%, 10/01/2029 (e) |  | 4777 | 4631 |
| IQVIA, Inc., |  |  |  |
| Reg. S, 1.75%, 03/15/2026 | EUR | 200 | 233 |
| Reg. S, 2.25%, 03/15/2029 | EUR | 100 | 113 |
| Reg. S, 2.88%, 06/15/2028 | EUR | 4630 | 5372 |
| 5.00%, 10/15/2026 (e) |  | 240 | 240 |
| 5.00%, 05/15/2027 (e) |  | 110 | 110 |
| 5.70%, 05/15/2028 |  | 200 | 206 |
| 6.25%, 02/01/2029 |  | 76 | 80 |
| 6.25%, 06/01/2032 (e) |  | 6817 | 7012 |
| Kedrion SpA, (Italy), 6.50%, 09/01/2029 (e) |  | 110 | 109 |
| Laboratoire Eimer Selas, (France), Reg. S, 5.00%, 02/01/2029 | EUR | 1020 | 1049 |
| LifePoint Health, Inc., |  |  |  |
| 5.38%, 01/15/2029 (e) |  | 5690 | 5420 |
| 8.38%, 02/15/2032 (e) |  | 3795 | 4044 |
| 9.88%, 08/15/2030 (e) |  | 374 | 405 |
| 10.00%, 06/01/2032 (e) |  | 3500 | 3675 |
| 11.00%, 10/15/2030 (e) |  | 8322 | 9172 |
| Mehilainen Yhtiot Oy, (Finland), |  |  |  |
| Reg. S, 5.13%, 06/30/2032 | EUR | 167 | 200 |
| 5.13%, 06/30/2032 (e) | EUR | 2998 | 3594 |
| (EURIBOR 3 Month + 3.38%), 5.38%, 06/30/2032 (e) (aa) | EUR | 4775 | 5644 |
| Molina Healthcare, Inc., |  |  |  |
| 3.88%, 05/15/2032 (e) |  | 20 | 18 |
| 4.38%, 06/15/2028 (e) |  | 130 | 127 |
| 6.25%, 01/15/2033 (e) |  | 1724 | 1738 |
| MPH Acquisition Holdings LLC, |  |  |  |
| 5.75%, 12/31/2030 (e) |  | 3939 | 3440 |
| 11.50% (Blend (cash 6.50% + PIK 5.00%)), 12/31/2030 (e) (v) |  | 2446 | 2559 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (e) |  | 4826 | 5019 |
| Radiology Partners, Inc., |  |  |  |
| 8.50%, 07/15/2032 (e) |  | 190 | 197 |
| 9.78% (PIK), 02/15/2030 (e) (v) |  | 120 | 117 |
| Select Medical Corp., 6.25%, 12/01/2032 (e) |  | 360 | 360 |
| Sotera Health Holdings LLC, 7.38%, 06/01/2031 (e) |  | 2380 | 2499 |
| Star Parent, Inc., 9.00%, 10/01/2030 (e) |  | 8738 | 9237 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/2032 (e) |  | 5531 | 5681 |
| Team Health Holdings, Inc., 8.38%, 06/30/2028 (e) |  | 80 | 82 |
| Tenet Healthcare Corp., |  |  |  |
| 4.25%, 06/01/2029 |  | 8047 | 7857 |
| 4.38%, 01/15/2030 |  | 13257 | 12888 |
| 4.63%, 06/15/2028 |  | 80 | 79 |
| 5.13%, 11/01/2027 |  | 160 | 160 |
| 6.13%, 10/01/2028 |  | 350 | 350 |
| 6.13%, 06/15/2030 |  | 240 | 243 |
| 6.25%, 02/01/2027 |  | 220 | 220 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Healthcare - Services** — **continued** |  |  |  |
| 6.75%, 05/15/2031 |  | 4729 | 4896 |
| 6.88%, 11/15/2031 |  | 40 | 43 |
| Toledo Hospital (The), Series B, 5.33%, 11/15/2028 |  | 90 | 92 |
| UnitedHealth Group, Inc., 4.65%, 01/15/2031 |  | 1056 | 1071 |
| Universal Health Services, Inc., 4.63%, 10/15/2029 |  | 353 | 353 |
| US Acute Care Solutions LLC, 9.75%, 05/15/2029 (e) |  | 3112 | 3183 |
|  |  |  | 221602 |
| **Household Products/Wares** — **0.1%** |  |  |  |
| ACCO Brands Corp., 4.25%, 03/15/2029 (e) |  | 4969 | 4488 |
| Central Garden & Pet Co., 4.13%, 10/15/2030 |  | 14 | 13 |
| Kronos Acquisition Holdings, Inc., |  |  |  |
| 8.25%, 06/30/2031 (e) |  | 2400 | 1860 |
| 10.75%, 06/30/2032 (e) |  | 4265 | 2326 |
|  |  |  | 8687 |
| **Pharmaceuticals** — **2.2%** |  |  |  |
| 1261229 BC Ltd., (Canada), 10.00%, 04/15/2032 (e) |  | 37080 | 38009 |
| AdaptHealth LLC, |  |  |  |
| 4.63%, 08/01/2029 (e) |  | 3005 | 2841 |
| 5.13%, 03/01/2030 (e) |  | 3745 | 3571 |
| 6.13%, 08/01/2028 (e) |  | 2625 | 2618 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032 (e) |  | 1670 | 1728 |
| Bausch Health Americas, Inc., 8.50%, 01/31/2027 (e) |  | 100 | 99 |
| Bausch Health Cos., Inc., (Canada), |  |  |  |
| 4.88%, 06/01/2028 (e) |  | 3644 | 3261 |
| 5.00%, 01/30/2028 (e) |  | 1195 | 1026 |
| 5.00%, 02/15/2029 (e) |  | 205 | 155 |
| 5.25%, 01/30/2030 (e) |  | 10630 | 7494 |
| 5.25%, 02/15/2031 (e) |  | 2550 | 1670 |
| 6.25%, 02/15/2029 (e) |  | 155 | 121 |
| 7.00%, 01/15/2028 (e) |  | 480 | 427 |
| 7.25%, 05/30/2029 (e) |  | 60 | 47 |
| 11.00%, 09/30/2028 (e) |  | 11355 | 11810 |
| 14.00%, 10/15/2030 (e) |  | 60 | 60 |
| Bayer AG, (Germany), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 3.11%), 3.13%, 11/12/2079 (aa) | EUR | 4100 | 4738 |
| Reg. S, (EUR Swap Rate 5 Year + 4.46%), 5.38%, 03/25/2082 (aa) | EUR | 4300 | 5188 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.27%), 5.50%, 09/13/2054 (aa) | EUR | 1600 | 1945 |
| Reg. S, (EUR Swap Rate 5 Year + 3.90%), 7.00%, 09/25/2083 (aa) | EUR | 12400 | 15962 |
| Series NC5, Reg. S, (EUR Swap Rate 5 Year + 3.43%), 6.63%, 09/25/2083 (aa) | EUR | 600 | 751 |
| Bayer US Finance II LLC, |  |  |  |
| 4.25%, 12/15/2025 (e) |  | 1610 | 1609 |
| 4.38%, 12/15/2028 (e) |  | 1667 | 1661 |
| Bayer US Finance LLC, 6.38%, 11/21/2030 (e) |  | 200 | 214 |
| Cheplapharm Arzneimittel GmbH, (Germany), |  |  |  |
| 5.50%, 01/15/2028 (e) |  | 40 | 39 |
| 7.13%, 06/15/2031 (e) | EUR | 5612 | 6743 |
| CVS Health Corp., |  |  |  |
| (CMT Index 5 Year + 2.52%), 6.75%, 12/10/2054 (aa) |  | 180 | 186 |
| (CMT Index 5 Year + 2.89%), 7.00%, 03/10/2055 (aa) |  | 665 | 698 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Pharmaceuticals** — **continued** |  |  |  |
| Dolcetto Holdco SpA, (Italy), Reg. S, 5.63%, 07/14/2032 | EUR | 275 | 331 |
| Elanco Animal Health, Inc., 6.65%, 08/28/2028 |  | 80 | 83 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/2031 (e) |  | 170 | 182 |
| Grifols SA, (Spain), |  |  |  |
| Reg. S, 2.25%, 11/15/2027 | EUR | 2561 | 2956 |
| Reg. S, 3.88%, 10/15/2028 | EUR | 20006 | 22981 |
| 4.75%, 10/15/2028 (e) |  | 280 | 272 |
| Reg. S, 7.13%, 05/01/2030 | EUR | 1245 | 1540 |
| 7.13%, 05/01/2030 (e) | EUR | 2500 | 3092 |
| Reg. S, 7.50%, 05/01/2030 | EUR | 3650 | 4515 |
| Gruenenthal GmbH, (Germany), |  |  |  |
| Reg. S, 4.13%, 05/15/2028 | EUR | 2860 | 3370 |
| Reg. S, 4.63%, 11/15/2031 | EUR | 2866 | 3436 |
| 4.63%, 11/15/2031 (e) | EUR | 3389 | 4062 |
| HLF Financing Sarl LLC / Herbalife International, Inc., |  |  |  |
| 4.88%, 06/01/2029 (e) |  | 50 | 44 |
| 12.25%, 04/15/2029 (e) |  | 895 | 971 |
| Jazz Securities DAC, (Ireland), 4.38%, 01/15/2029 (e) |  | 50 | 49 |
| Nidda Healthcare Holding GmbH, (Germany), |  |  |  |
| (EURIBOR 3 Month + 3.75%), 5.79%, 10/23/2030 (e) (aa) | EUR | 5051 | 5972 |
| Reg. S, 7.00%, 02/21/2030 | EUR | 3275 | 4008 |
| Option Care Health, Inc., 4.38%, 10/31/2029 (e) |  | 779 | 751 |
| Organon & Co. / Organon Foreign Debt Co-Issuer BV, |  |  |  |
| 4.13%, 04/30/2028 (e) |  | 1489 | 1438 |
| 5.13%, 04/30/2031 (e) |  | 3508 | 3071 |
| 7.88%, 05/15/2034 (e) |  | 70 | 65 |
| Owens & Minor, Inc., |  |  |  |
| 4.50%, 03/31/2029 (e) |  | 20 | 16 |
| 6.63%, 04/01/2030 (e) |  | 30 | 25 |
| Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032 (e) |  | 80 | 78 |
| Rossini Sarl, (Luxembourg), |  |  |  |
| Reg. S, 6.75%, 12/31/2029 | EUR | 815 | 1009 |
| 6.75%, 12/31/2029 (e) | EUR | 9910 | 12275 |
| Teva Pharmaceutical Finance Netherlands II BV, (Netherlands), 4.38%, 05/09/2030 | EUR | 1083 | 1302 |
| Teva Pharmaceutical Finance Netherlands III BV, (Netherlands), |  |  |  |
| 3.15%, 10/01/2026 |  | 974 | 958 |
| 6.00%, 12/01/2032 |  | 923 | 961 |
| 6.75%, 03/01/2028 |  | 500 | 519 |
| 7.88%, 09/15/2029 |  | 312 | 341 |
|  |  |  | 195344 |
| Total Consumer Non-cyclical |  |  | 1179224 |
| **Diversified** — **0.2%** |  |  |  |
| **Holding Companies - Diversified** — **0.2%** |  |  |  |
| Benteler International AG, (Austria), 7.25%, 06/15/2031 (e) | EUR | 5457 | 6852 |
| Clue Opco LLC, 9.50%, 10/15/2031 (e) |  | 5642 | 6033 |
| ProGroup AG, (Germany), |  |  |  |
| Reg. S, 5.13%, 04/15/2029 | EUR | 100 | 120 |
| Reg. S, 5.38%, 04/15/2031 | EUR | 1829 | 2168 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Holding Companies - Diversified** — **continued** |  |  |  |
| Stena International SA, (Luxembourg), |  |  |  |
| 7.25%, 01/15/2031 (e) |  | 420 | 428 |
| 7.63%, 02/15/2031 (e) |  | 120 | 124 |
| Total Diversified |  |  | 15725 |
| **Energy** — **8.1%** |  |  |  |
| **Coal** — **0.0% (g)** |  |  |  |
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029 (e) |  | 160 | 169 |
| Conuma Resources Ltd., (Canada), |  |  |  |
| 13.13%, 05/01/2028 (e) |  | 70 | 69 |
| Coronado Finance Pty Ltd., (Australia), 9.25%, 10/01/2029 (e) |  | 1920 | 1690 |
| SunCoke Energy, Inc., 4.88%, 06/30/2029 (e) |  | 190 | 178 |
| Warrior Met Coal, Inc., 7.88%, 12/01/2028 (e) |  | 60 | 61 |
|  |  |  | 2167 |
| **Energy - Alternate Sources** — **0.1%** |  |  |  |
| Cullinan Holdco Scsp, (Luxembourg), 8.50%, 10/15/2029 (e) | EUR | 9426 | 8688 |
| Greenko Dutch BV, (Netherlands), 3.85%, 03/29/2026 (e) |  | 695 | 688 |
| TerraForm Power Operating LLC, |  |  |  |
| 4.75%, 01/15/2030 (e) |  | 230 | 222 |
| 5.00%, 01/31/2028 (e) |  | 230 | 229 |
|  |  |  | 9827 |
| **Oil & Gas** — **4.5%** |  |  |  |
| Adnoc Murban Rsc Ltd., (United Arab Emirates), 5.13%, 09/11/2054 (e) |  | 4100 | 3889 |
| Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029 (e) |  | 5825 | 6074 |
| Antero Resources Corp., 7.63%, 02/01/2029 (e) |  | 964 | 982 |
| APA Corp., 4.38%, 10/15/2028 |  | 1670 | 1627 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp., |  |  |  |
| 5.88%, 06/30/2029 (e) |  | 1921 | 1917 |
| 6.63%, 10/15/2032 (e) |  | 1430 | 1460 |
| 6.63%, 07/15/2033 (e) |  | 2846 | 2886 |
| 9.00%, 11/01/2027 (e) |  | 2978 | 3598 |
| Baytex Energy Corp., (Canada), |  |  |  |
| 7.38%, 03/15/2032 (e) |  | 260 | 254 |
| 8.50%, 04/30/2030 (e) |  | 670 | 689 |
| BKV Upstream Midstream LLC, 7.50%, 10/15/2030 (e) |  | 30 | 30 |
| California Resources Corp., |  |  |  |
| 7.00%, 01/15/2034 (e) (w) |  | 151 | 150 |
| 7.13%, 02/01/2026 (e) |  | 451 | 450 |
| 8.25%, 06/15/2029 (e) |  | 392 | 409 |
| Calumet Specialty Products Partners LP / Calumet Finance Corp., |  |  |  |
| 8.13%, 01/15/2027 (e) |  | 30 | 30 |
| 9.25%, 07/15/2029 (e) |  | 20 | 20 |
| 9.75%, 07/15/2028 (e) |  | 30 | 30 |
| Caturus Energy LLC, 8.50%, 02/15/2030 (e) |  | 5854 | 6095 |
| Chord Energy Corp., |  |  |  |
| 6.00%, 10/01/2030 (e) |  | 320 | 318 |
| 6.75%, 03/15/2033 (e) |  | 1244 | 1260 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Oil & Gas** — **continued** |  |  |  |
| CITGO Petroleum Corp., |  |  |  |
| 6.38%, 06/15/2026 (e) |  | 1365 | 1365 |
| 8.38%, 01/15/2029 (e) |  | 7660 | 7958 |
| Civitas Resources, Inc., |  |  |  |
| 5.00%, 10/15/2026 (e) |  | 1106 | 1101 |
| 8.38%, 07/01/2028 (e) |  | 4310 | 4467 |
| 8.63%, 11/01/2030 (e) |  | 1785 | 1848 |
| 8.75%, 07/01/2031 (e) |  | 5001 | 5107 |
| 9.63%, 06/15/2033 (e) |  | 1770 | 1862 |
| CNX Resources Corp., |  |  |  |
| 6.00%, 01/15/2029 (e) |  | 150 | 150 |
| 7.25%, 03/01/2032 (e) |  | 1761 | 1827 |
| 7.38%, 01/15/2031 (e) |  | 150 | 155 |
| Comstock Resources, Inc., |  |  |  |
| 5.88%, 01/15/2030 (e) |  | 6446 | 6208 |
| 6.75%, 03/01/2029 (e) |  | 7589 | 7572 |
| Continental Resources, Inc., |  |  |  |
| 2.27%, 11/15/2026 (e) |  | 1838 | 1792 |
| 4.38%, 01/15/2028 |  | 545 | 541 |
| 5.75%, 01/15/2031 (e) |  | 340 | 351 |
| Coterra Energy, Inc., |  |  |  |
| 3.90%, 05/15/2027 |  | 1129 | 1122 |
| 4.38%, 03/15/2029 |  | 1048 | 1046 |
| Crescent Energy Finance LLC, |  |  |  |
| 7.38%, 01/15/2033 (e) |  | 7195 | 7011 |
| 7.63%, 04/01/2032 (e) |  | 7823 | 7769 |
| 8.38%, 01/15/2034 (e) |  | 4672 | 4734 |
| 9.25%, 02/15/2028 (e) |  | 2440 | 2534 |
| CVR Energy, Inc., |  |  |  |
| 5.75%, 02/15/2028 (e) |  | 40 | 39 |
| 8.50%, 01/15/2029 (e) |  | 140 | 143 |
| Devon Energy Corp., 5.25%, 10/15/2027 |  | 292 | 292 |
| Diamond Foreign Asset Co. / Diamond Finance LLC, (Cayman Islands), 8.50%, 10/01/2030 (e) |  | 1340 | 1420 |
| Ecopetrol SA, (Colombia), |  |  |  |
| 5.88%, 11/02/2051 |  | 1900 | 1408 |
| 7.38%, 09/18/2043 |  | 200 | 185 |
| 7.75%, 02/01/2032 |  | 2100 | 2174 |
| 8.38%, 01/19/2036 |  | 2200 | 2270 |
| 8.63%, 01/19/2029 |  | 1228 | 1334 |
| Empresa Nacional del Petroleo, (Chile), Reg. S, 6.15%, 05/10/2033 |  | 3500 | 3710 |
| Eni SpA, (Italy), Reg. S, (EUR Swap Rate 5 Year + 2.08%), 4.50%, 01/21/2031 (x) (aa) | EUR | 225 | 270 |
| EnQuest plc, (United Kingdom), 11.63%, 11/01/2027 (e) |  | 70 | 72 |
| EQT Corp., |  |  |  |
| 3.13%, 05/15/2026 (e) |  | 881 | 873 |
| 4.50%, 01/15/2029 |  | 186 | 186 |
| 6.38%, 04/01/2029 |  | 172 | 178 |
| 7.00%, 02/01/2030 |  | 314 | 342 |
| 7.50%, 06/01/2027 |  | 2252 | 2296 |
| 7.50%, 06/01/2030 |  | 186 | 205 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Oil & Gas** — **continued** |  |  |  |
| Expand Energy Corp., |  |  |  |
| 4.75%, 02/01/2032 |  | 1031 | 1013 |
| 5.38%, 02/01/2029 |  | 455 | 455 |
| 5.38%, 03/15/2030 |  | 1444 | 1469 |
| 5.88%, 02/01/2029 (e) |  | 1221 | 1226 |
| 6.75%, 04/15/2029 (e) |  | 1431 | 1446 |
| FORESEA Holding SA, (Luxembourg), 7.50%, 06/15/2030 (e) |  | 100 | 98 |
| Global Marine, Inc., 7.00%, 06/01/2028 |  | 40 | 39 |
| Greenfire Resources Ltd., (Canada), 12.00%, 10/01/2028 (e) |  | 110 | 117 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/2029 (e) |  | 2413 | 2478 |
| Helmerich & Payne, Inc., |  |  |  |
| 4.65%, 12/01/2027 |  | 243 | 244 |
| 4.85%, 12/01/2029 |  | 312 | 311 |
| Hess Corp., 7.88%, 10/01/2029 |  | 529 | 600 |
| HF Sinclair Corp., 5.00%, 02/01/2028 |  | 660 | 661 |
| Hilcorp Energy I LP / Hilcorp Finance Co., |  |  |  |
| 5.75%, 02/01/2029 (e) |  | 5361 | 5281 |
| 6.00%, 04/15/2030 (e) |  | 900 | 886 |
| 6.00%, 02/01/2031 (e) |  | 1548 | 1491 |
| 6.25%, 11/01/2028 (e) |  | 2893 | 2904 |
| 6.25%, 04/15/2032 (e) |  | 1197 | 1148 |
| 6.88%, 05/15/2034 (e) |  | 4670 | 4491 |
| 7.25%, 02/15/2035 (e) |  | 3688 | 3604 |
| 8.38%, 11/01/2033 (e) |  | 5301 | 5567 |
| Ithaca Energy North Sea plc, (United Kingdom), |  |  |  |
| 5.50%, 10/01/2031 (e) | EUR | 2350 | 2783 |
| 8.13%, 10/15/2029 (e) |  | 170 | 178 |
| KazMunayGas National Co. JSC, (Kazakhstan), |  |  |  |
| Reg. S, 5.75%, 04/19/2047 |  | 5800 | 5399 |
| Reg. S, 6.38%, 10/24/2048 |  | 2700 | 2682 |
| Kosmos Energy Ltd., |  |  |  |
| Reg. S, 7.13%, 04/04/2026 |  | 831 | 826 |
| 8.75%, 10/01/2031 (e) |  | 550 | 427 |
| Kraken Oil & Gas Partners LLC, 7.63%, 08/15/2029 (e) |  | 160 | 159 |
| Leviathan Bond Ltd., (Israel), Reg. S, 6.75%, 06/30/2030 (e) |  | 1000 | 1002 |
| Long Ridge Energy LLC, 8.75%, 02/15/2032 (e) |  | 80 | 82 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/2032 (e) |  | 1577 | 1618 |
| Matador Resources Co., |  |  |  |
| 6.25%, 04/15/2033 (e) |  | 230 | 231 |
| 6.50%, 04/15/2032 (e) |  | 4261 | 4301 |
| 6.88%, 04/15/2028 (e) |  | 1841 | 1879 |
| MEG Energy Corp., (Canada), 5.88%, 02/01/2029 (e) |  | 730 | 730 |
| Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031 (e) |  | 250 | 245 |
| Murphy Oil Corp., 6.00%, 10/01/2032 |  | 30 | 30 |
| Nabors Industries Ltd., (Bermuda), 7.50%, 01/15/2028 (e) |  | 2195 | 2193 |
| Nabors Industries, Inc., |  |  |  |
| 7.38%, 05/15/2027 (e) |  | 4944 | 5019 |
| 8.88%, 08/15/2031 (e) |  | 1585 | 1473 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |
|  **Oil & Gas** — **continued** |  |  |
| 9.13%, 01/31/2030 (e) | 2285 | 2388 |
| Noble Finance II LLC, 8.00%, 04/15/2030 (e) | 3578 | 3703 |
| Northern Oil & Gas, Inc., |  |  |
| 7.88%, 10/15/2033 (e) (w) | 4482 | 4464 |
| 8.75%, 06/15/2031 (e) | 190 | 196 |
| Occidental Petroleum Corp., |  |  |
| 5.20%, 08/01/2029 | 187 | 190 |
| 6.38%, 09/01/2028 | 1058 | 1106 |
| 8.50%, 07/15/2027 | 1005 | 1054 |
| 8.88%, 07/15/2030 | 531 | 614 |
| Ovintiv, Inc., |  |  |
| 5.38%, 01/01/2026 | 390 | 390 |
| 5.65%, 05/15/2028 | 276 | 284 |
| Parkland Corp., (Canada), |  |  |
| 4.50%, 10/01/2029 (e) | 1990 | 1939 |
| 4.63%, 05/01/2030 (e) | 2422 | 2355 |
| 5.88%, 07/15/2027 (e) | 1620 | 1618 |
| 6.63%, 08/15/2032 (e) | 2347 | 2410 |
| PBF Holding Co. LLC / PBF Finance Corp., |  |  |
| 6.00%, 02/15/2028 | 120 | 119 |
| 7.88%, 09/15/2030 (e) | 1019 | 1006 |
| 9.88%, 03/15/2030 (e) | 160 | 168 |
| Permian Resources Operating LLC, |  |  |
| 5.88%, 07/01/2029 (e) | 2130 | 2140 |
| 6.25%, 02/01/2033 (e) | 4946 | 5038 |
| 7.00%, 01/15/2032 (e) | 2681 | 2781 |
| 8.00%, 04/15/2027 (e) | 1465 | 1490 |
| Pertamina Persero PT, (Indonesia), Reg. S, 6.50%, 11/07/2048 | 1000 | 1071 |
| Petrobras Global Finance BV, (Netherlands), 5.13%, 09/10/2030 | 629 | 622 |
| Petrofac Ltd., (Jersey), 9.75%, 11/15/2026 (e) | 80 | 7 |
| Petroleos del Peru SA, (Peru), |  |  |
| Reg. S, 4.75%, 06/19/2032 | 5600 | 4855 |
| Reg. S, 5.63%, 06/19/2047 | 4700 | 3460 |
| Petroleos Mexicanos, (Mexico), |  |  |
| 4.50%, 01/23/2026 | 681 | 677 |
| 6.35%, 02/12/2048 | 18700 | 14851 |
| 6.38%, 01/23/2045 | 3250 | 2641 |
| 6.49%, 01/23/2027 | 2645 | 2675 |
| 6.63%, 06/15/2035 | 4400 | 4195 |
| 6.70%, 02/16/2032 | 1200 | 1189 |
| 6.88%, 10/16/2025 | 1053 | 1052 |
| 6.88%, 08/04/2026 | 935 | 947 |
| 7.69%, 01/23/2050 | 1600 | 1455 |
| Petronas Capital Ltd., (Malaysia), |  |  |
| 4.55%, 04/21/2050 (e) | 3700 | 3272 |
| Reg. S, 4.55%, 04/21/2050 | 700 | 619 |
| Precision Drilling Corp., (Canada), 6.88%, 01/15/2029 (e) | 3810 | 3831 |
| PRIO Luxembourg Holding Sarl, (Luxembourg), Reg. S, 6.13%, 06/09/2026 | 4600 | 4592 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Oil & Gas** — **continued** |  |  |  |
| Puma International Financing SA, (Luxembourg), 7.75%, 04/25/2029 (e) |  | 260 | 269 |
| QatarEnergy, (Qatar), |  |  |  |
| Reg. S, 1.38%, 09/12/2026 |  | 1200 | 1168 |
| Reg. S, 3.13%, 07/12/2041 |  | 12800 | 9854 |
| Reg. S, 3.30%, 07/12/2051 |  | 10000 | 7039 |
| Raizen Fuels Finance SA, (Luxembourg), |  |  |  |
| Reg. S, 5.70%, 01/17/2035 |  | 900 | 823 |
| Reg. S, 6.25%, 07/08/2032 |  | 800 | 782 |
| Reg. S, 6.45%, 03/05/2034 |  | 1100 | 1070 |
| Range Resources Corp., |  |  |  |
| 4.75%, 02/15/2030 (e) |  | 1190 | 1164 |
| 8.25%, 01/15/2029 |  | 460 | 471 |
| Repsol E&P Capital Markets US LLC, 4.81%, 09/16/2028 (e) |  | 200 | 201 |
| Rio Oil Finance Trust Series 2014-3, Reg. S, 9.75%, 01/06/2027 |  | 471 | 486 |
| Rio Oil Finance Trust Series 2018-1, 8.20%, 04/06/2028 (e) |  | 77 | 80 |
| Saturn Oil & Gas, Inc., (Canada), 9.63%, 06/15/2029 (e) |  | 50 | 52 |
| Seadrill Finance Ltd., (Bermuda), 8.38%, 08/01/2030 (e) |  | 130 | 135 |
| Shelf Drilling Holdings Ltd., (Cayman Islands), 9.63%, 04/15/2029 (e) |  | 702 | 736 |
| SM Energy Co., |  |  |  |
| 6.50%, 07/15/2028 |  | 526 | 529 |
| 6.63%, 01/15/2027 |  | 80 | 80 |
| 6.75%, 09/15/2026 |  | 1037 | 1037 |
| 6.75%, 08/01/2029 (e) |  | 1120 | 1125 |
| 7.00%, 08/01/2032 (e) |  | 130 | 130 |
| Societatea Nationala de Gaze Naturale ROMGAZ SA, (Romania), Reg. S, 4.75%, 10/07/2029 | EUR | 1675 | 2016 |
| State Oil Co. of the Azerbaijan Republic, (Azerbaijan), Reg. S, 6.95%, 03/18/2030 |  | 6000 | 6427 |
| Suncor Energy, Inc., (Canada), 7.88%, 06/15/2026 |  | 103 | 106 |
| Sunoco LP, |  |  |  |
| 5.63%, 03/15/2031 (e) |  | 1863 | 1850 |
| 5.88%, 03/15/2034 (e) |  | 1131 | 1121 |
| 6.25%, 07/01/2033 (e) |  | 3059 | 3114 |
| 7.00%, 05/01/2029 (e) |  | 1450 | 1501 |
| 7.25%, 05/01/2032 (e) |  | 90 | 95 |
| (CMT Index 5 Year + 4.23%), 7.88%, 09/18/2030 (e) (x) (aa) |  | 13738 | 13981 |
| Sunoco LP / Sunoco Finance Corp., |  |  |  |
| 4.50%, 05/15/2029 |  | 3265 | 3187 |
| 4.50%, 04/30/2030 |  | 1430 | 1377 |
| 5.88%, 03/15/2028 |  | 515 | 515 |
| 6.00%, 04/15/2027 |  | 100 | 100 |
| Talos Production, Inc., |  |  |  |
| 9.00%, 02/01/2029 (e) |  | 200 | 207 |
| 9.38%, 02/01/2031 (e) |  | 90 | 94 |
| Tengizchevroil Finance Co. International Ltd., (Bermuda), |  |  |  |
| Reg. S, 3.25%, 08/15/2030 |  | 1900 | 1752 |
| Reg. S, 4.00%, 08/15/2026 |  | 2162 | 2148 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/2029 (e) |  | 3390 | 3317 |
| Transocean Aquila Ltd., (Cayman Islands), 8.00%, 09/30/2028 (e) |  | 36 | 37 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Oil & Gas** — **continued** |  |  |  |
| Transocean International Ltd., (Bermuda), |  |  |  |
| 6.80%, 03/15/2038 |  | 90 | 76 |
| 7.50%, 04/15/2031 |  | 50 | 46 |
| 7.88%, 10/15/2032 (e) (w) |  | 2256 | 2256 |
| 8.00%, 02/01/2027 (e) |  | 3636 | 3637 |
| 8.25%, 05/15/2029 (e) |  | 6294 | 6187 |
| 8.50%, 05/15/2031 (e) |  | 3412 | 3345 |
| 8.75%, 02/15/2030 (e) |  | 2511 | 2642 |
| 9.35%, 12/15/2041 |  | 20 | 19 |
| Transocean Poseidon Ltd., (Cayman Islands), 6.88%, 02/01/2027 (e) |  | 77 | 76 |
| Transocean Titan Financing Ltd., (Cayman Islands), 8.38%, 02/01/2028 (e) |  | 465 | 476 |
| Uzbekneftegaz JSC, (Uzbekistan), Reg. S, 4.75%, 11/16/2028 |  | 3200 | 3049 |
| Valaris Ltd., (Bermuda), 8.38%, 04/30/2030 (e) |  | 4912 | 5089 |
| Var Energi ASA, (Norway), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.77%), 7.86%, 11/15/2083 (aa) | EUR | 12159 | 15829 |
| Vermilion Energy, Inc., (Canada), |  |  |  |
| 6.88%, 05/01/2030 (e) |  | 100 | 98 |
| 7.25%, 02/15/2033 (e) |  | 235 | 222 |
| Viper Energy Partners LLC, 4.90%, 08/01/2030 |  | 313 | 315 |
| Vital Energy, Inc., |  |  |  |
| 7.75%, 07/31/2029 (e) |  | 1007 | 997 |
| 7.88%, 04/15/2032 (e) |  | 6199 | 6017 |
| 9.75%, 10/15/2030 |  | 2561 | 2674 |
| Vnom Sub, Inc., 5.38%, 11/01/2027 (e) |  | 575 | 575 |
| W&T Offshore, Inc., 10.75%, 02/01/2029 (e) |  | 20 | 19 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029 (e) |  | 2592 | 2619 |
| Wintershall Dea Finance 2 BV, (Netherlands), Series NC8, Reg. S, (EUR Swap Rate 5 Year + 3.32%), 3.00%, 07/20/2028 (x) (aa) | EUR | 8100 | 9165 |
|  |  |  | 405939 |
| **Oil & Gas Services** — **0.7%** |  |  |  |
| Archrock Partners LP / Archrock Partners Finance Corp., |  |  |  |
| 6.25%, 04/01/2028 (e) |  | 1428 | 1430 |
| 6.63%, 09/01/2032 (e) |  | 3635 | 3729 |
| 6.88%, 04/01/2027 (e) |  | 40 | 40 |
| Aris Water Holdings LLC, 7.25%, 04/01/2030 (e) |  | 1024 | 1081 |
| Bristow Group, Inc., 6.88%, 03/01/2028 (e) |  | 180 | 181 |
| CHC Group LLC, (Cayman Islands), 11.75%, 09/01/2030 (e) |  | 90 | 89 |
| Deepocean Ltd., (Jersey), 6.00%, 04/08/2031 (e) (w) | EUR | 575 | 684 |
| Enerflex Ltd., (Canada), 9.00%, 10/15/2027 (e) |  | 386 | 393 |
| Guara Norte Sarl, (Luxembourg), Reg. S, 5.20%, 06/15/2034 |  | 4072 | 3983 |
| Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029 (e) |  | 200 | 211 |
| Kodiak Gas Services LLC, |  |  |  |
| 6.50%, 10/01/2033 (e) |  | 3449 | 3511 |
| 6.75%, 10/01/2035 (e) |  | 2664 | 2736 |
| 7.25%, 02/15/2029 (e) |  | 4812 | 4991 |
| Nine Energy Service, Inc., 13.00%, 02/01/2028 |  | 30 | 15 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Oil & Gas Services** — **continued** |  |  |  |
| Oceaneering International, Inc., |  |  |  |
| 6.00%, 02/01/2028 |  | 515 | 521 |
| OEG Finance plc, (United Kingdom), Reg. S, 7.25%, 09/27/2029 | EUR | 3706 | 4548 |
| SESI LLC, 7.88%, 09/30/2030 (e) (w) |  | 665 | 665 |
| Star Holding LLC, 8.75%, 08/01/2031 (e) |  | 2964 | 2941 |
| TGS ASA, (Norway), 8.50%, 01/15/2030 (e) |  | 130 | 133 |
| Tidewater, Inc., 9.13%, 07/15/2030 (e) |  | 3018 | 3240 |
| USA Compression Partners LP / USA Compression Finance Corp., |  |  |  |
| 6.25%, 10/01/2033 (e) |  | 5168 | 5192 |
| 6.88%, 09/01/2027 |  | 1122 | 1122 |
| 7.13%, 03/15/2029 (e) |  | 2698 | 2783 |
| Viridien, (France), 10.00%, 10/15/2030 (e) |  | 140 | 143 |
| Weatherford International Ltd., (Bermuda), |  |  |  |
| 6.75%, 10/15/2033 (e) (w) |  | 5718 | 5723 |
| 8.63%, 04/30/2030 (e) |  | 4347 | 4444 |
| Welltec International ApS, (Denmark), 8.25%, 10/15/2026 (e) |  | 40 | 40 |
| Yinson Boronia Production BV, (Netherlands), |  |  |  |
| 8.95%, 07/31/2042 (e) |  | 2158 | 2401 |
| Reg. S, 8.95%, 07/31/2042 |  | 1246 | 1386 |
| Yinson Production Financial Services Pte Ltd., (Singapore), Reg. S, 9.63%, 05/03/2029 (e) |  | 3600 | 3804 |
|  |  |  | 62160 |
| **Pipelines** — **2.8%** |  |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., |  |  |  |
| 5.38%, 06/15/2029 (e) |  | 3818 | 3805 |
| 5.75%, 01/15/2028 (e) |  | 4752 | 4743 |
| 5.75%, 10/15/2033 (e) |  | 100 | 99 |
| 6.63%, 02/01/2032 (e) |  | 1606 | 1654 |
| Blue Racer Midstream LLC / Blue Racer Finance Corp., |  |  |  |
| 7.00%, 07/15/2029 (e) |  | 3483 | 3609 |
| 7.25%, 07/15/2032 (e) |  | 2160 | 2272 |
| Buckeye Partners LP, |  |  |  |
| 3.95%, 12/01/2026 |  | 188 | 186 |
| 4.13%, 12/01/2027 |  | 70 | 69 |
| 4.50%, 03/01/2028 (e) |  | 60 | 59 |
| 5.60%, 10/15/2044 |  | 116 | 106 |
| 5.85%, 11/15/2043 |  | 1850 | 1725 |
| 6.75%, 02/01/2030 (e) |  | 694 | 721 |
| 6.75%, 08/15/2033 |  | 60 | 61 |
| 6.88%, 07/01/2029 (e) |  | 261 | 271 |
| Cheniere Energy, Inc., 4.63%, 10/15/2028 |  | 214 | 213 |
| CNX Midstream Partners LP, 4.75%, 04/15/2030 (e) |  | 1230 | 1179 |
| Columbia Pipelines Holding Co. LLC, |  |  |  |
| 6.04%, 08/15/2028 (e) |  | 675 | 704 |
| 6.06%, 08/15/2026 (e) |  | 352 | 357 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 (e) |  | 6027 | 5971 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp., |  |  |  |
| 7.13%, 06/01/2028 (e) |  | 170 | 171 |
| 7.38%, 06/30/2033 (e) |  | 2766 | 2812 |
| 8.63%, 03/15/2029 (e) |  | 280 | 292 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |
|  **Pipelines** — **continued** |  |  |
| DT Midstream, Inc., 4.13%, 06/15/2029 (e) | 1024 | 999 |
| Enbridge, Inc., (Canada), |  |  |
| (CMT Index 5 Year + 2.97%), 7.20%, 06/27/2054 (aa) | 2888 | 3060 |
| (CMT Index 5 Year + 3.12%), 7.38%, 03/15/2055 (aa) | 1688 | 1786 |
| Energy Transfer LP, |  |  |
| 5.63%, 05/01/2027 (e) | 794 | 794 |
| 6.00%, 02/01/2029 (e) | 1201 | 1218 |
| (CMT Index 5 Year + 2.68%), 6.50%, 02/15/2056 (aa) | 350 | 348 |
| (CMT Index 5 Year + 2.48%), 6.75%, 02/15/2056 (aa) | 150 | 150 |
| (CMT Index 5 Year + 2.83%), 7.13%, 10/01/2054 (aa) | 4648 | 4811 |
| 7.38%, 02/01/2031 (e) | 272 | 284 |
| (CMT Index 5 Year + 4.02%), 8.00%, 05/15/2054 (aa) | 3868 | 4134 |
| Series G, (CMT Index 5 Year + 5.31%), 7.13%, 05/15/2030 (x) (aa) | 1877 | 1940 |
| Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa) | 4655 | 4672 |
| Excelerate Energy LP, 8.00%, 05/15/2030 (e) | 1852 | 1971 |
| Genesis Energy LP / Genesis Energy Finance Corp., |  |  |
| 7.75%, 02/01/2028 | 100 | 101 |
| 7.88%, 05/15/2032 | 2847 | 2968 |
| 8.00%, 05/15/2033 | 2415 | 2529 |
| 8.25%, 01/15/2029 | 90 | 94 |
| 8.88%, 04/15/2030 | 80 | 84 |
| Global Partners LP / GLP Finance Corp., |  |  |
| 6.88%, 01/15/2029 | 1350 | 1362 |
| 7.13%, 07/01/2033 (e) | 1998 | 2048 |
| 8.25%, 01/15/2032 (e) | 1750 | 1845 |
| Harvest Midstream I LP, |  |  |
| 7.50%, 09/01/2028 (e) | 190 | 192 |
| 7.50%, 05/15/2032 (e) | 1152 | 1177 |
| Hess Midstream Operations LP, |  |  |
| 4.25%, 02/15/2030 (e) | 629 | 610 |
| 5.13%, 06/15/2028 (e) | 942 | 941 |
| 5.88%, 03/01/2028 (e) | 40 | 41 |
| 6.50%, 06/01/2029 (e) | 1090 | 1124 |
| Howard Midstream Energy Partners LLC, |  |  |
| 6.63%, 01/15/2034 (e) | 4116 | 4195 |
| 7.38%, 07/15/2032 (e) | 858 | 890 |
| ITT Holdings LLC, 6.50%, 08/01/2029 (e) | 6071 | 5969 |
| Kinder Morgan, Inc., 5.00%, 02/01/2029 | 66 | 68 |
| Kinetik Holdings LP, |  |  |
| 5.88%, 06/15/2030 (e) | 93 | 94 |
| 6.63%, 12/15/2028 (e) | 758 | 778 |
| Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 (e) | 170 | 180 |
| New Generation Gas, Reg. S, 0.00%, 09/30/2029 (e) (bb) | 35 | 35 |
| New Generation Gas Gathering LLC, |  |  |
| 0.00%, 09/30/2029 (e) (bb) | 264 | 260 |
| Reg. S, 0.00%, 12/31/2049 (e) (bb) | 176 | 173 |
| Reg. S, 10.08%, 09/30/2029 (e) (bb) | 176 | 173 |
| NFE Financing LLC, 12.00%, 11/15/2029 (e) | 2980 | 861 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |
|  **Pipelines** — **continued** |  |  |
| NGL Energy Operating LLC / NGL Energy Finance Corp., |  |  |
| 8.13%, 02/15/2029 (e) | 2419 | 2481 |
| 8.38%, 02/15/2032 (e) | 9797 | 10038 |
| NGPL PipeCo. LLC, 4.88%, 08/15/2027 (e) | 387 | 388 |
| Northriver Midstream Finance LP, (Canada), 6.75%, 07/15/2032 (e) | 1209 | 1241 |
| NuStar Logistics LP, |  |  |
| 5.63%, 04/28/2027 | 80 | 80 |
| 6.38%, 10/01/2030 | 80 | 83 |
| ONEOK, Inc., 5.63%, 01/15/2028 (e) | 87 | 89 |
| Prairie Acquiror LP, 9.00%, 08/01/2029 (e) | 1257 | 1305 |
| Rockies Express Pipeline LLC, |  |  |
| 4.80%, 05/15/2030 (e) | 2225 | 2173 |
| 4.95%, 07/15/2029 (e) | 213 | 211 |
| 6.75%, 03/15/2033 (e) | 965 | 1007 |
| 6.88%, 04/15/2040 (e) | 2630 | 2706 |
| 7.50%, 07/15/2038 (e) | 1425 | 1520 |
| Sabal Trail Transmission LLC, 4.25%, 05/01/2028 (e) | 787 | 782 |
| Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026 | 59 | 59 |
| South Bow Canadian Infrastructure Holdings Ltd., (Canada), |  |  |
| (CMT Index 5 Year + 3.67%), 7.50%, 03/01/2055 (aa) | 90 | 96 |
| (CMT Index 5 Year + 3.95%), 7.63%, 03/01/2055 (aa) | 70 | 73 |
| South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027 | 702 | 708 |
| Southern Gas Corridor CJSC, (Azerbaijan), Reg. S, 6.88%, 03/24/2026 | 9300 | 9396 |
| Summit Midstream Holdings LLC, 8.63%, 10/31/2029 (e) | 160 | 161 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., |  |  |
| 5.50%, 01/15/2028 (e) | 5326 | 5299 |
| 6.00%, 03/01/2027 (e) | 1063 | 1063 |
| 6.00%, 12/31/2030 (e) | 868 | 857 |
| 6.00%, 09/01/2031 (e) | 1999 | 1955 |
| 6.75%, 03/15/2034 (e) | 1461 | 1448 |
| 7.38%, 02/15/2029 (e) | 4609 | 4746 |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp., |  |  |
| 5.00%, 01/15/2028 | 758 | 759 |
| 6.88%, 01/15/2029 | 1637 | 1668 |
| TransMontaigne Partners LLC, 8.50%, 06/15/2030 (e) | 624 | 650 |
| Venture Global Calcasieu Pass LLC, |  |  |
| 3.88%, 08/15/2029 (e) | 2155 | 2066 |
| 3.88%, 11/01/2033 (e) | 60 | 54 |
| 4.13%, 08/15/2031 (e) | 1400 | 1322 |
| 6.25%, 01/15/2030 (e) | 1130 | 1178 |
| Venture Global LNG, Inc., |  |  |
| 7.00%, 01/15/2030 (e) | 1520 | 1571 |
| 8.13%, 06/01/2028 (e) | 590 | 611 |
| 8.38%, 06/01/2031 (e) | 6701 | 7034 |
| (CMT Index 5 Year + 5.44%), 9.00%, 09/30/2029 (e) (x) (aa) | 36300 | 35974 |
| 9.50%, 02/01/2029 (e) | 20928 | 23056 |
| 9.88%, 02/01/2032 (e) | 8639 | 9406 |
| Venture Global Plaquemines LNG LLC, |  |  |
| 6.50%, 01/15/2034 (e) | 9452 | 9946 |
| 6.75%, 01/15/2036 (e) | 9776 | 10384 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
|  **Pipelines** — **continued** |  |  |  |
| 7.50%, 05/01/2033 (e) |  | 5415 | 5984 |
| 7.75%, 05/01/2035 (e) |  | 4679 | 5281 |
| Western Midstream Operating LP, |  |  |  |
| 4.65%, 07/01/2026 |  | 785 | 785 |
| 4.75%, 08/15/2028 |  | 87 | 88 |
| Whistler Pipeline LLC, 5.40%, 09/30/2029 (e) |  | 353 | 363 |
|  |  |  | 254183 |
| Total Energy |  |  | 734276 |
| **Financial** — **14.0%** |  |  |  |
| **Banks** — **3.1%** |  |  |  |
| ABN AMRO Bank NV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 4.24%), 6.88%, 09/22/2031 (x) (aa) | EUR | 4000 | 5123 |
| AIB Group plc, (Ireland), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.71%), 6.00%, 07/14/2031 (x) (aa) | EUR | 1675 | 2008 |
| (United States SOFR + 2.33%), 6.61%, 09/13/2029 (e) (aa) |  | 416 | 442 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.39%), 7.13%, 10/30/2029 (x) (aa) | EUR | 800 | 1007 |
| Armor Holdco, Inc., 8.50%, 11/15/2029 (e) |  | 80 | 79 |
| Banco Bilbao Vizcaya Argentaria SA, (Spain), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 4.27%), 6.88%, 12/13/2030 (x) (aa) | EUR | 200 | 254 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.54%), 8.38%, 06/21/2028 (x) (aa) | EUR | 600 | 781 |
| Banco Comercial Portugues SA, (Portugal), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.78%), 8.13%, 01/18/2029 (x) (aa) | EUR | 2800 | 3612 |
| Banco Davivienda SA, (Colombia), Reg. S, (CMT Index 1 Year + 5.10%), 6.65%, 04/22/2031 (x) (aa) |  | 1300 | 1208 |
| Banco de Sabadell SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 6.83%), 9.38%, 07/18/2028 (x) (aa) | EUR | 7800 | 10382 |
| Banco Mercantil del Norte SA, (Mexico), (CMT Index 5 Year + 4.07%), 8.38%, 05/20/2031 (e) (x) (aa) |  | 2800 | 2948 |
| Banco Nacional de Comercio Exterior SNC, (Mexico), |  |  |  |
| Reg. S, 4.38%, 10/14/2025 |  | 1128 | 1129 |
| 5.88%, 05/07/2030 (e) |  | 1727 | 1789 |
| Banco Santander SA, (Spain), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.82%), 6.00%, 01/02/2031 (x) (aa) | EUR | 1400 | 1687 |
| Bank of America Corp., |  |  |  |
| (CME Term SOFR 3 Month + 1.63%), 3.59%, 07/21/2028 (aa) |  | 1023 | 1014 |
| (CME Term SOFR 3 Month + 1.33%), 3.97%, 03/05/2029 (aa) |  | 1151 | 1146 |
| (CMT Index 5 Year + 2.35%), 6.25%, 07/26/2030 (x) (aa) |  | 6920 | 7014 |
| (CMT Index 5 Year + 2.68%), 6.63%, 05/01/2030 (x) (aa) |  | 10110 | 10521 |
| Bank of Ireland Group plc, (Ireland), |  |  |  |
| (CMT Index 1 Year + 1.10%), 2.03%, 09/30/2027 (e) (aa) |  | 922 | 901 |
| (United States SOFR + 1.62%), 5.60%, 03/20/2030 (e) (aa) |  | 334 | 347 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.03%), 6.38%, 03/10/2030 (x) (aa) | EUR | 1300 | 1591 |
| Bankinter SA, (Spain), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.71%), 7.38%, 08/15/2028 (x) (aa) | EUR | 400 | 510 |
| Barclays plc, (United Kingdom), |  |  |  |
| (CMT Index 5 Year + 3.41%), 4.38%, 03/15/2028 (x) (aa) |  | 465 | 440 |
| (United States SOFR + 1.23%), 5.37%, 02/25/2031 (aa) |  | 283 | 292 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks** — **continued** |  |  |  |
| (United States SOFR + 1.88%), 6.50%, 09/13/2027 (aa) |  | 462 | 471 |
| (USD SOFR ICE Swap Rate 5 Year + 3.69%), 7.63%, 03/15/2035 (x) (aa) |  | 2000 | 2119 |
| (CMT Index 5 Year + 5.43%), 8.00%, 03/15/2029 (x) (aa) |  | 600 | 635 |
| (ICE Swap Rate GBP SONIA 5 Year + 5.64%), 9.25%, 09/15/2028 (x) (aa) | GBP | 9050 | 13165 |
| (USD SOFR ICE Swap Rate 5 Year + 5.78%), 9.63%, 12/15/2029 (x) (aa) |  | 10305 | 11699 |
| BNP Paribas SA, (France), |  |  |  |
| (United States SOFR + 1.61%), 1.90%, 09/30/2028 (e) (aa) |  | 400 | 381 |
| (United States SOFR + 1.23%), 2.59%, 01/20/2028 (e) (aa) |  | 1086 | 1063 |
| (United States SOFR + 1.28%), 5.28%, 11/19/2030 (e) (aa) |  | 200 | 206 |
| BOI Finance BV, (Netherlands), Reg. S, 7.50%, 02/16/2027 | EUR | 1400 | 1687 |
| BPCE SA, (France), |  |  |  |
| (United States SOFR + 1.09%), 2.05%, 10/19/2027 (e) (aa) |  | 305 | 298 |
| 4.88%, 04/01/2026 (e) |  | 200 | 200 |
| BPER Banca SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.35%), 6.50%, 03/20/2030 (x) (aa) | EUR | 200 | 246 |
| CaixaBank SA, (Spain), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 4.50%), 5.25%, 03/23/2026 (x) (aa) | EUR | 400 | 474 |
| Reg. S, (EUR Swap Rate 5 Year + 6.35%), 5.88%, 10/09/2027 (x) (aa) | EUR | 400 | 487 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.94%), 6.25%, 07/24/2032 (x) (aa) | EUR | 200 | 246 |
| Capital One NA, (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 1.73%), 5.97%, 08/09/2028 (aa) |  | 282 | 292 |
| Citigroup, Inc., |  |  |  |
| (CME Term SOFR 3 Month + 1.82%), 3.89%, 01/10/2028 (aa) |  | 805 | 802 |
| (United States SOFR + 1.17%), 4.50%, 09/11/2031 (aa) |  | 369 | 369 |
| (United States SOFR + 0.87%), 4.79%, 03/04/2029 (aa) |  | 1001 | 1014 |
| (United States SOFR + 1.36%), 5.17%, 02/13/2030 (aa) |  | 1099 | 1128 |
| Series CC, (CMT Index 5 Year + 2.69%), 7.13%, 08/15/2029 (x) (aa) |  | 8870 | 9163 |
| Series DD, (CMT Index 1 Year + 2.76%), 7.00%, 08/15/2034 (x) (aa) |  | 1380 | 1466 |
| Series EE, (CMT Index 5 Year + 2.57%), 6.75%, 02/15/2030 (x) (aa) |  | 3611 | 3670 |
| Series FF, (CMT Index 5 Year + 2.73%), 6.95%, 02/15/2030 (x) (aa) |  | 2629 | 2700 |
| Series GG, (CMT Index 5 Year + 2.89%), 6.88%, 08/15/2030 (x) (aa) |  | 2450 | 2525 |
| Series X, (CMT Index 5 Year + 3.42%), 3.88%, 02/18/2026 (x) (aa) |  | 4871 | 4826 |
| Citizens Financial Group, Inc., |  |  |  |
| (United States SOFR + 1.26%), 5.25%, 03/05/2031 (aa) |  | 825 | 846 |
| (United States SOFR + 2.01%), 5.84%, 01/23/2030 (aa) |  | 388 | 404 |
| Commerzbank AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 6.74%), 6.50%, 10/09/2029 (x) (aa) | EUR | 200 | 251 |
| Credit Agricole SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.64%), 5.88%, 03/23/2035 (x) (aa) | EUR | 200 | 239 |
| Danske Bank A/S, (Denmark), (CMT Index 1 Year + 1.75%), 4.30%, 04/01/2028 (e) (aa) |  | 630 | 631 |
| Deutsche Bank AG, (Germany), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.55%), 4.50%, 11/30/2026 (x) (aa) | EUR | 3800 | 4428 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.75%), 4.63%, 10/30/2027 (x) (aa) | EUR | 200 | 231 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.69%), 6.75%, 10/30/2028 (x) (aa) | EUR | 8000 | 9875 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.60%), 7.13%, 10/30/2030 (x) (aa) | EUR | 200 | 248 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.11%), 7.38%, 10/30/2031 (x) (aa) | EUR | 200 | 253 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.26%), 8.13%, 10/30/2029 (x) (aa) | EUR | 8600 | 11027 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks** — **continued** |  |  |  |
| Deutsche Pfandbriefbank AG, (Germany), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.86%), 7.13%, 10/04/2035 (aa) | EUR | 1200 | 1495 |
| Dresdner Funding Trust I, 8.15%, 06/30/2031 (e) |  | 70 | 77 |
| Eurobank SA, (Greece), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.70%), 4.00%, 02/07/2036 (aa) | EUR | 383 | 452 |
| Federation des Caisses Desjardins du Quebec, (Canada), 4.57%, 08/26/2030 (e) |  | 200 | 201 |
| First Citizens BancShares, Inc., (United States SOFR + 1.41%), 5.23%, 03/12/2031 (aa) |  | 826 | 839 |
| First Horizon Corp., (United States SOFR + 1.77%), 5.51%, 03/07/2031 (aa) |  | 328 | 338 |
| Freedom Mortgage Corp., |  |  |  |
| 6.63%, 01/15/2027 (e) |  | 2065 | 2060 |
| 12.00%, 10/01/2028 (e) |  | 2234 | 2368 |
| 12.25%, 10/01/2030 (e) |  | 1865 | 2081 |
| Goldman Sachs Group, Inc. (The), |  |  |  |
| (United States SOFR + 1.11%), 2.64%, 02/24/2028 (aa) |  | 1481 | 1450 |
| (CME Term SOFR 3 Month + 1.56%), 4.22%, 05/01/2029 (aa) |  | 1657 | 1659 |
| (United States SOFR + 1.32%), 4.94%, 04/23/2028 (aa) |  | 334 | 338 |
| (United States SOFR + 1.58%), 5.22%, 04/23/2031 (aa) |  | 395 | 408 |
| (CMT Index 5 Year + 2.46%), 6.85%, 02/10/2030 (x) (aa) |  | 4735 | 4919 |
| Series Y, (CMT Index 1 Year + 2.40%), 6.13%, 11/10/2034 (x) (aa) |  | 8008 | 8128 |
| HSBC Holdings plc, (United Kingdom), |  |  |  |
| (United States SOFR + 1.03%), 4.90%, 03/03/2029 (aa) |  | 434 | 440 |
| (United States SOFR + 1.06%), 5.60%, 05/17/2028 (aa) |  | 286 | 292 |
| Huntington Bancshares, Inc., (United States SOFR + 1.97%), 4.44%, 08/04/2028 (aa) |  | 36 | 36 |
| ING Groep NV, (Netherlands), (United States SOFR + 1.56%), 6.08%, 09/11/2027 (aa) |  | 332 | 338 |
| Intesa Sanpaolo SpA, (Italy), |  |  |  |
| (CMT Index 1 Year + 2.60%), 4.20%, 06/01/2032 (e) (aa) |  | 3570 | 3375 |
| (CMT Index 1 Year + 2.75%), 4.95%, 06/01/2042 (e) (aa) |  | 450 | 380 |
| Reg. S, (EUR Swap Rate 5 Year + 5.85%), 5.50%, 03/01/2028 (x) (aa) | EUR | 350 | 425 |
| 5.71%, 01/15/2026 (e) |  | 410 | 411 |
| Reg. S, (EUR Swap Rate 5 Year + 6.09%), 5.88%, 09/01/2031 (x) (aa) | EUR | 5610 | 6973 |
| KBC Group NV, (Belgium), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.81%), 6.00%, 11/27/2030 (x) (aa) | EUR | 1400 | 1690 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.99%), 6.25%, 09/17/2031 (x) (aa) | EUR | 800 | 981 |
| KeyCorp., (SOFR Compounded Index + 1.23%), 5.12%, 04/04/2031 (aa) |  | 80 | 82 |
| Lloyds Banking Group plc, (United Kingdom), |  |  |  |
| 4.58%, 12/10/2025 |  | 200 | 200 |
| (CMT Index 1 Year + 1.48%), 5.99%, 08/07/2027 (aa) |  | 200 | 203 |
| Macquarie Bank Ltd., (Australia), 3.62%, 06/03/2030 (e) |  | 239 | 228 |
| Macquarie Group Ltd., (Australia), (CME Term SOFR 3 Month + 1.63%), 3.76%, 11/28/2028 (e) (aa) |  | 506 | 500 |
| Morgan Stanley, |  |  |  |
| (United States SOFR + 1.38%), 4.99%, 04/12/2029 (aa) |  | 394 | 402 |
| (United States SOFR + 1.22%), 5.04%, 07/19/2030 (aa) |  | 155 | 159 |
| (United States SOFR + 1.73%), 5.12%, 02/01/2029 (aa) |  | 476 | 486 |
| (United States SOFR + 1.63%), 5.45%, 07/20/2029 (aa) |  | 98 | 101 |
| Morgan Stanley Private Bank NA, (United States SOFR + 1.08%), 4.73%, 07/18/2031 (aa) |  | 250 | 254 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks** — **continued** |  |  |  |
| National Bank of Greece SA, (Greece), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.15%), 5.88%, 06/28/2035 (aa) | EUR | 9550 | 12062 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.65%), 8.00%, 01/03/2034 (aa) | EUR | 4636 | 6129 |
| NatWest Group plc, (United Kingdom), |  |  |  |
| (CMT Index 1 Year + 1.22%), 4.96%, 08/15/2030 (aa) |  | 296 | 301 |
| (CMT Index 5 Year + 3.75%), 8.13%, 11/10/2033 (x) (aa) |  | 2382 | 2682 |
| Nova Ljubljanska Banka dd, (Slovenia), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.23%), 6.88%, 01/24/2034 (aa) | EUR | 2200 | 2799 |
| Piraeus Bank SA, (Greece), Reg. S, (EUR Swap Rate 1 Year + 3.84%), 6.75%, 12/05/2029 (aa) | EUR | 6052 | 7892 |
| PNC Financial Services Group, Inc. (The), |  |  |  |
| (United States SOFR + 1.33%), 4.90%, 05/13/2031 (aa) |  | 1028 | 1050 |
| Series W, (CMT Index 7 Year + 2.81%), 6.25%, 03/15/2030 (x) (aa) |  | 954 | 979 |
| Popular, Inc., (Puerto Rico), 7.25%, 03/13/2028 |  | 194 | 203 |
| Santander UK Group Holdings plc, (United Kingdom), |  |  |  |
| (SOFR Compounded Index + 1.07%), 4.32%, 09/22/2029 (aa) |  | 248 | 247 |
| (United States SOFR + 2.60%), 6.53%, 01/10/2029 (aa) |  | 990 | 1036 |
| (United States SOFR + 2.75%), 6.83%, 11/21/2026 (aa) |  | 617 | 619 |
| Societe Generale SA, (France), |  |  |  |
| (CMT Index 5 Year + 3.79%), 8.13%, 11/21/2029 (e) (x) (aa) |  | 1123 | 1176 |
| Reg. S, (CMT Index 5 Year + 5.45%)10.00%, 11/14/2028 (x) (aa) |  | 3380 | 3745 |
| Standard Chartered plc, (United Kingdom), |  |  |  |
| (CMT Index 1 Year + 1.05%), 5.69%, 05/14/2028 (e) (aa) |  | 256 | 262 |
| (CMT Index 1 Year + 1.85%), 6.75%, 02/08/2028 (e) (aa) |  | 400 | 412 |
| Synchrony Bank, 5.63%, 08/23/2027 |  | 1056 | 1078 |
| Toronto-Dominion Bank (The), (Canada), (CMT Index 5 Year + 2.98%), 7.25%, 07/31/2084 (aa) |  | 2441 | 2569 |
| Turkiye Vakiflar Bankasi TAO, (Turkey), 7.25%, 07/31/2030 (e) |  | 1600 | 1635 |
| UBS Group AG, (Switzerland), |  |  |  |
| (CMT Index 1 Year + 0.85%), 1.49%, 08/10/2027 (e) (aa) |  | 1067 | 1042 |
| (ICE LIBOR USD 3 Month + 1.41%), 3.87%, 01/12/2029 (e) (aa) |  | 806 | 799 |
| Reg. S, (CMT Index 5 Year + 3.31%), 4.38%, 02/10/2031 (x) (aa) |  | 520 | 473 |
| (CMT Index 1 Year + 2.05%), 4.70%, 08/05/2027 (e) (aa) |  | 1194 | 1198 |
| (CMT Index 1 Year + 1.52%), 5.43%, 02/08/2030 (e) (aa) |  | 200 | 207 |
| (USD SOFR ICE Swap Rate 5 Year + 3.12%), 6.60%, 08/05/2030 (e) (x) (aa) |  | 2200 | 2212 |
| (USD SOFR ICE Swap Rate 5 Year + 3.63%), 6.85%, 09/10/2029 (e) (x) (aa) |  | 1865 | 1923 |
| (USD SOFR ICE Swap Rate 5 Year + 3.08%), 7.00%, 02/10/2030 (e) (x) (aa) |  | 2427 | 2487 |
| (USD SOFR ICE Swap Rate 5 Year + 3.30%), 7.00%, 02/05/2035 (e) (x) (aa) |  | 3800 | 3874 |
| (USD SOFR ICE Swap Rate 5 Year + 3.18%), 7.13%, 08/10/2034 (e) (x) (aa) |  | 2746 | 2826 |
| (USD SOFR ICE Swap Rate 5 Year + 4.16%), 7.75%, 04/12/2031 (e) (x) (aa) |  | 7396 | 7967 |
| (CMT Index 5 Year + 4.75%), 9.25%, 11/13/2028 (e) (x) (aa) |  | 4217 | 4645 |
| (CMT Index 5 Year + 4.76%), 9.25%, 11/13/2033 (e) (x) (aa) |  | 5351 | 6369 |
| Unicaja Banco SA, (Spain), Reg. S, (EUR Swap Rate 5 Year + 2.80%), 5.50%, 06/22/2034 (aa) | EUR | 1400 | 1741 |
| US Bancorp, |  |  |  |
| (United States SOFR + 1.06%), 5.05%, 02/12/2031 (aa) |  | 1007 | 1033 |
| (United States SOFR + 2.02%), 5.78%, 06/12/2029 (aa) |  | 219 | 228 |
| (United States SOFR + 1.88%), 6.79%, 10/26/2027 (aa) |  | 157 | 161 |
| Uzbek Industrial and Construction Bank ATB, (Uzbekistan), |  |  |  |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |
| **Banks** — **continued** |  |  |
| 8.95%, 07/24/2029 (e) | 1000 | 1083 |
| Reg. S, 8.95%, 07/24/2029 | 200 | 217 |
| Vakifbank DPR, 6.83%, 03/15/2035 (f) (bb) | 2200 | 2200 |
| Valley National Bancorp, (CME Term SOFR 3 Month + 2.78%), 6.25%, 09/30/2032 (aa) | 110 | 105 |
| Walker & Dunlop, Inc., 6.63%, 04/01/2033 (e) | 889 | 911 |
| Wells Fargo & Co., |  |  |
| (United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa) | 101 | 102 |
| (United States SOFR + 1.37%), 4.97%, 04/23/2029 (aa) | 319 | 325 |
| (United States SOFR + 1.50%), 5.20%, 01/23/2030 (aa) | 244 | 251 |
| (United States SOFR + 1.74%), 5.57%, 07/25/2029 (aa) | 178 | 185 |
| (United States SOFR + 1.79%), 6.30%, 10/23/2029 (aa) | 786 | 833 |
| (CMT Index 5 Year + 2.77%), 6.85%, 09/15/2029 (x) (aa) | 2015 | 2118 |
|  |  | 285150 |
| **Diversified Financial Services** — **3.3%** |  |  |
| AG Issuer LLC, 6.25%, 03/01/2028 (e) (w) | 372 | 373 |
| Aircastle Ltd. / Aircastle Ireland DAC, (Bermuda), |  |  |
| 5.00%, 09/15/2030 (e) | 188 | 190 |
| 5.25%, 03/15/2030 (e) | 150 | 153 |
| Aircastle Ltd., (Bermuda), 5.95%, 02/15/2029 (e) | 187 | 195 |
| Ally Financial, Inc., |  |  |
| 5.75%, 11/20/2025 | 329 | 329 |
| (CMT Index 5 Year + 2.45%), 6.65%, 01/17/2040 (aa) | 110 | 110 |
| American Express Co., (United States SOFR + 1.33%), 6.34%, 10/30/2026 (aa) | 294 | 295 |
| Aretec Group, Inc., |  |  |
| 7.50%, 04/01/2029 (e) | 70 | 70 |
| 10.00%, 08/15/2030 (e) | 120 | 131 |
| Atlanticus Holdings Corp., 9.75%, 09/01/2030 (e) | 70 | 69 |
| Atlas Warehouse Lending Co. LP, |  |  |
| 6.05%, 01/15/2028 (e) | 600 | 614 |
| 6.25%, 01/15/2030 (e) | 250 | 257 |
| Aviation Capital Group LLC, |  |  |
| 1.95%, 09/20/2026 (e) | 614 | 600 |
| 3.50%, 11/01/2027 (e) | 337 | 331 |
| 4.88%, 10/01/2025 (e) | 908 | 908 |
| 5.38%, 07/15/2029 (e) | 630 | 645 |
| Avolon Holdings Funding Ltd., (Cayman Islands), |  |  |
| 2.13%, 02/21/2026 (e) | 305 | 302 |
| 2.53%, 11/18/2027 (e) | 397 | 382 |
| 2.75%, 02/21/2028 (e) | 81 | 78 |
| 3.25%, 02/15/2027 (e) | 251 | 247 |
| 4.95%, 01/15/2028 (e) | 74 | 74 |
| 5.50%, 01/15/2026 (e) | 352 | 352 |
| 5.75%, 03/01/2029 (e) | 453 | 469 |
| 5.75%, 11/15/2029 (e) | 585 | 608 |
| Azorra Finance Ltd., (Cayman Islands), |  |  |
| 7.25%, 01/15/2031 (e) | 2244 | 2337 |
| 7.75%, 04/15/2030 (e) | 3390 | 3564 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Diversified Financial Services** — **continued** |  |  |  |
| Bracken MidCo1 plc, (United Kingdom), Reg. S, 6.75% (cash), 11/01/2027 (v) | GBP | 3269 | 4379 |
| Bread Financial Holdings, Inc., |  |  |  |
| (CMT Index 5 Year + 4.30%), 8.38%, 06/15/2035 (e) (aa) |  | 1270 | 1303 |
| 9.75%, 03/15/2029 (e) |  | 753 | 804 |
| Burford Capital Global Finance LLC, |  |  |  |
| 6.25%, 04/15/2028 (e) |  | 230 | 231 |
| 6.88%, 04/15/2030 (e) |  | 230 | 231 |
| 7.50%, 07/15/2033 (e) |  | 100 | 102 |
| 9.25%, 07/01/2031 (e) |  | 230 | 244 |
| CIMA Finance DAC, (Ireland), Reg. S, 2.95%, 09/05/2029 |  | 3609 | 3361 |
| Citadel Securities Global Holdings LLC, 5.50%, 06/18/2030 (e) |  | 250 | 257 |
| Cobra AcquisitionCo. LLC, |  |  |  |
| 6.38%, 11/01/2029 (e) |  | 70 | 61 |
| 12.25%, 11/01/2029 (e) |  | 40 | 41 |
| Coinbase Global, Inc., |  |  |  |
| 3.38%, 10/01/2028 (e) |  | 240 | 228 |
| 3.63%, 10/01/2031 (e) |  | 200 | 178 |
| Credicorp Capital Sociedad Titulizadora SA, (Peru), |  |  |  |
| Reg. S, 9.70%, 03/05/2045 (e) | PEN | 8200 | 2486 |
| Reg. S, 10.10%, 12/15/2043 (e) | PEN | 6300 | 1941 |
| Credit Acceptance Corp., |  |  |  |
| 6.63%, 03/15/2030 (e) |  | 90 | 90 |
| 9.25%, 12/15/2028 (e) |  | 90 | 95 |
| CrossCountry Intermediate HoldCo LLC, 6.50%, 10/01/2030 (e) |  | 2373 | 2381 |
| Encore Capital Group, Inc., |  |  |  |
| Reg. S, 4.25%, 06/01/2028 | GBP | 8008 | 10289 |
| 6.63%, 04/15/2031 (e) (w) |  | 860 | 856 |
| 8.50%, 05/15/2030 (e) |  | 985 | 1046 |
| 9.25%, 04/01/2029 (e) |  | 120 | 126 |
| Enova International, Inc., |  |  |  |
| 9.13%, 08/01/2029 (e) |  | 110 | 116 |
| 11.25%, 12/15/2028 (e) |  | 150 | 159 |
| EZCORP, Inc., 7.38%, 04/01/2032 (e) |  | 50 | 53 |
| Finance of America Funding LLC, 7.88%, 11/30/2026 (e) |  | 30 | 28 |
| Focus Financial Partners LLC, 6.75%, 09/15/2031 (e) |  | 3968 | 4063 |
| Freedom Funding Center LLC, 12.00% (cash), 10/01/2032 (e) (v) |  | 1947 | 1947 |
| Freedom Mortgage Holdings LLC, |  |  |  |
| 7.88%, 04/01/2033 (e) |  | 70 | 72 |
| 8.38%, 04/01/2032 (e) |  | 1949 | 2043 |
| 9.13%, 05/15/2031 (e) |  | 4020 | 4275 |
| 9.25%, 02/01/2029 (e) |  | 5851 | 6175 |
| Garfunkelux Holdco 3 SA, (Luxembourg), Reg. S, 9.00%, 09/01/2028 | EUR | 187 | 223 |
| Garfunkelux Holdco 4 SA, (Luxembourg), Reg. S, 10.50% (Blend (cash 0.02% + PIK 10.48%)), 05/01/2030 (v) | EUR | 25 | 3 |
| GGAM Finance Ltd., (Cayman Islands), |  |  |  |
| 5.88%, 03/15/2030 (e) |  | 2338 | 2367 |
| 6.88%, 04/15/2029 (e) |  | 2343 | 2430 |
| 7.75%, 05/15/2026 (e) |  | 653 | 655 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Diversified Financial Services** — **continued** |  |  |  |
| 8.00%, 02/15/2027 (e) |  | 2035 | 2083 |
| 8.00%, 06/15/2028 (e) |  | 3138 | 3322 |
| Global Aircraft Leasing Co. Ltd., (Cayman Islands), 8.75%, 09/01/2027 (e) |  | 3154 | 3259 |
| goeasy Ltd., (Canada), |  |  |  |
| 6.88%, 05/15/2030 (e) |  | 110 | 109 |
| 6.88%, 02/15/2031 (e) |  | 2355 | 2280 |
| 7.38%, 10/01/2030 (e) |  | 3395 | 3412 |
| 7.63%, 07/01/2029 (e) |  | 1290 | 1306 |
| 9.25%, 12/01/2028 (e) |  | 1070 | 1117 |
| Hightower Holding LLC, |  |  |  |
| 6.75%, 04/15/2029 (e) |  | 110 | 109 |
| 9.13%, 01/31/2030 (e) |  | 70 | 74 |
| Interoceanica IV Finance Ltd., (Cayman Islands), Reg. S, Zero Coupon, 11/30/2025 |  | 590 | 584 |
| Intrum Investments And Financing AB, (Sweden), |  |  |  |
| Reg. S, 7.75%, 09/11/2027 | EUR | 81 | 88 |
| Reg. S, 8.00%, 09/11/2027 | EUR | 167 | 199 |
| Reg. S, 8.50%, 09/11/2029 | EUR | 101 | 104 |
| Series 1, Reg. S, 7.75%, 09/11/2028 (e) | EUR | 223 | 231 |
| Jane Street Group / JSG Finance, Inc., |  |  |  |
| 4.50%, 11/15/2029 (e) |  | 734 | 716 |
| 6.13%, 11/01/2032 (e) |  | 901 | 913 |
| 6.75%, 05/01/2033 (e) |  | 1384 | 1435 |
| 7.13%, 04/30/2031 (e) |  | 150 | 158 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp., |  |  |  |
| 5.00%, 08/15/2028 (e) |  | 3229 | 3120 |
| 6.63%, 10/15/2031 (e) |  | 1971 | 1983 |
| Jefferson Capital Holdings LLC, |  |  |  |
| 6.00%, 08/15/2026 (e) |  | 635 | 635 |
| 8.25%, 05/15/2030 (e) |  | 140 | 146 |
| 9.50%, 02/15/2029 (e) |  | 170 | 179 |
| Jerrold Finco plc, (United Kingdom), |  |  |  |
| 7.50%, 06/15/2031 (e) | GBP | 6024 | 8283 |
| Reg. S, 7.50%, 06/15/2031 | GBP | 2850 | 3918 |
| Reg. S, 7.88%, 04/15/2030 | GBP | 9991 | 13851 |
| LD Holdings Group LLC, |  |  |  |
| 6.13%, 04/01/2028 (e) |  | 983 | 909 |
| 8.75%, 11/01/2027 (e) |  | 50 | 50 |
| LFS Topco LLC, 8.75%, 07/15/2030 (e) |  | 100 | 100 |
| LPL Holdings, Inc., |  |  |  |
| 4.00%, 03/15/2029 (e) |  | 596 | 583 |
| 4.63%, 11/15/2027 (e) |  | 1147 | 1145 |
| 4.90%, 04/03/2028 |  | 192 | 194 |
| 5.15%, 06/15/2030 |  | 287 | 293 |
| Macquarie Airfinance Holdings Ltd., (United Kingdom), |  |  |  |
| 5.15%, 03/17/2030 (e) |  | 938 | 951 |
| 6.40%, 03/26/2029 (e) |  | 392 | 412 |
| 6.50%, 03/26/2031 (e) |  | 2585 | 2770 |
| 8.13%, 03/30/2029 (e) |  | 1018 | 1060 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |
| **Diversified Financial Services** — **continued** |  |  |
| Midcap Financial Issuer Trust, |  |  |
| 5.63%, 01/15/2030 (e) | 975 | 921 |
| 6.50%, 05/01/2028 (e) | 873 | 867 |
| Nationstar Mortgage Holdings, Inc., |  |  |
| 5.00%, 02/01/2026 (e) | 575 | 575 |
| 5.13%, 12/15/2030 (e) | 2935 | 2961 |
| 5.50%, 08/15/2028 (e) | 3288 | 3288 |
| 5.75%, 11/15/2031 (e) | 4172 | 4216 |
| 6.00%, 01/15/2027 (e) | 140 | 140 |
| 6.50%, 08/01/2029 (e) | 1200 | 1231 |
| Navient Corp., |  |  |
| 4.88%, 03/15/2028 | 1710 | 1678 |
| 5.00%, 03/15/2027 | 3325 | 3312 |
| 5.50%, 03/15/2029 | 110 | 108 |
| 5.63%, 08/01/2033 | 90 | 82 |
| 6.75%, 06/15/2026 | 2978 | 3012 |
| 7.88%, 06/15/2032 | 2738 | 2881 |
| 9.38%, 07/25/2030 | 2955 | 3266 |
| 11.50%, 03/15/2031 | 70 | 79 |
| OneMain Finance Corp., |  |  |
| 3.50%, 01/15/2027 | 511 | 501 |
| 3.88%, 09/15/2028 | 2700 | 2595 |
| 4.00%, 09/15/2030 | 3737 | 3474 |
| 5.38%, 11/15/2029 | 2167 | 2144 |
| 6.13%, 05/15/2030 | 3843 | 3891 |
| 6.50%, 03/15/2033 | 3987 | 3997 |
| 6.63%, 01/15/2028 | 515 | 527 |
| 6.63%, 05/15/2029 | 2462 | 2531 |
| 6.75%, 03/15/2032 | 8040 | 8199 |
| 7.13%, 03/15/2026 | 1316 | 1328 |
| 7.13%, 11/15/2031 | 1343 | 1393 |
| 7.13%, 09/15/2032 | 2167 | 2239 |
| 7.50%, 05/15/2031 | 2857 | 2985 |
| 7.88%, 03/15/2030 | 1951 | 2065 |
| Osaic Holdings, Inc., |  |  |
| 6.75%, 08/01/2032 (e) | 1200 | 1239 |
| 8.00%, 08/01/2033 (e) | 2002 | 2075 |
| Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc., 6.38%, 02/01/2027 (e) | 140 | 140 |
| Panama Infrastructure Receivable Purchaser plc, (United Kingdom), Zero Coupon, 04/05/2032 (e) | 10200 | 7650 |
| PennyMac Financial Services, Inc., |  |  |
| 4.25%, 02/15/2029 (e) | 3730 | 3610 |
| 5.75%, 09/15/2031 (e) | 90 | 89 |
| 6.75%, 02/15/2034 (e) | 2532 | 2583 |
| 6.88%, 05/15/2032 (e) | 5201 | 5389 |
| 6.88%, 02/15/2033 (e) | 1340 | 1385 |
| 7.13%, 11/15/2030 (e) | 1380 | 1437 |
| 7.88%, 12/15/2029 (e) | 1838 | 1951 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Diversified Financial Services** — **continued** |  |  |  |
| PHH Escrow Issuer LLC / PHH Corp., 9.88%, 11/01/2029 (e) |  | 1840 | 1865 |
| Phoenix Aviation Capital Ltd., (Ireland), 9.25%, 07/15/2030 (e) |  | 4055 | 4315 |
| Planet Financial Group LLC, 10.50%, 12/15/2029 (e) |  | 190 | 200 |
| PRA Group, Inc., |  |  |  |
| 5.00%, 10/01/2029 (e) |  | 500 | 464 |
| 8.38%, 02/01/2028 (e) |  | 170 | 174 |
| 8.88%, 01/31/2030 (e) |  | 3475 | 3586 |
| Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029 (e) |  | 120 | 127 |
| Rfna LP, 7.88%, 02/15/2030 (e) |  | 70 | 71 |
| Rocket Cos., Inc., |  |  |  |
| 6.13%, 08/01/2030 (e) |  | 12648 | 13012 |
| 6.38%, 08/01/2033 (e) |  | 11490 | 11869 |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., |  |  |  |
| 2.88%, 10/15/2026 (e) |  | 5461 | 5348 |
| 3.63%, 03/01/2029 (e) |  | 2425 | 2313 |
| 3.88%, 03/01/2031 (e) |  | 7118 | 6646 |
| 4.00%, 10/15/2033 (e) |  | 2721 | 2486 |
| SOCAR Turkey Enerji AS via Steas Funding 1 DAC, (Ireland), Reg. S, 7.23%, 03/17/2026 |  | 4600 | 4586 |
| Stellantis Financial Services US Corp., |  |  |  |
| 4.95%, 09/15/2028 (e) |  | 200 | 200 |
| 5.40%, 09/15/2030 (e) |  | 200 | 200 |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/2032 (e) |  | 100 | 103 |
| StoneX Group, Inc., 7.88%, 03/01/2031 (e) |  | 200 | 210 |
| Synchrony Financial, |  |  |  |
| 3.70%, 08/04/2026 |  | 163 | 162 |
| 3.95%, 12/01/2027 |  | 141 | 140 |
| (United States SOFR + 1.40%), 5.02%, 07/29/2029 (aa) |  | 236 | 238 |
| 7.25%, 02/02/2033 |  | 20 | 21 |
| TIB Diversified Payment Rights Finance Company, Series 2024-H, 7.96%, 11/15/2034 (f) (bb) |  | 3900 | 3900 |
| Titanium 2l Bondco Sarl, (Luxembourg), 6.25% (PIK), 01/14/2031 (v) | EUR | 11284 | 3423 |
| TrueNoord Capital DAC, (Ireland), 8.75%, 03/01/2030 (e) |  | 70 | 74 |
| United Wholesale Mortgage LLC, |  |  |  |
| 5.50%, 11/15/2025 (e) |  | 1490 | 1489 |
| 5.50%, 04/15/2029 (e) |  | 455 | 449 |
| 5.75%, 06/15/2027 (e) |  | 458 | 458 |
| UWM Holdings LLC, |  |  |  |
| 6.25%, 03/15/2031 (e) |  | 2737 | 2724 |
| 6.63%, 02/01/2030 (e) |  | 3203 | 3262 |
| VFH Parent LLC / Valor Co-Issuer, Inc., 7.50%, 06/15/2031 (e) |  | 150 | 155 |
|  |  |  | 299407 |
| **Insurance** — **2.7%** |  |  |  |
| Acrisure LLC / Acrisure Finance, Inc., |  |  |  |
| 4.25%, 02/15/2029 (e) |  | 2205 | 2125 |
| 6.00%, 08/01/2029 (e) |  | 90 | 89 |
| 6.75%, 07/01/2032 (e) |  | 1122 | 1155 |
| 7.50%, 11/06/2030 (e) |  | 130 | 135 |
| 8.25%, 02/01/2029 (e) |  | 8620 | 8997 |
| 8.50%, 06/15/2029 (e) |  | 2955 | 3102 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Insurance — continued** |  |  |  |
| AEGON Funding Co. LLC, 5.50%, 04/16/2027 (e) |  | 476 | 484 |
| AIA Group Ltd., (Hong Kong), |  |  |  |
| Reg. S, 3.20%, 09/16/2040 |  | 1650 | 1297 |
| 5.40%, 09/30/2054 (e) |  | 4800 | 4715 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, |  |  |  |
| 4.25%, 10/15/2027 (e) |  | 3616 | 3556 |
| 5.88%, 11/01/2029 (e) |  | 9257 | 9210 |
| 6.50%, 10/01/2031 (e) |  | 120 | 123 |
| 6.75%, 10/15/2027 (e) |  | 6333 | 6346 |
| 6.75%, 04/15/2028 (e) |  | 214 | 218 |
| 7.00%, 01/15/2031 (e) |  | 13215 | 13653 |
| 7.38%, 10/01/2032 (e) |  | 8583 | 8844 |
| Allianz SE, (Germany), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.58%), 2.60%, 10/30/2031 (x) (aa) | EUR | 1000 | 1024 |
| American National Group, Inc., (CMT Index 5 Year + 3.18%), 7.00%, 12/01/2055 (aa) |  | 90 | 93 |
| AmWINS Group, Inc., |  |  |  |
| 4.88%, 06/30/2029 (e) |  | 3133 | 3045 |
| 6.38%, 02/15/2029 (e) |  | 1957 | 1995 |
| Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc., 7.50%, 07/15/2033 (e) |  | 3126 | 3200 |
| Aon Corp., 8.21%, 01/01/2027 |  | 2163 | 2266 |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Investor, 7.88%, 11/01/2029 (e) |  | 2867 | 2992 |
| Ardonagh Finco Ltd., (Jersey), |  |  |  |
| Reg. S, 6.88%, 02/15/2031 | EUR | 4573 | 5549 |
| 6.88%, 02/15/2031 (e) | EUR | 2419 | 2936 |
| 7.75%, 02/15/2031 (e) |  | 13435 | 14056 |
| Ardonagh Group Finance Ltd., (Jersey), 8.88%, 02/15/2032 (e) |  | 12060 | 12685 |
| Assurant, Inc., 4.90%, 03/27/2028 |  | 202 | 204 |
| Athene Global Funding, |  |  |  |
| 1.99%, 08/19/2028 (e) |  | 1055 | 991 |
| 4.95%, 01/07/2027 (e) |  | 283 | 285 |
| 5.38%, 01/07/2030 (e) |  | 500 | 516 |
| 5.58%, 01/09/2029 (e) |  | 145 | 150 |
| Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/2031 (e) |  | 10 | 10 |
| Brighthouse Financial Global Funding, |  |  |  |
| 1.55%, 05/24/2026 (e) |  | 231 | 226 |
| 2.00%, 06/28/2028 (e) |  | 1136 | 1058 |
| 5.55%, 04/09/2027 (e) |  | 354 | 360 |
| 5.65%, 06/10/2029 (e) |  | 390 | 400 |
| Broadstreet Partners Group LLC, 5.88%, 04/15/2029 (e) |  | 1688 | 1684 |
| Brown & Brown, Inc., 4.90%, 06/23/2030 |  | 844 | 856 |
| CNO Global Funding, |  |  |  |
| 1.75%, 10/07/2026 (e) |  | 256 | 250 |
| 4.38%, 09/08/2028 (e) |  | 244 | 244 |
| 4.88%, 12/10/2027 (e) |  | 315 | 319 |
| 4.95%, 09/09/2029 (e) |  | 117 | 119 |
| 5.88%, 06/04/2027 (e) |  | 1190 | 1221 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |
| **Insurance — continued** |  |  |
| Corebridge Financial, Inc., (CMT Index 5 Year + 2.65%), 6.38%, 09/15/2054 (aa) | 1584 | 1626 |
| Corebridge Global Funding, 5.20%, 01/12/2029 (e) | 316 | 325 |
| Equitable America Global Funding, 4.65%, 06/09/2028 (e) | 234 | 237 |
| Equitable Financial Life Global Funding, 5.45%, 03/03/2028 (e) | 107 | 110 |
| F&G Global Funding, |  |  |
| 1.75%, 06/30/2026 (e) | 178 | 174 |
| 2.00%, 09/20/2028 (e) | 1208 | 1123 |
| 2.30%, 04/11/2027 (e) | 632 | 613 |
| 4.65%, 09/08/2028 (e) | 160 | 161 |
| Fidelis Insurance Holdings Ltd., (Bermuda), (CMT Index 5 Year + 4.28%), 7.75%, 06/15/2055 (aa) | 30 | 32 |
| FWD Group Holdings Ltd., (Cayman Islands), |  |  |
| 5.25%, 09/22/2030 (e) | 1900 | 1904 |
| 5.84%, 09/22/2035 (e) | 500 | 506 |
| GA Global Funding Trust, |  |  |
| 4.40%, 09/23/2027 (e) | 467 | 468 |
| 4.50%, 09/18/2030 (e) | 493 | 489 |
| 5.50%, 01/08/2029 (e) | 275 | 285 |
| Genworth Holdings, Inc., 6.50%, 06/15/2034 | 80 | 82 |
| Global Atlantic Fin Co., (CMT Index 5 Year + 3.80%), 4.70%, 10/15/2051 (e) (aa) | 140 | 138 |
| Howden UK Refinance plc / Howden UK Refinance 2 plc / Howden US Refinance LLC, (United Kingdom), |  |  |
| 7.25%, 02/15/2031 (e) | 11944 | 12297 |
| 8.13%, 02/15/2032 (e) | 6326 | 6563 |
| HUB International Ltd., |  |  |
| 5.63%, 12/01/2029 (e) | 90 | 90 |
| 7.25%, 06/15/2030 (e) | 24299 | 25334 |
| 7.38%, 01/31/2032 (e) | 32049 | 33375 |
| Jackson National Life Global Funding, 3.05%, 04/29/2026 (e) | 800 | 794 |
| Jones Deslauriers Insurance Management, Inc., (Canada), |  |  |
| 6.88%, 10/01/2033 (e) | 3350 | 3332 |
| 8.50%, 03/15/2030 (e) | 2475 | 2601 |
| Liberty Mutual Group, Inc., |  |  |
| (CMT Index 5 Year + 3.32%), 4.13%, 12/15/2051 (e) (aa) | 30 | 29 |
| 4.30%, 02/01/2061 (e) | 20 | 13 |
| 7.80%, 03/15/2037 (e) | 20 | 23 |
| Lincoln Financial Global Funding, 5.30%, 01/13/2030 (e) | 331 | 343 |
| MGIC Investment Corp., 5.25%, 08/15/2028 | 475 | 474 |
| Mutual of Omaha Cos. Global Funding, 5.45%, 12/12/2028 (e) | 551 | 570 |
| Nassau Cos. of New York (The), 7.88%, 07/15/2030 (e) | 112 | 114 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/2031 (e) | 20452 | 21271 |
| Ryan Specialty LLC, |  |  |
| 4.38%, 02/01/2030 (e) | 50 | 48 |
| 5.88%, 08/01/2032 (e) | 2321 | 2348 |
| Sammons Financial Group Global Funding, |  |  |
| 5.05%, 01/10/2028 (e) | 202 | 206 |
| 5.10%, 12/10/2029 (e) | 215 | 221 |
| USI, Inc., 7.50%, 01/15/2032 (e) | 3201 | 3353 |
| Wilton RE Ltd., (Canada), (CMT Index 5 Year + 5.27%), 6.00%, 10/22/2030 (e) (x) (aa) | 130 | 129 |
|  |  | 244584 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |
| **Investment Companies** — **0.8%** |  |  |
| Abu Dhabi Developmental Holding Co. PJSC, (United Arab Emirates), |  |  |
| 5.38%, 05/08/2029 (e) | 1000 | 1041 |
| 5.50%, 05/08/2034 (e) | 1500 | 1588 |
| Reg. S, 5.50%, 05/08/2034 | 1000 | 1059 |
| Apollo Debt Solutions BDC, |  |  |
| 5.88%, 08/30/2030 (e) | 1478 | 1505 |
| 6.55%, 03/15/2032 (e) | 346 | 363 |
| 6.70%, 07/29/2031 | 649 | 688 |
| Ares Strategic, Inc.ome Fund, |  |  |
| 5.15%, 01/15/2031 (e) | 1600 | 1581 |
| 5.60%, 02/15/2030 | 858 | 867 |
| 5.80%, 09/09/2030 (e) | 1670 | 1697 |
| Bain Capital Specialty Finance, Inc., 5.95%, 03/15/2030 | 528 | 531 |
| BlackRock TCP Capital Corp., 6.95%, 05/30/2029 | 80 | 82 |
| Blackstone Private Credit Fund, |  |  |
| 2.63%, 12/15/2026 | 407 | 397 |
| 3.25%, 03/15/2027 | 42 | 41 |
| 4.95%, 09/26/2027 | 116 | 117 |
| 6.00%, 11/22/2034 | 4893 | 5013 |
| Blackstone Secured Lending Fund, |  |  |
| 2.13%, 02/15/2027 | 230 | 223 |
| 3.63%, 01/15/2026 | 647 | 645 |
| 5.88%, 11/15/2027 | 163 | 167 |
| Blue Owl Capital Corp., 6.20%, 07/15/2030 | 3781 | 3889 |
| Blue Owl Credit Income Corp., |  |  |
| 3.13%, 09/23/2026 | 42 | 41 |
| 4.70%, 02/08/2027 | 159 | 159 |
| Blue Owl Technology Finance Corp., 3.75%, 06/17/2026 (e) | 108 | 107 |
| Compass Group Diversified Holdings LLC, |  |  |
| 5.00%, 01/15/2032 (e) | 60 | 54 |
| 5.25%, 04/15/2029 (e) | 1675 | 1548 |
| Gaci First Investment Co., (Cayman Islands), |  |  |
| Reg. S, 4.75%, 02/14/2030 | 2700 | 2742 |
| Reg. S, 4.88%, 02/14/2035 | 8000 | 7969 |
| Reg. S, 5.25%, 10/13/2032 | 17600 | 18220 |
| HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/2034 | 1823 | 1855 |
| HAT Holdings I LLC / HAT Holdings II LLC, |  |  |
| 3.38%, 06/15/2026 (e) | 127 | 126 |
| 8.00%, 06/15/2027 (e) | 230 | 239 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., |  |  |
| 4.38%, 02/01/2029 | 2150 | 1856 |
| 5.25%, 05/15/2027 | 6511 | 6396 |
| 9.00%, 06/15/2030 | 110 | 106 |
| 9.75%, 01/15/2029 | 2649 | 2674 |
| 10.00%, 11/15/2029 (e) | 3152 | 3174 |
| Khazanah Capital Ltd., (Malaysia), Reg. S, 4.88%, 06/01/2033 | 4700 | 4806 |
| Prospect Capital Corp., |  |  |
| 3.36%, 11/15/2026 | 60 | 58 |
| 3.44%, 10/15/2028 | 60 | 54 |
|  |  | 73678 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Private Equity** — **0.1%** |  |  |  |
| Brookfield Finance, Inc., (Canada), (CMT Index 5 Year + 2.08%), 6.30%, 01/15/2055 (aa) |  | 5935 | 5886 |
| **Real Estate** — **2.2%** |  |  |  |
| Adler Financing Sarl, (Luxembourg), Series 1L, 8.25% (PIK), 12/31/2028 (v) | EUR | 16303 | 20373 |
| Alexandrite Lake Lux Holdings Sarl, (Luxembourg), |  |  |  |
| Reg. S, 6.75%, 07/30/2030 | EUR | 341 | 409 |
| 6.75%, 07/30/2030 (e) | EUR | 4444 | 5338 |
| Alstria Office AG, (Germany), Reg. S, 5.50%, 03/20/2031 | EUR | 100 | 122 |
| Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp., |  |  |  |
| 7.00%, 04/15/2030 (e) |  | 2418 | 2447 |
| Series AI, 7.00%, 04/15/2030 |  | 720 | 728 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp., |  |  |  |
| 5.25%, 04/15/2030 (e) |  | 70 | 65 |
| 5.75%, 01/15/2029 (e) |  | 90 | 87 |
| 9.75%, 04/15/2030 (e) |  | 1211 | 1322 |
| Aroundtown Finance Sarl, (Luxembourg), |  |  |  |
| (ICE EURIBOR Swap Rate 5 Year + 2.35%), 5.00%, 04/16/2029 (x) (aa) | EUR | 4054 | 4544 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.51%), 7.13%, 01/16/2030 (x) (aa) | EUR | 1162 | 1439 |
| Reg. S, (UK Gilts 5 Year + 4.49%)8.63%, 05/07/2029 (x) (aa) | GBP | 906 | 1255 |
| Aroundtown SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 2.42%), 1.63%, 04/15/2026 (x) (aa) | EUR | 1300 | 1463 |
| BRANICKS Group AG, (Germany), Reg. S, 2.25%, 09/22/2026 | EUR | 6800 | 6306 |
| Citycon Treasury BV, (Netherlands), Reg. S, 5.38%, 07/08/2031 | EUR | 100 | 118 |
| CPI Property Group SA, (Luxembourg), |  |  |  |
| Reg. S, 4.75%, 07/22/2030 | EUR | 750 | 860 |
| Reg. S, 6.00%, 01/27/2032 | EUR | 2175 | 2608 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.23%), 7.50%, 03/26/2031 (x) (aa) | EUR | 1533 | 1742 |
| Cushman & Wakefield US Borrower LLC, |  |  |  |
| 6.75%, 05/15/2028 (e) |  | 200 | 202 |
| 8.88%, 09/01/2031 (e) |  | 2307 | 2465 |
| DEMIRE Deutsche Mittelstand Real Estate AG, (Germany), Reg. S, SUB, 5.00%, 12/31/2027 | EUR | 176 | 195 |
| DL Invest Group PM SA, (Poland), Reg. S, 6.63%, 07/15/2030 | EUR | 2125 | 2488 |
| Emeria SASU, (France), |  |  |  |
| Reg. S, 3.38%, 03/31/2028 | EUR | 1135 | 1137 |
| Reg. S, 7.75%, 03/31/2028 | EUR | 2036 | 2193 |
| Fastighets AB Balder, (Sweden), Reg. S, 1.13%, 01/29/2027 | EUR | 150 | 172 |
| Five Point Operating Co. LP, 8.00%, 10/01/2030 (e) |  | 1440 | 1461 |
| GLP China Holdings Ltd., (Hong Kong), Reg. S, 2.95%, 03/29/2026 |  | 2600 | 2559 |
| Grand City Properties SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 2.18%), 1.50%, 03/09/2026 (x) (aa) | EUR | 100 | 115 |
| Greystar Real Estate Partners LLC, 7.75%, 09/01/2030 (e) |  | 230 | 243 |
| Heimstaden Bostad AB, (Sweden), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 3.15%), 2.63%, 02/01/2027 (x) (aa) | EUR | 5709 | 6451 |
| Reg. S, (EUR Swap Rate 5 Year + 3.27%), 3.00%, 10/29/2027 (x) (aa) | EUR | 8254 | 9217 |
| Reg. S, (EUR Swap Rate 5 Year + 3.91%), 3.38%, 01/15/2026 (x) (aa) | EUR | 2150 | 2505 |
| Reg. S, (EUR Swap Rate 5 Year + 3.90%), 3.63%, 10/13/2026 (x) (aa) | EUR | 2000 | 2309 |
| Howard Hughes Corp. (The), |  |  |  |
| 4.13%, 02/01/2029 (e) |  | 5351 | 5132 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Real Estate** — **continued** |  |  |  |
| 4.38%, 02/01/2031 (e) |  | 4348 | 4076 |
| 5.38%, 08/01/2028 (e) |  | 2755 | 2744 |
| Hunt Cos., Inc., 5.25%, 04/15/2029 (e) |  | 4700 | 4585 |
| IWG US Finance LLC, Reg. S, 6.50%, 06/28/2030 | EUR | 1400 | 1795 |
| Kennedy-Wilson, Inc., |  |  |  |
| 4.75%, 03/01/2029 |  | 120 | 115 |
| 4.75%, 02/01/2030 |  | 160 | 149 |
| 5.00%, 03/01/2031 |  | 70 | 65 |
| MLP Group SA, (Poland), Reg. S, 6.13%, 10/15/2029 | EUR | 1800 | 2201 |
| New Immo Holding SA, (France), |  |  |  |
| Reg. S, 2.75%, 11/26/2026 | EUR | 800 | 928 |
| Reg. S, 3.25%, 07/23/2027 | EUR | 6800 | 7867 |
| Reg. S, 4.88%, 12/08/2028 | EUR | 4800 | 5703 |
| Reg. S, 5.88%, 04/17/2028 | EUR | 5900 | 7152 |
| Reg. S, 6.00%, 03/22/2029 | EUR | 5600 | 6853 |
| Public Property Invest A/S, (Norway), |  |  |  |
| Reg. S, 4.38%, 10/01/2032 | EUR | 1625 | 1924 |
| Reg. S, 4.63%, 03/12/2030 | EUR | 1950 | 2351 |
| Samhallsbyggnadsbolaget i Norden AB, (Sweden), |  |  |  |
| Reg. S, 2.63%, 12/14/2025 (x) | EUR | 437 | 344 |
| Reg. S, 2.88%, 10/30/2026 (x) | EUR | 1983 | 1575 |
| Samhallsbyggnadsbolaget I Norden Holding AB, (Sweden), |  |  |  |
| Reg. S, 0.75%, 11/14/2028 | EUR | 8425 | 7890 |
| Reg. S, 1.13%, 09/26/2029 | EUR | 6546 | 5887 |
| Reg. S, 2.25%, 07/12/2027 | EUR | 12505 | 13505 |
| Reg. S, 2.38%, 08/04/2026 | EUR | 7864 | 8906 |
| Reg. S, 5.00%, 10/20/2029 | EUR | 4100 | 4344 |
| Unique Pub Finance Co. plc (The) , (United Kingdom), Series N, Reg. S, 6.46%, 03/30/2032 | GBP | 231 | 324 |
| Via Celere Desarrollos Inmobiliarios SA, (Spain), 4.88%, 04/15/2031 (e) (w) | EUR | 6748 | 7903 |
| Vivion Investments Sarl, (Luxembourg), |  |  |  |
| Reg. S, 6.50% (cash), 08/31/2028 (v) | EUR | 455 | 533 |
| Reg. S, 6.50% (cash), 02/28/2029 (v) | EUR | 4656 | 5420 |
|  |  |  | 195209 |
| **REITS** — **1.8%** |  |  |  |
| Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/2029 (e) |  | 50 | 48 |
| Arbor Realty SR, Inc., |  |  |  |
| 7.88%, 07/15/2030 (e) |  | 2503 | 2632 |
| Series QIB, 5.00%, 12/30/2028 (e) |  | 30 | 27 |
| Series QIB, 8.50%, 10/15/2027 (e) |  | 20 | 20 |
| Arbor Realty Trust, Inc., Series QIB, 4.50%, 03/15/2027 (e) |  | 40 | 38 |
| Blackstone Mortgage Trust, Inc., |  |  |  |
| 3.75%, 01/15/2027 (e) |  | 1375 | 1342 |
| 7.75%, 12/01/2029 (e) |  | 70 | 74 |
| Brandywine Operating Partnership LP, |  |  |  |
| 3.95%, 11/15/2027 |  | 100 | 98 |
| 4.55%, 10/01/2029 |  | 60 | 57 |
| 6.13%, 01/15/2031 (w) |  | 820 | 819 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **REITS** — **continued** |  |  |  |
| 8.30%, 03/15/2028 |  | 70 | 74 |
| 8.88%, 04/12/2029 |  | 405 | 440 |
| Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 04/01/2027 (e) |  | 2155 | 2117 |
| Crown Castle, Inc., |  |  |  |
| 3.65%, 09/01/2027 |  | 213 | 211 |
| 4.80%, 09/01/2028 |  | 63 | 64 |
| Diversified Healthcare Trust, |  |  |  |
| 4.38%, 03/01/2031 |  | 1255 | 1109 |
| 4.75%, 02/15/2028 |  | 3110 | 2965 |
| 7.25%, 10/15/2030 (e) |  | 1894 | 1926 |
| EPR Properties, 4.75%, 12/15/2026 |  | 700 | 702 |
| Global Net Lease, Inc., 4.50%, 09/30/2028 (e) |  | 180 | 176 |
| Globalworth Real Estate Investments Ltd., (Guernsey), Reg. S, 6.25%, 03/31/2030 | EUR | 1786 | 2138 |
| GLP Capital LP / GLP Financing II, Inc., |  |  |  |
| 5.30%, 01/15/2029 |  | 194 | 197 |
| 5.75%, 06/01/2028 |  | 717 | 737 |
| Hudson Pacific Properties LP, |  |  |  |
| 3.25%, 01/15/2030 |  | 70 | 60 |
| 3.95%, 11/01/2027 |  | 180 | 173 |
| 4.65%, 04/01/2029 |  | 90 | 84 |
| 5.95%, 02/15/2028 |  | 80 | 79 |
| Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (e) |  | 3027 | 2917 |
| Iron Mountain, Inc., |  |  |  |
| 4.50%, 02/15/2031 (e) |  | 290 | 277 |
| 4.75%, 01/15/2034 (e) | EUR | 11777 | 13857 |
| 4.88%, 09/15/2027 (e) |  | 900 | 896 |
| 4.88%, 09/15/2029 (e) |  | 170 | 167 |
| 5.00%, 07/15/2028 (e) |  | 80 | 80 |
| 5.25%, 03/15/2028 (e) |  | 140 | 140 |
| 5.25%, 07/15/2030 (e) |  | 425 | 420 |
| 5.63%, 07/15/2032 (e) |  | 160 | 159 |
| 6.25%, 01/15/2033 (e) |  | 451 | 460 |
| 7.00%, 02/15/2029 (e) |  | 170 | 175 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 06/15/2029 (e) |  | 1082 | 1062 |
| Millrose Properties, Inc., |  |  |  |
| 6.25%, 09/15/2032 (e) |  | 3589 | 3597 |
| 6.38%, 08/01/2030 (e) |  | 7411 | 7537 |
| MPT Operating Partnership LP / MPT Finance Corp., |  |  |  |
| 0.99%, 10/15/2026 | EUR | 4710 | 5272 |
| 3.50%, 03/15/2031 |  | 6318 | 4645 |
| 4.63%, 08/01/2029 |  | 1100 | 918 |
| 5.00%, 10/15/2027 |  | 210 | 203 |
| Reg. S, 7.00%, 02/15/2032 | EUR | 600 | 736 |
| 7.00%, 02/15/2032 (e) | EUR | 2543 | 3120 |
| 8.50%, 02/15/2032 (e) |  | 7610 | 8087 |
| Office Properties Income Trust, |  |  |  |
| 3.25%, 03/15/2027 (e) |  | 75 | 62 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |
| **REITS** — **continued** |  |  |
| 9.00%, 03/31/2029 (e) | 40 | 41 |
| 9.00%, 09/30/2029 (e) | 70 | 45 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, |  |  |
| 4.88%, 05/15/2029 (e) | 530 | 517 |
| 5.88%, 10/01/2028 (e) | 1085 | 1083 |
| 7.00%, 02/01/2030 (e) | 3436 | 3542 |
| Pebblebrook Hotel LP / PEB Finance Corp., 6.38%, 10/15/2029 (e) | 816 | 828 |
| RHP Hotel Properties LP / RHP Finance Corp., |  |  |
| 4.50%, 02/15/2029 (e) | 1560 | 1530 |
| 4.75%, 10/15/2027 | 485 | 483 |
| 6.50%, 04/01/2032 (e) | 6404 | 6584 |
| 6.50%, 06/15/2033 (e) | 2578 | 2655 |
| 7.25%, 07/15/2028 (e) | 395 | 407 |
| Rithm Capital Corp., |  |  |
| 8.00%, 04/01/2029 (e) | 270 | 277 |
| 8.00%, 07/15/2030 (e) | 1555 | 1591 |
| RLJ Lodging Trust LP, 4.00%, 09/15/2029 (e) | 289 | 273 |
| SBA Communications Corp., |  |  |
| 3.13%, 02/01/2029 | 3301 | 3099 |
| 3.88%, 02/15/2027 | 230 | 226 |
| Service Properties Trust, |  |  |
| Zero Coupon, 09/30/2027 (e) | 2323 | 2050 |
| 3.95%, 01/15/2028 | 46 | 43 |
| 4.38%, 02/15/2030 | 48 | 41 |
| 4.75%, 10/01/2026 | 605 | 606 |
| 4.95%, 02/15/2027 | 6 | 6 |
| 4.95%, 10/01/2029 | 50 | 44 |
| 5.50%, 12/15/2027 | 50 | 49 |
| 8.38%, 06/15/2029 | 100 | 102 |
| 8.63%, 11/15/2031 (e) | 12448 | 13258 |
| 8.88%, 06/15/2032 | 5495 | 5524 |
| Starwood Property Trust, Inc., |  |  |
| 4.38%, 01/15/2027 (e) | 2680 | 2657 |
| 5.25%, 10/15/2028 (e) (w) | 536 | 536 |
| 6.00%, 04/15/2030 (e) | 1269 | 1288 |
| 6.50%, 07/01/2030 (e) | 2776 | 2872 |
| 6.50%, 10/15/2030 (e) | 2170 | 2240 |
| 7.25%, 04/01/2029 (e) | 3288 | 3456 |
| Tanger Properties LP, 3.88%, 07/15/2027 | 764 | 757 |
| Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.00%, 01/15/2030 (e) | 150 | 136 |
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, |  |  |
| 4.75%, 04/15/2028 (e) | 2265 | 2218 |
| 6.50%, 02/15/2029 (e) | 2860 | 2686 |
| 8.63%, 06/15/2032 (e) | 1480 | 1414 |
| 10.50%, 02/15/2028 (e) | 18946 | 19954 |
| VICI Properties LP / VICI Note Co., Inc., |  |  |
| 3.75%, 02/15/2027 (e) | 500 | 494 |
| 3.88%, 02/15/2029 (e) | 680 | 664 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **REITS** — **continued** |  |  |  |
| 4.25%, 12/01/2026 (e) |  | 621 | 619 |
| 4.50%, 09/01/2026 (e) |  | 332 | 332 |
| 5.75%, 02/01/2027 (e) |  | 2082 | 2108 |
| Vornado Realty LP, 2.15%, 06/01/2026 |  | 793 | 779 |
| XHR LP, |  |  |  |
| 4.88%, 06/01/2029 (e) |  | 50 | 49 |
| 6.63%, 05/15/2030 (e) |  | 1262 | 1297 |
|  |  |  | 164654 |
| **Savings & Loans** — **0.0% (g)** |  |  |  |
| Nationwide Building Society, (United Kingdom), Reg. S, (UK Gilts 5 Year + 5.63%), 5.75%, 06/20/2027 (x) (aa) | GBP | 295 | 395 |
| Total Financial |  |  | 1268963 |
| **Government** — **0.0% (g)** |  |  |  |
| **Multi-National** — **0.0% (g)** |  |  |  |
| Africa Finance Corp., (Supranational), Reg. S, 2.87%, 08/13/2031 |  | 200 | 179 |
| Total Government |  |  | 179 |
| **Industrial** — **8.1%** |  |  |  |
| **Aerospace/Defense** — **1.7%** |  |  |  |
| AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (e) |  | 2302 | 2371 |
| ATI, Inc., |  |  |  |
| 4.88%, 10/01/2029 |  | 866 | 851 |
| 5.13%, 10/01/2031 |  | 2117 | 2084 |
| 5.88%, 12/01/2027 |  | 60 | 60 |
| 7.25%, 08/15/2030 |  | 3353 | 3520 |
| Boeing Co. (The), |  |  |  |
| 2.20%, 02/04/2026 |  | 2443 | 2424 |
| 2.25%, 06/15/2026 |  | 133 | 131 |
| 2.70%, 02/01/2027 |  | 63 | 62 |
| 3.10%, 05/01/2026 |  | 350 | 348 |
| 3.20%, 03/01/2029 |  | 220 | 212 |
| 3.25%, 02/01/2028 |  | 263 | 257 |
| 5.04%, 05/01/2027 |  | 142 | 144 |
| 6.26%, 05/01/2027 |  | 598 | 615 |
| 6.30%, 05/01/2029 |  | 385 | 409 |
| Bombardier, Inc., (Canada), |  |  |  |
| 6.00%, 02/15/2028 (e) |  | 4163 | 4173 |
| 6.75%, 06/15/2033 (e) |  | 5015 | 5233 |
| 7.00%, 06/01/2032 (e) |  | 3329 | 3483 |
| 7.13%, 06/15/2026 (e) |  | 682 | 680 |
| 7.25%, 07/01/2031 (e) |  | 5240 | 5545 |
| 7.45%, 05/01/2034 (e) |  | 460 | 508 |
| 7.50%, 02/01/2029 (e) |  | 755 | 787 |
| 7.88%, 04/15/2027 (e) |  | 596 | 599 |
| 8.75%, 11/15/2030 (e) |  | 4890 | 5273 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Aerospace/Defense** — **continued** |  |  |  |
| Czechoslovak Group A/S, (Czech Republic), |  |  |  |
| Reg. S, 5.25%, 01/10/2031 | EUR | 3700 | 4513 |
| 5.25%, 01/10/2031 (e) | EUR | 1390 | 1696 |
| Efesto Bidco SpA Efesto US LLC, (Italy), Series XR, 7.50%, 02/15/2032 (e) |  | 12679 | 12897 |
| Goat Holdco LLC, 6.75%, 02/01/2032 (e) |  | 2144 | 2197 |
| Moog, Inc., 4.25%, 12/15/2027 (e) |  | 100 | 98 |
| Rolls-Royce plc, (United Kingdom), 3.63%, 10/14/2025 (e) |  | 1322 | 1321 |
| Spirit AeroSystems, Inc., |  |  |  |
| 3.85%, 06/15/2026 |  | 774 | 768 |
| 4.60%, 06/15/2028 |  | 100 | 100 |
| 9.38%, 11/30/2029 (e) |  | 5354 | 5638 |
| 9.75%, 11/15/2030 (e) |  | 5449 | 5993 |
| TransDigm, Inc., |  |  |  |
| 4.63%, 01/15/2029 |  | 3533 | 3462 |
| 4.88%, 05/01/2029 |  | 170 | 167 |
| 6.00%, 01/15/2033 (e) |  | 10116 | 10227 |
| 6.25%, 01/31/2034 (e) |  | 1828 | 1878 |
| 6.38%, 03/01/2029 (e) |  | 10599 | 10836 |
| 6.38%, 05/31/2033 (e) |  | 21158 | 21374 |
| 6.63%, 03/01/2032 (e) |  | 11342 | 11676 |
| 6.75%, 08/15/2028 (e) |  | 2909 | 2965 |
| 6.75%, 01/31/2034 (e) |  | 12796 | 13230 |
| 6.88%, 12/15/2030 (e) |  | 360 | 373 |
| 7.13%, 12/01/2031 (e) |  | 250 | 261 |
|  |  |  | 151439 |
| **Building Materials** — **1.3%** |  |  |  |
| ACProducts Holdings, Inc., 6.38%, 05/15/2029 (e) |  | 90 | 50 |
| AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033 (e) |  | 2172 | 2257 |
| Boise Cascade Co., 4.88%, 07/01/2030 (e) |  | 60 | 59 |
| Builders FirstSource, Inc., |  |  |  |
| 4.25%, 02/01/2032 (e) |  | 160 | 151 |
| 5.00%, 03/01/2030 (e) |  | 490 | 485 |
| 6.38%, 06/15/2032 (e) |  | 70 | 72 |
| 6.38%, 03/01/2034 (e) |  | 569 | 586 |
| 6.75%, 05/15/2035 (e) |  | 1700 | 1775 |
| Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 (e) |  | 2125 | 2053 |
| Cornerstone Building Brands, Inc., |  |  |  |
| 6.13%, 01/15/2029 (e) |  | 3625 | 2937 |
| 9.50%, 08/15/2029 (e) |  | 70 | 68 |
| CP Atlas Buyer, Inc., 9.75%, 07/15/2030 (e) |  | 1419 | 1486 |
| EMRLD Borrower LP / Emerald Co-Issuer, Inc., |  |  |  |
| Reg. S, 6.38%, 12/15/2030 | EUR | 5495 | 6740 |
| 6.38%, 12/15/2030 (e) | EUR | 731 | 896 |
| 6.63%, 12/15/2030 (e) |  | 18567 | 19082 |
| 6.75%, 07/15/2031 (e) |  | 3427 | 3559 |
| Griffon Corp., 5.75%, 03/01/2028 |  | 1680 | 1680 |
| HT Troplast GmbH, (Germany), Reg. S, 9.38%, 07/15/2028 | EUR | 1550 | 1900 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Building Materials** — **continued** |  |  |  |
| JELD-WEN, Inc., |  |  |  |
| 4.88%, 12/15/2027 (e) |  | 4974 | 4853 |
| 7.00%, 09/01/2032 (e) |  | 2390 | 2020 |
| JH North America Holdings, Inc., |  |  |  |
| 5.88%, 01/31/2031 (e) |  | 2167 | 2198 |
| 6.13%, 07/31/2032 (e) |  | 2456 | 2516 |
| Knife River Corp., 7.75%, 05/01/2031 (e) |  | 140 | 147 |
| Masterbrand, Inc., 7.00%, 07/15/2032 (e) |  | 110 | 114 |
| Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (e) |  | 1036 | 1064 |
| MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (e) |  | 1980 | 1928 |
| New Enterprise Stone & Lime Co., Inc., |  |  |  |
| 5.25%, 07/15/2028 (e) |  | 1903 | 1885 |
| 9.75%, 07/15/2028 (e) |  | 1127 | 1130 |
| Oscar AcquisitionCo. LLC / Oscar Finance Inc, 9.50%, 04/15/2030 (e) |  | 70 | 57 |
| PCF GmbH, (Germany), Reg. S, 4.75%, 04/15/2029 | EUR | 1874 | 1699 |
| Project Grand UK plc, (United Kingdom), Reg. S, 9.00%, 06/01/2029 | EUR | 1825 | 2248 |
| Quikrete Holdings, Inc., |  |  |  |
| 6.38%, 03/01/2032 (e) |  | 15265 | 15814 |
| 6.75%, 03/01/2033 (e) |  | 4567 | 4746 |
| Smyrna Ready Mix Concrete LLC, |  |  |  |
| 6.00%, 11/01/2028 (e) |  | 3071 | 3072 |
| 8.88%, 11/15/2031 (e) |  | 4256 | 4491 |
| Standard Building Solutions, Inc., |  |  |  |
| 6.25%, 08/01/2033 (e) |  | 7529 | 7626 |
| 6.50%, 08/15/2032 (e) |  | 6565 | 6737 |
| Standard Industries, Inc., |  |  |  |
| Reg. S, 2.25%, 11/21/2026 | EUR | 342 | 399 |
| 3.38%, 01/15/2031 (e) |  | 3435 | 3110 |
| 4.38%, 07/15/2030 (e) |  | 4392 | 4211 |
| 4.75%, 01/15/2028 (e) |  | 1140 | 1128 |
| Wilsonart LLC, 11.00%, 08/15/2032 (e) |  | 4042 | 3935 |
|  |  |  | 122964 |
| **Electrical Components & Equipment** — **0.1%** |  |  |  |
| Belden, Inc., |  |  |  |
| Reg. S, 3.38%, 07/15/2027 | EUR | 3100 | 3635 |
| Reg. S, 3.38%, 07/15/2031 | EUR | 404 | 462 |
| Energizer Holdings, Inc., |  |  |  |
| 4.38%, 03/31/2029 (e) |  | 330 | 316 |
| 4.75%, 06/15/2028 (e) |  | 60 | 59 |
| 6.00%, 09/15/2033 (e) |  | 1528 | 1492 |
| EnerSys, |  |  |  |
| 4.38%, 12/15/2027 (e) |  | 50 | 49 |
| 6.63%, 01/15/2032 (e) |  | 370 | 381 |
| Molex Electronic Technologies LLC, 4.75%, 04/30/2028 (e) |  | 393 | 397 |
| WESCO Distribution, Inc., |  |  |  |
| 6.38%, 03/15/2029 (e) |  | 955 | 983 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Electrical Components & Equipment** — **continued** |  |  |  |
| 6.38%, 03/15/2033 (e) |  | 1292 | 1339 |
| 6.63%, 03/15/2032 (e) |  | 2903 | 3017 |
| 7.25%, 06/15/2028 (e) |  | 1505 | 1525 |
|  |  |  | 13655 |
| **Electronics** — **0.2%** |  |  |  |
| Castello BC Bidco SpA, (Italy), Reg. S, (EURIBOR 3 Month + 4.50%), 6.50%, 11/14/2031 (aa) | EUR | 700 | 830 |
| Coherent Corp., 5.00%, 12/15/2029 (e) |  | 2019 | 1990 |
| Imola Merger Corp., 4.75%, 05/15/2029 (e) |  | 1805 | 1756 |
| Sensata Technologies BV, (Netherlands), 4.00%, 04/15/2029 (e) |  | 184 | 177 |
| Sensata Technologies, Inc., |  |  |  |
| 3.75%, 02/15/2031 (e) |  | 1275 | 1177 |
| 4.38%, 02/15/2030 (e) |  | 4968 | 4794 |
| 6.63%, 07/15/2032 (e) |  | 4185 | 4330 |
| TTM Technologies, Inc., 4.00%, 03/01/2029 (e) |  | 50 | 48 |
| Vontier Corp., |  |  |  |
| 1.80%, 04/01/2026 |  | 483 | 476 |
| 2.40%, 04/01/2028 |  | 1875 | 1784 |
|  |  |  | 17362 |
| **Engineering & Construction** — **0.7%** |  |  |  |
| Abertis Infraestructuras Finance BV, (Netherlands), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 3.27%), 2.63%, 01/26/2027 (x) (aa) | EUR | 9600 | 11115 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.62%), 4.87%, 11/28/2029 (x) (aa) | EUR | 3400 | 4113 |
| AECOM, 6.00%, 08/01/2033 (e) |  | 7359 | 7525 |
| Arcosa, Inc., |  |  |  |
| 4.38%, 04/15/2029 (e) |  | 782 | 761 |
| 6.88%, 08/15/2032 (e) |  | 1873 | 1956 |
| Artera Services LLC, 8.50%, 02/15/2031 (e) |  | 70 | 62 |
| ASG Finance DAC, (Ireland), 9.75%, 05/15/2029 (e) |  | 90 | 87 |
| Assemblin Caverion Group AB, (Sweden), Reg. S, 6.25%, 07/01/2030 | EUR | 850 | 1043 |
| Bioceanico Sovereign Certificate Ltd., (Cayman Islands), Reg. S, Zero Coupon, 06/05/2034 |  | 2664 | 2175 |
| Brand Industrial Services, Inc., 10.38%, 08/01/2030 (e) |  | 10325 | 10284 |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 (e) |  | 685 | 692 |
| Dycom Industries, Inc., 4.50%, 04/15/2029 (e) |  | 433 | 423 |
| Global Infrastructure Solutions, Inc., |  |  |  |
| 5.63%, 06/01/2029 (e) |  | 160 | 157 |
| 7.50%, 04/15/2032 (e) |  | 160 | 169 |
| GMR Hyderabad International Airport Ltd., (India), Reg. S, 4.25%, 10/27/2027 |  | 629 | 620 |
| Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 (e) |  | 130 | 126 |
| Heathrow Finance plc, (United Kingdom), |  |  |  |
| Reg. S, SUB, 3.88%, 03/01/2027 | GBP | 2000 | 2630 |
| Reg. S, 6.63%, 03/01/2031 | GBP | 9977 | 13482 |
| INNOVATE Corp., 10.50% (PIK), 02/01/2027 (e) (v) |  | 60 | 52 |
| Jacobs Engineering Group, Inc., 6.35%, 08/18/2028 |  | 218 | 230 |
| Kier Group plc, (United Kingdom), Reg. S, 9.00%, 02/15/2029 | GBP | 1450 | 2058 |
| Kingston Airport Revenue Finance Ltd., (Cayman Islands), 6.75%, 12/15/2036 (e) |  | 800 | 819 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Engineering & Construction** — **continued** |  |  |  |
| MasTec, Inc., 4.50%, 08/15/2028 (e) |  | 1021 | 1019 |
| Montego Bay Airport Revenue Finance Ltd., (Cayman Islands), 6.60%, 06/15/2035 (e) |  | 1400 | 1432 |
| Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028 (e) |  | 40 | 40 |
| TopBuild Corp., |  |  |  |
| 3.63%, 03/15/2029 (e) |  | 760 | 728 |
| 4.13%, 02/15/2032 (e) |  | 1125 | 1055 |
| 5.63%, 01/31/2034 (e) |  | 1085 | 1082 |
| Tutor Perini Corp., 11.88%, 04/30/2029 (e) |  | 60 | 67 |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/2028 (e) |  | 70 | 69 |
|  |  |  | 66071 |
| **Environmental Control** — **0.6%** |  |  |  |
| Clean Harbors, Inc., |  |  |  |
| 4.88%, 07/15/2027 (e) |  | 200 | 200 |
| 5.13%, 07/15/2029 (e) |  | 131 | 130 |
| 5.75%, 10/15/2033 (e) (w) |  | 945 | 953 |
| 6.38%, 02/01/2031 (e) |  | 160 | 164 |
| Enviri Corp., 5.75%, 07/31/2027 (e) |  | 30 | 30 |
| GFL Environmental, Inc., (Canada), |  |  |  |
| 4.00%, 08/01/2028 (e) |  | 1667 | 1628 |
| 4.38%, 08/15/2029 (e) |  | 2780 | 2709 |
| 4.75%, 06/15/2029 (e) |  | 2839 | 2805 |
| 6.75%, 01/15/2031 (e) |  | 5366 | 5615 |
| Luna 1.5 Sarl, (Luxembourg), |  |  |  |
| 10.50% (PIK), 07/01/2032 (e) (v) | EUR | 9463 | 11513 |
| 12.00% (PIK), 07/01/2032 (e) (v) |  | 90 | 93 |
| Luna 2 5 Sarl, (Luxembourg), Reg. S, 5.50%, 07/01/2032 | EUR | 100 | 119 |
| Madison IAQ LLC, |  |  |  |
| 4.13%, 06/30/2028 (e) |  | 928 | 906 |
| 5.88%, 06/30/2029 (e) |  | 6354 | 6275 |
| Reworld Holding Corp., 4.88%, 12/01/2029 (e) |  | 4808 | 4521 |
| Seche Environnement SACA, (France), Reg. S, 4.50%, 03/25/2030 | EUR | 475 | 568 |
| Waste Pro USA, Inc., 7.00%, 02/01/2033 (e) |  | 8632 | 8940 |
| Wrangler Holdco Corp., 6.63%, 04/01/2032 (e) |  | 5264 | 5490 |
|  |  |  | 52659 |
| **Machinery - Construction & Mining** — **0.1%** |  |  |  |
| BWX Technologies, Inc., |  |  |  |
| 4.13%, 06/30/2028 (e) |  | 60 | 59 |
| 4.13%, 04/15/2029 (e) |  | 80 | 77 |
| Manitowoc Co., Inc. (The), 9.25%, 10/01/2031 (e) |  | 1470 | 1545 |
| Terex Corp., |  |  |  |
| 5.00%, 05/15/2029 (e) |  | 3307 | 3257 |
| 6.25%, 10/15/2032 (e) |  | 3520 | 3586 |
| Vertiv Group Corp., 4.13%, 11/15/2028 (e) |  | 2647 | 2584 |
|  |  |  | 11108 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Machinery - Diversified** — **0.4%** |  |  |  |
| ATS Corp., (Canada), 4.13%, 12/15/2028 (e) |  | 114 | 109 |
| Chart Industries, Inc., |  |  |  |
| 7.50%, 01/01/2030 (e) |  | 3848 | 4004 |
| 9.50%, 01/01/2031 (e) |  | 1748 | 1873 |
| Esab Corp., 6.25%, 04/15/2029 (e) |  | 1409 | 1448 |
| GrafTech Finance, Inc., 4.63%, 12/23/2029 (e) |  | 3700 | 2591 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/2029 (e) |  | 650 | 554 |
| Husky Injection Molding Systems Ltd. / Titan Co-Borrower LLC, (Canada), 9.00%, 02/15/2029 (e) |  | 9583 | 10011 |
| Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/2028 (e) |  | 3521 | 3730 |
| Mueller Water Products, Inc., 4.00%, 06/15/2029 (e) |  | 157 | 151 |
| Regal Rexnord Corp., |  |  |  |
| 6.05%, 02/15/2026 |  | 82 | 82 |
| 6.05%, 04/15/2028 |  | 1604 | 1660 |
| 6.30%, 02/15/2030 |  | 691 | 733 |
| SPX FLOW, Inc., 8.75%, 04/01/2030 (e) |  | 80 | 82 |
| TK Elevator Midco GmbH, (Germany), Reg. S, 4.38%, 07/15/2027 | EUR | 1053 | 1238 |
| TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (e) |  | 10230 | 10194 |
|  |  |  | 38460 |
| **Metal Fabricate/Hardware** — **0.1%** |  |  |  |
| Advanced Drainage Systems, Inc., |  |  |  |
| 5.00%, 09/30/2027 (e) |  | 160 | 159 |
| 6.38%, 06/15/2030 (e) |  | 90 | 92 |
| Park-Ohio Industries, Inc., 8.50%, 08/01/2030 (e) |  | 50 | 52 |
| Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 (e) |  | 2655 | 2579 |
| TMS International Corp., 6.25%, 04/15/2029 (e) |  | 60 | 58 |
| Vallourec SACA, (France), 7.50%, 04/15/2032 (e) |  | 3048 | 3248 |
|  |  |  | 6188 |
| **Miscellaneous Manufacturers** — **0.2%** |  |  |  |
| Amsted Industries, Inc., |  |  |  |
| 4.63%, 05/15/2030 (e) |  | 3026 | 2924 |
| 6.38%, 03/15/2033 (e) |  | 3049 | 3130 |
| Axon Enterprise, Inc., |  |  |  |
| 6.13%, 03/15/2030 (e) |  | 1265 | 1300 |
| 6.25%, 03/15/2033 (e) |  | 1765 | 1816 |
| Calderys Financing LLC, 11.25%, 06/01/2028 (e) |  | 80 | 85 |
| Enpro, Inc., 6.13%, 06/01/2033 (e) |  | 1524 | 1558 |
| LSB Industries, Inc., 6.25%, 10/15/2028 (e) |  | 70 | 69 |
| Maxam Prill Sarl, (Luxembourg), |  |  |  |
| Reg. S, 6.00%, 07/15/2030 | EUR | 425 | 506 |
| 7.75%, 07/15/2030 (e) |  | 170 | 172 |
| Trinity Industries, Inc., 7.75%, 07/15/2028 (e) |  | 3160 | 3270 |
|  |  |  | 14830 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Packaging & Containers** — **1.9%** |  |  |  |
| ARD Finance SA, (Luxembourg), 6.50% (cash), 06/30/2027 (e) (v) |  | 2388 | 60 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, (Multinational), |  |  |  |
| Reg. S, 3.00%, 09/01/2029 | EUR | 403 | 436 |
| 4.00%, 09/01/2029 (e) |  | 15531 | 14370 |
| 6.00%, 06/15/2027 (e) |  | 3174 | 3173 |
| Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc., (Multinational), |  |  |  |
| Reg. S, 2.13%, 08/15/2026 | EUR | 11195 | 12784 |
| 4.13%, 08/15/2026 (e) |  | 10207 | 9799 |
| Ball Corp., |  |  |  |
| 2.88%, 08/15/2030 |  | 40 | 36 |
| 4.25%, 07/01/2032 | EUR | 1483 | 1781 |
| 5.50%, 09/15/2033 (e) |  | 2458 | 2485 |
| 6.00%, 06/15/2029 |  | 70 | 72 |
| 6.88%, 03/15/2028 |  | 50 | 51 |
| Cascades, Inc./Cascades USA, Inc., (Multinational), |  |  |  |
| 5.38%, 01/15/2028 (e) |  | 140 | 139 |
| 6.75%, 07/15/2030 (e) |  | 190 | 193 |
| Clearwater Paper Corp., 4.75%, 08/15/2028 (e) |  | 40 | 38 |
| Clydesdale Acquisition Holdings, Inc., |  |  |  |
| 6.63%, 04/15/2029 (e) |  | 2613 | 2643 |
| 6.75%, 04/15/2032 (e) |  | 9918 | 10174 |
| 6.88%, 01/15/2030 (e) |  | 5408 | 5545 |
| 8.75%, 04/15/2030 (e) |  | 6025 | 6189 |
| Crown Americas LLC, 5.88%, 06/01/2033 (e) |  | 4060 | 4101 |
| Crown European Holdings SACA, (France), |  |  |  |
| 3.75%, 09/30/2031 (e) (w) | EUR | 3855 | 4519 |
| Reg. S, 4.75%, 03/15/2029 | EUR | 2570 | 3150 |
| Reg. S, 5.00%, 05/15/2028 | EUR | 2389 | 2938 |
| Fiber Midco SpA, (Italy), Reg. S, 10.75% (PIK), 06/15/2029 (v) | EUR | 100 | 109 |
| Graham Packaging Co., Inc., 7.13%, 08/15/2028 (e) |  | 1570 | 1573 |
| Graphic Packaging International LLC, |  |  |  |
| Reg. S, 2.63%, 02/01/2029 | EUR | 400 | 455 |
| 3.50%, 03/15/2028 (e) |  | 975 | 941 |
| 3.50%, 03/01/2029 (e) |  | 425 | 403 |
| 6.38%, 07/15/2032 (e) |  | 30 | 30 |
| Iris Holding, Inc., 10.00%, 12/15/2028 (e) |  | 1654 | 1494 |
| Kleopatra Finco Sarl, (Luxembourg), |  |  |  |
| Reg. S, 4.25%, 03/01/2026 | EUR | 365 | 241 |
| Reg. S, 9.00% (Blend (cash 6.50% + PIK 2.50%)), 09/01/2029 (v) | EUR | 101 | 12 |
| LABL, Inc., |  |  |  |
| 5.88%, 11/01/2028 (e) |  | 1890 | 1464 |
| 8.25%, 11/01/2029 (e) |  | 50 | 31 |
| 8.63%, 10/01/2031 (e) |  | 5732 | 4211 |
| 9.50%, 11/01/2028 (e) |  | 4669 | 3963 |
| 10.50%, 07/15/2027 (e) |  | 3150 | 2595 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Packaging & Containers** — **continued** |  |  |  |
| Mauser Packaging Solutions Holding Co., |  |  |  |
| 7.88%, 04/15/2027 (e) |  | 32818 | 33141 |
| 9.25%, 04/15/2027 (e) |  | 1512 | 1516 |
| OI European Group BV, (Netherlands), |  |  |  |
| 4.75%, 02/15/2030 (e) |  | 310 | 296 |
| 6.25%, 05/15/2028 (e) | EUR | 274 | 332 |
| Owens-Brockway Glass Container, Inc., |  |  |  |
| 6.63%, 05/13/2027 (e) |  | 424 | 423 |
| 7.25%, 05/15/2031 (e) |  | 325 | 331 |
| 7.38%, 06/01/2032 (e) |  | 20 | 20 |
| Sealed Air Corp., |  |  |  |
| 4.00%, 12/01/2027 (e) |  | 807 | 792 |
| 5.00%, 04/15/2029 (e) |  | 40 | 40 |
| 6.50%, 07/15/2032 (e) |  | 278 | 288 |
| Sealed Air Corp. / Sealed Air Corp. US, |  |  |  |
| 6.13%, 02/01/2028 (e) |  | 455 | 461 |
| 7.25%, 02/15/2031 (e) |  | 872 | 915 |
| Silgan Holdings, Inc., |  |  |  |
| 4.13%, 02/01/2028 |  | 80 | 78 |
| 4.25%, 02/15/2031 (e) | EUR | 8520 | 10043 |
| Toucan FinCo. Ltd. / Toucan FinCo Can, Inc. / Toucan FinCo US LLC, (Multinational), |  |  |  |
| Reg. S, 8.25%, 05/15/2030 | EUR | 1675 | 1880 |
| 8.25%, 05/15/2030 (e) | EUR | 5214 | 5829 |
| 9.50%, 05/15/2030 (e) |  | 2270 | 2231 |
| Trident TPI Holdings, Inc., 12.75%, 12/31/2028 (e) |  | 6735 | 7181 |
| TriMas Corp., 4.13%, 04/15/2029 (e) |  | 1135 | 1098 |
| Trivium Packaging Finance BV, (Netherlands), |  |  |  |
| Reg. S, 6.63%, 07/15/2030 | EUR | 750 | 926 |
| 8.25%, 07/15/2030 (e) |  | 1364 | 1455 |
| 12.25%, 01/15/2031 (e) |  | 1110 | 1201 |
|  |  |  | 172675 |
| **Shipbuilding** — **0.0% (g)** |  |  |  |
| Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028 |  | 540 | 507 |
| **Transportation** — **0.4%** |  |  |  |
| Beacon Mobility Corp., 7.25%, 08/01/2030 (e) |  | 90 | 93 |
| Brightline East LLC, 11.00%, 01/31/2030 (e) |  | 120 | 50 |
| Carriage Purchaser, Inc., 7.88%, 10/15/2029 (e) |  | 50 | 47 |
| CMA CGM SA, (France), |  |  |  |
| 4.88%, 01/15/2032 (e) | EUR | 5343 | 6245 |
| Reg. S, 5.00%, 01/15/2031 | EUR | 1350 | 1612 |
| 5.00%, 01/15/2031 (e) | EUR | 2853 | 3406 |
| Danaos Corp., (Marshall Island), 8.50%, 03/01/2028 (e) |  | 80 | 82 |
| Edge Finco plc, (United Kingdom), Reg. S, 8.13%, 08/15/2031 | GBP | 5431 | 7788 |
| Empresa de los Ferrocarriles del Estado, (Chile), Reg. S, 3.83%, 09/14/2061 |  | 1700 | 1153 |
| First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029 (e) |  | 90 | 86 |
| gategroup Finance Luxembourg SA, (Luxembourg), Reg. S, 3.00%, 02/28/2027 | CHF | 450 | 559 |
| Genesee & Wyoming, Inc., 6.25%, 04/15/2032 (e) |  | 2440 | 2479 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Transportation** — **continued** |  |  |  |
| Mobico Group plc, (United Kingdom), |  |  |  |
| Reg. S, 3.63%, 11/20/2028 | GBP | 175 | 199 |
| Reg. S, 4.88%, 09/26/2031 | EUR | 100 | 92 |
| Rand Parent LLC, 8.50%, 02/15/2030 (e) |  | 1911 | 1986 |
| RXO, Inc., 7.50%, 11/15/2027 (e) |  | 1674 | 1702 |
| Seaspan Corp., (Marshall Island), 5.50%, 08/01/2029 (e) |  | 170 | 164 |
| SGL Group ApS, (Denmark), (EURIBOR 3 Month + 4.75%), 6.75%, 04/22/2030 (aa) | EUR | 416 | 484 |
| Star Leasing Co. LLC, 7.63%, 02/15/2030 (e) |  | 2750 | 2672 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/2032 (e) |  | 678 | 714 |
| Watco Cos. LLC / Watco Finance Corp, 7.13%, 08/01/2032 (e) |  | 1728 | 1788 |
| XPO, Inc., |  |  |  |
| 6.25%, 06/01/2028 (e) |  | 1700 | 1732 |
| 7.13%, 06/01/2031 (e) |  | 150 | 157 |
| 7.13%, 02/01/2032 (e) |  | 575 | 604 |
|  |  |  | 35894 |
| **Trucking & Leasing** — **0.4%** |  |  |  |
| FTAI Aviation Investors LLC, |  |  |  |
| 5.50%, 05/01/2028 (e) |  | 3982 | 3984 |
| 5.88%, 04/15/2033 (e) |  | 4388 | 4415 |
| 7.00%, 05/01/2031 (e) |  | 10015 | 10482 |
| 7.00%, 06/15/2032 (e) |  | 6441 | 6740 |
| 7.88%, 12/01/2030 (e) |  | 5959 | 6332 |
| GATX Corp., 5.40%, 03/15/2027 |  | 100 | 101 |
| Penske Truck Leasing Co. LP / PTL Finance Corp., |  |  |  |
| 3.40%, 11/15/2026 (e) |  | 81 | 80 |
| 4.20%, 04/01/2027 (e) |  | 489 | 489 |
|  |  |  | 32623 |
| Total Industrial |  |  | 736435 |
| **Technology** — **3.3%** |  |  |  |
| **Computers** — **0.9%** |  |  |  |
| Ahead DB Holdings LLC, 6.63%, 05/01/2028 (e) |  | 80 | 80 |
| Almaviva-The Italian Innovation Co. SpA, (Italy), |  |  |  |
| 5.00%, 10/30/2030 (e) | EUR | 1500 | 1789 |
| Reg. S, 5.00%, 10/30/2030 | EUR | 3595 | 4288 |
| Amentum Holdings, Inc., 7.25%, 08/01/2032 (e) |  | 3375 | 3504 |
| ASGN, Inc., 4.63%, 05/15/2028 (e) |  | 200 | 196 |
| Atos SE, (France), |  |  |  |
| Reg. S, SUB, 1.00%, 12/18/2032 | EUR | 340 | 206 |
| Reg. S, SUB, 5.00%, 12/18/2030 | EUR | 6875 | 7612 |
| Reg. S, SUB, 9.00%, 12/18/2029 | EUR | 10550 | 14249 |
| Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 (e) |  | 123 | 121 |
| CA Magnum Holdings, (Mauritius), 5.38%, 10/31/2026 (e) |  | 4637 | 4617 |
| CACI International, Inc., 6.38%, 06/15/2033 (e) |  | 3379 | 3487 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Computers** — **continued** |  |  |  |
| Cedacri SpA, (Italy), Reg. S, (EURIBOR 3 Month + 4.63%), 6.66%, 05/15/2028 (aa) | EUR | 500 | 590 |
| Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 (e) |  | 110 | 106 |
| Crowdstrike Holdings, Inc., 3.00%, 02/15/2029 |  | 550 | 524 |
| Diebold Nixdorf, Inc., 7.75%, 03/31/2030 (e) |  | 100 | 106 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/2031 (e) |  | 5304 | 5554 |
| Gartner, Inc., 4.50%, 07/01/2028 (e) |  | 623 | 618 |
| Insight Enterprises, Inc., 6.63%, 05/15/2032 (e) |  | 1786 | 1831 |
| KBR, Inc., 4.75%, 09/30/2028 (e) |  | 628 | 621 |
| McAfee Corp., 7.38%, 02/15/2030 (e) |  | 10360 | 9610 |
| NCR Atleos Corp., 9.50%, 04/01/2029 (e) |  | 2645 | 2864 |
| NCR Voyix Corp., |  |  |  |
| 5.00%, 10/01/2028 (e) |  | 3195 | 3155 |
| 5.13%, 04/15/2029 (e) |  | 964 | 948 |
| OVH Groupe SA, (France), Reg. S, 4.75%, 02/05/2031 | EUR | 2450 | 2929 |
| Science Applications International Corp., |  |  |  |
| 4.88%, 04/01/2028 (e) |  | 70 | 70 |
| 5.88%, 11/01/2033 (e) |  | 2086 | 2088 |
| Seagate Data Storage Technology Pte Ltd., (Singapore), |  |  |  |
| 4.09%, 06/01/2029 (e) |  | 70 | 68 |
| 4.13%, 01/15/2031 (e) |  | 60 | 55 |
| 5.75%, 12/01/2034 (e) |  | 50 | 50 |
| 5.88%, 07/15/2030 (e) |  | 2375 | 2416 |
| 8.25%, 12/15/2029 (e) |  | 1600 | 1694 |
| 8.50%, 07/15/2031 (e) |  | 1280 | 1355 |
| 9.63%, 12/01/2032 (e) |  | 220 | 249 |
| Unisys Corp., 10.63%, 01/15/2031 (e) |  | 120 | 128 |
| Virtusa Corp., 7.13%, 12/15/2028 (e) |  | 70 | 68 |
|  |  |  | 77846 |
| **Office/Business & Equipment** — **0.0% (g)** |  |  |  |
| Pitney Bowes, Inc., |  |  |  |
| 6.88%, 03/15/2027 (e) |  | 40 | 40 |
| 7.25%, 03/15/2029 (e) |  | 50 | 50 |
| Xerox Corp., |  |  |  |
| 4.80%, 03/01/2035 |  | 30 | 14 |
| 6.75%, 12/15/2039 |  | 46 | 21 |
| 10.25%, 10/15/2030 (e) |  | 50 | 51 |
| 13.50%, 04/15/2031 (e) |  | 20 | 19 |
| Xerox Holdings Corp., |  |  |  |
| 5.50%, 08/15/2028 (e) |  | 20 | 12 |
| 8.88%, 11/30/2029 (e) |  | 30 | 16 |
| Zebra Technologies Corp., 6.50%, 06/01/2032 (e) |  | 1677 | 1723 |
|  |  |  | 1946 |
| **Semiconductors** — **0.2%** |  |  |  |
| Amkor Technology, Inc., |  |  |  |
| 5.88%, 10/01/2033 (e) |  | 786 | 794 |
| 6.63%, 09/15/2027 (e) |  | 60 | 60 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Semiconductors** — **continued** |  |  |  |
| ams-OSRAM AG, (Austria), |  |  |  |
| Reg. S, 10.50%, 03/30/2029 | EUR | 1900 | 2377 |
| 12.25%, 03/30/2029 (e) |  | 80 | 86 |
| Entegris, Inc., |  |  |  |
| 3.63%, 05/01/2029 (e) |  | 60 | 57 |
| 4.38%, 04/15/2028 (e) |  | 1170 | 1145 |
| 4.75%, 04/15/2029 (e) |  | 1625 | 1611 |
| 5.95%, 06/15/2030 (e) |  | 90 | 91 |
| Foundry JV Holdco LLC, |  |  |  |
| 5.50%, 01/25/2031 (e) |  | 200 | 208 |
| 5.90%, 01/25/2030 (e) |  | 1646 | 1736 |
| Intel Corp., |  |  |  |
| 2.45%, 11/15/2029 |  | 156 | 145 |
| 3.75%, 08/05/2027 |  | 563 | 559 |
| Kioxia Holdings Corp., (Japan), |  |  |  |
| 6.25%, 07/24/2030 (e) |  | 190 | 194 |
| 6.63%, 07/24/2033 (e) |  | 1590 | 1634 |
| Microchip Technology, Inc., 5.05%, 03/15/2029 |  | 326 | 333 |
| ON Semiconductor Corp., 3.88%, 09/01/2028 (e) |  | 10 | 10 |
| SK Hynix, Inc., (South Korea), |  |  |  |
| 6.50%, 01/17/2033 (e) |  | 2500 | 2757 |
| Reg. S, 6.50%, 01/17/2033 |  | 400 | 441 |
| Synaptics, Inc., 4.00%, 06/15/2029 (e) |  | 30 | 29 |
|  |  |  | 14267 |
| **Software** — **2.2%** |  |  |  |
| AthenaHealth Group, Inc., 6.50%, 02/15/2030 (e) |  | 33381 | 33081 |
| Atlassian Corp., 5.25%, 05/15/2029 |  | 710 | 730 |
| Camelot Finance SA, (Luxembourg), 4.50%, 11/01/2026 (e) |  | 319 | 318 |
| Capstone Borrower, Inc., 8.00%, 06/15/2030 (e) |  | 8496 | 8886 |
| Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 (e) |  | 1101 | 970 |
| Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (e) |  | 4824 | 4150 |
| Cloud Software Group, Inc., |  |  |  |
| 6.50%, 03/31/2029 (e) |  | 12598 | 12708 |
| 6.63%, 08/15/2033 (e) |  | 180 | 183 |
| 8.25%, 06/30/2032 (e) |  | 15678 | 16637 |
| 9.00%, 09/30/2029 (e) |  | 27509 | 28449 |
| Consensus Cloud Solutions, Inc., |  |  |  |
| 6.00%, 10/15/2026 (e) |  | 30 | 30 |
| 6.50%, 10/15/2028 (e) |  | 70 | 71 |
| Constellation Software, Inc., (Canada), 5.16%, 02/16/2029 (e) |  | 443 | 452 |
| CoreLogic, Inc., 4.50%, 05/01/2028 (e) |  | 11636 | 11258 |
| CoreWeave, Inc., |  |  |  |
| 9.00%, 02/01/2031 (e) |  | 2435 | 2494 |
| 9.25%, 06/01/2030 (e) |  | 6958 | 7187 |
| Dye & Durham Ltd., (Canada), 8.63%, 04/15/2029 (e) |  | 120 | 119 |
| Elastic NV, (Netherlands), 4.13%, 07/15/2029 (e) |  | 2614 | 2510 |
| Electronic Arts, Inc., 2.95%, 02/15/2051 |  | 1377 | 1196 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Software** — **continued** |  |  |  |
| Ellucian Holdings, Inc., 6.50%, 12/01/2029 (e) |  | 6711 | 6817 |
| Fair Isaac Corp., |  |  |  |
| 4.00%, 06/15/2028 (e) |  | 32 | 31 |
| 6.00%, 05/15/2033 (e) |  | 10849 | 10984 |
| Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl, |  |  |  |
| Reg. S, 7.88%, 05/01/2029 | EUR | 594 | 730 |
| 8.75%, 05/01/2029 (e) |  | 1144 | 1184 |
| IPD 3 BV, (Netherlands), |  |  |  |
| 5.50%, 06/15/2031 (e) | EUR | 4943 | 5894 |
| Reg. S, 5.50%, 06/15/2031 | EUR | 1900 | 2265 |
| MSCI, Inc., |  |  |  |
| 3.63%, 09/01/2030 (e) |  | 203 | 194 |
| 3.88%, 02/15/2031 (e) |  | 83 | 80 |
| 4.00%, 11/15/2029 (e) |  | 503 | 491 |
| Open Text Corp., (Canada), |  |  |  |
| 3.88%, 02/15/2028 (e) |  | 100 | 97 |
| 3.88%, 12/01/2029 (e) |  | 100 | 94 |
| 6.90%, 12/01/2027 (e) |  | 425 | 443 |
| Open Text Holdings, Inc., |  |  |  |
| 4.13%, 02/15/2030 (e) |  | 150 | 142 |
| 4.13%, 12/01/2031 (e) |  | 70 | 65 |
| Oracle Corp., 4.45%, 09/26/2030 |  | 316 | 316 |
| Pagaya US Holdings Co. LLC, 8.88%, 08/01/2030 (e) |  | 90 | 84 |
| Playtika Holding Corp., 4.25%, 03/15/2029 (e) |  | 428 | 393 |
| PTC, Inc., 4.00%, 02/15/2028 (e) |  | 100 | 98 |
| Rackspace Finance LLC, 3.50%, 05/15/2028 (e) |  | 50 | 21 |
| RingCentral, Inc., 8.50%, 08/15/2030 (e) |  | 60 | 64 |
| Rocket Software, Inc., |  |  |  |
| 6.50%, 02/15/2029 (e) |  | 130 | 127 |
| 9.00%, 11/28/2028 (e) |  | 260 | 268 |
| SS&C Technologies, Inc., |  |  |  |
| 5.50%, 09/30/2027 (e) |  | 2535 | 2532 |
| 6.50%, 06/01/2032 (e) |  | 4422 | 4575 |
| TeamSystem SpA, (Italy), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 3.50%), 5.53%, 07/31/2031 (aa) | EUR | 600 | 706 |
| (EURIBOR 3 Month + 3.50%), 5.53%, 07/31/2031 (e) (aa) | EUR | 6665 | 7848 |
| Twilio, Inc., |  |  |  |
| 3.63%, 03/15/2029 |  | 288 | 274 |
| 3.88%, 03/15/2031 |  | 969 | 911 |
| UKG, Inc., 6.88%, 02/01/2031 (e) |  | 20800 | 21462 |
| West Technology Group LLC, 8.50%, 04/10/2027 (e) |  | 70 | 5 |
| ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.88%, 02/01/2029 (e) |  | 2971 | 2816 |
|  |  |  | 203440 |
| Total Technology |  |  | 297499 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Utilities** — **3.3%** |  |  |  |
| **Electric** — **3.0%** |  |  |  |
| A2A SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.26%), 5.00%, 06/11/2029 (x) (aa) | EUR | 100 | 122 |
| AES Corp. (The), |  |  |  |
| 5.45%, 06/01/2028 |  | 1231 | 1260 |
| (CMT Index 5 Year + 2.89%), 6.95%, 07/15/2055 (aa) |  | 80 | 78 |
| (CMT Index 5 Year + 3.20%), 7.60%, 01/15/2055 (aa) |  | 3282 | 3399 |
| Alexander Funding Trust II, 7.47%, 07/31/2028 (e) |  | 819 | 876 |
| Algonquin Power & Utilities Corp., (Canada), |  |  |  |
| (CMT Index 5 Year + 3.25%), 4.75%, 01/18/2082 (aa) |  | 220 | 216 |
| SUB, 5.37%, 06/15/2026 |  | 753 | 758 |
| Alliant Energy Finance LLC, |  |  |  |
| 5.40%, 06/06/2027 (e) |  | 97 | 98 |
| 5.95%, 03/30/2029 (e) |  | 712 | 745 |
| Alpha Generation LLC, 6.75%, 10/15/2032 (e) |  | 2733 | 2823 |
| Atlantica Sustainable Infrastructure Ltd., (United Kingdom), 4.13%, 06/15/2028 (e) |  | 10 | 10 |
| Black Hills Corp., 5.95%, 03/15/2028 |  | 98 | 102 |
| California Buyer Ltd / Atlantica Sustainable Infrastructure plc, (United Kingdom), 5.63%, 02/15/2032 (e) | EUR | 8405 | 10262 |
| California Buyer Ltd. / Atlantica Sustainable Infrastructure plc, (United Kingdom), |  |  |  |
| Reg. S, 5.63%, 02/15/2032 | EUR | 4553 | 5563 |
| 6.38%, 02/15/2032 (e) |  | 2383 | 2442 |
| Calpine Corp., |  |  |  |
| 3.75%, 03/01/2031 (e) |  | 410 | 390 |
| 4.50%, 02/15/2028 (e) |  | 636 | 633 |
| 4.63%, 02/01/2029 (e) |  | 5375 | 5324 |
| 5.00%, 02/01/2031 (e) |  | 7573 | 7551 |
| 5.13%, 03/15/2028 (e) |  | 6803 | 6807 |
| Capital Power US Holdings, Inc., 5.26%, 06/01/2028 (e) |  | 367 | 374 |
| CenterPoint Energy, Inc., Series B, (CMT Index 5 Year + 2.95%), 6.85%, 02/15/2055 (aa) |  | 1019 | 1081 |
| Centrais Eletricas Brasileiras SA, (Brazil), 6.50%, 01/11/2035 (e) |  | 1200 | 1239 |
| Clearway Energy Operating LLC, |  |  |  |
| 3.75%, 02/15/2031 (e) |  | 40 | 36 |
| 3.75%, 01/15/2032 (e) |  | 2116 | 1900 |
| 4.75%, 03/15/2028 (e) |  | 561 | 554 |
| Cleco Corporate Holdings LLC, 3.74%, 05/01/2026 |  | 167 | 166 |
| Comision Ejecutiva Hidroelectrica del Rio Lempa, (El Salvador), |  |  |  |
| 8.65%, 01/24/2033 (e) |  | 2200 | 2300 |
| Reg. S, 8.65%, 01/24/2033 |  | 700 | 732 |
| Comision Federal de Electricidad, (Mexico), |  |  |  |
| Reg. S, 5.70%, 01/24/2030 |  | 600 | 609 |
| Reg. S, 6.26%, 02/15/2052 |  | 400 | 375 |
| 6.26%, 02/15/2052 (e) |  | 1000 | 938 |
| ContourGlobal Power Holdings SA, (Luxembourg), |  |  |  |
| Reg. S, 3.13%, 01/01/2028 | EUR | 3370 | 3927 |
| Reg. S, 5.00%, 02/28/2030 | EUR | 2969 | 3568 |
| 5.00%, 02/28/2030 (e) | EUR | 9744 | 11711 |
| 6.75%, 02/28/2030 (e) |  | 3454 | 3588 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Electric** — **continued** |  |  |  |
| Dominion Energy, Inc., (CMT Index 5 Year + 2.21%), 6.63%, 05/15/2055 (aa) |  | 915 | 949 |
| Duke Energy Corp., (CMT Index 5 Year + 2.59%), 6.45%, 09/01/2054 (aa) |  | 641 | 677 |
| Edison International, |  |  |  |
| (CMT Index 5 Year + 3.66%), 7.88%, 06/15/2054 (aa) |  | 170 | 173 |
| (CMT Index 5 Year + 3.86%), 8.13%, 06/15/2053 (aa) |  | 420 | 429 |
| Series A, (CMT Index 5 Year + 4.70%), 5.38%, 03/09/2026 (x) (aa) |  | 3109 | 3021 |
| EDP SA, (Portugal), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 2.38%), 1.88%, 08/02/2081 (aa) | EUR | 200 | 233 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.05%), 4.75%, 05/29/2054 (aa) | EUR | 2000 | 2430 |
| Reg. S, (EUR Swap Rate 5 Year + 3.18%), 5.94%, 04/23/2083 (aa) | EUR | 4300 | 5347 |
| Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.08%), 1.88%, 03/14/2082 (aa) | EUR | 8600 | 9389 |
| Eesti Energia A/S, (Estonia), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.17%), 7.88%, 07/15/2029 (x) (aa) | EUR | 3725 | 4544 |
| Electricite de France SA, (France), |  |  |  |
| 5.70%, 05/23/2028 (e) |  | 260 | 269 |
| Reg. S, (GBP Swap Rate 13 Year + 4.23%), 6.00%, 01/29/2026 (x) (aa) | GBP | 1100 | 1484 |
| Reg. S, (UK Gilts 5 Year + 3.78%), 7.38%, 06/17/2035 (x) (aa) | GBP | 100 | 137 |
| Enel Finance International NV, (Netherlands), |  |  |  |
| 4.13%, 09/30/2028 (e) |  | 200 | 200 |
| 4.38%, 09/30/2030 (e) |  | 244 | 242 |
| Enel SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.01%), 4.25%, 01/14/2030 (x) (aa) | EUR | 2175 | 2591 |
| Engie SA, (France), 5.25%, 04/10/2029 (e) |  | 200 | 206 |
| EPH Financing International A/S, (Czech Republic), Reg. S, 6.65%, 11/13/2028 | EUR | 3200 | 4085 |
| Eskom Holdings, (South Africa), |  |  |  |
| Reg. S, 6.35%, 08/10/2028 |  | 3800 | 3901 |
| Reg. S, 8.45%, 08/10/2028 |  | 5200 | 5556 |
| EUSHI Finance, Inc., (CMT Index 5 Year + 3.14%), 7.63%, 12/15/2054 (aa) |  | 70 | 73 |
| Evergy Missouri West, Inc., 5.15%, 12/15/2027 (e) |  | 166 | 169 |
| Eversource Energy, 5.95%, 02/01/2029 |  | 211 | 221 |
| Fells Point Funding Trust, 3.05%, 01/31/2027 (e) |  | 726 | 714 |
| Hawaiian Electric Co., Inc., 6.00%, 10/01/2033 (e) |  | 444 | 448 |
| Israel Electric Corp. Ltd., (Israel), Reg. S, 4.25%, 08/14/2028 (e) |  | 3600 | 3547 |
| Leeward Renewable Energy Operations LLC, 4.25%, 07/01/2029 (e) |  | 250 | 236 |
| Liberty Utilities Co., 5.58%, 01/31/2029 (e) |  | 392 | 405 |
| Lightning Power LLC, 7.25%, 08/15/2032 (e) |  | 250 | 265 |
| MVM Energetika Zrt, (Hungary), Reg. S, 7.50%, 06/09/2028 |  | 3400 | 3608 |
| NextEra Energy Capital Holdings, Inc., |  |  |  |
| (CMT Index 5 Year + 2.05%), 6.38%, 08/15/2055 (aa) |  | 2128 | 2209 |
| (CMT Index 5 Year + 2.46%), 6.75%, 06/15/2054 (aa) |  | 1108 | 1191 |
| Niagara Mohawk Power Corp., 4.65%, 10/03/2030 (e) |  | 274 | 275 |
| NRG Energy, Inc., |  |  |  |
| 3.38%, 02/15/2029 (e) |  | 790 | 746 |
| 3.63%, 02/15/2031 (e) |  | 4305 | 3980 |
| 3.88%, 02/15/2032 (e) |  | 2830 | 2608 |
| 5.25%, 06/15/2029 (e) |  | 2434 | 2425 |
| 5.75%, 01/15/2028 |  | 1205 | 1206 |
| 5.75%, 07/15/2029 (e) |  | 2220 | 2210 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Electric** — **continued** |  |  |  |
| 5.75%, 01/15/2034 (e) (w) |  | 6760 | 6751 |
| 6.00%, 02/01/2033 (e) |  | 6720 | 6825 |
| 6.00%, 01/15/2036 (e) (w) |  | 14479 | 14484 |
| 6.25%, 11/01/2034 (e) |  | 4979 | 5104 |
| (CMT Index 5 Year + 5.92%), 10.25%, 03/15/2028 (e) (x) (aa) |  | 6745 | 7355 |
| OGE Energy Corp., 5.45%, 05/15/2029 |  | 101 | 105 |
| Orsted A/S, (Denmark), |  |  |  |
| Reg. S, (UK Gilts 5 Year + 2.14%), 2.50%, 02/18/3021 (aa) | GBP | 134 | 135 |
| Reg. S, (EUR Swap Rate 5 Year + 2.62%), 5.25%, 12/08/3022 (aa) | EUR | 1000 | 1204 |
| Pacific Gas and Electric Co., |  |  |  |
| 3.15%, 01/01/2026 |  | 910 | 908 |
| 3.30%, 12/01/2027 |  | 889 | 870 |
| 5.00%, 06/04/2028 |  | 236 | 239 |
| 5.45%, 06/15/2027 |  | 7 | 7 |
| PacifiCorp., (CMT Index 5 Year + 3.32%), 7.38%, 09/15/2055 (aa) |  | 240 | 253 |
| Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 08/15/2028 (e) |  | 358 | 349 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia), |  |  |  |
| Reg. S, 4.00%, 06/30/2050 |  | 3400 | 2515 |
| Reg. S, 4.13%, 05/15/2027 |  | 1200 | 1195 |
| Reg. S, 4.38%, 02/05/2050 |  | 600 | 481 |
| Reg. S, 5.25%, 10/24/2042 |  | 2800 | 2613 |
| Reg. S, 5.25%, 05/15/2047 |  | 1400 | 1284 |
| Reg. S, 6.15%, 05/21/2048 |  | 3000 | 3056 |
| PG&E Corp., |  |  |  |
| 5.00%, 07/01/2028 |  | 1760 | 1744 |
| 5.25%, 07/01/2030 |  | 160 | 158 |
| (CMT Index 5 Year + 3.88%), 7.38%, 03/15/2055 (aa) |  | 1860 | 1910 |
| Pike Corp., |  |  |  |
| 5.50%, 09/01/2028 (e) |  | 40 | 40 |
| 8.63%, 01/31/2031 (e) |  | 422 | 452 |
| Public Power Corp. SA, (Greece), Reg. S, 4.63%, 10/31/2031 | EUR | 4100 | 4958 |
| System Energy Resources, Inc., 6.00%, 04/15/2028 |  | 584 | 608 |
| Talen Energy Supply LLC, 8.63%, 06/01/2030 (e) |  | 90 | 96 |
| TransAlta Corp., (Canada), 7.75%, 11/15/2029 |  | 38 | 40 |
| Trinidad Generation UnLtd, (Trinidad and Tobago), 7.75%, 06/16/2033 (e) |  | 800 | 841 |
| Vistra Corp., |  |  |  |
| (CMT Index 5 Year + 5.74%), 7.00%, 12/15/2026 (e) (x) (aa) |  | 11887 | 12069 |
| (CMT Index 5 Year + 6.93%), 8.00%, 10/15/2026 (e) (x) (aa) |  | 2550 | 2608 |
| Series C, (CMT Index 5 Year + 5.05%), 8.88%, 01/15/2029 (e) (x) (aa) |  | 680 | 747 |
| Vistra Operations Co. LLC, |  |  |  |
| 3.70%, 01/30/2027 (e) |  | 343 | 340 |
| 4.38%, 05/01/2029 (e) |  | 6789 | 6648 |
| 5.00%, 07/31/2027 (e) |  | 9660 | 9628 |
| 5.50%, 09/01/2026 (e) |  | 1063 | 1062 |
| 5.63%, 02/15/2027 (e) |  | 2785 | 2785 |
| 6.88%, 04/15/2032 (e) |  | 3242 | 3390 |
| 7.75%, 10/15/2031 (e) |  | 190 | 201 |
| XPLR Infrastructure Operating Partners LP, |  |  |  |
| 3.88%, 10/15/2026 (e) |  | 311 | 307 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds — continued** |  |  |  |
| **Electric** — **continued** |  |  |  |
| 4.50%, 09/15/2027 (e) |  | 20 | 20 |
| 7.25%, 01/15/2029 (e) |  | 50 | 51 |
| 8.38%, 01/15/2031 (e) |  | 6454 | 6762 |
| 8.63%, 03/15/2033 (e) |  | 120 | 126 |
|  |  |  | 268280 |
| **Gas** — **0.1%** |  |  |  |
| AltaGas Ltd., (Canada), (CMT Index 5 Year + 3.57%), 7.20%, 10/15/2054 (e) (aa) |  | 2397 | 2479 |
| AmeriGas Partners LP / AmeriGas Finance Corp., |  |  |  |
| 5.75%, 05/20/2027 |  | 1730 | 1729 |
| 9.38%, 06/01/2028 (e) |  | 70 | 72 |
| 9.50%, 06/01/2030 (e) |  | 1726 | 1807 |
| Brooklyn Union Gas Co. (The), 4.63%, 08/05/2027 (e) |  | 488 | 492 |
| National Fuel Gas Co., |  |  |  |
| 5.50%, 10/01/2026 |  | 476 | 481 |
| 5.50%, 03/15/2030 |  | 965 | 998 |
| National Gas Co. of Trinidad & Tobago Ltd, (Trinidad and Tobago), Reg. S, 6.05%, 01/15/2036 |  | 1600 | 1471 |
| Snam SpA, (Italy), 5.00%, 05/28/2030 (e) |  | 236 | 239 |
| South Jersey Industries, Inc., 5.02%, 04/15/2031 |  | 190 | 163 |
| Southwest Gas Corp., 5.45%, 03/23/2028 |  | 72 | 74 |
| UGI International LLC, Reg. S, 2.50%, 12/01/2029 | EUR | 1300 | 1440 |
|  |  |  | 11445 |
| **Water** — **0.2%** |  |  |  |
| Veolia Environnement SA, (France), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 2.84%), 2.50%, 01/20/2029 (x) (aa) | EUR | 8100 | 9116 |
| Reg. S, (EUR Swap Rate 5 Year + 2.82%), 5.99%, 11/22/2028 (x) (aa) | EUR | 7700 | 9667 |
|  |  |  | 18783 |
| Total Utilities |  |  | 298508 |
| Total Corporate Bonds<br>(Cost $6,866,933) |  |  | 7176770 |
| **Foreign Government Securities** — **8.0%** |  |  |  |
| **Banks — 0.2%** |  |  |  |
| Bank Gospodarstwa Krajowego, (Poland), |  |  |  |
| Reg. S, 3.88%, 03/13/2035 | EUR | 3800 | 4514 |
| Reg. S, 6.25%, 10/31/2028 |  | 2500 | 2653 |
| 6.25%, 07/09/2054 (e) |  | 2700 | 2807 |
| MFB Magyar Fejlesztesi Bank Zrt, (Hungary), Reg. S, 6.50%, 06/29/2028 |  | 6200 | 6499 |
| National Bank of Uzbekistan, (Uzbekistan), Reg. S, 4.85%, 10/21/2025 |  | 500 | 499 |
| Total Banks |  |  | 16972 |
| **Municipal — 0.0% (g)** |  |  |  |
| City of Ulaanbaatar Mongolia, (Mongolia), Reg. S, 7.75%, 08/21/2027 |  | 600 | 612 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — continued** |  |  |  |
| **Oil & Gas — 0.0% (g)** |  |  |  |
| Korea National Oil Corp., (South Korea), |  |  |  |
| 4.88%, 04/03/2029 (e) |  | 1500 | 1534 |
| Reg. S, 4.88%, 04/03/2029 |  | 200 | 204 |
| Total Oil & Gas |  |  | 1738 |
| **Sovereign — 7.8%** |  |  |  |
| Abu Dhabi Government International Bond, (United Arab Emirates), Reg. S, 3.88%, 04/16/2050 |  | 1300 | 1065 |
| Angolan Government International Bond, (Angola), |  |  |  |
| Reg. S, 8.00%, 11/26/2029 |  | 8500 | 8273 |
| Reg. S, 9.38%, 05/08/2048 |  | 5500 | 4715 |
| Reg. S, 9.50%, 11/12/2025 |  | 2400 | 2404 |
| Argentine Republic Government International Bond, (Argentina), |  |  |  |
| SUB, 0.75%, 07/09/2030 |  | 592 | 403 |
| 1.00%, 07/09/2029 |  | 4864 | 3546 |
| SUB, 3.50%, 07/09/2041 |  | 37100 | 18034 |
| SUB, 4.13%, 07/09/2035 |  | 900 | 472 |
| Avenir Issuer III Ireland DAC, (Ireland), Series 3Y, Reg. S, 6.00%, 03/22/2027 |  | 3596 | 3551 |
| Avenir Issuer IV Ireland DAC, (Ireland), Series 2, Reg. S, 6.00%, 12/30/2027 |  | 2370 | 2271 |
| Bahrain Government International Bond, (Bahrain), |  |  |  |
| Reg. S, 4.25%, 01/25/2028 |  | 8900 | 8721 |
| Reg. S, 5.63%, 09/30/2031 |  | 3700 | 3713 |
| Benin Government International Bond, (Benin), Reg. S, 6.88%, 01/19/2052 | EUR | 400 | 427 |
| Bermuda Government International Bond, (Bermuda), |  |  |  |
| Reg. S, 2.38%, 08/20/2030 |  | 1375 | 1253 |
| Reg. S, 3.72%, 01/25/2027 |  | 850 | 839 |
| Brazilian Government International Bond, (Brazil), |  |  |  |
| 4.75%, 01/14/2050 |  | 800 | 596 |
| 6.13%, 01/22/2032 |  | 500 | 520 |
| 6.13%, 03/15/2034 |  | 950 | 970 |
| 7.13%, 05/13/2054 |  | 8550 | 8645 |
| Bulgaria Government International Bond, (Bulgaria), |  |  |  |
| Series 8Y, Reg. S, 3.63%, 09/05/2032 | EUR | 7800 | 9425 |
| Series 13Y, Reg. S, 5.00%, 03/05/2037 |  | 3300 | 3300 |
| Chile Government International Bond, (Chile), |  |  |  |
| 3.50%, 04/15/2053 |  | 1500 | 1072 |
| 4.85%, 01/22/2029 |  | 6400 | 6544 |
| 4.95%, 01/05/2036 |  | 8000 | 8031 |
| Colombia Government International Bond, (Colombia), |  |  |  |
| 3.25%, 04/22/2032 |  | 3600 | 3042 |
| 3.88%, 03/22/2026 | EUR | 2500 | 2937 |
| 3.88%, 04/25/2027 |  | 900 | 891 |
| 5.63%, 02/26/2044 |  | 8100 | 6624 |
| 7.38%, 04/25/2030 |  | 900 | 958 |
| 7.50%, 02/02/2034 |  | 6900 | 7248 |
| 8.00%, 04/20/2033 |  | 400 | 436 |
| 8.00%, 11/14/2035 |  | 1500 | 1609 |
| 8.38%, 11/07/2054 |  | 2900 | 3068 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — continued** |  |  |  |
| **Sovereign — continued** |  |  |  |
| 8.50%, 04/25/2035 |  | 1200 | 1329 |
| 8.75%, 11/14/2053 |  | 1500 | 1646 |
| Costa Rica Government International Bond, (Costa Rica), |  |  |  |
| Reg. S, 5.63%, 04/30/2043 |  | 1700 | 1579 |
| Reg. S, 7.30%, 11/13/2054 |  | 3500 | 3843 |
| Dominican Republic International Bond, (Dominican Republic), |  |  |  |
| Reg. S, 4.50%, 01/30/2030 |  | 3300 | 3227 |
| Reg. S, 5.30%, 01/21/2041 |  | 5000 | 4513 |
| Reg. S, 5.95%, 01/25/2027 |  | 5800 | 5894 |
| Reg. S, 6.00%, 02/22/2033 |  | 8100 | 8251 |
| Reg. S, 6.85%, 01/27/2045 |  | 5200 | 5381 |
| Reg. S, 6.88%, 01/29/2026 |  | 100 | 101 |
| Reg. S, 8.63%, 04/20/2027 |  | 175 | 182 |
| Eagle Funding Luxco Sarl, (Luxembourg), 5.50%, 08/17/2030 (e) |  | 13230 | 13431 |
| Ecuador Government International Bond, (Ecuador), |  |  |  |
| Reg. S, Zero Coupon, 07/31/2030 |  | 1236 | 958 |
| Reg. S, SUB, 5.00%, 07/31/2040 |  | 5200 | 3452 |
| Reg. S, SUB, 6.90%, 07/31/2030 |  | 7110 | 6417 |
| Reg. S, SUB, 6.90%, 07/31/2035 |  | 12247 | 9233 |
| Egypt Government International Bond, (Egypt), |  |  |  |
| Reg. S, 3.88%, 02/16/2026 |  | 2600 | 2578 |
| Reg. S, 4.75%, 04/16/2026 | EUR | 11000 | 12913 |
| Reg. S, 5.88%, 02/16/2031 |  | 4000 | 3712 |
| Reg. S, 6.38%, 04/11/2031 | EUR | 12500 | 14066 |
| Reg. S, 7.30%, 09/30/2033 |  | 800 | 756 |
| Reg. S, 7.50%, 02/16/2061 |  | 5600 | 4388 |
| Reg. S, 7.63%, 05/29/2032 |  | 2000 | 1964 |
| El Salvador Government International Bond, (El Salvador), |  |  |  |
| Reg. S, 7.12%, 01/20/2050 |  | 800 | 688 |
| Reg. S, 7.65%, 06/15/2035 |  | 4800 | 4865 |
| Reg. S, 8.25%, 04/10/2032 |  | 1900 | 2016 |
| 9.65%, 11/21/2054 (e) |  | 5100 | 5508 |
| Gabon Blue Bond Master Trust Series 2s, Reg. S, 6.10%, 08/01/2038 |  | 300 | 304 |
| Gabon Government International Bond, (Gabon), Reg. S, 6.63%, 02/06/2031 |  | 1200 | 965 |
| Ghana Government International Bond, (Ghana), |  |  |  |
| Zero Coupon, 07/03/2026 (e) |  | 322 | 310 |
| Reg. S, 1.50%, 01/03/2037 |  | 1400 | 691 |
| SUB, 5.00%, 07/03/2029 (e) |  | 1964 | 1910 |
| Reg. S, SUB, 5.00%, 07/03/2029 |  | 5600 | 5445 |
| Guatemala Government Bond, (Guatemala), |  |  |  |
| Reg. S, 4.38%, 06/05/2027 |  | 9900 | 9826 |
| Reg. S, 5.38%, 04/24/2032 |  | 3000 | 3014 |
| 6.05%, 08/06/2031 (e) |  | 1300 | 1349 |
| Reg. S, 6.05%, 08/06/2031 |  | 200 | 208 |
| 6.25%, 08/15/2036 (e) |  | 1600 | 1651 |
| 6.55%, 02/06/2037 (e) |  | 2600 | 2739 |
| Reg. S, 6.55%, 02/06/2037 |  | 2100 | 2212 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — continued** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Reg. S, 6.60%, 06/13/2036 |  | 3200 | 3377 |
| 6.88%, 08/15/2055 (e) |  | 1200 | 1256 |
| Hazine Mustesarligi Varlik Kiralama A/S, (Turkey), 6.75%, 09/01/2030 (e) |  | 2200 | 2276 |
| Honduras Government International Bond, (Honduras), 8.63%, 11/27/2034 (e) |  | 1400 | 1537 |
| Hungary Government International Bond, (Hungary), |  |  |  |
| Reg. S, 5.25%, 06/16/2029 |  | 2400 | 2455 |
| 5.38%, 09/26/2030 (e) |  | 824 | 848 |
| Reg. S, 5.50%, 03/26/2036 |  | 2100 | 2116 |
| Reg. S, 6.13%, 05/22/2028 |  | 2100 | 2192 |
| Reg. S, 6.75%, 09/25/2052 |  | 2600 | 2808 |
| Series 30Y, 7.63%, 03/29/2041 |  | 6600 | 7817 |
| Indonesia Government International Bond, (Indonesia), Reg. S, 6.63%, 02/17/2037 |  | 3900 | 4411 |
| Iraq International Bond, (Iraq), Reg. S, 5.80%, 01/15/2028 |  | 750 | 746 |
| Israel Government International Bond, (Israel), Series 5Y, 5.38%, 03/12/2029 |  | 1000 | 1027 |
| Ivory Coast Government International Bond, (Ivory Coast), |  |  |  |
| Reg. S, 4.88%, 01/30/2032 | EUR | 2600 | 2908 |
| Reg. S, 5.25%, 03/22/2030 | EUR | 3500 | 4098 |
| Reg. S, SUB, 5.75%, 12/31/2032 |  | 184 | 182 |
| Reg. S, 6.63%, 03/22/2048 | EUR | 2700 | 2708 |
| Reg. S, 6.88%, 10/17/2040 | EUR | 1500 | 1642 |
| Reg. S, 8.25%, 01/30/2037 |  | 7700 | 8026 |
| Jordan Government International Bond, (Jordan), |  |  |  |
| Reg. S, 5.75%, 01/31/2027 |  | 7200 | 7198 |
| Reg. S, 7.38%, 10/10/2047 |  | 800 | 765 |
| Latvia Government International Bond, (Latvia), Reg. S, 5.13%, 07/30/2034 |  | 1200 | 1234 |
| Magyar Export-Import Bank Zrt, (Hungary), Reg. S, 6.13%, 12/04/2027 |  | 2300 | 2378 |
| Mexican Udibonos, (Mexico), |  |  |  |
| Series S, 2.75%, 11/27/2031 | MXN | 1710 | 84 |
| Series S, 3.00%, 12/03/2026 | MXN | 25655 | 1394 |
| Mexico Government International Bond, (Mexico), |  |  |  |
| 5.75%, 10/12/2110 |  | 3800 | 3245 |
| 5.85%, 07/02/2032 |  | 3516 | 3629 |
| 6.40%, 05/07/2054 |  | 1100 | 1074 |
| 6.63%, 01/29/2038 |  | 1600 | 1682 |
| Mongolia Government International Bond, (Mongolia), |  |  |  |
| Reg. S, 3.50%, 07/07/2027 |  | 1600 | 1540 |
| Reg. S, 4.45%, 07/07/2031 |  | 2300 | 2079 |
| 7.88%, 06/05/2029 (e) |  | 300 | 318 |
| Reg. S, 7.88%, 06/05/2029 |  | 100 | 106 |
| 8.65%, 01/19/2028 (e) |  | 300 | 319 |
| Reg. S, 8.65%, 01/19/2028 |  | 300 | 319 |
| Montenegro Government International Bond, (Montenegro), 7.25%, 03/12/2031 (e) |  | 1700 | 1813 |
| Morocco Government International Bond, (Morocco), Reg. S, 5.50%, 12/11/2042 |  | 1700 | 1626 |
| Namibia International Bonds, (Namibia), Reg. S, 5.25%, 10/29/2025 |  | 400 | 398 |
| Nigeria Government International Bond, (Nigeria), |  |  |  |
| Reg. S, 7.38%, 09/28/2033 |  | 14409 | 13629 |
| Reg. S, 7.63%, 11/21/2025 |  | 6400 | 6407 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — continued** |  |  |  |
| **Sovereign — continued** |  |  |  |
| North Macedonia Government International Bond, (North Macedonia), Reg. S, 6.96%, 03/13/2027 | EUR | 3300 | 4030 |
| Oman Government International Bond, (Oman), |  |  |  |
| Reg. S, 4.75%, 06/15/2026 |  | 1000 | 1000 |
| Reg. S, 6.25%, 01/25/2031 |  | 15900 | 17163 |
| Reg. S, 6.75%, 01/17/2048 |  | 2700 | 2963 |
| Oriental Republic of Uruguay, (Uruguay), 5.25%, 09/10/2060 |  | 5800 | 5437 |
| Pakistan Government International Bond, (Pakistan), |  |  |  |
| Reg. S, 6.00%, 04/08/2026 |  | 2000 | 1992 |
| Reg. S, 6.88%, 12/05/2027 |  | 3700 | 3696 |
| Reg. S, 8.88%, 04/08/2051 |  | 2000 | 1839 |
| Panama Government International Bond, (Panama), |  |  |  |
| 3.88%, 03/17/2028 |  | 228 | 224 |
| 4.50%, 04/01/2056 |  | 5200 | 3800 |
| 6.85%, 03/28/2054 |  | 1800 | 1825 |
| 7.13%, 01/29/2026 |  | 500 | 503 |
| 7.50%, 03/01/2031 |  | 7200 | 7907 |
| 7.88%, 03/01/2057 |  | 4000 | 4502 |
| 8.00%, 03/01/2038 |  | 4000 | 4555 |
| 8.88%, 09/30/2027 |  | 12600 | 13628 |
| Paraguay Government International Bond, (Paraguay), |  |  |  |
| Reg. S, 5.40%, 03/30/2050 |  | 2300 | 2111 |
| Reg. S, 5.85%, 08/21/2033 |  | 4900 | 5145 |
| 6.00%, 02/09/2036 (e) |  | 400 | 424 |
| Reg. S, 6.00%, 02/09/2036 |  | 600 | 636 |
| 6.65%, 03/04/2055 (e) |  | 1200 | 1276 |
| 7.90%, 02/09/2031 (e) | PYG | 9789000 | 1329 |
| 8.50%, 03/04/2035 (e) | PYG | 15550000 | 2122 |
| Perusahaan Penerbit SBSN Indonesia III, (Indonesia), Reg. S, 5.65%, 11/25/2054 |  | 1000 | 998 |
| Peruvian Government International Bond, (Peru), |  |  |  |
| 3.23%, 07/28/2121 |  | 9800 | 5470 |
| 3.60%, 01/15/2072 |  | 3900 | 2476 |
| 5.50%, 03/30/2036 |  | 1600 | 1630 |
| 5.88%, 08/08/2054 |  | 1690 | 1695 |
| 6.20%, 06/30/2055 |  | 1600 | 1663 |
| 6.55%, 03/14/2037 |  | 5600 | 6227 |
| 6.90%, 08/12/2037 (e) | PEN | 6300 | 1893 |
| Reg. S, 6.95%, 08/12/2031 | PEN | 3800 | 1213 |
| Philippine Government International Bond, (Philippines), |  |  |  |
| 2.95%, 05/05/2045 |  | 2400 | 1715 |
| 3.70%, 03/01/2041 |  | 2500 | 2124 |
| 5.18%, 09/05/2049 |  | 1200 | 1163 |
| 6.38%, 10/23/2034 |  | 1200 | 1351 |
| Qatar Government International Bond, (Qatar), |  |  |  |
| Reg. S, 4.82%, 03/14/2049 |  | 2300 | 2190 |
| Reg. S, 6.40%, 01/20/2040 |  | 1400 | 1616 |
| Republic of Armenia International Bond, (Armenia), |  |  |  |
| Reg. S, 3.60%, 02/02/2031 |  | 1500 | 1347 |
| Reg. S, 3.95%, 09/26/2029 |  | 2200 | 2066 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — continued** |  |  |  |
| **Sovereign — continued** |  |  |  |
| Republic of Cameroon International Bond, (Cameroon), |  |  |  |
| Reg. S, 5.95%, 07/07/2032 | EUR | 3700 | 3562 |
| Reg. S, 9.50%, 11/19/2025 |  | 267 | 265 |
| Series 7Y, Reg. S, 9.50%, 07/31/2031 |  | 2000 | 1924 |
| Republic of Kenya Government International Bond, (Kenya), |  |  |  |
| Reg. S, 7.25%, 02/28/2028 |  | 1600 | 1642 |
| Reg. S, 8.00%, 05/22/2032 |  | 2100 | 2088 |
| 9.50%, 03/05/2036 (e) |  | 3700 | 3788 |
| 9.75%, 02/16/2031 (e) |  | 2800 | 2989 |
| Reg. S, 9.75%, 02/16/2031 |  | 4600 | 4910 |
| Republic of Poland Government International Bond, (Poland), |  |  |  |
| Series 5Y, 4.88%, 02/12/2030 |  | 1100 | 1132 |
| Series 10Y, 4.88%, 10/04/2033 |  | 200 | 202 |
| Series 10Y, 5.38%, 02/12/2035 |  | 1900 | 1972 |
| Series 30Y, 5.50%, 04/04/2053 |  | 8100 | 7850 |
| Republic of South Africa Government Bond, (South Africa), |  |  |  |
| Series 2035, 8.88%, 02/28/2035 | ZAR | 179800 | 10212 |
| Series 2037, 8.50%, 01/31/2037 | ZAR | 59900 | 3191 |
| Republic of South Africa Government International Bond, (South Africa), |  |  |  |
| 7.10%, 11/19/2036 (e) |  | 2700 | 2814 |
| 7.95%, 11/19/2054 (e) |  | 2700 | 2743 |
| Series 10Y, 4.85%, 09/30/2029 |  | 3000 | 2966 |
| Series 30Y, 5.75%, 09/30/2049 |  | 2800 | 2238 |
| Series 30Y, 7.30%, 04/20/2052 |  | 3500 | 3356 |
| Republic of Uzbekistan International Bond, (Uzbekistan), Reg. S, 3.90%, 10/19/2031 |  | 3300 | 3029 |
| Romanian Government International Bond, (Romania), |  |  |  |
| Reg. S, 2.12%, 07/16/2031 | EUR | 2700 | 2708 |
| Reg. S, 2.13%, 03/07/2028 | EUR | 1100 | 1253 |
| Reg. S, 2.63%, 12/02/2040 | EUR | 5100 | 3831 |
| Reg. S, 3.00%, 02/27/2027 |  | 5800 | 5662 |
| Reg. S, 3.38%, 01/28/2050 | EUR | 600 | 443 |
| Reg. S, 3.88%, 10/29/2035 | EUR | 2200 | 2198 |
| Reg. S, 5.13%, 09/24/2031 | EUR | 1400 | 1642 |
| Reg. S, 5.25%, 11/25/2027 |  | 1396 | 1411 |
| Reg. S, 5.75%, 03/24/2035 |  | 300 | 289 |
| 5.75%, 03/24/2035 (e) |  | 1000 | 963 |
| 5.88%, 01/30/2029 (e) |  | 414 | 425 |
| Reg. S, 6.13%, 01/22/2044 |  | 900 | 841 |
| Reg. S, 6.38%, 09/18/2033 | EUR | 1700 | 2096 |
| Reg. S, 6.38%, 01/30/2034 |  | 1800 | 1822 |
| 6.38%, 01/30/2034 (e) |  | 1800 | 1822 |
| 6.75%, 07/11/2039 (e) | EUR | 1900 | 2284 |
| Reg. S, 7.13%, 01/17/2033 |  | 5900 | 6295 |
| Saudi Government International Bond, (Saudi Arabia), |  |  |  |
| Reg. S, 3.45%, 02/02/2061 |  | 5700 | 3726 |
| Reg. S, 3.75%, 01/21/2055 |  | 1400 | 1009 |
| Reg. S, 4.38%, 04/16/2029 |  | 5100 | 5131 |
| Reg. S, 5.00%, 01/16/2034 |  | 2000 | 2046 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — continued** |  |  |  |
| **Sovereign — continued** |  |  |  |
| 5.13%, 01/13/2028 (e) |  | 570 | 582 |
| Reg. S, 5.75%, 01/16/2054 |  | 1800 | 1808 |
| Senegal Government International Bond, (Senegal), |  |  |  |
| Reg. S, 4.75%, 03/13/2028 | EUR | 4200 | 4279 |
| Reg. S, 5.38%, 06/08/2037 | EUR | 5500 | 4229 |
| Reg. S, 6.25%, 05/23/2033 |  | 3900 | 2816 |
| Series 7Y, Reg. S, 7.75%, 06/10/2031 |  | 700 | 564 |
| Serbia International Bond, (Serbia), |  |  |  |
| Reg. S, 2.05%, 09/23/2036 | EUR | 2500 | 2293 |
| 6.00%, 06/12/2034 (e) |  | 1400 | 1459 |
| Reg. S, 6.00%, 06/12/2034 |  | 1700 | 1772 |
| Reg. S, 6.25%, 05/26/2028 |  | 5600 | 5841 |
| Reg. S, 6.50%, 09/26/2033 |  | 1000 | 1085 |
| Slovenia Government International Bond, (Slovenia), Reg. S, 5.00%, 09/19/2033 |  | 2500 | 2576 |
| Sri Lanka Government International Bond, (Sri Lanka), |  |  |  |
| Reg. S, SUB, 3.60%, 06/15/2035 |  | 5500 | 4009 |
| Reg. S, SUB, 3.60%, 02/15/2038 |  | 3200 | 2844 |
| Trinidad & Tobago Government International Bond, (Trinidad and Tobago), |  |  |  |
| 5.95%, 01/14/2031 (e) |  | 700 | 710 |
| Reg. S, 5.95%, 01/14/2031 |  | 200 | 203 |
| Turkiye Government Bond, (Turkey), |  |  |  |
| Series 4Y, (Turkish Lira Overnight Reference Rate + 0.00%), 42.49%, 05/20/2026 (aa) | TRY | 9600 | 234 |
| Series 4Y, (Turkish Lira Overnight Reference Rate + 0.00%), 42.49%, 05/17/2028 (aa) | TRY | 67300 | 1593 |
| Series 5Y, (Turkish Lira Overnight Reference Rate + 0.00%), 42.49%, 08/19/2026 (aa) | TRY | 45900 | 1118 |
| Turkiye Government International Bond, (Turkey), |  |  |  |
| Series 5Y, 6.38%, 10/14/2025 |  | 825 | 825 |
| Series 6Y, 9.38%, 03/14/2029 |  | 3200 | 3571 |
| Series 10Y, 7.63%, 05/15/2034 |  | 6900 | 7316 |
| Series 30Y, 5.75%, 05/11/2047 |  | 9100 | 7216 |
| Series 30Y, 6.88%, 03/17/2036 |  | 7900 | 7930 |
| Turkiye Ihracat Kredi Bankasi A/S, (Turkey), |  |  |  |
| 6.88%, 07/03/2028 (e) |  | 1100 | 1123 |
| 7.50%, 02/06/2028 (e) |  | 500 | 516 |
| Reg. S, 7.50%, 02/06/2028 |  | 200 | 207 |
| Ukraine Government International Bond, (Ukraine), |  |  |  |
| Reg. S, SUB, 0.00%, 02/01/2030 |  | 900 | 472 |
| Reg. S, SUB, 0.00%, 02/01/2034 |  | 8500 | 3525 |
| Reg. S, SUB, 0.00%, 02/01/2035 |  | 2400 | 1164 |
| Reg. S, SUB, 0.00%, 02/01/2036 |  | 200 | 97 |
| Reg. S, SUB, 4.50%, 02/01/2029 |  | 2200 | 1513 |
| Reg. S, SUB, 4.50%, 02/01/2034 |  | 10800 | 6080 |
| Reg. S, SUB, 4.50%, 02/01/2035 |  | 2600 | 1435 |
| Reg. S, SUB, 4.50%, 02/01/2036 |  | 2600 | 1415 |
| Uruguay Government International Bond, (Uruguay), |  |  |  |
| 5.10%, 06/18/2050 |  | 4100 | 3885 |
| 5.75%, 10/28/2034 |  | 2500 | 2685 |
| Zambia Government International Bond, (Zambia), Reg. S, 0.50%, 12/31/2053 |  | 1600 | 1078 |
| Total Sovereign |  |  | 710567 |
| Total Foreign Government Securities<br>(Cost $690,362) |  |  | 729889 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities** — **0.1%** |  |  |
| **FHLMC Collateral — 0.1%** |  |  |
| FHLMC Non Gold Pool, |  |  |
| ARM, (United States 30 Day Average SOFR + 2.13%), 5.21%, 08/01/2055 (aa) | 526 | 530 |
| ARM, (United States 30 Day Average SOFR + 2.16%), 5.44%, 08/01/2055 (aa) | 2300 | 2328 |
| Total FHLMC Collateral |  | 2858 |
| **FNMA Collateral — 0.0%** |  |  |
| FNMA Pool, |  |  |
| ARM, (United States 30 Day Average SOFR + 2.30%), 5.03%, 02/01/2055 (aa) | 300 | 303 |
|  ARM, (United States 30 Day Average SOFR + 2.03%), 5.47%, 10/01/2055 (aa) | 1815 | 1835 |
| ARM, (United States 30 Day Average SOFR + 2.21%), 5.72%, 08/01/2055 (aa) | 485 | 493 |
| Total FNMA Collateral |  | 2631 |
| Total Mortgage-Backed Securities<br>(Cost $5,511) |  | 5489 |
| **U.S. Treasury Obligations** — **1.5%** |  |  |
| **Sovereign — 1.5%** |  |  |
| U.S. Treasury Notes, |  |  |
| 2.75%, 04/30/2027 (ff) | 740 | 730 |
| 3.63%, 08/31/2027 | 8997 | 8998 |
| 3.75%, 06/30/2027 | 29729 | 29787 |
| 3.75%, 04/15/2028 | 3077 | 3087 |
| 3.75%, 12/31/2028 (ee) | 6020 | 6040 |
| 3.88%, 07/31/2027 | 10000 | 10043 |
| 4.13%, 10/31/2026 (ee) | 23225 | 23325 |
| 4.25%, 01/31/2026 (ff) | 22650 | 22667 |
| 4.25%, 11/30/2026 | 320 | 322 |
| 4.25%, 12/31/2026 | 9600 | 9663 |
| 4.25%, 05/15/2035 | 23000 | 23212 |
| Total Sovereign |  | 137874 |
| Total U.S. Treasury Obligations<br>(Cost $137,208) |  | 137874 |
|  | **SHARES** |  |
| **Common Stocks** — **0.2%** |  |  |
| **Basic Materials** — **0.0% (g)** |  |  |
| **Chemicals** — **0.0% (g)** |  |  |
| Venator Materials plc, (United Kingdom) (a) (bb) | 4 | 21 |
| **Communications** — **0.2%** |  |  |
| **Internet** — **0.0% (g)** |  |  |
| Xplore, Inc., (Canada), (a) | 51 | 153 |
|  |  | 153 |
| **Media** — **0.0% (g)** |  |  |
| Diamond Sports Group LLC (a) | 137 | 1402 |
| **Telecommunications** — **0.2%** |  |  |
| Digicel Holdings Bermuda Ltd. / Digicel International Finance Ltd., (Jamaica) (a) | 796 | 13269 |
| Intelsat SA, (Luxembourg) (a) | 87 | 998 |
|  |  | 14267 |
| Total Communications |  | 15822 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks** — **continued** |  |  |
| **Consumer Non-cyclical** — **0.0% (g)** |  |  |
| **Healthcare - Services** — **0.0% (g)** |  |  |
| Quorum Health Corp. (a) (f) | 8 | 6 |
| **Financial** — **0.0%** |  |  |
| **Real Estate** — **0.0%** |  |  |
| ADLER Group SA, (Luxembourg) (a) (bb) | 1268 |  |
| Total Financial |  |  |
| **Utilities** — **0.0% (g)** |  |  |
| **Electric** — **0.0% (g)** |  |  |
| Heritage Power LLC (a) (bb) | 47 | 1436 |
| Total Utilities |  | 1436 |
| Total Common Stocks<br> (Cost $7,919) |  | 17285 |
| **Preferred Stocks** — **0.1%** |  |  |
| **Communications** — **0.0% (g)** |  |  |
| **Telecommunications** — **0.0% (g)** |  |  |
| Digicel Holdings Bermuda Ltd., expiring, (Bermuda) (a) (bb) | 56 | 675 |
| Qwest Corp., 6.75%, 06/15/2057 | 40 | 816 |
| Total Communications |  | 1491 |
| **Consumer Cyclical** — **0.1%** |  |  |
| **Retail** — **0.1%** |  |  |
| Ferrellgas Escrow LLC, expiring (a) (bb) | 6 | 6467 |
| Total Preferred Stocks<br> (Cost $7,427) |  | 7958 |
|  | **PRINCIPAL<br> AMOUNT ($)** |  |
| **Loan Assignments** — **4.8% (o)** |  |  |
| **Basic Materials** — **0.2%** |  |  |
| **Chemicals** — **0.2%** |  |  |
| Consolidated Energy Finance S.A., 2024 Incremental Term Loan, (Luxembourg), (CME Term SOFR 1 Month + 4.50%), 8.66%, 11/15/2030 (aa) | 1589 | 1482 |
| Discovery Purchaser Corp., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.08%, 10/04/2029 (aa) | 3330 | 3310 |
| Ecovyst Catalyst Technologies LLC, Second Amendment Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.31%, 06/12/2031 (aa) | 990 | 988 |
| Herens Holdco S.a r.l., Facility B (USD), (Switzerland), (CME Term SOFR 3 Month + 3.93%), 8.03%, 07/03/2028 (aa) | 2176 | 1959 |
| Olympus Water US Holding Corp., |  |  |
| Term Loan B, (CME Term SOFR 3 Month + 3.25%), 7.60%, 07/23/2032 (u) (aa) | 1879 | 1864 |
| Term B-6 Dollar Loan, (CME Term SOFR 3 Month + 3.00%), 7.00%, 06/20/2031 (aa) | 1070 | 1058 |
| TPC Group, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 5.75%), 9.77%, 12/16/2031 (aa) | 6197 | 5956 |
| Venator Materials LLC, |  |  |
| First-Out B Term Loan, (CME Term SOFR 3 Month + 8.00% (PIK) + 2.00 (Cash)), 14.00%, 07/16/2026 (aa) | 967 | 919 |
| Initial Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.32%, 10/12/2028 (aa) | 1372 | 926 |
| First-Out Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.32%, 07/16/2026 (aa) | 962 | 914 |
|  |  | 19376 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments** — **continued** |  |  |  |
| **Forest Products & Paper** — **0.0% (g)** |  |  |  |
| Glatfelter Corp., Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.45%, 11/04/2031 (aa) |  | 885 | 877 |
| Total Basic Materials |  |  | 20253 |
| **Communications** — **1.2%** |  |  |  |
| **Advertising** — **0.2%** |  |  |  |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.28%, 08/21/2028 (aa) |  | 2710 | 2712 |
| Neptune BidCo US, Inc., Dollar Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 9.43%, 04/11/2029 (aa) |  | 4045 | 3847 |
| Pax Midco Spain, S.L.U., (Add-on) Term Loan B, (Spain), (EURIBOR + 4.00%), 12/31/2029 (u) (aa) | EUR | 5070 | 5971 |
|  |  |  | 12530 |
| **Internet** — **0.1%** |  |  |  |
| AVIV Group GmbH, Facility B, (Germany), (EURIBOR 3 Month + 4.00%), 6.10%, 04/23/2032 (aa) | EUR | 3824 | 4518 |
| Cablevision Lightpath LLC, 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.15%, 11/30/2027 (aa) |  | 1357 | 1358 |
| Gen Digital Inc., Initial Tranche A Term Loan, (CME Term SOFR 1 Month + 1.50%), 5.76%, 09/10/2027 (aa) |  | 1440 | 1438 |
| MH Sub I LLC, 2023 May Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 4.25%), 8.25%, 05/03/2028 (aa) |  | 2717 | 2609 |
| Proofpoint, Inc., Term Loan (Add-On), (CME Term SOFR 3 Month + 3.00%), 7.16% 08/31/2028 (u) (aa) |  | 480 | 481 |
|  |  |  | 10404 |
| **Media** — **0.5%** |  |  |  |
| CSC Holdings LLC, |  |  |  |
| 2022 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.65%, 01/18/2028 (u) (aa) |  | 15899 | 15787 |
| September 2019 Initial Term Loan, (PRIME 3 Month + 1.50%), 8.75%, 04/15/2027 (u) (aa) |  | 1948 | 1883 |
| Diamond Sports Net LLC, Term Loan (First Lien), 15.00% (PIK), 01/02/2028 |  | 978 | 831 |
| DIRECTV Financing LLC, |  |  |  |
| Closing Date Term Loan, (CME Term SOFR 3 Month + 5.00%), 9.57%, 08/02/2027 (aa) |  | 102 | 102 |
| 2025 Incremental Term B Loan, (CME Term SOFR 3 Month + 5.50%), 9.81%, 02/17/2031 (aa) |  | 6314 | 6163 |
| Gray Television, Inc., |  |  |  |
| Term D Loan, (CME Term SOFR 1 Month + 3.00%), 7.39%, 12/01/2028 (aa) |  | 1027 | 1027 |
| Term F Loan, (CME Term SOFR 1 Month + 5.25%), 9.53%, 06/04/2029 (aa) |  | 10 | 10 |
| iHeartCommunications, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.78%), 10.05%, 05/01/2029 (aa) |  | 1067 | 930 |
| Radiate Holdco LLC, First Out Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.78%, 09/25/2029 (u) (aa) |  | 16342 | 13161 |
| Summer (BC) Bidco B LLC, Extended Facility B (USD), (CME Term SOFR 3 Month + 5.00%), 9.26%, 02/15/2029 (aa) |  | 760 | 746 |
| Virgin Media Bristol LLC, |  |  |  |
| N Facility, (CME Term SOFR 1 Month + 2.50%), 6.76%, 01/31/2028 (aa) |  | 373 | 373 |
| Facility Q, (CME Term SOFR 1 Month + 3.25%), 7.51%, 01/31/2029 (u) (aa) |  | 600 | 599 |
|  |  |  | 41612 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments** — **continued** |  |  |  |
| **Telecommunications** — **0.6%** |  |  |  |
| Altice Financing S.A., 2022 Refinancing Dollar Commitments, (Luxembourg), (CME Term SOFR 3 Month + 5.00%), 9.32%, 10/31/2027 (aa) |  | 2721 | 2279 |
| Altice France S.A., EUR TLB-[14] Loan, (France), (EURIBOR 3 Month + 5.50%), 7.53%, 08/15/2028 (aa) | EUR | 6124 | 6759 |
| Commscope LLC, Initial Term Loan, (CME Term SOFR 1 Month + 4.75%), 8.91%, 12/17/2029 (aa) |  | 2508 | 2536 |
| Connect Finco Sarl, Amendment No. 1 Refinancing Term Loan (2024), (Luxembourg), (CME Term SOFR 1 Month + 3.50%), 7.66%, 12/11/2026 (aa) |  | 253 | 252 |
| Digicel International Finance Ltd., Initial Term Loan (First Lien), (Bermuda), (CME Term SOFR 3 Month + 5.25%), 9.49%, 08/06/2032 (aa) |  | 2563 | 2560 |
| Level 3 Financing, Inc., |  |  |  |
| Term B-3 Refinancing Loan, (CME Term SOFR 1 Month + 0.00%), 4.17%, 03/29/2032 (aa) |  | 538 | 538 |
| Term B-4 Refinancing Loans, (CME Term SOFR 1 Month + 3.25%), 7.42%, 03/29/2032 (u) (aa) |  | 1388 | 1388 |
| Lorca Telecom Bidco, S.A., Facility B5, (United Kingdom), (EURIBOR 6 Month + 2.50%), 4.56%, 03/25/2031 (aa) | EUR | 4000 | 4691 |
| Lumen Technologies, Inc., |  |  |  |
| Term B-1 Loan, (CME Term SOFR 1 Month + 2.35%), 6.63%, 04/16/2029 (aa) |  | 6683 | 6634 |
| Term B-2 Loan, (CME Term SOFR 1 Month + 2.35%), 6.63%, 04/15/2030 (aa) |  | 4398 | 4365 |
| Term A Loan, (CME Term SOFR 1 Month + 6.00%), 10.16%, 06/01/2028 (aa) |  | 260 | 264 |
| Odido Holding BV, Facility B2, (Netherlands), (EURIBOR 3 Month + 2.90%), 4.90%, 03/30/2029 (aa) | EUR | 6277 | 7393 |
| Eircom Finco S.a r. l., (Luxembourg), Facility B5, (EURIBOR + 2.75%), 4.68%, 05/15/2029 (aa) | EUR | 3000 | 3533 |
| Matterhorn Telecom S.A., Term Loan B, (Luxembourg), 01/30/2032 (u) | EUR | 600 | 706 |
| ViaSat, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.75%, 05/30/2030 (aa) |  | 1737 | 1707 |
| Xplore, Inc., |  |  |  |
| Initial Term Loan (First Lien), (Canada), (CME Term SOFR 1 Month + 1.50%), 5.78%, 10/24/2029 (aa) |  | 228 | 215 |
| Second Out Term Loan (First Lien), (Canada), (CME Term SOFR 1 Month + 1.50%), 6.00%, 10/24/2031 (aa) |  | 780 | 533 |
| Zayo Group Holdings, Inc., |  |  |  |
| Initial Dollar Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.66%, 03/09/2027 (aa) |  | 7936 | 7812 |
| Initial Dollar Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.77%, 03/11/2030 (u) (aa) |  | 1230 | 1192 |
|  |  |  | 55357 |
| Total Communications |  |  | 119903 |
| **Consumer Cyclical** — **0.6%** |  |  |  |
| **Airlines** — **0.0% (g)** |  |  |  |
| AAdvantage Loyalty IP Ltd., 2025 Replacement Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 2.25%), 6.58%, 04/20/2028 (aa) |  | 319 | 318 |
| SkyMiles IP Ltd., 2025 Replacement Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 1.50%), 4.33%, 10/20/2028 (u) (aa) |  | 239 | 239 |
| VistaJet Malta Finance plc, Initial Term Loan, (CME Term SOFR 3 Month + 3.75%), 8.04%, 04/01/2031 (aa) |  | 446 | 448 |
|  |  |  | 1005 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments** — **continued** |  |  |  |
| **Auto Parts & Equipment** — **0.1%** |  |  |  |
| First Brands Group LLC, 2021 Term Loan (Second Lien), (CME Term SOFR 3 Month + 8.50%), 13.07%, 03/30/2028 (aa) |  | 6382 | 354 |
| Qnity Electronics, Inc., Term Loan B, (CME Term SOFR 3 Month + 2.00%), 6.36%, 08/12/2032 (u) (aa) |  | 2780 | 2777 |
| Tenneco, Inc., |  |  |  |
| Term A Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 9.05%, 11/17/2028 (aa) |  | 3957 | 3862 |
| Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 9.30%, 11/17/2028 (aa) |  | 1980 | 1935 |
|  |  |  | 8928 |
| **Entertainment** — **0.0% (g)** |  |  |  |
| Great Canadian Gaming Corp., 2024 Refinancing Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 4.75%), 8.75%, 11/01/2029 (aa) |  | 1119 | 1075 |
| Live Nation Entertainment, Inc., Term B-4 Loan, (CME Term SOFR 1 Month + 1.75%), 5.99%, 10/19/2026 (aa) |  | 748 | 746 |
|  |  |  | 1821 |
| **Housewares** — **0.0% (g)** |  |  |  |
| SWF Holdings I Corp., |  |  |  |
| Tranche A-2 Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.28%, 10/06/2028 (aa) |  | 332 | 270 |
| Tranche A-1 Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.66%, 12/19/2029 (aa) |  | 364 | 364 |
|  |  |  | 634 |
| **Leisure Time** — **0.0% (g)** |  |  |  |
| City Football Group Ltd., Term B-1 Loan, (United Kingdom), (CME Term SOFR 1 Month + 3.50%), 7.78%, 07/21/2030 (aa) |  | 1160 | 1159 |
| **Lodging** — **0.0% (g)** |  |  |  |
| Wyndham Hotels & Resorts, Inc., 2022 Term A Loan, (CME Term SOFR 1 Month + 1.75%), 6.01%, 04/08/2027 (aa) |  | 1194 | 1192 |
| **Retail** — **0.5%** |  |  |  |
| Boots Group Finco LP, Closing Date Dollar Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.71%, 08/30/2032 (u) (aa) |  | 7295 | 7310 |
| Breitling Holdings S.a r.l., Facility B, (Luxembourg), (EURIBOR 6 Month + 3.90%), 5.94%, 10/25/2028 (aa) | EUR | 3441 | 3685 |
| CD&R Firefly Bidco Ltd., Facility B10, (United Kingdom), (SONIA + 4.75%), 9.21%, 04/29/2029 (aa) | GBP | 2800 | 3768 |
| Foundation Building Materials, Inc., |  |  |  |
| Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.82%, 01/31/2028 (aa) |  | 1339 | 1340 |
| 2024 Incremental Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.31%, 01/29/2031 (aa) |  | 6297 | 6304 |
| 2025 Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 5.25%), 11.50%, 01/29/2031 (aa) |  | 1011 | 1015 |
| IRB Holding Corp., 2024 Second Replacement Term B Loan, (CME Term SOFR 1 Month + 2.50%), 6.66%, 12/15/2027 (aa) |  | 672 | 672 |
| Marshall Group Holding (Luxembourg) SARL, Facility B, (Luxembourg), (EURIBOR 3 Month + 4.50%), 6.48%, 04/01/2032 (aa) | EUR | 3615 | 4205 |
| Medline Borrower LP, 2028 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.00%), 4.16%, 10/23/2028 (u) (aa) |  | 782 | 782 |
| Sabre GLBL, Inc., |  |  |  |
| 2021 Other Term B-2 Loan, (CME Term SOFR 1 Month + 3.50%), 7.78%, 12/17/2027 (aa) |  | 34 | 32 |
| 2021 Other Term B-1 Loan, (CME Term SOFR 1 Month + 3.50%), 7.78%, 12/17/2027 (aa) |  | 103 | 98 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments** — **continued** |  |  |  |
| **Retail** — **continued** |  |  |  |
| 2022 Other Term B Loan, (CME Term SOFR 1 Month + 4.25%), 8.51%, 06/30/2028 (aa) |  | 37 | 34 |
| 2024 Term B-1 Loan, (CME Term SOFR 1 Month + 6.00%), 10.26%, 11/15/2029 (aa) |  | 396 | 372 |
| Sabre GLBL Inc., 2024 Term B-2 Loan, (CME Term SOFR 1 Month + 6.00%), 10.26%, 11/15/2029 (aa) |  | 144 | 135 |
| White Cap Supply Holdings LLC, Tranche C Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.42%, 10/19/2029 (u) (aa) |  | 9195 | 9194 |
|  |  |  | 38946 |
| Total Consumer Cyclical |  |  | 53685 |
| **Consumer Non-cyclical** — **0.9%** |  |  |  |
| **Beverages** — **0.0% (g)** |  |  |  |
| Sazerac Co., Inc., Incremental Term B-1 Loan, (CME Term SOFR 1 Month + 2.50%), 6.70%, 07/09/2032 (u) (aa) |  | 1673 | 1682 |
| **Biotechnology** — **0.0% (g)** |  |  |  |
| Cooper Consumer Health, Facility B4, (France), (EURIBOR 3 Month + 3.75%), 5.75%, 11/06/2028 (aa) | EUR | 3775 | 4462 |
| **Commercial Services** — **0.3%** |  |  |  |
| AlixPartners LLP, 2025 Refinancing Dollar Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.16%, 08/12/2032 (aa) |  | 1079 | 1071 |
| Allied Universal Holdco LLC, |  |  |  |
| Amendment No. 7 Replacement Euro Term Loan, (EURIBOR + 3.75%), 08/20/2032 (u) (aa) | EUR | 6580 | 7742 |
| Amendment No. 7 Replacement U.S. Dollar Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.51%, 08/20/2032 (aa) |  | 3288 | 3298 |
| Amber Finco plc, Facility B3, (United Kingdom), (EURIBOR + 3.25%), 5.25%, 06/11/2029 (aa) | EUR | 300 | 354 |
| Camelot U.S. Acquisition LLC, Amendment No. 7 Incremental Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.41%, 01/31/2031 (aa) |  | 2439 | 2434 |
| Champions Holdco, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.75%), 8.95%, 02/23/2029 (aa) |  | 1975 | 1847 |
| Jupiter Buyer, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.25%, 11/01/2031 (aa) |  | 733 | 738 |
| Lernen Bidco Ltd., Incremental Facility B3-A (USD), (United Kingdom), (CME Term SOFR 6 Month + 3.50%), 7.84%, 10/27/2031 (aa) |  | 3722 | 3731 |
| Obol France 2.5 SAS, Facility B3, (France), (EURIBOR 6 Month + 5.00%), 7.19%, 12/31/2028 (aa) | EUR | 4250 | 4892 |
| Vortex Opco LLC, Second-Out New Money Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 4.25%), 8.37%, 12/17/2028 (aa) |  | 276 | 61 |
| Wand Newco 3, Inc., Tranche B-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.66%, 01/30/2031 (u) (aa) |  | 1989 | 1981 |
|  |  |  | 28149 |
| **Cosmetics/Personal Care** — **0.0% (g)** |  |  |  |
| ACP Tara Holdings, Inc., Term Loan B, (CME Term SOFR 3 Month + 3.25%), 7.39%, 09/17/2032 (u) (aa) |  | 659 | 659 |
| **Food** — **0.0% (g)** |  |  |  |
| Market Bidco Limited, Facility B4 (GBP), (United Kingdom), (SONIA 3 Month + 5.25%), 9.32%, 11/04/2030 (aa) | GBP | 750 | 996 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments** — **continued** |  |  |  |
| **Healthcare - Products** — **0.1%** |  |  |  |
| Bausch + Lomb Corp., Third Amendment Term Loan, (Canada), (CME Term SOFR 1 Month + 4.25%), 8.41%, 01/15/2031 (aa) |  | 4846 | 4842 |
| **Healthcare - Services** — **0.3%** |  |  |  |
| Celeste BidCo BV, Facility B2, (Netherlands), (EURIBOR 2 Month + 3.75%), 5.70%, 07/20/2029 (aa) | EUR | 4825 | 5678 |
| Cidron Atrium SE, Facility B1 (First Lien), (Germany), (EURIBOR + 5.00%), 05/22/2028 (u) (aa) | EUR | 2500 | 2962 |
| Elsan SAS, Term Loan B, (France), (EURIBOR 3 Month + 3.50%), 5.50%, 06/16/2031 (aa) | EUR | 4920 | 5773 |
| LifePoint Health, Inc., |  |  |  |
| 2024-2 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.66%, 05/19/2031 (aa) |  | 1014 | 1009 |
| 2024-1 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.07%, 05/17/2031 (aa) |  | 2964 | 2956 |
| MPH Acquisition Holdings LLC, |  |  |  |
| Exchange First Out Term Loan, (CME Term SOFR 3 Month + 3.75%), 8.06%, 12/31/2030 (u) (aa) |  | 1556 | 1549 |
| Second Out Term Loan, (CME Term SOFR 3 Month + 4.60%), 9.17%, 12/31/2030 (u) (aa) |  | 1180 | 1082 |
| Quorum Health Corp., Term Loan (Exit), (CME Term SOFR 3 Month + 6.50%), 10.93%, 01/31/2028 (aa) |  | 682 | 488 |
| Star Parent, Inc., Term Loan B, (CME Term SOFR 3 Month + 4.00%), 8.00%, 09/27/2030 (aa) |  | 5228 | 5226 |
|  |  |  | 26723 |
| **Pharmaceuticals** — **0.2%** |  |  |  |
| Amneal Pharmaceuticals LLC, Amendment No.1 Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.66%, 08/01/2032 (aa) |  | 3389 | 3383 |
| Elanco Animal Health, Inc., Term Loan, (CME Term SOFR 1 Month + 1.75%), 6.13%, 08/01/2027 (aa) |  | 1395 | 1393 |
| Endo Finance Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.16%, 04/23/2031 (aa) |  | 973 | 975 |
| Gainwell Acquisition Corp., Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 8.10%, 10/01/2027 (aa) |  | 2635 | 2590 |
| Skio Bidco BV, Facility B, (Netherlands), (EURIBOR 6 Month + 3.50%), 5.59%, 06/16/2032 (aa) | EUR | 4426 | 5222 |
| Asterix AcquiCo GmbH, Facility B3, (Germany), 03/30/2032 (u) (aa) | EUR | 1500 | 1768 |
|  |  |  | 15331 |
| Total Consumer Non-cyclical |  |  | 82844 |
| **Diversified** — **0.0% (g)** |  |  |  |
| **Holding Companies - Diversified** — **0.0% (g)** |  |  |  |
| GN Loanco LLC, Term B Loan, (CME Term SOFR 3 Month + 4.50%), 8.81%, 12/19/2030 (u) (aa) |  | 1534 | 1529 |
| **Energy** — **0.0% (g)** |  |  |  |
| **Oil & Gas** — **0.0% (g)** |  |  |  |
| Stakeholder Midstream LLC, Initial Term Loan, (CME Term SOFR 6 Month + 4.00%), 8.04%, 01/01/2031 (aa) |  | 2227 | 2230 |
| **Oil & Gas Services** — **0.0% (g)** |  |  |  |
| Star Holding LLC, Term B Loan (First Lien), (CME Term SOFR 1 Month + 4.50%), 8.66%, 07/31/2031 (aa) |  | 749 | 743 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments** — **continued** |  |  |  |
| **Pipelines** — **0.0% (g)** |  |  |  |
| Buckeye Partners LP, 2024 Tranche B-5 Term Loan, (CME Term SOFR 1 Month + 1.75%), 5.91%, 11/01/2026 (aa) |  | 746 | 746 |
| Total Energy |  |  | 3719 |
| **Financial** — **0.4%** |  |  |  |
| **Banks** — **0.0% (g)** |  |  |  |
| Ziraat Katilim Bankasi Anonim Sirketi, Tranche B, (CME Term SOFR 3 Month + 3.00%), 4.02%, 06/15/2034 (aa) (bb) |  | 2400 | 2400 |
| **Diversified Financial Services** — **0.1%** |  |  |  |
| Corpay Technologies Operating Co. LLC, Term B-5 Loan, (CME Term SOFR 1 Month + 1.75%), 5.91%, 04/28/2028 (aa) |  | 1477 | 1475 |
| CPI Holdco B LLC, Initial Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.16%, 05/17/2031 (u) (aa) |  | 1 | 1 |
| Osaic Holdings, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 07/30/2032 (u) (aa) |  | 2806 | 2804 |
| Osttra Group Ltd., Term Loan (First Lien), (Bermuda), (CME Term SOFR 3 Month + 3.50%), 7.66%, 05/20/2032 (u) (aa) |  | 760 | 764 |
| Setanta Aircraft Leasing Designated Activity Co., New Loan, (Ireland), (CME Term SOFR 3 Month + 1.75%), 5.75%, 11/05/2028 (aa) |  | 83 | 83 |
|  |  |  | 5127 |
| **Insurance** — **0.2%** |  |  |  |
| Acrisure LLC, 2024 Repricing Term B-6 Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.16%, 11/06/2030 (aa) |  | 1485 | 1481 |
| Asurion LLC, |  |  |  |
| New B-9 Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.53%, 07/31/2027 (aa) |  | 1820 | 1819 |
| New B-12 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.41%, 09/19/2030 (aa) |  | 5044 | 5022 |
| New Term B-13 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.41%, 09/19/2030 (aa) |  | 1524 | 1513 |
| New B-4 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.53%, 01/20/2029 (aa) |  | 2910 | 2780 |
| Truist Insurance Holdings LLC, |  |  |  |
| Amendment No.1 Replacement Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.75%, 05/06/2031 (aa) |  | 538 | 537 |
| Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 4.75%), 8.75%, 05/06/2032 (aa) |  | 2094 | 2130 |
|  |  |  | 15282 |
| **Investment Companies** — **0.1%** |  |  |  |
| Acuren Delaware Holdco, Inc., Amendment No. 1 Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.91%, 07/30/2031 (aa) |  | 402 | 402 |
| Artemis BidCo S.A.S., Facility B (EUR), (France), (EURIBOR 3 Month + 3.75%), 5.77%, 08/07/2032 (aa) | EUR | 4535 | 5336 |
| Grant Thornton Advisors LLC, 2025 EUR Incremental Term Loan, (EURIBOR + 3.25%), 09/23/2032 (u) (aa) | EUR | 7065 | 8299 |
|  |  |  | 14037 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments** — **continued** |  |  |  |
| **Real Estate** — **0.0% (g)** |  |  |  |
| CoreLogic, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.50%), 7.78%, 06/02/2028 (aa) |  | 735 | 734 |
| Total Financial |  |  | 37580 |
| **Government** — **0.1%** |  |  |  |
| **Sovereign** — **0.1%** |  |  |  |
| Republic of Cote d'Ivoire, Term Loan, (EURIBOR 6 Month + 3.05%), 5.15%, 02/11/2034 (aa) (bb) | EUR | 4000 | 4680 |
| Republic of Tanzania, Term Loan, (CME Term SOFR 6 Month + 5.47%), 4.24%, 06/20/2030 (aa) (bb) |  | 5000 | 4981 |
| Total Government |  |  | 9661 |
| **Industrial** — **0.3%** |  |  |  |
| **Aerospace/Defense** — **0.0% (g)** |  |  |  |
| TransDigm, Inc., Tranche M Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.50%, 08/19/2032 (u) (aa) |  | 3542 | 3538 |
| **Building Materials** — **0.0% (g)** |  |  |  |
| Chariot Buyer LLC, Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.16%, 09/08/2032 (aa) |  | 397 | 397 |
| Quikrete Holdings, Inc., Tranche B-3 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 6.41%, 02/10/2032 (aa) |  | 871 | 870 |
| Wilsonart LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.25%, 08/05/2031 (aa) |  | 1617 | 1561 |
|  |  |  | 2828 |
| **Electronics** — **0.1%** |  |  |  |
| LSF12 Crown US Commercial Bidco LLC, 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.66%, 12/02/2031 (u) (aa) |  | 3060 | 3062 |
| Pinnacle Buyer LLC, |  |  |  |
| Initial Term B Loan, (CME Term SOFR 3 Month + 2.50%), 6.68%, 10/01/2032 (u) (aa) |  | 1103 | 1104 |
| Delayed Draw Term B Loan, (CME Term SOFR 3 Month + 2.50%), 6.68%, 10/01/2032 (u) (aa) |  | 212 | 213 |
|  |  |  | 4379 |
| **Engineering & Construction** — **0.1%** |  |  |  |
| Brand Industrial Services, Inc., Tranche C Term Loan, (CME Term SOFR 3 Month + 4.50%), 8.80%, 08/01/2030 (aa) |  | 7777 | 7030 |
| **Machinery - Diversified** — **0.1%** |  |  |  |
| GrafTech Global Enterprises, Inc., Term Loan, (CME Term SOFR 1 Month + 6.00%), 10.16%, 12/21/2029 (aa) |  | 1352 | 1373 |
| Husky Injection Molding Systems Ltd., Amendment No. 5 Refinancing Term Loan, (Canada), (CME Term SOFR 6 Month + 3.75%), 7.92%, 02/15/2029 (aa) |  | 3753 | 3760 |
|  |  |  | 5133 |
| **Metal Fabricate/Hardware** — **0.0% (g)** |  |  |  |
| Crosby US Acquisition Corp., Amendment No. 4 Replacement Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.66%, 08/16/2029 (aa) |  | 553 | 555 |
| Doncasters US Finance LLC, Initial Term Loan, (CME Term SOFR 3 Month + 6.50%), 10.50%, 04/23/2030 (aa) |  | 2197 | 2218 |
|  |  |  | 2773 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments** — **continued** |  |  |
| **Packaging & Containers** — **0.0% (g)** |  |  |
| Iris Holding, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 9.16%, 06/28/2028 (aa) | 1449 | 1404 |
| LABL, Inc., Initial Dollar Term Loan, (CME Term SOFR 1 Month + 5.00%), 9.26%, 10/30/2028 (aa) | 2214 | 1810 |
|  |  | 3214 |
| Total Industrial |  | 28895 |
| **Technology** — **0.8%** |  |  |
| **Computers** — **0.2%** |  |  |
| Atlas CC Acquisition Corp., |  |  |
| Second Out Term B Loan, (CME Term SOFR 3 Month + 4.25%), 8.83%, 05/25/2029 (u) (aa) | 1422 | 810 |
| Second Out Term C Loan, (CME Term SOFR 3 Month + 4.25%), 8.83%, 05/25/2029 (u) (aa) | 204 | 116 |
| Bingo Holdings I LLC, Term B Loan, (CME Term SOFR 3 Month + 4.75%), 8.75%, 06/30/2032 (u) (aa) | 1700 | 1697 |
| Clover Holdings 2 LLC, Initial Floating Rate Term Loan, (CME Term SOFR 1 Month + 3.75%), 7.94%, 12/09/2031 (aa) | 4988 | 4986 |
| McAfee Corp., Second Amendment Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.22%, 03/01/2029 (aa) | 1719 | 1639 |
| NCR Atleos Corp., New Term B Loan, (CME Term SOFR 3 Month + 3.00%), 7.03%, 04/16/2029 (aa) | 683 | 683 |
| X Corp., Tranche B-3 Term Loan (First Lien), 9.50%, 10/26/2029 | 5045 | 5057 |
|  |  | 14988 |
| **Semiconductors** — **0.0% (g)** |  |  |
| Gryphon Acquire NewCo LLC, Term Loan, (CME Term SOFR 6 Month + 3.00%), 6.88%, 09/10/2032 (aa) | 2663 | 2669 |
| **Software — 0.6%** |  |  |
| athenahealth Group, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.91%, 02/15/2029 (u) (aa) | 6033 | 6018 |
| Boxer Parent Co., Inc., |  |  |
| 2031 Replacement Dollar Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.20%, 07/30/2031 (aa) | 622 | 621 |
| Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.75%), 9.95%, 07/30/2032 (aa) | 1366 | 1328 |
| Central Parent LLC, 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.25%, 07/06/2029 (aa) | 1793 | 1547 |
| Cloud Software Group, Inc., |  |  |
| Tenth Amendment Tranche B-2 Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.25%, 03/21/2031 (aa) | 4810 | 4827 |
| Tenth Amendment Tranche B-1 Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.25%, 08/13/2032 (aa) | 1349 | 1353 |
| Cotiviti, Inc., |  |  |
| Initial Floating Rate Term Loan, (CME Term SOFR 1 Month + 2.75%), 7.03%, 05/01/2031 (aa) | 3950 | 3876 |
| Initial Fixed Rate Term Loan, 7.63%, 05/01/2031 (u) | 12912 | 12948 |
| Ellucian Holdings, Inc., |  |  |
| Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.91%, 10/09/2029 (aa) | 385 | 385 |
| Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 4.75%), 8.91%, 11/22/2032 (aa) | 5738 | 5857 |
| Finastra USA, Inc., |  |  |
| Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 7.00%), 11.36%, 09/15/2033 (u) (aa) | 1454 | 1444 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Software** — **continued** |  |  |
| Initial USD Term Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 8.04%, 09/15/2032 (aa) | 6756 | 6725 |
| RealPage, Inc., |  |  |
| Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 7.26%, 04/24/2028 (aa) | 2862 | 2854 |
| 2024-1 Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 7.75%, 04/24/2028 (aa) | 1311 | 1315 |
| Skillsoft Finance II, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.25%), 9.53%, 07/14/2028 (u) (aa) | 1641 | 1452 |
|  |  | 52551 |
| Total Technology |  | 70208 |
| **Utilities** — **0.1%** |  |  |
| **Electric** — **0.1%** |  |  |
| Calpine Corp., |  |  |
| 2024 Term Loan (08/19), (CME Term SOFR 1 Month + 1.75%), 5.91%, 01/31/2031 (aa) | 450 | 449 |
| 2024-2 Term Loan, (CME Term SOFR 1 Month + 1.75%), 5.91%, 02/15/2032 (aa) | 1624 | 1622 |
| CP Atlas Buyer, Inc., 2025 Term B Loan, (CME Term SOFR 1 Month + 5.25%), 9.41%, 07/08/2030 (aa) | 1046 | 1023 |
| Edgewater Generation LLC, 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 08/01/2030 (aa) | 601 | 602 |
| Heritage Power LLC, Term Loan, (CME Term SOFR 3 Month + 5.50%), 9.50%, 07/20/2028 (aa) | 160 | 158 |
| Total Utilities |  | 3854 |
| Total Loan Assignments<br>(Cost $435,266) |  | 432131 |
|  | **NUMBER OF** <br> **RIGHTS** |  |
| **Right** — **0.0% (g)** |  |  |
| **Communications** — **0.0% (g)** |  |  |
| **Telecommunications** — **0.0% (g)** |  |  |
| SES SA, expiring 12/31/2049 (a) (bb)<br>(Cost $0) | 87 | — (h) |
|  | **NUMBER OF** <br> **WARRANTS** |  |
| **Warrant** — **0.0%** |  |  |
| **Communications** — **0.0% (g)** |  |  |
| **Media** — **0.0% (g)** |  |  |
| Diamond Sports Group LLC, expiring 06/30/2026 (a) (bb)<br>(Cost $0) | 256 | 38 |
|  | **PRINCIPAL** <br> **AMOUNT ($)** |  |
| **Short-Term Investments** — **3.1%** |  |  |
| **Commercial Papers** — **0.0% (g)** |  |  |
| Crown Castle, Inc., 4.64%, 10/23/2025 (e) (n) | 628 | 626 |
| International Flavors & Fragrances, Inc., 4.43%, 11/24/2025 (e) (n) | 560 | 556 |
| Oracle Corp. |  |  |
| 4.29%, 01/13/2026 (e) (n) | 415 | 410 |
| 4.29%, 01/15/2026 (e) (n) | 426 | 421 |
| Total Commercial Papers |  | 2013 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL**<br> **AMOUNT ($)** | **PRINCIPAL**<br> **AMOUNT ($)** | **VALUE ($)** |
| **Short-Term Investments — continued** |  |  |  |
| **Corporate Bonds** — **0.0% (g)** |  |  |  |
| Bunge Ltd. Finance Corp., 2.00%, 04/21/2026 |  | 1000 | 988 |
| Encore Issuances SA, (Luxembourg), Series 155, Reg. S, (EURIBOR 3 Month + 10.00%), 12.05%, 11/06/2025 (aa) | EUR | 43 | 51 |
| Kona Spc Ltd., (Cayman Islands), (EURIBOR 1 Year + 3.55%), 5.72%, 09/15/2026 (e) (aa) | EUR | 1000 | 1180 |
| Total Corporate Bonds |  |  | 2219 |
| **Time Deposits** — **2.5%** |  |  |  |
| Brown Brothers Harriman & Co., |  |  |  |
| (0.60%), 10/01/2025 | CHF | 128 | 161 |
| 0.82%, 10/01/2025 | SEK | 93 | 10 |
| 2.14%, 10/02/2025 | HKD | — (h) | — (h) |
| 4.88%, 10/01/2025 | ZAR | 60 | 3 |
| Citibank NA, |  |  |  |
| 0.79%, 10/01/2025 | EUR | 38099 | 44731 |
| 2.92%, 10/01/2025 | GBP | 14761 | 19853 |
| 3.44%, 10/01/2025 |  | 102850 | 102850 |
| Royal Bank of Canada, 1.33%, 10/01/2025 | CAD | 1 | — (h) |
| Sumitomo Mitsui Banking Corp., |  |  |  |
| 0.12%, 10/01/2025 | JPY | 6901 | 47 |
| 3.44%, 10/01/2025 |  | 1363 | 1363 |
| Sumitomo Mitsui Trust Bank Ltd., 3.44%, 10/01/2025 |  | 57182 | 57182 |
| Total Time Deposits |  |  | 226200 |
| **U.S. Government Agency Security** — **0.0% (g)** |  |  |  |
| FHLB Discount Note, 3.95%, 12/26/2025 (n) |  | 2100 | 2080 |
| **U.S. Treasury Obligations** — **0.6%** |  |  |  |
| U.S. Treasury Bills, |  |  |  |
| 3.96%, 12/11/2025 (n) |  | 1000 | 992 |
| 3.96%, 12/04/2025 (n) |  | 800 | 795 |
| 4.01%, 11/18/2025 (n) |  | 4800 | 4775 |
| 4.02%, 11/25/2025 (n) |  | 13500 | 13418 |
| 4.02%, 11/12/2025 (n) (ee) |  | 3100 | 3086 |
| 4.09%, 10/23/2025 (n) |  | 6500 | 6484 |
| 4.18%, 12/02/2025 (n) |  | 1300 | 1291 |
| 4.18%, 10/21/2025 (n) (ee) (ii) |  | 4754 | 4743 |
| 4.18%, 11/06/2025 (n) (ii) |  | 900 | 896 |
| 4.23%, 10/09/2025 (n) |  | 61 | 61 |
| 4.27%, 10/30/2025 (n) |  | 6100 | 6080 |
| 4.28%, 10/14/2025 (n) |  | 5540 | 5532 |
| 4.29%, 11/04/2025 (n) |  | 500 | 498 |
| Total U.S. Treasury Obligations |  |  | 48651 |
| Total Short-Term Investments<br>(Cost $281,153) |  |  | 281163 |
| **Total Investments — 99.0%<br>(Cost - $8,628,049)** |  |  | **8986024** |
| **Other Assets in Excess of Liabilities — 1.0%** |  |  | **97221** |
| **NET ASSETS — 100.0%** |  |  | $**9083245** |

---

Percentages indicated are based on net assets.

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Futures contracts outstanding as of September 30, 2025:** 

**Exchange Traded** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| **Long Contracts** |  |  |  |  |  |
| Euro BOBL | 705 | 12/2025 | EUR | 97507 | 5 |
| Euro BTP Italian Government Bonds | 13 | 12/2025 | EUR | 1812 | 17 |
| Euro Schatz | 1228 | 12/2025 | EUR | 154403 | (166) |
| U.S. Treasury 2 Year Note | 1150 | 12/2025 | USD | 239467 | 192 |
| U.S. Treasury 5 Year Note | 783 | 12/2025 | USD | 85512 | (12) |
| U.S. Treasury 10 Year Note | 900 | 12/2025 | USD | 100745 | 505 |
| U.S. Treasury Long Bond | 56 | 12/2025 | USD | 6409 | 121 |
| U.S. Treasury Ultra Bond | 81 | 12/2025 | USD | 9491 | 234 |
| U.S. Ultra Treasury 10 Year Note | 13 | 12/2025 | USD | 1496 | (—)(h) |
|  |  |  |  |  | 896 |
| **Short Contracts** |  |  |  |  |  |
| Euro BOBL | (1) | 12/2025 | EUR | (139) | — (h) |
| Euro Bund | (23) | 12/2025 | EUR | (3459) | (12) |
| Euro-Oat French Government Bonds | (4) | 12/2025 | EUR | (564) | (6) |
| U.S. Treasury 2 Year Note | (6) | 12/2025 | USD | (1253) | 3 |
| U.S. Treasury 5 Year Note | (315) | 12/2025 | USD | (34359) | (38) |
| U.S. Treasury Ultra Bond | (12) | 12/2025 | USD | (1443) | 3 |
|  |  |  |  |  | (50) |
| Total unrealized appreciation (depreciation) |  |  |  |  | 846 |

---

**Forward foreign currency exchange contracts outstanding as of September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| TRY | 6916 | USD | 163 | Barclays Bank plc | 10/01/2025 | 4 |
| BRL | 4250 | USD | 754 | Citibank, NA\* | 10/02/2025 | 45 |
| EUR | 1627 | USD | 1907 | Bank of America, NA | 10/02/2025 | 4 |
| EUR | 89222 | USD | 104595 | Barclays Bank plc | 10/02/2025 | 156 |
| USD | 510 | EUR | 430 | Citibank, NA | 10/02/2025 | 5 |
| USD | 456 | EUR | 388 | Citibank, NA | 10/02/2025 | — (h) |
| USD | 2893 | EUR | 2458 | Morgan Stanley & Co. | 10/02/2025 | 7 |
| USD | 1511 | GBP | 1118 | Morgan Stanley & Co. | 10/02/2025 | 7 |
| TRY | 7125 | USD | 167 | Barclays Bank plc | 10/03/2025 | 4 |
| PEN | 6822 | USD | 1951 | Morgan Stanley & Co.\* | 10/07/2025 | 14 |
| TRY | 2702 | USD | 63 | Barclays Bank plc | 10/10/2025 | 2 |
| TRY | 5348 | USD | 124 | Barclays Bank plc | 10/14/2025 | 3 |
| TRY | 31089 | USD | 725 | Barclays Bank plc | 10/15/2025 | 15 |
| EUR | 8181 | USD | 9556 | Citibank, NA | 10/16/2025 | 57 |
| EUR | 7491 | USD | 8760 | Citibank, NA | 10/16/2025 | 42 |
| EUR | 19000 | USD | 22163 | Citibank, NA | 10/16/2025 | 164 |
| EUR | 7000 | USD | 8215 | Citibank, NA | 10/16/2025 | 11 |
| EUR | 2700 | USD | 3151 | Citibank, NA | 10/16/2025 | 22 |
| USD | 3195 | EUR | 2714 | Citibank, NA | 10/16/2025 | 5 |
| USD | 13064 | EUR | 11100 | Citibank, NA | 10/16/2025 | 21 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| USD | 3765 | EUR | 3201 | Citibank, NA | 10/16/2025 | 4 |
| USD | 11766 | EUR | 10000 | Citibank, NA | 10/16/2025 | 15 |
| USD | 4723 | EUR | 3982 | Citibank, NA | 10/16/2025 | 45 |
| USD | 3380 | EUR | 2854 | Citibank, NA | 10/16/2025 | 27 |
| USD | 17628 | EUR | 15000 | Citibank, NA | 10/16/2025 | 2 |
| USD | 7669 | EUR | 6500 | Citibank, NA | 10/16/2025 | 31 |
| USD | 15416 | EUR | 13000 | Citibank, NA | 10/16/2025 | 140 |
| USD | 8402 | EUR | 7121 | Citibank, NA | 10/16/2025 | 34 |
| USD | 4702 | EUR | 3977 | Citibank, NA | 10/16/2025 | 29 |
| GBP | 8000 | USD | 10661 | Citibank, NA | 10/16/2025 | 99 |
| USD | 238186 | GBP | 174906 | Citibank, NA | 10/16/2025 | 2935 |
| USD | 2793 | GBP | 2055 | Citibank, NA | 10/16/2025 | 28 |
| USD | 3504 | GBP | 2598 | Citibank, NA | 10/16/2025 | 10 |
| USD | 172 | GBP | 128 | Citibank, NA | 10/16/2025 | — (h) |
| USD | 4 | INR | 327 | Citibank, NA\* | 10/17/2025 | — (h) |
| TRY | 1363 | USD | 32 | Barclays Bank plc | 10/20/2025 | 1 |
| USD | 1178 | EUR | 1000 | Brown Brothers Harriman & Co. | 10/21/2025 | 3 |
| USD | 3529 | EUR | 3000 | Brown Brothers Harriman & Co. | 10/21/2025 | 3 |
| USD | 14171 | EUR | 12000 | Brown Brothers Harriman & Co. | 10/21/2025 | 65 |
| USD | 588 | EUR | 500 | Brown Brothers Harriman & Co. | 10/21/2025 | 1 |
| USD | 1177 | EUR | 1000 | Brown Brothers Harriman & Co. | 10/21/2025 | 2 |
| USD | 4703 | EUR | 4000 | Brown Brothers Harriman & Co. | 10/21/2025 | 1 |
| USD | 162637 | EUR | 138000 | Brown Brothers Harriman & Co. | 10/21/2025 | 421 |
| TRY | 15467 | USD | 359 | Barclays Bank plc | 10/21/2025 | 7 |
| TRY | 14880 | USD | 346 | Barclays Bank plc | 10/22/2025 | 6 |
| TRY | 2742 | USD | 63 | Barclays Bank plc | 10/27/2025 | 1 |
| TRY | 2742 | USD | 63 | Barclays Bank plc | 10/27/2025 | 1 |
| TRY | 15648 | USD | 361 | Barclays Bank plc | 10/31/2025 | 6 |
| USD | 2012 | EUR | 1701 | Bank of America, NA | 11/05/2025 | 11 |
| USD | 1513 | GBP | 1118 | Citibank, NA | 11/05/2025 | 9 |
| TRY | 56684 | USD | 1305 | Barclays Bank plc | 11/06/2025 | 18 |
| TRY | 73119 | USD | 1678 | Barclays Bank plc | 11/07/2025 | 27 |
| TRY | 71870 | USD | 1650 | Barclays Bank plc | 11/10/2025 | 22 |
| TRY | 96863 | USD | 2224 | Barclays Bank plc | 11/20/2025 | 12 |
| TRY | 3524 | USD | 81 | Barclays Bank plc | 11/25/2025 | — (h) |
| NGN | 3871150 | USD | 2450 | Citibank, NA | 12/03/2025 | 86 |
| TRY | 73382 | USD | 1673 | Barclays Bank plc | 12/03/2025 | 4 |
| TRY | 3646 | USD | 83 | Barclays Bank plc | 12/08/2025 | — (h) |
| NGN | 3277595 | USD | 2080 | Citibank, NA | 12/09/2025 | 62 |
| NGN | 2826683 | USD | 1787 | Citibank, NA | 12/09/2025 | 60 |
| USD | 3557 | EUR | 3000 | Brown Brothers Harriman & Co. | 12/10/2025 | 21 |
| USD | 59054 | GBP | 43600 | Brown Brothers Harriman & Co. | 12/10/2025 | 409 |
| TRY | 3671 | USD | 83 | Barclays Bank plc | 12/10/2025 | — (h) |
| USD | 566 | CHF | 446 | Morgan Stanley & Co. | 12/17/2025 | — (h) |
| USD | 132 | CZK | 2711 | Citibank, NA | 12/17/2025 | 1 |
| USD | 154 | CZK | 3185 | Morgan Stanley & Co. | 12/17/2025 | — (h) |
| USD | 158 | CZK | 3258 | Morgan Stanley & Co. | 12/17/2025 | 1 |
| USD | 88217 | EUR | 74581 | Morgan Stanley & Co. | 12/17/2025 | 264 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| USD | 434 | EUR | 368 | UBS AG London | 12/17/2025 | — (h) |
| USD | 3158 | EUR | 2673 | UBS AG London | 12/17/2025 | 5 |
| USD | 1157 | EUR | 980 | UBS AG London | 12/17/2025 | 1 |
| USD | 12016 | GBP | 8860 | Morgan Stanley & Co. | 12/17/2025 | 99 |
| USD | 1824 | GBP | 1346 | Morgan Stanley & Co. | 12/17/2025 | 14 |
| MXN | 74243 | USD | 3935 | Barclays Bank plc | 12/17/2025 | 86 |
| MXN | 2344 | USD | 126 | Citibank, NA | 12/17/2025 | 1 |
| MXN | 4618 | USD | 247 | Morgan Stanley & Co. | 12/17/2025 | 3 |
| MXN | 88675 | USD | 4651 | Morgan Stanley & Co. | 12/17/2025 | 151 |
| BRL | 4347 | USD | 794 | Citibank, NA\* | 01/05/2026 | 4 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  | 5876 |
| USD | 83 | TRY | 3448 | Barclays Bank plc | 10/01/2025 | (—)(h) |
| USD | 794 | BRL | 4255 | Citibank, NA\* | 10/02/2025 | (5) |
| BRL | 5 | USD | 1 | Citibank, NA\* | 10/02/2025 | (—)(h) |
| EUR | 1701 | USD | 2008 | Bank of America, NA | 10/02/2025 | (11) |
| USD | 102434 | EUR | 87573 | Barclays Bank plc | 10/02/2025 | (382) |
| USD | 1995 | EUR | 1701 | Goldman Sachs International | 10/02/2025 | (2) |
| GBP | 1118 | USD | 1513 | Citibank, NA | 10/02/2025 | (9) |
| USD | 4644 | ZAR | 80430 | Citibank, NA | 10/02/2025 | (13) |
| USD | 1915 | PEN | 6822 | Barclays Bank plc\* | 10/07/2025 | (50) |
| USD | 370792 | EUR | 317000 | Citibank, NA | 10/16/2025 | (1713) |
| EUR | 6200 | USD | 7304 | Citibank, NA | 10/16/2025 | (18) |
| EUR | 16000 | USD | 18923 | Citibank, NA | 10/16/2025 | (121) |
| EUR | 18000 | USD | 21328 | Citibank, NA | 10/16/2025 | (177) |
| EUR | 80000 | USD | 94483 | Citibank, NA | 10/16/2025 | (475) |
| USD | 374199 | EUR | 319899 | Citibank, NA | 10/16/2025 | (1714) |
| USD | 369628 | EUR | 316000 | Citibank, NA | 10/16/2025 | (1702) |
| USD | 371969 | EUR | 318000 | Citibank, NA | 10/16/2025 | (1711) |
| EUR | 6221 | USD | 7329 | Citibank, NA | 10/16/2025 | (18) |
| USD | 44873 | EUR | 38250 | Citibank, NA | 10/16/2025 | (74) |
| USD | 2341 | EUR | 2000 | Citibank, NA | 10/16/2025 | (9) |
| USD | 6443 | EUR | 5500 | Citibank, NA | 10/16/2025 | (20) |
| USD | 6261 | EUR | 5395 | Citibank, NA | 10/16/2025 | (79) |
| USD | 8206 | EUR | 7000 | Citibank, NA | 10/16/2025 | (19) |
| USD | 9261 | EUR | 7949 | Citibank, NA | 10/16/2025 | (79) |
| USD | 3297 | EUR | 2819 | Citibank, NA | 10/16/2025 | (16) |
| USD | 9578 | EUR | 8221 | Citibank, NA | 10/16/2025 | (83) |
| GBP | 5000 | USD | 6822 | Citibank, NA | 10/16/2025 | (97) |
| USD | 1330 | GBP | 1000 | Citibank, NA | 10/16/2025 | (15) |
| GBP | 5000 | USD | 6806 | Citibank, NA | 10/16/2025 | (81) |
| GBP | 4800 | USD | 6507 | Citibank, NA | 10/16/2025 | (51) |
| GBP | 9000 | USD | 12297 | Citibank, NA | 10/16/2025 | (192) |
| INR | 498 | USD | 6 | Bank of America, NA\* | 10/17/2025 | (—)(h) |
| INR | 363 | USD | 4 | Citibank, NA\* | 10/17/2025 | (—)(h) |
| INR | 440 | USD | 5 | Citibank, NA\* | 10/17/2025 | (—)(h) |
| INR | 443 | USD | 5 | Citibank, NA\* | 10/17/2025 | (—)(h) |
| INR | 1327 | USD | 15 | Citibank, NA\* | 10/17/2025 | (—)(h) |
| INR | 1410 | USD | 16 | Morgan Stanley & Co.\* | 10/17/2025 | (—)(h) |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** | **Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued):** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| USD | 11489 | EUR | 10000 | Brown Brothers Harriman & Co. | 10/21/2025 | (266) |
| USD | 3477 | EUR | 3000 | Brown Brothers Harriman & Co. | 10/21/2025 | (49) |
| USD | 1170 | EUR | 1000 | Brown Brothers Harriman & Co. | 10/21/2025 | (6) |
| USD | 1165 | EUR | 1000 | Brown Brothers Harriman & Co. | 10/21/2025 | (10) |
| USD | 104806 | EUR | 89222 | Barclays Bank plc | 11/04/2025 | (166) |
| INR | 328 | USD | 4 | Citibank, NA\* | 11/19/2025 | (—)(h) |
| USD | 3820 | ZAR | 66746 | Bank of America, NA | 11/20/2025 | (31) |
| USD | 3111 | ZAR | 54783 | Barclays Bank plc | 11/20/2025 | (50) |
| USD | 404 | PEN | 1495 | Citibank, NA\* | 12/05/2025 | (26) |
| USD | 202 | PEN | 748 | Citibank, NA\* | 12/05/2025 | (13) |
| USD | 2406 | CHF | 1900 | Brown Brothers Harriman & Co. | 12/10/2025 | (1) |
| USD | 181132 | EUR | 154000 | Brown Brothers Harriman & Co. | 12/10/2025 | (407) |
| USD | 384 | EUR | 327 | Barclays Bank plc | 12/17/2025 | (1) |
| USD | 119 | EUR | 101 | Barclays Bank plc | 12/17/2025 | 1 |
| USD | 5608 | EUR | 4758 | Citibank, NA | 12/17/2025 | (3) |
| USD | 9254 | MXN | 171760 | Citibank, NA | 12/17/2025 | (48) |
| USD | 1663 | PEN | 5957 | Bank of America, NA\* | 12/17/2025 | (49) |
| USD | 1947 | PEN | 6822 | Morgan Stanley & Co.\* | 12/17/2025 | (14) |
| KZT | 1121260 | USD | 2000 | Citibank, NA | 12/24/2025 | (11) |
| USD | 2193 | PEN | 7819 | Citibank, NA\* | 05/26/2026 | (43) |
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (10129) |
| Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  | (4253) |

---

\* Non-deliverable forward.

**Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2025:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  Brazil Cetip DI Interbank Deposite 1 Year | 0.00% maturity | Pay | 01/04/2027 | BRL | 69400 | – | (1236) | (1236) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 0.00% maturity | Receive | 01/04/2027 | BRL | 69400 | – | (74) | (74) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 0.00% maturity | Pay | 01/04/2027 | BRL | 45000 | – | (389) | (389) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 0.00% maturity | Pay | 01/04/2027 | BRL | 3500 | – | (31) | (31) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 0.00% maturity | Receive | 01/04/2027 | BRL | 50600 | – | 519 | 519 |
|  Brazil Cetip DI Interbank Deposite 1 Year | 0.00% maturity | Pay | 01/02/2029 | BRL | 30600 | – | (19) | (19) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 0.00% maturity | Pay | 01/02/2029 | BRL | 28300 | – | 72 | 72 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  Brazil Cetip DI Interbank Deposite 1 Year | 0.00% maturity | Pay | 01/02/2029 | BRL | 28300 |  | 57 | 57 |
|  Czech Interbank Offered Rates 6 Month | 4.25% annually | Pay | 04/18/2029 | CZK | 199400 | 247 | (84) | 163 |
|  Czech Interbank Offered Rates 6 Month | 3.53% annually | Pay | 07/15/2029 | CZK | 426900 | 34 | (266) | (232) |
|  Czech Interbank Offered Rates 6 Month | 3.08% annually | Pay | 10/03/2029 | CZK | 56700 | 47 | (2) | 45 |
|  Czech Interbank Offered Rates 6 Month | 3.49% annually | Pay | 10/30/2029 | CZK | 222300 | (66) | 98 | 32 |
|  Czech Interbank Offered Rates 6 Month | 3.36% annually | Receive | 05/29/2030 | CZK | 703200 | 321 | 478 | 799 |
|  EURIBOR 6 Month | 2.82% annually | Receive | 06/26/2029 | EUR | 24900 | 803 | (195) | 608 |
|  EURIBOR 6 Month | 2.50% annually | Pay | 03/18/2031 | EUR | 30300 | (74) | (24) | (98) |
|  EURIBOR 6 Month | 2.75% annually | Pay | 03/18/2036 | EUR | 8900 | 68 | (50) | 18 |
|  EURIBOR 6 Month | 3.00% annually | Receive | 03/18/2056 | EUR | 8590 | (172) | 2 | (170) |
|  United States SOFR | 3.75% annually | Receive | 06/20/2029 | USD | 25300 | 75 | (389) | (314) |
|  United States SOFR | 3.75% annually | Receive | 12/18/2029 | USD | 17300 | 14 | 164 | 178 |
|  United States SOFR | 3.75% annually | Pay | 12/18/2029 | USD | 21100 | 46 | 171 | 217 |
|  United States SOFR | 3.00% annually | Pay | 03/19/2030 | USD | 14100 | (764) | 447 | (317) |
|  United States SOFR | 3.25% annually | Pay | 06/18/2030 | USD | 2700 | 38 | (15) | 23 |
|  United States SOFR | 3.75% annually | Pay | 06/20/2034 | USD | 4100 | — (h) | (43) | (43) |
|  United States SOFR | 3.75% annually | Pay | 06/20/2034 | USD | 29800 | (311) | 625 | 314 |
|  United States SOFR | 3.75% annually | Receive | 12/18/2034 | USD | 7100 | 294 | (255) | 39 |
|  United States SOFR | 3.75% annually | Receive | 06/20/2039 | USD | 700 | 39 | (32) | 7 |
|  United States SOFR | 3.50% annually | Pay | 06/20/2054 | USD | 18600 | (374) | (1100) | (1474) |
|  United States SOFR | 3.25% annually | Receive | 06/18/2055 | USD | 700 | (96) | 9 | (87) |
|  Total |  |  |  |  |  | 169 | (1562) | (1393) |

---

(a) Value of floating rate index as of September 30, 2025 was as follows:

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | |
| Brazil Cetip DI Interbank Deposite 1 Year | 14.90% |
| Czech Interbank Offered Rates 6 Month | 3.50% |
| EURIBOR 6 Month | 2.10% |
| United States SOFR | 4.24% |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**OTC Credit Default Swaps contracts outstanding — sell protection (1) as of September 30, 2025:** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE**<br> **OBLIGATION/**<br> **INDEX**  | **FINANCING**<br>**RATE<br>RECEIVED**<br>**BY THE<br>FUND(%)** | **PAYMENT**<br>**FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT**<br>**SPREAD<br>(%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  Republic of Turkiye, 11.88%, 01/15/2030 | 1.00 | Quarterly | Barclays Bank plc Wholesale | 12/20/2025 | 0.63 | USD | 3300 | 1 | 3 | 4 |
|  CMA CGM SA, 7.50%, 01/15/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2026 | 0.64 | EUR | 10 | 1 | (1) | (—)(h) |
|  Adler Real Estate, 3.00%, 04/27/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2026 | 3.13 | EUR | 100 | (3) | 5 | 2 |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Barclays Bank plc Wholesale | 06/20/2026 | 1.24 | USD | 300 | (9) | 9 | (—)(h) |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Citibank, NA | 06/20/2026 | 1.24 | USD | 600 | (20) | 19 | (1) |
|  Benin Government International Bond, 6.88%, 01/19/2052 | 1.00 | Quarterly | Barclays Bank plc Wholesale | 06/20/2026 | 1.08 | USD | 1000 | (34) | 34 | (—)(h) |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Citibank, NA | 06/20/2026 | 1.24 | USD | 325 | (10) | 10 | (—)(h) |
|  Benin Government International Bond, 6.88%, 01/19/2052 | 1.00 | Quarterly | Citibank, NA | 06/20/2026 | 1.08 | USD | 175 | (6) | 6 | (—)(h) |
|  CMA CGM SA, 7.50%, 01/15/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2027 | 0.86 | EUR | 70 | 2 | 4 | 6 |
|  CMA CGM SA, 7.50%, 01/15/2026 | 5.00 | Quarterly | Barclays Bank plc Wholesale | 06/20/2027 | 0.86 | EUR | 49 | 2 | 3 | 5 |
|  State of Israel, 2.88%, 03/16/2026 | 1.00 | Quarterly | Citibank, NA | 06/20/2027 | 0.41 | USD | 4600 | (26) | 73 | 47 |
|  Republic of Argentina, 1.00%, 07/09/2029 | 5.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2027 | 15.08 | USD | 1000 | (121) | (28) | (149) |
|  Republic of Argentina, 1.00%, 07/09/2029 | 5.00 | Quarterly | Bank of America, NA | 06/20/2027 | 15.08 | USD | 700 | (91) | (13) | (104) |
|  Adler Real Estate AG, 2.13%, 02/06/2024 | 5.00 | Quarterly | Bank of America, NA | 12/20/2027 | 2.37 | EUR | 200 | (50) | 63 | 13 |
|  Benin Government International Bond, 6.88%, 01/19/2052 | 1.00 | Quarterly | Citibank, NA | 06/20/2028 | 2.18 | USD | 400 | (27) | 15 | (12) |
|  Forvia SA, Reg. S, 3.13%, 06/15/2026 | 5.00 | Quarterly | Barclays Bank plc Wholesale | 06/20/2029 | 1.95 | EUR | 127 | 16 | — (h) | 16 |
|  Forvia SA, Reg. S, 3.13%, 06/15/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2029 | 1.95 | EUR | 100 | 12 | 1 | 13 |
|  ITRX EUR XOVER 12/29 | 5.00 | Quarterly | BNP Paribas | 12/20/2029 | 1.55 | EUR | 307 | 39 | (2) | 37 |
|  ITRX EUR XOVER 12/29 | 5.00 | Quarterly | Goldman Sachs | 12/20/2029 | 2.32 | EUR | 164 | 26 | (6) | 20 |
|  Forvia SA, Reg. S, 3.13%, 06/15/2026 | 5.00 | Quarterly | Goldman Sachs | 12/20/2029 | 2.28 | EUR | 419 | 31 | 22 | 53 |
|  Romanian Government International Bond, 2.75%, 02/26/2026 | 1.00 | Quarterly | Barclays Bank plc Wholesale | 12/20/2029 | 1.32 | USD | 1800 | (79) | 57 | (22) |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**OTC Credit Default Swaps contracts outstanding — sell protection (1) as of September 30, 2025 (continued):** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE**<br> **OBLIGATION/**<br> **INDEX**  | **FINANCING**<br>**RATE<br>RECEIVED**<br>**BY THE<br>FUND(%)** | **PAYMENT**<br>**FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT**<br>**SPREAD<br>(%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2030 | 1.29 | USD | 1100 | (40) | 26 | (14) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Barclays Bank plc Wholesale | 06/20/2030 | 1.29 | USD | 2800 | (98) | 64 | (34) |
|  Saudi International Bond, 4.75%, 01/16/2030 | 1.00 | Quarterly | Barclays Bank plc Wholesale | 06/20/2030 | 0.63 | USD | 19600 | 273 | 44 | 317 |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2030 | 3.13 | USD | 325 | (41) | 12 | (29) |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Citibank, NA | 06/20/2030 | 3.13 | USD | 575 | (73) | 23 | (50) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Citibank, NA | 06/20/2030 | 1.29 | USD | 300 | (11) | 7 | (4) |
|  Zegona Finance plc, 6.75%, 07/15/2029 | 5.00 | Quarterly | BNP Paribas | 06/20/2030 | 1.48 | EUR | 69 | 12 | 1 | 13 |
|  Republic o Nigeria, 6.13%, 09/28/2028 | 1.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2030 | 3.94 | USD | 120 | (32) | 18 | (14) |
|  Republic of Indonesia, 2.15%, 07/28/2031 | 1.00 | Quarterly | Morgan Stanley Capital Service | 12/20/2030 | 0.82 | USD | 7600 | 60 | 6 | 66 |
|  Virgin Media Finance plc, 3.75%, 07/15/2030 | 5.00 | Quarterly | Goldman Sachs | 12/20/2030 | 3.28 | EUR | 65 | 6 | (—)(h) | 6 |
|  Republic of Brazil, 3.75%, 09/12/2031 | 1.00 | Quarterly | Bank of America, NA | 06/20/2035 | 2.23 | USD | 200 | (27) | 9 | (18) |
|  Republic of Brazil, 3.75%, 09/12/2031 | 1.00 | Quarterly | Citibank, NA | 06/20/2035 | 2.23 | USD | 600 | (83) | 27 | (56) |
|  Total |  |  |  |  |  |  |  | (400) | 511 | 111 |

---

**OTC Credit Default Swaps contracts outstanding — buy protection (2) as of September 30, 2025:** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE**<br> **OBLIGATION/**<br> **INDEX**  | **FINANCING**<br>**RATE<br>PAID**<br>**BY THE<br>FUND(%)** | **PAYMENT**<br>**FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT**<br>**SPREAD (%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  Morocco Government International Bond, 3.00%, 12/15/2032 | 1.00 | Quarterly | Barclays Bank plc<br>Wholesale | 06/20/2029 | 0.50 | USD | 2700 |  | (48) | (48) |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Morgan Stanley<br>Capital Service | 06/20/2029 | 0.64 | USD | 3400 | 25 | (69) | (44) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Barclays Bank plc<br>Wholesale | 06/20/2029 | 1.04 | USD | 50 | 2 | (2) | (—)(h) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Bank of America,<br>NA | 06/20/2029 | 1.04 | USD | 1100 | 26 | (24) | 2 |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Bank of America,<br>NA | 12/20/2029 | 1.14 | USD | 1000 | 35 | (29) | 6 |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Barclays Bank plc<br>Wholesale | 12/20/2029 | 1.14 | USD | 400 | 12 | (11) | 1 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**OTC Credit Default Swaps contracts outstanding — buy protection (2) as of September 30, 2025 (continued):** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE**<br> **OBLIGATION/**<br> **INDEX**  | **FINANCING**<br>**RATE<br>PAID**<br>**BY THE<br>FUND(%)** | **PAYMENT**<br>**FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT**<br>**SPREAD (%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  Saudi Government International Bond, 4.00%, 04/17/2025 | 1.00 | Quarterly | Barclays Bank plc<br>Wholesale | 06/20/2034 | 0.96 | USD | 8500 | (94) | 68 | (26) |
|  Saudi Government International Bond, 4.00%, 04/17/2025 | 1.00 | Quarterly | Morgan Stanley<br>Capital Service | 06/20/2034 | 0.96 | USD | 5200 | (58) | 43 | (15) |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Barclays Bank plc<br>Wholesale | 06/20/2035 | 1.61 | USD | 1100 | 73 | (22) | 51 |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Citibank, NA | 06/20/2035 | 1.61 | USD | 1200 | 82 | (25) | 57 |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Bank of America,<br>NA | 06/20/2035 | 1.61 | USD | 1550 | 107 | (34) | 73 |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Morgan Stanley<br>Capital Service | 06/20/2035 | 1.61 | USD | 650 | 45 | (14) | 31 |
|  Total |  |  |  |  |  |  |  | 255 | (167) | 88 |

---

**Centrally Cleared Credit Default Swaps contracts outstanding — sell protection (1) as of September 30, 2025:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE**<br> **OBLIGATION/**<br> **INDEX**  | **FINANCING**<br>**RATE<br>RECEIVED**<br>**BY THE<br>FUND(%)** | **PAYMENT**<br>**FREQUENCY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT**<br>**SPREAD<br>(%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
| CDX.EM.40 12/28 | 1.00 | Quarterly | 12/20/2028 | 1.06 | USD | 2200 | (73) | 70 | (3) |
| CDX.NA.IG.41-V1 | 1.00 | Quarterly | 12/20/2028 | 0.31 | USD | 820 | 8 | 10 | 18 |
| CDX.EM HY.40 12/28 | 1.00 | Quarterly | 12/20/2028 | 1.85 | USD | 15600 | (1417) | 1026 | (391) |
| CDX.EM.41 06/29 | 1.00 | Quarterly | 06/20/2029 | 1.15 | USD | 700 | (26) | 23 | (3) |
| CDX.NA.IG.42-V1 | 1.00 | Quarterly | 06/20/2029 | 0.37 | USD | 13301 | 282 | 14 | 296 |
| CDX.EM HY.42 12/29 | 1.00 | Quarterly | 12/20/2029 | 2.08 | USD | 25000 | (1913) | 905 | (1008) |
| CDX.NA.IG.43 | 1.00 | Quarterly | 12/20/2029 | 0.42 | USD | 6675 | 142 | 12 | 154 |
| CDX.NA.HY.45 12/30 | 5.00 | Quarterly | 12/20/2030 | 3.22 | USD | 99952 | 7608 | 161 | 7769 |
| CDX.NA.HY.45 12/30 | 5.00 | Quarterly | 12/20/2030 | 3.22 | USD | 79260 | 6024 | 136 | 6160 |
| CDX.NA.HY.45 12/30 | 5.00 | Quarterly | 12/20/2030 | 3.22 | USD | 7300 | 564 | 3 | 567 |
| Total |  |  |  |  |  |  | 11199 | 2360 | 13559 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Credit Default Swaps contracts outstanding — buy protection (2) as of September 30, 2025:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE**<br> **OBLIGATION/**<br> **INDEX**  | **FINANCING**<br>**RATE<br>PAID**<br>**BY THE<br>FUND(%)** | **PAYMENT**<br>**FREQUENCY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT**<br>**SPREAD<br>(%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
| CDX.EM.42 12/29 | 1.00 | Quarterly | 12/20/2029 | 1.22 | USD | 10000 | 238 | (156) | 82 |
| Total |  |  |  |  |  |  | 238 | (156) | 82 |

---

(1) The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront
premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

(2) The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or
receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, defined under the terms of individual swap
contracts.

(3) Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a
credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to
enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are
also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included a particular index.

(4) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a
buyer of credit protection would receive, upon occurrence of a credit event.

(5) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement
to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of September 30, 2025. |
| CDX | Credit Default Swap Index |
| CLO | Collateralized Loan Obligations |
| CMT | Constant Maturity Treasury |
| CPI | Consumer Price Index |
| DN | Discount Notes |
| EURIBOR | Euro Interbank Offered Rate |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| ICE | Intercontinental Exchange |
| ITRX | Markit iTraxx index |
| LIBOR | London Interbank Offered Rate |
| Reg. S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| SUB | Step-Up Bond. The interest rate shown is the rate in effect as of September 30, 2025. |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)** 

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (d) | Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued. |
| (e) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (f) | Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended. |
| (g) | Amount rounds to less than 0.05%. |
| (h) | Amount rounds to less than 500 shares/principal or $500. |
| (n) | The rate shown is the effective yield as of September 30, 2025. |
| (o) | Loan assignments are presented by obligor. Each Series or loan tranche underlying each obligor may have varying terms. |
| (u) | All or a portion of the security is unsettled as of September 30, 2025. Unless otherwise indicated, the coupon rate is undetermined. |
| (v) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (w) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (x) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of September 30, 2025. |
| (z) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2025. |
| (aa) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2025. |
| (bb) | Security has been valued using significant unobservable inputs. |
| (ee) | Approximately $5,439 of these investments are restricted as collateral for swaps to various brokers. |
| (ff) | Approximately $47 of these investments are restricted as collateral for futures to Citigroup Global Markets, Inc. |
| (ii) | Approximately $94 of these investments are restricted as collateral for forwards to Morgan Stanley Capital Services LLC. |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CZK | Czech Koruna |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KZT | Kazakhstan tenge |
| MXN | Mexican Peso |
| NGN | Nigerian Naira |
| PEN | Peruvian Nuevo Sol |
| PYG | Paraguayan Guarani |
| SEK | Swedish Krona |
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Long Positions — 125.6%** |  |  |
| **Asset-Backed Securities — 8.0%** |  |  |
| **Automobile ABS — 0.9%** |  |  |
| American Heritage Auto Receivables Trust, Series 2024-1A, Class A2, 4.83%, 03/15/2028 (e) | 1995 | 1999 |
| Carvana Auto Receivables Trust, |  |  |
| Series 2021-N1, Class F, 4.55%, 01/10/2028 (e) | 305 | 303 |
| Series 2021-N2, Class E, 2.90%, 03/10/2028 (e) | 492 | 482 |
| Series 2024-N3, Class A2, 4.84%, 12/10/2027 (e) | 82 | 82 |
| Series 2024-N3, Class A3, 4.53%, 01/10/2029 (e) | 240 | 240 |
| Series 2024-N3, Class B, 4.67%, 12/10/2030 (e) | 240 | 241 |
| Series 2024-N3, Class C, 4.90%, 12/10/2030 (e) | 240 | 241 |
| Series 2024-P1, Class A3, 5.05%, 04/10/2029 (e) | 5100 | 5131 |
| Series 2024-P4, Class A2, 4.62%, 02/10/2028 | 734 | 734 |
| Series 2024-P4, Class A3, 4.64%, 01/10/2030 | 1600 | 1611 |
| Series 2024-P4, Class A4, 4.74%, 12/10/2030 | 1600 | 1624 |
| Flagship Credit Auto Trust, Series 2024-3, Class A, 4.88%, 11/15/2028 (e) | 1180 | 1183 |
| GM Financial Automobile Leasing Trust, Series 2024-3, Class A2A, 4.29%, 01/20/2027 | 67 | 67 |
| Total Automobile ABS |  | 13938 |
| **Home Equity ABS — 2.2%** |  |  |
| ACE Securities Corp. Home Equity Loan Trust Series, Series 2005-HE3, Class M4, (CME Term SOFR 1 Month + 1.06%), 5.22%, 05/25/2035 (aa) | 1274 | 1177 |
| Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A3, (CME Term SOFR 1 Month + 0.71%), 4.87%, 10/25/2036 (aa) | 2823 | 1648 |
| CWABS Asset-Backed Certificates Trust, Series 2006-2, Class M2, (CME Term SOFR 1 Month + 0.74%), 4.90%, 06/25/2036 (aa) | 2103 | 2018 |
| EFMT, |  |  |
| Series 2024-CES1, Class A1, SUB, 5.52%, 01/26/2060 (e) | 5570 | 5615 |
| Series 2025-CES1, Class A1A, SUB, 5.73%, 01/25/2060 (e) | 3563 | 3606 |
| Series 2025-CES2, Class A1A, SUB, 5.66%, 02/25/2060 (e) | 3052 | 3084 |
| Finance of America HECM Buyout, Series 2024-HB1, Class A1A, 4.00%, 10/01/2034 (e) (z) | 214 | 214 |
| GE-WMC Mortgage Securities Trust, Series 2006-1, Class A2B, (CME Term SOFR 1 Month + 0.41%), 4.57%, 08/25/2036 (aa) | 7729 | 3256 |
| Long Beach Mortgage Loan Trust, Series 2006-8, Class 2A3, (CME Term SOFR 1 Month + 0.43%), 4.59%, 09/25/2036 (aa) | 2100 | 535 |
| Master Asset Backed Securities Trust, Series 2007-HE1, Class A4, (CME Term SOFR 1 Month + 0.67%), 4.83%, 05/25/2037 (aa) | 436 | 372 |
| Merrill Lynch Mortgage Investors Trust Series, Series 2006-HE6, Class A2B, (CME Term<br>SOFR 1 Month + 0.41%), 4.11%, 11/25/2037 (aa) | 8659 | 2709 |
| Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-WMC4, Class M6, (CME Term<br>SOFR 1 Month + 1.16%), 5.32%, 04/25/2035 (aa) | 1563 | 1468 |
| Newcastle Mortgage Securities Trust, Series 2006-1, Class M6, (CME Term SOFR 1 Month + 0.97%), 5.13%, 03/25/2036 (aa) | 2935 | 2818 |
| Option One Mortgage Loan Trust, Series 2007-CP1, Class 1A1, (CME Term SOFR 1 Month + 0.25%), 4.41%, 03/25/2037 (aa) | 538 | 494 |
| RCKT Mortgage Trust, |  |  |
| Series 2024-CES7, Class A1A, SUB, 5.16%, 10/25/2044 (e) | 92 | 93 |
| Series 2025-CES1, Class A1A, SUB, 5.65%, 01/25/2045 (e) | 2769 | 2802 |
| Series 2025-CES3, Class A1A, SUB, 5.55%, 03/25/2055 (e) | 2977 | 3013 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — continued** |  |  |  |
| **Home Equity ABS — continued** |  |  |  |
| Renaissance Home Equity Loan Trust, Series 2005-1, Class AF5, SUB, 5.95%, 05/25/2035 |  | 228 | 229 |
| Total Home Equity ABS |  |  | 35151 |
| **Other ABS — 4.5%** |  |  |  |
| 522 Funding CLO 2020-6 Ltd., (Cayman Islands), Series 2020-6A, Class A1R2, (CME Term SOFR 3 Month + 1.20%), 5.52%, 10/23/2034 (e) (aa) |  | 3200 | 3204 |
| AMMC CLO 24 Ltd., (Cayman Islands), Series 2021-24A, Class AR, (CME Term SOFR 3 Month + 1.20%), 5.53%, 01/20/2035 (e) (aa) |  | 3200 | 3205 |
| Anchorage Capital CLO 20 Ltd., (Cayman Islands), Series 2021-20A, Class A1R, (CME Term SOFR 3 Month + 1.10%), 5.43%, 01/20/2035 (e) (aa) |  | 3300 | 3302 |
| Anchorage Credit Funding 12 Ltd., (Cayman Islands), Series 2020-12A, Class A1, 3.18%, 10/25/2038 (e) |  | 1000 | 971 |
| Anchorage Credit Funding 4 Ltd., (Cayman Islands), Series 2016-4A, Class AR, 2.72%, 04/27/2039 (e) |  | 1000 | 961 |
| Arbour CLO VII DAC, (Ireland), Series 7A, Class BR, (EURIBOR 3 Month + 2.05%), 2.05%, 12/15/2038 (e) (aa) | EUR | 1000 | 1175 |
| Ares XXVII CLO Ltd., (Cayman Islands), Series 2013-2A, Class AR3, (CME Term SOFR 3 Month + 1.15%), 5.46%, 10/28/2034 (e) (aa) |  | 3100 | 3104 |
| Bain Capital Credit CLO 2021-3 Ltd., (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.06%), 5.38%, 07/24/2034 (e) (aa) |  | 1500 | 1501 |
| Bain Capital Credit CLO 2021-5 Ltd., (Cayman Islands), Series 2021-5A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 5.47%, 10/23/2034 (e) (aa) |  | 3000 | 3002 |
| BBAM European CLO I DAC, (Ireland), Series 1A, Class AR, (EURIBOR 3 Month + 0.87%), 0.87%, 07/22/2034 (e) (aa) | EUR | 250 | 294 |
| Canyon CLO 2020-1 Ltd., (Cayman Islands), Series 2020-1A, Class AR2, (CME Term SOFR 3 Month + 1.08%), 5.40%, 07/15/2034 (e) (aa) |  | 3200 | 3201 |
| CQS US CLO 2021-1 Ltd., (Cayman Islands), Series 2021-1A, Class AR, (CME Term SOFR 3 Month + 1.20%), 5.53%, 01/20/2035 (e) (aa) |  | 3200 | 3211 |
| Elmwood CLO 15 Ltd., (Jersey), Series 2022-2A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 5.41%, 04/22/2035 (e) (aa) |  | 900 | 903 |
| Fortress Credit Bsl X Ltd., (Cayman Islands), Series 2021-1A, Class AR, (CME Term SOFR 3 Month + 1.10%), 0.00%, 04/20/2033 (e) (w) (aa) |  | 5300 | 5302 |
| GoodLeap Home Improvement Solutions Trust, Series 2025-2A, Class A, 5.32%, 06/20/2049 (e) |  | 3282 | 3319 |
| Greywolf CLO III Ltd., (Cayman Islands), |  |  |  |
| Series 2020-3RA, Class A1R2, (CME Term SOFR 3 Month + 1.23%), 5.56%, 04/22/2033 (e) (aa) |  | 488 | 489 |
| Series 2020-3RA, Class A2R2, (CME Term SOFR 3 Month + 1.85%), 6.18%, 04/22/2033 (e) (aa) |  | 500 | 500 |
| ICG US CLO 2021-3 Ltd., (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.15%), 5.48%, 10/20/2034 (e) (aa) |  | 3300 | 3302 |
| LCM Ltd., (Cayman Islands), Series 31A, Class AR, (CME Term SOFR 3 Month + 1.28%), 5.61%, 07/20/2034 (e) (aa) |  | 250 | 250 |
| Lyra Music Assets Delaware LP, Series 2024-2A, Class A2, 5.76%, 12/22/2064 (e) |  | 3096 | 3140 |
| Mountain View CLO XIV Ltd., (Cayman Islands), Series 2019-1A, Class A1R, (CME Term SOFR 3 Month + 1.16%), 6.81%, 10/15/2034 (e) (aa) |  | 3200 | 3204 |
| OFSI BSL X Ltd., (Cayman Islands), Series 2021-10A, Class AR, (CME Term SOFR 3 Month + 1.27%), 5.60%, 04/20/2034 (e) (aa) |  | 3000 | 3002 |
| Pagaya AI Debt Grantor Trust, |  |  |  |
| Series 2024-10, Class A, 5.18%, 06/15/2032 (e) |  | 585 | 588 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — continued** |  |  |  |
| **Other ABS — continued** |  |  |  |
| Series 2024-10, Class B, 5.75%, 06/15/2032 (e) |  | 1109 | 1117 |
| Series 2024-10, Class C, 5.99%, 06/15/2032 (e) |  | 1216 | 1225 |
| Series 2024-11, Class A, 5.09%, 07/15/2032 (e) |  | 956 | 961 |
| Series 2024-11, Class B, 5.64%, 07/15/2032 (e) |  | 370 | 373 |
| Series 2024-11, Class C, 5.87%, 07/15/2032 (e) |  | 448 | 451 |
| PK ALIFT Loan Funding 4 LP, Series 2024-2, Class A, 5.05%, 10/15/2039 (e) |  | 180 | 181 |
| PK ALIFT Loan Funding 6 LP, Series 2025-1, Class A, 5.37%, 11/15/2042 (e) |  | 2900 | 2918 |
| Providus CLO II DAC, (Ireland), Series 2A, Class ARR, (EURIBOR 3 Month + 1.16%), 1.16%, 10/15/2038 (e) (aa) | EUR | 250 | 294 |
| Reach ABS Trust, Series 2025-2A, Class A, 4.93%, 08/18/2032 (e) |  | 1881 | 1889 |
| Romark CLO—IV Ltd., (Cayman Islands), Series 2021-4A, Class A1R, (CME Term SOFR 3 Month + 1.14%), 0.00%, 07/10/2034 (e) (w) (aa) |  | 2200 | 2201 |
| Sagard-Halseypoint CLO 8 Ltd., (Cayman Islands), Series 2024-8A, Class A1, (CME Term SOFR 3 Month + 1.39%), 5.70%, 01/30/2038 (e) (aa) |  | 1000 | 1004 |
| Trinitas CLO XIX Ltd., (Bermuda), Series 2022-19A, Class A1R, (CME Term SOFR 3 Month + 1.11%), 5.44%, 10/20/2033 (e) (aa) |  | 3200 | 3205 |
| Venture 44 CLO Ltd., (Cayman Islands), Series 2021-44A, Class A1NR, (CME Term SOFR 3 Month + 1.14%), 5.47%, 10/20/2034 (e) (aa) |  | 3200 | 3201 |
| Total Other ABS |  |  | 70150 |
| **Student Loan ABS — 0.4%** |  |  |  |
| SMB Private Education Loan Trust, |  |  |  |
| Series 2018-A, Class B, 3.96%, 07/15/2042 (e) |  | 3400 | 3338 |
| Series 2024-A, Class A1B, (United States 30 Day Average SOFR + 1.45%), 5.82%, 03/15/2056 (e) (aa) |  | 3198 | 3232 |
| Total Student Loan ABS |  |  | 6570 |
| Total Asset-Backed Securities<br>(Cost $128,678) |  |  | 125809 |
| **Collateralized Mortgage Obligations — 19.4%** |  |  |  |
| **Agency Collateral CMO — 12.6%** |  |  |  |
| FHLMC REMICS, |  |  |  |
| Series 4136, Class QS, IF, IO, (6.14% - United States 30 Day Average SOFR), 1.76%, 07/15/2042 (aa) |  | 807 | 81 |
| Series 4851, Class PF, (United States 30 Day Average SOFR + 0.51%), 4.89%, 08/15/2057 (aa) |  | 747 | 718 |
| Series 5008, Class DI, IO, 3.00%, 09/25/2050 |  | 593 | 85 |
| Series 5010, Class IK, IO, 2.50%, 09/25/2050 |  | 59 | 9 |
| Series 5010, Class JI, IO, 2.50%, 09/25/2050 |  | 213 | 35 |
| Series 5013, Class IN, IO, 2.50%, 09/25/2050 |  | 70 | 12 |
| Series 5038, Class MI, IO, 4.00%, 11/25/2050 |  | 4319 | 909 |
| Series 5040, Class CI, IO, 4.00%, 11/25/2050 |  | 6656 | 1435 |
| Series 5059, Class IB, IO, 2.50%, 01/25/2051 |  | 674 | 116 |
| Series 5069, Class MI, IO, 2.50%, 02/25/2051 |  | 5510 | 838 |
| Series 5070, Class CI, IO, 2.00%, 02/25/2051 |  | 67069 | 9140 |
| Series 5071, Class IH, IO, 2.50%, 02/25/2051 |  | 578 | 75 |
| Series 5152, Class IC, IO, 3.00%, 10/25/2051 |  | 15271 | 2679 |
| Series 5196, Class DI, IO, 3.00%, 02/25/2052 |  | 16877 | 2773 |
| Series 5229, Class KI, IO, 4.50%, 08/25/2049 |  | 2348 | 377 |
| Series 5273, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.61%, 11/25/2052 (aa) |  | 1469 | 1469 |
| Series 5274, Class IO, IO, 2.50%, 01/25/2051 |  | 586 | 99 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
| **Agency Collateral CMO — continued** |  |  |
| Series 5426, Class BI, IO, (), 1.41%, 04/15/2049 (z) | 34676 | 1401 |
| Series 5471, Class FH, (United States 30 Day Average SOFR + 1.30%), 5.66%, 11/25/2054 (aa) | 11898 | 11953 |
| Series 5479, Class FA, (United States 30 Day Average SOFR + 1.20%), 5.56%, 12/25/2054 (aa) | 11560 | 11617 |
| Series 5510, Class FM, (United States 30 Day Average SOFR + 1.15%), 5.51%, 02/25/2055 (aa) | 1988 | 1996 |
| Series 5526, Class AI, IO, 4.50%, 06/25/2050 | 843 | 190 |
| Series 5526, Class DI, IO, 4.50%, 02/15/2051 | 41259 | 9620 |
| Series 5534, Class FP, (United States 30 Day Average SOFR + 1.30%), 5.66%, 05/25/2055 (aa) | 9050 | 8995 |
| Series 5564, Class FB, (United States 30 Day Average SOFR + 1.20%), 5.56%, 08/25/2055 (aa) | 99 | 100 |
| Series 5583, Class FA, (United States 30 Day Average SOFR + 1.25%), 5.60%, 10/25/2055 (aa) | 10000 | 10006 |
| FHLMC Strips, |  |  |
| Series 358, Class PO, PO, Zero Coupon, 10/15/2047 | 1403 | 1063 |
| Series 362, Class C4, IO, 3.00%, 12/15/2047 | 8152 | 1359 |
| Series 397, Class C52, IO, 5.00%, 01/25/2053 | 424 | 90 |
| Series 408, Class C64, IO, 5.00%, 09/25/2053 | 2327 | 500 |
| FNMA Interest Strip, |  |  |
| Series 427, Class C21, IO, 2.00%, 03/25/2050 | 1459 | 187 |
| Series 428, Class C14, IO, 2.50%, 01/25/2048 | 759 | 87 |
| Series 429, Class C10, IO, 1.50%, 04/25/2037 | 3113 | 169 |
| Series 438, Class C28, IO, 5.00%, 08/25/2053 | 1942 | 415 |
| Series 439, Class C25, IO, 5.00%, 09/25/2053 | 872 | 186 |
| Series 440, Class C50, IO, 4.50%, 10/25/2053 | 5250 | 1176 |
| Series 440, Class C54, IO, 5.00%, 11/25/2053 | 34592 | 7465 |
| FNMA REMICS, |  |  |
| Series 2014-2, Class PO, PO, Zero Coupon, 01/25/2041 | 1824 | 1438 |
| Series 2020-61, Class FB, (United States 30 Day Average SOFR + 0.41%), 4.50%, 09/25/2050 (aa) | 335 | 313 |
| Series 2020-89, Class DI, IO, 2.50%, 12/25/2050 | 1680 | 264 |
| Series 2020-89, Class IG, IO, 3.00%, 12/25/2050 | 8798 | 1494 |
| Series 2021-3, Class NI, IO, 2.50%, 02/25/2051 | 633 | 96 |
| Series 2021-3, Class TI, IO, 2.50%, 02/25/2051 | 12497 | 2123 |
| Series 2022-78, Class FC, (United States 30 Day Average SOFR + 1.25%), 5.61%, 11/25/2052 (aa) | 2350 | 2341 |
| Series 2023-2, Class DI, IO, 2.00%, 05/25/2051 | 85945 | 11283 |
| Series 2024-6, Class IO, IO, 3.50%, 11/25/2051 | 669 | 123 |
| Series 2024-18, Class IO, IO, 4.00%, 11/25/2049 | 2559 | 436 |
| Series 2024-67, Class FA, (United States 30 Day Average SOFR + 1.17%), 5.53%, 09/25/2054 (aa) | 12268 | 12285 |
| Series 2024-100, Class FB, (United States 30 Day Average SOFR + 1.35%), 5.71%, 01/25/2055 (aa) | 25307 | 25464 |
| Series 2024-100, Class FD, (United States 30 Day Average SOFR + 1.45%), 5.81%, 06/25/2054 (aa) | 16621 | 16695 |
| Series 2025-18, Class SM, IF, IO, (7.10% - United States 30 Day Average SOFR), 2.74%, 09/25/2054 (aa) | 33913 | 2864 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
| **Agency Collateral CMO — continued** |  |  |
| Series 2025-35, Class FB, (United States 30 Day Average SOFR + 1.00%), 5.36%, 05/25/2055 (aa) | 9314 | 9363 |
| Series 2025-49, Class FA, (United States 30 Day Average SOFR + 0.80%), 5.16%, 06/25/2055 (aa) | 1257 | 1249 |
| GNMA, |  |  |
| Series 2016-H24, Class KF, (CME Term SOFR 1 Year + 0.97%), 4.78%, 11/20/2066 (aa) | 196 | 197 |
| Series 2017-H16, Class F, (CME Term SOFR 1 Year + 0.77%), 4.63%, 08/20/2067 (aa) | 146 | 146 |
| Series 2018-H09, Class FA, (CME Term SOFR 1 Year + 1.22%), 4.98%, 04/20/2068 (aa) | 428 | 433 |
| Series 2021-H05, Class AF, (United States 30 Day Average SOFR + 1.50%), 5.89%, 03/20/2071 (aa) | 989 | 1013 |
| Series 2022-H11, Class FE, (United States 30 Day Average SOFR + 0.78%), 5.17%, 05/20/2072 (aa) | 887 | 885 |
| Series 2022-H16, Class FB, (United States 30 Day Average SOFR + 0.90%), 5.29%, 08/20/2072 (aa) | 939 | 939 |
| Series 2025-105, Class WF, (United States 30 Day Average SOFR + 1.00%), 5.39%, 06/20/2055 (aa) | 2454 | 2464 |
| Series 2025-134, Class NF, (United States 30 Day Average SOFR + 1.05%), 5.44%, 08/20/2055 (aa) | 14987 | 14946 |
| Total Agency Collateral CMO |  | 198279 |
| **Agency Collateral PAC CMO — 0.1%** |  |  |
| FHLMC REMICS, |  |  |
| Series 5018, Class IO, IO, 3.50%, 10/25/2050 | 6632 | 1148 |
| Series 5564, Class PF, (United States 30 Day Average SOFR + 1.20%), 5.56%, 08/25/2055 (aa) | 99 | 100 |
| Total Agency Collateral PAC CMO |  | 1248 |
| **WL Collateral CMO — 6.7%** |  |  |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00%, 10/25/2054 (e) (z) | 1876 | 1843 |
| CIM TRUST, Series 2025-R1, Class A1, SUB, 5.00%, 02/25/2099 (e) | 3039 | 3023 |
| CSMC Trust, |  |  |
| Series 2017-RPL1, Class A2, 2.97%, 07/25/2057 (e) (z) | 3300 | 3101 |
| Series 2021-RPL2, Class A1, 2.00%, 01/25/2060 (e) | 1922 | 1702 |
| Series 2021-RPL3, Class A1, 2.00%, 01/25/2060 (e) (z) | 1089 | 966 |
| GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1, SUB, 4.10%, 07/25/2065 (e) | 3728 | 3630 |
| Merrill Lynch Alternative Note Asset Trust Series, Series 2007-OAR5, Class 1A1, 3.46%, 10/25/2047 (z) | 2439 | 603 |
| MFA Trust, Series 2022-RPL1, Class A1, 3.30%, 08/25/2061 (e) (z) | 1777 | 1674 |
| Morgan Stanley Mortgage Loan Trust, Series 2007-6XS, Class 2A6S, SUB, 6.20%, 02/25/2047 | 81 | 27 |
| Morgan Stanley Residential Mortgage Loan Trust, |  |  |
| Series 2024-NQM3, Class A1, 5.04%, 07/25/2069 (e) (z) | 179 | 178 |
| Series 2024-RPL1, Class A1, SUB, 4.00%, 06/25/2064 | 3817 | 3728 |
| New Residential Mortgage Loan Trust, Series 2021-INV2, Class A11, (United States 30 Day Average SOFR + 0.95%), 5.00%, 09/25/2051 (e) (aa) | 362 | 339 |
| NYMT Loan Trust, Series 2025-CP1, Class A1, 3.75%, 11/25/2069 (e) (z) | 3917 | 3757 |
| OBX Trust, |  |  |
| Series 2022-NQM7, Class A1, SUB, 5.11%, 08/25/2062 (e) | 467 | 467 |
| Series 2025-NQM4, Class A1, SUB, 5.40%, 02/25/2055 (e) | 4050 | 4078 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
| **WL Collateral CMO — continued** |  |  |
| Oceanview Mortgage Trust, Series 2025-3, Class AF1, (United States 30 Day Average SOFR + 0.95%), 5.30%, 05/25/2055 (e) (aa) | 3314 | 3314 |
| PRET 2025-NPL10 LLC, Series A1, 0.00%, 10/25/2055 (e) | 5300 | 5300 |
| Pret LLC, Series 2025-NPL7, Class A1, SUB, 5.66%, 07/25/2055 (e) | 7434 | 7456 |
| PRET LLC, |  |  |
| Series 2022-RN1, Class A1, SUB, 6.72%, 07/25/2051 (e) | 328 | 329 |
| Series 2024-NPL8, Class A1, SUB, 5.96%, 11/25/2054 (e) | 2693 | 2695 |
| Series 2025-NPL5, Class A1, SUB, 6.24%, 05/25/2055 (e) | 5444 | 5486 |
| Series 2025-NPL6, Class A1, SUB, 5.74%, 06/25/2055 (e) | 1537 | 1545 |
| Series 2025-NPL9, Class A1, SUB, 5.39%, 08/25/2055 (e) | 1976 | 1978 |
| PRET Trust, |  |  |
| Series 2025-RPL1, Class A1, SUB, 4.00%, 07/25/2069 (e) | 939 | 911 |
| Series 2025-RPL3, Class A1, SUB, 4.15%, 04/25/2065 (e) | 3589 | 3481 |
| Series 2025-RPL4, Class A1, SUB, 4.00%, 03/25/2065 (e) | 5400 | 5397 |
| PRPM, Series 2024-NQM3, Class A1, SUB, 5.23%, 08/25/2069 (e) | 103 | 103 |
| PRPM LLC, |  |  |
| Series 2024-6, Class A1, SUB, 5.70%, 11/25/2029 (e) | 1711 | 1712 |
| Series 2024-7, Class A1, SUB, 5.87%, 11/25/2029 (e) | 2674 | 2675 |
| Series 2024-RCF1, Class A1, SUB, 4.00%, 01/25/2054 (e) | 236 | 232 |
| Series 2024-RPL3, Class A1, SUB, 4.00%, 11/25/2054 (e) | 2984 | 2918 |
| Series 2025-4, Class A1, SUB, 6.18%, 06/25/2030 (e) | 3591 | 3600 |
| Series 2025-5, Class A1, SUB, 5.73%, 07/25/2030 (e) | 2954 | 2957 |
| Series 2025-7, Class A1, SUB, 5.50%, 08/25/2030 (e) | 3587 | 3593 |
| Series 2025-RPL2, Class A1, SUB, 3.75%, 04/25/2055 (e) | 3248 | 3162 |
| RALI Series Trust, Series 2007-QS1, Class 1A5, (CME Term SOFR 1 Month + 0.66%), 4.82%, 01/25/2037 (aa) | 2006 | 1486 |
| Sequoia Mortgage Trust, |  |  |
| Series 2007-2, Class 1A1, (CME Term SOFR 1 Month + 0.53%), 4.67%, 06/20/2036 (aa) | 96 | 89 |
| Series 2024-HYB1, Class A1A, 4.44%, 11/25/2063 (e) (z) | 2530 | 2547 |
| Specialty Underwriting & Residential Finance Trust Series, Series 2006-AB3, Class A2C, (CME Term SOFR 1 Month + 0.59%), 4.75%, 09/25/2037 (aa) | 978 | 681 |
| Towd Point Mortgage Trust, Series 2017-6, Class A2, 3.00%, 10/25/2057 (e) (z) | 2000 | 1919 |
| VCAT LLC, |  |  |
| Series 2025-NPL1, Class A1, SUB, 5.88%, 01/25/2055 (e) | 2574 | 2580 |
| Series 2025-NPL2, Class A1, SUB, 5.98%, 01/25/2055 (e) | 5322 | 5331 |
| Series 2025-NPL3, Class A1, SUB, 5.89%, 02/25/2055 (e) | 2218 | 2220 |
| Total WL Collateral CMO |  | 104813 |
| Total Collateralized Mortgage Obligations<br>(Cost $302,725) |  | 304340 |
| **Commercial Mortgage-Backed Securities — 1.1%** |  |  |
| **Commercial MBS — 1.1%** |  |  |
| ACRES LLC, (Cayman Islands), Series 2025-FL3, Class A, (CME Term SOFR 1 Month + 1.62%), 5.75%, 08/18/2040 (e) (aa) | 2900 | 2903 |
| Citigroup Commercial Mortgage Trust, Series 2018-C6, Class A2, 4.24%, 11/10/2051 | 3877 | 3869 |
| FHLMC Multifamily Structured Pass Through Certificates, Series Q034, Class APT2, 2.87%, 07/25/2054 (z) | 1088 | 1034 |
| Wells Fargo Commercial Mortgage Trust, |  |  |
| Series 2025-AGLN, Class A, (CME Term SOFR 1 Month + 1.64%), 5.79%, 07/15/2037 (e) (aa) | 3800 | 3808 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
| **Commercial MBS — continued** |  |  |
| Series 2025-AURA, Class A, (CME Term SOFR 1 Month + 1.59%), 5.69%, 10/15/2042 (e) (w) (aa) | 5300 | 5286 |
| Total Commercial MBS |  | 16900 |
| Total Commercial Mortgage-Backed Securities<br>(Cost $16,862) |  | 16900 |
| **Corporate Bonds — 2.1%** |  |  |
| **Basic Materials — 0.0% (g)** |  |  |
| **Mining — 0.0% (g)** |  |  |
| Arsenal AIC Parent LLC, 11.50%, 10/01/2031 (e) | 230 | 256 |
|  **Total Basic Materials** |  | 256 |
| **Communications — 0.4%** |  |  |
| **Advertising — 0.1%** |  |  |
| Clear Channel Outdoor Holdings, Inc., 7.75%, 04/15/2028 (e) | 600 | 599 |
| Neptune Bidco US, Inc., 9.29%, 04/15/2029 (e) | 630 | 618 |
|  |  | 1217 |
| **Internet — 0.0% (g)** |  |  |
| Getty Images, Inc., 11.25%, 02/21/2030 (e) | 630 | 601 |
| **Media — 0.3%** |  |  |
|  CSC Holdings LLC, |  |  |
| 11.25%, 05/15/2028 (e) | 515 | 477 |
| 11.75%, 01/31/2029 (e) | 1070 | 900 |
| Directv Financing LLC / Directv Financing Co-Obligor, Inc., 10.00%, 02/15/2031 (e) | 470 | 469 |
| Gray Media, Inc., 9.63%, 07/15/2032 (e) | 755 | 771 |
| Univision Communications, Inc., 8.00%, 08/15/2028 (e) | 1465 | 1518 |
|  |  | 4135 |
| **Telecommunications — 0.0% (g)** |  |  |
| Level 3 Financing, Inc., 4.88%, 06/15/2029 (e) | 485 | 458 |
| Lumen Technologies, Inc., 10.00%, 10/15/2032 (e) | 220 | 223 |
|  |  | 681 |
| Total Communications |  | 6634 |
| **Consumer Cyclical — 0.7%** |  |  |
| **Auto Manufacturers — 0.2%** |  |  |
| Ford Motor Credit Co. LLC, (United States SOFR + 2.95%), 7.15%, 03/06/2026 (aa) | 905 | 912 |
| Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC, 10.00%, 01/15/2031 (e) | 2875 | 2675 |
|  |  | 3587 |
| **Leisure Time — 0.1%** |  |  |
|  Sabre GLBL, Inc., |  |  |
| 10.75%, 11/15/2029 (e) | 317 | 306 |
| 11.13%, 07/15/2030 (e) | 430 | 417 |
|  |  | 723 |
| **Retail — 0.4%** |  |  |
| Beignet Co. (The), 6.85%, 06/01/2049 (e) | 5310 | 5310 |
| eG Global Finance plc, (United Kingdom), 12.00%, 11/30/2028 (e) | 965 | 1061 |
|  |  | 6371 |
| Total Consumer Cyclical |  | 10681 |
| **Consumer Non-cyclical — 0.3%** |  |  |
| **Commercial Services — 0.1%** |  |  |
| Allied Universal Holdco LLC, 7.88%, 02/15/2031 (e) | 1030 | 1080 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |
| **Healthcare - Services — 0.2%** |  |  |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 (e) | 965 | 1021 |
| LifePoint Health, Inc., 11.00%, 10/15/2030 (e) | 1445 | 1593 |
|  |  | 2614 |
| **Pharmaceuticals — 0.0% (g)** |  |  |
| 1261229 BC Ltd., (Canada), 10.00%, 04/15/2032 (e) | 515 | 528 |
| Total Consumer Non-cyclical |  | 4222 |
| **Energy — 0.1%** |  |  |
| **Pipelines — 0.1%** |  |  |
| NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029 (e) | 215 | 220 |
| Venture Global LNG, Inc., |  |  |
| (CMT Index 5 Year + 5.44%), 9.00%, 09/30/2029 (e) (x) (aa) | 1060 | 1051 |
| 9.50%, 02/01/2029 (e) | 270 | 297 |
| 9.88%, 02/01/2032 (e) | 280 | 305 |
| Total Energy |  | 1873 |
| **Financial — 0.2%** |  |  |
| **Diversified Financial Services — 0.1%** |  |  |
| Aretec Group, Inc., 10.00%, 08/15/2030 (e) | 350 | 381 |
| Hightower Holding LLC, 9.13%, 01/31/2030 (e) | 930 | 987 |
| Navient Corp., 9.38%, 07/25/2030 | 400 | 442 |
| Osaic Holdings, Inc., 6.75%, 08/01/2032 (e) | 205 | 212 |
|  |  | 2022 |
| **Insurance — 0.1%** |  |  |
| Acrisure LLC / Acrisure Finance, Inc., 8.50%, 06/15/2029 (e) | 300 | 315 |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, |  |  |
| 6.75%, 10/15/2027 (e) | 245 | 245 |
| 6.75%, 04/15/2028 (e) | 105 | 107 |
| HUB International Ltd., 7.25%, 06/15/2030 (e) | 295 | 307 |
| Jones Deslauriers Insurance Management, Inc., (Canada), 8.50%, 03/15/2030 (e) | 725 | 762 |
|  |  | 1736 |
| Total Financial |  | 3758 |
| **Industrial — 0.0% (g)** |  |  |
| **Aerospace/Defense — 0.0% (g)** |  |  |
| TransDigm, Inc., 6.75%, 08/15/2028 (e) | 240 | 245 |
|  **Total Industrial** |  | 245 |
| **Technology — 0.3%** |  |  |
| **Software — 0.3%** |  |  |
|  Cloud Software Group, Inc., |  |  |
| 6.63%, 08/15/2033 (e) | 300 | 305 |
| 8.25%, 06/30/2032 (e) | 530 | 562 |
| 9.00%, 09/30/2029 (e) | 2501 | 2587 |
| UKG, Inc., 6.88%, 02/01/2031 (e) | 160 | 165 |
| X.AI LLC / X.AI Co Issuer Corp., 12.50%, 06/30/2030 | 315 | 331 |
| Total Technology |  | 3950 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |
| **Utilities — 0.1%** |  |  |
| **Electric — 0.1%** |  |  |
| Talen Energy Supply LLC, 8.63%, 06/01/2030 (e) | 580 | 615 |
| Vistra Corp., |  |  |
| (CMT Index 5 Year + 6.93%), 8.00%, 10/15/2026 (e) (x) (aa) | 180 | 184 |
| Series C, (CMT Index 5 Year + 5.05%), 8.88%, 01/15/2029 (e) (x) (aa) | 1040 | 1143 |
| Total Utilities |  | 1942 |
| Total Corporate Bonds<br>(Cost $33,586) |  | 33561 |
| **Mortgage-Backed Securities — 35.6%** |  |  |
| **FNMA Collateral — 1.7%** |  |  |
|  FNMA Pool, |  |  |
| 4.30%, 12/01/2029 | 5011 | 5053 |
| 5.03%, 11/01/2032 | 12231 | 12570 |
| 5.08%, 10/01/2032 | 355 | 366 |
| 5.12%, 02/01/2030 | 1187 | 1226 |
| 5.17%, 01/01/2030 | 1000 | 1032 |
| 5.19%, 09/01/2044 | 582 | 596 |
| 5.21%, 04/01/2029 | 2291 | 2374 |
| 5.21%, 01/01/2032 | 1430 | 1492 |
| 5.24%, 01/01/2030 | 1913 | 1987 |
| 5.55%, 11/01/2031 | 249 | 263 |
| Total FNMA Collateral |  | 26959 |
| **GNMA II Collateral — 6.3%** |  |  |
|  GNMA II Pool, Single Family, 30 years, |  |  |
| 3.00%, 02/20/2055 | 29 | 26 |
| 4.00%, 09/20/2055 | 350 | 329 |
| 4.50%, 06/20/2055 | 3330 | 3234 |
| GNMA, Single Family, 30 years, |  |  |
| TBA, 2.00%, 11/01/2055 (w) | 6000 | 4967 |
| TBA, 3.00%, 11/01/2055 (w) | 27220 | 24330 |
| TBA, 4.00%, 11/01/2055 (w) | 24900 | 23431 |
| TBA, 4.50%, 11/01/2055 (w) | 26920 | 26112 |
| TBA, 5.00%, 11/01/2055 (w) | 6950 | 6908 |
| TBA, 5.50%, 11/01/2055 (w) | 1000 | 1007 |
| TBA, 6.00%, 11/01/2052 (w) | 1000 | 1017 |
| TBA, 6.50%, 11/01/2055 (w) | 7000 | 7188 |
| Total GNMA II Collateral |  | 98549 |
| **UMBS Collateral — 27.6%** |  |  |
| FHLMC Pool, Single Family, 20 years, 6.50%, 05/01/2045 | 344 | 356 |
|  FHLMC Pool, Single Family, 30 years, |  |  |
| 5.00%, 07/01/2053 | 1709 | 1701 |
| 6.00%, 07/01/2054 | 5487 | 5645 |
| 6.00%, 09/01/2054 | 54 | 56 |
| 6.00%, 11/01/2054 | 51 | 53 |
| 6.00%, 12/01/2054 | 52 | 54 |
| 6.00%, 01/01/2055 | 170 | 176 |
| 6.00%, 02/01/2055 | 59 | 62 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **UMBS Collateral — continued** |  |  |
| FNMA, 4.43%, 10/01/2030 | 3000 | 3024 |
| FNMA or FHLMC, Single Family, 30 years, |  |  |
| TBA, 2.00%, 10/01/2055 (w) | 500 | 403 |
| TBA, 3.00%, 10/01/2055 (w) | 4000 | 3516 |
| TBA, 3.50%, 11/01/2055 (w) | 16250 | 14852 |
| TBA, 4.00%, 10/01/2055 (w) | 3000 | 2829 |
| TBA, 4.50%, 10/01/2055 (w) | 9000 | 8735 |
| TBA, 4.50%, 11/01/2055 (w) | 20000 | 19404 |
| TBA, 5.00%, 10/01/2055 (w) | 26600 | 26389 |
| TBA, 5.50%, 11/01/2050 (w) | 92800 | 93537 |
| TBA, 6.00%, 11/01/2055 (w) | 66180 | 67595 |
| TBA, 6.50%, 10/01/2055 (w) | 1400 | 1447 |
| TBA, 6.50%, 11/01/2055 (w) | 63400 | 65558 |
| TBA, 7.00%, 11/01/2055 (w) | 39665 | 41539 |
| FNMA Pool, Single Family, 20 years, 6.50%, 05/01/2045 | 1140 | 1180 |
|  FNMA Pool, Single Family, 30 years, |  |  |
| 5.00%, 11/01/2052 | 1784 | 1780 |
| 5.00%, 12/01/2054 | 3784 | 3789 |
| 6.00%, 11/01/2053 | 1237 | 1278 |
| 6.00%, 08/01/2054 | 11209 | 11628 |
| 6.00%, 11/01/2054 | 45 | 47 |
| 6.00%, 01/01/2055 | 2066 | 2151 |
| 6.00%, 06/01/2055 | 480 | 492 |
| 6.50%, 11/01/2053 | 384 | 398 |
| 6.50%, 06/01/2054 | 3532 | 3729 |
| 6.50%, 07/01/2054 | 127 | 132 |
| 6.50%, 08/01/2054 | 86 | 89 |
| 6.50%, 11/01/2054 | 193 | 201 |
| 6.50%, 02/01/2055 | 3692 | 3907 |
| 6.50%, 07/01/2055 (gg) | 12527 | 13231 |
| 6.50%, 08/01/2055 (gg) | 21066 | 22151 |
| 6.50%, 09/01/2055 | 8660 | 9134 |
| Total UMBS Collateral |  | 432248 |
| Total Mortgage-Backed Securities<br>(Cost $557,758) |  | 557756 |
|  | **SHARES** |  |
| **Preferred Stock — 0.0% (g)** |  |  |
| **Financial — 0.0% (g)** |  |  |
| **Insurance — 0.0% (g)** |  |  |
| Acruise Holdings, Inc., Series A-2 (a) (f) (bb)<br>(Cost $300) | 12 | 300 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — 17.4% (o)** |  |  |
| **Basic Materials — 0.1%** |  |  |
| **Chemicals — 0.1%** |  |  |
| Nouryon Finance BV, |  |  |
| November 2024 B-1 Dollar Term Loan, (Netherlands), 04/03/2028 (u) | 733 | 734 |
| November 2024 B-2 Dollar Term Loan, (Netherlands), (CME Term SOFR 1 Month + 3.25%), 7.42%, 04/03/2028 (u) (aa) | 487 | 486 |
| Vibrantz Technologies, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.25%), 8.73%, 04/23/2029 (aa) | 487 | 393 |
|  |  | 1613 |
| **Mining — 0.0% (g)** |  |  |
| Arsenal AIC Parent LLC, 2025 Refinancing Term B Loan, (CME Term SOFR 1 Month + 2.75%), 6.91%, 08/18/2030 (aa) | 641 | 640 |
| Total Basic Materials |  | 2253 |
| **Communications — 1.9%** |  |  |
| **Advertising — 0.4%** |  |  |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.28%, 08/21/2028 (u) (aa) | 1268 | 1269 |
| CMG Media Corp., Term B-2 Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.60%, 06/18/2029 (u) (aa) | 2381 | 2272 |
| Neptune BidCo US, Inc., Dollar Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 9.43%, 04/11/2029 (aa) | 2775 | 2638 |
|  |  | 6179 |
| **Internet — 0.4%** |  |  |
| Arches Buyer, Inc., Refinancing Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.51%, 12/06/2027 (u) (aa) | 1543 | 1543 |
| Delivery Hero SE, Extended Dollar Term Loan, (Germany), 12/12/2029 (u) | 249 | 251 |
| MH Sub I LLC, 2023 May Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 4.25%), 8.25%, 05/03/2028 (aa) | 1072 | 1030 |
| 2024 December New Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.41%, 12/31/2031 (aa) | 715 | 657 |
| 2021 Replacement Term Loan (Second Lien), (CME Term SOFR 1 Month + 6.25%), 10.41%, 02/23/2029 (aa) | 830 | 716 |
| Proofpoint, Inc., 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.16%, 08/31/2028 (aa) | 1941 | 1946 |
|  |  | 6143 |
| **Media — 0.4%** |  |  |
| Cable One, Inc., Incremental Term B-4 Loan, 05/03/2028 (u) | 90 | 88 |
| CSC Holdings LLC, 2022 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.65%, 01/18/2028 (aa) | 635 | 630 |
| September 2019 Initial Term Loan, (PRIME 3 Month + 1.50%), 8.75%, 04/15/2027 (aa) | 298 | 288 |
| DIRECTV Financing LLC, |  |  |
| Radiate Holdco LLC, First Out Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.78%, 09/25/2029 (aa) | 617 | 532 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Media — continued** |  |  |
| Closing Date Term Loan, (CME Term SOFR 3 Month + 5.00%), 9.57%, 08/02/2027 (aa) | 22 | 23 |
| 2025 Incremental Term B Loan, (CME Term SOFR 3 Month + 5.50%), 9.81%, 02/17/2031 (u) (aa) | 331 | 323 |
| 2024 Refinancing Term B Loan, (CME Term SOFR 3 Month + 5.25%), 9.82%, 08/02/2029 (u) (aa) | 1156 | 1157 |
| Gray Television, Inc., |  |  |
| Term D Loan, (CME Term SOFR 1 Month + 3.00%), 7.39%, 12/01/2028 (u) (aa) | 772 | 772 |
| Term F Loan, (CME Term SOFR 1 Month + 5.25%), 9.53%, 06/04/2029 (aa) | 4 | 4 |
| iHeartCommunications, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.78%), 05/01/2029 (u) (aa) | 1162 | 1013 |
| Univision Communications, Inc., 2024 Replacement Converted First-Lien Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.78%, 01/31/2029 (u) (aa) | 1382 | 1375 |
|  |  | 6205 |
| **Telecommunications — 0.7%** |  |  |
| Commscope LLC, Initial Term Loan, (CME Term SOFR 1 Month + 4.75%), 12/17/2029 (u) (aa) | 895 | 905 |
| Connect Finco Sarl, Amendment No. 4 Term Loan, (Luxembourg), (CME Term SOFR 1 Month + 4.50%), 8.66%, 09/27/2029 (u) (aa) | 1812 | 1787 |
| Crown Subsea Communications Holding, Inc., 2025 Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.66%, 01/30/2031 (u) (aa) | 627 | 630 |
| Delta Topco, Inc., |  |  |
| Fourth Amendment Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.96%, 11/30/2029 (aa) | 422 | 417 |
| Second Amendment Refinancing Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.43%, 11/29/2030 (aa) | 1595 | 1585 |
| Frontier Communications Holdings LLC, Initial Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.65%, 07/01/2031 (aa) | 819 | 818 |
| Iridium Communications, Inc., Term B-4 Loan, (CME Term SOFR 1 Month + 2.25%), 6.41%, 09/20/2030 (aa) | 331 | 313 |
| Level 3 Financing, Inc., |  |  |
| Term B-4 Refinancing Loans, (CME Term SOFR 1 Month + 3.25%), 7.41%, 03/29/2032 (u) (aa) | 2130 | 2130 |
| Term B-4 Refinancing Loan, 03/29/2032 (u) | 345 | 345 |
| Lumen Technologies, Inc., |  |  |
| Term B-1 Loan, (CME Term SOFR 1 Month + 2.35%), 6.63%, 04/16/2029 (u) (aa) | 506 | 502 |
| Term B-2 Loan, (CME Term SOFR 1 Month + 2.35%), 6.63%, 04/15/2030 (aa) | 304 | 302 |
| Term A Loan, (CME Term SOFR 1 Month + 6.00%), 10.16%, 06/01/2028 (aa) | 645 | 655 |
| QualityTech, LP, Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.72%, 11/04/2031 (aa) | 348 | 348 |
| Zayo Group Holdings, Inc., |  |  |
| Initial Dollar Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.44%, 03/09/2027 (aa) | 692 | 681 |
| Initial Dollar Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.77%, 03/11/2030 (u) (aa) | 362 | 350 |
|  |  | 11768 |
| Total Communications |  | 30295 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Consumer Cyclical — 1.9%** |  |  |
| **Airlines — 0.3%** |  |  |
| AAdvantage Loyalty IP Ltd., 2025 Replacement Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 2.25%), 6.58%, 04/20/2028 (u) (aa) | 2597 | 2592 |
| BCPE Pequod Buyer, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 11/25/2031 (u) (aa) | 1787 | 1789 |
| SkyMiles IP Ltd., Initial Term Loan Retired 09/30/2025, (Cayman Islands), (CME Term SOFR 3 Month + 3.75%), 0.00%, 10/20/2027 (u) (aa) | 75 | 75 |
|  |  | 4456 |
| **Apparel — 0.1%** |  |  |
| ABG Intermediate Holdings 2 LLC, 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 6.41%, 12/21/2028 (u) (aa) | 1538 | 1534 |
| Canada Goose, Inc., 2025 Refinancing Term Loan, (Canada), (CME Term SOFR 3 Month + 3.50%), 7.71%, 08/23/2032 (aa) | 615 | 615 |
|  |  | 2149 |
| **Auto Parts & Equipment — 0.1%** |  |  |
| Autokiniton US Holdings, Inc., 2024 Replacement Term B Loan, (CME Term SOFR 1 Month + 4.00%), 8.28%, 04/06/2028 (u) (aa) | 933 | 923 |
| Tenneco, Inc., Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 9.30%, 11/17/2028 (aa) | 600 | 586 |
|  |  | 1509 |
| **Distribution/Wholesale — 0.1%** |  |  |
| Windsor Holdings III LLC, 2025 Dollar Refinancing Term B Loan, 08/01/2030 (u) | 1077 | 1077 |
| **Entertainment — 0.9%** |  |  |
| AMC Entertainment Holdings, Inc., Term Loan, (CME Term SOFR 1 Month + 7.00%), 11.13%, 01/04/2029 (u) (aa) | 1640 | 1643 |
| Caesars Entertainment, Inc., 2023 Incremental Term B Loan, (CME Term SOFR 1 Month + 2.25%), 6.41%, 02/06/2030 (aa) | 556 | 554 |
| Incremental Term B-1 Loan, (CME Term SOFR 1 Month + 2.25%), 6.41%, 02/06/2031 (aa) | 872 | 869 |
| Cinemark USA, Inc., Replacement Term Loan (2025), (CME Term SOFR 3 Month + 2.25%), 6.37%, 05/24/2030 (aa) | 387 | 387 |
| Crown Finance US, Inc., First Amendment Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.78%, 12/02/2031 (u) (aa) | 2609 | 2601 |
| EOC Borrower LLC, Term B Loan, 03/24/2032 (u) | 1317 | 1316 |
| Formula One Management Limited, Incremental Term Facility, (United Kingdom), 09/30/2031 | 17 | 17 |
| Formula One Management Ltd., Facility B, (United Kingdom), (CME Term SOFR 3 Month + 2.00%), 09/30/2031 (u) (aa) | 518 | 518 |
| Light and Wonder International, Inc., Term B-2 Loan, (CME Term SOFR 1 Month + 2.25%), 6.39%, 04/16/2029 (aa) | 277 | 277 |
| Ontario Gaming GTA LP, Term B Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 4.25%), 8.24%, 08/01/2030 (aa) | 537 | 523 |
| TKO Worldwide Holdings LLC, Additional Term B-5 Loan (First Lien), (CME Term SOFR 3 Month + 2.00%), 6.04%, 11/21/2031 (aa) | 3636 | 3640 |
| Voyager Parent LLC, Term B Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 8.75%, 07/01/2032 (u) (aa) | 1070 | 1072 |
|  |  | 13417 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Leisure Time — 0.1%** |  |  |
| Life Time, Inc., 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.25%, 11/05/2031 (u) (aa) | 1223 | 1221 |
| Recess Holdings, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.07%, 02/20/2030 (aa) | 209 | 210 |
|  |  | 1431 |
| **Lodging — 0.0% (g)** |  |  |
| HRNI Holdings LLC, Term B Loan, (CME Term SOFR 3 Month + 4.25%), 8.40%, 12/11/2028 (aa) | 741 | 720 |
| **Retail — 0.3%** |  |  |
| Dave & Buster's, Inc., 2024 Refinancing Term B Loan, (CME Term SOFR 3 Month + 3.25%), 7.56%, 06/29/2029 (u) (aa) | 198 | 185 |
| IRB Holding Corp., 2024 Second Replacement Term B Loan, (CME Term SOFR 1 Month + 2.50%), 6.66%, 12/15/2027 (u) (aa) | 2446 | 2446 |
| Petco Health and Wellness Co., Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.51%, 03/03/2028 (u) (aa) | 945 | 919 |
| QXO Building Products, Inc., Term B Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 04/30/2032 (u) (aa) | 156 | 158 |
| Sabre GLBL, Inc., 2022 Other Term B Loan, (CME Term SOFR 1 Month + 4.25%), 8.51%, 06/30/2028 (aa) | 257 | 238 |
| 2022 Term B-2 Loan, (CME Term SOFR 1 Month + 5.00%), 9.26%, 06/30/2028 (aa) | 220 | 206 |
| 2024 Term B-1 Loan, (CME Term SOFR 1 Month + 6.00%), 10.26%, 11/15/2029 (aa) | 369 | 347 |
| Victra Holdings LLC, Fifth Amendment Incremental Term Loan, (CME Term SOFR 3 Month + 3.75%), 7.75%, 03/29/2029 (u) (aa) | 712 | 712 |
|  |  | 5211 |
| Total Consumer Cyclical |  | 29970 |
| **Consumer Non-cyclical — 2.4%** |  |  |
| **Beverages — 0.1%** |  |  |
| Celsius, Inc., 2025 Refinancing Term Loan, 04/01/2032 (u) | 340 | 340 |
| Initial Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.29%, 04/01/2032 (aa) | 618 | 619 |
| Primo Brands Corp., 2025 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.25%), 6.25%, 03/31/2028 (aa) | 450 | 450 |
|  |  | 1409 |
| **Commercial Services — 0.7%** |  |  |
| Albion Financing 3 S.a r.l., 2025-A Refinancing U.S. Dollar Term Loan, (Luxembourg), (CME Term SOFR 3 Month + 3.00%), 7.21%, 05/21/2031 (aa) | 1175 | 1177 |
| Allied Universal Holdco LLC, Amendment No. 7 Replacement U.S. Dollar Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.51%, 08/20/2032 (u) (aa) | 400 | 401 |
| Anticimex Global AB, |  |  |
| Facility B1, (Sweden), (CME Term SOFR 3 Month + 3.40%), 7.76%, 11/16/2028 (aa) | 444 | 445 |
| Facility B6, (Sweden), (CME Term SOFR 3 Month + 3.40%), 7.76%, 11/16/2028 (aa) | 84 | 84 |
| Bach Finance Ltd., Fourteenth Amendment Dollar Term Loan (First Lien), (Cayman Islands), (CME Term SOFR 3 Month + 2.75%), 6.95%, 01/09/2032 (u) (aa) | 1068 | 1069 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Commercial Services — continued** |  |  |
| Belron Finance 2019 LLC, 2031 Dollar Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.74%, 10/16/2031 (u) (aa) | 2079 | 2088 |
| Boost Newco Borrower LLC, USD Term B-2 Loan, (CME Term SOFR 3 Month + 2.00%), 6.00%, 01/31/2031 (aa) | 850 | 850 |
| Hertz Corp. (The), |  |  |
| Initial Term C Loan, (CME Term SOFR 3 Month + 3.50%), 8.07%, 06/30/2028 (aa) | 125 | 112 |
| Initial Term B Loan, (CME Term SOFR 3 Month + 3.50%), 8.07%, 06/30/2028 (aa) | 634 | 568 |
| Mavis Tire Express Services Topco Corp., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 7.20%, 05/04/2028 (aa) | 2069 | 2068 |
| Peloton Interactive, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.50%), 9.66%, 05/30/2029 (aa) | 268 | 271 |
| Shift4 Payments LLC, Amendment No. 2 Term Loan (First Lien), (CME Term SOFR 3 Month + 2.50%), 6.50%, 06/30/2032 (aa) | 250 | 252 |
| Townsquare Media, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 5.00%), 9.19%, 02/19/2030 (u) (aa) | 504 | 441 |
| Wand Newco 3, Inc., Tranche B-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.66%, 01/30/2031 (u) (aa) | 1053 | 1049 |
| Wash Bidco, Inc., Term Loan B, 09/10/2032 (u) | 480 | 482 |
|  |  | 11357 |
| **Cosmetics/Personal Care — 0.2%** |  |  |
| Opal Bidco SAS, Facility B2, (France), (CME Term SOFR 3 Month + 3.25%), 7.25%, 04/28/2032 (u) (aa) | 3385 | 3392 |
| **Food — 0.2%** |  |  |
| 1440 Foods Topco LLC, Initial Term Loan, (CME Term SOFR 1 Month + 5.00%), 9.16%, 10/31/2031 (u) (aa) | 642 | 626 |
| Chobani LLC, 2025 New Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.66%, 10/25/2027 (aa) | 1541 | 1545 |
|  |  | 2171 |
| **Healthcare - Products — 0.2%** |  |  |
| Bausch + Lomb Corp., Third Amendment Term Loan, (Canada), (CME Term SOFR 1 Month + 4.25%), 8.41%, 01/15/2031 (aa) | 508 | 507 |
| Medline Borrower LP, 2028 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.00%), 0.00%, 10/23/2028 (u) (aa) | 2299 | 2299 |
| QuidelOrtho Corp., Term B Loan, (CME Term SOFR 3 Month + 4.00%), 8.00%, 08/20/2032 (u) (aa) | 910 | 905 |
|  |  | 3711 |
| **Healthcare - Services — 0.8%** |  |  |
| Aveanna Healthcare LLC, 2025 Incremental Term Loan (First Lien), 09/17/2032 (u) | 930 | 929 |
| Heartland Dental LLC, 2025 Replacement Term Loan, (CME Term SOFR 1 Month + 3.75%), 7.91%, 08/25/2032 (aa) | 2237 | 2232 |
| LGC Science Group Holdings Ltd., Facility B3 (USD), (United Kingdom), (CME Term SOFR 3 Month + 4.00%), 8.31%, 01/21/2030 (u) (aa) | 1026 | 1026 |
| LifePoint Health, Inc., 2024-2 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.66%, 05/19/2031 (u) (aa) | 1647 | 1639 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Healthcare - Services — continued** |  |  |
| 2024-1 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 8.07%, 05/17/2031 (u) (aa) | 1406 | 1403 |
| Star Parent, Inc., Term Loan B, (CME Term SOFR 3 Month + 4.00%), 8.00%, 09/27/2030 (u) (aa) | 1075 | 1074 |
| Surgery Center Holdings, Inc., 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.66%, 12/19/2030 (u) (aa) | 2617 | 2617 |
| Team Health Holdings, Inc., 2028 Refinancing Term Loan, (CME Term SOFR 3 Month + 4.50%), 8.80%, 06/30/2028 (aa) | 1227 | 1224 |
| U.S. Renal Care, Inc., Closing Date Term Loan, (CME Term SOFR 1 Month + 5.00%), 9.28%, 06/28/2028 (u) (aa) | 771 | 734 |
|  |  | 12878 |
| **Household Products/Wares — 0.0% (g)** |  |  |
| Lavender Dutch BorrowerCo BV, Term Loan, (Netherlands), 09/27/2032 (u) | 355 | 355 |
| **Pharmaceuticals — 0.2%** |  |  |
| 1261229 B.C. Ltd., Initial Term Loan, (Canada), (CME Term SOFR 1 Month + 6.25%), 10.41%, 10/08/2030 (u) (aa) | 798 | 785 |
| Dechra Pharmaceuticals Holdings Ltd., Facility B1, (United Kingdom), (CME Term SOFR 6 Month + 3.25%), 7.45%, 01/27/2032 (u) (aa) | 587 | 588 |
| Financiere Mendel, Additional Term Facility 2 (USD), (France), 11/08/2030 (u) | 748 | 748 |
| IVC Acquisition Ltd., Facility B12, (United Kingdom), (CME Term SOFR 3 Month + 3.75%), 7.75%, 12/12/2028 (aa) | 282 | 284 |
| Paradigm Parent LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.50%), 8.82%, 04/16/2032 (aa) | 455 | 408 |
|  |  | 2813 |
| Total Consumer Non-cyclical |  | 38086 |
| **Energy — 0.4%** |  |  |
| **Energy - Alternate Sources — 0.0% (g)** |  |  |
| TerraForm Power Operating LLC, Specified Refinancing Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.00%, 05/21/2029 (aa) | 454 | 453 |
| **Oil & Gas Services — 0.1%** |  |  |
| Goodnight Water Solutions Holdings LLC, Initial Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.16%, 06/04/2029 (u) (aa) | 944 | 930 |
| **Pipelines — 0.3%** |  |  |
| Brazos Delaware II LLC, 2025 B-2 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.72%, 02/11/2030 (u) (aa) | 631 | 631 |
| CPPIB OVM Member U.S. LLC, Initial Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.50%, 08/20/2031 (u) (aa) | 302 | 303 |
| Epic Crude Services, LP, 2025 Refinancing Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.83%, 10/15/2031 (u) (aa) | 1130 | 1130 |
| NGL Energy Operating LLC, Initial Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.66%, 02/03/2031 (u) (aa) | 1224 | 1224 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Pipelines — continued** |  |  |
| NorthRiver Midstream Finance LP, Initial Term B Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 2.25%), 6.54%, 08/16/2030 (u) (aa) | 451 | 451 |
| Prairie Acquiror LP, Initial Term B-4 Loan, (CME Term SOFR 1 Month + 3.75%), 7.91%, 08/01/2029 (aa) | 363 | 365 |
| Waterbridge NDB Operating LLC, Initial Term Loan Retired 10/06/2025, (CME Term SOFR 1 Month + 4.00%), 8.17%, 05/10/2029 (u) (aa) | 437 | 437 |
|  |  | 4541 |
| Total Energy |  | 5924 |
| **Financial — 3.7%** |  |  |
| **Banks — 0.0% (g)** |  |  |
| Orbit Private Holdings I Ltd., 2025 Incremental Term Loan (First Lien), (United Kingdom), (CME Term SOFR 6 Month + 3.75%), 7.92%, 12/11/2028 (aa) | 523 | 522 |
| **Diversified Financial Services — 1.0%** |  |  |
| Citadel Securities LP, 2024-1 Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.16%, 10/31/2031 (u) (aa) | 608 | 609 |
| Edelman Financial Engines Center LLC (The), 2024 Refinancing Term Loan (Second Lien), 10/06/2028 (u) | 200 | 200 |
| 2024-2 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 04/07/2028 (aa) | 2235 | 2235 |
| Focus Financial Partners LLC, Tranche B Incremental Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.91%, 09/15/2031 (u) (aa) | 3727 | 3728 |
| GTCR Everest Borrower LLC, 2025 Term Loan, (CME Term SOFR 3 Month + 2.75%), 6.75%, 09/05/2031 (u) (aa) | 1039 | 1039 |
| HighTower Holding LLC, Amendment No. 10 Replacement Term Loan, (CME Term SOFR 3 Month + 2.75%), 7.07%, 02/03/2032 (aa) | 99 | 99 |
| Inception Holdco S.a.r.l., Facility B9, (Luxembourg), (CME Term SOFR 3 Month + 3.25%), 7.25%, 04/18/2031 (u) (aa) | 686 | 690 |
| Jane Street Group LLC, Seventh Amendment Extended Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.20%, 12/15/2031 (aa) | 1538 | 1525 |
| Mermaid Bidco, Inc., Facility B (USD), (CME Term SOFR 3 Month + 3.25%), 7.57%, 07/03/2031 (aa) | 455 | 454 |
| Osaic Holdings, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 07/30/2032 (aa) | 2233 | 2231 |
| Osttra Group Ltd., |  |  |
| Term Loan (First Lien), (Bermuda), (CME Term SOFR 3 Month + 3.50%), 05/20/2032 (u) (aa) | 775 | 779 |
| 2nd lien TL, (Bermuda), (CME Term SOFR 3 Month + 5.50%), 05/20/2033 (u) (aa) | 600 | 602 |
| PEX Holdings LLC, Term Loan, (CME Term SOFR 6 Month + 2.75%), 6.75%, 11/26/2031 (aa) | 323 | 323 |
| RFS Opco LLC, Amendment No.1 Delayed Draw Term Loan, (CME Term SOFR 3 Month + 4.75%), 8.75%, 04/04/2031 (aa) (bb) | 179 | 178 |
| Speed Midco 3 S.a r.l., Facility B (USD), (Luxembourg), 09/23/2032 (u) | 625 | 624 |
|  |  | 15316 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Insurance — 2.6%** |  |  |
| Acrisure LLC, 2024 Repricing Term B-6 Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.16%, 11/06/2030 (aa) | 1211 | 1207 |
| 2025 Term B Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.41%, 06/20/2032 (aa) | 184 | 184 |
| Alera Group, Inc., |  |  |
| Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.41%, 05/30/2032 (u) (aa) | 2990 | 3000 |
| Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.50%), 9.66%, 05/30/2033 (aa) | 4485 | 4605 |
| Alliant Holdings Intermediate LLC, 2025 Replacement Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.67%, 09/19/2031 (u) (aa) | 4607 | 4593 |
| AmWINS Group, Inc., Initial Term Loan, 01/30/2032 (u) | 768 | 768 |
| Asurion LLC, |  |  |
| New Term B-13 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.41%, 09/19/2030 (aa) | 731 | 726 |
| New B-11 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 8.51%, 08/19/2028 (u) (aa) | 765 | 767 |
| New B-3 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.53%, 01/31/2028 (aa) | 2280 | 2217 |
| New B-4 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.53%, 01/20/2029 (u) (aa) | 2419 | 2311 |
| EG Group Ltd., New Facility B3 (USD), (United Kingdom), (CME Term SOFR 3 Month + 3.50%), 7.70%, 02/07/2028 (u) (aa) | 1382 | 1388 |
| Hub International Ltd., 2025 Incremental Term Loan, (CME Term SOFR 3 Month + 2.25%), 6.58%, 06/20/2030 (u) (aa) | 4258 | 4263 |
| Jones DesLauriers Insurance Management, Inc., 2025-1 Repricing Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 2.75%), 7.06%, 03/15/2030 (u) (aa) | 1176 | 1170 |
| OneDigital Borrower LLC, 2025 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.16%, 07/02/2031 (aa) | 549 | 549 |
| Initial Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.41%, 07/02/2032 (aa) | 1330 | 1340 |
| Ryan Specialty LLC, 2024 Term Loan, (CME Term SOFR 1 Month + 2.00%), 6.16%, 09/15/2031 (aa) | 333 | 333 |
| Sedgwick Claims Management Services, Inc., 2024 Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.66%, 07/31/2031 (aa) | 4281 | 4275 |
| Truist Insurance Holdings LLC, |  |  |
| Amendment No.1 Replacement Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.75%, 05/06/2031 (aa) | 1018 | 1016 |
| Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 4.75%), 8.75%, 05/06/2032 (aa) | 4774 | 4856 |
| USI, Inc., 2024-D Term Loan, (CME Term SOFR 3 Month + 2.25%), 6.25%, 11/21/2029 (u) (aa) | 774 | 772 |
|  |  | 40340 |
| **Investment Companies — 0.0% (g)** |  |  |
| Acuren Delaware Holdco, Inc., Amendment No. 1 Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.91%, 07/30/2031 (aa) | 651 | 652 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **REITS — 0.1%** |  |  |
| Blackstone Mortgage Trust, Inc., Term B-6 Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 12/10/2030 (aa) | 429 | 431 |
| KREF Holdings X LLC, 2025 Replacement Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.68%, 03/05/2032 (u) (aa) | 937 | 935 |
|  |  | 1366 |
| Total Financial |  | 58196 |
| **Industrial — 2.5%** |  |  |
| **Aerospace/Defense — 0.4%** |  |  |
| Bleriot US Bidco, Inc., 2024 Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.50%, 10/31/2030 (u) (aa) | 914 | 914 |
| Kaman Corp., |  |  |
| Delayed Draw Term Loan, (CME Term SOFR 3 Month + 2.50%), 1.56%, 02/26/2032 (u) (aa) | 5 | 5 |
| Initial Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.66%, 02/26/2032 (u) (aa) | 708 | 706 |
| TransDigm, Inc., |  |  |
| New Tranche K Term Loan, (CME Term SOFR 3 Month + 2.25%), 6.25%, 03/22/2030 (aa) | 1162 | 1161 |
| New Tranche J Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.50%, 02/28/2031 (u) (aa) | 2444 | 2443 |
| Tranche L Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.50%, 01/19/2032 (aa) | 442 | 441 |
|  |  | 5670 |
| **Building Materials — 0.4%** |  |  |
| Chariot Buyer LLC, Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 7.16%, 09/08/2032 (u) (aa) | 1832 | 1832 |
| CP Atlas Buyer, Inc., 2025 Term B Loan, (CME Term SOFR 1 Month + 5.25%), 9.41%, 07/08/2030 (aa) | 800 | 782 |
| MI Windows and Doors LLC, Term B-3 Loan, (CME Term SOFR 1 Month + 2.75%), 6.91%, 03/28/2031 (u) (aa) | 611 | 612 |
| Quikrete Holdings, Inc., Tranche B-3 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 6.41%, 02/10/2032 (aa) | 3073 | 3071 |
| Watlow Electric Manufacturing Co., Initial Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.31%, 03/02/2028 (aa) | 613 | 613 |
|  |  | 6910 |
| **Engineering & Construction — 0.1%** |  |  |
| Brown Group Holding LLC, Incremental Term B-2 Facility, (CME Term SOFR 3 Month + 2.75%), 6.99%, 07/01/2031 (u) (aa) | 1692 | 1695 |
| **Environmental Control — 0.3%** |  |  |
| Filtration Group Corp., 2025-B Incremental Dollar Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.91%, 10/21/2028 (u) (aa) | 3825 | 3839 |
| Madison IAQ LLC, |  |  |
| Initial Term Loan, (CME Term SOFR 6 Month + 2.50%), 6.70%, 06/21/2028 (u) (aa) | 1059 | 1060 |
| 2025 Incremental Term Loan, (CME Term SOFR 6 Month + 3.25%), 7.45%, 05/06/2032 (u) (aa) | 549 | 551 |
|  |  | 5450 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |  |
| **Hand/MachineTools — 0.1%** |  |  |  |
| Alliance Laundry Systems LLC, Initial Term B Loan, (CME Term SOFR 1 Month + 2.25%), 6.39%, 08/19/2031 (u) (aa) |  | 1145 | 1144 |
| Madison Safety & Flow LLC, 2025 Incremental Term Loan (First Lien) Retired 10/07/2025, (CME Term SOFR 1 Month + 2.75%), 6.91%, 09/26/2031 (aa) |  | 248 | 248 |
|  |  |  | 1392 |
| **Machinery - Diversified — 0.7%** |  |  |  |
| CPM Holdings, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.78%, 09/28/2028 (u) (aa) |  | 1276 | 1272 |
| Engineered Machinery Holdings, Inc., |  |  |  |
| Incremental Amendment No. 5 Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.76%, 05/19/2028 (aa) |  | 1812 | 1821 |
| Incremental Amendment No. 3 Term Loan (Second Lien), (CME Term SOFR 3 Month + 6.00%), 10.26%, 05/21/2029 (aa) |  | 1229 | 1229 |
| Incremental Amendment No. 2 Term Loan (Second Lien), (CME Term SOFR 3 Month + 6.50%), 10.76%, 05/21/2029 (aa) |  | 759 | 759 |
| Husky Injection Molding Systems Ltd., Amendment No. 5 Refinancing Term Loan, (Canada), (CME Term SOFR 6 Month + 3.75%), 7.92%, 02/15/2029 (u) (aa) |  | 1762 | 1765 |
| INNIO Group Holding GmbH, 2025 Amended Facility B (USD) Loan, (Austria), (CME Term SOFR 1 Month + 2.25%), 6.39%, 11/02/2028 (u) (aa) |  | 233 | 233 |
| Merlin Buyer, Inc., Initial Term Loan (First Lien), 12/14/2028 (u) |  | 852 | 854 |
| Pro Mach Group, Inc., Amendment No.5 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.91%, 08/31/2028 (u) (aa) |  | 1532 | 1534 |
| TK Elevator Midco GmbH, Facility B (USD), (Germany), (CME Term SOFR 6 Month + 3.00%), 7.20%, 04/30/2030 (u) (aa) |  | 1922 | 1926 |
|  |  |  | 11393 |
| **Miscellaneous Manufacturers — 0.3%** |  |  |  |
| LTI Holdings, Inc., 2024 Term Loan (First Lien), (CME Term SOFR 1 Month + 3.75%), 7.91%, 07/29/2029 (u) (aa) |  | 4144 | 4178 |
| **Packaging & Containers — 0.2%** |  |  |  |
| Charter Next Generation, Inc., 2024 Replacement Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.93%, 11/29/2030 (aa) |  | 2396 | 2403 |
| ProAmpac PG Borrower LLC, 2024-1 Refinancing Term Loan, (CME Term SOFR 3 Month + 4.00%), 8.26%, 09/15/2028 (aa) |  | 362 | 362 |
| Twist Beauty International Holdings S.A., Facility BA, (Luxembourg), (EURIBOR 3 Month + 5.00%), 7.00%, 12/31/2027 (u) (aa) | EUR | 395 | 461 |
|  |  |  | 3226 |
| Total Industrial |  |  | 39914 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Technology — 3.6%** |  |  |
| **Computers — 0.6%** |  |  |
| Kaseya, Inc., |  |  |
| Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.41%, 03/20/2032 (u) (aa) | 1066 | 1066 |
| Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.00%), 9.16%, 03/20/2033 (aa) | 1446 | 1446 |
| McAfee Corp., Second Amendment Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.22%, 03/01/2029 (u) (aa) | 3116 | 2971 |
| X Corp., |  |  |
| Tranche B-3 Term Loan (First Lien), 9.50%, 10/26/2029 | 1685 | 1689 |
| Tranche B-1 Loan (First Lien), (CME Term SOFR 3 Month + 6.50%), 10.96%, 10/26/2029 (aa) | 1844 | 1808 |
|  |  | 8980 |
| **Semiconductors — 0.2%** |  |  |
| Altar BidCo, Inc., Initial Term Loan (First Lien), (CME Term SOFR 12 Month + 3.10%), 7.08%, 02/01/2029 (u) (aa) | 442 | 442 |
| Icon Parent I, Inc., 2025 Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.75%, 11/13/2031 (aa) | 1657 | 1654 |
| Initial Term Loan (Second Lien), (CME Term SOFR 6 Month + 5.00%), 9.21%, 11/12/2032 (u) (aa) | 1340 | 1355 |
|  |  | 3451 |
| **Software — 2.8%** |  |  |
| Applied Systems, Inc., |  |  |
| Tranche B-1 Term Loan (First Lien), (CME Term SOFR 3 Month + 2.25%), 6.25%, 02/24/2031 (u) (aa) | 4735 | 4736 |
| Initial Term Loan (2024) (Second Lien), (CME Term SOFR 3 Month + 4.50%), 8.50%, 02/23/2032 (aa) | 2558 | 2613 |
| Ascend Learning LLC, Amendment No. 5 Incremental Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 12/11/2028 (u) (aa) | 994 | 992 |
| Athenahealth Group, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.91%, 02/15/2029 (aa) | 1450 | 1446 |
| Avalara, Inc., Term Loan B, 03/29/2032 (u) | 1426 | 1426 |
| Boxer Parent Co., Inc., 2031 Replacement Dollar Term Loan, (CME Term SOFR 3 Month + 3.00%), 7.20%, 07/30/2031 (aa) | 603 | 602 |
| Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.75%), 9.95%, 07/30/2032 (aa) | 330 | 321 |
| Central Parent LLC, 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.25%, 07/06/2029 (aa) | 897 | 774 |
| Cloud Software Group, Inc., |  |  |
| Tenth Amendment Tranche B-2 Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.25%, 03/21/2031 (u) (aa) | 1140 | 1144 |
| Tenth Amendment Tranche B-1 Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.25%, 08/13/2032 (u) (aa) | 2130 | 2136 |
| ConnectWise LLC, Initial Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.76%, 09/29/2028 (u) (aa) | 745 | 746 |
| Dye & Durham Corp., Term Loan B, (Canada), (CME Term SOFR 3 Month + 4.25%), 8.35%, 04/11/2031 (aa) | 421 | 419 |
| ECi Macola/MAX Holding LLC, 2025 Repricing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.75%, 05/09/2030 (u) (aa) | 441 | 441 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |  |
| **Software — continued** |  |  |  |
| Ellucian Holdings, Inc., |  |  |  |
| Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.91%, 10/09/2029 (u) (aa) |  | 3864 | 3861 |
| Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 4.75%), 8.91%, 11/22/2032 (aa) |  | 1131 | 1154 |
| Epicor Software Corp., Term F Loan, (CME Term SOFR 1 Month + 2.50%), 6.66%, 05/30/2031 (u) (aa) |  | 4592 | 4596 |
| Genuine Financial Holdings LLC, 2025 Replacement Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 7.41%, 09/27/2030 (u) (aa) |  | 928 | 852 |
| Javelin Buyer, Inc., Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.00%), 9.20%, 12/06/2032 (aa) |  | 1060 | 1057 |
| Playtika Holding Corp., Term B-1 Loan, (CME Term SOFR 1 Month + 2.75%), 7.03%, 03/13/2028 (aa) |  | 129 | 127 |
| Polaris Newco LLC, |  |  |  |
| Euro Term Loan (First Lien), (EURIBOR 3 Month + 4.00%), 6.03%, 06/02/2028 (u) (aa) | EUR | 953 | 1040 |
| Dollar Term Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 8.57%, 06/02/2028 (aa) |  | 1088 | 1047 |
| Project Alpha Intermediate Holding, Inc., |  |  |  |
| Second Amendment Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 7.25%, 10/26/2030 (u) (aa) |  | 353 | 353 |
| Initial Loan (Second Lien), (CME Term SOFR 3 Month + 5.00%), 9.00%, 05/09/2033 (aa) |  | 1685 | 1673 |
| Project Boost Purchaser LLC, 2025-2 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 7.07%, 07/16/2031 (u) (aa) |  | 1234 | 1231 |
| RealPage, Inc., |  |  |  |
| Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 7.26%, 04/24/2028 (aa) |  | 123 | 123 |
| 2024-1 Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 7.75%, 04/24/2028 (u) (aa) |  | 633 | 634 |
| Red Planet Borrower LLC, Fourth Amendment Incremental Term Loan, (CME Term SOFR 1 Month + 4.00%), 8.16%, 09/08/2032 (u) (aa) |  | 770 | 748 |
| Renaissance Holding Corp., 2024-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.00%), 8.16%, 04/05/2030 (u) (aa) |  | 1054 | 910 |
| UKG, Inc., 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.50%), 6.81%, 02/10/2031 (aa) |  | 5362 | 5355 |
| Waystar Technologies, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 2.00%), 6.16%, 10/22/2029 (aa) |  | 549 | 549 |
| X.AI Corp., Term Loan, (CME Term SOFR 6 Month + 7.25%), 11.12%, 06/28/2030 (aa) |  | 469 | 453 |
|  |  |  | 43559 |
| Total Technology |  |  | 55990 |
| **Utilities — 0.9%** |  |  |  |
| **Electric — 0.9%** |  |  |  |
| Alpha Generation LLC, Initial Term B Loan, (CME Term SOFR 1 Month + 2.00%), 6.16%, 09/30/2031 (u) (aa) |  | 2459 | 2454 |
| Compass Power Generation LLC., Tranche B-4 Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.41%, 04/14/2029 (u) (aa) |  | 254 | 255 |
| Constellation Renewables LLC, Loan, (CME Term SOFR 3 Month + 2.25%), 6.45%, 12/15/2027 (u) (aa) |  | 1798 | 1793 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |  |
| **Electric — continued** |  |  |  |
| Cornerstone Generation LLC, Term Loan B, (CME Term SOFR 3 Month + 3.25%), 7.48%, 08/11/2032 (u) (aa) |  | 2385 | 2400 |
| Edgewater Generation LLC, 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.16%, 08/01/2030 (aa) |  | 1165 | 1166 |
| Hamilton Projects Acquiror LLC, 2025-2 Repricing Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.66%, 05/30/2031 (u) (aa) |  | 1197 | 1200 |
| MRP Buyer LLC, |  |  |  |
| Delayed Draw Term Loan, (CME Term SOFR 3 Month + 3.25%), 5.02%, 06/04/2032 (aa) |  | 40 | 39 |
| Closing Date Term Loan, (CME Term SOFR 3 Month + 3.25%), 7.25%, 06/04/2032 (aa) |  | 519 | 510 |
| Pike Corp., 2028 Initial Term Loan, (CME Term SOFR 1 Month + 3.00%), 7.28%, 01/21/2028 (u) (aa) |  | 732 | 736 |
| Talen Energy Supply LLC, |  |  |  |
| Initial Term B Loan, (CME Term SOFR 3 Month + 2.50%), 6.73%, 05/17/2030 (aa) |  | 1592 | 1592 |
| 2024-1 Incremental Term B Loan, (CME Term SOFR 3 Month + 2.50%), 6.73%, 12/13/2031 (aa) |  | 1331 | 1332 |
| Total Utilities |  |  | 13477 |
| Total Loan Assignments<br>(Cost $274,783) |  |  | 274105 |
| **Purchased Option contracts — 0.0% (g)** |  |  |  |
| **Call Option Contract — 0.0% (g)** |  |  |  |
| FNMA or FHLMC, Single Family, 30 years, Maturity Date 11/06/2025, Strike Price 96.67 |  | 8000 | 5 |
| **Put Option contracts — 0.0% (g)** |  |  |  |
| FNMA or FHLMC, Single Family, 30 years, Maturity Date 11/06/2025, Strike Price 73.00 |  | 39000 |  |
| FNMA or FHLMC, Single Family, 30 years, Maturity Date 11/06/2025, Strike Price 76.00 |  | 92000 |  |
| FNMA or FHLMC, Single Family, 30 years, Maturity Date 12/04/2025, Strike Price 99.09 |  | 2500 | 3 |
| FNMA or FHLMC, Single Family, 30 years, Maturity Date 11/06/2025, Strike Price 77.00 |  | 93000 |  |
| FNMA or FHLMC, Single Family, 30 years, Maturity Date 11/06/2025, Strike Price 70.00 |  | 20000 |  |
| FNMA or FHLMC, Single Family, 30 years, Maturity Date 11/06/2025, Strike Price 79.00 |  | 94000 |  |
| Total Put Option contracts |  |  | 3 |
| Total Purchased Option contracts<br>(Cost $31) |  |  | 8 |
| **Short-Term Investments — 42.0%** |  |  |  |
| **Time Deposits — 9.3%** |  |  |  |
| Australia & New Zealand Banking Group Ltd., 2.35%, 10/01/2025 | AUD | 213 | 141 |
| Brown Brothers Harriman & Co., |  |  |  |
| (0.60%), 10/01/2025 | CHF | 45 | 56 |
| 0.33%, 10/01/2025 | SGD | 227 | 176 |
| 0.65%, 10/01/2025 | DKK | 11 | 2 |
| 0.82%, 10/01/2025 | SEK | 1541 | 164 |
| 1.49%, 10/01/2025 | NZD | 3 | 1 |
| 2.14%, 10/02/2025 | HKD | 1098 | 141 |
|  Citibank NA, |  |  |  |
| 0.79%, 10/01/2025 | EUR | 241 | 283 |
| 2.92%, 10/01/2025 | GBP | 285 | 383 |
| 3.44%, 10/01/2025 |  | 15598 | 15598 |
| Royal Bank of Canada, 1.33%, 10/01/2025 | CAD | 473 | 340 |
|  Sumitomo Mitsui Banking Corp., |  |  |  |
| 0.12%, 10/01/2025 | JPY | 29973 | 202 |
| 3.44%, 10/01/2025 |  | 72064 | 72064 |
| Sumitomo Mitsui Trust Bank Ltd., 3.44%, 10/01/2025 |  | 56913 | 56913 |
| Total Time Deposits |  |  | 146464 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Short-Term Investments — continued** |  |  |
| **U.S. Treasury Obligations — 32.7%** |  |  |
|  U.S. Treasury Bills, |  |  |
| 3.77%, 03/05/2026 (n) | 20000 | 19678 |
| 3.86%, 01/13/2026 (n) (ii) | 11 | 11 |
| 3.90%, 12/04/2025 (n) (ii) | 9724 | 9657 |
| 3.98%, 11/28/2025 (n) | 1303 | 1295 |
| 3.98%, 11/20/2025 (n) | 10000 | 9945 |
| 3.99%, 11/18/2025 (n) | 12000 | 11936 |
| 4.01%, 01/08/2026 (c) (n) | 4500 | 4453 |
| 4.01%, 11/25/2025 (n) | 15000 | 14908 |
| 4.02%, 11/04/2025 (n) | 15000 | 14943 |
| 4.02%, 10/14/2025 (n) | 1000 | 999 |
| 4.02%, 10/21/2025 (n) | 9200 | 9179 |
| 4.06%, 10/28/2025 (n) | 148000 | 147551 |
| 4.06%, 10/30/2025 (c) (n) | 27000 | 26912 |
| 4.08%, 10/07/2025 (n) | 13250 | 13241 |
| 4.08%, 10/23/2025 (c) (n) | 132300 | 131974 |
| 4.10%, 10/02/2025 (n) | 13000 | 12999 |
| 4.13%, 10/09/2025 (c) (n) | 46500 | 46458 |
| 4.14%, 10/16/2025 (n) | 37000 | 36938 |
| Total U.S. Treasury Obligations |  | 513077 |
| Total Short-Term Investments<br> (Cost $659,540) |  | 659541 |
| **Total Investments, Before Short Positions — 125.6%<br>(Cost - $1,974,263)** |  | **1972320** |
| **Liabilities in Excess of Other Assets — (25.6)%** |  | **(403688)** |
| **NET ASSETS — 100.0%** |  | $**1568632** |
| **Short Positions — 4.0%** |  |  |
| **Mortgage-Backed Securities — 4.0%** |  |  |
| FNMA or FHLMC, Single Family, 30 years, |  |  |
| TBA, 0.00%, 11/01/2055 (w) | 14400 | 13844 |
| TBA, 2.00%, 10/01/2055 (w) | 500 | 403 |
| TBA, 2.50%, 10/01/2052 (w) | 1000 | 843 |
| TBA, 3.00%, 10/01/2055 (w) | 4000 | 3516 |
| TBA, 3.00%, 11/01/2055 (w) | 11700 | 10284 |
| TBA, 4.00%, 10/01/2055 (w) | 2600 | 2452 |
| TBA, 5.00%, 10/01/2055 (w) | 26600 | 26389 |
| TBA, 6.50%, 10/01/2055 (w) | 1400 | 1447 |
| GNMA, Single Family, 30 years, TBA, 2.50%, 10/01/2055 (w) | 4000 | 3445 |
| Total Mortgage-Backed Securities<br>(Cost $62,594) |  | 62623 |
| **Total Securities Sold Short— 4.0%**<br> (Proceeds $62,594) |  | **62623** |

---

Percentages indicated are based on net assets.

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Futures contracts outstanding as of September 30, 2025:** 

**Exchange Traded** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| **Long Contracts** |  |  |  |  |  |
| 90 Day Bank Accepted Bills | 23 | 03/2026 | AUD | 15098 | (6) |
| 90 Day Bank Accepted Bills | 19 | 06/2026 | AUD | 12474 | (5) |
| 90 Day Bank Accepted Bills | 11 | 09/2026 | AUD | 7221 | (3) |
| 90 Day Bank Accepted Bills | 10 | 12/2026 | AUD | 6565 | (3) |
| 90 Day Bank Accepted Bills | 4 | 03/2027 | AUD | 2626 | (1) |
| ASX SPI 200 Index | 45 | 12/2025 | AUD | 6623 | (18) |
| Australian Dollar | 230 | 12/2025 | USD | 15194 | 36 |
| Australian Government 3 Year Bond | 18 | 12/2025 | AUD | 1277 | (5) |
| Brent Crude Oil | 73 | 10/2025 | USD | 4958 | (138)(c) |
| Brent Crude Oil | 2 | 11/2025 | USD | 132 | (1)(c) |
| British Pound | 285 | 12/2025 | USD | 24202 | (242) |
| CAC40 10 Euro | 72 | 10/2025 | EUR | 6652 | 22 |
| Canadian Government 10 Year Bond | 106 | 12/2025 | CAD | 9307 | 20 |
| Cboe Volatility Index | 45 | 10/2025 | USD | 792 | (1) |
| Cboe Volatility Index | 15 | 11/2025 | USD | 288 | 1 |
| Cboe Volatility Index | 4 | 12/2025 | USD | 79 |  |
| Coffee | 34 | 12/2025 | USD | 4800 | (21)(c) |
| Coffee | 1 | 03/2026 | USD | 135 | (1)(c) |
| Copper | 84 | 12/2025 | USD | 9739 | 460 (c) |
| Cotton | 6 | 12/2025 | USD | 200 | (3)(c) |
| Cotton | 2 | 03/2026 | USD | 69 | (1)(c) |
| Crude Oil | 65 | 10/2025 | USD | 4185 | (131)(c) |
| Crude Oil | 94 | 11/2025 | USD | 5991 | (167)(c) |
| Crude Oil | 2 | 12/2025 | USD | 126 | (2)(c) |
| Crude Oil | 1 | 01/2026 | USD | 62 | (—)(c)(h) |
| Czech Koruna Cross-Rate | 4 | 12/2025 | EUR | 770 | (—)(h) |
| Dax Index | 10 | 12/2025 | EUR | 6987 | 60 |
| Dollar Index | 177 | 10/2025 | KRW | 1745 | 23 |
| Dollar Index | 72 | 12/2025 | USD | 7007 | 10 |
| E-mini Russell 2000 Index | 102 | 12/2025 | USD | 12313 | 210 |
| Euro BOBL | 81 | 12/2025 | EUR | 11207 | (4) |
| Euro BTP Italian Government Bonds | 294 | 12/2025 | EUR | 41498 | (133) |
| Euro Bund | 110 | 12/2025 | EUR | 16640 | (36) |
| Euro Fx | 127 | 12/2025 | USD | 18749 | (29) |
| Euro STOXX 50 Index | 122 | 12/2025 | EUR | 7803 | 133 |
| Euro-Oat French Government Bonds | 22 | 12/2025 | EUR | 3136 | (1) |
| Feeder Cattle | 1 | 11/2025 | USD | 177 | 2 (c) |
| Frozen Concentrated Orange Juice | 1 | 11/2025 | USD | 36 | 1 (c) |
| FTSE 100 Index | 79 | 12/2025 | GBP | 9883 | 113 |
| FTSE MIB Index | 29 | 12/2025 | EUR | 7257 | (23) |
| Gas Oil | 3 | 10/2025 | USD | 210 | (1)(c) |
| Gas Oil | 102 | 11/2025 | USD | 7218 | (210)(c) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Futures contracts outstanding as of September 30, 2025 (continued)**:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| Gas Oil | 2 | 12/2025 | USD | 135 | (—)(c)(h) |
| Gasoline RBOB | 81 | 10/2025 | USD | 6611 | (72)(c) |
| Gasoline RBOB | 3 | 11/2025 | USD | 240 | (4)(c) |
| Gasoline RBOB | 2 | 12/2025 | USD | 160 | (4)(c) |
| Gasoline RBOB | 1 | 01/2026 | USD | 79 | (1)(c) |
| Gold 100 oz | 106 | 12/2025 | USD | 37944 | 3112 (c) |
| Hang Seng China Enterprise Index | 123 | 10/2025 | HKD | 7435 | 133 |
| Hang Seng Index | 60 | 10/2025 | HKD | 10186 | 188 |
| Hungarian Forint | 11 | 12/2025 | EUR | 986 | (1) |
| ICE 3 Month SONIA | 136 | 12/2027 | GBP | 44072 | (30) |
| IFSC NIFTY 50 Index | 9 | 10/2025 | USD | 450 | (5) |
| Japanese Yen | 1 | 12/2025 | USD | 85 | — (h) |
| KOSPI 200 Index | 24 | 12/2025 | KRW | 2025 | 10 |
| Lean Hogs | 45 | 10/2025 | USD | 1648 | 149 (c) |
| Lean Hogs | 55 | 12/2025 | USD | 1905 | 47 (c) |
| Long Gilt | 21 | 12/2025 | GBP | 2578 | (13) |
| Mexican Peso | 1872 | 12/2025 | USD | 49796 | 860 |
| Mini MSCI EAFE Index | 323 | 12/2025 | USD | 44954 | 28 |
| MSCI Emerging Markets Index | 785 | 12/2025 | USD | 52592 | 776 |
| NASDAQ 100 E-mini Index | 55 | 12/2025 | USD | 26809 | 583 |
| Natural Gas | 5 | 10/2025 | EUR | 141 | (8)(c) |
| New York Harbor ULSD | 52 | 10/2025 | USD | 5159 | (83)(c) |
| New York Harbor ULSD | 2 | 11/2025 | USD | 195 | (1)(c) |
| Norwegian Krone Cross-Rate | 5 | 12/2025 | NOK | 731 | 7 |
| OMXS 30 Index | 276 | 10/2025 | SEK | 7693 | 120 |
| Palladium | 10 | 12/2025 | USD | 1188 | 99 (c) |
| Platinum | 64 | 01/2026 | USD | 4704 | 434 (c) |
| Polish Zloty | 8 | 12/2025 | EUR | 1096 | (1) |
| Robusta Coffee 10-Tonne | 8 | 11/2025 | USD | 363 | (27)(c) |
| Robusta Coffee 10-Tonne | 3 | 01/2026 | USD | 129 | (4)(c) |
| S&P 500 E-mini Index | 124 | 12/2025 | USD | 41303 | 477 |
| S&P MidCap 400 E-mini Index | 28 | 12/2025 | USD | 9262 | (60) |
| S&P Toronto Stock Exchange 60 Index | 46 | 12/2025 | CAD | 11514 | 205 |
| SGX FTSE China A50 Index | 717 | 10/2025 | USD | 10840 | (2) |
| SGX FTSE Taiwan Index | 78 | 10/2025 | USD | 6723 | (52) |
| SGX MSCI Singapore Index | 217 | 10/2025 | SGD | 7557 | (32) |
| SGX Nikkei | 39 | 12/2025 | JPY | 5758 | 163 |
| Short Euro-BTP | 54 | 12/2025 | EUR | 6847 | (4) |
| Silver | 50 | 12/2025 | USD | 9866 | 1794 (c) |
| SOFR 3 Month | 31 | 03/2026 | USD | 7499 | (35) |
| SOFR 3 Month | 75 | 09/2026 | USD | 18142 | (7) |
| SOFR 3 Month | 262 | 03/2027 | USD | 63413 | 60 |
| SOFR 3 Month | 456 | 06/2027 | USD | 110680 | (197) |
| SOFR 3 Month | 295 | 12/2027 | USD | 71460 | (22) |
| SOFR 3 Month | 310 | 09/2028 | USD | 74950 | 12 |
| South African Rand | 28 | 12/2025 | USD | 801 | (793) |
| Swiss Franc | 80 | 12/2025 | USD | 12762 | (89) |
| Swiss Market Index | 21 | 12/2025 | CHF | 3182 | 12 |
| TOPIX Index | 46 | 12/2025 | JPY | 9702 | 68 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Futures contracts outstanding as of September 30, 2025 (continued)**:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| U.S. Treasury 2 Year Note | 216 | 12/2025 | USD | 45043 | (29) |
| U.S. Treasury 5 Year Note | 156 | 12/2025 | USD | 17101 | (67) |
| U.S. Treasury 10 Year Note | 352 | 12/2025 | USD | 39751 | (151) |
| U.S. Treasury Long Bond | 29 | 12/2025 | USD | 3406 | (24) |
| U.S. Treasury Ultra Bond | 48 | 12/2025 | USD | 5821 | (58) |
| WTI Crude | 1 | 10/2025 | USD | 64 | (2)(c) |
| WTI Crude | 2 | 11/2025 | USD | 126 | (2)(c) |
| WTI Crude | 1 | 12/2025 | USD | 63 | (1)(c) |
|  |  |  |  |  | 7361 |
| **Short Contracts** |  |  |  |  |  |
| 3MO Euro EURIBOR | (7) | 03/2026 | EUR | (2014) | — (h) |
| 3MO Euro EURIBOR | (6) | 06/2026 | EUR | (1727) | — (h) |
| 3MO Euro EURIBOR | (5) | 09/2026 | EUR | (1439) | 1 |
| 3MO Euro EURIBOR | (338) | 12/2026 | EUR | (97223) | 25 |
| 3MO Euro EURIBOR | (3) | 03/2027 | EUR | (862) | — (h) |
| 3MO Euro EURIBOR | (3) | 06/2027 | EUR | (862) | — (h) |
| 3MO Euro EURIBOR | (84) | 09/2027 | EUR | (24109) | (3) |
| 3MO Euro EURIBOR | (1) | 12/2027 | EUR | (287) | — (h) |
| 3MO Euro EURIBOR | (21) | 06/2028 | EUR | (6018) | — (h) |
| ASX SPI 200 Index | (3) | 12/2025 | AUD | (437) | (4) |
| Australian Dollar | (125) | 12/2025 | USD | (8283) | 5 |
| Australian Government 3 Year Bond | (164) | 12/2025 | AUD | (11625) | 31 |
| Australian Government 10 Year Bond | (56) | 12/2025 | AUD | (4219) | 19 |
| Bovespa | (205) | 10/2025 | BRL | (10348) | 21 (c) |
| Bovespa Index-Mini | (334) | 10/2025 | BRL | (1841) | 6 (c) |
| CAC40 10 Euro | (19) | 10/2025 | EUR | (1752) | (9) |
| Canadian Dollar | (462) | 12/2025 | USD | (33519) | 209 |
| Canadian Government 2 Year Bond | (9) | 12/2025 | CAD | (684) | (—)(h) |
| Canola | (5) | 11/2025 | CAD | (45) | 2 (c) |
| Canola | (19) | 01/2026 | CAD | (172) | 3 (c) |
| Cocoa | (9) | 12/2025 | USD | (626) | 19 (c) |
| Cocoa | (1) | 03/2026 | USD | (72) | 4 (c) |
| Coffee | (2) | 12/2025 | USD | (285) | 4 (c) |
| Coffee | (1) | 03/2026 | USD | (134) | (—)(c)(h) |
| Corn | (267) | 12/2025 | USD | (5811) | 264 (c) |
| Corn | (13) | 03/2026 | USD | (288) | 7 (c) |
| Corn | (3) | 05/2026 | USD | (68) | 2 (c) |
| Corn | (5) | 07/2026 | USD | (115) | 2 (c) |
| Corn | (1) | 09/2026 | USD | (23) | — (c)(h) |
| Corn | (2) | 12/2026 | USD | (46) | — (c)(h) |
| Cotton | (60) | 12/2025 | USD | (2002) | 29 (c) |
| ECX Emission | (1) | 12/2025 | EUR | (92) | 3 (c) |
| E-mini Dow Jones Industrial Average Index | (3) | 12/2025 | USD | (696) | (4) |
| E-mini Russell 2000 Index | (37) | 12/2025 | USD | (4595) | 52 |
| Euro BOBL | (165) | 12/2025 | EUR | (22804) | (18) |
| Euro Bund | (24) | 12/2025 | EUR | (3612) | (11) |
| Euro Buxl | (62) | 12/2025 | EUR | (8187) | (146) |
| Euro Fx | (115) | 12/2025 | USD | (17006) | 55 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Futures contracts outstanding as of September 30, 2025 (continued)**:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| Euro Schatz | (1220) | 12/2025 | EUR | (153337) | 105 |
| Euro STOXX 50 Index | (23) | 12/2025 | EUR | (1477) | (20) |
| Euro-Oat French Government Bonds | (24) | 12/2025 | EUR | (3405) | (14) |
| FTSE 40 Index | (17) | 12/2025 | ZAR | (977) | (29) |
| FTSE 100 Index | (14) | 12/2025 | GBP | (1748) | (24) |
| Hard Red Winter Wheat | (262) | 12/2025 | USD | (7102) | 581 (c) |
| Hard Red Winter Wheat | (13) | 03/2026 | USD | (348) | 11 (c) |
| Hard Red Winter Wheat | (4) | 05/2026 | USD | (109) | 3 (c) |
| Hard Red Winter Wheat | (5) | 07/2026 | USD | (140) | 3 (c) |
| IBEX 35 Index | (15) | 10/2025 | EUR | (2673) | (58) |
| ICE 3 Month SONIA | (15) | 06/2026 | GBP | (4856) | 2 |
| ICE 3 Month SONIA | (16) | 09/2026 | GBP | (5184) | 1 |
| ICE 3 Month SONIA | (16) | 12/2026 | GBP | (5187) | 2 |
| ICE 3 Month SONIA | (102) | 03/2027 | GBP | (33059) | 1 |
| IFSC NIFTY 50 Index | (53) | 10/2025 | USD | (2628) | 3 |
| Israeli Shekel | (5) | 12/2025 | USD | (1495) | (15) |
| Japan Government 10 Year Bond | (55) | 12/2025 | JPY | (50854) | 353 |
| Japanese Yen | (929) | 12/2025 | USD | (79256) | 129 |
| Korea 3-Year Bond | (24) | 12/2025 | KRW | (1836) | 9 |
| Korea 10-Year Bond | (17) | 12/2025 | KRW | (1441) | 19 |
| Lean Hogs | (2) | 10/2025 | USD | (78) | (2)(c) |
| Lean Hogs | (11) | 12/2025 | USD | (384) | (6)(c) |
| Lean Hogs | (3) | 02/2026 | USD | (107) | (1)(c) |
| Lean Hogs | (3) | 04/2026 | USD | (110) | (1)(c) |
| Live Cattle | (1) | 12/2025 | USD | (93) | (1)(c) |
| Live Cattle | (1) | 04/2026 | USD | (95) | (—)(c)(h) |
| London Cocoa | (3) | 12/2025 | GBP | (210) | 19 (c) |
| London Cocoa | (7) | 03/2026 | GBP | (480) | 33 (c) |
| Long Gilt | (65) | 12/2025 | GBP | (7906) | (35) |
| Milling Wheat | (358) | 12/2025 | EUR | (4187) | 273 (c) |
| Milling Wheat | (21) | 03/2026 | EUR | (245) | 8 (c) |
| Milling Wheat | (8) | 05/2026 | EUR | (96) | 3 (c) |
| Milling Wheat | (2) | 09/2026 | EUR | (25) | — (c)(h) |
| Natural Gas | (375) | 10/2025 | USD | (12558) | 172 (c) |
| New Zealand Dollar | (220) | 12/2025 | USD | (12874) | 82 |
| Nikkei 225 | (5) | 12/2025 | JPY | (1520) | (1) |
| Nikkei 225 | (48) | 12/2025 | JPY | (1459) | (1) |
| Platinum | (22) | 01/2026 | USD | (1622) | (144)(c) |
| Rapeseed Euro | (12) | 10/2025 | EUR | (336) | 8 (c) |
| Rapeseed Euro | (19) | 01/2026 | EUR | (526) | 8 (c) |
| Rapeseed Euro | (3) | 04/2026 | EUR | (83) | 1 (c) |
| Rapeseed Euro | (1) | 07/2026 | EUR | (27) | — (c)(h) |
| Red Spring Wheat | (94) | 12/2025 | USD | (2818) | 173 (c) |
| S&P MidCap 400 E-mini Index | (4) | 12/2025 | USD | (1330) | 15 |
| SGX Nikkei | (3) | 12/2025 | JPY | (455) | (—)(h) |
| Silver | (39) | 12/2025 | USD | (8208) | (887)(c) |
| SOFR 3 Month | (424) | 06/2026 | USD | (102667) | 372 |
| SOFR 3 Month | (105) | 09/2026 | USD | (25410) | 22 |
| SOFR 3 Month | (95) | 12/2026 | USD | (23029) | 27 |
| SOFR 3 Month | (138) | 03/2027 | USD | (33467) | 35 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Futures contracts outstanding as of September 30, 2025 (continued):** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| SOFR 3 Month | (92) | 06/2027 | USD | (22316) | 26 |
| SOFR 3 Month | (86) | 09/2027 | USD | (20856) | 22 |
| SOFR 3 Month | (79) | 12/2027 | USD | (19151) | 20 |
| SOFR 3 Month | (74) | 03/2028 | USD | (17930) | 18 |
| Soybean | (70) | 11/2025 | USD | (3568) | 62 (c) |
| Soybean | (4) | 01/2026 | USD | (212) | 8 (c) |
| Soybean | (2) | 03/2026 | USD | (107) | 4 (c) |
| Soybean | (2) | 05/2026 | USD | (108) | 3 (c) |
| Soybean | (1) | 07/2026 | USD | (55) | 2 (c) |
| Soybean Meal | (190) | 12/2025 | USD | (5724) | 532 (c) |
| Soybean Meal | (2) | 01/2026 | USD | (58) | 2 (c) |
| Soybean Meal | (2) | 03/2026 | USD | (59) | 2 (c) |
| Soybean Meal | (1) | 05/2026 | USD | (30) | 1 (c) |
| Soybean Meal | (1) | 07/2026 | USD | (30) | 1 (c) |
| Soybean Oil | (45) | 12/2025 | USD | (1356) | 20 (c) |
| Soybean Oil | (2) | 01/2026 | USD | (61) | 1 (c) |
| Soybean Oil | (1) | 03/2026 | USD | (31) | 1 (c) |
| Soybean Oil | (1) | 05/2026 | USD | (31) | — (c)(h) |
| Sugar | (478) | 02/2026 | USD | (8773) | (114)(c) |
| Sugar | (11) | 04/2026 | USD | (195) | (4)(c) |
| Sugar | (1) | 06/2026 | USD | (18) | — (c)(h) |
| Swedish Krona | (1) | 12/2025 | SEK | (146) | (1) |
| Swiss Franc | (73) | 12/2025 | USD | (11671) | 107 |
| U.S. Treasury 2 Year Note | (298) | 12/2025 | USD | (62162) | 60 |
| U.S. Treasury 5 Year Note | (121) | 12/2025 | USD | (13246) | 34 |
| U.S. Treasury 10 Year Note | (123) | 12/2025 | USD | (13923) | 85 |
| U.S. Treasury Long Bond | (353) | 12/2025 | USD | (40684) | (473) |
| U.S. Ultra Treasury 10 Year Note | (14) | 12/2025 | USD | (1611) | — (h) |
| Wheat | (15) | 12/2025 | USD | (396) | 15 (c) |
| Wheat | (3) | 03/2026 | USD | (82) | 3 (c) |
| Wheat | (1) | 05/2026 | USD | (28) | 1 (c) |
| Wheat | (1) | 07/2026 | USD | (28) | 1 (c) |
| White Sugar | (10) | 11/2025 | USD | (228) | (7)(c) |
| White Sugar | (6) | 02/2026 | USD | (135) | (4)(c) |
| White Sugar | (1) | 04/2026 | USD | (22) | (1)(c) |
|  |  |  |  |  | 2229 |
| Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) |  |  |  | 9590 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Forward foreign currency exchange contracts outstanding as of September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| EUR | 1448 | USD | 1691 | Wells Fargo Bank NA | 10/02/2025 | 8 |
| AUD | 147 | USD | 97 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| AUD | 106 | USD | 70 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| AUD | 77 | USD | 51 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 109 | AUD | 164 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 (h) |
| USD | 131 | CAD | 182 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 (c) |
| USD | 1035 | CAD | 1427 | Brown Brothers Harriman & Co. | 10/16/2025 | 9 |
| USD | 99 | CAD | 137 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 (h) |
| USD | 43 | CAD | 59 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 (h) |
| USD | 62 | CAD | 86 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 (h) |
| USD | 36 | EUR | 30 | Brown Brothers Harriman & Co. | 10/16/2025 | — (c)(h) |
| EUR | 90 | USD | 106 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| EUR | 57 | USD | 67 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| EUR | 204 | USD | 239 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 |
| USD | 71 | EUR | 60 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 3198 | EUR | 2713 | Brown Brothers Harriman & Co. | 10/16/2025 | 10 |
| USD | 132 | EUR | 112 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 (h) |
| USD | 384 | EUR | 327 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 119 | EUR | 101 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 |
| USD | 49 | EUR | 42 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 55 | EUR | 47 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 (h) |
| USD | 403 | EUR | 340 | Brown Brothers Harriman & Co. | 10/16/2025 | 4 |
| EUR | 58 | USD | 68 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 53 | EUR | 45 | Brown Brothers Harriman & Co. | 10/16/2025 | — (c)(h) |
| USD | 546 | EUR | 463 | Brown Brothers Harriman & Co. | 10/16/2025 | 2 (c) |
| EUR | 125 | USD | 146 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| EUR | 89 | USD | 104 | Brown Brothers Harriman & Co. | 10/16/2025 | — (c)(h) |
| EUR | 48 | USD | 56 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 168 | EUR | 143 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| EUR | 126 | USD | 148 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 80 | EUR | 68 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| GBP | 68 | USD | 91 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 68 | GBP | 50 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 1349 | GBP | 993 | Brown Brothers Harriman & Co. | 10/16/2025 | 13 |
| USD | 81 | GBP | 59 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 |
| USD | 375 | GBP | 276 | Brown Brothers Harriman & Co. | 10/16/2025 | 4 (c) |
| USD | 30 | GBP | 22 | Brown Brothers Harriman & Co. | 10/16/2025 | — (c)(h) |
| USD | 97 | GBP | 72 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 108 | GBP | 79 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 |
| USD | 164 | HKD | 1280 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 112 | HKD | 874 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 75 | HKD | 582 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 115 | HKD | 896 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 65 | HKD | 507 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 53 | HKD | 412 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 991 | HKD | 7706 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| HKD | 957 | USD | 123 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| HKD | 363 | USD | 47 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| JPY | 25315 | USD | 171 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued)**:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| USD | 72 | JPY | 10625 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 80 | JPY | 11748 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 1053 | JPY | 153711 | Brown Brothers Harriman & Co. | 10/16/2025 | 12 |
| SEK | 473 | USD | 50 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| SEK | 469 | USD | 50 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 69 | SEK | 644 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 (h) |
| USD | 43 | SEK | 399 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 102 | SEK | 945 | Brown Brothers Harriman & Co. | 10/16/2025 | 2 |
| USD | 83 | SEK | 777 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 66 | SGD | 85 | Brown Brothers Harriman & Co. | 10/16/2025 | 1 |
| USD | 77 | SGD | 99 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 45 | SGD | 57 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| SEK | 414 | USD | 44 | Brown Brothers Harriman & Co. | 10/23/2025 | — (h) |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | 77 |
| USD | 1693 | EUR | 1448 | Barclays Bank plc | 10/02/2025 | (6) |
| AUD | 222 | USD | 148 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| AUD | 80 | USD | 53 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 100 | AUD | 154 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| USD | 102 | AUD | 154 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 1171 | AUD | 1769 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| CAD | 82 | USD | 59 | Brown Brothers Harriman & Co. | 10/16/2025 | (1)(h) |
| CAD | 130 | USD | 94 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| CAD | 77 | USD | 55 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| CAD | 73 | USD | 53 | Brown Brothers Harriman & Co. | 10/16/2025 | (1)(h) |
| CAD | 90 | USD | 65 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| CAD | 74 | USD | 54 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| CAD | 144 | USD | 103 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| EUR | 40 | USD | 46 | Brown Brothers Harriman & Co. | 10/16/2025 | — (c)(h) |
| USD | 128 | EUR | 109 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 90 | EUR | 76 | Brown Brothers Harriman & Co. | 10/16/2025 | — (c)(h) |
| USD | 195 | EUR | 167 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| EUR | 206 | USD | 242 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| EUR | 64 | USD | 75 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| EUR | 47 | USD | 56 | Brown Brothers Harriman & Co. | 10/16/2025 | (1)(h) |
| EUR | 35 | USD | 41 | Brown Brothers Harriman & Co. | 10/16/2025 | — (c)(h) |
| EUR | 66 | USD | 78 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| GBP | 104 | USD | 141 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| GBP | 119 | USD | 161 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| GBP | 43 | USD | 59 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| GBP | 29 | USD | 40 | Brown Brothers Harriman & Co. | 10/16/2025 | (1)(h) |
| GBP | 101 | USD | 137 | Brown Brothers Harriman & Co. | 10/16/2025 | (1)(c) |
| USD | 76 | HKD | 590 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 116 | HKD | 904 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 18 | HKD | 140 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| HKD | 807 | USD | 104 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| HKD | 1478 | USD | 190 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| HKD | 1013 | USD | 130 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| JPY | 11801 | USD | 80 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| JPY | 8600 | USD | 59 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| JPY | 18307 | USD | 124 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Forward foreign currency exchange contracts outstanding as of September 30, 2025 (continued)**:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| JPY | 23576 | USD | 160 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| USD | 55 | JPY | 8107 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| JPY | 18838 | USD | 128 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| USD | 42 | JPY | 6234 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 54 | JPY | 8146 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| JPY | 23111 | USD | 157 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| JPY | 5527 | USD | 38 | Brown Brothers Harriman & Co. | 10/16/2025 | (1)(h) |
| USD | 57 | JPY | 8484 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| SEK | 575 | USD | 61 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| USD | 58 | SEK | 547 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| SEK | 473 | USD | 51 | Brown Brothers Harriman & Co. | 10/16/2025 | — (h) |
| SGD | 218 | USD | 171 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| SGD | 136 | USD | 106 | Brown Brothers Harriman & Co. | 10/16/2025 | (1) |
| USD | 1695 | EUR | 1448 | Wells Fargo Bank NA | 11/04/2025 | (9) |
| USD | 747 | EUR | 637 | Morgan Stanley & Co. | 11/21/2025 | (3) |
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | (36) |
| Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | 41 |

---

**Centrally Cleared Interest Rate Swap contracts outstanding as of September 30, 2025:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  United States SOFR | 3.75%<br>annually | Pay | 12/18/2034 | USD | 3300 | (7) | 25 | 18 |
|  United States SOFR | 3.25%<br>annually | Pay | 03/19/2035 | USD | 4200 | 276 | (123) | 153 |
|  United States SOFR | 3.25%<br>annually | Receive | 06/18/2035 | USD | 4200 | 123 | 26 | 149 |
|  United States SOFR | 3.75%<br>annually | Pay | 09/17/2035 | USD | 23600 | (186) | (3) | (189) |
|  Total | Total | Total | Total | Total |  | 206 | (75) | 131 |

---

(a) Value of floating rate index as of September 30, 2025 was as follows:

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | |
| United States SOFR | 4.24% |

---

**Centrally Cleared Credit Default Swaps contracts outstanding — sell protection (1) as of September 30, 2025:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE <br>OBLIGATION/ <br>INDEX** | **FINANCING<br>RATE RECEIVED<br>BY THE<br>FUND(%)** | **PAYMENT<br>FREQUENCY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT<br>SPREAD<br>(%) (2)** | **NOTIONAL<br>AMOUNT (3)** | **NOTIONAL<br>AMOUNT (3)** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) (4)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (5)** | **VALUE<br>($)** |
| CDX.EM.44 12/30 | 1.00 | Quarterly | 12/20/2030 | 1.48 | USD | 2000 | (42) | (1) | (43) |
| ITRX EUROPE 12/30 | 1.00 | Quarterly | 12/20/2030 | 0.56 | EUR | 7000 | 181 | (2) | 179 |
| CDX.NA.IG.45 12/30 | 1.00 | Quarterly | 12/20/2030 | 0.52 | USD | 14000 | 320 | — (h) | 320 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Credit Default Swaps contracts outstanding — sell protection (1) as of September 30, 2025 (continued):** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE <br>OBLIGATION/ <br>INDEX** | **FINANCING<br>RATE RECEIVED<br>BY THE<br>FUND(%)** | **PAYMENT<br>FREQUENCY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT<br>SPREAD<br>(%) (2)** | **NOTIONAL<br>AMOUNT (3)** | **NOTIONAL<br>AMOUNT (3)** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) (4)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (5)** | **VALUE<br>($)** |
| ITRX EUR XOVER 12/30 | 5.00 | Quarterly | 12/20/2030 | 2.63 | EUR | 3000 | 373 | 6 | 379 |
| ITRX EUR SNR FIN 12/30 | 1.00 | Quarterly | 12/20/2030 | 0.60 | EUR | 2000 | 46 | — (h) | 46 |
| Total |  |  |  |  |  |  | 878 | 3 | 881 |

---

(1) The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront
premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

(2) The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or
receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, defined under the terms of individual swap
contracts.

(3) Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a
credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to
enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are
also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included a particular index.

(4) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a
buyer of credit protection would receive, upon occurrence of a credit event.

(5) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement
to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

**OTC Total Return Swap contracts outstanding as of September 30, 2025:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE<br>INDEX** | **FLOATING<br>RATE<br>PAID<br>BY THE<br>FUND** | **PAYMENT<br>FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** |  | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  iBoxx USD Liquid Leveraged Loans Total Return Index | United<br>States<br>SOFR | quarterly | Morgan<br>Stanley &<br>Co. | 03/20/2026 | USD | 1040 | (—)(h) | 13 | 13 |
|  iBoxx USD Liquid Leveraged Loans Total Return Index | United<br>States<br>SOFR | quarterly | Morgan<br>Stanley &<br>Co. | 12/20/2025 | USD | 1040 | (—)(h) | 14 | 14 |
|  iBoxx USD Liquid Leveraged Loans Total Return Index | United<br>States<br>SOFR | maturity | Morgan<br>Stanley &<br>Co. | 12/20/2025 | USD | 2600 | (—)(h) | (28) | (28) |
| Total | Total | Total | Total | Total | Total |  | (—)(h) | (1) | (1) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Written Call Option Contract on securities as of September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 10/14/2055 | Citigroup Global<br>Markets, Inc. | (2000) | USD<br>(920) | USD<br>93.94 | 10/07/2025 | $(10) |
|  Total Written Options Contract (Premiums Received $7) |  |  |  |  |  | (10) |

---

**Purchased Call Interest Rate Swaptions contracts outstanding as of September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1700 | 633 | 4.26 | 02/13/2035 | $88 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1700 | 622 | 4.25 | 02/20/2035 | 87 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1100 | 415 | 4.27 | 05/01/2035 | 57 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1000 | 401 | 4.47 | 06/04/2035 | 59 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 4000 | 1572 | 4.40 | 06/25/2035 | 225 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 4200 | 1752 | 4.64 | 07/23/2035 | 271 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 2000 | 779 | 4.43 | 08/06/2035 | 114 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1400 | 566 | 4.69 | 08/27/2035 | 93 |
|  5-Year Swaption, United States SOFR | Bank of<br>America, NA | 3700 | 45 | 3.23 | 10/06/2025 | 1 |
|  7-Year Swaption, United States SOFR | Wells Fargo<br>Bank NA | 6200 | 61 | 2.50 | 05/29/2026 | 12 |
|  7-Year Swaption, United States SOFR | Wells Fargo<br>Bank NA | 12100 | 191 | 3.18 | 12/04/2025 | 30 |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | 12800 | 95 | 2.50 | 06/16/2026 | 27 |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | 31000 | 232 | 2.50 | 06/17/2026 | 65 |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | 11300 | 97 | 2.60 | 06/17/2026 | 30 |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | 4800 | 31 | 2.70 | 03/23/2026 | 9 |
|  |  |  |  |  |  | 1168 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Purchased Put Interest Rate Swaptions contracts outstanding as of September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 3000 | 69 | 5.50 | 01/30/2026 | —(h) |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 2000 | 779 | 4.43 | 08/06/2035 | 114 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 2100 | 876 | 4.64 | 07/23/2035 | 110 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 2000 | 795 | 4.40 | 06/25/2035 | 116 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1000 | 401 | 4.47 | 06/04/2035 | 56 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1400 | 566 | 4.69 | 08/27/2035 | 72 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1100 | 415 | 4.27 | 05/01/2035 | 67 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1700 | 622 | 4.25 | 02/20/2035 | 105 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 1700 | 633 | 4.26 | 02/13/2035 | 104 |
|  10-Year Swaption, United States SOFR | Bank of<br>America, NA | 20800 | 898 | 3.91 | 03/04/2026 | 196 |
|  7-Year Swaption, United States SOFR | Barclays<br>Bank plc | 5100 | 77 | 5.00 | 04/06/2026 | 1 |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | 29700 | 220 | 5.00 | 10/08/2025 | — (h) |
|  7-Year Swaption, United States SOFR | Wells Fargo<br>Bank NA | 2900 | 54 | 5.00 | 03/31/2026 | 1 |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | 88000 | 124 | 5.00 | 03/30/2026 | 22 |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | 3200 | 58 | 5.00 | 03/20/2026 | 1 |
|  7-Year Swaption, United States SOFR | Barclays<br>Bank plc | 47700 | 82 | 4.75 | 10/09/2025 | — (h) |
|  7-Year Swaption, United States SOFR | Wells Fargo<br>Bank NA | 52600 | 76 | 4.75 | 10/14/2025 | — (h) |
|  7-Year Swaption, United States SOFR | Barclays<br>Bank plc | 3700 | 1 | 3.98 | 10/17/2025 | — (h) |
|  7-Year Swaption, United States SOFR | Wells Fargo<br>Bank NA | 3900 | 64 | 5.00 | 04/03/2026 | 1 |
|  7-Year Swaption, United States SOFR | Wells Fargo<br>Bank NA | 2400 | 47 | 5.00 | 03/30/2026 | 1 |
|  |  |  |  |  |  | 967 |
|  Total Purchased Interest Rate Swaptions contract (Premiums Paid $3,345) |  |  |  |  |  | 2135 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Written Call Interest Rate Swaption contracts on securities as of September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | (3300) | (147) | 3.33 | 10/08/2025 | $(2) |
|  7-Year Swaption, United States SOFR | Barclays<br>Bank plc | (3100) | (60) | 3.45 | 10/09/2025 | (7) |
|  7-Year Swaption, United States SOFR | Wells Fargo<br>Bank NA | (3000) | (55) | 3.41 | 10/14/2025 | (5) |
|  7-Year Swaption, United States SOFR | Barclays<br>Bank plc | (3700) |  | 3.48 | 10/17/2025 | (14) |
|  7-Year Swaption, United States SOFR | Bank of<br>America, NA | (3800) | (79) | 3.20 | 03/30/2026 | (27) |
|  |  |  |  |  |  | (55) |

---

**Written Put Interest Rate Swaptions contract outstanding as of September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  7-Year Swaption, United States SOFR | Wells Fargo<br>Bank NA | (14000) | (221) | 3.68 | 12/04/2025 | (49) |
|  |  |  |  |  |  | (49) |
|  Total Written Interest Rate Swaptions contract (Premiums Received $162) |  |  |  |  |  | (104) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from (0.25)% to 0.30%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/16/2026 | 40 | 40 | – (h) | 40 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ANZ Group Holdings Ltd. | 3156 | (12) | (12) | 0.0 (g) |
|  ASX Ltd. | 7 | —(h) | —(h) | 0.0 (g) |
|  BlueScope Steel Ltd. | 40 | —(h) | —(h) | 0.0 (g) |
|  Brambles Ltd. | 38 | —(h) | —(h) | 0.0 (g) |
|  Cochlear Ltd. | 53 | 2 | 2 | 0.0 (g) |
|  Genesis Minerals Ltd. | 16 | —(h) | —(h) | 0.0 (g) |
|  Goodman Group | 89 | 1 | 1 | 0.0 (g) |
|  Medibank Pvt Ltd. | 208 | 1 | 1 | 0.0 (g) |
|  National Australia Bank Ltd. | 3194 | (25) | (25) | 0.0 (g) |
|  NEXTDC Ltd. | 30 | 1 | 1 | 0.0 (g) |
|  Northern Star Resources Ltd. | 469 | (19) | (19) | 0.0 (g) |
|  Ramelius Resources Ltd. | 6 | —(h) | —(h) | 0.0 (g) |
|  Ramsay Health Care Ltd. | 7 | —(h) | —(h) | 0.0 (g) |
|  Rio Tinto Ltd. | 9 | —(h) | —(h) | 0.0 (g) |
|  Sigma Healthcare Ltd. | 134 | 2 | 2 | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | 58 | 1 | 1 | 0.0 (g) |
|  Vicinity Ltd. | 26 | —(h) | —(h) | 0.0 (g) |
|  Westpac Banking Corp. | 96 | (1) | (1) | 0.0 (g) |
|  WiseTech Global Ltd. | 962 | 43 | 43 | 0.0 (g) |
|  Woodside Energy Group Ltd. | 629 | (4) | (4) | 0.0 (g) |
|  Woolworths Group Ltd. | 1039 | 15 | 15 | 0.0 (g) |
|  Zip Co. Ltd. | 49 | 2 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  **Ireland** |  |  |  |  |
|  James Hardie Industries plc | 198 | 6 | 6 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 13 | 13 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Ampol Ltd. | (66) | — (h) | — (h) | 0.0 (g) |
|  Aristocrat Leisure Ltd. | (81) | — (h) | — (h) | 0.0 (g) |
|  Evolution Mining Ltd. | (44) | 2 | 2 | 0.0 (g) |
|  GPT Group (The) | (208) | 1 | 1 | 0.0 (g) |
|  Insurance Australia Group Ltd. | (350) | (7) | (7) | 0.0 (g) |
|  Macquarie Group Ltd. | (32) | — (h) | — (h) | 0.0 (g) |
|  Orica Ltd. | (47) | — (h) | — (h) | 0.0 (g) |
|  Qantas Airways Ltd. | (29) | — (h) | — (h) | 0.0 (g) |
|  QBE Insurance Group Ltd. | (69) | — (h) | — (h) | 0.0 (g) |
|  REA Group Ltd. | (58) | — (h) | — (h) | 0.0 (g) |
|  Sandfire Resources Ltd. | (313) | 32 | 32 | 0.0 (g) |
|  Santos Ltd. | (111) | (2) | (2) | 0.0 (g) |
|  SEEK Ltd. | (10) | — (h) | — (h) | 0.0 (g) |
|  Sonic Healthcare Ltd. | (34) | (1) | (1) | 0.0 (g) |
|  South32 Ltd. | (8) | — (h) | — (h) | 0.0 (g) |
|  Technology One Ltd. | (73) | — (h) | — (h) | 0.0 (g) |
|  Treasury Wine Estates Ltd. | (34) | — (h) | — (h) | 0.0 (g) |
|  Wesfarmers Ltd. | (13) | — (h) | — (h) | 0.0 (g) |
|  Worley Ltd. | (442) | 2 | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 27 | 27 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 40 | 40 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day CABROVER on long positions and short positions respectively, plus or minus spread (rates range from (0.20)% to 0.00%) which is denominated in CAD based on the local currencies of the positions within the swap | 10/13/2026 | (103) | (103) | 18 | (85) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Alimentation Couche-Tard, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  AltaGas Ltd. | 6 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  Bank of Nova Scotia (The) | 4132 | (31) | (31) | 0.0 (g) |
|  Bombardier, Inc. | 48 | — (h) | — (h) | 0.0 (g) |
|  CAE, Inc. | 304 | (15) | (15) | 0.0 (g) |
|  Canadian Utilities Ltd. | 403 | (10) | (10) | 0.0 (g) |
|  Emera, Inc. | 41 | (1) | (1) | 0.0 (g) |
|  Equinox Gold Corp. | 97 | (2) | (2) | 0.0 (g) |
|  Fortis, Inc./Canada | 434 | (12) | (12) | 0.0 (g) |
|  Gildan Activewear, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  IAMGOLD Corp. | 47 | (3) | (3) | 0.0 (g) |
|  Imperial Oil Ltd. | 1101 | 12 | 12 | 0.0 (g) |
|  Ivanhoe Mines Ltd. | 6 | — (h) | — (h) | 0.0 (g) |
|  Keyera Corp. | 420 | (8) | (8) | 0.0 (g) |
|  MEG Energy Corp. | 239 | — (h) | — (h) | 0.0 (g) |
|  NexGen Energy Ltd. | 177 | (2) | (2) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | 331 | 5 | 5 | 0.0 (g) |
|  Teck Resources Ltd. | 467 | (48) | (48) | 0.0 (g) |
|  Toromont Industries Ltd. | 11 | — (h) | — (h) | 0.0 (g) |
|  Tourmaline Oil Corp. | 1730 | 35 | 35 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  RB Global, Inc. | 172 | 6 | 6 | 0.0 (g) |
|  SSR Mining, Inc. | 654 | (29) | (29) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (103) | (103) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (103) | (103) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 10/15/2026 | (55) | (55) | 1 | (54) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  BKW AG | 81 | (3) | (3) | 0.0 (g) |
|  Geberit AG | 534 | (14) | (14) | 0.0 (g) |
|  Sandoz Group AG | 103 | 3 | 3 | 0.0 (g) |
|  SIG Group AG | 2 | — (h) | — (h) | 0.0 (g) |
|  Straumann Holding AG | 9 | — (h) | — (h) | 0.0 (g) |
|  Swiss Life Holding AG | 101 | — (h) | — (h) | 0.0 (g) |
|  Swiss Re AG | 469 | (28) | (28) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  VAT Group AG | 138 | 16 | 16 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (26) | (26) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Accelleron Industries AG | (19) | (1) | (1) | 0.0 (g) |
|  Alcon AG | (351) | (17) | (17) | 0.0 (g) |
|  Avolta AG | (31) | (2) | (2) | 0.0 (g) |
|  Baloise Holding AG | (6) | — (h) | — (h) | 0.0 (g) |
|  Logitech International SA | (71) | (2) | (2) | 0.0 (g) |
|  Lonza Group AG | (238) | (7) | (7) | 0.0 (g) |
|  Partners Group Holding AG | (9) | — (h) | — (h) | 0.0 (g) |
|  PSP Swiss Property AG | (23) | — (h) | — (h) | 0.0 (g) |
|  Schindler Holding AG | (257) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (29) | (29) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (55) | (55) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in DKK based on the local currencies of the positions within the swap | 10/19/2026 | (5) | (5) | – | (5) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Coloplast A/S | 156 | 1 | 1 | 0.0 (g) |
|  DSV A/S | 394 | 1 | 1 | 0.0 (g) |
|  Novonesis Novozymes B | 534 | (3) | (3) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (1) | (1) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Genmab A/S | (46) | — (h) | — (h) | 0.0 (g) |
|  GN Store Nord A/S | (117) | (1) | (1) | 0.0 (g) |
|  Pandora A/S | (380) | (2) | (2) | 0.0 (g) |
|  Tryg A/S | (580) | (1) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (4) | (4) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (5) | (5) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day ESTER on long positions and short positions respectively, plus or minus spread (rates range from (0.50)% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 10/15/2026 | (5) | (4) | 3 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  OMV AG | 57 | — (h) | — (h) | 0.0 (g) |
|  Verbund AG | 27 | (1) | (1) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Anheuser-Busch InBev SA | 990 | (24) | (24) | 0.0 (g) |
|  Elia Group SA | 4 | — (h) | — (h) | 0.0 (g) |
|  KBC Group NV | 247 | (5) | (5) | 0.0 (g) |
|  Lotus Bakeries NV | 24 | (1) | (1) | 0.0 (g) |
|  Sofina SA | 15 | — (h) | — (h) | 0.0 (g) |
|  Syensqo SA | 28 | — (h) | — (h) | 0.0 (g) |
|  UCB SA | 392 | (64) | (64) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | 4 | — (h) | — (h) | 0.0 (g) |
|  Kesko OYJ | 28 | — (h) | — (h) | 0.0 (g) |
|  Metso OYJ | 191 | 5 | 5 | 0.0 (g) |
|  Stora Enso OYJ | 113 | 3 | 3 | 0.0 (g) |
|  UPM-Kymmene OYJ | 11 | — (h) | — (h) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Aeroports de Paris SA | 208 | (6) | (6) | 0.0 (g) |
|  Airbus SE | 2914 | (40) | (40) | 0.0 (g) |
|  Alstom SA | 95 | (4) | (4) | 0.0 (g) |
|  Amundi SA | 24 | — (h) | — (h) | 0.0 (g) |
|  EssilorLuxottica SA | 1642 | (8) | (8) | 0.0 (g) |
|  Getlink SE | 136 | (3) | (3) | 0.0 (g) |
|  Kering SA | 29 | (2) | (2) | 0.0 (g) |
|  Legrand SA | 181 | 2 | 2 | 0.0 (g) |
|  Rexel SA | 587 | (5) | (5) | 0.0 (g) |
|  Sartorius Stedim Biotech | 67 | — (h) | — (h) | 0.0 (g) |
|  Schneider Electric SE | 109 | (3) | (3) | 0.0 (g) |
|  Sodexo SA | 29 | — (h) | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  BASF SE | 1835 | (10) | (10) | 0.0 (g) |
|  Beiersdorf AG | 4 | — (h) | — (h) | 0.0 (g) |
|  Brenntag SE | 40 | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  CTS Eventim AG & Co. KGaA | 55 | (1) | (1) | 0.0 (g) |
|  Daimler Truck Holding AG | 11 | 1 | 1 | 0.0 (g) |
|  Dr Ing hc F Porsche AG | 493 | (11) | (11) | 0.0 (g) |
|  Fresenius SE & Co. KGaA | 759 | (12) | (12) | 0.0 (g) |
|  Hannover Rueck SE | 529 | (29) | (29) | 0.0 (g) |
|  KION Group AG | 15 | — (h) | — (h) | 0.0 (g) |
|  Puma SE | 28 | 1 | 1 | 0.0 (g) |
|  RWE AG | 69 | — (h) | — (h) | 0.0 (g) |
|  Talanx AG | 39 | — (h) | — (h) | 0.0 (g) |
|  Volkswagen AG | 1378 | (29) | (29) | 0.0 (g) |
|  Zalando SE | 13 | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Bank of Ireland Group plc | 13 | (1) | (1) | 0.0 (g) |
|  Ryanair Holdings plc | 21 | (2) | (2) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Brunello Cucinelli SpA | 125 | 15 | 15 | 0.0 (g) |
|  Davide Campari-Milano NV | 37 | 1 | 1 | 0.0 (g) |
|  Ferrari NV | 8 | — (h) | — (h) | 0.0 (g) |
|  FinecoBank Banca Fineco SpA | 242 | 2 | 2 | 0.0 (g) |
|  Infrastrutture Wireless Italiane SpA | 101 | — (h) | — (h) | 0.0 (g) |
|  Moncler SpA | 223 | 2 | 2 | 0.0 (g) |
|  Prysmian SpA | 864 | (23) | (23) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | 27 | 1 | 1 | 0.0 (g) |
|  CVC Capital Partners plc | 119 | 1 | 1 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | 63 | (2) | (2) | 0.0 (g) |
|  Akzo Nobel NV | 158 | 1 | 1 | 0.0 (g) |
|  Argenx SE | 20 | 1 | 1 | 0.0 (g) |
|  EXOR NV | 24 |  | — (h) | 0.0 (g) |
|  Ferrovial SE | 62 | (1) | (1) | 0.0 (g) |
|  Heineken NV | 277 | (7) | (7) | 0.0 (g) |
|  Koninklijke Philips NV | 295 | 11 | 11 | 0.0 (g) |
|  Randstad NV | 63 | (2) | (2) | 0.0 (g) |
|  Universal Music Group NV | 38 | (2) | (2) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Jeronimo Martins SGPS SA | 264 | — (h) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Amadeus IT Group SA | 30 | (1) | (1) | 0.0 (g) |
|  Cellnex Telecom SA | 53 | (2) | (2) | 0.0 (g) |
|  EDP Renovaveis SA | 4 | (1) | (1) | 0.0 (g) |
|  Endesa SA | 4 | — (h) | — (h) | 0.0 (g) |
|  Indra Sistemas SA | 141 | (1) | (1) | 0.0 (g) |
|  Industria de Diseno Textil SA | 233 | (10) | (10) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  STMicroelectronics NV | 12 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (267) | (267) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | (381) | (4) | (4) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Ageas SA | (416) | 4 | 4 | 0.0 (g) |
|  Sofina SA | — (h) | — (h) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Elisa OYJ | (238) | (3) | (3) | 0.0 (g) |
|  Neste OYJ | (8) | — (h) | — (h) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Accor SA | (17) | — (h) | — (h) | 0.0 (g) |
|  AXA SA | (6) | — (h) | — (h) | 0.0 (g) |
|  Bouygues SA | (334) | 11 | 11 | 0.0 (g) |
|  Capgemini SE | (4) | — (h) | — (h) | 0.0 (g) |
|  Carrefour SA | (334) | 34 | 34 | 0.0 (g) |
|  Covivio SA | (11) | — (h) | — (h) | 0.0 (g) |
|  Credit Agricole SA | (1304) | 11 | 11 | 0.0 (g) |
|  Eiffage SA | (57) | (1) | (1) | 0.0 (g) |
|  Gecina SA | (30) | 1 | 1 | 0.0 (g) |
|  Ipsen SA | (17) | — (h) | — (h) | 0.0 (g) |
|  Safran SA | (37) | 1 | 1 | 0.0 (g) |
|  SPIE SA | (147) | (8) | (8) | 0.0 (g) |
|  Thales SA | (1008) | 74 | 74 | 0.0 (g) |
|  Valeo SE | (78) | (3) | (3) | 0.0 (g) |
|  Veolia Environnement SA | (132) | — (h) | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  adidas AG | (1463) | 4 | 4 | 0.0 (g) |
|  Allianz SE | (436) | 14 | 14 | 0.0 (g) |
|  Aurubis AG | (168) | 20 | 20 | 0.0 (g) |
|  Bayer AG | (309) | 11 | 11 | 0.0 (g) |
|  Evonik Industries AG | (8) | — (h) | — (h) | 0.0 (g) |
|  GEA Group AG | (126) | — (h) | — (h) | 0.0 (g) |
|  Henkel AG & Co. KGaA | (11) | — (h) | — (h) | 0.0 (g) |
|  HOCHTIEF AG | (17) | — (h) | — (h) | 0.0 (g) |
|  LEG Immobilien SE | (58) | 1 | 1 | 0.0 (g) |
|  Nemetschek SE | (21) | 1 | 1 | 0.0 (g) |
|  Sartorius AG | (13) | — (h) | — (h) | 0.0 (g) |
|  Scout24 SE | (338) | 7 | 7 | 0.0 (g) |
|  Vonovia SE | (284) | 9 | 9 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kerry Group plc | (50) | 1 | 1 | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Amplifon SpA | (356) | (24) | (24) | 0.0 (g) |
|  Banca Mediolanum SpA | (30) | — (h) | — (h) | 0.0 (g) |
|  Intesa Sanpaolo SpA | (34) | 1 | 1 | 0.0 (g) |
|  Italgas SpA | (369) | 18 | 18 | 0.0 (g) |
|  Leonardo SpA | (29) | 1 | 1 | 0.0 (g) |
|  UniCredit SpA | (13) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  **Luxembourg** |  |  |  |  |
|  Eurofins Scientific SE | (197) | (3) | (3) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ASR Nederland NV | (33) | 1 | 1 | 0.0 (g) |
|  BE Semiconductor Industries NV | (66) | — (h) | — (h) | 0.0 (g) |
|  Koninklijke Ahold Delhaize NV | (1141) | 34 | 34 | 0.0 (g) |
|  QIAGEN NV | (22) | — (h) | — (h) | 0.0 (g) |
|  Wolters Kluwer NV | (949) | 26 | 26 | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (262) | (29) | (29) | 0.0 (g) |
|  EDP SA | (418) | 28 | 28 | 0.0 (g) |
|  Galp Energia SGPS SA | (4) | — (h) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | (31) | — (h) | — (h) | 0.0 (g) |
|  Banco Santander SA | (401) | 20 | 21 | 0.0 (g) |
|  Enagas SA | (135) | 3 | 3 | 0.0 (g) |
|  Unicaja Banco SA | (53) | 1 | 1 | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | (5) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 262 | 263 | 0.0 (g) |
|  Total of Long and Short Positions of Total Return Swaps |  | (5) | (4) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from (0.25)% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 10/15/2026 | 206 | 206 | 1 | 207 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Chile** |  |  |  |  |
|  Antofagasta plc | 7 | (1) | (1) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Prudential plc | 7 | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  DCC plc | 187 | — (h) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | 378 | (21) | (21) | 0.0 (g) |
|  AstraZeneca plc | 1223 | 46 | 46 | 0.0 (g) |
|  BT Group plc | 35 | 3 | 3 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  Centrica plc | 4 | — (h) | — (h) | 0.0 (g) |
|  Convatec Group plc | 35 | — (h) | — (h) | 0.0 (g) |
|  easyJet plc | 21 | — (h) | — (h) | 0.0 (g) |
|  GSK plc | 66 | (4) | (4) | 0.0 (g) |
|  Haleon plc | 47 | — (h) | — (h) | 0.0 (g) |
|  Hikma Pharmaceuticals plc | 58 | (3) | (3) | 0.0 (g) |
|  Howden Joinery Group plc | 56 | (1) | (1) | 0.0 (g) |
|  JET2 plc | 23 | (1) | (1) | 0.0 (g) |
|  Land Securities Group plc | 86 | (5) | (5) | 0.0 (g) |
|  LondonMetric Property plc | 24 | (1) | (1) | 0.0 (g) |
|  Marks & Spencer Group plc | 20 | (1) | (1) | 0.0 (g) |
|  Melrose Industries plc | 7 | — (h) | — (h) | 0.0 (g) |
|  Mondi plc | 151 | (6) | (6) | 0.0 (g) |
|  National Grid plc | 8 | — (h) | — (h) | 0.0 (g) |
|  Rentokil Initial plc | 26 | (2) | (2) | 0.0 (g) |
|  Rio Tinto plc | 11 | (1) | (1) | 0.0 (g) |
|  Shell plc | 1184 | (20) | (20) | 0.0 (g) |
|  Spirax Group plc | 17 | — (h) | — (h) | 0.0 (g) |
|  Taylor Wimpey plc | — (h) | 1 | 1 | 0.0 (g) |
|  Vistry Group plc | 3 | — (h) | — (h) | 0.0 (g) |
|  Whitbread plc | 24 | (1) | (1) | 0.0 (g) |
|  WPP plc | 263 | (11) | (11) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (29) | (29) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Ireland** |  |  |  |  |
|  Experian plc | (34) | — (h) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Coca-Cola HBC AG | (50) | (2) | (2) | 0.0 (g) |
|  Glencore plc | (15) | 2 | 2 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Admiral Group plc | (18) | — (h) | — (h) | 0.0 (g) |
|  Aviva plc | (288) | 5 | 5 | 0.0 (g) |
|  Babcock International Group plc | (17) | 1 | 1 | 0.0 (g) |
|  British Land Co. plc (The) | (145) | 6 | 6 | 0.0 (g) |
|  Entain plc | (80) | 2 | 2 | 0.0 (g) |
|  Halma plc | (23) | 1 | 1 | 0.0 (g) |
|  IG Group Holdings plc | (22) | — (h) | — (h) | 0.0 (g) |
|  IMI plc | (25) | — (h) | — (h) | 0.0 (g) |
|  InterContinental Hotels Group plc | (4) | — (h) | — (h) | 0.0 (g) |
|  Intertek Group plc | (59) | 1 | 1 | 0.0 (g) |
|  J Sainsbury plc | (174) | 13 | 13 | 0.0 (g) |
|  Johnson Matthey plc | (79) | 5 | 5 | 0.0 (g) |
|  London Stock Exchange Group plc | (1600) | 93 | 93 | 0.0 (g) |
|  M&G plc | (10) | — (h) | — (h) | 0.0 (g) |
|  NatWest Group plc | (12) | — (h) | — (h) | 0.0 (g) |
|  Next plc | (554) | 29 | 29 | 0.0 (g) |
|  Pearson plc | (73) | 2 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  Rightmove plc | (18) | — (h) | — (h) | 0.0 (g) |
|  Rolls-Royce Holdings plc | (1480) | 78 | 78 | 0.0 (g) |
|  Smiths Group plc | (455) | (5) | (5) | 0.0 (g) |
|  UNITE Group plc (The) | (14) | — (h) | — (h) | 0.0 (g) |
|  United Utilities Group plc | (215) | 4 | 4 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Carnival plc | (4) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 235 | 235 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 206 | 206 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION DATE** | **NATIONAL**<br>**VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from (0.30)% to 0.30%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/16/2026 | 5 | 5 | 5 | 10 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE ($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE**<br>**OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  CLP Holdings Ltd. | 3440 | 2 | 2 | 0.0(g) |
|  MTR Corp. Ltd. | 2244 | 1 | 1 | 0.0(g) |
|  **Total Long Positions of Total Return Swaps** |  | 3 | 3 | 0.0(g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Galaxy Entertainment Group Ltd. | (2458) | 7 | 7 | 0.0(g) |
|  Hong Kong Exchanges & Clearing Ltd. | (265) | —(h) | —(h) | 0.0(g) |
|  Link REIT | (3654) | (5) | (5) | 0.0(g) |
|  **Total Short Positions of Total Return Swaps** |  | 2 | 2 | 0.0(g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 5 | 5 | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION DATE** | **NATIONAL**<br>**VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from 0.60% to 0.60%) which is denominated in ILS based on the local currencies of the positions within the swap | 10/19/2026 | 5 | 5 | – | 5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | (74) | 2 | 2 | 0.0 (g) |
|  Israel Discount Bank Ltd. | (244) | 3 | 3 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 5 | 5 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 5 | 5 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION DATE** | **NATIONAL**<br>**VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from (0.58)% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/17/2026 | (209) | (209) | 350 | 141 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Advantest Corp. | 18599 | 7 | 7 | 0.0 (g) |
|  Aeon Co. Ltd. | 3071 | — (h) | — (h) | 0.0 (g) |
|  Asics Corp. | 71517 | (3) | (3) | 0.0 (g) |
|  Central Japan Railway Co. | 159273 | (22) | (22) | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | 2263 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Cosmos Pharmaceutical Corp. | 31913 | — (h) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | 43617 | (3) | (3) | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | 100533 | 11 | 11 | 0.0 (g) |
|  Disco Corp. | 56855 | 7 | 7 | 0.0 (g) |
|  East Japan Railway Co. | 10994 | 1 | 1 | 0.0 (g) |
|  Ebara Corp. | 24414 | (13) | (13) | 0.0 (g) |
|  Fast Retailing Co. Ltd. | 4660 | 1 | 1 | 0.0 (g) |
|  Fuji Electric Co. Ltd. | 4915 | — (h) | — (h) | 0.0 (g) |
|  Fujikura Ltd. | 19949 | (2) | (2) | 0.0 (g) |
|  GMO Payment Gateway, Inc. | 3355 | — (h) | — (h) | 0.0 (g) |
|  Hankyu Hanshin Holdings, Inc. | 5379 | 1 | 1 | 0.0 (g) |
|  Hoshizaki Corp. | 2273 | — (h) | — (h) | 0.0 (g) |
|  Hoya Corp. | 6291 | 1 | 1 | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | 70809 | 32 | 32 | 0.0 (g) |
|  ITOCHU Corp. | 9522 | 2 | 2 | 0.0 (g) |
|  J Front Retailing Co. Ltd. | 10705 | 1 | 1 | 0.0 (g) |
|  Japan Real Estate Investment Corp. | 2164 | — (h) | — (h) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | 2630 | — (h) | — (h) | 0.0 (g) |
|  JFE Holdings, Inc. | 2425 | — (h) | — (h) | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | 951 | — (h) | — (h) | 0.0 (g) |
|  Kikkoman Corp. | 53943 | 10 | 10 | 0.0 (g) |
|  Kokusai Electric Corp. | 6712 | 3 | 3 | 0.0 (g) |
|  Komatsu Ltd. | 25322 | 4 | 4 | 0.0 (g) |
|  Kurita Water Industries Ltd. | 17087 | 3 | 3 | 0.0 (g) |
|  Kyoto Financial Group, Inc. | 11715 | (2) | (2) | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | 6373 | 1 | 1 | 0.0 (g) |
|  M3, Inc. | 4896 | (1) | (1) | 0.0 (g) |
|  Makita Corp. | 7762 | 1 | 1 | 0.0 (g) |
|  Marubeni Corp. | 179635 | (18) | (18) | 0.0 (g) |
|  MatsukiyoCocokara & Co. | 3022 | — (h) | — (h) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | 15593 | — (h) | — (h) | 0.0 (g) |
|  Mitsubishi Motors Corp. | 2957 | — (h) | — (h) | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | 7351 | (2) | (2) | 0.0 (g) |
|  Nexon Co. Ltd. | 6718 | 2 | 2 | 0.0 (g) |
|  Nikon Corp. | 15549 | 6 | 6 | 0.0 (g) |
|  Nippon Building Fund, Inc. | 36745 | 2 | 2 | 0.0 (g) |
|  NIPPON EXPRESS HOLDINGS, Inc. | 5087 | — (h) | — (h) | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | 114712 | (8) | (8) | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | 51102 | 26 | 26 | 0.0 (g) |
|  Nissan Motor Co. Ltd. | 684 | — (h) | — (h) | 0.0 (g) |
|  Niterra Co. Ltd. | 14713 | 3 | 3 | 0.0 (g) |
|  Nitto Denko Corp. | 2810 | — (h) | — (h) | 0.0 (g) |
|  NTT, Inc. | 16695 | 3 | 3 | 0.0 (g) |
|  Oji Holdings Corp. | 57490 | 9 | 9 | 0.0 (g) |
|  Organo Corp. | 16598 | 5 | 5 | 0.0 (g) |
|  Oriental Land Co. Ltd./Japan | 87924 | 9 | 9 | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | 1023 | — (h) | — (h) | 0.0 (g) |
|  Rakuten Bank Ltd. | 800 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  SCREEN Holdings Co. Ltd. | 16133 | — (h) | — (h) | 0.0 (g) |
|  SCSK Corp. | 51916 | 10 | 10 | 0.0 (g) |
|  Sega Sammy Holdings, Inc. | 3086 | — (h) | — (h) | 0.0 (g) |
|  Seibu Holdings, Inc. | 16348 | 2 | 2 | 0.0 (g) |
|  SG Holdings Co. Ltd. | 28771 | 5 | 5 | 0.0 (g) |
|  SHIFT, Inc. | 924 | — (h) | — (h) | 0.0 (g) |
|  Shimamura Co. Ltd. | 3232 | 2 | 2 | 0.0 (g) |
|  Shimano, Inc. | 1660 | — (h) | — (h) | 0.0 (g) |
|  Shiseido Co. Ltd. | 5756 | — (h) | — (h) | 0.0 (g) |
|  Socionext, Inc. | 1183 | — (h) | — (h) | 0.0 (g) |
|  SoftBank Group Corp. | 247420 | (70) | (70) | 0.0 (g) |
|  Sony Financial Group, Inc. | 1 | 1 | — (h) | 0.0 (g) |
|  SUMCO Corp. | 790 | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | 14700 | (1) | (1) | 0.0 (g) |
|  Sumitomo Pharma Co. Ltd. | 18548 | (3) | (3) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | 3768 | — (h) | — (h) | 0.0 (g) |
|  Suzuki Motor Corp. | 856 | — (h) | — (h) | 0.0 (g) |
|  Taisei Corp. | 29952 | (4) | (4) | 0.0 (g) |
|  TDK Corp. | 16048 | (2) | (2) | 0.0 (g) |
|  TIS, Inc. | 40088 | 7 | 7 | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | 10301 | (1) | (1) | 0.0 (g) |
|  Tokyo Electric Power Co. Holdings Inc | 14298 | (5) | (5) | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | 56572 | 5 | 5 | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | 10002 | 2 | 2 | 0.0 (g) |
|  TOPPAN Holdings, Inc. | 59861 | 7 | 7 | 0.0 (g) |
|  Toray Industries, Inc. | 38364 | 7 | 7 | 0.0 (g) |
|  Toyota Tsusho Corp. | 144418 | 9 | 9 | 0.0 (g) |
|  West Japan Railway Co. | 4232 | — (h) | — (h) | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | 97310 | 2 | 2 | 0.0 (g) |
|  Yamato Holdings Co. Ltd. | 46061 | 4 | 4 | 0.0 (g) |
|  Yokogawa Electric Corp. | 1316 | — (h) | — (h) | 0.0 (g) |
|  Yokohama Financial Group, Inc. | 22374 | (1) | (1) | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | 53452 | 20 | 20 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 73 | 72 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Aisin Corp. | (1048) | — (h) | — (h) | 0.0 (g) |
|  Amada Co. Ltd. | (13918) | (1) | (1) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | (1765) | — (h) | — (h) | 0.0 (g) |
|  Asahi Kasei Corp. | (71491) | (13) | (13) | 0.0 (g) |
|  Astellas Pharma, Inc. | (99090) | (29) | (29) | 0.0 (g) |
|  Canon, Inc. | (1776) | — (h) | — (h) | 0.0 (g) |
|  Cosmo Energy Holdings Co. Ltd. | (8999) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  CyberAgent, Inc. | (95192) | 9 | 9 | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | (40779) | (4) | (4) | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | (4314) | — (h) | — (h) | 0.0 (g) |
|  Denso Corp. | (9234) | (2) | (2) | 0.0 (g) |
|  Dentsu Group, Inc. | (971) | — (h) | — (h) | 0.0 (g) |
|  DMG Mori Co. Ltd. | (20216) | — (h) | — (h) | 0.0 (g) |
|  ENEOS Holdings, Inc. | (203665) | (1) | (1) | 0.0 (g) |
|  Fujitsu Ltd. | (2905) | (1) | (1) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | (22623) | — (h) | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | (56717) | (7) | (7) | 0.0 (g) |
|  Hitachi Ltd. | (10384) | 2 | 2 | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | (78924) | (8) | (8) | 0.0 (g) |
|  Inpex Corp. | (48257) | 4 | 4 | 0.0 (g) |
|  Isuzu Motors Ltd. | (70184) | (20) | (20) | 0.0 (g) |
|  Japan Airlines Co. Ltd. | (78157) | (12) | (12) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | (18771) | (1) | (1) | 0.0 (g) |
|  Japan Tobacco, Inc. | (2426) | — (h) | — (h) | 0.0 (g) |
|  Kyocera Corp. | (21051) | (4) | (4) | 0.0 (g) |
|  LY Corp. | (68747) | (10) | (10) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd | (22152) | (3) | (3) | 0.0 (g) |
|  MISUMI Group, Inc. | (37261) | (9) | (9) | 0.0 (g) |
|  Mitsubishi Corp. | (141801) | (18) | (18) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | (68650) | (11) | (11) | 0.0 (g) |
|  Mitsui Fudosan Co. Ltd. | (45244) | 5 | 5 | 0.0 (g) |
|  Mitsui Kinzoku Co. Ltd. | (1159) | — (h) | — (h) | 0.0 (g) |
|  NEC Corp. | (218808) | 20 | 20 | 0.0 (g) |
|  NH Foods Ltd. | (23892) | 1 | 1 | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | (12439) | (2) | (2) | 0.0 (g) |
|  Obayashi Corp. | (95781) | (1) | (1) | 0.0 (g) |
|  Omron Corp. | (91249) | (20) | (20) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | (1720) | — (h) | — (h) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | (11842) | (1) | (1) | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | (212799) | (1) | (1) | 0.0 (g) |
|  Renesas Electronics Corp. | (53505) | (27) | (27) | 0.0 (g) |
|  Resona Holdings, Inc. | (3385) | — (h) | — (h) | 0.0 (g) |
|  Sanwa Holdings Corp. | (2140) | — (h) | — (h) | 0.0 (g) |
|  Seiko Epson Corp. | (4423) | — (h) | — (h) | 0.0 (g) |
|  Sekisui House Ltd. | (47627) | 1 | 1 | 0.0 (g) |
|  Shimizu Corp. | (3742) | — (h) | — (h) | 0.0 (g) |
|  SMC Corp. | (173515) | 25 | 25 | 0.0 (g) |
|  SoftBank Corp. | (161703) | (40) | (40) | 0.0 (g) |
|  Sompo Holdings, Inc. | (41527) | (9) | (9) | 0.0 (g) |
|  Sony Group Corp. | (2633) | (1) | — (h) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | (13145) | 1 | 1 | 0.0 (g) |
|  Sysmex Corp. | (16181) | (2) | (2) | 0.0 (g) |
|  Takeda Pharmaceutical Co. Ltd. | (269588) | (58) | (58) | 0.0 (g) |
|  Terumo Corp. | (3676) | — (h) | — (h) | 0.0 (g) |
|  Tohoku Electric Power Co., Inc. | (6214) | (1) | (1) | 0.0 (g) |
|  Tokyo Electron Ltd. | (228751) | (14) | (14) | 0.0 (g) |
|  Tokyo Tatemono Co. Ltd. | (13860) | 2 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Tosoh Corp. | (24216) | (10) | (10) | 0.0 (g) |
|  Tsuruha Holdings, Inc. | (19703) | 1 | 1 | 0.0 (g) |
|  Unicharm Corp. | (3305) | — (h) | — (h) | 0.0 (g) |
|  Yaskawa Electric Corp. | (107435) | (12) | (12) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (282) | (281) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (209) | (209) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day NOWA on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in NOK based on the local currencies of the positions within the swap | 10/15/2026 | (8) | (7) | – | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Equinor ASA | 5483 | (5) | (5) | 0.0 (g) |
|  Gjensidige Forsikring ASA | 1117 | (6) | (6) | 0.0 (g) |
|  Mowi ASA | 619 | 1 | 2 | 0.0 (g) |
|  Norsk Hydro ASA | 3151 | (6) | (6) | 0.0 (g) |
|  Orkla ASA | 1127 | 2 | 2 | 0.0 (g) |
|  Salmar ASA | 96 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (14) | (13) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | (110) | — (h) | — (h) | 0.0 (g) |
|  Kongsberg Gruppen ASA | (2234) | 1 | 1 | 0.0 (g) |
|  Var Energi ASA | (2895) | 5 | 5 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 6 | 6 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (8) | (7) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from (0.40)% to (0.40)%) which is denominated in NZD based on the local currencies of the positions within the swap | 09/16/2026 | (2) | (2) | – (h) | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Auckland International Airport Ltd. | 58 | (1) | (1) | 0.0 (g) |
|  Infratil Ltd. | 130 | (1) | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (2) | (2) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (2) | (2) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month STIBOR on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in SEK based on the local currencies of the positions within the swap | 10/15/2026 | (36) | (36) | – | (36) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Alfa Laval AB | 87 | — (h) | — (h) | 0.0 (g) |
|  Atlas Copco AB | 101 | — (h) | — (h) | 0.0 (g) |
|  Epiroc AB | 860 | — (h) | — (h) | 0.0 (g) |
|  EQT AB | 512 | 2 | 2 | 0.0 (g) |
|  H & M Hennes & Mauritz AB | 147 | (2) | (2) | 0.0 (g) |
|  Holmen AB | 205 | — (h) | — (h) | 0.0 (g) |
|  Industrivarden AB | 48 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Nibe Industrier AB | 1150 | (1) | (1) | 0.0 (g) |
|  Sandvik AB | 233 | — (h) | — (h) | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | 382 | — (h) | — (h) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | 235 | — (h) | — (h) | 0.0 (g) |
|  Swedbank AB | 121 | — (h) | — (h) | 0.0 (g) |
|  Volvo AB | 100 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (1) | (1) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AddTech AB | (2197) | (12) | (12) | 0.0 (g) |
|  Assa Abloy AB | (2961) | — (h) | — (h) | 0.0 (g) |
|  Boliden AB | (118) | 1 | 1 | 0.0 (g) |
|  Getinge AB | (1830) | (10) | (10) | 0.0 (g) |
|  Industrivarden AB | (563) | 1 | 1 | 0.0 (g) |
|  Indutrade AB | (1176) | (6) | (6) | 0.0 (g) |
|  Sinch AB | (1809) | (9) | (9) | 0.0 (g) |
|  SSAB AB | (84) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (35) | (35) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (36) | (36) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from (0.30)% to (0.30)%) which is denominated in SGD based on the local currencies of the positions within the swap | 09/16/2026 | 1 | 1 | – | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. | 7 | — (h) | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Keppel Ltd. | 144 | (1) | (1) | 0.0 (g) |
|  Sembcorp Industries Ltd. | 17 | — (h) | — (h) | 0.0 (g) |
|  Singapore Airlines Ltd. | 139 |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  United Overseas Bank Ltd. | 1586 | 1 | 1 | 0.0 (g) |
|  Wilmar International Ltd. | 31 | 1 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from (5.25)% to 0.20%) which is denominated in USD based on the local currencies of the positions within the swap | 10/13/2026 | (202) | (204) | 100 | (104) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Everest Group Ltd. | 22 | (1) | (1) | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | 15 | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Eaton Corp. plc | 1064 | 11 | 12 | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Nova Ltd. | 207 | (3) | (3) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Grab Holdings Ltd. | 43 | 3 | 3 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  nVent Electric plc | 389 | 6 | 6 | 0.0 (g) |
|  Willis Towers Watson plc | 24 | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  AAON, Inc. | 29 | — (h) | — (h) | 0.0 (g) |
|  Abbott Laboratories | 2567 | 51 | 51 | 0.0 (g) |
|  AeroVironment, Inc. | 24 | (1) | (1) | 0.0 (g) |
|  Agilent Technologies, Inc. | 547 | (9) | (9) | 0.0 (g) |
|  AGNC Investment Corp. | 48 | — (h) | — (h) | 0.0 (g) |
|  Albertsons Cos., Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  Alexandria Real Estate Equities, Inc. | 187 | 6 | 6 | 0.0 (g) |
|  Amentum Holdings, Inc. | 84 | (4) | (4) | 0.0 (g) |
|  American Financial Group, Inc./OH | 51 | (1) | (1) | 0.0 (g) |
|  Antero Midstream Corp. | 406 | (15) | (15) | 0.0 (g) |
|  Apollo Global Management, Inc. | 13 | 1 | 1 | 0.0 (g) |
|  Appfolio, Inc. | 246 | 8 | 8 | 0.0 (g) |
|  Applied Materials, Inc. | 48 | — (h) | — (h) | 0.0 (g) |
|  Arrow Electronics, Inc. | 6 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  AST SpaceMobile, Inc. | 12 | — (h) | — (h) | 0.0 (g) |
|  ATI, Inc. | 277 | (5) | (5) | 0.0 (g) |
|  Aurora Innovation, Inc. | 36 | 4 | 4 | 0.0 (g) |
|  Avis Budget Group, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  BILL Holdings, Inc. | 12 | — (h) | — (h) | 0.0 (g) |
|  Boeing Co. (The) | 171 | (3) | (3) | 0.0 (g) |
|  Brown & Brown, Inc. | 1261 | (16) | (16) | 0.0 (g) |
|  Bunge Global SA | 5 | — (h) | — (h) | 0.0 (g) |
|  BWX Technologies, Inc. | 319 | (11) | (11) | 0.0 (g) |
|  BXP, Inc. | 659 | 11 | 12 | 0.0 (g) |
|  Cadence Bank | 362 | (2) | (2) | 0.0 (g) |
|  Carlisle Cos., Inc. | 286 | 8 | 8 | 0.0 (g) |
|  Casella Waste Systems, Inc. | 46 | (2) | (2) | 0.0 (g) |
|  Cava Group, Inc. | 16 | 1 | 1 | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | 389 | 17 | 17 | 0.0 (g) |
|  CenterPoint Energy, Inc. | 12 | — (h) | — (h) | 0.0 (g) |
|  CH Robinson Worldwide, Inc. | 35 | — (h) | — (h) | 0.0 (g) |
|  Choice Hotels International, Inc. | 179 | 2 | 2 | 0.0 (g) |
|  Church & Dwight Co., Inc. | 1443 | (16) | (16) | 0.0 (g) |
|  Citizens Financial Group, Inc. | 889 | (11) | (10) | 0.0 (g) |
|  Clorox Co. (The) | 26 | — (h) | — (h) | 0.0 (g) |
|  CMS Energy Corp. | 848 | (34) | (34) | 0.0 (g) |
|  CNX Resources Corp. | 5 | — (h) | — (h) | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | 650 | (12) | (12) | 0.0 (g) |
|  Comerica, Inc. | 332 | — (h) | — (h) | 0.0 (g) |
|  Commvault Systems, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Constellation Energy Corp. | 889 | 46 | 46 | 0.0 (g) |
|  Cooper Cos., Inc. (The) | 12 | — (h) | — (h) | 0.0 (g) |
|  Corcept Therapeutics, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  CSW Industrials, Inc. | 23 | 1 | 1 | 0.0 (g) |
|  Cummins, Inc. | 19 | — (h) | — (h) | 0.0 (g) |
|  Diamondback Energy, Inc. | 1016 | (31) | (31) | 0.0 (g) |
|  Docusign, Inc. | 16 | 3 | 3 | 0.0 (g) |
|  Dominion Energy, Inc. | 20 | — (h) | — (h) | 0.0 (g) |
|  DoorDash, Inc. | 1063 | (38) | (37) | 0.0 (g) |
|  DraftKings, Inc. | 167 | 25 | 25 | 0.0 (g) |
|  DT Midstream, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Eagle Materials, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  EastGroup Properties, Inc. | 15 | — (h) | — (h) | 0.0 (g) |
|  Eastman Chemical Co. | 166 | 3 | 3 | 0.0 (g) |
|  Elanco Animal Health, Inc. | 530 | (33) | (33) | 0.0 (g) |
|  elf Beauty, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  Ensign Group, Inc. (The) | 253 | (9) | (9) | 0.0 (g) |
|  EQT Corp. | 7 | (1) | (1) | 0.0 (g) |
|  Essex Property Trust, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Fidelity National Financial, Inc. | 464 | (13) | (13) | 0.0 (g) |
|  First Solar, Inc. | 677 | (4) | (4) | 0.0 (g) |
|  FirstEnergy Corp. | 963 | (57) | (57) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Floor & Decor Holdings, Inc. | 165 | 15 | 15 | 0.0 (g) |
|  FTAI Aviation Ltd. | 319 | 27 | 27 | 0.0 (g) |
|  Gen Digital, Inc. | 27 | — (h) | — (h) | 0.0 (g) |
|  Genuine Parts Co. | 64 | — (h) | — (h) | 0.0 (g) |
|  Gitlab, Inc. | 15 | 1 | 1 | 0.0 (g) |
|  Graphic Packaging Holding Co. | 40 | — (h) | — (h) | 0.0 (g) |
|  Hecla Mining Co. | 6 | — (h) | — (h) | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | 1093 | 27 | 27 | 0.0 (g) |
|  Hormel Foods Corp. | 5 | — (h) | — (h) | 0.0 (g) |
|  Host Hotels & Resorts, Inc. | 212 | 2 | 2 | 0.0 (g) |
|  HP, Inc. | 15 | 1 | 1 | 0.0 (g) |
|  Hyatt Hotels Corp. | 86 | (1) | (1) | 0.0 (g) |
|  IDACORP, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Ingersoll Rand, Inc. | 57 | — (h) | — (h) | 0.0 (g) |
|  InterDigital, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  International Paper Co. | 1029 | (5) | (5) | 0.0 (g) |
|  J M Smucker Co. (The) | 21 | — (h) | — (h) | 0.0 (g) |
|  Jacobs Solutions, Inc. | 1064 | 5 | 5 | 0.0 (g) |
|  JBT Marel Corp. | 13 | — (h) | — (h) | 0.0 (g) |
|  Kilroy Realty Corp. | 25 | 1 | 1 | 0.0 (g) |
|  Levi Strauss & Co. | 70 | (1) | (1) | 0.0 (g) |
|  Liberty Broadband Corp. | 34 | (1) | (1) | 0.0 (g) |
|  Loar Holdings, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  Lyft, Inc. | 168 | 5 | 5 | 0.0 (g) |
|  MACOM Technology Solutions Holdings, Inc. | 157 | 6 | 6 | 0.0 (g) |
|  Maplebear, Inc. | 48 | 5 | 5 | 0.0 (g) |
|  MARA Holdings, Inc. | 105 | 1 | 1 | 0.0 (g) |
|  Markel Group, Inc. | 14 | — (h) | — (h) | 0.0 (g) |
|  Middleby Corp. (The) | 187 | 2 | 2 | 0.0 (g) |
|  Mohawk Industries, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Molson Coors Beverage Co. | 297 | (1) | (1) | 0.0 (g) |
|  Monolithic Power Systems, Inc. | 734 | 2 | 2 | 0.0 (g) |
|  NetApp, Inc. | 568 | 28 | 28 | 0.0 (g) |
|  New York Times Co. (The) | 4 | — (h) | — (h) | 0.0 (g) |
|  NewMarket Corp. | 7 | — (h) | — (h) | 0.0 (g) |
|  NIKE, Inc. | 888 | 20 | 20 | 0.0 (g) |
|  NiSource, Inc. | 557 | (28) | (28) | 0.0 (g) |
|  Northern Trust Corp. | 5 | — (h) | — (h) | 0.0 (g) |
|  Norwegian Cruise Line Holdings Ltd. | 563 | 18 | 18 | 0.0 (g) |
|  Old National Bancorp | 10 | — (h) | — (h) | 0.0 (g) |
|  Omnicom Group, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  Onestream, Inc. | 32 | 3 | 3 | 0.0 (g) |
|  Pegasystems, Inc. | 146 | 6 | 6 | 0.0 (g) |
|  Planet Fitness, Inc. | 335 | (7) | (7) | 0.0 (g) |
|  Primerica, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  QuantumScape Corp. | 50 | 4 | 4 | 0.0 (g) |
|  QXO, Inc. | 26 | 1 | 1 | 0.0 (g) |
|  RadNet, Inc. | 97 | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Range Resources Corp. | 316 | (25) | (25) | 0.0 (g) |
|  Raymond James Financial, Inc. | 12 | — (h) | — (h) | 0.0 (g) |
|  Realty Income Corp. | 25 | — (h) | — (h) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | 751 | 20 | 20 | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | 20 | — (h) | — (h) | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | 39 | (1) | (1) | 0.0 (g) |
|  Sealed Air Corp. | 180 | (11) | (11) | 0.0 (g) |
|  Sempra | 13 | (1) | (1) | 0.0 (g) |
|  SharkNinja, Inc. | 21 | 1 | 1 | 0.0 (g) |
|  Sherwin-Williams Co. (The) | 1722 | 1 | 1 | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | 16 | — (h) | — (h) | 0.0 (g) |
|  Snap-on, Inc. | 43 | (1) | (1) | 0.0 (g) |
|  SoFi Technologies, Inc. | 633 | 74 | 75 | 0.0 (g) |
|  SoundHound AI, Inc. | 199 | 15 | 15 | 0.0 (g) |
|  Southwest Airlines Co. | 128 | 2 | 2 | 0.0 (g) |
|  Starwood Property Trust, Inc. | 21 | 1 | 1 | 0.0 (g) |
|  Sterling Infrastructure, Inc. | 49 | 4 | 4 | 0.0 (g) |
|  Summit Therapeutics, Inc. | 58 | (5) | (5) | 0.0 (g) |
|  T Rowe Price Group, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Teradyne, Inc. | 40 | (1) | (1) | 0.0 (g) |
|  Terreno Realty Corp. | 170 | 6 | 6 | 0.0 (g) |
|  Tesla, Inc. | 540 | (13) | (13) | 0.0 (g) |
|  Texas Pacific Land Corp. | 30 | (2) | (2) | 0.0 (g) |
|  Timken Co. (The) | 5 | — (h) | — (h) | 0.0 (g) |
|  TKO Group Holdings, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  TransDigm Group, Inc. | 1147 | (20) | (20) | 0.0 (g) |
|  Twilio, Inc. | 87 | 4 | 4 | 0.0 (g) |
|  Ubiquiti, Inc. | 185 | (5) | (5) | 0.0 (g) |
|  UDR, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  U-Haul Holding Co. | 6 | — (h) | — (h) | 0.0 (g) |
|  UiPath, Inc. | 54 | (1) | (1) | 0.0 (g) |
|  UL Solutions, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  UMB Financial Corp. | 32 | — (h) | — (h) | 0.0 (g) |
|  Viper Energy, Inc. | 25 | — (h) | — (h) | 0.0 (g) |
|  Vontier Corp. | 286 | 8 | 8 | 0.0 (g) |
|  W R Berkley Corp. | 35 | (2) | (2) | 0.0 (g) |
|  Warner Music Group Corp. | 244 | (7) | (7) | 0.0 (g) |
|  Watsco, Inc. | 235 | (8) | (8) | 0.0 (g) |
|  Watts Water Technologies, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Webster Financial Corp. | 432 | 9 | 9 | 0.0 (g) |
|  Western Alliance Bancorp | 15 | — (h) | — (h) | 0.0 (g) |
|  Whirlpool Corp. | 197 | 6 | 6 | 0.0 (g) |
|  Wingstop, Inc. | 158 | 3 | 3 | 0.0 (g) |
|  Wynn Resorts Ltd. | 448 | (8) | (8) | 0.0 (g) |
|  Xcel Energy, Inc. | 1272 | (148) | (148) | 0.0 (g) |
|  XPO, Inc. | 53 | 1 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Yum! Brands, Inc. | 1580 | (29) | (29) | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | 190 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (123) | (118) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Lululemon Athletica, Inc. | (330) | 9 | 9 | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | (17) | — (h) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Amer Sports, Inc. | (233) | (4) | (4) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  BioNTech SE | (166) | — (h) | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Melco Resorts & Entertainment Ltd. | (8) | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AerCap Holdings NV | (1050) | (12) | (12) | 0.0 (g) |
|  Allegion plc | (645) | (2) | (2) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Millicom International Cellular SA | (15) | — (h) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  QIAGEN NV | (768) | (18) | (18) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Sportradar Group AG | (13) | (1) | (1) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Janus Henderson Group plc | (321) | (2) | (2) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  AbbVie, Inc. | (228) | 9 | 9 | 0.0 (g) |
|  Alaska Air Group, Inc. | (14) | — (h) | — (h) | 0.0 (g) |
|  Albemarle Corp. | (493) | 4 | 4 | 0.0 (g) |
|  Align Technology, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Allegro MicroSystems, Inc. | (7) | (1) | (1) | 0.0 (g) |
|  Allison Transmission Holdings, Inc. | (246) | (10) | (10) | 0.0 (g) |
|  Ally Financial, Inc. | (40) | (3) | (3) | 0.0 (g) |
|  Alphabet, Inc. | (57) | (2) | (2) | 0.0 (g) |
|  Amdocs Ltd. | (386) | (12) | (12) | 0.0 (g) |
|  American International Group, Inc. | (742) | 20 | 20 | 0.0 (g) |
|  Amkor Technology, Inc. | (138) | (5) | (5) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | (25) | — (h) | — (h) | 0.0 (g) |
|  Axalta Coating Systems Ltd. | (14) | (1) | (1) | 0.0 (g) |
|  Badger Meter, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Bank of America Corp. | (1415) | (9) | (9) | 0.0 (g) |
|  BellRing Brands, Inc. | (4) | — (h) | — (h) | 0.0 (g) |
|  Bio-Techne Corp. | (29) | 1 | 1 | 0.0 (g) |
|  BorgWarner, Inc. | (106) | 1 | 1 | 0.0 (g) |
|  Bridgebio Pharma, Inc. | (100) | 1 | 1 | 0.0 (g) |
|  Brightstar Lottery plc | (28) | 1 | 1 | 0.0 (g) |
|  CarMax, Inc. | (643) | (149) | (149) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Carnival Corp. | (473) | (29) | (29) | 0.0 (g) |
|  Caterpillar, Inc. | (782) | 8 | 8 | 0.0 (g) |
|  Celanese Corp. | (5) | — (h) | — (h) | 0.0 (g) |
|  Charles River Laboratories International, Inc. | (242) | 5 | 5 | 0.0 (g) |
|  Charles Schwab Corp. (The) | (50) | 1 | 1 | 0.0 (g) |
|  Chord Energy Corp. | (415) | (4) | (4) | 0.0 (g) |
|  Clean Harbors, Inc. | (251) | (5) | (5) | 0.0 (g) |
|  Cognizant Technology Solutions Corp. | (30) | — (h) | — (h) | 0.0 (g) |
|  Commerce Bancshares, Inc./MO | (451) | 7 | 7 | 0.0 (g) |
|  CoStar Group, Inc. | (329) | (7) | (8) | 0.0 (g) |
|  Costco Wholesale Corp. | (1573) | (29) | (30) | 0.0 (g) |
|  Crane Co. | (18) | — (h) | — (h) | 0.0 (g) |
|  Crown Castle, Inc. | (679) | 16 | 16 | 0.0 (g) |
|  CubeSmart | (24) | — (h) | — (h) | 0.0 (g) |
|  DuPont de Nemours, Inc. | (14) | — (h) | — (h) | 0.0 (g) |
|  Dycom Industries, Inc. | (238) | 9 | 9 | 0.0 (g) |
|  Dynatrace, Inc. | (292) | (1) | (1) | 0.0 (g) |
|  Edison International | (14) | — (h) | — (h) | 0.0 (g) |
|  Elastic NV | (6) | — (h) | — (h) | 0.0 (g) |
|  Element Solutions, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Etsy, Inc. | (610) | 47 | 47 | 0.0 (g) |
|  Evercore, Inc. | (501) | (24) | (24) | 0.0 (g) |
|  ExlService Holdings, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  FedEx Corp. | (5) | — (h) | — (h) | 0.0 (g) |
|  Fifth Third Bancorp | (992) | (9) | (9) | 0.0 (g) |
|  First American Financial Corp. | (232) | (4) | (4) | 0.0 (g) |
|  Five Below, Inc. | (26) | — (h) | — (h) | 0.0 (g) |
|  Flex Ltd. | (41) | — (h) | — (h) | 0.0 (g) |
|  Fox Corp. | (36) | 1 | 1 | 0.0 (g) |
|  Freeport-McMoRan, Inc. | (16) | — (h) | — (h) | 0.0 (g) |
|  General Motors Co. | (545) | 20 | 20 | 0.0 (g) |
|  Gentex Corp. | (5) | — (h) | — (h) | 0.0 (g) |
|  Gilead Sciences, Inc. | (227) | (3) | (3) | 0.0 (g) |
|  Group 1 Automotive, Inc. | (14) | — (h) | — (h) | 0.0 (g) |
|  H&R Block, Inc. | (226) | 2 | 2 | 0.0 (g) |
|  Hancock Whitney Corp. | (365) | — (h) | — (h) | 0.0 (g) |
|  Hanover Insurance Group, Inc. (The) | (234) | 8 | 8 | 0.0 (g) |
|  Hasbro, Inc. | (21) | — (h) | — (h) | 0.0 (g) |
|  HealthEquity, Inc. | (26) | — (h) | — (h) | 0.0 (g) |
|  HEICO Corp. | (23) | — (h) | — (h) | 0.0 (g) |
|  Honeywell International, Inc. | (1918) | 14 | 14 | 0.0 (g) |
|  Houlihan Lokey, Inc. | (558) | (7) | (8) | 0.0 (g) |
|  Huntington Ingalls Industries, Inc. | (541) | 23 | 23 | 0.0 (g) |
|  Insmed, Inc. | (156) | (1) | (1) | 0.0 (g) |
|  Interactive Brokers Group, Inc. | (13) | 1 | 1 | 0.0 (g) |
|  Intercontinental Exchange, Inc. | (932) | (9) | (9) | 0.0 (g) |
|  Invitation Homes, Inc. | (25) | — (h) | — (h) | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | (15) | 1 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Jefferies Financial Group, Inc. | (13) | (1) | (1) | 0.0 (g) |
|  KBR, Inc. | (190) | (5) | (5) | 0.0 (g) |
|  KeyCorp. | (985) | (2) | (2) | 0.0 (g) |
|  Kimberly-Clark Corp. | (837) | 2 | 2 | 0.0 (g) |
|  Kirby Corp. | (10) | — (h) | — (h) | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | (23) | — (h) | — (h) | 0.0 (g) |
|  Leidos Holdings, Inc. | (291) | 2 | 2 | 0.0 (g) |
|  Lennar Corp. | (465) | 16 | 16 | 0.0 (g) |
|  LyondellBasell Industries NV | (33) | (1) | (1) | 0.0 (g) |
|  Manhattan Associates, Inc. | (381) | (19) | (19) | 0.0 (g) |
|  MarketAxess Holdings, Inc. | (362) | (9) | (9) | 0.0 (g) |
|  MasTec, Inc. | (31) | 1 | 1 | 0.0 (g) |
|  McDonald's Corp. | (129) | — (h) | — (h) | 0.0 (g) |
|  McKesson Corp. | (13) | 1 | 1 | 0.0 (g) |
|  Medpace Holdings, Inc. | (535) | 17 | 17 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | (651) | (16) | (16) | 0.0 (g) |
|  MGIC Investment Corp. | (12) | — (h) | — (h) | 0.0 (g) |
|  Microchip Technology, Inc. | (467) | (8) | (8) | 0.0 (g) |
|  Microsoft Corp. | (2088) | 14 | 14 | 0.0 (g) |
|  Moderna, Inc. | (3) | — (h) | — (h) | 0.0 (g) |
|  MP Materials Corp. | (85) | (7) | (7) | 0.0 (g) |
|  Nasdaq, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  National Fuel Gas Co. | (9) | 1 | 1 | 0.0 (g) |
|  Neurocrine Biosciences, Inc. | (217) | (9) | (9) | 0.0 (g) |
|  Nucor Corp. | (14) | — (h) | — (h) | 0.0 (g) |
|  Okta, Inc. | (228) | (2) | (2) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Ollie's Bargain Outlet Holdings, Inc. | (378) | (13) | (13) | 0.0 (g) |
|  Option Care Health, Inc. | (92) | (3) | (3) | 0.0 (g) |
|  Palo Alto Networks, Inc. | (255) | (6) | (6) | 0.0 (g) |
|  Paylocity Holding Corp. | (31) | (2) | (2) | 0.0 (g) |
|  PepsiCo., Inc. | (612) | (3) | (3) | 0.0 (g) |
|  Performance Food Group Co. | (325) | 2 | 2 | 0.0 (g) |
|  Pfizer, Inc. | (1157) | 72 | 71 | 0.0 (g) |
|  PG&E Corp. | (628) | 19 | 19 | 0.0 (g) |
|  Primo Brands Corp. | (11) | — (h) | — (h) | 0.0 (g) |
|  Prosperity Bancshares, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Qorvo, Inc. | (353) | (19) | (19) | 0.0 (g) |
|  Ralph Lauren Corp. | (9) | — (h) | — (h) | 0.0 (g) |
|  Revvity, Inc. | (274) | 4 | 4 | 0.0 (g) |
|  Roper Technologies, Inc. | (254) | (5) | (6) | 0.0 (g) |
|  Royal Gold, Inc. | (127) | 6 | 6 | 0.0 (g) |
|  RPM International, Inc. | (253) | (7) | (7) | 0.0 (g) |
|  RTX Corp. | (885) | 44 | 44 | 0.0 (g) |
|  SEI Investments Co. | (9) | — (h) | — (h) | 0.0 (g) |
|  Skyworks Solutions, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  SLB Ltd. | (15) | — (h) | — (h) | 0.0 (g) |
|  SouthState Bank Corp. | (280) | (3) | (3) | 0.0 (g) |
|  Sprouts Farmers Market, Inc. | (5) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Synovus Financial Corp. | (418) | (8) | (8) | 0.0 (g) |
|  Tapestry, Inc. | (972) | (6) | (6) | 0.0 (g) |
|  Teledyne Technologies, Inc. | (285) | 9 | 9 | 0.0 (g) |
|  Textron, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Toro Co. (The) | (7) | — (h) | — (h) | 0.0 (g) |
|  VeriSign, Inc. | (929) | (10) | (11) | 0.0 (g) |
|  Vertex Pharmaceuticals, Inc. | (39) | 1 | 1 | 0.0 (g) |
|  Voya Financial, Inc. | (371) | (8) | (8) | 0.0 (g) |
|  Waters Corp. | (254) | (2) | (2) | 0.0 (g) |
|  Westinghouse Air Brake Technologies Corp. | (16) | — (h) | — (h) | 0.0 (g) |
|  Woodward, Inc. | (755) | 38 | 37 | 0.0 (g) |
|  Zions Bancorp NA | (14) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (79) | (86) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (202) | (204) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from (1.00)% to 0.25%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/10/2027 | (214) | (213) | – (h) | (213) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ANZ Group Holdings Ltd. | 150 | (1) | (1) | 0.0 (g) |
|  APA Group | 95 |  | — (h) | 0.0 (g) |
|  ASX Ltd. | 393 | 10 | 10 | 0.0 (g) |
|  BHP Group Ltd. | 2663 | (87) | (87) | 0.0 (g) |
|  BlueScope Steel Ltd. | 11 | — (h) | — (h) | 0.0 (g) |
|  Brambles Ltd. | 784 | 10 | 10 | 0.0 (g) |
|  CAR Group Ltd. | 29 | 1 | 1 | 0.0 (g) |
|  Cochlear Ltd. | 22 | 1 | 1 | 0.0 (g) |
|  Fortescue Ltd. | 15 | — (h) | — (h) | 0.0 (g) |
|  Genesis Minerals Ltd. | 51 | (3) | (3) | 0.0 (g) |
|  Goodman Group | 38 | 1 | 1 | 0.0 (g) |
|  Lynas Rare Earths Ltd. | 218 | (27) | (27) | 0.0 (g) |
|  Medibank Pvt Ltd. | 12 | — (h) | — (h) | 0.0 (g) |
|  Mineral Resources Ltd. | 21 | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  National Australia Bank Ltd. | 25 | — (h) | — (h) | 0.0 (g) |
|  NEXTDC Ltd. | 262 | 5 | 5 | 0.0 (g) |
|  Northern Star Resources Ltd. | 26 | — (h) | — (h) | 0.0 (g) |
|  Rio Tinto Ltd. | 80 | (2) | (2) | 0.0 (g) |
|  Sigma Healthcare Ltd. | 36 | 1 | 1 | 0.0 (g) |
|  Stockland | 397 | 12 | 13 | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | 33 | — (h) | — (h) | 0.0 (g) |
|  Vicinity Ltd. | 222 | 6 | 6 | 0.0 (g) |
|  Westpac Banking Corp. | 14 | — (h) | — (h) | 0.0 (g) |
|  WiseTech Global Ltd. | 144 | 6 | 6 | 0.0 (g) |
|  Woolworths Group Ltd. | 62 | 1 | 1 | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  a2 Milk Co. Ltd. (The) | 10 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (67) | (66) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Ampol Ltd. | (118) | (1) | (1) | 0.0 (g) |
|  Aristocrat Leisure Ltd. | (102) | — (h) | — (h) | 0.0 (g) |
|  Evolution Mining Ltd. | (77) | 7 | 7 | 0.0 (g) |
|  HUB24 Ltd. | (221) | — (h) | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | (473) | 4 | 4 | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | (42) | — (h) | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | (22) | — (h) | — (h) | 0.0 (g) |
|  Orica Ltd. | (806) | (2) | (2) | 0.0 (g) |
|  Pro Medicus Ltd. | (64) | 1 | 1 | 0.0 (g) |
|  Qantas Airways Ltd. | (70) | (1) | (1) | 0.0 (g) |
|  QBE Insurance Group Ltd. | (82) | 1 | 1 | 0.0 (g) |
|  REA Group Ltd. | (76) | — (h) | — (h) | 0.0 (g) |
|  Sandfire Resources Ltd. | (24) | 3 | 3 | 0.0 (g) |
|  Santos Ltd. | (1385) | (128) | (128) | 0.0 (g) |
|  Technology One Ltd. | (45) | 1 | 1 | 0.0 (g) |
|  Transurban Group | (621) | (22) | (22) | 0.0 (g) |
|  Treasury Wine Estates Ltd. | (21) | (1) | (1) | 0.0 (g) |
|  Wesfarmers Ltd. | (1205) | (9) | (9) | 0.0 (g) |
|  Worley Ltd. | (72) | — (h) | — (h) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Xero Ltd. | (7) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (147) | (147) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (214) | (213) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day CORRA on long positions and short positions respectively, plus or minus spread (rates range from (1.50)% to (0.20)%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/13/2027 | (206) | (199) | 45 | (154) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Alimentation Couche-Tard, Inc. | 2665 | (28) | (27) | 0.0 (g) |
|  Bombardier, Inc. | 77 | (3) | (3) | 0.0 (g) |
|  Canadian Imperial Bank of Commerce | 2927 | (30) | (28) | 0.0 (g) |
|  Equinox Gold Corp. | 13 | (1) | (1) | 0.0 (g) |
|  Franco-Nevada Corp. | 2675 | (199) | (198) | 0.0 (g) |
|  G Mining Ventures Corp. | 155 | (13) | (13) | 0.0 (g) |
|  Ivanhoe Mines Ltd. | 8 | (1) | (1) | 0.0 (g) |
|  National Bank of Canada | 3840 | 52 | 53 | 0.0 (g) |
|  Open Text Corp. | 2097 | (4) | (4) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | 53 | — (h) | — (h) | 0.0 (g) |
|  Rogers Communications, Inc. | 2007 | 40 | 41 | 0.0 (g) |
|  South Bow Corp. | 68 | (1) | (1) | 0.0 (g) |
|  Toromont Industries Ltd. | 602 | (20) | (19) | 0.0 (g) |
|  Whitecap Resources, Inc. | 38 | 1 | 1 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Energy Fuels, Inc./Canada | 16 | 1 | 1 | 0.0 (g) |
|  Galaxy Digital, Inc. | 16 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (206) | (199) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (206) | (199) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 09/03/2027 | (2) | (2) | 8 | 6 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Belimo Holding AG | 16 | 1 | 1 | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | 124 | 6 | 6 | 0.0 (g) |
|  Galderma Group AG | 125 | 8 | 8 | 0.0 (g) |
|  Nestle SA | 5 | — (h) | — (h) | 0.0 (g) |
|  Sandoz Group AG | 12 | — (h) | — (h) | 0.0 (g) |
|  Straumann Holding AG | 27 | 2 | 2 | 0.0 (g) |
|  Swiss Life Holding AG | 64 | (1) | (1) | 0.0 (g) |
|  Swiss Prime Site AG | 4 | — (h) | — (h) | 0.0 (g) |
|  Swiss Re AG | 32 | (1) | (1) | 0.0 (g) |
|  Swisscom AG | 56 | — (h) | — (h) | 0.0 (g) |
|  VAT Group AG | 31 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 15 | 15 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Accelleron Industries AG | (35) | (1) | (1) | 0.0 (g) |
|  Cie Financiere Richemont SA | (305) | (3) | (3) | 0.0 (g) |
|  Holcim AG | (398) | (11) | (11) | 0.0 (g) |
|  PSP Swiss Property AG | (10) | — (h) | — (h) | 0.0 (g) |
|  Schindler Holding AG | (13) | — (h) | — (h) | 0.0 (g) |
|  SGS SA | (233) | (6) | (6) | 0.0 (g) |
|  Swissquote Group Holding SA | (78) | 4 | 4 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (17) | (17) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (2) | (2) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from (0.25)% to 0.25%) which is denominated in DKK based on the local currencies of the positions within the swap | 09/03/2027 | 25 | 25 | – | 25 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Carlsberg A/S | 1503 | 10 | 10 | 0.0 (g) |
|  DSV A/S | 786 | 8 | 8 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Novo Nordisk A/S | 301 | 1 | 1 | 0.0 (g) |
|  Novonesis Novozymes B | 2462 | 10 | 10 | 0.0 (g) |
|  ROCKWOOL A/S | 30 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 29 | 29 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Genmab A/S | (3332) | 44 | 44 | 0.0 (g) |
|  GN Store Nord A/S | (307) | (3) | (3) | 0.0 (g) |
|  Pandora A/S | (4411) | (34) | (34) | 0.0 (g) |
|  Tryg A/S | (1901) | (11) | (11) | 0.0 (g) |
|  Vestas Wind Systems A/S | (47) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (4) | (4) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 25 | 25 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day ESTER on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 09/03/2027 | (257) | (257) | – (h) | (257) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  OMV AG | 28 | — (h) | — (h) | 0.0 (g) |
|  Verbund AG | 70 | (2) | (2) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  D'ieteren Group | 84 | 3 | 3 | 0.0 (g) |
|  Elia Group SA | 77 | (2) | (2) | 0.0 (g) |
|  KBC Group NV | 121 | (1) | (1) | 0.0 (g) |
|  Lotus Bakeries NV | 31 | (1) | (1) | 0.0 (g) |
|  Sofina SA | 73 | 1 | 1 | 0.0 (g) |
|  Syensqo SA | 50 | 1 | 1 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | 188 | (9) | (9) | 0.0 (g) |
|  Kesko OYJ | 11 | — (h) | — (h) | 0.0 (g) |
|  Kone OYJ | 323 | (9) | (9) | 0.0 (g) |
|  Orion OYJ | 237 | 4 | 4 | 0.0 (g) |
|  Stora Enso OYJ | 31 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Germany** |  |  |  |  |
|  Beiersdorf AG | 5 | — (h) | — (h) | 0.0 (g) |
|  Brenntag SE | 269 | (3) | (3) | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | 476 | 24 | 24 | 0.0 (g) |
|  Daimler Truck Holding AG | 28 | 2 | 2 | 0.0 (g) |
|  Dr Ing hc F Porsche AG | 159 | 8 | 8 | 0.0 (g) |
|  Hannover Rueck SE | 61 | (2) | (2) | 0.0 (g) |
|  K+S AG | 28 | (1) | (1) | 0.0 (g) |
|  Merck KGaA | 42 | (1) | (1) | 0.0 (g) |
|  RWE AG | 793 | (44) | (44) | 0.0 (g) |
|  Talanx AG | 70 | (1) | (1) | 0.0 (g) |
|  Volkswagen AG | 10 | — (h) | — (h) | 0.0 (g) |
|  Zalando SE | 8 | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Bank of Ireland Group plc | 11 | — (h) | — (h) | 0.0 (g) |
|  Kingspan Group plc | 22 | (1) | (1) | 0.0 (g) |
|  Ryanair Holdings plc | 16 | (1) | (1) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Davide Campari-Milano NV | 85 | 7 | 7 | 0.0 (g) |
|  Ferrari NV | 46 | (1) | (1) | 0.0 (g) |
|  Iveco Group NV | 513 | (2) | (2) | 0.0 (g) |
|  Moncler SpA | 10 | — (h) | — (h) | 0.0 (g) |
|  Prysmian SpA | 8 | — (h) | — (h) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  CVC Capital Partners plc | 51 | 1 | 1 | 0.0 (g) |
|  Tenaris SA | 392 | 2 | 2 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | 31 | — (h) | — (h) | 0.0 (g) |
|  Adyen NV | 793 | (11) | (11) | 0.0 (g) |
|  Aegon Ltd. | 190 | (4) | (4) | 0.0 (g) |
|  Akzo Nobel NV | 596 | 15 | 15 | 0.0 (g) |
|  ASML Holding NV | 1205 | (192) | (191) | 0.0 (g) |
|  EXOR NV | 76 | (1) | (1) | 0.0 (g) |
|  Ferrovial SE | 387 | (4) | (4) | 0.0 (g) |
|  Heineken Holding NV | 16 | — (h) | — (h) | 0.0 (g) |
|  IMCD NV | 705 | 28 | 28 | 0.0 (g) |
|  Randstad NV | 44 | — (h) | — (h) | 0.0 (g) |
|  Stellantis NV | 552 | 26 | 26 | 0.0 (g) |
|  Universal Music Group NV | 740 | 8 | 8 | 0.0 (g) |
|  **Poland** |  |  |  |  |
|  InPost SA | 4 | — (h) | — (h) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Jeronimo Martins SGPS SA | 29 | — (h) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  EDP Renovaveis SA | 83 | (11) | (11) | 0.0 (g) |
|  Industria de Diseno Textil SA | 98 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (174) | (173) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | (100) | 2 | 2 | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Ageas SA | (25) | — (h) | — (h) | 0.0 (g) |
|  Sofina SA | — (h) | — (h) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nokia OYJ | (17) | 1 | 1 | 0.0 (g) |
|  Wartsila OYJ Abp | (229) | (9) | (9) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  adidas AG | (109) | — (h) | — (h) | 0.0 (g) |
|  Continental AG | (69) | — (h) | — (h) | 0.0 (g) |
|  Deutsche Post AG | (738) | (10) | (10) | 0.0 (g) |
|  Deutsche Telekom AG | (1350) | (46) | (46) | 0.0 (g) |
|  E.ON SE | (1410) | 26 | 26 | 0.0 (g) |
|  Evonik Industries AG | (4) | — (h) | — (h) | 0.0 (g) |
|  GEA Group AG | (9) | — (h) | — (h) | 0.0 (g) |
|  Heidelberg Materials AG | (547) | (41) | (41) | 0.0 (g) |
|  Henkel AG & Co. KGaA | (792) | (58) | (58) | 0.0 (g) |
|  Knorr-Bremse AG | (12) | — (h) | — (h) | 0.0 (g) |
|  LEG Immobilien SE | (21) | — (h) | — (h) | 0.0 (g) |
|  Nemetschek SE | (53) | 3 | 3 | 0.0 (g) |
|  Nordex SE | (13) | 1 | 1 | 0.0 (g) |
|  SAP SE | (50) | 3 | 3 | 0.0 (g) |
|  Scout24 SE | (6) | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kerry Group plc | (377) | (8) | (8) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Amplifon SpA | (97) | (7) | (7) | 0.0 (g) |
|  Intesa Sanpaolo SpA | (33) | — (h) | — (h) | 0.0 (g) |
|  Italgas SpA | (33) | 2 | 2 | 0.0 (g) |
|  Snam SpA | (4) | — (h) | — (h) | 0.0 (g) |
|  UniCredit SpA | (71) | (1) | (1) | 0.0 (g) |
|  Unipol Assicurazioni SpA | (100) | 3 | 3 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ASR Nederland NV | (206) | 1 | 1 | 0.0 (g) |
|  NN Group NV | (708) | 10 | 10 | 0.0 (g) |
|  QIAGEN NV | (14) | (1) | (1) | 0.0 (g) |
|  Wolters Kluwer NV | (12) | 1 | 1 | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (60) | (9) | (9) | 0.0 (g) |
|  EDP SA | (11) | — (h) | — (h) | 0.0 (g) |
|  Galp Energia SGPS SA | (6) | — (h) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | (36) | (1) | (1) | 0.0 (g) |
|  Iberdrola SA | (1462) | 32 | 32 | 0.0 (g) |
|  Repsol SA | (934) | 26 | 25 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Telefonica SA | (69) | (3) | (3) | 0.0 (g) |
|  Unicaja Banco SA | (5) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (83) | (84) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (257) | (257) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from (0.25)% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 09/03/2027 | 72 | 74 | 3 | 77 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Prudential plc | 354 | (6) | (6) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | 12 | — (h) | — (h) | 0.0 (g) |
|  Associated British Foods plc | 173 | (11) | (11) | 0.0 (g) |
|  Auto Trader Group plc | 5 | — (h) | — (h) | 0.0 (g) |
|  B&M European Value Retail SA | 23 | (4) | (4) | 0.0 (g) |
|  Berkeley Group Holdings plc | 34 | (3) | (3) | 0.0 (g) |
|  British American Tobacco plc | 683 | 42 | 43 | 0.0 (g) |
|  BT Group plc | 66 | 4 | 4 | 0.0 (g) |
|  Bunzl plc | 15 | 1 | 1 | 0.0 (g) |
|  Croda International plc | 37 | (4) | (4) | 0.0 (g) |
|  Diageo plc | 934 | 51 | 51 | 0.0 (g) |
|  easyJet plc | 126 | 3 | 3 | 0.0 (g) |
|  Haleon plc | 23 | — (h) | — (h) | 0.0 (g) |
|  Informa plc | 212 | (8) | (7) | 0.0 (g) |
|  International Consolidated Airlines Group SA | 12 | — (h) | — (h) | 0.0 (g) |
|  Land Securities Group plc | 7 | — (h) | — (h) | 0.0 (g) |
|  Lloyds Banking Group plc | 8 | — (h) | — (h) | 0.0 (g) |
|  LondonMetric Property plc | 10 | — (h) | — (h) | 0.0 (g) |
|  Marks & Spencer Group plc | 36 | (1) | (1) | 0.0 (g) |
|  Mondi plc | 36 | (1) | (1) | 0.0 (g) |
|  National Grid plc | 668 | (17) | (16) | 0.0 (g) |
|  QinetiQ Group plc | 13 | (2) | (2) | 0.0 (g) |
|  Rentokil Initial plc | 40 | (2) | (2) | 0.0 (g) |
|  Rio Tinto plc | 47 | (4) | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Segro plc | 61 | (4) | (4) | 0.0 (g) |
|  Spirax Group plc | 20 | 1 | 1 | 0.0 (g) |
|  Standard Chartered plc | 323 | 3 | 3 | 0.0 (g) |
|  Tesco plc | 5 | — (h) | — (h) | 0.0 (g) |
|  Vodafone Group plc | 80 | (8) | (8) | 0.0 (g) |
|  Wise plc | 9 | 1 | 1 | 0.0 (g) |
|  WPP plc | 39 | 2 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 33 | 36 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Ireland** |  |  |  |  |
|  Experian plc | (25) | (1) | (1) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Coca-Cola HBC AG | (454) | (30) | (30) | 0.0 (g) |
|  Glencore plc | (9) | 2 | 2 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Babcock International Group plc | (12) | 2 | 2 | 0.0 (g) |
|  BAE Systems plc | (1151) | 35 | 35 | 0.0 (g) |
|  Barclays plc | (3) | — (h) | — (h) | 0.0 (g) |
|  Beazley plc | (134) | 19 | 19 | 0.0 (g) |
|  British Land Co. plc (The) | (4) | — (h) | — (h) | 0.0 (g) |
|  Compass Group plc | (431) | (9) | (9) | 0.0 (g) |
|  IG Group Holdings plc | (61) | (2) | (2) | 0.0 (g) |
|  IMI plc | (40) | — (h) | — (h) | 0.0 (g) |
|  InterContinental Hotels Group plc | (67) | 3 | 3 | 0.0 (g) |
|  Intertek Group plc | (67) | 2 | 2 | 0.0 (g) |
|  J Sainsbury plc | (3) | — (h) | — (h) | 0.0 (g) |
|  JD Sports Fashion plc | (5) | (3) | (3) | 0.0 (g) |
|  Johnson Matthey plc | (4) | — (h) | — (h) | 0.0 (g) |
|  London Stock Exchange Group plc | (25) | — (h) | — (h) | 0.0 (g) |
|  M&G plc | (59) | (1) | (1) | 0.0 (g) |
|  NatWest Group plc | (68) | (3) | (3) | 0.0 (g) |
|  Next plc | (46) | 4 | 4 | 0.0 (g) |
|  Pearson plc | (22) | 1 | 1 | 0.0 (g) |
|  Phoenix Group Holdings plc | (21) | (1) | (1) | 0.0 (g) |
|  RELX plc | (476) | 20 | 19 | 0.0 (g) |
|  Sage Group plc (The) | (21) | 1 | 1 | 0.0 (g) |
|  Schroders plc | (8) | — (h) | — (h) | 0.0 (g) |
|  St James's Place plc | (13) | — (h) | — (h) | 0.0 (g) |
|  Taylor Wimpey plc | — (h) | — (h) | — (h) | 0.0 (g) |
|  United Utilities Group plc | (31) | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Carnival plc | (4) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 39 | 38 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 72 | 74 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from (0.30)% to 0.30%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/10/2027 | (7) | (7) | – (h) | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Henderson Land Development Co. Ltd. | 352 | 1 | 1 | 0.0 (g) |
|  MTR Corp. Ltd. | 51 | — (h) | — (h) | 0.0 (g) |
|  Power Assets Holdings Ltd. | 50 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Galaxy Entertainment Group Ltd. | (41) | — (h) | — (h) | 0.0 (g) |
|  HKT Trust & HKT Ltd. | (54) | — (h) | — (h) | 0.0 (g) |
|  WH Group Ltd. | (1270) | (8) | (8) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (8) | (8) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (7) | (7) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from 0.70% to 0.70%) which is denominated in ILS based on the local currencies of the positions within the swap | 09/03/2027 | 3 | 3 | – | 3 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | (43) | 1 | 1 | 0.0 (g) |
|  Bank Leumi Le-Israel BM | (16) | — (h) | — (h) | 0.0 (g) |
|  Nice Ltd. | (252) | 2 | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from (2.50)% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/10/2027 | (40) | (42) | 201 | 159 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Advantest Corp. | 9819 | (3) | (3) | 0.0 (g) |
|  Aeon Co. Ltd. | 6951 | 1 | 1 | 0.0 (g) |
|  Ajinomoto Co., Inc. | 2527 | — (h) | — (h) | 0.0 (g) |
|  Central Japan Railway Co. | 19225 | 1 | 1 | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | 31692 | 7 | 7 | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | 4376 | — (h) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | 5131 | (1) | (1) | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | 50484 | 1 | 1 | 0.0 (g) |
|  East Japan Railway Co. | 24533 | 2 | 2 | 0.0 (g) |
|  Hankyu Hanshin Holdings, Inc. | 32938 | 1 | 1 | 0.0 (g) |
|  Honda Motor Co. Ltd. | 237878 | 126 | 126 | 0.0 (g) |
|  Hoshizaki Corp. | 37291 | 12 | 12 | 0.0 (g) |
|  Hoya Corp. | 4214 | 1 | 1 | 0.0 (g) |
|  IHI Corp. | 108194 | (130) | (130) | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | 4281 | 1 | 1 | 0.0 (g) |
|  ITOCHU Corp. | 29031 | 3 | 3 | 0.0 (g) |
|  Japan Post Insurance Co. Ltd. | 40498 | 5 | 5 | 0.0 (g) |
|  Japan Real Estate Investment Corp. | 1690 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Japan Steel Works Ltd. (The) | 2555 | (1) | (1) | 0.0 (g) |
|  JFE Holdings, Inc. | 8027 | 3 | 3 | 0.0 (g) |
|  Kadokawa Corp. | 48129 | (16) | (16) | 0.0 (g) |
|  Keisei Electric Railway Co. Ltd. | 37686 | 6 | 6 | 0.0 (g) |
|  Kikkoman Corp. | 7216 | — (h) | — (h) | 0.0 (g) |
|  Kobe Bussan Co. Ltd. | 3231 | — (h) | — (h) | 0.0 (g) |
|  Komatsu Ltd. | 6705 | — (h) | — (h) | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | 6023 | 1 | 1 | 0.0 (g) |
|  M3, Inc. | 67258 | (13) | (13) | 0.0 (g) |
|  Makita Corp. | 50725 | 12 | 12 | 0.0 (g) |
|  Maruwa Co. Ltd./Aichi | 4390 | 4 | 4 | 0.0 (g) |
|  Mazda Motor Corp. | 9237 | 3 | 3 | 0.0 (g) |
|  MEIJI Holdings Co. Ltd. | 5242 | — (h) | — (h) | 0.0 (g) |
|  Mercari, Inc. | 2306 | — (h) | — (h) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | 18247 | (1) | (1) | 0.0 (g) |
|  Mitsubishi Chemical Group Corp. | 45479 | 12 | 12 | 0.0 (g) |
|  Mitsubishi Motors Corp. | 24601 | 7 | 7 | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | 5351 | (3) | (3) | 0.0 (g) |
|  Modec, Inc. | 772 | — (h) | — (h) | 0.0 (g) |
|  MonotaRO Co. Ltd. | 3784 | 2 | 2 | 0.0 (g) |
|  Nikon Corp. | 2954 | — (h) | — (h) | 0.0 (g) |
|  Nintendo Co. Ltd. | 195591 | 93 | 93 | 0.0 (g) |
|  Nippon Building Fund, Inc. | 24736 | 3 | 3 | 0.0 (g) |
|  NIPPON EXPRESS HOLDINGS, Inc. | 56867 | 12 | 12 | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | 6245 | 3 | 3 | 0.0 (g) |
|  Nippon Steel Corp. | 17510 | 4 | 4 | 0.0 (g) |
|  Nissan Motor Co. Ltd. | 12960 | — (h) | — (h) | 0.0 (g) |
|  Nissin Foods Holdings Co. Ltd. | 3369 | — (h) | — (h) | 0.0 (g) |
|  Niterra Co. Ltd. | 18116 | 3 | 3 | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | 35548 | 1 | 1 | 0.0 (g) |
|  Nitto Denko Corp. | 13636 | (3) | (3) | 0.0 (g) |
|  Organo Corp. | 43015 | 23 | 23 | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | 1546 | — (h) | — (h) | 0.0 (g) |
|  Sanrio Co. Ltd. | 33149 | (1) | (1) | 0.0 (g) |
|  SBI Holdings, Inc. | 69668 | 14 | 14 | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | 4053 | — (h) | — (h) | 0.0 (g) |
|  SCSK Corp. | 6744 | 1 | 1 | 0.0 (g) |
|  Sega Sammy Holdings, Inc. | 1557 | — (h) | — (h) | 0.0 (g) |
|  SG Holdings Co. Ltd. | 37798 | 10 | 10 | 0.0 (g) |
|  SHIFT, Inc. | 20555 | 13 | 13 | 0.0 (g) |
|  Shimano, Inc. | 1645 | — (h) | — (h) | 0.0 (g) |
|  Shionogi & Co. Ltd. | 36879 | 2 | 2 | 0.0 (g) |
|  SUMCO Corp. | 18009 | (10) | (10) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | 4980 | — (h) | — (h) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | 2776 | — (h) | — (h) | 0.0 (g) |
|  Suzuki Motor Corp. | 106186 | (28) | (28) | 0.0 (g) |
|  Taisei Corp. | 2035 | — (h) | — (h) | 0.0 (g) |
|  TDK Corp. | 15795 | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  TIS, Inc. | 4549 | 1 | 1 | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | 5749 | — (h) | — (h) | 0.0 (g) |
|  Tokyo Metro Co. Ltd. | 63391 | 10 | 10 | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | 7808 | — (h) | — (h) | 0.0 (g) |
|  Tokyu Corp. | 6713 | 1 | 2 | 0.0 (g) |
|  TOPPAN Holdings, Inc. | 3044 | — (h) | — (h) | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | 9491 | — (h) | — (h) | 0.0 (g) |
|  Toyota Tsusho Corp. | 5348 | — (h) | — (h) | 0.0 (g) |
|  West Japan Railway Co. | 18801 | 4 | 4 | 0.0 (g) |
|  Yamato Holdings Co. Ltd. | 1679 | — (h) | — (h) | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | 5815 | 2 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 200 | 201 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  AGC, Inc. | (31357) | 3 | 3 | 0.0 (g) |
|  Aisin Corp. | (764) | — (h) | — (h) | 0.0 (g) |
|  Amada Co. Ltd. | (49713) | (10) | (10) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | (86655) | (12) | (12) | 0.0 (g) |
|  Asahi Kasei Corp. | (2698) | — (h) | — (h) | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | (37769) | 1 | 1 | 0.0 (g) |
|  BayCurrent, Inc. | (21869) | 5 | 5 | 0.0 (g) |
|  Credit Saison Co. Ltd. | (1175) | — (h) | — (h) | 0.0 (g) |
|  CyberAgent, Inc. | (6108) | 1 | 1 | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | (9083) | (5) | (5) | 0.0 (g) |
|  Denso Corp. | (91049) | (11) | (11) | 0.0 (g) |
|  Dentsu Group, Inc. | (3591) | — (h) | — (h) | 0.0 (g) |
|  DMG Mori Co. Ltd. | (31515) | — (h) | — (h) | 0.0 (g) |
|  ENEOS Holdings, Inc. | (56478) | 5 | 5 | 0.0 (g) |
|  Food & Life Cos. Ltd. | (1518) | — (h) | — (h) | 0.0 (g) |
|  Fujitsu Ltd. | (84878) | (35) | (36) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | (4930) | — (h) | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | (6984) | (1) | (1) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | (1432) | — (h) | — (h) | 0.0 (g) |
|  Isuzu Motors Ltd. | (6257) | (1) | (1) | 0.0 (g) |
|  Japan Post Bank Co. Ltd. | (1814) | — (h) | — (h) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | (1930) | — (h) | — (h) | 0.0 (g) |
|  Japan Tobacco, Inc. | (3401) | — (h) | — (h) | 0.0 (g) |
|  Kao Corp. | (64915) | (20) | (20) | 0.0 (g) |
|  Kawasaki Kisen Kaisha Ltd. | (72244) | (44) | (45) | 0.0 (g) |
|  Kubota Corp. | (111530) | 3 | 3 | 0.0 (g) |
|  Kyocera Corp. | (129053) | (39) | (40) | 0.0 (g) |
|  LY Corp. | (760) | — (h) | — (h) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd. | (2488) | — (h) | — (h) | 0.0 (g) |
|  Mitsubishi Electric Corp. | (46863) | (1) | (1) | 0.0 (g) |
|  Mitsui Kinzoku Co. Ltd. | (1063) | 1 | 1 | 0.0 (g) |
|  MS&AD Insurance Group Holdings, Inc. | (37622) | (16) | (16) | 0.0 (g) |
|  NEC Corp. | (4698) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  NH Foods Ltd. | (20415) | 1 | 1 | 0.0 (g) |
|  Nissan Chemical Corp. | (33709) | (6) | (6) | 0.0 (g) |
|  Nomura Holdings, Inc. | (4383) | — (h) | — (h) | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | (36365) | (4) | (4) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | (16753) | — (h) | — (h) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | (12334) | (1) | (1) | 0.0 (g) |
|  Rakuten Group, Inc. | (100834) | (10) | (10) | 0.0 (g) |
|  Ricoh Co. Ltd. | (35548) | (14) | (14) | 0.0 (g) |
|  Rohm Co. Ltd. | (3072) | — (h) | — (h) | 0.0 (g) |
|  Seiko Epson Corp. | (2755) | (1) | (1) | 0.0 (g) |
|  Shimizu Corp. | (1462) | — (h) | — (h) | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | (88226) | 17 | 17 | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | (18950) | (1) | (1) | 0.0 (g) |
|  Sumitomo Corp. | (3039) | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Rubber Industries Ltd. | (32824) | (8) | (8) | 0.0 (g) |
|  Sysmex Corp. | (6749) | (1) | (1) | 0.0 (g) |
|  Terumo Corp. | (10991) | — (h) | — (h) | 0.0 (g) |
|  THK Co. Ltd. | (4118) | — (h) | — (h) | 0.0 (g) |
|  Tohoku Electric Power Co., Inc. | (3466) | (1) | (1) | 0.0 (g) |
|  Tokio Marine Holdings, Inc. | (58770) | (16) | (16) | 0.0 (g) |
|  Tosoh Corp. | (13537) | (1) | (1) | 0.0 (g) |
|  Toyota Motor Corp. | (1176) | — (h) | — (h) | 0.0 (g) |
|  Unicharm Corp. | (102373) | (18) | (18) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (240) | (243) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (40) | (42) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day NOWA on long positions and short positions respectively, plus or minus spread (rates range from (0.25)% to 0.25%) which is denominated in NOK based on the local currencies of the positions within the swap | 09/03/2027 | 25 | 25 | – | 25 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Norsk Hydro ASA | 120 | — (h) | — (h) | 0.0 (g) |
|  Salmar ASA | 797 | 4 | 4 | 0.0 (g) |
|  Telenor ASA | 2831 | 7 | 7 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 11 | 11 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | (3189) | 14 | 14 | 0.0 (g) |
|  Var Energi ASA | (69) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 14 | 14 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 25 | 25 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from (0.25)% to (0.25)%) which is denominated in NZD based on the local currencies of the positions within the swap | 09/10/2027 | – (h) | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Infratil Ltd. | 1 | — (h) | — (h) | 0.0 (g) |
|  Meridian Energy Ltd. | 56 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day STIBOR on long positions and short positions respectively, plus or minus spread (rates range from (0.47)% to 0.25%) which is denominated in SEK based on the local currencies of the positions within the swap | 09/03/2027 | 15 | 14 | – | 14 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Atlas Copco AB | 195 | — (h) | — (h) | 0.0 (g) |
|  Beijer Ref AB | 676 | 4 | 4 | 0.0 (g) |
|  EQT AB | 1169 | 5 | 5 | 0.0 (g) |
|  H & M Hennes & Mauritz AB | 959 | (16) | (16) | 0.0 (g) |
|  Hexagon AB | 112 | — (h) | — (h) | 0.0 (g) |
|  Holmen AB | 120 | — (h) | — (h) | 0.0 (g) |
|  L E Lundbergforetagen AB | 1782 | 1 | 1 | 0.0 (g) |
|  Sagax AB | 255 | 1 | 1 | 0.0 (g) |
|  Sandvik AB | 218 | — (h) | — (h) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | 967 | — (h) | — (h) | 0.0 (g) |
|  Swedbank AB | 167 | — (h) | — (h) | 0.0 (g) |
|  Volvo AB | 205 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (5) | (5) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AddTech AB | (409) | (2) | (2) | 0.0 (g) |
|  Boliden AB | (3185) | 40 | 40 | 0.0 (g) |
|  Evolution AB | (2862) | (18) | (19) | 0.0 (g) |
|  Getinge AB | (315) | (1) | (1) | 0.0 (g) |
|  Securitas AB | (1717) | (5) | (5) | 0.0 (g) |
|  Skanska AB | (2871) | 3 | 3 | 0.0 (g) |
|  SSAB AB | (44) | — (h) | — (h) | 0.0 (g) |
|  Svenska Handelsbanken AB | (221) | — (h) | — (h) | 0.0 (g) |
|  Swedish Orphan Biovitrum AB | (192) | 1 | 1 | 0.0 (g) |
|  Tele2 AB | (853) | 2 | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 20 | 19 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 15 | 14 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from (0.30)% to 0.30%) which is denominated in SGD based on the local currencies of the positions within the swap | 09/10/2027 | 10 | 10 | – | 10 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  DBS Group Holdings Ltd. | 998 | 4 | 4 | 0.0 (g) |
|  Sembcorp Industries Ltd. | 358 | 6 | 6 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 10 | 10 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  CapitaLand Investment Ltd./Singapore | (41) | (1) | (1) | 0.0 (g) |
|  Genting Singapore Ltd. | (24) | 1 | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 10 | 10 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day OBFR on long positions and short positions respectively, plus or minus spread (rates range from (1.22)% to 0.20%) which is denominated in USD based on the local currencies of the positions within the swap | 09/13/2027 | 111 | 98 | 75 | 173 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Everest Group Ltd. | 61 | (3) | (3) | 0.0 (g) |
|  **Canada** |  |  |  |  |
|  D-Wave Quantum, Inc. | 25 | 2 | 2 | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Futu Holdings Ltd. | 258 | 10 | 10 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  NXP Semiconductors NV | 766 | (30) | (29) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  CNH Industrial NV | 6 | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  A O Smith Corp. | 365 | (1) | (1) | 0.0 (g) |
|  Advanced Drainage Systems, Inc. | 169 | 5 | 5 | 0.0 (g) |
|  Affirm Holdings, Inc. | 232 | 43 | 43 | 0.0 (g) |
|  Air Products and Chemicals, Inc. | 33 | 2 | 2 | 0.0 (g) |
|  Alliant Energy Corp. | 920 | (38) | (38) | 0.0 (g) |
|  Alnylam Pharmaceuticals, Inc. | 525 | 6 | 6 | 0.0 (g) |
|  American Airlines Group, Inc. | 307 | 34 | 35 | 0.0 (g) |
|  American Financial Group, Inc./OH | 653 | (30) | (30) | 0.0 (g) |
|  American Homes 4 Rent | 10 | — (h) | — (h) | 0.0 (g) |
|  Antero Midstream Corp. | 8 | — (h) | — (h) | 0.0 (g) |
|  APA Corp. | 11 | — (h) | — (h) | 0.0 (g) |
|  Avidity Biosciences, Inc. | 9 | (1) | (1) | 0.0 (g) |
|  Avis Budget Group, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Baker Hughes Co. | 12 | — (h) | — (h) | 0.0 (g) |
|  Bentley Systems, Inc. | 19 | — (h) | — (h) | 0.0 (g) |
|  BILL Holdings, Inc. | 155 | (4) | (4) | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | 84 | — (h) | — (h) | 0.0 (g) |
|  Block, Inc. | 338 | 11 | 11 | 0.0 (g) |
|  Broadcom, Inc. | 308 | 29 | 30 | 0.0 (g) |
|  BXP, Inc. | 93 | 2 | 2 | 0.0 (g) |
|  CareTrust REIT, Inc. | 100 | — (h) | — (h) | 0.0 (g) |
|  Carrier Global Corp. | 459 | 12 | 12 | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | 75 | 2 | 2 | 0.0 (g) |
|  CH Robinson Worldwide, Inc. | 1113 | 7 | 8 | 0.0 (g) |
|  Choice Hotels International, Inc. | 10 | — (h) | — (h) | 0.0 (g) |
|  Ciena Corp. | 409 | (30) | (29) | 0.0 (g) |
|  Cincinnati Financial Corp. | 5 | — (h) | — (h) | 0.0 (g) |
|  Clearwater Analytics Holdings, Inc. | 4 | — (h) | — (h) | 0.0 (g) |
|  Clorox Co. (The) | 962 | (4) | (3) | 0.0 (g) |
|  Cloudflare, Inc. | 847 | 43 | 43 | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | 68 | 2 | 2 | 0.0 (g) |
|  Comerica, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Confluent, Inc. | 69 | — (h) | — (h) | 0.0 (g) |
|  Cooper Cos., Inc. (The) | 499 | (23) | (23) | 0.0 (g) |
|  Corcept Therapeutics, Inc. | 49 | (10) | (10) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Core & Main, Inc. | 10 | — (h) | — (h) | 0.0 (g) |
|  Corning, Inc. | 2225 | (117) | (116) | 0.0 (g) |
|  Crocs, Inc. | 158 | (12) | (12) | 0.0 (g) |
|  Crowdstrike Holdings, Inc. | 868 | (89) | (89) | 0.0 (g) |
|  CSW Industrials, Inc. | 19 | — (h) | — (h) | 0.0 (g) |
|  Cullen/Frost Bankers, Inc. | 107 | 1 | 1 | 0.0 (g) |
|  Datadog, Inc. | 675 | (18) | (18) | 0.0 (g) |
|  Dominion Energy, Inc. | 39 | — (h) | — (h) | 0.0 (g) |
|  DT Midstream, Inc. | 363 | (24) | (23) | 0.0 (g) |
|  Elanco Animal Health, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Emerson Electric Co. | 1131 | 38 | 38 | 0.0 (g) |
|  Entegris, Inc. | 35 | 1 | 1 | 0.0 (g) |
|  Erie Indemnity Co. | 241 | 3 | 3 | 0.0 (g) |
|  Essential Utilities, Inc. | 306 | (17) | (17) | 0.0 (g) |
|  Exact Sciences Corp. | 177 | (4) | (4) | 0.0 (g) |
|  Fastenal Co. | 938 | (26) | (25) | 0.0 (g) |
|  Fidelity National Financial, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  FirstCash Holdings, Inc. | 8 | (1) | (1) | 0.0 (g) |
|  Gap, Inc. (The) | 290 | 32 | 32 | 0.0 (g) |
|  Gen Digital, Inc. | 958 | 13 | 13 | 0.0 (g) |
|  Generac Holdings, Inc. | 477 | 47 | 46 | 0.0 (g) |
|  Genuine Parts Co. | 7 | — (h) | — (h) | 0.0 (g) |
|  Globus Medical, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Graco, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Healthpeak Properties, Inc. | 451 | (24) | (23) | 0.0 (g) |
|  Hecla Mining Co. | 18 | — (h) | — (h) | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | 37 | — (h) | — (h) | 0.0 (g) |
|  Home Depot, Inc. (The) | 188 | 2 | 2 | 0.0 (g) |
|  Hormel Foods Corp. | 12 | — (h) | — (h) | 0.0 (g) |
|  Hyatt Hotels Corp. | 26 | — (h) | — (h) | 0.0 (g) |
|  IDACORP, Inc. | 219 | (12) | (11) | 0.0 (g) |
|  Ingersoll Rand, Inc. | 40 | — (h) | — (h) | 0.0 (g) |
|  InterDigital, Inc. | 32 | (1) | (1) | 0.0 (g) |
|  International Paper Co. | 16 | — (h) | — (h) | 0.0 (g) |
|  IonQ, Inc. | 306 | (13) | (12) | 0.0 (g) |
|  J M Smucker Co. (The) | 691 | (43) | (43) | 0.0 (g) |
|  Jack Henry & Associates, Inc. | 863 | 52 | 53 | 0.0 (g) |
|  JBT Marel Corp. | 29 | (1) | (1) | 0.0 (g) |
|  Kenvue, Inc. | 564 | 66 | 65 | 0.0 (g) |
|  Kilroy Realty Corp. | 240 | 8 | 8 | 0.0 (g) |
|  Kinetik Holdings, Inc. | 67 | — (h) | — (h) | 0.0 (g) |
|  KKR & Co., Inc. | 1157 | 119 | 118 | 0.0 (g) |
|  Klaviyo, Inc. | 9 | 2 | 2 | 0.0 (g) |
|  Knife River Corp. | 84 | — (h) | — (h) | 0.0 (g) |
|  Kraft Heinz Co. (The) | 22 | — (h) | — (h) | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | 110 | (33) | (33) | 0.0 (g) |
|  Lamar Advertising Co. | 8 | — (h) | — (h) | 0.0 (g) |
|  Lamb Weston Holdings, Inc. | 153 | (6) | (5) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Lattice Semiconductor Corp. | 117 | (16) | (16) | 0.0 (g) |
|  Leonardo DRS, Inc. | 102 | (8) | (8) | 0.0 (g) |
|  Liberty Broadband Corp. | 5 | — (h) | — (h) | 0.0 (g) |
|  Life Time Group Holdings, Inc. | 91 | 2 | 2 | 0.0 (g) |
|  Light & Wonder, Inc. | 102 | 7 | 7 | 0.0 (g) |
|  Lincoln National Corp. | 12 | — (h) | — (h) | 0.0 (g) |
|  Loar Holdings, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  Lowe's Cos., Inc. | 150 | 11 | 11 | 0.0 (g) |
|  Maplebear, Inc. | 10 | 2 | 2 | 0.0 (g) |
|  McCormick & Co., Inc./MD | 483 | (7) | (7) | 0.0 (g) |
|  Modine Manufacturing Co. | 14 | 1 | 1 | 0.0 (g) |
|  MongoDB, Inc. | 590 | 42 | 41 | 0.0 (g) |
|  Monolithic Power Systems, Inc. | 11 | (1) | (1) | 0.0 (g) |
|  New York Times Co. (The) | 558 | 17 | 18 | 0.0 (g) |
|  NewMarket Corp. | 17 | — (h) | — (h) | 0.0 (g) |
|  Nexstar Media Group, Inc. | 146 | 5 | 5 | 0.0 (g) |
|  NEXTracker, Inc. | 36 | — (h) | — (h) | 0.0 (g) |
|  Northern Trust Corp. | 26 | (1) | (1) | 0.0 (g) |
|  Occidental Petroleum Corp. | 23 | — (h) | — (h) | 0.0 (g) |
|  Oklo, Inc. | 42 | (7) | (7) | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Omnicom Group, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Packaging Corp. of America | 40 | — (h) | — (h) | 0.0 (g) |
|  Paramount Skydance Corp. | 18 | (1) | (1) | 0.0 (g) |
|  PennyMac Financial Services, Inc. | 14 | — (h) | — (h) | 0.0 (g) |
|  PPL Corp. | 15 | (1) | (1) | 0.0 (g) |
|  Primerica, Inc. | 19 | — (h) | — (h) | 0.0 (g) |
|  PTC, Inc. | 763 | 4 | 5 | 0.0 (g) |
|  QXO, Inc. | 256 | 27 | 28 | 0.0 (g) |
|  Raymond James Financial, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Realty Income Corp. | 35 | — (h) | — (h) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | 18 | — (h) | — (h) | 0.0 (g) |
|  Robinhood Markets, Inc. | 974 | (243) | (243) | 0.0 (g) |
|  Rocket Lab Corp. | 438 | 51 | 51 | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | 74 | (5) | (5) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | 357 | 35 | 34 | 0.0 (g) |
|  Samsara, Inc. | 281 | 16 | 16 | 0.0 (g) |
|  Sempra | 1303 | (105) | (105) | 0.0 (g) |
|  Service Corp. International/US | 47 | (2) | (2) | 0.0 (g) |
|  SharkNinja, Inc. | 406 | 41 | 41 | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | 32 | 3 | 3 | 0.0 (g) |
|  SLM Corp. | 93 | 1 | 1 | 0.0 (g) |
|  Snap-on, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Solventum Corp. | 15 | — (h) | — (h) | 0.0 (g) |
|  STAG Industrial, Inc. | 215 | 4 | 4 | 0.0 (g) |
|  Starbucks Corp. | 2028 | (48) | (47) | 0.0 (g) |
|  Starwood Property Trust, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  Stride, Inc. | 127 | (8) | (8) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Symbotic, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  T Rowe Price Group, Inc. | 42 | 1 | 1 | 0.0 (g) |
|  Target Corp. | 305 | (4) | (4) | 0.0 (g) |
|  Tempus AI, Inc. | 243 | 13 | 13 | 0.0 (g) |
|  Teradyne, Inc. | 66 | (10) | (10) | 0.0 (g) |
|  Texas Pacific Land Corp. | 365 | (4) | (4) | 0.0 (g) |
|  TKO Group Holdings, Inc. | 844 | 10 | 11 | 0.0 (g) |
|  Tractor Supply Co. | 649 | 30 | 30 | 0.0 (g) |
|  Tyson Foods, Inc. | 401 | (2) | (2) | 0.0 (g) |
|  U-Haul Holding Co. | 126 | 2 | 2 | 0.0 (g) |
|  UL Solutions, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  United Airlines Holdings, Inc. | 485 | 38 | 38 | 0.0 (g) |
|  Universal Display Corp. | 42 | (3) | (3) | 0.0 (g) |
|  Viper Energy, Inc. | 12 | — (h) | — (h) | 0.0 (g) |
|  Webster Financial Corp. | 6 | — (h) | — (h) | 0.0 (g) |
|  WESCO International, Inc. | 383 | 6 | 6 | 0.0 (g) |
|  WW Grainger, Inc. | 972 | 57 | 57 | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | 17 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (71) | (57) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Essent Group Ltd. | (5) | — (h) | — (h) | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | (15) | — (h) | — (h) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Global-e Online Ltd. | (7) | — (h) | — (h) | 0.0 (g) |
|  Tower Semiconductor Ltd. | (125) | 12 | 12 | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Sea Ltd. | (889) | (54) | (55) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Chubb Ltd. | (577) | 17 | 16 | 0.0 (g) |
|  Garmin Ltd. | (821) | 36 | 36 | 0.0 (g) |
|  On Holding AG | (555) | (4) | (5) | 0.0 (g) |
|  Sportradar Group AG | (24) | (2) | (2) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Janus Henderson Group plc | (14) | — (h) | — (h) | 0.0 (g) |
|  TechnipFMC plc | (251) | 3 | 3 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Adobe, Inc. | (1671) | 27 | 26 | 0.0 (g) |
|  ADT, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Akamai Technologies, Inc. | (233) | (2) | (2) | 0.0 (g) |
|  Alcoa Corp. | (339) | (7) | (8) | 0.0 (g) |
|  Allstate Corp. (The) | (421) | 38 | 38 | 0.0 (g) |
|  Ally Financial, Inc. | (49) | (5) | (5) | 0.0 (g) |
|  Alphabet, Inc. | (270) | (10) | (9) | 0.0 (g) |
|  American Express Co. | (843) | 13 | 12 | 0.0 (g) |
|  AMETEK, Inc. | (11) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Amphenol Corp. | (262) | 10 | 10 | 0.0 (g) |
|  API Group Corp. | (8) | — (h) | — (h) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | (18) | — (h) | — (h) | 0.0 (g) |
|  Aramark | (184) | 3 | 3 | 0.0 (g) |
|  Armstrong World Industries, Inc. | (318) | (1) | (1) | 0.0 (g) |
|  AT&T, Inc. | (399) | (19) | (20) | 0.0 (g) |
|  Autodesk, Inc. | (514) | (5) | (6) | 0.0 (g) |
|  BellRing Brands, Inc. | (4) | — (h) | — (h) | 0.0 (g) |
|  Biogen, Inc. | (190) | (4) | (4) | 0.0 (g) |
|  Bio-Techne Corp. | (13) | 1 | 1 | 0.0 (g) |
|  Booking Holdings, Inc. | (1401) | (40) | (41) | 0.0 (g) |
|  Booz Allen Hamilton Holding Corp. | (676) | (11) | (12) | 0.0 (g) |
|  Bridgebio Pharma, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Bright Horizons Family Solutions, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Broadridge Financial Solutions, Inc. | (404) | (19) | (19) | 0.0 (g) |
|  Caesars Entertainment, Inc. | (485) | 22 | 22 | 0.0 (g) |
|  Carpenter Technology Corp. | (10) | — (h) | — (h) | 0.0 (g) |
|  Carvana Co. | (258) | 8 | 8 | 0.0 (g) |
|  Casey's General Stores, Inc. | (274) | 5 | 5 | 0.0 (g) |
|  CBRE Group, Inc. | (544) | (26) | (27) | 0.0 (g) |
|  Celanese Corp. | (6) | — (h) | — (h) | 0.0 (g) |
|  Cencora, Inc. | (275) | 20 | 20 | 0.0 (g) |
|  Charles River Laboratories International, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Chemed Corp. | (446) | 5 | 5 | 0.0 (g) |
|  Chord Energy Corp. | (24) | (1) | (1) | 0.0 (g) |
|  Cintas Corp. | (10) | — (h) | — (h) | 0.0 (g) |
|  Comcast Corp. | (916) | (35) | (35) | 0.0 (g) |
|  Comfort Systems USA, Inc. | (412) | 23 | 23 | 0.0 (g) |
|  Commerce Bancshares, Inc./MO | (22) | — (h) | — (h) | 0.0 (g) |
|  Corteva, Inc. | (977) | (35) | (35) | 0.0 (g) |
|  Crane Co. | (17) | — (h) | — (h) | 0.0 (g) |
|  Crown Holdings, Inc. | (1) | — (h) | — (h) | 0.0 (g) |
|  CSX Corp. | (657) | 63 | 62 | 0.0 (g) |
|  Curtiss-Wright Corp. | (27) | 1 | 1 | 0.0 (g) |
|  Darden Restaurants, Inc. | (697) | (72) | (72) | 0.0 (g) |
|  Darling Ingredients, Inc. | (169) | (3) | (3) | 0.0 (g) |
|  Devon Energy Corp. | (19) | — (h) | — (h) | 0.0 (g) |
|  Digital Realty Trust, Inc. | (434) | (5) | (6) | 0.0 (g) |
|  Dollar General Corp. | (607) | (7) | (7) | 0.0 (g) |
|  Dover Corp. | (38) | (1) | (1) | 0.0 (g) |
|  Dropbox, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Duolingo, Inc. | (465) | 60 | 60 | 0.0 (g) |
|  Dutch Bros, Inc. | (340) | (54) | (55) | 0.0 (g) |
|  Edison International | (628) | (6) | (7) | 0.0 (g) |
|  Elastic NV | (26) | (1) | (1) | 0.0 (g) |
|  Encompass Health Corp. | (7) | — (h) | — (h) | 0.0 (g) |
|  Equinix, Inc. | (1101) | (12) | (12) | 0.0 (g) |
|  Essential Properties Realty Trust, Inc. | (243) | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Evercore, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Eversource Energy | (856) | 75 | 74 | 0.0 (g) |
|  ExlService Holdings, Inc. | (38) | 1 | 1 | 0.0 (g) |
|  Fidelity National Information Services, Inc. | (47) | — (h) | — (h) | 0.0 (g) |
|  First American Financial Corp. | (23) | (1) | (1) | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | (11) | — (h) | — (h) | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | (12) | — (h) | — (h) | 0.0 (g) |
|  Five Below, Inc. | (380) | 20 | 20 | 0.0 (g) |
|  Flowserve Corp. | (9) | — (h) | — (h) | 0.0 (g) |
|  Fox Corp. | (306) | 25 | 25 | 0.0 (g) |
|  Gartner, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  General Electric Co. | (495) | 24 | 24 | 0.0 (g) |
|  Globe Life, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  GoDaddy, Inc. | (574) | (34) | (35) | 0.0 (g) |
|  Goldman Sachs Group, Inc. (The) | (862) | 11 | 10 | 0.0 (g) |
|  Grand Canyon Education, Inc. | (106) | 7 | 7 | 0.0 (g) |
|  Group 1 Automotive, Inc. | (229) | (10) | (10) | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | (151) | (6) | (6) | 0.0 (g) |
|  Hasbro, Inc. | (109) | 3 | 3 | 0.0 (g) |
|  HealthEquity, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Houlihan Lokey, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Hubbell, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Huntington Ingalls Industries, Inc. | (15) | 1 | 1 | 0.0 (g) |
|  Ingredion, Inc. | (36) | (1) | (1) | 0.0 (g) |
|  Insulet Corp. | (7) | — (h) | — (h) | 0.0 (g) |
|  Intel Corp. | (294) | 108 | 108 | 0.0 (g) |
|  Jabil, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  KBR, Inc. | (12) | — (h) | — (h) | 0.0 (g) |
|  Keurig Dr Pepper, Inc. | (734) | (35) | (36) | 0.0 (g) |
|  Kinder Morgan, Inc. | (832) | 30 | 30 | 0.0 (g) |
|  Kirby Corp. | (396) | (5) | (5) | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Linde plc | (186) | (1) | (1) | 0.0 (g) |
|  Lithia Motors, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  LKQ Corp. | (187) | (6) | (6) | 0.0 (g) |
|  Lockheed Martin Corp. | (16) | 1 | 1 | 0.0 (g) |
|  LyondellBasell Industries NV | (294) | (20) | (20) | 0.0 (g) |
|  Manhattan Associates, Inc. | (16) | — (h) | — (h) | 0.0 (g) |
|  Marathon Petroleum Corp. | (392) | 28 | 28 | 0.0 (g) |
|  MasTec, Inc. | (44) | 4 | 4 | 0.0 (g) |
|  Merck & Co., Inc. | (475) | 17 | 17 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  MGM Resorts International | (51) | (2) | (2) | 0.0 (g) |
|  Microchip Technology, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Moderna, Inc. | (485) | 41 | 41 | 0.0 (g) |
|  Morgan Stanley | (1120) | 17 | 16 | 0.0 (g) |
|  Netflix, Inc. | (905) | (3) | (3) | 0.0 (g) |
|  Newmont Corp. | (9) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Nucor Corp. | (450) | (20) | (20) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | (40) | 1 | 1 | 0.0 (g) |
|  Onto Innovation, Inc. | (465) | 52 | 52 | 0.0 (g) |
|  Option Care Health, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Owens Corning | (7) | — (h) | — (h) | 0.0 (g) |
|  Parker-Hannifin Corp. | (1210) | (3) | (4) | 0.0 (g) |
|  Paylocity Holding Corp. | (405) | (19) | (19) | 0.0 (g) |
|  PG&E Corp. | (9) | — (h) | — (h) | 0.0 (g) |
|  Pinnacle Financial Partners, Inc. | (4) | — (h) | — (h) | 0.0 (g) |
|  PJT Partners, Inc. | (164) | (3) | (3) | 0.0 (g) |
|  Procter & Gamble Co. (The) | (1257) | (26) | (26) | 0.0 (g) |
|  Prologis, Inc. | (663) | 1 | 1 | 0.0 (g) |
|  Quest Diagnostics, Inc. | (607) | 34 | 33 | 0.0 (g) |
|  Reliance, Inc. | (368) | (13) | (13) | 0.0 (g) |
|  Revolution Medicines, Inc. | (200) | 2 | 2 | 0.0 (g) |
|  Rithm Capital Corp. | (96) | (9) | (9) | 0.0 (g) |
|  ROBLOX Corp. | (10) | — (h) | — (h) | 0.0 (g) |
|  Rockwell Automation, Inc. | (1126) | 10 | 9 | 0.0 (g) |
|  Salesforce, Inc. | (1614) | (37) | (38) | 0.0 (g) |
|  SBA Communications Corp. | (409) | (10) | (10) | 0.0 (g) |
|  SEI Investments Co. | (434) | (9) | (9) | 0.0 (g) |
|  Sirius XM Holdings, Inc. | (141) | (1) | (1) | 0.0 (g) |
|  SS&C Technologies Holdings, Inc. | (358) | — (h) | — (h) | 0.0 (g) |
|  Synchrony Financial | (500) | (35) | (35) | 0.0 (g) |
|  Sysco Corp. | (354) | 11 | 11 | 0.0 (g) |
|  Tapestry, Inc. | (111) | 4 | 4 | 0.0 (g) |
|  Taylor Morrison Home Corp. | (204) | (8) | (8) | 0.0 (g) |
|  Tetra Tech, Inc. | (321) | (26) | (26) | 0.0 (g) |
|  Thermo Fisher Scientific, Inc. | (412) | 9 | 9 | 0.0 (g) |
|  Toro Co. (The) | (358) | (15) | (16) | 0.0 (g) |
|  Trade Desk, Inc. (The) | (858) | 67 | 65 | 0.0 (g) |
|  Tradeweb Markets, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Trimble, Inc. | (410) | 3 | 3 | 0.0 (g) |
|  Urban Outfitters, Inc. | (249) | (2) | (2) | 0.0 (g) |
|  Ventas, Inc. | (666) | 1 | 1 | 0.0 (g) |
|  Verisk Analytics, Inc. | (34) | — (h) | — (h) | 0.0 (g) |
|  Viatris, Inc. | (139) | 5 | 5 | 0.0 (g) |
|  VICI Properties, Inc. | (377) | (6) | (6) | 0.0 (g) |
|  Virtu Financial, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Visa, Inc. | (2361) | 16 | 15 | 0.0 (g) |
|  Walmart, Inc. | (1091) | (7) | (7) | 0.0 (g) |
|  Waystar Holding Corp. | (7) | — (h) | — (h) | 0.0 (g) |
|  Woodward, Inc. | (24) | 1 | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 182 | 155 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 111 | 98 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from (0.30)% to 0.30%) which is denominated in AUD based on the local currencies of the positions within the swap | 08/19/2026 | 48 | 44 | 7 | 51 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ANZ Group Holdings Ltd. | 72 | — (h) | — (h) | 0.0 (g) |
|  ASX Ltd. | 14 | — (h) | — (h) | 0.0 (g) |
|  Brambles Ltd. | 17 | — (h) | — (h) | 0.0 (g) |
|  CAR Group Ltd. | 421 | 12 | 12 | 0.0 (g) |
|  Charter Hall Group | 150 | 2 | 2 | 0.0 (g) |
|  Cochlear Ltd. | 615 | 30 | 30 | 0.0 (g) |
|  Fortescue Ltd. | 24 | — (h) | — (h) | 0.0 (g) |
|  Genesis Minerals Ltd. | 52 | (3) | (3) | 0.0 (g) |
|  Goodman Group | 1942 | 57 | 59 | 0.0 (g) |
|  Lynas Rare Earths Ltd. | 18 | (2) | (2) | 0.0 (g) |
|  National Australia Bank Ltd. | 31 | — (h) | — (h) | 0.0 (g) |
|  NEXTDC Ltd. | 11 | — (h) | — (h) | 0.0 (g) |
|  Origin Energy Ltd. | 10 | — (h) | — (h) | 0.0 (g) |
|  Ramelius Resources Ltd. | 148 | (10) | (10) | 0.0 (g) |
|  Ramsay Health Care Ltd. | 7 | — (h) | — (h) | 0.0 (g) |
|  Rio Tinto Ltd. | 23 | (1) | (1) | 0.0 (g) |
|  Sigma Healthcare Ltd. | 52 | — (h) | — (h) | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | 55 | (1) | (1) | 0.0 (g) |
|  Vicinity Ltd. | 15 | — (h) | — (h) | 0.0 (g) |
|  Westpac Banking Corp. | 2418 | (10) | (8) | 0.0 (g) |
|  WiseTech Global Ltd. | 181 | 8 | 8 | 0.0 (g) |
|  Woolworths Group Ltd. | 29 | 1 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 83 | 87 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Ampol Ltd. | (25) | — (h) | — (h) | 0.0 (g) |
|  Aurizon Holdings Ltd. | (187) | (1) | (1) | 0.0 (g) |
|  Coles Group Ltd. | (509) | (10) | (11) | 0.0 (g) |
|  Commonwealth Bank of Australia | (2070) | (14) | (16) | 0.0 (g) |
|  Evolution Mining Ltd. | (23) | 3 | 3 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  GPT Group (The) | (13) | — (h) | — (h) | 0.0 (g) |
|  HUB24 Ltd. | (13) | — (h) | — (h) | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | (18) | — (h) | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | (212) | (2) | (2) | 0.0 (g) |
|  Mirvac Group | (132) | (7) | (7) | 0.0 (g) |
|  Orica Ltd. | (65) | — (h) | — (h) | 0.0 (g) |
|  Pro Medicus Ltd. | (157) | 1 | 1 | 0.0 (g) |
|  Qantas Airways Ltd. | (66) | — (h) | (1) | 0.0 (g) |
|  QBE Insurance Group Ltd. | (115) | — (h) | — (h) | 0.0 (g) |
|  Sandfire Resources Ltd. | (27) | 1 | 1 | 0.0 (g) |
|  Santos Ltd. | (46) | (1) | (1) | 0.0 (g) |
|  SEEK Ltd. | (548) | 4 | 4 | 0.0 (g) |
|  South32 Ltd. | (274) | 15 | 14 | 0.0 (g) |
|  Telstra Group Ltd. | (651) | (12) | (13) | 0.0 (g) |
|  Treasury Wine Estates Ltd. | (27) | — (h) | — (h) | 0.0 (g) |
|  Wesfarmers Ltd. | (110) | — (h) | — (h) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Xero Ltd. | (804) | (12) | (14) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (35) | (43) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 48 | 44 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day CORRA on long positions and short positions respectively, plus or minus spread (rates range from (2.44)% to 0.20%) which is denominated in CAD based on the local currencies of the positions within the swap | 08/18/2026 | (178) | (175) | 28 | (147) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Emera, Inc. | 1413 | (36) | (35) | 0.0 (g) |
|  G Mining Ventures Corp. | 722 | (64) | (64) | 0.0 (g) |
|  Great-West Lifeco, Inc. | 793 | (25) | (25) | 0.0 (g) |
|  IAMGOLD Corp. | 1485 | (164) | (163) | 0.0 (g) |
|  Imperial Oil Ltd. | 20 | — (h) | — (h) | 0.0 (g) |
|  Intact Financial Corp. | 870 | 6 | 7 | 0.0 (g) |
|  Ivanhoe Mines Ltd. | 7 | — (h) | — (h) | 0.0 (g) |
|  Manulife Financial Corp. | 1269 | 24 | 26 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  MDA Space Ltd. | 7 | — (h) | — (h) | 0.0 (g) |
|  OR Royalties, Inc. | 676 | (48) | (48) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | 41 | — (h) | — (h) | 0.0 (g) |
|  Royal Bank of Canada | 2034 | (36) | (34) | 0.0 (g) |
|  Saputo, Inc. | 10 | — (h) | — (h) | 0.0 (g) |
|  Toronto-Dominion Bank (The) | 4000 | (117) | (114) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  RB Global, Inc. | 3334 | 151 | 154 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (309) | (296) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Aritzia, Inc. | (21) | — (h) | — (h) | 0.0 (g) |
|  AtkinsRealis Group, Inc. | (994) | (35) | (36) | 0.0 (g) |
|  Cameco Corp. | (937) | (12) | (13) | 0.0 (g) |
|  Canadian Apartment Properties REIT | (360) | (4) | (4) | 0.0 (g) |
|  CCL Industries, Inc. | (519) | (7) | (8) | 0.0 (g) |
|  Celestica, Inc. | (439) | — (h) | (1) | 0.0 (g) |
|  Colliers International Group, Inc. | (615) | (23) | (24) | 0.0 (g) |
|  DPM Metals, Inc. | (109) | 4 | 3 | 0.0 (g) |
|  Element Fleet Management Corp. | (115) | (3) | (3) | 0.0 (g) |
|  Empire Co. Ltd. | (51) | 1 | 1 | 0.0 (g) |
|  Finning International, Inc. | (468) | 36 | 36 | 0.0 (g) |
|  First Majestic Silver Corp. | (624) | 72 | 71 | 0.0 (g) |
|  First Quantum Minerals Ltd. | (20) | 3 | 3 | 0.0 (g) |
|  George Weston Ltd. | (58) | 1 | — (h) | 0.0 (g) |
|  Hudbay Minerals, Inc. | (15) | — (h) | — (h) | 0.0 (g) |
|  IGM Financial, Inc. | (255) | (1) | (1) | 0.0 (g) |
|  Kinaxis, Inc. | (279) | (7) | (7) | 0.0 (g) |
|  Loblaw Cos. Ltd. | (1093) | (5) | (6) | 0.0 (g) |
|  Lundin Mining Corp. | (437) | 80 | 80 | 0.0 (g) |
|  Metro, Inc./CN | (53) | — (h) | — (h) | 0.0 (g) |
|  Northland Power, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  OceanaGold Corp. | (58) | 3 | 3 | 0.0 (g) |
|  Orla Mining Ltd. | (107) | (9) | (9) | 0.0 (g) |
|  Power Corp. of Canada | (1460) | 27 | 26 | 0.0 (g) |
|  RioCan Real Estate Investment Trust | (71) | — (h) | — (h) | 0.0 (g) |
|  Stantec, Inc. | (304) | 1 | 1 | 0.0 (g) |
|  TMX Group Ltd. | (21) | — (h) | — (h) | 0.0 (g) |
|  TransAlta Corp. | (30) | 1 | 1 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Endeavour Mining plc | (158) | 8 | 8 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 131 | 121 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (178) | (175) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 08/19/2026 | 32 | 31 | – | 31 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Banque Cantonale Vaudoise | 34 | — (h) | — (h) | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | 51 | 3 | 3 | 0.0 (g) |
|  Geberit AG | 72 | (2) | (2) | 0.0 (g) |
|  Georg Fischer AG | 44 | 2 | 2 | 0.0 (g) |
|  Roche Holding AG | 1203 | 4 | 3 | 0.0 (g) |
|  Sandoz Group AG | 118 | — (h) | — (h) | 0.0 (g) |
|  SIG Group AG | 52 | 26 | 26 | 0.0 (g) |
|  Straumann Holding AG | 189 | 15 | 15 | 0.0 (g) |
|  Swiss Life Holding AG | 40 | (2) | (2) | 0.0 (g) |
|  Swiss Prime Site AG | 12 | — (h) | — (h) | 0.0 (g) |
|  Swiss Re AG | 36 | (1) | (1) | 0.0 (g) |
|  VAT Group AG | 10 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 45 | 44 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | (9) | — (h) | — (h) | 0.0 (g) |
|  Baloise Holding AG | (10) | — (h) | — (h) | 0.0 (g) |
|  EMS-Chemie Holding AG | (37) | (2) | (2) | 0.0 (g) |
|  Holcim AG | (10) | — (h) | — (h) | 0.0 (g) |
|  Julius Baer Group Ltd. | (17) | — (h) | — (h) | 0.0 (g) |
|  Logitech International SA | (18) | — (h) | — (h) | 0.0 (g) |
|  Partners Group Holding AG | (168) | (11) | (11) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (13) | (13) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 32 | 31 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DKKOIS on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in DKK based on the local currencies of the positions within the swap | 08/19/2026 | (1) | (1) | – | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Coloplast A/S | 333 | 6 | 6 | 0.0 (g) |
|  DSV A/S | 304 | 1 | 1 | 0.0 (g) |
|  Novo Nordisk A/S | 449 | 4 | 4 | 0.0 (g) |
|  Novonesis Novozymes B | 535 | 1 | 1 | 0.0 (g) |
|  ROCKWOOL A/S | 775 | 3 | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 15 | 15 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Genmab A/S | (36) | — (h) | — (h) | 0.0 (g) |
|  GN Store Nord A/S | (1053) | (13) | (13) | 0.0 (g) |
|  Pandora A/S | (283) | (3) | (3) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (16) | (16) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1) | (1) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day ESTER on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 08/19/2026 | (107) | (99) | 2 | (97) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  Erste Group Bank AG | 431 | (2) | (1) | 0.0 (g) |
|  OMV AG | 23 | — (h) | — (h) | 0.0 (g) |
|  Verbund AG | 14 | — (h) | — (h) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  KBC Group NV | 48 | (1) | (1) | 0.0 (g) |
|  Lotus Bakeries NV | 40 | — (h) | — (h) | 0.0 (g) |
|  Syensqo SA | 231 | 9 | 10 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Kesko OYJ | 25 | 1 | 1 | 0.0 (g) |
|  Metso OYJ | 24 | 1 | 1 | 0.0 (g) |
|  Orion OYJ | 13 | — (h) | — (h) | 0.0 (g) |
|  UPM-Kymmene OYJ | 45 | 1 | 1 | 0.0 (g) |
|  **France** |  |  |  |  |
|  Aeroports de Paris SA | 148 | (2) | (2) | 0.0 (g) |
|  Air France-KLM | 52 | 6 | 6 | 0.0 (g) |
|  Amundi SA | 138 | (8) | (7) | 0.0 (g) |
|  Arkema SA | 92 | 10 | 10 | 0.0 (g) |
|  BioMerieux | 10 | — (h) | — (h) | 0.0 (g) |
|  Cie de Saint-Gobain SA | 1398 | 53 | 55 | 0.0 (g) |
|  Cie Generale des Etablissements Michelin SCA | 411 | 11 | 12 | 0.0 (g) |
|  Dassault Aviation SA | 309 | 23 | 23 | 0.0 (g) |
|  Dassault Systemes SE | 719 | (46) | (45) | 0.0 (g) |
|  EssilorLuxottica SA | 12 | — (h) | — (h) | 0.0 (g) |
|  Kering SA | 924 | (105) | (105) | 0.0 (g) |
|  Pernod Ricard SA | 554 | 47 | 48 | 0.0 (g) |
|  Rexel SA | 92 | — (h) | — (h) | 0.0 (g) |
|  Sartorius Stedim Biotech | 247 | 4 | 4 | 0.0 (g) |
|  Schneider Electric SE | 100 | (2) | (2) | 0.0 (g) |
|  Sodexo SA | 195 | (7) | (7) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Bayerische Motoren Werke AG | 1289 | (34) | (33) | 0.0 (g) |
|  Beiersdorf AG | 413 | 29 | 30 | 0.0 (g) |
|  Brenntag SE | 40 | — (h) | — (h) | 0.0 (g) |
|  Commerzbank AG | 198 | 7 | 8 | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | 126 | 4 | 4 | 0.0 (g) |
|  Delivery Hero SE | 95 | 9 | 9 | 0.0 (g) |
|  Fresenius SE & Co. KGaA | 13 | — (h) | — (h) | 0.0 (g) |
|  Hannover Rueck SE | 45 | (3) | (3) | 0.0 (g) |
|  KION Group AG | 206 | — (h) | — (h) | 0.0 (g) |
|  Merck KGaA | 667 | (20) | (19) | 0.0 (g) |
|  Siemens AG | 756 | 4 | 5 | 0.0 (g) |
|  Siemens Healthineers AG | 907 | 41 | 41 | 0.0 (g) |
|  TUI AG | 143 | 7 | 7 | 0.0 (g) |
|  Zalando SE | 554 | (4) | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Ireland** |  |  |  |  |
|  Bank of Ireland Group plc | 242 | (11) | (11) | 0.0 (g) |
|  Ryanair Holdings plc | 372 | (13) | (12) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  A2A SpA | 42 | (2) | (2) | 0.0 (g) |
|  Davide Campari-Milano NV | 23 | — (h) | — (h) | 0.0 (g) |
|  Ferrari NV | 1412 | (20) | (19) | 0.0 (g) |
|  Moncler SpA | 29 | — (h) | — (h) | 0.0 (g) |
|  Recordati Industria Chimica e Farmaceutica SpA | 201 | 8 | 8 | 0.0 (g) |
|  Telecom Italia SpA | 472 | (1) | (2) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | 28 | (1) | (1) | 0.0 (g) |
|  CVC Capital Partners plc | 61 | — (h) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | 812 | (40) | (39) | 0.0 (g) |
|  Aegon Ltd. | 19 | (1) | (1) | 0.0 (g) |
|  Akzo Nobel NV | 204 | 3 | 3 | 0.0 (g) |
|  Argenx SE | 469 | 17 | 18 | 0.0 (g) |
|  EXOR NV | 423 | 3 | 4 | 0.0 (g) |
|  Ferrovial SE | 269 | — (h) | — (h) | 0.0 (g) |
|  Heineken Holding NV | 221 | 2 | 2 | 0.0 (g) |
|  IMCD NV | 81 | — (h) | — (h) | 0.0 (g) |
|  ING Groep NV | 1945 | (20) | (18) | 0.0 (g) |
|  Randstad NV | 23 | (1) | (1) | 0.0 (g) |
|  **Poland** |  |  |  |  |
|  InPost SA | 69 | 3 | 3 | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Jeronimo Martins SGPS SA | 51 | 2 | 2 | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Acciona SA | 21 | — (h) | — (h) | 0.0 (g) |
|  Aena SME SA | 450 | 29 | 29 | 0.0 (g) |
|  Amadeus IT Group SA | 1040 | 7 | 8 | 0.0 (g) |
|  EDP Renovaveis SA | 6 | (1) | (1) | 0.0 (g) |
|  Indra Sistemas SA | 4 | (1) | (1) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  STMicroelectronics NV | 294 | (12) | (13) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (17) | 2 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | (87) | — (h) | — (h) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Ageas SA | (29) | — (h) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Neste OYJ | (24) | (1) | (1) | 0.0 (g) |
|  Nordea Bank Abp | (2) | — (h) | — (h) | 0.0 (g) |
|  Sampo OYJ | (436) | (4) | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **France** |  |  |  |  |
|  Accor SA | (742) | (23) | (24) | 0.0 (g) |
|  Bollore SE | (3) | — (h) | — (h) | 0.0 (g) |
|  Covivio SA | (6) | — (h) | — (h) | 0.0 (g) |
|  Eiffage SA | (436) | (17) | (17) | 0.0 (g) |
|  FDJ UNITED | (47) | — (h) | — (h) | 0.0 (g) |
|  Gecina SA | (4) | — (h) | — (h) | 0.0 (g) |
|  Ipsen SA | (25) | — (h) | — (h) | 0.0 (g) |
|  Klepierre SA | (7) | — (h) | — (h) | 0.0 (g) |
|  Publicis Groupe SA | (8) | — (h) | — (h) | 0.0 (g) |
|  SCOR SE | (4) | — (h) | — (h) | 0.0 (g) |
|  Societe Generale SA | (43) | — (h) | — (h) | 0.0 (g) |
|  SPIE SA | (7) | — (h) | — (h) | 0.0 (g) |
|  Teleperformance SE | (102) | 1 | 1 | 0.0 (g) |
|  Thales SA | (10) | 1 | 1 | 0.0 (g) |
|  TotalEnergies SE | (788) | (15) | (16) | 0.0 (g) |
|  Veolia Environnement SA | (975) | (9) | (10) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Deutsche Lufthansa AG | (376) | (16) | (16) | 0.0 (g) |
|  Fresenius Medical Care AG | (167) | 12 | 12 | 0.0 (g) |
|  GEA Group AG | (44) | 1 | 1 | 0.0 (g) |
|  Heidelberg Materials AG | (10) | — (h) | — (h) | 0.0 (g) |
|  Henkel AG & Co. KGaA | (27) | — (h) | — (h) | 0.0 (g) |
|  HOCHTIEF AG | (27) | 1 | 1 | 0.0 (g) |
|  Knorr-Bremse AG | (218) | (17) | (17) | 0.0 (g) |
|  LEG Immobilien SE | (13) | — (h) | — (h) | 0.0 (g) |
|  MTU Aero Engines AG | (412) | 41 | 41 | 0.0 (g) |
|  Nemetschek SE | (18) | — (h) | — (h) | 0.0 (g) |
|  Nordex SE | (13) | 1 | 1 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kerry Group plc | (62) | (1) | (1) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Azimut Holding SpA | (113) | 9 | 9 | 0.0 (g) |
|  Banca Mediolanum SpA | (156) | (4) | (4) | 0.0 (g) |
|  BPER Banca SPA | (525) | (5) | (6) | 0.0 (g) |
|  Fincantieri SpA | (4) | 1 | 1 | 0.0 (g) |
|  Italgas SpA | (37) | 1 | 1 | 0.0 (g) |
|  Leonardo SpA | (1047) | 44 | 43 | 0.0 (g) |
|  Nexi SpA | (123) | 7 | 7 | 0.0 (g) |
|  UniCredit SpA | (1113) | (60) | (61) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Eurofins Scientific SE | (18) | — (h) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ASR Nederland NV | (106) | 1 | — (h) | 0.0 (g) |
|  BE Semiconductor Industries NV | (35) | 2 | 1 | 0.0 (g) |
|  Euronext NV | (196) | (18) | (19) | 0.0 (g) |
|  Koninklijke KPN NV | (597) | (30) | (31) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  NN Group NV | (192) | 7 | 6 | 0.0 (g) |
|  QIAGEN NV | (50) | (1) | (1) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (17) | (2) | (2) | 0.0 (g) |
|  EDP SA | (3) | — (h) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | (20) | — (h) | — (h) | 0.0 (g) |
|  Enagas SA | (265) | 5 | 5 | 0.0 (g) |
|  Telefonica SA | (50) | (2) | (2) | 0.0 (g) |
|  Unicaja Banco SA | (18) | — (h) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | (9) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (90) | (101) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (107) | (99) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from (0.28)% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 08/19/2026 | 68 | 70 | 1 | 71 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Chile** |  |  |  |  |
|  Antofagasta plc | 25 | (7) | (7) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Prudential plc | 5 | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  DCC plc | 4 | — (h) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | 34 | (2) | (2) | 0.0 (g) |
|  Associated British Foods plc | 18 | — (h) | — (h) | 0.0 (g) |
|  Barratt Redrow plc | 70 | (8) | (8) | 0.0 (g) |
|  BT Group plc | 300 | 42 | 43 | 0.0 (g) |
|  Bunzl plc | 144 | 9 | 9 | 0.0 (g) |
|  Centrica plc | 26 | — (h) | — (h) | 0.0 (g) |
|  Diageo plc | 4 | — (h) | — (h) | 0.0 (g) |
|  Land Securities Group plc | 23 | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Lloyds Banking Group plc | 24 | 2 | 2 | 0.0 (g) |
|  LondonMetric Property plc | 2 | — (h) | — (h) | 0.0 (g) |
|  Marks & Spencer Group plc | 119 | (11) | (11) | 0.0 (g) |
|  Melrose Industries plc | 141 | (6) | (5) | 0.0 (g) |
|  National Grid plc | 17 | (1) | (1) | 0.0 (g) |
|  Rentokil Initial plc | 272 | (7) | (6) | 0.0 (g) |
|  Spirax Group plc | 14 | — (h) | — (h) | 0.0 (g) |
|  SSE plc | 240 | (11) | (11) | 0.0 (g) |
|  Unilever plc | 1227 | 69 | 72 | 0.0 (g) |
|  Vistry Group plc | 3 | — (h) | — (h) | 0.0 (g) |
|  Vodafone Group plc | 41 | (3) | (3) | 0.0 (g) |
|  Whitbread plc | 273 | (9) | (9) | 0.0 (g) |
|  Wise plc | 104 | 13 | 13 | 0.0 (g) |
|  WPP plc | 53 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 69 | 75 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Ireland** |  |  |  |  |
|  Experian plc | (607) | (21) | (23) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Coca-Cola HBC AG | (9) | — (h) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Admiral Group plc | (39) | 1 | 1 | 0.0 (g) |
|  Babcock International Group plc | (27) | 5 | 5 | 0.0 (g) |
|  Barclays plc | (20) | — (h) | — (h) | 0.0 (g) |
|  Bellway plc | (5) | — (h) | — (h) | 0.0 (g) |
|  Burberry Group plc | (121) | 16 | 17 | 0.0 (g) |
|  Entain plc | (33) | — (h) | — (h) | 0.0 (g) |
|  Games Workshop Group plc | (38) | (1) | (1) | 0.0 (g) |
|  Halma plc | (6) | — (h) | — (h) | 0.0 (g) |
|  IG Group Holdings plc | (13) | — (h) | — (h) | 0.0 (g) |
|  IMI plc | (24) | — (h) | — (h) | 0.0 (g) |
|  Imperial Brands plc | (381) | (1) | (2) | 0.0 (g) |
|  InterContinental Hotels Group plc | (136) | 5 | 4 | 0.0 (g) |
|  Intertek Group plc | (98) | 3 | 3 | 0.0 (g) |
|  JD Sports Fashion plc | — (h) | — (h) | — (h) | 0.0 (g) |
|  Legal & General Group plc | (93) | (5) | (5) | 0.0 (g) |
|  London Stock Exchange Group plc | (29) | (1) | (1) | 0.0 (g) |
|  NatWest Group plc | (73) | (1) | (1) | 0.0 (g) |
|  Pearson plc | (55) | 2 | 2 | 0.0 (g) |
|  Sage Group plc (The) | (369) | 17 | 17 | 0.0 (g) |
|  Schroders plc | (106) | (1) | (1) | 0.0 (g) |
|  Smith & Nephew plc | (375) | (19) | (19) | 0.0 (g) |
|  Smiths Group plc | (143) | 1 | — (h) | 0.0 (g) |
|  St James's Place plc | (119) | — (h) | — (h) | 0.0 (g) |
|  UNITE Group plc (The) | (31) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **United States** |  |  |  |  |
|  Carnival plc | (17) | (1) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1) | (5) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 68 | 70 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from (0.30)% to 0.30%) which is denominated in HKD based on the local currencies of the positions within the swap | 08/19/2026 | (16) | (17) | – | (17) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  MTR Corp. Ltd. | 39 | – (h) | – (h) | 0.0 (g) |
|  Sino Land Co. Ltd. | 416 | 1 | 1 | 0.0 (g) |
|  Wharf Holdings Ltd. (The) | 295 | 2 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  AIA Group Ltd. | (7662) | (6) | (7) | 0.0 (g) |
|  CK Asset Holdings Ltd. | (37) | — (h) | — (h) | 0.0 (g) |
|  Guotai Junan International Holdings Ltd. | (749) | (20) | (20) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  ASMPT Ltd. | (222) | 5 | 5 | 0.0 (g) |
|  Mobvista, Inc. | (47) | 2 | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (19) | (20) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (16) | (17) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from (0.55)% to 0.55%) which is denominated in ILS based on the local currencies of the positions within the swap | 08/19/2026 | 21 | 21 | – | 21 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Mizrahi Tefahot Bank Ltd. | 582 | (5) | (4) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (5) | (4) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | (904) | 16 | 15 | 0.0 (g) |
|  Bank Leumi Le-Israel BM | (559) | 10 | 10 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 26 | 25 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 21 | 21 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from (1.12)% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 08/19/2026 | 74 | 69 | 258 | 327 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Advantest Corp. | 70645 | (18) | (18) | 0.0 (g) |
|  Aeon Co. Ltd. | 1633 | — (h) | — (h) | 0.0 (g) |
|  Asics Corp. | 782 | — (h) | — (h) | 0.0 (g) |
|  Capcom Co. Ltd. | 4451 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Central Japan Railway Co. | 33030 | — (h) | — (h) | 0.0 (g) |
|  Chiba Bank Ltd. (The) | 3311 | (1) | (1) | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | 2552 | 1 | 1 | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | 877 | — (h) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | 10967 | (3) | (3) | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | 6514 | — (h) | — (h) | 0.0 (g) |
|  Fuji Media Holdings, Inc. | 19195 | — (h) | — (h) | 0.0 (g) |
|  FUJIFILM Holdings Corp. | 159223 | 2 | 2 | 0.0 (g) |
|  Furukawa Electric Co. Ltd. | 6348 | — (h) | — (h) | 0.0 (g) |
|  Hoshizaki Corp. | 9678 | 2 | 2 | 0.0 (g) |
|  IHI Corp. | 1544 | (3) | (3) | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | 2343 | 1 | 1 | 0.0 (g) |
|  ITOCHU Corp. | 74637 | 9 | 9 | 0.0 (g) |
|  J Front Retailing Co. Ltd. | 4900 | — (h) | — (h) | 0.0 (g) |
|  Japan Post Insurance Co. Ltd. | 2916 | — (h) | — (h) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | 6747 | (3) | (3) | 0.0 (g) |
|  Kadokawa Corp. | 12303 | (2) | (2) | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | 938 | — (h) | — (h) | 0.0 (g) |
|  Keisei Electric Railway Co. Ltd. | 2392 | — (h) | — (h) | 0.0 (g) |
|  Kikkoman Corp. | 2193 | — (h) | — (h) | 0.0 (g) |
|  Kirin Holdings Co. Ltd. | 93245 | (5) | (5) | 0.0 (g) |
|  Kobe Bussan Co. Ltd. | 2027 | — (h) | — (h) | 0.0 (g) |
|  Kokusai Electric Corp. | 23108 | (28) | (28) | 0.0 (g) |
|  Komatsu Ltd. | 82890 | 6 | 6 | 0.0 (g) |
|  Konami Group Corp. | 82155 | 21 | 21 | 0.0 (g) |
|  Kyowa Kirin Co. Ltd. | 34306 | 10 | 10 | 0.0 (g) |
|  Lasertec Corp. | 12497 | (12) | (12) | 0.0 (g) |
|  M3, Inc. | 3030 | — (h) | — (h) | 0.0 (g) |
|  Makita Corp. | 7953 | 2 | 2 | 0.0 (g) |
|  Maruwa Co. Ltd./Aichi | 31114 | 27 | 27 | 0.0 (g) |
|  MatsukiyoCocokara & Co. | 4644 | 1 | 1 | 0.0 (g) |
|  Mebuki Financial Group, Inc. | 26860 | (4) | (4) | 0.0 (g) |
|  MEIJI Holdings Co. Ltd. | 15445 | 3 | 3 | 0.0 (g) |
|  Mercari, Inc. | 906 | — (h) | — (h) | 0.0 (g) |
|  Mitsubishi Motors Corp. | 7309 | 2 | 2 | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | 7761 | (2) | (2) | 0.0 (g) |
|  Mitsui OSK Lines Ltd. | 68272 | 33 | 33 | 0.0 (g) |
|  Nikon Corp. | 7005 | 1 | 1 | 0.0 (g) |
|  Nippon Building Fund, Inc. | 34234 | 6 | 6 | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | 53114 | (2) | (2) | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | 11991 | 7 | 7 | 0.0 (g) |
|  Nippon Steel Corp. | 22336 | 9 | 9 | 0.0 (g) |
|  Nissin Foods Holdings Co. Ltd. | 8193 | 1 | 1 | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | 35538 | (1) | (1) | 0.0 (g) |
|  Nitto Denko Corp. | 3766 | (1) | (1) | 0.0 (g) |
|  Oji Holdings Corp. | 919 | — (h) | — (h) | 0.0 (g) |
|  Organo Corp. | 8126 | 1 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Oriental Land Co. Ltd./Japan | 10657 | — (h) | — (h) | 0.0 (g) |
|  Osaka Gas Co. Ltd. | 1282 | — (h) | — (h) | 0.0 (g) |
|  Otsuka Holdings Co. Ltd. | 847 | — (h) | — (h) | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | 5048 | 2 | 2 | 0.0 (g) |
|  Rakuten Bank Ltd. | 52261 | (21) | (21) | 0.0 (g) |
|  Resonac Holdings Corp. | 20162 | (3) | (3) | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | 1377 | — (h) | — (h) | 0.0 (g) |
|  SCSK Corp. | 9970 | 5 | 5 | 0.0 (g) |
|  Sega Sammy Holdings, Inc. | 19694 | — (h) | — (h) | 0.0 (g) |
|  Seibu Holdings, Inc. | 4431 | 1 | 1 | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | 9155 | 2 | 2 | 0.0 (g) |
|  Shimamura Co. Ltd. | 1101 | 1 | 1 | 0.0 (g) |
|  Shionogi & Co. Ltd. | 4459 | — (h) | — (h) | 0.0 (g) |
|  Socionext, Inc. | 50771 | 23 | 23 | 0.0 (g) |
|  Sojitz Corp. | 62618 | 10 | 10 | 0.0 (g) |
|  Subaru Corp. | 40796 | 8 | 8 | 0.0 (g) |
|  SUMCO Corp. | 3464 | (2) | (2) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | 2461 | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Pharma Co. Ltd. | 5231 | (2) | (2) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | 33692 | 3 | 3 | 0.0 (g) |
|  Taisei Corp. | 3060 | — (h) | — (h) | 0.0 (g) |
|  Takashimaya Co. Ltd. | 1186 | — (h) | — (h) | 0.0 (g) |
|  TDK Corp. | 17174 | (7) | (7) | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | 949 | — (h) | — (h) | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | 2174 | — (h) | — (h) | 0.0 (g) |
|  Tokyo Metro Co. Ltd. | 43131 | 8 | 8 | 0.0 (g) |
|  Tokyu Corp. | 4516 | 1 | 1 | 0.0 (g) |
|  TOPPAN Holdings, Inc. | 3881 | 1 | 1 | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | 63919 | 3 | 3 | 0.0 (g) |
|  Toyota Tsusho Corp. | 5323 | — (h) | — (h) | 0.0 (g) |
|  West Japan Railway Co. | 1007 | — (h) | — (h) | 0.0 (g) |
|  Yakult Honsha Co. Ltd. | 28532 | 5 | 5 | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | 6846 | — (h) | — (h) | 0.0 (g) |
|  Yamato Holdings Co. Ltd. | 8206 | 1 | 1 | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | 1152 | — (h) | — (h) | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | 60031 | — (h) | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 99 | 100 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Aisin Corp. | (8236) | — (h) | — (h) | 0.0 (g) |
|  Amada Co. Ltd. | (11688) | — (h) | — (h) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | (2295) | — (h) | — (h) | 0.0 (g) |
|  Bridgestone Corp. | (133891) | (21) | (21) | 0.0 (g) |
|  Credit Saison Co. Ltd. | (14202) | — (h) | — (h) | 0.0 (g) |
|  Dai Nippon Printing Co. Ltd. | (15795) | (5) | (5) | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | (18190) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Daiichi Sankyo Co. Ltd. | (1367) | — (h) | — (h) | 0.0 (g) |
|  Dentsu Group, Inc. | (1291) | — (h) | — (h) | 0.0 (g) |
|  DMG Mori Co. Ltd. | (17787) | — (h) | — (h) | 0.0 (g) |
|  Eisai Co. Ltd. | (46120) | (13) | (13) | 0.0 (g) |
|  Food & Life Cos. Ltd. | (1612) | — (h) | — (h) | 0.0 (g) |
|  Fujitsu Ltd. | (1473) | (1) | (1) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | (7473) | — (h) | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | (8193) | — (h) | — (h) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | (45702) | (8) | (8) | 0.0 (g) |
|  Hitachi Ltd. | (12150) | — (h) | — (h) | 0.0 (g) |
|  Isuzu Motors Ltd. | (3081) | (1) | (1) | 0.0 (g) |
|  Japan Post Bank Co. Ltd. | (56377) | (12) | (12) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | (117082) | (34) | (34) | 0.0 (g) |
|  Japan Tobacco, Inc. | (212423) | 33 | 32 | 0.0 (g) |
|  Kubota Corp. | (7644) | — (h) | — (h) | 0.0 (g) |
|  Kyocera Corp. | (2236) | — (h) | — (h) | 0.0 (g) |
|  LY Corp. | (1292) | — (h) | — (h) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd. | (2540) | — (h) | — (h) | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | (30540) | 3 | 3 | 0.0 (g) |
|  Mitsui & Co. Ltd. | (166870) | (6) | (7) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | (3377) | — (h) | — (h) | 0.0 (g) |
|  Mitsui Kinzoku Co. Ltd. | (1081) | — (h) | — (h) | 0.0 (g) |
|  Murata Manufacturing Co. Ltd. | (167525) | 78 | 77 | 0.0 (g) |
|  NEC Corp. | (20071) | 2 | 2 | 0.0 (g) |
|  NH Foods Ltd. | (6456) | — (h) | — (h) | 0.0 (g) |
|  Nippon Yusen KK | (73313) | (45) | (45) | 0.0 (g) |
|  Nomura Holdings, Inc. | (1410) | — (h) | — (h) | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | (23693) | (2) | (2) | 0.0 (g) |
|  Obayashi Corp. | (12112) | — (h) | — (h) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | (83707) | (12) | (13) | 0.0 (g) |
|  Oracle Corp. Japan | (12851) | (5) | (5) | 0.0 (g) |
|  ORIX Corp. | (92851) | (16) | (17) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | (20056) | (2) | (2) | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | (3108) | 1 | 1 | 0.0 (g) |
|  Resona Holdings, Inc. | (74807) | 7 | 6 | 0.0 (g) |
|  Seiko Epson Corp. | (41938) | (12) | (12) | 0.0 (g) |
|  Shimizu Corp. | (45453) | (5) | (5) | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | (15346) | 3 | 3 | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | (15278) | (4) | (4) | 0.0 (g) |
|  Sumitomo Corp. | (74607) | (9) | (9) | 0.0 (g) |
|  Sumitomo Electric Industries Ltd. | (74725) | (6) | (6) | 0.0 (g) |
|  Sumitomo Metal Mining Co. Ltd. | (44140) | 24 | 24 | 0.0 (g) |
|  Sumitomo Mitsui Financial Group, Inc. | (345695) | 62 | 62 | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | (25339) | — (h) | — (h) | 0.0 (g) |
|  Terumo Corp. | (4218) | — (h) | — (h) | 0.0 (g) |
|  THK Co. Ltd. | (45541) | 2 | 2 | 0.0 (g) |
|  Tohoku Electric Power Co., Inc. | (9102) | (3) | (3) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Tokio Marine Holdings, Inc. | (1254) | — (h) | — (h) | 0.0 (g) |
|  Tosoh Corp. | (10217) | (4) | (4) | 0.0 (g) |
|  TOTO Ltd. | (49984) | (12) | (12) | 0.0 (g) |
|  Unicharm Corp. | (12111) | (2) | (2) | 0.0 (g) |
|  Yaskawa Electric Corp. | (919) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (25) | (31) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 74 | 69 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day NOWA on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in NOK based on the local currencies of the positions within the swap | 08/19/2026 | (1) | (1) | – | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Norsk Hydro ASA | 220 | (1) | (1) | 0.0 (g) |
|  Telenor ASA | 178 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (1) | (1) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | (311) | 1 | 1 | 0.0 (g) |
|  Kongsberg Gruppen ASA | (46) | — (h) | — (h) | 0.0 (g) |
|  Var Energi ASA | (358) | (1) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from (0.40)% to (0.40)%) which is denominated in NZD based on the local currencies of the positions within the swap | 08/19/2026 | – (h) | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Infratil Ltd. | 139 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month STIBOR on long positions and short positions respectively, plus or minus spread (rates range from (0.70)% to 0.26%) which is denominated in SEK based on the local currencies of the positions within the swap | 08/19/2026 | (40) | (38) | – (h) | (38) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Alfa Laval AB | 247 | — (h) | — (h) | 0.0 (g) |
|  Atlas Copco AB | 59 | — (h) | — (h) | 0.0 (g) |
|  EQT AB | 649 | 1 | 1 | 0.0 (g) |
|  Fastighets AB Balder | 721 | 1 | 1 | 0.0 (g) |
|  H & M Hennes & Mauritz AB | 5258 | (99) | (98) | 0.0 (g) |
|  Hexagon AB | 47 | — (h) | — (h) | 0.0 (g) |
|  Holmen AB | 1096 | 1 | 1 | 0.0 (g) |
|  Investment AB Latour | 708 | 4 | 4 | 0.0 (g) |
|  L E Lundbergforetagen AB | 581 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Sagax AB | 402 | 1 | 1 | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | 1658 | (2) | (1) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | 3084 | (2) | (2) | 0.0 (g) |
|  Swedbank AB | 370 | (1) | (1) | 0.0 (g) |
|  Trelleborg AB | 1941 | 15 | 15 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (81) | (79) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Getinge AB | (140) | (1) | (1) | 0.0 (g) |
|  Indutrade AB | (71) | — (h) | — (h) | 0.0 (g) |
|  Saab AB | (3282) | 26 | 26 | 0.0 (g) |
|  Sinch AB | (86) | — (h) | — (h) | 0.0 (g) |
|  Skanska AB | (1965) | 3 | 3 | 0.0 (g) |
|  SSAB AB | (56) | — (h) | — (h) | 0.0 (g) |
|  Svenska Handelsbanken AB | (5080) | 10 | 10 | 0.0 (g) |
|  Tele2 AB | (1248) | 2 | 2 | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | (214) | 1 | 1 | 0.0 (g) |
|  Telia Co. AB | (4862) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 41 | 41 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (40) | (38) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from (0.30)% to 0.30%) which is denominated in SGD based on the local currencies of the positions within the swap | 08/19/2026 | (1) | (1) | – | (1) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. | 5 | — (h) | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Mapletree Logistics Trust | 14 | — (h) | — (h) | 0.0 (g) |
|  Sembcorp Industries Ltd. | 135 | 1 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  Singapore Telecommunications Ltd. | (39) | (2) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2) | (2) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1) | (1) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from (0.98)% to 0.20%) which is denominated in USD based on the local currencies of the positions within the swap | 08/18/2026 | 296 | 292 | 70 | 362 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Everest Group Ltd. | 30 | — (h) | — (h) | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | 33 | (2) | (2) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Jazz Pharmaceuticals plc | 266 | (14) | (14) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Monday.com Ltd. | 203 | — (h) | — (h) | 0.0 (g) |
|  Nova Ltd. | 17 | (1) | (1) | 0.0 (g) |
|  **Thailand** |  |  |  |  |
|  Fabrinet | 213 | (3) | (3) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Birkenstock Holding plc | 191 | 4 | 4 | 0.0 (g) |
|  CNH Industrial NV | 267 | 1 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Coca-Cola Europacific Partners plc | 38 | — (h) | — (h) | 0.0 (g) |
|  Genius Sports Ltd. | 14 | — (h) | — (h) | 0.0 (g) |
|  Willis Towers Watson plc | 18 | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  AAON, Inc. | 164 | (18) | (18) | 0.0 (g) |
|  AeroVironment, Inc. | 163 | (39) | (38) | 0.0 (g) |
|  AGCO Corp. | 171 | 4 | 4 | 0.0 (g) |
|  AGNC Investment Corp. | 1337 | 58 | 61 | 0.0 (g) |
|  Air Products and Chemicals, Inc. | 2610 | 152 | 156 | 0.0 (g) |
|  Albertsons Cos., Inc. | 555 | 28 | 29 | 0.0 (g) |
|  Alnylam Pharmaceuticals, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  Ameren Corp. | 338 | (13) | (13) | 0.0 (g) |
|  American Electric Power Co., Inc. | 908 | (29) | (27) | 0.0 (g) |
|  American Financial Group, Inc./OH | 6 | — (h) | — (h) | 0.0 (g) |
|  Applied Digital Corp. | 104 | (4) | (4) | 0.0 (g) |
|  Applied Materials, Inc. | 250 | (1) | (1) | 0.0 (g) |
|  AptarGroup, Inc. | 329 | 3 | 3 | 0.0 (g) |
|  Archer Aviation, Inc. | 62 | (3) | (3) | 0.0 (g) |
|  Atmos Energy Corp. | 22 | (1) | (1) | 0.0 (g) |
|  Automatic Data Processing, Inc. | 1938 | (18) | (14) | 0.0 (g) |
|  Avidity Biosciences, Inc. | 14 | (1) | (1) | 0.0 (g) |
|  Avis Budget Group, Inc. | 289 | (16) | (15) | 0.0 (g) |
|  Axsome Therapeutics, Inc. | 144 | (6) | (6) | 0.0 (g) |
|  Baxter International, Inc. | 235 | 11 | 11 | 0.0 (g) |
|  Bentley Systems, Inc. | 442 | 10 | 11 | 0.0 (g) |
|  BILL Holdings, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Brown & Brown, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Builders FirstSource, Inc. | 415 | 56 | 57 | 0.0 (g) |
|  Burlington Stores, Inc. | 621 | 36 | 37 | 0.0 (g) |
|  BXP, Inc. | 16 | 1 | 1 | 0.0 (g) |
|  Cadence Bank | 19 | — (h) | — (h) | 0.0 (g) |
|  Casella Waste Systems, Inc. | 287 | (15) | (14) | 0.0 (g) |
|  Cava Group, Inc. | 378 | 13 | 14 | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | 20 | 1 | 1 | 0.0 (g) |
|  Cincinnati Financial Corp. | 27 | (1) | (1) | 0.0 (g) |
|  Clorox Co. (The) | 13 | — (h) | — (h) | 0.0 (g) |
|  CNX Resources Corp. | 85 | (6) | (6) | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | 40 | (1) | (1) | 0.0 (g) |
|  Coeur Mining, Inc. | 4 | (1) | (1) | 0.0 (g) |
|  Coherent Corp. | 6 | — (h) | — (h) | 0.0 (g) |
|  Columbia Banking System, Inc. | 316 | 1 | 2 | 0.0 (g) |
|  Commvault Systems, Inc. | 104 | — (h) | 1 | 0.0 (g) |
|  Comstock Resources, Inc. | 6 | (1) | (1) | 0.0 (g) |
|  ConocoPhillips | 37 | — (h) | — (h) | 0.0 (g) |
|  Core & Main, Inc. | 242 | (20) | (20) | 0.0 (g) |
|  Coterra Energy, Inc. | 25 | 1 | 1 | 0.0 (g) |
|  Dayforce, Inc. | 526 | — (h) | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Diamondback Energy, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Dillard's, Inc. | 164 | (8) | (7) | 0.0 (g) |
|  Docusign, Inc. | 488 | 57 | 58 | 0.0 (g) |
|  Dominion Energy, Inc. | 1464 | (15) | (12) | 0.0 (g) |
|  DT Midstream, Inc. | 25 | (1) | (1) | 0.0 (g) |
|  Eagle Materials, Inc. | 310 | 2 | 3 | 0.0 (g) |
|  East West Bancorp, Inc. | 127 | 2 | 2 | 0.0 (g) |
|  EastGroup Properties, Inc. | 375 | (6) | (5) | 0.0 (g) |
|  Entegris, Inc. | 47 | 1 | 1 | 0.0 (g) |
|  EQT Corp. | 9 | — (h) | — (h) | 0.0 (g) |
|  Essential Utilities, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  F5, Inc. | 34 | — (h) | — (h) | 0.0 (g) |
|  Federal Realty Investment Trust | 515 | (1) | — (h) | 0.0 (g) |
|  First Solar, Inc. | 21 | — (h) | — (h) | 0.0 (g) |
|  FirstCash Holdings, Inc. | 8 | (1) | (1) | 0.0 (g) |
|  Flagstar Bank NA | 88 | 6 | 6 | 0.0 (g) |
|  Fortive Corp. | 1075 | (10) | (8) | 0.0 (g) |
|  Gen Digital, Inc. | 22 | — (h) | — (h) | 0.0 (g) |
|  Generac Holdings, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  General Mills, Inc. | 855 | (25) | (23) | 0.0 (g) |
|  Genuine Parts Co. | 28 | — (h) | — (h) | 0.0 (g) |
|  Glaukos Corp. | 49 | (1) | — (h) | 0.0 (g) |
|  GLOBALFOUNDRIES, Inc. | 122 | (14) | (14) | 0.0 (g) |
|  Graco, Inc. | 397 | (1) | — (h) | 0.0 (g) |
|  Graphic Packaging Holding Co. | 537 | 18 | 19 | 0.0 (g) |
|  GXO Logistics, Inc. | 175 | (8) | (7) | 0.0 (g) |
|  Hamilton Lane, Inc. | 53 | 4 | 4 | 0.0 (g) |
|  Hecla Mining Co. | 9 | (1) | (1) | 0.0 (g) |
|  Henry Schein, Inc. | 135 | 5 | 5 | 0.0 (g) |
|  Hyatt Hotels Corp. | 103 | — (h) | — (h) | 0.0 (g) |
|  IDEXX Laboratories, Inc. | 1211 | 10 | 12 | 0.0 (g) |
|  Illumina, Inc. | 182 | 11 | 11 | 0.0 (g) |
|  InterDigital, Inc. | 227 | (11) | (11) | 0.0 (g) |
|  International Paper Co. | 31 | — (h) | — (h) | 0.0 (g) |
|  Itron, Inc. | 292 | (11) | (10) | 0.0 (g) |
|  JBT Marel Corp. | 9 | — (h) | — (h) | 0.0 (g) |
|  Kilroy Realty Corp. | 11 | 1 | 1 | 0.0 (g) |
|  Kinsale Capital Group, Inc. | 238 | (1) | — (h) | 0.0 (g) |
|  Klaviyo, Inc. | 11 | 1 | 1 | 0.0 (g) |
|  Kraft Heinz Co. (The) | 24 | — (h) | — (h) | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | 11 | (2) | (2) | 0.0 (g) |
|  Krystal Biotech, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Lamar Advertising Co. | 474 | 20 | 21 | 0.0 (g) |
|  Lincoln Electric Holdings, Inc. | 234 | 1 | 1 | 0.0 (g) |
|  Lineage, Inc. | 92 | 8 | 9 | 0.0 (g) |
|  Littelfuse, Inc. | 105 | 2 | 2 | 0.0 (g) |
|  Live Nation Entertainment, Inc. | 844 | 44 | 46 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Loar Holdings, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Loews Corp. | 981 | (35) | (34) | 0.0 (g) |
|  Lowe's Cos., Inc. | 464 | 29 | 30 | 0.0 (g) |
|  LPL Financial Holdings, Inc. | 443 | 5 | 6 | 0.0 (g) |
|  Maplebear, Inc. | 17 | 3 | 3 | 0.0 (g) |
|  Markel Group, Inc. | 27 | — (h) | — (h) | 0.0 (g) |
|  Modine Manufacturing Co. | 146 | 10 | 10 | 0.0 (g) |
|  Molina Healthcare, Inc. | 383 | (33) | (33) | 0.0 (g) |
|  MongoDB, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  MSCI, Inc. | 1074 | 17 | 19 | 0.0 (g) |
|  Murphy USA, Inc. | 363 | 7 | 8 | 0.0 (g) |
|  NewMarket Corp. | 6 | — (h) | — (h) | 0.0 (g) |
|  NEXTracker, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Occidental Petroleum Corp. | 9 | — (h) | — (h) | 0.0 (g) |
|  OGE Energy Corp. | 345 | (15) | (15) | 0.0 (g) |
|  Omnicom Group, Inc. | 950 | (59) | (58) | 0.0 (g) |
|  Packaging Corp. of America | 28 | — (h) | — (h) | 0.0 (g) |
|  Paramount Skydance Corp. | 27 | — (h) | — (h) | 0.0 (g) |
|  PennyMac Financial Services, Inc. | 28 | — (h) | — (h) | 0.0 (g) |
|  Penske Automotive Group, Inc. | 192 | 5 | 5 | 0.0 (g) |
|  Penumbra, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Phillips 66 | 357 | (13) | (13) | 0.0 (g) |
|  PPL Corp. | 895 | (30) | (29) | 0.0 (g) |
|  Qualys, Inc. | 50 | — (h) | — (h) | 0.0 (g) |
|  QXO, Inc. | 11 | 1 | 1 | 0.0 (g) |
|  Raymond James Financial, Inc. | 1037 | (27) | (25) | 0.0 (g) |
|  Realty Income Corp. | 33 | — (h) | — (h) | 0.0 (g) |
|  Repligen Corp. | 77 | (14) | (13) | 0.0 (g) |
|  Rollins, Inc. | 1090 | (45) | (44) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Samsara, Inc. | 4 | — (h) | — (h) | 0.0 (g) |
|  Shift4 Payments, Inc. | 263 | 27 | 27 | 0.0 (g) |
|  SoFi Technologies, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  SPX Technologies, Inc. | 305 | — (h) | 1 | 0.0 (g) |
|  StandardAero, Inc. | 59 | (1) | (1) | 0.0 (g) |
|  Starwood Property Trust, Inc. | 71 | 2 | 3 | 0.0 (g) |
|  Teleflex, Inc. | 355 | 10 | 11 | 0.0 (g) |
|  Teradyne, Inc. | 663 | (133) | (133) | 0.0 (g) |
|  Texas Pacific Land Corp. | 31 | (1) | — (h) | 0.0 (g) |
|  Timken Co. (The) | 262 | 8 | 8 | 0.0 (g) |
|  TPG, Inc. | 227 | 15 | 15 | 0.0 (g) |
|  UDR, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  U-Haul Holding Co. | 5 | — (h) | — (h) | 0.0 (g) |
|  UL Solutions, Inc. | 152 | (8) | (7) | 0.0 (g) |
|  UMB Financial Corp. | 8 | — (h) | — (h) | 0.0 (g) |
|  Unity Software, Inc. | 235 | 33 | 34 | 0.0 (g) |
|  Universal Health Services, Inc. | 446 | (35) | (35) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Viper Energy, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Vistra Corp. | 285 | 24 | 24 | 0.0 (g) |
|  W R Berkley Corp. | 14 | (1) | (1) | 0.0 (g) |
|  Warner Music Group Corp. | 5 | — (h) | — (h) | 0.0 (g) |
|  Watts Water Technologies, Inc. | 425 | 4 | 4 | 0.0 (g) |
|  Western Alliance Bancorp | 37 | 1 | 1 | 0.0 (g) |
|  Weyerhaeuser Co. | 394 | — (h) | 1 | 0.0 (g) |
|  Zoom Communications, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (7) | 60 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Essent Group Ltd. | (14) | — (h) | — (h) | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | (17) | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Accenture plc | (1164) | 43 | 41 | 0.0 (g) |
|  Medtronic plc | (178) | 3 | 3 | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Check Point Software Technologies Ltd. | (358) | 16 | 16 | 0.0 (g) |
|  Tower Semiconductor Ltd. | (6) | — (h) | — (h) | 0.0 (g) |
|  Wix.com Ltd. | (354) | 14 | 13 | 0.0 (g) |
|  **Puerto Rico** |  |  |  |  |
|  Popular, Inc. | (226) | 6 | 5 | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Sportradar Group AG | (13) | — (h) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Pentair plc | (454) | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  AECOM | (428) | 9 | 8 | 0.0 (g) |
|  Agree Realty Corp. | (549) | (15) | (16) | 0.0 (g) |
|  Alphabet, Inc. | (29) | (1) | (1) | 0.0 (g) |
|  Amazon.com, Inc. | (1846) | (95) | (98) | 0.0 (g) |
|  AMETEK, Inc. | (1195) | (10) | (12) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | (13) | — (h) | — (h) | 0.0 (g) |
|  AutoZone, Inc. | (550) | 7 | 6 | 0.0 (g) |
|  Badger Meter, Inc. | (228) | (2) | (2) | 0.0 (g) |
|  Berkshire Hathaway, Inc. | (844) | 19 | 18 | 0.0 (g) |
|  Bio-Techne Corp. | (302) | 24 | 23 | 0.0 (g) |
|  BorgWarner, Inc. | (21) | — (h) | — (h) | 0.0 (g) |
|  Boyd Gaming Corp. | (7) | — (h) | — (h) | 0.0 (g) |
|  Bright Horizons Family Solutions, Inc. | (277) | (2) | (2) | 0.0 (g) |
|  Brinker International, Inc. | (14) | (2) | (2) | 0.0 (g) |
|  Cardinal Health, Inc. | (952) | 43 | 41 | 0.0 (g) |
|  CarMax, Inc. | (73) | (18) | (18) | 0.0 (g) |
|  CDW Corp. | (302) | (7) | (8) | 0.0 (g) |
|  Celanese Corp. | (20) | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Charles River Laboratories International, Inc. | (25) | 1 | 1 | 0.0 (g) |
|  Chemed Corp. | (53) | (1) | (1) | 0.0 (g) |
|  Chord Energy Corp. | (20) | (1) | (1) | 0.0 (g) |
|  Churchill Downs, Inc. | (128) | 1 | 1 | 0.0 (g) |
|  Comfort Systems USA, Inc. | (21) | 1 | 1 | 0.0 (g) |
|  Commerce Bancshares, Inc./MO | (8) | — (h) | — (h) | 0.0 (g) |
|  Conagra Brands, Inc. | (11) | — (h) | — (h) | 0.0 (g) |
|  Crane Co. | (8) | — (h) | — (h) | 0.0 (g) |
|  CubeSmart | (17) | — (h) | — (h) | 0.0 (g) |
|  Curtiss-Wright Corp. | (9) | 1 | 1 | 0.0 (g) |
|  Dollar General Corp. | (35) | (1) | (1) | 0.0 (g) |
|  Donaldson Co., Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Dropbox, Inc. | (661) | (35) | (36) | 0.0 (g) |
|  DuPont de Nemours, Inc. | (845) | 9 | 7 | 0.0 (g) |
|  eBay, Inc. | (643) | 4 | 3 | 0.0 (g) |
|  Ecolab, Inc. | (695) | 8 | 7 | 0.0 (g) |
|  Edison International | (23) | — (h) | — (h) | 0.0 (g) |
|  Elastic NV | (9) | — (h) | — (h) | 0.0 (g) |
|  Element Solutions, Inc. | (9) | — (h) | — (h) | 0.0 (g) |
|  EMCOR Group, Inc. | (335) | 11 | 10 | 0.0 (g) |
|  ExlService Holdings, Inc. | (34) | 1 | 1 | 0.0 (g) |
|  FedEx Corp. | (1305) | 59 | 56 | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | (11) | — (h) | — (h) | 0.0 (g) |
|  Flex Ltd. | (26) | — (h) | — (h) | 0.0 (g) |
|  Flowserve Corp. | (5) | — (h) | — (h) | 0.0 (g) |
|  FMC Corp. | (144) | (16) | (16) | 0.0 (g) |
|  Fortinet, Inc. | (843) | 32 | 31 | 0.0 (g) |
|  Fortune Brands Innovations, Inc. | (21) | — (h) | — (h) | 0.0 (g) |
|  Freeport-McMoRan, Inc. | (39) | 4 | 4 | 0.0 (g) |
|  Gates Industrial Corp. plc | (129) | (4) | (4) | 0.0 (g) |
|  GE Vernova, Inc. | (459) | (10) | (11) | 0.0 (g) |
|  GoDaddy, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Group 1 Automotive, Inc. | (11) | — (h) | — (h) | 0.0 (g) |
|  Hartford Insurance Group, Inc. (The) | (478) | 7 | 6 | 0.0 (g) |
|  Hasbro, Inc. | (20) | — (h) | — (h) | 0.0 (g) |
|  Hologic, Inc. | (514) | 30 | 29 | 0.0 (g) |
|  Honeywell International, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  Houlihan Lokey, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Howmet Aerospace, Inc. | (277) | 10 | 9 | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Jabil, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  JB Hunt Transport Services, Inc. | (2) | — (h) | — (h) | 0.0 (g) |
|  Johnson Controls International plc | (541) | 11 | 10 | 0.0 (g) |
|  Keysight Technologies, Inc. | (635) | 12 | 11 | 0.0 (g) |
|  Kirby Corp. | (35) | — (h) | — (h) | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | (410) | (21) | (22) | 0.0 (g) |
|  Kroger Co. (The) | (741) |  | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Lear Corp. | (35) | — (h) | — (h) | 0.0 (g) |
|  Liberty Media Corp-Liberty Formula One | (163) | 9 | 9 | 0.0 (g) |
|  Lithia Motors, Inc. | (32) | (1) | (1) | 0.0 (g) |
|  Louisiana-Pacific Corp. | (23) | — (h) | — (h) | 0.0 (g) |
|  MasTec, Inc. | (468) | 47 | 46 | 0.0 (g) |
|  Mastercard, Inc. | (1025) | (25) | (27) | 0.0 (g) |
|  McKesson Corp. | (844) | 84 | 82 | 0.0 (g) |
|  Meritage Homes Corp. | (34) | (1) | (1) | 0.0 (g) |
|  MetLife, Inc. | (525) | 13 | 12 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  MGIC Investment Corp. | (315) | 4 | 4 | 0.0 (g) |
|  MGM Resorts International | (49) | (1) | (1) | 0.0 (g) |
|  Moody's Corp. | (990) | (63) | (66) | 0.0 (g) |
|  Newmont Corp. | (503) | 32 | 31 | 0.0 (g) |
|  NNN REIT, Inc. | (394) | (4) | (4) | 0.0 (g) |
|  Norfolk Southern Corp. | (328) | 28 | 27 | 0.0 (g) |
|  NuScale Power Corp. | (55) | (4) | (5) | 0.0 (g) |
|  NVR, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | (488) | (15) | (16) | 0.0 (g) |
|  Otis Worldwide Corp. | (888) | 18 | 16 | 0.0 (g) |
|  PG&E Corp. | (33) | — (h) | — (h) | 0.0 (g) |
|  PPG Industries, Inc. | (982) | (39) | (42) | 0.0 (g) |
|  Principal Financial Group, Inc. | (564) | — (h) | (1) | 0.0 (g) |
|  Qorvo, Inc. | (18) | — (h) | — (h) | 0.0 (g) |
|  Reddit, Inc. | (410) | (53) | (53) | 0.0 (g) |
|  Regency Centers Corp. | (3) | — (h) | — (h) | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | (533) | (10) | (11) | 0.0 (g) |
|  Revolution Medicines, Inc. | (16) | 1 | 1 | 0.0 (g) |
|  Revvity, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  ROBLOX Corp. | (356) | 3 | 3 | 0.0 (g) |
|  Roku, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Rubrik, Inc. | (155) | 14 | 14 | 0.0 (g) |
|  Science Applications International Corp. | (87) | (4) | (4) | 0.0 (g) |
|  Simon Property Group, Inc. | (811) | 17 | 16 | 0.0 (g) |
|  SiTime Corp. | (162) | 13 | 13 | 0.0 (g) |
|  Skyworks Solutions, Inc. | (17) | — (h) | — (h) | 0.0 (g) |
|  SLB Ltd. | (10) | — (h) | — (h) | 0.0 (g) |
|  Sprouts Farmers Market, Inc. | (30) | (4) | (4) | 0.0 (g) |
|  Stifel Financial Corp. | (12) | — (h) | — (h) | 0.0 (g) |
|  Texas Roadhouse, Inc. | (591) | 4 | 3 | 0.0 (g) |
|  Textron, Inc. | (521) | 14 | 14 | 0.0 (g) |
|  TJX Cos., Inc. (The) | (1026) | 25 | 23 | 0.0 (g) |
|  Toll Brothers, Inc. | (436) | (11) | (12) | 0.0 (g) |
|  Trade Desk, Inc. (The) | (10) | 1 | 1 | 0.0 (g) |
|  Tyler Technologies, Inc. | (158) | (5) | (5) | 0.0 (g) |
|  United Parcel Service, Inc. | (117) | (1) | (1) | 0.0 (g) |
|  United Therapeutics Corp. | (198) | 8 | 8 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  US Bancorp | (18) | — (h) | (1) | 0.0 (g) |
|  Vaxcyte, Inc. | (8) | 1 | 1 | 0.0 (g) |
|  Verisk Analytics, Inc. | (886) | (12) | (14) | 0.0 (g) |
|  Verizon Communications, Inc. | (907) | 2 | — (h) | 0.0 (g) |
|  Virtu Financial, Inc. | (103) | (2) | (2) | 0.0 (g) |
|  Vulcan Materials Co. | (408) | 19 | 18 | 0.0 (g) |
|  Waste Management, Inc. | (591) | 13 | 12 | 0.0 (g) |
|  West Pharmaceutical Services, Inc. | (221) | 4 | 4 | 0.0 (g) |
|  Woodward, Inc. | (65) | 3 | 3 | 0.0 (g) |
|  Workday, Inc. | (271) | 22 | 21 | 0.0 (g) |
|  WP Carey, Inc. | (430) | (7) | (8) | 0.0 (g) |
|  Xylem, Inc./NY | (532) | 22 | 20 | 0.0 (g) |
|  Zebra Technologies Corp. | (7) | — (h) | — (h) | 0.0 (g) |
|  Zions Bancorp NA | (7) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 303 | 232 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 296 | 292 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.30% to 0.30%) which is denominated in USD based on the local currencies of the positions within the swap | 08/19/2026 | 1 | 1 | – | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Hongkong Land Holdings Ltd. | (4) | — (h) | — (h) | 0.0 (g) |
|  Jardine Matheson Holdings Ltd. | (30) | 1 | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from (0.40)% to 0.29%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/15/2027 | (14) | (13) | – | (13) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ANZ Group Holdings Ltd. | 258 | (1) | (1) | 0.0 (g) |
|  ASX Ltd. | 57 | 1 | 1 | 0.0 (g) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  BlueScope Steel Ltd. | 106 | — (h) | — (h) | 0.0 (g) |
|  CAR Group Ltd. | 23 | — (h) | — (h) | 0.0 (g) |
|  Cochlear Ltd. | 236 | 4 | 4 | 0.0 (g) |
|  Fortescue Ltd. | 563 | 13 | 14 | 0.0 (g) |
|  Genesis Minerals Ltd. | 88 | (2) | (2) | 0.0 (g) |
|  NEXTDC Ltd. | 23 | — (h) | — (h) | 0.0 (g) |
|  Northern Star Resources Ltd. | 34 | (1) | (1) | 0.0 (g) |
|  Origin Energy Ltd. | 272 | 2 | 2 | 0.0 (g) |
|  Pilbara Minerals Ltd. | 31 | (4) | (4) | 0.0 (g) |
|  Ramsay Health Care Ltd. | 133 | 4 | 4 | 0.0 (g) |
|  Rio Tinto Ltd. | 1125 | (32) | (31) | 0.0 (g) |
|  Scentre Group | 235 | (1) | (1) | 0.0 (g) |
|  SGH Ltd. | 150 | 1 | 1 | 0.0 (g) |
|  Sigma Healthcare Ltd. | 52 | 1 | 1 | 0.0 (g) |
|  Stockland | 19 | — (h) | — (h) | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | 176 | 4 | 4 | 0.0 (g) |
|  Vicinity Ltd. | 30 | — (h) | — (h) | 0.0 (g) |
|  Westpac Banking Corp. | 10 | — (h) | — (h) | 0.0 (g) |
|  WiseTech Global Ltd. | 284 | 8 | 8 | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  a2 Milk Co. Ltd. (The) | 20 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (3) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Ampol Ltd. | (23) | — (h) | — (h) | 0.0 (g) |
|  Aurizon Holdings Ltd. | (13) | — (h) | — (h) | 0.0 (g) |
|  Evolution Mining Ltd. | (9) | — (h) | — (h) | 0.0 (g) |
|  HUB24 Ltd. | (21) | (1) | (1) | 0.0 (g) |
|  Insurance Australia Group Ltd. | (21) | — (h) | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | (49) | — (h) | — (h) | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | (307) | — (h) | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | (13) | — (h) | — (h) | 0.0 (g) |
|  Orica Ltd. | (93) | — (h) | — (h) | 0.0 (g) |
|  Pro Medicus Ltd. | (614) | (15) | (16) | 0.0 (g) |
|  Qantas Airways Ltd. | (11) | — (h) | — (h) | 0.0 (g) |
|  QBE Insurance Group Ltd. | (732) | 6 | 6 | 0.0 (g) |
|  REA Group Ltd. | (40) | — (h) | — (h) | 0.0 (g) |
|  Sandfire Resources Ltd. | (25) | 2 | 2 | 0.0 (g) |
|  Santos Ltd. | (76) | (1) | (1) | 0.0 (g) |
|  SEEK Ltd. | (8) | — (h) | — (h) | 0.0 (g) |
|  Sonic Healthcare Ltd. | (28) | — (h) | — (h) | 0.0 (g) |
|  Suncorp Group Ltd. | (333) | (2) | (2) | 0.0 (g) |
|  Technology One Ltd. | (41) | — (h) | — (h) | 0.0 (g) |
|  Transurban Group | (7) | — (h) | — (h) | 0.0 (g) |
|  Treasury Wine Estates Ltd. | (10) | — (h) | — (h) | 0.0 (g) |
|  Wesfarmers Ltd. | (19) | — (h) | — (h) | 0.0 (g) |
|  Worley Ltd. | (84) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (11) | (12) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (14) | (13) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from (4.50)% to 0.27%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/20/2027 | – | 44 | – | 44 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  BHP Group Ltd. | 42 |  | — (h) | 0.0 (g) |
|  Boss Energy Ltd. | 60 |  | — (h) | 0.0 (g) |
|  Domino's Pizza Enterprises Ltd. | 77 |  | 1 | 0.0 (g) |
|  DroneShield Ltd. | 179 |  | 1 | 0.0 (g) |
|  Genesis Minerals Ltd. | 87 |  | — (h) | 0.0 (g) |
|  IDP Education Ltd. | 165 |  | 1 | 0.0 (g) |
|  IGO Ltd. | 12 |  | — (h) | 0.0 (g) |
|  Iluka Resources Ltd. | 202 |  | 1 | 0.0 (g) |
|  Lynas Rare Earths Ltd. | 214 |  | 1 | 0.0 (g) |
|  Mineral Resources Ltd. | 299 |  | 1 | 0.0 (g) |
|  Paladin Energy Ltd. | 189 |  | 1 | 0.0 (g) |
|  Pilbara Minerals Ltd. | 175 |  | 2 | 0.0 (g) |
|  Reece Ltd. | 49 |  | — (h) | 0.0 (g) |
|  Rio Tinto Ltd. | 95 |  | — (h) | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | 230 |  | 1 | 0.0 (g) |
|  Westgold Resources Ltd. | 31 |  | — (h) | 0.0 (g) |
|  Whitehaven Coal Ltd. | 11 |  | — (h) | 0.0 (g) |
|  Yancoal Australia Ltd. | 13 |  | — (h) | 0.0 (g) |
|  Zip Co. Ltd. | 17 |  | 1 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  James Hardie Industries plc | 809 |  | 17 | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Amcor plc | 158 |  | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 31 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ASX Ltd. | (12) |  | — (h) | 0.0 (g) |
|  Coles Group Ltd. | (110) |  | — (h) | 0.0 (g) |
|  Commonwealth Bank of Australia | (719) |  | 3 | 0.0 (g) |
|  Computershare Ltd. | (126) |  | — (h) | 0.0 (g) |
|  Goodman Group | (13) |  | — (h) | 0.0 (g) |
|  Insurance Australia Group Ltd. | (83) |  | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | (73) |  | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | (469) |  | — (h) | 0.0 (g) |
|  National Australia Bank Ltd. | (126) |  | 1 | 0.0 (g) |
|  Origin Energy Ltd. | (51) |  | — (h) | 0.0 (g) |
|  Qantas Airways Ltd. | (25) |  | — (h) | 0.0 (g) |
|  QBE Insurance Group Ltd. | (253) |  | 3 | 0.0 (g) |
|  Santos Ltd. | (121) |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Suncorp Group Ltd. | (255) |  | — (h) | 0.0 (g) |
|  Wesfarmers Ltd. | (44) |  | — (h) | 0.0 (g) |
|  Westpac Banking Corp. | (508) |  | 6 | 0.0 (g) |
|  Woodside Energy Group Ltd. | (19) |  | — (h) | 0.0 (g) |
|  Worley Ltd. | (24) |  | — (h) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Xero Ltd. | (40) |  | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  ResMed, Inc. | (42) |  | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  |  | 13 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  |  | 44 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DISC on long positions and short positions respectively, plus or minus spread (rates range from (0.54)% to 0.20%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/14/2027 | (53) | (62) | 73 | 11 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Algonquin Power & Utilities Corp. | 243 | 1 | 1 | 0.0 (g) |
|  AltaGas Ltd. | 503 | (4) | (4) | 0.0 (g) |
|  Bombardier, Inc. | 829 | 1 | 1 | 0.0 (g) |
|  Canadian Utilities Ltd. | 27 | (1) | (1) | 0.0 (g) |
|  Enbridge, Inc. | 3805 | (90) | (89) | 0.0 (g) |
|  Equinox Gold Corp. | 1847 | (38) | (38) | 0.0 (g) |
|  Gildan Activewear, Inc. | 1069 | (26) | (25) | 0.0 (g) |
|  IAMGOLD Corp. | 35 | (1) | (1) | 0.0 (g) |
|  Ivanhoe Mines Ltd. | 421 | (43) | (43) | 0.0 (g) |
|  MDA Space Ltd. | 6 | — (h) | — (h) | 0.0 (g) |
|  Methanex Corp. | 293 | (3) | (3) | 0.0 (g) |
|  Open Text Corp. | 59 | — (h) | — (h) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | 14 | — (h) | — (h) | 0.0 (g) |
|  Quebecor, Inc. | 433 | (9) | (9) | 0.0 (g) |
|  Secure Waste Infrastructure Corp. | 102 | (6) | (6) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Shopify, Inc. | 1626 | 57 | 57 | 0.0 (g) |
|  South Bow Corp. | 2 | — (h) | — (h) | 0.0 (g) |
|  Tourmaline Oil Corp. | 61 | 1 | 1 | 0.0 (g) |
|  Whitecap Resources, Inc. | 1145 | 35 | 37 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Energy Fuels, Inc./Canada | 35 | 2 | 2 | 0.0 (g) |
|  Galaxy Digital, Inc. | 16 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (124) | (120) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Air Canada | (558) | (33) | (33) | 0.0 (g) |
|  Alamos Gold, Inc. | (454) | 18 | 18 | 0.0 (g) |
|  ARC Resources Ltd. | (441) | 4 | 4 | 0.0 (g) |
|  Aritzia, Inc. | (1078) | (47) | (48) | 0.0 (g) |
|  Canadian Apartment Properties REIT | (358) | (2) | (2) | 0.0 (g) |
|  Canadian National Railway Co. | (2814) | 65 | 64 | 0.0 (g) |
|  Capital Power Corp. | (761) | — (h) | — (h) | 0.0 (g) |
|  CCL Industries, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  CGI, Inc. | (1440) | (42) | (43) | 0.0 (g) |
|  Descartes Systems Group, Inc. (The) | (55) | (3) | (3) | 0.0 (g) |
|  Dollarama, Inc. | (1332) | (16) | (16) | 0.0 (g) |
|  Eldorado Gold Corp. | (109) | 2 | 2 | 0.0 (g) |
|  Fairfax Financial Holdings Ltd. | (741) | (4) | (5) | 0.0 (g) |
|  George Weston Ltd. | (59) | — (h) | — (h) | 0.0 (g) |
|  Gibson Energy, Inc. | (316) | (6) | (7) | 0.0 (g) |
|  IGM Financial, Inc. | (23) | — (h) | — (h) | 0.0 (g) |
|  Kinaxis, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Kinross Gold Corp. | (719) | 17 | 16 | 0.0 (g) |
|  Loblaw Cos. Ltd. | (121) | — (h) | — (h) | 0.0 (g) |
|  Lundin Gold, Inc. | (46) | — (h) | — (h) | 0.0 (g) |
|  Magna International, Inc. | (2554) | 50 | 49 | 0.0 (g) |
|  Metro, Inc./CN | (1205) | 11 | 10 | 0.0 (g) |
|  OceanaGold Corp. | (292) | 3 | 3 | 0.0 (g) |
|  Parkland Corp. | (634) | 9 | 9 | 0.0 (g) |
|  Pembina Pipeline Corp. | (1628) | 30 | 29 | 0.0 (g) |
|  RioCan Real Estate Investment Trust | (104) | — (h) | (1) | 0.0 (g) |
|  Stantec, Inc. | (349) | (8) | (8) | 0.0 (g) |
|  Sun Life Financial, Inc. | (680) | 5 | 4 | 0.0 (g) |
|  Suncor Energy, Inc. | (3981) | 25 | 23 | 0.0 (g) |
|  TFI International, Inc. | (529) | (20) | (20) | 0.0 (g) |
|  Thomson Reuters Corp. | (1390) | (42) | (41) | 0.0 (g) |
|  TMX Group Ltd. | (857) | (3) | (3) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **United Kingdom** |  |  |  |  |
|  Endeavour Mining plc | (1166) | 23 | 22 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Infrastructure Corp. | (1437) | 35 | 35 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 71 | 58 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (53) | (62) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DISC on long positions and short positions respectively, plus or minus spread (rates range from (2.29)% to 0.20%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/21/2027 | – | 53 | 8 | 61 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Algonquin Power & Utilities Corp. | 19 |  | — (h) | 0.0 (g) |
|  Alimentation Couche-Tard, Inc. | 96 |  | — (h) | 0.0 (g) |
|  Allied Properties Real Estate Investment Trust | 18 |  | — (h) | 0.0 (g) |
|  Aritzia, Inc. | 9 |  | — (h) | 0.0 (g) |
|  AtkinsRealis Group, Inc. | 74 |  | 3 | 0.0 (g) |
|  ATS Corp. | 13 |  | 1 | 0.0 (g) |
|  Aya Gold & Silver, Inc. | 55 |  | — (h) | 0.0 (g) |
|  B2Gold Corp. | 67 |  | — (h) | 0.0 (g) |
|  Baytex Energy Corp. | 41 |  | 1 | 0.0 (g) |
|  BCE, Inc. | 278 |  | — (h) | 0.0 (g) |
|  Bombardier, Inc. | 227 |  | — (h) | 0.0 (g) |
|  Boralex, Inc. | 37 |  | — (h) | 0.0 (g) |
|  Brookfield Corp. | 71 |  | 3 | 0.0 (g) |
|  CAE, Inc. | 7 |  | — (h) | 0.0 (g) |
|  Canadian Pacific Kansas City Ltd. | 626 |  | 8 | 0.0 (g) |
|  Capstone Copper Corp. | 43 |  | — (h) | 0.0 (g) |
|  CCL Industries, Inc. | 76 |  | 2 | 0.0 (g) |
|  CGI, Inc. | 121 |  | 4 | 0.0 (g) |
|  Colliers International Group, Inc. | 41 |  | 2 | 0.0 (g) |
|  Descartes Systems Group, Inc. (The) | 67 |  | 4 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Discovery Silver Corp. | 8 |  | — (h) | 0.0 (g) |
|  Dollarama, Inc. | 43 |  | 1 | 0.0 (g) |
|  DPM Metals, Inc. | 49 |  | — (h) | 0.0 (g) |
|  Element Fleet Management Corp. | 85 |  | 4 | 0.0 (g) |
|  First Quantum Minerals Ltd. | 87 |  | — (h) | 0.0 (g) |
|  FirstService Corp. | 13 |  | 1 | 0.0 (g) |
|  Freehold Royalties Ltd. | 34 |  | — (h) | 0.0 (g) |
|  G Mining Ventures Corp. | 18 |  | — (h) | 0.0 (g) |
|  Gibson Energy, Inc. | 46 |  | 1 | 0.0 (g) |
|  Gildan Activewear, Inc. | 52 |  | — (h) | 0.0 (g) |
|  Great-West Lifeco, Inc. | 76 |  | — (h) | 0.0 (g) |
|  Ivanhoe Mines Ltd. | 188 |  | — (h) | 0.0 (g) |
|  K92 Mining, Inc. | 8 |  | — (h) | 0.0 (g) |
|  Keyera Corp. | 13 |  | — (h) | 0.0 (g) |
|  Lundin Gold, Inc. | 44 |  | — (h) | 0.0 (g) |
|  Lundin Mining Corp. | 46 |  | — (h) | 0.0 (g) |
|  NexGen Energy Ltd. | 33 |  | — (h) | 0.0 (g) |
|  NuVista Energy Ltd. | 23 |  | — (h) | 0.0 (g) |
|  OceanaGold Corp. | 34 |  | — (h) | 0.0 (g) |
|  Open Text Corp. | 116 |  | — (h) | 0.0 (g) |
|  OR Royalties, Inc. | 34 |  | — (h) | 0.0 (g) |
|  Orla Mining Ltd. | 24 |  | — (h) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | 61 |  | — (h) | 0.0 (g) |
|  Quebecor, Inc. | 116 |  | — (h) | 0.0 (g) |
|  Restaurant Brands International, Inc. | 267 |  | — (h) | 0.0 (g) |
|  Rogers Communications, Inc. | 329 |  | 7 | 0.0 (g) |
|  Saputo, Inc. | 44 |  | — (h) | 0.0 (g) |
|  Secure Waste Infrastructure Corp. | 14 |  | — (h) | 0.0 (g) |
|  South Bow Corp. | 153 |  | — (h) | 0.0 (g) |
|  Stantec, Inc. | 12 |  | — (h) | 0.0 (g) |
|  TELUS Corp. | 282 |  | 2 | 0.0 (g) |
|  Thomson Reuters Corp. | 10 |  | — (h) | 0.0 (g) |
|  Torex Gold Resources, Inc. | 37 |  | — (h) | 0.0 (g) |
|  Toromont Industries Ltd. | 62 |  | — (h) | 0.0 (g) |
|  Tourmaline Oil Corp. | 162 |  | 3 | 0.0 (g) |
|  Vermilion Energy, Inc. | 24 |  | — (h) | 0.0 (g) |
|  West Fraser Timber Co. Ltd. | 68 |  | 3 | 0.0 (g) |
|  Whitecap Resources, Inc. | 112 |  | 3 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Energy Fuels, Inc./Canada | 10 |  | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 53 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  |  | 53 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DISC on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.20%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/17/2027 | – | 39 | 3 | 42 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Atco Ltd./Canada | (19) |  | 1 | 0.0 (g) |
|  Athabasca Oil Corp. | (16) |  | — (h) | 0.0 (g) |
|  Bank of Montreal | (284) |  | 2 | 0.0 (g) |
|  Bank of Nova Scotia (The) | (307) |  | 2 | 0.0 (g) |
|  Canadian Imperial Bank of Commerce | (268) |  | 2 | 0.0 (g) |
|  Canadian Utilities Ltd. | (28) |  | — (h) | 0.0 (g) |
|  Empire Co. Ltd. | (10) |  | — (h) | 0.0 (g) |
|  Fairfax Financial Holdings Ltd. | (58) |  | — (h) | 0.0 (g) |
|  First Capital Real Estate Investment Trust | (6) |  | — (h) | 0.0 (g) |
|  Fortis, Inc./Canada | (24) |  | — (h) | 0.0 (g) |
|  George Weston Ltd. | (26) |  | — (h) | 0.0 (g) |
|  Hydro One Ltd. | (9) |  | — (h) | 0.0 (g) |
|  iA Financial Corp., Inc. | (12) |  | — (h) | 0.0 (g) |
|  IGM Financial, Inc. | (7) |  | — (h) | 0.0 (g) |
|  Imperial Oil Ltd. | (18) |  | — (h) | 0.0 (g) |
|  Kinaxis, Inc. | (12) |  | — (h) | 0.0 (g) |
|  Loblaw Cos. Ltd. | (107) |  | — (h) | 0.0 (g) |
|  Magna International, Inc. | (9) |  | — (h) | 0.0 (g) |
|  Manulife Financial Corp. | (903) |  | 6 | 0.0 (g) |
|  Metro, Inc./CN | (17) |  | — (h) | 0.0 (g) |
|  Power Corp. of Canada | (130) |  | 3 | 0.0 (g) |
|  Royal Bank of Canada | (793) |  | 5 | 0.0 (g) |
|  Sun Life Financial, Inc. | (121) |  | — (h) | 0.0 (g) |
|  Suncor Energy, Inc. | (928) |  | 12 | 0.0 (g) |
|  TMX Group Ltd. | (8) |  | — (h) | 0.0 (g) |
|  Toronto-Dominion Bank (The) | (319) |  | 6 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Asset Management Ltd. | (17) |  | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  |  | 39 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  |  | 39 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from (2.53)% to 0.23%) which is denominated in CHF based on the local currencies of the positions within the swap | 09/22/2027 | – | 345 | 12 | 357 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  ams-OSRAM AG | 6 |  | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Adecco Group AG | 94 |  | — (h) | 0.0 (g) |
|  Alcon AG | 438 |  | 21 | 0.0 (g) |
|  Allreal Holding AG | 43 |  | — (h) | 0.0 (g) |
|  ALSO Holding AG | 16 |  | 1 | 0.0 (g) |
|  Amrize Ltd. | 367 |  | 33 | 0.0 (g) |
|  Aryzta AG | 11 |  | 1 | 0.0 (g) |
|  Bachem Holding AG | 73 |  | 10 | 0.0 (g) |
|  Banque Cantonale Vaudoise | 56 |  | — (h) | 0.0 (g) |
|  Barry Callebaut AG | 301 |  | — (h) | 0.0 (g) |
|  Belimo Holding AG | 2 |  | — (h) | 0.0 (g) |
|  BKW AG | 66 |  | — (h) | 0.0 (g) |
|  Bossard Holding AG | 6 |  | — (h) | 0.0 (g) |
|  Bucher Industries AG | 14 |  | 1 | 0.0 (g) |
|  Cembra Money Bank AG | 45 |  | — (h) | 0.0 (g) |
|  Clariant AG | 79 |  | 3 | 0.0 (g) |
|  DocMorris AG | 14 |  | 2 | 0.0 (g) |
|  EFG International AG | 39 |  | — (h) | 0.0 (g) |
|  Emmi AG | 32 |  | 1 | 0.0 (g) |
|  Flughafen Zurich AG | 98 |  | — (h) | 0.0 (g) |
|  Forbo Holding AG | 14 |  | 1 | 0.0 (g) |
|  Galderma Group AG | 546 |  | 23 | 0.0 (g) |
|  Galenica AG | 67 |  | — (h) | 0.0 (g) |
|  Geberit AG | 68 |  | — (h) | 0.0 (g) |
|  Georg Fischer AG | 5 |  | — (h) | 0.0 (g) |
|  Givaudan SA | 107 |  | 3 | 0.0 (g) |
|  Helvetia Holding AG | 49 |  | 1 | 0.0 (g) |
|  Idorsia Ltd. | 22 |  | — (h) | 0.0 (g) |
|  Implenia AG | 31 |  | — (h) | 0.0 (g) |
|  Julius Baer Group Ltd. | 444 |  | 5 | 0.0 (g) |
|  Komax Holding AG | 4 |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Kuehne + Nagel International AG | 348 |  | 21 | 0.0 (g) |
|  Kuros Biosciences AG | 23 |  | — (h) | 0.0 (g) |
|  Landis+Gyr Group AG | 16 |  | — (h) | 0.0 (g) |
|  Lonza Group AG | 714 |  | 27 | 0.0 (g) |
|  Luzerner Kantonalbank AG | 11 |  | — (h) | 0.0 (g) |
|  Medacta Group SA | 6 |  | — (h) | 0.0 (g) |
|  Mobimo Holding AG | 37 |  | — (h) | 0.0 (g) |
|  Montana Aerospace AG | 22 |  | 1 | 0.0 (g) |
|  Nestle SA | 1686 |  | — (h) | 0.0 (g) |
|  OC Oerlikon Corp. AG Pfaffikon | 9 |  | — (h) | 0.0 (g) |
|  Partners Group Holding AG | 106 |  | 2 | 0.0 (g) |
|  PSP Swiss Property AG | 131 |  | — (h) | 0.0 (g) |
|  R&S Group Holding AG | 8 |  | 1 | 0.0 (g) |
|  Roche Holding AG | 406 |  | 11 | 0.0 (g) |
|  Sandoz Group AG | 173 |  | 2 | 0.0 (g) |
|  SGS SA | 115 |  | — (h) | 0.0 (g) |
|  Siegfried Holding AG | 21 |  | 1 | 0.0 (g) |
|  SIG Group AG | 11 |  | 1 | 0.0 (g) |
|  Sika AG | 284 |  | 7 | 0.0 (g) |
|  Softwareone Holding AG | 16 |  | 1 | 0.0 (g) |
|  St Galler Kantonalbank AG | 17 |  | — (h) | 0.0 (g) |
|  Sunrise Communications AG | 91 |  | 1 | 0.0 (g) |
|  Swatch Group AG (The) | 93 |  | 1 | 0.0 (g) |
|  Swiss Prime Site AG | 195 |  | — (h) | 0.0 (g) |
|  Swiss Re AG | 653 |  | — (h) | 0.0 (g) |
|  Swisscom AG | 617 |  | 2 | 0.0 (g) |
|  Swissquote Group Holding SA | 167 |  | — (h) | 0.0 (g) |
|  Tecan Group AG | 34 |  | 3 | 0.0 (g) |
|  UBS Group AG | 828 |  | 36 | 0.0 (g) |
|  Valiant Holding AG | 19 |  | — (h) | 0.0 (g) |
|  VAT Group AG | 119 |  | 12 | 0.0 (g) |
|  Vontobel Holding AG | 34 |  | 1 | 0.0 (g) |
|  Ypsomed Holding AG | 51 |  | 19 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 256 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Ireland** |  |  |  |  |
|  COSMO Pharmaceuticals NV | (4) |  | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | (395) |  | 10 | 0.0 (g) |
|  Accelleron Industries AG | (60) |  | — (h) | 0.0 (g) |
|  Basilea Pharmaceutica Ag Allschwil | (24) |  | 1 | 0.0 (g) |
|  Burckhardt Compression Holding AG | (80) |  | 1 | 0.0 (g) |
|  Cie Financiere Richemont SA | (798) |  | 14 | 0.0 (g) |
|  Comet Holding AG | (5) |  | — (h) | 0.0 (g) |
|  Daetwyler Holding AG | (2) |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  DKSH Holding AG | (8) | – | — (h) | 0.0 (g) |
|  EMS-Chemie Holding AG | (27) | – | — (h) | 0.0 (g) |
|  Holcim AG | (456) | – | — (h) | 0.0 (g) |
|  Inficon Holding AG | (6) | – | — (h) | 0.0 (g) |
|  Interroll Holding AG | (15) | – | — (h) | 0.0 (g) |
|  Kardex Holding AG | (13) | – | — (h) | 0.0 (g) |
|  Logitech International SA | (636) | – | — (h) | 0.0 (g) |
|  Mobilezone Holding AG | (4) | – | — (h) | 0.0 (g) |
|  Novartis AG | (1937) | – | 55 | 0.0 (g) |
|  Schindler Holding AG | (181) | – | — (h) | 0.0 (g) |
|  SFS Group AG | (8) | – | — (h) | 0.0 (g) |
|  Swiss Life Holding AG | (3) | – | — (h) | 0.0 (g) |
|  Temenos AG | (11) | – | — (h) | 0.0 (g) |
|  VZ Holding AG | (14) | – | — (h) | 0.0 (g) |
|  Zurich Insurance Group AG | (886) | – | 8 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | – | 89 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | – | 345 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 09/15/2027 | (8) | (8) | – | (8) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Adecco Group AG | 8 | (1) | (1) | 0.0 (g) |
|  Banque Cantonale Vaudoise | 4 | — (h) | — (h) | 0.0 (g) |
|  Geberit AG | 38 | (1) | (1) | 0.0 (g) |
|  Givaudan SA | 209 | 3 | 3 | 0.0 (g) |
|  Sandoz Group AG | 416 | 11 | 11 | 0.0 (g) |
|  Sonova Holding AG | 173 | 15 | 15 | 0.0 (g) |
|  Straumann Holding AG | 37 | 2 | 2 | 0.0 (g) |
|  Swiss Life Holding AG | 1036 | (36) | (36) | 0.0 (g) |
|  Swiss Prime Site AG | 187 | (2) | (2) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Swiss Re AG | 46 | (3) | (3) | 0.0 (g) |
|  Swisscom AG | 653 | (9) | (9) | 0.0 (g) |
|  VAT Group AG | 29 | 2 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (19) | (19) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | (722) | 11 | 11 | 0.0 (g) |
|  Accelleron Industries AG | (17) | (1) | (1) | 0.0 (g) |
|  Alcon AG | (7) | — (h) | — (h) | 0.0 (g) |
|  Baloise Holding AG | (7) | — (h) | — (h) | 0.0 (g) |
|  Holcim AG | (14) | — (h) | — (h) | 0.0 (g) |
|  Julius Baer Group Ltd. | (108) | 1 | 1 | 0.0 (g) |
|  PSP Swiss Property AG | (11) | — (h) | — (h) | 0.0 (g) |
|  SGS SA | (4) | — (h) | — (h) | 0.0 (g) |
|  Swissquote Group Holding SA | (5) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 11 | 11 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (8) | (8) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DETNT on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in DKK based on the local currencies of the positions within the swap | 09/15/2027 | 98 | 99 | – | 99 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **oDenmark** |  |  |  |  |
|  Coloplast A/S | 43 | — (h) | — (h) | 0.0 (g) |
|  Danske Bank A/S | 4111 | (7) | (7) | 0.0 (g) |
|  Demant A/S | 370 | 4 | 4 | 0.0 (g) |
|  Novo Nordisk A/S | 7276 | 115 | 116 | 0.0 (g) |
|  Novonesis Novozymes B | 2603 | (8) | (8) | 0.0 (g) |
|  ROCKWOOL A/S | 48 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 104 | 105 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller—Maersk A/S | (142) | (1) | (1) | 0.0 (g) |
|  Genmab A/S | (42) | — (h) | — (h) | 0.0 (g) |
|  GN Store Nord A/S | (150) | (2) | (2) | 0.0 (g) |
|  Pandora A/S | (863) | (3) | (3) | 0.0 (g) |
|  Tryg A/S | (265) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (6) | (6) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 98 | 99 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one week CIBOR on long positions and short positions respectively, plus or minus spread (rates range from (0.38)% to 0.25%) which is denominated in DKK based on the local currencies of the positions within the swap | 09/22/2027 | – | 174 | – | 174 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  ALK-Abello A/S | 57 |  | — (h) | 0.0 (g) |
|  Alm Brand A/S | 21 |  | — (h) | 0.0 (g) |
|  Ambu A/S | 211 |  | 2 | 0.0 (g) |
|  Carlsberg A/S | 1116 |  | 3 | 0.0 (g) |
|  Coloplast A/S | 2040 |  | 31 | 0.0 (g) |
|  DSV A/S | 5805 |  | 41 | 0.0 (g) |
|  FLSmidth & Co. A/S | 159 |  | — (h) | 0.0 (g) |
|  GN Store Nord A/S | 108 |  | 1 | 0.0 (g) |
|  ISS A/S | 138 |  | — (h) | 0.0 (g) |
|  Matas A/S | 73 |  | 1 | 0.0 (g) |
|  Netcompany Group A/S | 275 |  | 1 | 0.0 (g) |
|  NKT A/S | 123 |  | 1 | 0.0 (g) |
|  Novo Nordisk A/S | 1136 |  | 10 | 0.0 (g) |
|  Novonesis Novozymes B | 3243 |  | 5 | 0.0 (g) |
|  Per Aarsleff Holding A/S | 19 |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  ROCKWOOL A/S | 54 |  | — (h) | 0.0 (g) |
|  Royal Unibrew A/S | 197 |  | — (h) | 0.0 (g) |
|  Zealand Pharma A/S | 491 |  | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 97 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller—Maersk A/S | (1533) |  | — (h) | 0.0 (g) |
|  Chemometec A/S | (82) |  | — (h) | 0.0 (g) |
|  D/S Norden A/S | (68) |  | — (h) | 0.0 (g) |
|  Danske Bank A/S | (1022) |  | 1 | 0.0 (g) |
|  Genmab A/S | (6246) |  | 60 | 0.0 (g) |
|  Gubra A/S | (35) |  | — (h) | 0.0 (g) |
|  Jyske Bank A/S | (155) |  | — (h) | 0.0 (g) |
|  Pandora A/S | (2409) |  | — (h) | 0.0 (g) |
|  Ringkjoebing Landbobank A/S | (108) |  | — (h) | 0.0 (g) |
|  Schouw & Co. A/S | (11) |  | — (h) | 0.0 (g) |
|  Sydbank A/S | (424) |  | 1 | 0.0 (g) |
|  Vestas Wind Systems A/S | (2851) |  | 15 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  |  | 77 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  |  | 174 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day ESTER on long positions and short positions respectively, plus or minus spread (rates range from (0.40)% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 09/15/2027 | (6) | (11) | – | (11) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  OMV AG | 72 | — (h) | — (h) | 0.0 (g) |
|  Verbund AG | 68 | (1) | (1) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  KBC Group NV | 209 | (5) | (5) | 0.0 (g) |
|  Lotus Bakeries NV | 71 | (2) | (2) | 0.0 (g) |
|  Syensqo SA | 44 | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | 9 | (1) | (1) | 0.0 (g) |
|  Kesko OYJ | 139 | 1 | 1 | 0.0 (g) |
|  Orion OYJ | 12 | — (h) | — (h) | 0.0 (g) |
|  Stora Enso OYJ | 13 | — (h) | — (h) | 0.0 (g) |
|  UPM-Kymmene OYJ | 466 | (2) | (2) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Aeroports de Paris SA | 63 | — (h) | — (h) | 0.0 (g) |
|  Arkema SA | 17 | 1 | 1 | 0.0 (g) |
|  BioMerieux | 201 | 1 | 1 | 0.0 (g) |
|  Cie de Saint-Gobain SA | 18 | — (h) | — (h) | 0.0 (g) |
|  Dassault Aviation SA | 17 | — (h) | — (h) | 0.0 (g) |
|  Edenred SE | 152 | (1) | (1) | 0.0 (g) |
|  EssilorLuxottica SA | 92 | — (h) | — (h) | 0.0 (g) |
|  Gaztransport Et Technigaz SA | 118 | (3) | (3) | 0.0 (g) |
|  Hermes International SCA | 505 | 9 | 9 | 0.0 (g) |
|  Kering SA | 61 | (5) | (5) | 0.0 (g) |
|  Legrand SA | 1144 | 10 | 10 | 0.0 (g) |
|  L'Oreal SA | 1375 | (29) | (29) | 0.0 (g) |
|  Orange SA | 875 | (8) | (8) | 0.0 (g) |
|  Renault SA | 149 | — (h) | — (h) | 0.0 (g) |
|  Rexel SA | 78 | (1) | (1) | 0.0 (g) |
|  Sartorius Stedim Biotech | 41 | 4 | 4 | 0.0 (g) |
|  Schneider Electric SE | 2567 | (100) | (99) | 0.0 (g) |
|  Sodexo SA | 16 | 1 | 1 | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  BASF SE | 1 | — (h) | — (h) | 0.0 (g) |
|  Brenntag SE | 70 | (1) | — (h) | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | 75 | (1) | (1) | 0.0 (g) |
|  Daimler Truck Holding AG | 11 | 1 | 1 | 0.0 (g) |
|  Dr Ing hc F Porsche AG | 103 | (1) | (1) | 0.0 (g) |
|  Hannover Rueck SE | 116 | (2) | (2) | 0.0 (g) |
|  HUGO BOSS AG | 42 | 1 | 1 | 0.0 (g) |
|  KION Group AG | 4 | — (h) | — (h) | 0.0 (g) |
|  Merck KGaA | 38 | — (h) | — (h) | 0.0 (g) |
|  Porsche Automobil Holding SE | 5 | — (h) | — (h) | 0.0 (g) |
|  Rheinmetall AG | 580 | (16) | (15) | 0.0 (g) |
|  RWE AG | 16 | — (h) | — (h) | 0.0 (g) |
|  Talanx AG | 11 | — (h) | — (h) | 0.0 (g) |
|  Zalando SE | 11 | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kingspan Group plc | 11 | — (h) | — (h) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Brunello Cucinelli SpA | 20 | (1) | (1) | 0.0 (g) |
|  Buzzi SpA | 150 | 5 | 5 | 0.0 (g) |
|  Davide Campari-Milano NV | 459 | 26 | 26 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Ferrari NV | 69 | (1) | (1) | 0.0 (g) |
|  Prysmian SpA | 18 | — (h) | — (h) | 0.0 (g) |
|  Terna—Rete Elettrica Nazionale | 83 | (3) | (3) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | 314 | (6) | (6) | 0.0 (g) |
|  CVC Capital Partners plc | 24 | — (h) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ASM International NV | 159 | (4) | (4) | 0.0 (g) |
|  EXOR NV | 32 | (1) | (1) | 0.0 (g) |
|  Ferrovial SE | 727 | 2 | 2 | 0.0 (g) |
|  IMCD NV | 40 | 2 | 2 | 0.0 (g) |
|  JDE Peet's NV | 492 | (1) | (1) | 0.0 (g) |
|  Prosus NV | 330 | (19) | (19) | 0.0 (g) |
|  Randstad NV | 340 | (11) | (11) | 0.0 (g) |
|  Stellantis NV | 5 | — (h) | — (h) | 0.0 (g) |
|  Universal Music Group NV | 20 | (1) | (1) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Jeronimo Martins SGPS SA | 15 | — (h) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Cellnex Telecom SA | 38 | (1) | (1) | 0.0 (g) |
|  EDP Renovaveis SA | 21 | — (h) | — (h) | 0.0 (g) |
|  Industria de Diseno Textil SA | 129 | (5) | (5) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (170) | (167) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | (64) | (1) | (1) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Groupe Bruxelles Lambert NV | (26) | — (h) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Elisa OYJ | (9) | — (h) | — (h) | 0.0 (g) |
|  Nordea Bank Abp | (346) | 7 | 7 | 0.0 (g) |
|  **France** |  |  |  |  |
|  Accor SA | (6) | —(h) | —(h) | 0.0 (g) |
|  AXA SA | (887) | 16 | 15 | 0.0 (g) |
|  Bollore SE | (3) | —(h) | —(h) | 0.0 (g) |
|  Bureau Veritas SA | (373) | 14 | 14 | 0.0 (g) |
|  Capgemini SE | (361) | 6 | 5 | 0.0 (g) |
|  Covivio SA | (166) | 2 | 2 | 0.0 (g) |
|  Credit Agricole SA | (59) | —(h) | —(h) | 0.0 (g) |
|  Eiffage SA | (12) | —(h) | —(h) | 0.0 (g) |
|  Engie SA | (1555) | 11 | 10 | 0.0 (g) |
|  Ipsen SA | (18) | —(h) | —(h) | 0.0 (g) |
|  Publicis Groupe SA | (14) | —(h) | —(h) | 0.0 (g) |
|  Societe Generale SA | (1123) | (23) | (24) | 0.0 (g) |
|  Unibail-Rodamco-Westfield | (347) | 8 | 7 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Germany** |  |  |  |  |
|  Aurubis AG | (8) | 1 | 1 | 0.0(g) |
|  Continental AG | (54) | —(h) | —(h) | 0.0(g) |
|  E.ON SE | (17) | 1 | —(h) | 0.0(g) |
|  Evonik Industries AG | (329) | (15) | (15) | 0.0(g) |
|  GEA Group AG | (47) | —(h) | —(h) | 0.0(g) |
|  HOCHTIEF AG | (32) | —(h) | —(h) | 0.0(g) |
|  Knorr-Bremse AG | (34) | —(h) | —(h) | 0.0(g) |
|  LEG Immobilien SE | (69) | 2 | 2 | 0.0(g) |
|  Nemetschek SE | (34) | 1 | 1 | 0.0(g) |
|  SAP SE | (1813) | 30 | 30 | 0.0(g) |
|  Sartorius AG | (22) | 1 | 1 | 0.0(g) |
|  Siemens Energy AG | (244) | 7 | 6 | 0.0(g) |
|  **Italy** |  |  |  |  |
|  BPER Banca SPA | (13) | —(h) | —(h) | 0.0(g) |
|  Intesa Sanpaolo SpA | (1776) | 76 | 75 | 0.0(g) |
|  Italgas SpA | (10) | —(h) | —(h) | 0.0(g) |
|  Leonardo SpA | (22) | 1 | 1 | 0.0(g) |
|  Saipem SpA | (337) | 28 | 28 | 0.0(g) |
|  Snam SpA | (4) | —(h) | —(h) | 0.0(g) |
|  **Luxembourg** |  |  |  |  |
|  Eurofins Scientific SE | (14) | —(h) | —(h) | 0.0(g) |
|  **Netherlands** |  |  |  |  |
|  ASR Nederland NV | (59) | —(h) | —(h) | 0.0(g) |
|  BE Semiconductor Industries NV | (8) | —(h) | —(h) | 0.0(g) |
|  NN Group NV | (165) | 3 | 3 | 0.0(g) |
|  QIAGEN NV | (388) | (15) | (15) | 0.0(g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (23) | —(h) | —(h) | 0.0(g) |
|  EDP SA | (3) | —(h) | —(h) | 0.0(g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | (381) | (1) | (1) | 0.0(g) |
|  Enagas SA | (254) | 3 | 3 | 0.0(g) |
|  Iberdrola SA | (5) | —(h) | —(h) | 0.0(g) |
|  Telefonica SA | (105) | 1 | 1 | 0.0(g) |
|  **Total Short Positions of Total Return Swaps** |  | 164 | 156 | 0.0(g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (6) | (11) | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day ESTER on long positions and short positions respectively, plus or minus spread (rates range from (2.25)% to 0.23%) which is denominated in EUR based on the local currencies of the positions within the swap | 09/22/2027 | – | 1346 | 15 | 1361 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Belgium** |  |  |  |  |
|  Anheuser-Busch InBev SA | 251 |  | — (h) | 0.0 (g) |
|  Azelis Group NV | 60 |  | 5 | 0.0 (g) |
|  Elia Group SA | 72 |  | — (h) | 0.0 (g) |
|  Fagron | 5 |  | — (h) | 0.0 (g) |
|  Financiere de Tubize SA | 13 |  | — (h) | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | 9 |  | — (h) | 0.0 (g) |
|  KBC Ancora | 9 |  | — (h) | 0.0 (g) |
|  KBC Group NV | 177 |  | — (h) | 0.0 (g) |
|  Lotus Bakeries NV | 48 |  | — (h) | 0.0 (g) |
|  Melexis NV | 23 |  | — (h) | 0.0 (g) |
|  Montea NV | 5 |  | — (h) | 0.0 (g) |
|  Sofina SA | 11 |  | — (h) | 0.0 (g) |
|  Syensqo SA | 127 |  | — (h) | 0.0 (g) |
|  Umicore SA | 66 |  | — (h) | 0.0 (g) |
|  VGP NV | 27 |  | — (h) | 0.0 (g) |
|  Warehouses De Pauw CVA | 52 |  | — (h) | 0.0 (g) |
|  Xior Student Housing NV | 23 |  | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Elisa OYJ | 157 |  | 5 | 0.0 (g) |
|  Harvia OYJ | 1 |  | — (h) | 0.0 (g) |
|  Huhtamaki OYJ | 58 |  | — (h) | 0.0 (g) |
|  Kesko OYJ | 59 |  | — (h) | 0.0 (g) |
|  Kojamo OYJ | 26 |  | — (h) | 0.0 (g) |
|  Metsa Board OYJ | 9 |  | — (h) | 0.0 (g) |
|  Metso OYJ | 155 |  | 10 | 0.0 (g) |
|  Neste OYJ | 80 |  | 4 | 0.0 (g) |
|  Nokian Renkaat OYJ | 37 |  | 2 | 0.0 (g) |
|  Outokumpu OYJ | 43 |  | — (h) | 0.0 (g) |
|  Puuilo OYJ | 1 |  | — (h) | 0.0 (g) |
|  Stora Enso OYJ | 120 |  | 1 | 0.0 (g) |
|  TietoEVRY OYJ | 28 |  | — (h) | 0.0 (g) |
|  Tokmanni Group Corp. | 7 |  | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  UPM-Kymmene OYJ | 114 |  | —(h) | 0.0(g) |
|  Vaisala OYJ | 8 |  | —(h) | 0.0(g) |
|  Valmet OYJ | 33 |  | 3 | 0.0(g) |
|  **France** |  |  |  |  |
|  Accor SA | 118 |  | 5 | 0.0(g) |
|  Aeroports de Paris SA | 84 |  | —(h) | 0.0(g) |
|  Air France-KLM | 159 |  | 9 | 0.0(g) |
|  Air Liquide SA | 546 |  | —(h) | 0.0(g) |
|  Airbus SE | 255 |  | 1 | 0.0(g) |
|  Alstom SA | 328 |  | —(h) | 0.0(g) |
|  Altarea SCA | 2 |  | —(h) | 0.0(g) |
|  Arkema SA | 56 |  | 4 | 0.0(g) |
|  Ayvens SA | 45 |  | —(h) | 0.0(g) |
|  BioMerieux | 12 |  | —(h) | 0.0(g) |
|  Capgemini SE | 397 |  | 3 | 0.0(g) |
|  Christian Dior SE | 6 |  | —(h) | 0.0(g) |
|  Cie de Saint-Gobain SA | 1126 |  | 35 | 0.0(g) |
|  Clariane SE | 32 |  | —(h) | 0.0(g) |
|  Eiffage SA | 65 |  | 1 | 0.0(g) |
|  Elior Group SA | 8 |  | —(h) | 0.0(g) |
|  Elis SA | 88 |  | —(h) | 0.0(g) |
|  EssilorLuxottica SA | 142 |  | —(h) | 0.0(g) |
|  Exosens SAS | 47 |  | —(h) | 0.0(g) |
|  FDJ UNITED | 92 |  | —(h) | 0.0(g) |
|  Fnac Darty SA | 1 |  | —(h) | 0.0(g) |
|  Forvia SE | 55 |  | 2 | 0.0(g) |
|  Kering SA | 874 |  | —(h) | 0.0(g) |
|  LISI SA | 6 |  | —(h) | 0.0(g) |
|  L'Oreal SA | 32 |  | —(h) | 0.0(g) |
|  Mercialys SA | 3 |  | —(h) | 0.0(g) |
|  Mersen SA | 14 |  | —(h) | 0.0(g) |
|  Opmobility | 2 |  | —(h) | 0.0(g) |
|  Pernod Ricard SA | 387 |  | 32 | 0.0(g) |
|  Remy Cointreau SA | 61 |  | 1 | 0.0(g) |
|  Renault SA | 100 |  | —(h) | 0.0(g) |
|  Rexel SA | 137 |  | 2 | 0.0(g) |
|  Sartorius Stedim Biotech | 135 |  | 14 | 0.0(g) |
|  SEB SA | 10 |  | —(h) | 0.0(g) |
|  SMCP SA | 10 |  | —(h) | 0.0(g) |
|  Societe Generale SA | 280 |  | 10 | 0.0(g) |
|  Sodexo SA | 166 |  | —(h) | 0.0(g) |
|  SOITEC | 49 |  | —(h) | 0.0(g) |
|  Sopra Steria Group | 14 |  | —(h) | 0.0(g) |
|  TotalEnergies SE | 159 |  | 2 | 0.0(g) |
|  Trigano SA | 19 |  | —(h) | 0.0(g) |
|  Unibail-Rodamco-Westfield | 74 |  | —(h) | 0.0(g) |
|  Wendel SE | 5 |  | —(h) | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Germany** |  |  |  |  |
|  adidas AG | 143 |  | 1 | 0.0(g) |
|  AIXTRON SE | 129 |  | —(h) | 0.0(g) |
|  Aurubis AG | 71 |  | —(h) | 0.0(g) |
|  Auto1 Group SE | 60 |  | —(h) | 0.0(g) |
|  BASF SE | 404 |  | 6 | 0.0(g) |
|  Bayer AG | 270 |  | —(h) | 0.0(g) |
|  Bayerische Motoren Werke AG | 533 |  | —(h) | 0.0(g) |
|  Bechtle AG | 70 |  | —(h) | 0.0(g) |
|  Brenntag SE | 189 |  | —(h) | 0.0(g) |
|  Carl Zeiss Meditec AG | 96 |  | 7 | 0.0(g) |
|  Daimler Truck Holding AG | 315 |  | 32 | 0.0(g) |
|  Deutsche Telekom AG | 464 |  | 3 | 0.0(g) |
|  Deutz AG | 6 |  | —(h) | 0.0(g) |
|  Douglas AG | 2 |  | —(h) | 0.0(g) |
|  Dr Ing hc F Porsche AG | 192 |  | 13 | 0.0(g) |
|  E.ON SE | 551 |  | —(h) | 0.0(g) |
|  Elmos Semiconductor SE | 12 |  | —(h) | 0.0(g) |
|  Energiekontor AG | 5 |  | —(h) | 0.0(g) |
|  Evonik Industries AG | 43 |  | 2 | 0.0(g) |
|  Evotec SE | 31 |  | 1 | 0.0(g) |
|  Fraport AG Frankfurt Airport Services Worldwide | 83 |  | 2 | 0.0(g) |
|  Fresenius Medical Care AG | 29 |  | —(h) | 0.0(g) |
|  Fresenius SE & Co. KGaA | 199 |  | —(h) | 0.0(g) |
|  Gerresheimer AG | 152 |  | 36 | 0.0(g) |
|  Hensoldt AG | 132 |  | —(h) | 0.0(g) |
|  HOCHTIEF AG | 46 |  | 1 | 0.0(g) |
|  Hypoport SE | 3 |  | —(h) | 0.0(g) |
|  Infineon Technologies AG | 1308 |  | 1 | 0.0(g) |
|  Jenoptik AG | 15 |  | —(h) | 0.0(g) |
|  KION Group AG | 63 |  | 1 | 0.0(g) |
|  Kloeckner & Co. SE | 10 |  | —(h) | 0.0(g) |
|  LANXESS AG | 21 |  | 2 | 0.0(g) |
|  Nagarro SE | 6 |  | —(h) | 0.0(g) |
|  Norma Group SE | 11 |  | 4 | 0.0(g) |
|  Porsche Automobil Holding SE | 64 |  | 4 | 0.0(g) |
|  Puma SE | 85 |  | 3 | 0.0(g) |
|  RENK Group AG | 361 |  | —(h) | 0.0(g) |
|  Rheinmetall AG | 1438 |  | 1 | 0.0(g) |
|  RWE AG | 886 |  | —(h) | 0.0(g) |
|  Salzgitter AG | 35 |  | —(h) | 0.0(g) |
|  Sartorius AG | 228 |  | 17 | 0.0(g) |
|  Schaeffler AG | 14 |  | 1 | 0.0(g) |
|  Siemens AG | 240 |  | —(h) | 0.0(g) |
|  Siltronic AG | 46 |  | —(h) | 0.0(g) |
|  Stabilus SE | 19 |  | —(h) | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Suedzucker AG | 10 |  | —(h) | 0.0(g) |
|  SUSS MicroTec SE | 45 |  | —(h) | 0.0(g) |
|  Symrise AG | 484 |  | 19 | 0.0(g) |
|  TAG Immobilien AG | 100 |  | —(h) | 0.0(g) |
|  TeamViewer SE | 36 |  | —(h) | 0.0(g) |
|  thyssenkrupp AG | 117 |  | —(h) | 0.0(g) |
|  Traton SE | 73 |  | 9 | 0.0(g) |
|  TUI AG | 159 |  | 6 | 0.0(g) |
|  United Internet AG | 7 |  | —(h) | 0.0(g) |
|  Volkswagen AG | 400 |  | 28 | 0.0(g) |
|  Vonovia SE | 429 |  | —(h) | 0.0(g) |
|  Vossloh AG | 24 |  | 1 | 0.0(g) |
|  Wacker Chemie AG | 126 |  | —(h) | 0.0(g) |
|  Zalando SE | 39 |  | 1 | 0.0(g) |
|  **Italy** |  |  |  |  |
|  Davide Campari-Milano NV | 72 |  | 5 | 0.0(g) |
|  Prysmian SpA | 431 |  | —(h) | 0.0(g) |
|  Sanlorenzo SpA/Ameglia | 9 |  | —(h) | 0.0(g) |
|  Technoprobe SpA | 16 |  | 1 | 0.0(g) |
|  **Luxembourg** |  |  |  |  |
|  APERAM SA | 78 |  | —(h) | 0.0(g) |
|  ArcelorMittal SA | 540 |  | —(h) | 0.0(g) |
|  CVC Capital Partners plc | 25 |  | 1 | 0.0(g) |
|  Eurofins Scientific SE | 195 |  | 3 | 0.0(g) |
|  **Netherlands** |  |  |  |  |
|  Aalberts NV | 51 |  | 2 | 0.0(g) |
|  ABN AMRO Bank NV | 318 |  | —(h) | 0.0(g) |
|  Akzo Nobel NV | 256 |  | 5 | 0.0(g) |
|  AMG Critical Materials NV | 3 |  | —(h) | 0.0(g) |
|  ASM International NV | 229 |  | 1 | 0.0(g) |
|  ASR Nederland NV | 36 |  | —(h) | 0.0(g) |
|  Basic-Fit NV | 39 |  | —(h) | 0.0(g) |
|  Corbion NV | 9 |  | —(h) | 0.0(g) |
|  CTP NV | 24 |  | —(h) | 0.0(g) |
|  EXOR NV | 196 |  | —(h) | 0.0(g) |
|  Ferrovial SE | 26 |  | —(h) | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Flow Traders Ltd. | 5 |  | —(h) | 0.0(g) |
|  Heineken Holding NV | 52 |  | —(h) | 0.0(g) |
|  Heineken NV | 439 |  | —(h) | 0.0(g) |
|  IMCD NV | 215 |  | 16 | 0.0(g) |
|  Koninklijke KPN NV | 68 |  | 1 | 0.0(g) |
|  Koninklijke Philips NV | 169 |  | 8 | 0.0(g) |
|  OCI NV | 15 |  | 5 | 0.0(g) |
|  Redcare Pharmacy NV | 14 |  | 1 | 0.0(g) |
|  Stellantis NV | 200 |  | 27 | 0.0(g) |
|  TKH Group NV | 42 |  | —(h) | 0.0(g) |
|  Van Lanschot Kempen NV | 36 |  | —(h) | 0.0(g) |
|  **Poland** |  |  |  |  |
|  InPost SA | 113 |  | 14 | 0.0(g) |
|  **Portugal** |  |  |  |  |
|  EDP SA | 282 |  | —(h) | 0.0(g) |
|  Galp Energia SGPS SA | 17 |  | —(h) | 0.0(g) |
|  Jeronimo Martins SGPS SA | 105 |  | 3 | 0.0(g) |
|  Mota-Engil SGPS SA | 93 |  | 8 | 0.0(g) |
|  **Spain** |  |  |  |  |
|  Acciona SA | 81 |  | —(h) | 0.0(g) |
|  Acerinox SA | 91 |  | —(h) | 0.0(g) |
|  Almirall SA | 4 |  | —(h) | 0.0(g) |
|  Banco Bilbao Vizcaya Argentaria SA | 174 |  | —(h) | 0.0(g) |
|  Banco Santander SA | 242 |  | —(h) | 0.0(g) |
|  Cellnex Telecom SA | 588 |  | —(h) | 0.0(g) |
|  CIE Automotive SA | 8 |  | —(h) | 0.0(g) |
|  Corp. ACCIONA Energias Renovables SA | 14 |  | —(h) | 0.0(g) |
|  EDP Renovaveis SA | 161 |  | —(h) | 0.0(g) |
|  eDreams ODIGEO SA | 4 |  | —(h) | 0.0(g) |
|  Fluidra SA | 31 |  | 1 | 0.0(g) |
|  Grenergy Renovables SA | 57 |  | 5 | 0.0(g) |
|  Industria de Diseno Textil SA | 304 |  | 1 | 0.0(g) |
|  Pharma Mar SA | 12 |  | —(h) | 0.0(g) |
|  Puig Brands SA | 41 |  | 2 | 0.0(g) |
|  Sacyr SA | 34 |  | —(h) | 0.0(g) |
|  Solaria Energia y Medio Ambiente SA | 178 |  | 3 | 0.0(g) |
|  Tecnicas Reunidas SA | 18 |  | —(h) | 0.0(g) |
|  Vidrala SA | 18 |  | —(h) | 0.0(g) |
|  Viscofan SA | 14 |  | —(h) | 0.0(g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | 20 |  | —(h) | 0.0(g) |
|  STMicroelectronics NV | 60 |  | 2 | 0.0(g) |
|  **United Kingdom** |  |  |  |  |
|  Allfunds Group plc | 28 |  | —(h) | 0.0(g) |
|  Shell plc | 130 |  | —(h) | 0.0(g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 469 | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Belgium** |  |  |  |  |
|  Ackermans & van Haaren NV | (17) |  | —(h) | 0.0(g) |
|  Ageas SA | (33) |  | 1 | 0.0(g) |
|  Barco NV | (7) |  | —(h) | 0.0(g) |
|  Bekaert SA | (16) |  | —(h) | 0.0(g) |
|  Colruyt Group N.V | (3) |  | —(h) | 0.0(g) |
|  D'ieteren Group | (15) |  | —(h) | 0.0(g) |
|  Galapagos NV | (6) |  | —(h) | 0.0(g) |
|  UCB SA | (637) |  | 98 | 0.0(g) |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | (68) |  | 5 | 0.0(g) |
|  Hiab OYJ | (21) |  | —(h) | 0.0(g) |
|  Kemira OYJ | (2) |  | —(h) | 0.0(g) |
|  Kone OYJ | (158) |  | 6 | 0.0(g) |
|  Konecranes OYJ | (53) |  | —(h) | 0.0(g) |
|  Mandatum OYJ | (7) |  | —(h) | 0.0(g) |
|  Nokia OYJ | (350) |  | 6 | 0.0(g) |
|  Orion OYJ | (60) |  | —(h) | 0.0(g) |
|  QT Group OYJ | (10) |  | —(h) | 0.0(g) |
|  Sampo OYJ | (168) |  | 4 | 0.0(g) |
|  Wartsila OYJ Abp | (304) |  | 3 | 0.0(g) |
|  **France** |  |  |  |  |
|  Alten SA | (14) |  | 1 | 0.0(g) |
|  Amundi SA | (128) |  | 3 | 0.0(g) |
|  ARGAN SA | (2) |  | —(h) | 0.0(g) |
|  AXA SA | (1526) |  | 29 | 0.0(g) |
|  BNP Paribas SA | (131) |  | —(h) | 0.0(g) |
|  Bollore SE | (23) |  | 1 | 0.0(g) |
|  Bouygues SA | (397) |  | 12 | 0.0(g) |
|  Bureau Veritas SA | (393) |  | 13 | 0.0(g) |
|  Carmila SA | (8) |  | —(h) | 0.0(g) |
|  Carrefour SA | (79) |  | 3 | 0.0(g) |
|  Cie Generale des Etablissements Michelin SCA | (7) |  |  | 0.0(g) |
|  Coface SA | (29) |  | 1 | 0.0(g) |
|  Covivio SA | (34) |  | 1 | 0.0(g) |
|  Dassault Systemes SE | (407) |  | 8 | 0.0(g) |
|  Derichebourg SA | (6) |  | —(h) | 0.0(g) |
|  Edenred SE | (15) |  | —(h) | 0.0(g) |
|  Esso SA Francaise | (8) |  | —(h) | 0.0(g) |
|  Gaztransport Et Technigaz SA | (451) |  | 6 | 0.0(g) |
|  Hermes International SCA | (393) |  | —(h) | 0.0(g) |
|  Imerys SA | (5) |  | —(h) | 0.0(g) |
|  Ipsen SA | (19) |  | —(h) | 0.0(g) |
|  IPSOS SA | (31) |  | 1 | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  JCDecaux SE | (31) |  | —(h) | 0.0(g) |
|  Kaufman & Broad SA | (5) |  | —(h) | 0.0(g) |
|  Klepierre SA | (261) |  | 2 | 0.0(g) |
|  Legrand SA | (156) |  | —(h) | 0.0(g) |
|  Metropole Television SA | (11) |  | —(h) | 0.0(g) |
|  Nexans SA | (17) |  | —(h) | 0.0(g) |
|  Orange SA | (73) |  | 1 | 0.0(g) |
|  Planisware SA | (7) |  | —(h) | 0.0(g) |
|  Publicis Groupe SA | (106) |  | 2 | 0.0(g) |
|  Rubis SCA | (62) |  | 1 | 0.0(g) |
|  Safran SA | (959) |  | 37 | 0.0(g) |
|  Sanofi SA | (880) |  | —(h) | 0.0(g) |
|  Schneider Electric SE | (178) |  | 4 | 0.0(g) |
|  SCOR SE | (72) |  | 3 | 0.0(g) |
|  Societe BIC SA | (11) |  | —(h) | 0.0(g) |
|  Technip Energies NV | (235) |  | 1 | 0.0(g) |
|  Television Francaise 1 SA | (12) |  | —(h) | 0.0(g) |
|  Thales SA | (1096) |  | 96 | 0.0(g) |
|  Ubisoft Entertainment SA | (60) |  | 2 | 0.0(g) |
|  Valeo SE | (29) |  | —(h) | 0.0(g) |
|  Vallourec SACA | (54) |  | 2 | 0.0(g) |
|  Veolia Environnement SA | (445) |  | 3 | 0.0(g) |
|  Vinci SA | (62) |  | —(h) | 0.0(g) |
|  Vivendi SE | (92) |  | 1 | 0.0(g) |
|  VusionGroup | (69) |  | —(h) | 0.0(g) |
|  **Germany** |  |  |  |  |
|  Allianz SE | (596) |  | 17 | 0.0(g) |
|  AlzChem Group AG | (12) |  | 1 | 0.0(g) |
|  Atoss Software SE | (34) |  | 3 | 0.0(g) |
|  Beiersdorf AG | (17) |  |  | 0.0(g) |
|  Bilfinger SE | (122) |  | —(h) | 0.0(g) |
|  CANCOM SE | (4) |  | —(h) | 0.0(g) |
|  Commerzbank AG | (383) |  | —(h) | 0.0(g) |
|  Continental AG | (10) |  |  | 0.0(g) |
|  CTS Eventim AG & Co. KGaA | (113) |  | —(h) | 0.0(g) |
|  Delivery Hero SE | (31) |  | —(h) | 0.0(g) |
|  Deutsche Bank AG | (240) |  | —(h) | 0.0(g) |
|  Deutsche Boerse AG | (595) |  | 5 | 0.0(g) |
|  Deutsche Lufthansa AG | (284) |  | —(h) | 0.0(g) |
|  Deutsche Pfandbriefbank AG | (3) |  | —(h) | 0.0(g) |
|  Deutsche Wohnen SE | (2) |  | —(h) | 0.0(g) |
|  Draegerwerk AG & Co. KGaA | (3) |  | —(h) | 0.0(g) |
|  DWS Group GmbH & Co. KGaA | (61) |  | —(h) | 0.0(g) |
|  Eckert & Ziegler SE | (21) |  | —(h) | 0.0(g) |
|  Fielmann Group AG | (4) |  | —(h) | 0.0(g) |
|  flatexDEGIRO AG | (261) |  | 8 | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Freenet AG | (263) |  | —(h) | 0.0(g) |
|  FUCHS SE | (40) |  | —(h) | 0.0(g) |
|  GEA Group AG | (163) |  | 5 | 0.0(g) |
|  GFT Technologies SE | (3) |  | —(h) | 0.0(g) |
|  Hannover Rueck SE | (318) |  | 15 | 0.0(g) |
|  Heidelberg Materials AG | (442) |  | —(h) | 0.0(g) |
|  HelloFresh SE | (35) |  | —(h) | 0.0(g) |
|  Henkel AG & Co. KGaA | (149) |  | —(h) | 0.0(g) |
|  Hornbach Holding AG & Co. KGaA | (2) |  | —(h) | 0.0(g) |
|  HUGO BOSS AG | (33) |  | —(h) | 0.0(g) |
|  Jungheinrich AG | (38) |  | —(h) | 0.0(g) |
|  Knorr-Bremse AG | (68) |  | —(h) | 0.0(g) |
|  Krones AG | (2) |  | —(h) | 0.0(g) |
|  Mercedes-Benz Group AG | (1165) |  | 51 | 0.0(g) |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | (278) |  | 12 | 0.0(g) |
|  Nemetschek SE | (39) |  | 1 | 0.0(g) |
|  Nordex SE | (47) |  | 2 | 0.0(g) |
|  Rational AG | (66) |  | —(h) | 0.0(g) |
|  SAP SE | (2043) |  | —(h) | 0.0(g) |
|  Scout24 SE | (344) |  | 11 | 0.0(g) |
|  Siemens Energy AG | (161) |  | 10 | 0.0(g) |
|  Siemens Healthineers AG | (69) |  | —(h) | 0.0(g) |
|  Sixt SE | (37) |  | —(h) | 0.0(g) |
|  Stroeer SE & Co. KGaA | (11) |  | —(h) | 0.0(g) |
|  Wacker Neuson SE | (4) |  | —(h) | 0.0(g) |
|  **Italy** |  |  |  |  |
|  BPER Banca SPA | (96) |  | 1 | 0.0(g) |
|  Generali | (229) |  | 3 | 0.0(g) |
|  Iren SpA | (5) |  | —(h) | 0.0(g) |
|  Maire SpA | (10) |  | —(h) | 0.0(g) |
|  MFE-MediaForEurope NV | (8) |  | —(h) | 0.0(g) |
|  OVS SpA | (4) |  | —(h) | 0.0(g) |
|  Poste Italiane SpA | (106) |  | —(h) | 0.0(g) |
|  Reply SpA | (19) |  | —(h) | 0.0(g) |
|  Saipem SpA | (201) |  | 11 | 0.0(g) |
|  **Luxembourg** |  |  |  |  |
|  SES SA | (37) |  | 3 | 0.0(g) |
|  **Netherlands** |  |  |  |  |
|  Adyen NV | (743) |  | —(h) | 0.0(g) |
|  Aegon Ltd. | (276) |  | 8 | 0.0(g) |
|  Arcadis NV | (19) |  | —(h) | 0.0(g) |
|  Argenx SE | (436) |  | —(h) | 0.0(g) |
|  ASML Holding NV | (320) |  | 17 | 0.0(g) |
|  BE Semiconductor Industries NV | (298) |  | 13 | 0.0(g) |
|  Euronext NV | (61) |  | —(h) | 0.0(g) |
|  ING Groep NV | (282) |  | 7 | 0.0(g) |
|  Koninklijke BAM Groep NV | (17) |  | —(h) | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Koninklijke Vopak NV | (64) |  | 1 | 0.0(g) |
|  NN Group NV | (188) |  | 5 | 0.0(g) |
|  Pharming Group NV | (6) |  | 1 | 0.0(g) |
|  Prosus NV | (2213) |  | 134 | 0.1 |
|  SBM Offshore NV | (181) |  | 3 | 0.0(g) |
|  Signify NV | (23) |  | —(h) | 0.0(g) |
|  Universal Music Group NV | (217) |  | 9 | 0.0(g) |
|  Wolters Kluwer NV | (244) |  | 3 | 0.0(g) |
|  **Portugal** |  |  |  |  |
|  CTT-Correios de Portugal SA | (9) |  | —(h) | 0.0(g) |
|  NOS SGPS SA | (17) |  | —(h) | 0.0(g) |
|  REN—Redes Energeticas Nacionais SGPS SA | (7) |  | —(h) | 0.0(g) |
|  Sonae SGPS SA | (4) |  | —(h) | 0.0(g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | (4) |  | —(h) | 0.0(g) |
|  Aena SME SA | (887) |  | —(h) | 0.0(g) |
|  Amadeus IT Group SA | (13) |  | —(h) | 0.0(g) |
|  Atresmedia Corp. de Medios de Comunicacion SA | (21) |  | 1 | 0.0(g) |
|  Bankinter SA | (515) |  | 10 | 0.0(g) |
|  CaixaBank SA | (918) |  | 28 | 0.0(g) |
|  Colonial SFL Socimi SA | (26) |  | —(h) | 0.0(g) |
|  Elecnor SA | (10) |  | —(h) | 0.0(g) |
|  Enagas SA | (240) |  | 5 | 0.0(g) |
|  Endesa SA | (796) |  | 32 | 0.0(g) |
|  Iberdrola SA | (372) |  | 17 | 0.0(g) |
|  Indra Sistemas SA | (446) |  | 26 | 0.0(g) |
|  Laboratorios Farmaceuticos Rovi SA | (14) |  | —(h) | 0.0(g) |
|  Logista Integral SA | (26) |  | 1 | 0.0(g) |
|  Mapfre SA | (160) |  | 12 | 0.0(g) |
|  Melia Hotels International SA | (21) |  | —(h) | 0.0(g) |
|  Merlin Properties Socimi SA | (113) |  | —(h) | 0.0(g) |
|  Naturgy Energy Group SA | (34) |  | 1 | 0.0(g) |
|  Neinor Homes SA | (15) |  | —(h) | 0.0(g) |
|  Redeia Corp. SA | (102) |  | 1 | 0.0(g) |
|  Repsol SA | (486) |  | 26 | 0.0(g) |
|  Telefonica SA | (195) |  | —(h) | 0.0(g) |
|  Unicaja Banco SA | (157) |  | —(h) | 0.0(g) |
|  **Total Short Positions of Total Return Swaps** |  |  | 877 | 0.1 |
|  **Total of Long and Short Positions of Total Return Swaps** |  |  | 1346 | 0.1 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from (1.88)% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 09/15/2027 | (20) | 484 | 19 | 503 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  BHP Group Ltd. | 143 |  | —(h) | 0.0(g) |
|  **Chile** |  |  |  |  |
|  Antofagasta plc | 4 | —(h) | —(h) | 0.0(g) |
|  **France** |  |  |  |  |
|  Canal+ SA | 3 |  | —(h) | 0.0(g) |
|  **Georgia** |  |  |  |  |
|  TBC Bank Group plc | 14 |  | —(h) | 0.0(g) |
|  **Germany** |  |  |  |  |
|  Sirius Real Estate Ltd. | —(h) |  | —(h) | 0.0(g) |
|  **Ireland** |  |  |  |  |
|  C&C Group plc | 2 |  | 1 | 0.0(g) |
|  CRH plc | 17 |  | —(h) | 0.0(g) |
|  DCC plc | 5 | —(h) | —(h) | 0.0(g) |
|  Experian plc | 180 |  | 5 | 0.0(g) |
|  Smurfit WestRock plc | 88 |  | 6 | 0.0(g) |
|  **Jersey** |  |  |  |  |
|  JTC plc | 14 |  | —(h) | 0.0(g) |
|  **Mexico** |  |  |  |  |
|  Fresnillo plc | 189 | 2 | 2 | 0.0(g) |
|  **Peru** |  |  |  |  |
|  Hochschild Mining plc | 37 |  | —(h) | 0.0(g) |
|  **Spain** |  |  |  |  |
|  ATALAYA MINING COPPER SA | 15 |  | —(h) | 0.0(g) |
|  **Switzerland** |  |  |  |  |
|  Glencore plc | 635 |  | 1 | 0.0(g) |
|  International Workplace Group plc | 16 |  | —(h) | 0.0(g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | 71 | (2) | (2) | 0.0(g) |
|  Airtel Africa plc | 4 |  | —(h) | 0.0(g) |
|  Ashtead Group plc | 223 | 13 | 14 | 0.0(g) |
|  Associated British Foods plc | 16 | (1) | (1) | 0.0(g) |
|  AstraZeneca plc | 152 |  | 2 | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Auto Trader Group plc | 115 | (4) | (3) | 0.0(g) |
|  B&M European Value Retail SA | 19 |  | —(h) | 0.0(g) |
|  Barratt Redrow plc | 134 | —(h) | —(h) | 0.0(g) |
|  Bellway plc | 45 |  | —(h) | 0.0(g) |
|  Big Yellow Group plc | 14 |  | —(h) | 0.0(g) |
|  Bodycote plc | 2 |  | —(h) | 0.0(g) |
|  Breedon Group plc | 26 |  | —(h) | 0.0(g) |
|  Bridgepoint Group plc | 10 |  | 1 | 0.0(g) |
|  BT Group plc | 19 | 2 | 2 | 0.0(g) |
|  Bunzl plc | 8 | —(h) | —(h) | 0.0(g) |
|  Capita plc | 10 |  | —(h) | 0.0(g) |
|  Centrica plc | 3 | —(h) | —(h) | 0.0(g) |
|  Chemring Group plc | 31 |  | —(h) | 0.0(g) |
|  Chesnara plc | 7 |  | —(h) | 0.0(g) |
|  Coca-Cola Europacific Partners plc | 117 |  | —(h) | 0.0(g) |
|  Compass Group plc | 322 |  | —(h) | 0.0(g) |
|  Cranswick plc | 5 |  | —(h) | 0.0(g) |
|  Crest Nicholson Holdings plc | 2 |  | —(h) | 0.0(g) |
|  Croda International plc | 77 |  | 2 | 0.0(g) |
|  Currys plc | 2 |  | —(h) | 0.0(g) |
|  Diageo plc | 324 | —(h) | 11 | 0.0(g) |
|  Diploma plc | 25 |  | 1 | 0.0(g) |
|  DiscoverIE Group plc | 1 |  | —(h) | 0.0(g) |
|  easyJet plc | 35 | (2) | (2) | 0.0(g) |
|  Elementis plc | 2 |  | —(h) | 0.0(g) |
|  Energean plc | 20 |  | —(h) | 0.0(g) |
|  Entain plc | 47 |  | —(h) | 0.0(g) |
|  Frasers Group plc | 1 |  | —(h) | 0.0(g) |
|  Future plc | 7 |  | 1 | 0.0(g) |
|  Genuit Group plc | 2 |  | —(h) | 0.0(g) |
|  Great Portland Estates plc | 3 |  | —(h) | 0.0(g) |
|  Greggs plc | 48 |  | —(h) | 0.0(g) |
|  GSK plc | 762 | (46) | (45) | 0.0(g) |
|  Haleon plc | 18 | —(h) | —(h) | 0.0(g) |
|  Hammerson plc | 19 |  | 1 | 0.0(g) |
|  Harbour Energy plc | 24 |  | 1 | 0.0(g) |
|  Helios Towers plc | 3 |  | —(h) | 0.0(g) |
|  Hikma Pharmaceuticals plc | 16 |  | —(h) | 0.0(g) |
|  Hilton Food Group plc | 4 |  | —(h) | 0.0(g) |
|  Hollywood Bowl Group plc | 10 |  | —(h) | 0.0(g) |
|  HSBC Holdings plc | 2249 | (44) | (41) | 0.0(g) |
|  Ibstock plc | 2 |  | —(h) | 0.0(g) |
|  ICG plc | 20 |  | 1 | 0.0(g) |
|  Informa plc | 74 |  | —(h) | 0.0(g) |
|  ITV plc | 5 |  | —(h) | 0.0(g) |
|  J D Wetherspoon plc | 7 |  | —(h) | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Johnson Matthey plc | 8 |  | —(h) | 0.0(g) |
|  Johnson Service Group plc | 2 |  | —(h) | 0.0(g) |
|  Land Securities Group plc | 33 | —(h) | —(h) | 0.0(g) |
|  Lloyds Banking Group plc | 115 | 6 | 14 | 0.0(g) |
|  London Stock Exchange Group plc | 277 |  | —(h) | 0.0(g) |
|  LondonMetric Property plc | 43 | (3) | (2) | 0.0(g) |
|  Marks & Spencer Group plc | 35 | (2) | (2) | 0.0(g) |
|  Marshalls plc | 7 |  | —(h) | 0.0(g) |
|  Melrose Industries plc | 3 | —(h) | —(h) | 0.0(g) |
|  Metro Bank Holdings plc | 2 |  | —(h) | 0.0(g) |
|  Mitie Group plc | 2 |  | —(h) | 0.0(g) |
|  Molten Ventures plc | 9 |  | —(h) | 0.0(g) |
|  Mondi plc | 130 | (1) | —(h) | 0.0(g) |
|  National Grid plc | 319 | (1) | (1) | 0.0(g) |
|  NCC Group plc | 3 |  | —(h) | 0.0(g) |
|  Ocado Group plc | 32 |  | —(h) | 0.0(g) |
|  Oxford Nanopore Technologies plc | 10 |  | 2 | 0.0(g) |
|  PayPoint plc | 8 |  | —(h) | 0.0(g) |
|  Pennon Group plc | 24 |  | —(h) | 0.0(g) |
|  Persimmon plc | 87 |  | —(h) | 0.0(g) |
|  Picton Property, Income Ltd. | 1 |  | —(h) | 0.0(g) |
|  Premier Foods plc | 1 |  | —(h) | 0.0(g) |
|  Rentokil Initial plc | 183 | (6) | (6) | 0.0(g) |
|  Rio Tinto plc | 1045 | (59) | (58) | 0.0(g) |
|  Senior plc | 2 |  | —(h) | 0.0(g) |
|  Severn Trent plc | 198 | (4) | (4) | 0.0(g) |
|  Spirax Group plc | 17 | 1 | 1 | 0.0(g) |
|  Spire Healthcare Group plc | 6 |  | —(h) | 0.0(g) |
|  SSE plc | 500 | —(h) | 1 | 0.0(g) |
|  SSP Group Plc | 3 |  | —(h) | 0.0(g) |
|  Tate & Lyle plc | 40 |  | 8 | 0.0(g) |
|  Taylor Wimpey plc | 1 | 4 | 4 | 0.0(g) |
|  Tesco plc | 388 | (21) | (21) | 0.0(g) |
|  United Utilities Group plc | 28 |  | —(h) | 0.0(g) |
|  Vistry Group plc | 46 |  | —(h) | 0.0(g) |
|  Vodafone Group plc | 82 | 4 | 9 | 0.0(g) |
|  Weir Group plc (The) | 13 |  | —(h) | 0.0(g) |
|  WH Smith plc | 24 |  | —(h) | 0.0(g) |
|  Whitbread plc | 5 | —(h) | —(h) | 0.0(g) |
|  WPP plc | 68 | (1) | (1) | 0.0(g) |
|  Zigup plc | 4 |  | —(h) | 0.0(g) |
|  **United States** |  |  |  |  |
|  Diversified Energy Co. plc | 8 |  | —(h) | 0.0(g) |
|  Flutter Entertainment plc | 65 |  | 7 | 0.0(g) |
|  **Total Long Positions of Total Return Swaps** |  | (165) | (91) | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Hiscox Ltd. | (10) |  | 1 | 0.0(g) |
|  **Gibraltar** |  |  |  |  |
|  Evoke plc | (3) |  | —(h) | 0.0(g) |
|  **Hong Kong** |  |  |  |  |
|  Prudential plc | (74) |  | 2 | 0.0(g) |
|  **Hungary** |  |  |  |  |
|  Wizz Air Holdings plc | (11) |  | —(h) | 0.0(g) |
|  **Ireland** |  |  |  |  |
|  Experian plc | (48) | (1) | (1) | 0.0(g) |
|  **Israel** |  |  |  |  |
|  Plus500 Ltd. | (73) |  | 4 | 0.0(g) |
|  **Lithuania** |  |  |  |  |
|  Baltic Classifieds Group plc | (11) |  | —(h) | 0.0(g) |
|  **Mexico** |  |  |  |  |
|  Fresnillo plc | (280) |  | 16 | 0.0(g) |
|  **Switzerland** |  |  |  |  |
|  Coca-Cola HBC AG | (11) | —(h) | —(h) | 0.0(g) |
|  Glencore plc | (581) | 80 | 79 | 0.0(g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | (245) |  | 17 | 0.0(g) |
|  4imprint Group plc | (33) |  | 1 | 0.0(g) |
|  Aberdeen Group plc | (71) |  | 8 | 0.0(g) |
|  Admiral Group plc | (287) | 2 | 5 | 0.0(g) |
|  AJ Bell plc | (34) |  | 3 | 0.0(g) |
|  Anglo American plc | (258) | 33 | 33 | 0.0(g) |
|  Ashmore Group plc | (3) |  | 1 | 0.0(g) |
|  Associated British Foods plc | (27) |  | 1 | 0.0(g) |
|  Auction Technology Group plc | (2) |  | —(h) | 0.0(g) |
|  Auto Trader Group plc | (184) |  | 5 | 0.0(g) |
|  Aviva plc | (117) |  | 3 | 0.0(g) |
|  Babcock International Group plc | (99) | 3 | 14 | 0.0(g) |
|  BAE Systems plc | (510) | —(h) | 34 | 0.0(g) |
|  Balfour Beatty plc | (11) |  | —(h) | 0.0(g) |
|  Barclays plc | (344) | —(h) | —(h) | 0.0(g) |
|  Beazley plc | (236) |  | 27 | 0.0(g) |
|  Berkeley Group Holdings plc | (21) |  | 1 | 0.0(g) |
|  Bloomsbury Publishing plc | (2) |  | —(h) | 0.0(g) |
|  BP plc | (111) |  | 1 | 0.0(g) |
|  British American Tobacco plc | (78) |  | —(h) | 0.0(g) |
|  Bunzl plc | (30) |  | —(h) | 0.0(g) |
|  Burberry Group plc | (70) | 1 | 3 | 0.0(g) |
|  Bytes Technology Group plc | (26) |  | —(h) | 0.0(g) |
|  Centrica plc | (89) |  | —(h) | 0.0(g) |
|  Clarkson plc | (13) |  | 1 | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  CMC Markets plc | (7) |  | 1 | 0.0(g) |
|  Coats Group plc | (7) |  | —(h) | 0.0(g) |
|  Computacenter plc | (28) |  | 4 | 0.0(g) |
|  Convatec Group plc | (9) |  | 1 | 0.0(g) |
|  Drax Group plc | (52) |  | 2 | 0.0(g) |
|  Dunelm Group plc | (43) |  | 3 | 0.0(g) |
|  easyJet plc | (40) |  | 1 | 0.0(g) |
|  Entain plc | (28) | —(h) | —(h) | 0.0(g) |
|  Firstgroup plc | (8) |  | 1 | 0.0(g) |
|  Games Workshop Group plc | (38) |  | —(h) | 0.0(g) |
|  Gamma Communications plc | (6) |  | —(h) | 0.0(g) |
|  GSK plc | (910) |  | 61 | 0.0(g) |
|  Haleon plc | (45) |  | 1 | 0.0(g) |
|  Halma plc | (278) | 6 | 8 | 0.0(g) |
|  Hill & Smith plc | (8) |  | —(h) | 0.0(g) |
|  Howden Joinery Group plc | (100) |  | 1 | 0.0(g) |
|  HSBC Holdings plc | (894) |  | 20 | 0.0(g) |
|  Hunting plc | (6) |  | 1 | 0.0(g) |
|  IG Group Holdings plc | (376) | (2) | (2) | 0.0(g) |
|  IMI plc | (184) | (1) | (1) | 0.0(g) |
|  IntegraFin Holdings plc | (14) |  | 1 | 0.0(g) |
|  InterContinental Hotels Group plc | (204) | 4 | 6 | 0.0(g) |
|  International Consolidated Airlines Group SA | (496) |  | 5 | 0.0(g) |
|  Intertek Group plc | (347) | 8 | 8 | 0.0(g) |
|  IP Group plc | (2) |  | —(h) | 0.0(g) |
|  J Sainsbury plc | (36) | 1 | 2 | 0.0(g) |
|  JD Sports Fashion plc | (4) |  | —(h) | 0.0(g) |
|  Jupiter Fund Management plc | (3) |  | —(h) | 0.0(g) |
|  Kainos Group plc | (9) |  | 1 | 0.0(g) |
|  Keller Group plc | (8) |  | 1 | 0.0(g) |
|  Kingfisher plc | (84) |  | 32 | 0.0(g) |
|  Lancashire Holdings Ltd. | (31) |  | 2 | 0.0(g) |
|  Legal & General Group plc | (38) |  | 1 | 0.0(g) |
|  Lion Finance Group plc | (18) |  | 1 | 0.0(g) |
|  Liontrust Asset Management plc | (12) |  | 2 | 0.0(g) |
|  LondonMetric Property plc | (5) |  | —(h) | 0.0(g) |
|  M&G plc | (24) | —(h) | —(h) | 0.0(g) |
|  Man Group plc/Jersey | (15) |  | 1 | 0.0(g) |
|  Marks & Spencer Group plc | (27) |  | 1 | 0.0(g) |
|  MONY Group plc | (8) |  | —(h) | 0.0(g) |
|  Moonpig Group plc | (9) |  | 1 | 0.0(g) |
|  NatWest Group plc | (948) | —(h) | 34 | 0.0(g) |
|  Next plc | (522) | 5 | 28 | 0.0(g) |
|  Ninety One plc | (1) |  | —(h) | 0.0(g) |
|  On the Beach Group plc | (1) |  | —(h) | 0.0(g) |
|  OSB Group plc | (20) |  | 1 | 0.0(g) |
|  Paragon Banking Group plc | (29) |  | —(h) | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Pearson plc | (219) |  | 5 | 0.0(g) |
|  Petershill Partners plc | (3) |  | 1 | 0.0(g) |
|  Phoenix Group Holdings plc | (60) | —(h) | —(h) | 0.0(g) |
|  Quilter plc | (10) |  | 1 | 0.0(g) |
|  Reckitt Benckiser Group plc | (629) | 9 | 8 | 0.0(g) |
|  RELX plc | (3) |  | —(h) | 0.0(g) |
|  Renishaw plc | (3) |  | —(h) | 0.0(g) |
|  Rightmove plc | (195) | —(h) | —(h) | 0.0(g) |
|  Rolls-Royce Holdings plc | (1405) |  | 68 | 0.0(g) |
|  Rotork plc | (34) |  | —(h) | 0.0(g) |
|  RS GROUP plc | (3) |  | —(h) | 0.0(g) |
|  Safestore Holdings plc | (3) |  | —(h) | 0.0(g) |
|  Sage Group plc (The) | (131) | —(h) | 1 | 0.0(g) |
|  Schroders plc | (16) | —(h) | —(h) | 0.0(g) |
|  Serco Group plc | (3) |  | —(h) | 0.0(g) |
|  Shaftesbury Capital plc | (6) |  | —(h) | 0.0(g) |
|  Smith & Nephew plc | (85) |  | —(h) | 0.0(g) |
|  Smiths Group plc | (75) | 1 | 1 | 0.0(g) |
|  Softcat plc | (28) |  | —(h) | 0.0(g) |
|  Spirax Group plc | (15) |  | —(h) | 0.0(g) |
|  St James's Place plc | (59) |  | 1 | 0.0(g) |
|  Standard Chartered plc | (920) |  | 1 | 0.0(g) |
|  Supermarket, Inc.ome Reit plc | (6) |  | —(h) | 0.0(g) |
|  Telecom Plus plc | (4) |  | —(h) | 0.0(g) |
|  TP ICAP Group plc | (19) |  | —(h) | 0.0(g) |
|  Trainline plc | (3) |  | —(h) | 0.0(g) |
|  Travis Perkins plc | (7) |  |  | 0.0(g) |
|  Tritax Big Box REIT plc | (9) |  | 1 | 0.0(g) |
|  Trustpilot Group plc | (16) |  | —(h) | 0.0(g) |
|  UNITE Group plc (The) | (48) | —(h) | 1 | 0.0(g) |
|  United Utilities Group plc | (9) | —(h) | —(h) | 0.0(g) |
|  Vesuvius plc | (4) |  | —(h) | 0.0(g) |
|  Wickes Group plc | (5) |  | 1 | 0.0(g) |
|  Wise plc | (168) |  | —(h) | 0.0(g) |
|  Workspace Group plc | (2) |  | —(h) | 0.0(g) |
|  **United States** |  |  |  |  |
|  Carnival plc | (67) | (4) | (4) | 0.0(g) |
|  **Total Short Positions of Total Return Swaps** |  | 145 | 575 | 0.0(g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (20) | 484 | 0.0(g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from (0.30)% to 0.30%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/15/2027 | 3 | 3 | – | 3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Swire Pacific Ltd. | 365 | 1 | 1 | 0.0 (g) |
|  **Macau** |  |  |  |  |
|  Sands China Ltd. | 378 | (1) | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  AIA Group Ltd. | (57) | — (h) | — (h) | 0.0 (g) |
|  BOC Hong Kong Holdings Ltd. | (627) | (1) | (1) | 0.0 (g) |
|  CK Hutchison Holdings Ltd. | (1671) | 5 | 5 | 0.0 (g) |
|  Techtronic Industries Co. Ltd. | (2824) | (2) | (2) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Mobvista, Inc. | (53) | 1 | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from (2.13)% to 0.27%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/21/2027 | – | 36 | – | 36 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Akeso, Inc. | 2804 |  | — (h) | 0.0 (g) |
|  Baidu, Inc. | 5625 |  | 1 | 0.0 (g) |
|  Beijing Fourth Paradigm Technology Co. Ltd. | 150 |  | — (h) | 0.0 (g) |
|  BYD Electronic International Co. Ltd. | 202 |  | — (h) | 0.0 (g) |
|  China Galaxy Securities Co. Ltd. | 407 |  | — (h) | 0.0 (g) |
|  China International Capital Corp. Ltd. | 122 |  | — (h) | 0.0 (g) |
|  China Literature Ltd. | 285 |  | 4 | 0.0 (g) |
|  Chinasoft International Ltd. | 213 |  | — (h) | 0.0 (g) |
|  CSPC Pharmaceutical Group Ltd. | 201 |  | 2 | 0.0 (g) |
|  Guotai Haitong Securities Co. Ltd. | 1964 |  | — (h) | 0.0 (g) |
|  Huatai Securities Co. Ltd. | 98 |  | — (h) | 0.0 (g) |
|  InnoCare Pharma Ltd. | 284 |  | — (h) | 0.0 (g) |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd. | 421 |  | — (h) | 0.0 (g) |
|  Kingdee International Software Group Co. Ltd. | 1123 |  | — (h) | 0.0 (g) |
|  Kuaishou Technology | 1622 |  | — (h) | 0.0 (g) |
|  Li Auto, Inc. | 1094 |  | — (h) | 0.0 (g) |
|  Meitu, Inc. | 509 |  | — (h) | 0.0 (g) |
|  NIO, Inc. | 310 |  | — (h) | 0.0 (g) |
|  SenseTime Group, Inc. | 909 |  | — (h) | 0.0 (g) |
|  Smoore International Holdings Ltd. | 599 |  | — (h) | 0.0 (g) |
|  XD, Inc. | 161 |  | 1 | 0.0 (g) |
|  Xinyi Solar Holdings Ltd. | 5 |  | — (h) | 0.0 (g) |
|  XtalPi Holdings Ltd. | 93 |  | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Alibaba Group Holding Ltd. | 1496 |  | — (h) | 0.0 (g) |
|  Geely Automobile Holdings Ltd. | 612 |  | — (h) | 0.0 (g) |
|  HUTCHMED China Ltd. | 72 |  | 1 | 0.0 (g) |
|  Johnson Electric Holdings Ltd. | 179 |  | — (h) | 0.0 (g) |
|  SUNeVision Holdings Ltd. | 205 |  | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  ASMPT Ltd. | 494 |  | — (h) | 0.0 (g) |
|  **Taiwan** |  |  |  |  |
|  Minth Group Ltd. | 197 |  | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 12 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  AAC Technologies Holdings, Inc. | (45) |  | — (h) | 0.0 (g) |
|  Bank of China Ltd. | (290) |  | 1 | 0.0 (g) |
|  China Construction Bank Corp. | (1983) |  | — (h) | 0.0 (g) |
|  China Mengniu Dairy Co. Ltd. | (266) |  | 2 | 0.0 (g) |
|  China Merchants Bank Co. Ltd. | (480) |  | 1 | 0.0 (g) |
|  China Resources Mixc Lifestyle Services Ltd. | (65) |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  CITIC Ltd. | (323) |  | 1 | 0.0 (g) |
|  CMOC Group Ltd. | (220) |  | 3 | 0.0 (g) |
|  Fuyao Glass Industry Group Co. Ltd. | (93) |  | — (h) | 0.0 (g) |
|  NetEase, Inc. | (2452) |  | — (h) | 0.0 (g) |
|  New China Life Insurance Co. Ltd. | (235) |  | 2 | 0.0 (g) |
|  PetroChina Co. Ltd. | (596) |  | — (h) | 0.0 (g) |
|  PICC Property & Casualty Co. Ltd. | (397) |  | — (h) | 0.0 (g) |
|  Pop Mart International Group Ltd. | (372) |  | — (h) | 0.0 (g) |
|  Sinotruk Hong Kong Ltd. | (22) |  | — (h) | 0.0 (g) |
|  Sunny Optical Technology Group Co. Ltd. | (787) |  | 8 | 0.0 (g) |
|  Xiaomi Corp. | (2247) |  | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  BOC Hong Kong Holdings Ltd. | (284) |  | — (h) | 0.0 (g) |
|  China Resources Gas Group Ltd. | (139) |  | — (h) | 0.0 (g) |
|  CK Infrastructure Holdings Ltd. | (50) |  | — (h) | 0.0 (g) |
|  Guangdong Investment Ltd. | (73) |  | — (h) | 0.0 (g) |
|  Hang Seng Bank Ltd. | (82) |  | — (h) | 0.0 (g) |
|  Hong Kong Exchanges & Clearing Ltd. | (3837) |  | — (h) | 0.0 (g) |
|  Kunlun Energy Co. Ltd. | (72) |  | — (h) | 0.0 (g) |
|  Link REIT | (74) |  | — (h) | 0.0 (g) |
|  SITC International Holdings Co. Ltd. | (87) |  | — (h) | 0.0 (g) |
|  WH Group Ltd. | (111) |  | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Trip.com Group Ltd. | (208) |  | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  HSBC Holdings plc | (1995) |  | 6 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  |  | 24 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  |  | 36 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from (0.75)% to 0.75%) which is denominated in ILS based on the local currencies of the positions within the swap | 09/14/2027 | (2) | (2) | – | (2) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  ICL Group Ltd. | 64 | — (h) | — (h) | 0.0<br>(g) |
|  Nova Ltd. | 92 | (3) | (3) | 0.0 (g) |
|  Phoenix Financial Ltd. | 193 | (6) | (6) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (9) | (9) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | (54) | 1 | 1 | 0.0 (g) |
|  Israel Discount Bank Ltd. | (287) | 6 | 6 | 0.0 (g) |
|  Nice Ltd. | (22) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 7 | 7 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (2) | (2) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from (1.31)% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/15/2027 | 120 | 121 | 246 | 367 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Aeon Co. Ltd. | 130401 | (7) | (7) | 0.0 (g) |
|  Ajinomoto Co., Inc. | 3361 | — (h) | — (h) | 0.0 (g) |
|  Capcom Co. Ltd. | 62087 | 4 | 4 | 0.0 (g) |
|  Central Japan Railway Co. | 17192 | (1) | (1) | 0.0 (g) |
|  Chiba Bank Ltd. (The) | 49616 | (3) | (3) | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | 4320 |  | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | 1896 | — (h) | — (h) | 0.0 (g) |
|  Daikin Industries Ltd. | 72404 | 5 | 5 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Daito Trust Construction Co. Ltd. | 1644 | — (h) | — (h) | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | 4865 | 1 | 1 | 0.0 (g) |
|  Disco Corp. | 4880 | 2 | 2 | 0.0 (g) |
|  East Japan Railway Co. | 173245 | 4 | 4 | 0.0 (g) |
|  Fast Retailing Co. Ltd. | 330853 | 75 | 75 | 0.0 (g) |
|  Fuji Electric Co. Ltd. | 30836 | — (h) | — (h) | 0.0 (g) |
|  Fuji Media Holdings, Inc. | 1372 | — (h) | — (h) | 0.0 (g) |
|  FUJIFILM Holdings Corp. | 15588 | (2) | (2) | 0.0 (g) |
|  GMO Payment Gateway, Inc. | 2516 | — (h) | — (h) | 0.0 (g) |
|  Hankyu Hanshin Holdings, Inc. | 10029 | — (h) | — (h) | 0.0 (g) |
|  Hoshizaki Corp. | 3970 | 1 | 1 | 0.0 (g) |
|  J Front Retailing Co. Ltd. | 14190 | 1 | 1 | 0.0 (g) |
|  Japan Post Insurance Co. Ltd. | 11890 | (2) | (2) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | 24157 | (7) | (7) | 0.0 (g) |
|  JFE Holdings, Inc. | 121013 | 29 | 29 | 0.0 (g) |
|  Kadokawa Corp. | 23909 | (2) | (2) | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | 60877 | (11) | (11) | 0.0 (g) |
|  Keisei Electric Railway Co. Ltd. | 957 | — (h) | — (h) | 0.0 (g) |
|  Kikkoman Corp. | 4263 | — (h) | — (h) | 0.0 (g) |
|  Kirin Holdings Co. Ltd. | 8229 | — (h) | — (h) | 0.0 (g) |
|  Komatsu Ltd. | 22657 | 3 | 3 | 0.0 (g) |
|  Kyowa Kirin Co. Ltd. | 2335 | — (h) | — (h) | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | 5144 | 1 | 1 | 0.0 (g) |
|  Lasertec Corp. | 142000 | 40 | 40 | 0.0 (g) |
|  Makita Corp. | 2435 | — (h) | — (h) | 0.0 (g) |
|  Mebuki Financial Group, Inc. | 1636 | — (h) | — (h) | 0.0 (g) |
|  Mercari, Inc. | 4099 | — (h) | — (h) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | 77737 | — (h) | — (h) | 0.0 (g) |
|  Mitsubishi Motors Corp. | 2722 | 1 | 1 | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | 34160 | (8) | (8) | 0.0 (g) |
|  MonotaRO Co. Ltd. | 17640 | 4 | 4 | 0.0 (g) |
|  Nikon Corp. | 4678 | — (h) | — (h) | 0.0 (g) |
|  Nippon Building Fund, Inc. | 44227 | 4 | 4 | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | 10510 | — (h) | — (h) | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | 5246 | — (h) | — (h) | 0.0 (g) |
|  Nippon Steel Corp. | 280846 | 79 | 79 | 0.0 (g) |
|  Nissin Foods Holdings Co. Ltd. | 1440 | — (h) | — (h) | 0.0 (g) |
|  Niterra Co. Ltd. | 59874 | 11 | 11 | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | 17100 | — (h) | — (h) | 0.0 (g) |
|  Nitto Denko Corp. | 162197 | (2) | (2) | 0.0 (g) |
|  Osaka Gas Co. Ltd. | 62472 | (4) | (4) | 0.0 (g) |
|  Otsuka Holdings Co. Ltd. | 41798 | 6 | 6 | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | 2052 | — (h) | — (h) | 0.0 (g) |
|  Resonac Holdings Corp. | 25558 | 10 | 10 | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | 13904 | 3 | 3 | 0.0 (g) |
|  SCSK Corp. | 2277 | — (h) | — (h) | 0.0 (g) |
|  Seibu Holdings, Inc. | 73128 | 17 | 17 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Sekisui Chemical Co. Ltd. | 56430 | 9 | 9 | 0.0 (g) |
|  SHIFT, Inc. | 4990 | 1 | 1 | 0.0 (g) |
|  Shimamura Co. Ltd. | 37709 | 21 | 21 | 0.0 (g) |
|  Shimano, Inc. | 65288 | (19) | (19) | 0.0 (g) |
|  Socionext, Inc. | 4139 | 2 | 2 | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | 3637 | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Pharma Co. Ltd. | 20347 | (3) | (3) | 0.0 (g) |
|  T&D Holdings, Inc. | 55463 | — (h) | — (h) | 0.0 (g) |
|  Takashimaya Co. Ltd. | 1698 | — (h) | — (h) | 0.0 (g) |
|  TDK Corp. | 5797 | — (h) | — (h) | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | 1839 | — (h) | — (h) | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | 3736 | — (h) | — (h) | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | 5519 | 1 | 1 | 0.0 (g) |
|  Tokyu Corp. | 22940 | 5 | 5 | 0.0 (g) |
|  Tokyu Fudosan Holdings Corp. | 33161 | 3 | 3 | 0.0 (g) |
|  TOPPAN Holdings, Inc. | 13903 | 2 | 2 | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | 40552 | 3 | 3 | 0.0 (g) |
|  Toyota Tsusho Corp. | 36038 | 2 | 2 | 0.0 (g) |
|  West Japan Railway Co. | 23346 | 4 | 4 | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | 4546 | — (h) | — (h) | 0.0 (g) |
|  Yamato Holdings Co. Ltd. | 8143 | 1 | 1 | 0.0 (g) |
|  Yokogawa Electric Corp. | 4825 | 1 | 1 | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | 6391 | 2 | 2 | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | 40001 | 2 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 289 | 289 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Amada Co. Ltd. | (14057) | (2) | (2) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | (10767) | — (h) | — (h) | 0.0 (g) |
|  Asahi Intecc Co. Ltd. | (2403) | — (h) | — (h) | 0.0 (g) |
|  Asahi Kasei Corp. | (837) | — (h) | — (h) | 0.0 (g) |
|  Astellas Pharma, Inc. | (6077) | — (h) | — (h) | 0.0 (g) |
|  Bridgestone Corp. | (703) | — (h) | — (h) | 0.0 (g) |
|  Cosmo Energy Holdings Co. Ltd. | (31209) | (3) | (3) | 0.0 (g) |
|  CyberAgent, Inc. | (12414) | 1 | 1 | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | (18502) | — (h) | — (h) | 0.0 (g) |
|  Daiwa Securities Group, Inc. | (41711) | (2) | (2) | 0.0 (g) |
|  Dentsu Group, Inc. | (55795) | (10) | (10) | 0.0 (g) |
|  ENEOS Holdings, Inc. | (38076) | (2) | (2) | 0.0 (g) |
|  Food & Life Cos. Ltd. | (10577) | (4) | (4) | 0.0 (g) |
|  Fujitsu Ltd. | (27201) | — (h) | — (h) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | (5766) | — (h) | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | (981) | — (h) | — (h) | 0.0 (g) |
|  Hikari Tsushin, Inc. | (12792) | (3) | (3) | 0.0 (g) |
|  Hitachi Ltd. | (1207) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Ibiden Co. Ltd. | (37003) | (1) | (1) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | (1485) | — (h) | — (h) | 0.0 (g) |
|  Kansai Electric Power Co., Inc. (The) | (45864) | (12) | (11) | 0.0 (g) |
|  Kubota Corp. | (938) | — (h) | — (h) | 0.0 (g) |
|  LY Corp. | (5729) | (1) | (1) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd. | (633) | — (h) | — (h) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | (3798) | (1) | (1) | 0.0 (g) |
|  Mizuho Financial Group, Inc. | (71993) | 6 | 5 | 0.0 (g) |
|  Murata Manufacturing Co. Ltd. | (9257) | — (h) | — (h) | 0.0 (g) |
|  NEC Corp. | (10220) | 1 | 1 | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | (5365) | (1) | (1) | 0.0 (g) |
|  Obayashi Corp. | (18571) | (1) | (1) | 0.0 (g) |
|  Omron Corp. | (3364) | (1) | (1) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | (134182) | (12) | (12) | 0.0 (g) |
|  Rohm Co. Ltd. | (75702) | (2) | (2) | 0.0 (g) |
|  Sanwa Holdings Corp. | (1767) | — (h) | — (h) | 0.0 (g) |
|  Seiko Epson Corp. | (789) | — (h) | — (h) | 0.0 (g) |
|  Shimadzu Corp. | (24565) | 1 | 1 | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | (7518) | — (h) | — (h) | 0.0 (g) |
|  Sompo Holdings, Inc. | (3660) | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | (21137) | (2) | (2) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | (126137) | (1) | (2) | 0.0 (g) |
|  Sysmex Corp. | (26158) | (3) | (3) | 0.0 (g) |
|  Terumo Corp. | (26550) | — (h) | — (h) | 0.0 (g) |
|  THK Co. Ltd. | (11864) |  | — (h) | 0.0 (g) |
|  Tohoku Electric Power Co., Inc. | (39940) | (11) | (11) | 0.0 (g) |
|  Tosoh Corp. | (49200) | (19) | (18) | 0.0 (g) |
|  Toyota Motor Corp. | (290670) | (76) | (75) | 0.0 (g) |
|  Trend Micro, Inc./Japan | (31076) | (8) | (8) | 0.0 (g) |
|  Tsuruha Holdings, Inc. | (938) | — (h) | — (h) | 0.0 (g) |
|  Unicharm Corp. | (1374) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (169) | (168) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 120 | 121 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from (1.50)% to 0.27%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/21/2027 | – | 246 | 135 | 381 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Advantest Corp. | 7325 |  | 1 | 0.0 (g) |
|  Aozora Bank Ltd. | 926 |  | — (h) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | 532 |  | — (h) | 0.0 (g) |
|  BayCurrent, Inc. | 5219 |  | 1 | 0.0 (g) |
|  Disco Corp. | 27905 |  | 5 | 0.0 (g) |
|  DMG Mori Co. Ltd. | 13086 |  | — (h) | 0.0 (g) |
|  East Japan Railway Co. | 5790 |  | 1 | 0.0 (g) |
|  Ferrotec Corp. | 7598 |  | — (h) | 0.0 (g) |
|  Freee KK | 7028 |  | 4 | 0.0 (g) |
|  Fujikura Ltd. | 5782 |  | — (h) | 0.0 (g) |
|  Furuno Electric Co. Ltd. | 1132 |  | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | 7058 |  | — (h) | 0.0 (g) |
|  Harmonic Drive Systems, Inc. | 14818 |  | 16 | 0.0 (g) |
|  Hokkaido Electric Power Co., Inc. | 11263 |  | 3 | 0.0 (g) |
|  Honda Motor Co. Ltd. | 44217 |  | 24 | 0.0 (g) |
|  Ibiden Co. Ltd. | 30542 |  | — (h) | 0.0 (g) |
|  IHI Corp. | 84150 |  | 1 | 0.0 (g) |
|  ITOCHU Corp. | 66558 |  | 19 | 0.0 (g) |
|  J Front Retailing Co. Ltd. | 1728 |  | — (h) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | 4500 |  | — (h) | 0.0 (g) |
|  JFE Holdings, Inc. | 11801 |  | 4 | 0.0 (g) |
|  JX Advanced Metals Corp. | 34683 |  | — (h) | 0.0 (g) |
|  Kansai Paint Co. Ltd. | 7473 |  | 2 | 0.0 (g) |
|  Kawasaki Kisen Kaisha Ltd. | 2316 |  | 1 | 0.0 (g) |
|  KDDI Corp. | 19112 |  | 7 | 0.0 (g) |
|  Kintetsu Group Holdings Co. Ltd. | 4623 |  | — (h) | 0.0 (g) |
|  Kirin Holdings Co. Ltd. | 14732 |  | 1 | 0.0 (g) |
|  Kobe Steel Ltd. | 1922 |  | — (h) | 0.0 (g) |
|  Kokusai Electric Corp. | 54154 |  | 1 | 0.0 (g) |
|  Komatsu Ltd. | 6191 |  | 1 | 0.0 (g) |
|  Kyoritsu Maintenance Co. Ltd. | 2875 |  | 1 | 0.0 (g) |
|  M3, Inc. | 19796 |  | — (h) | 0.0 (g) |
|  Mazda Motor Corp. | 14580 |  | 2 | 0.0 (g) |
|  MEIJI Holdings Co. Ltd. | 3372 |  | 1 | 0.0 (g) |
|  Mercari, Inc. | 17745 |  | — (h) | 0.0 (g) |
|  Micronics Japan Co. Ltd. | 1764 |  | — (h) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | 20166 |  | — (h) | 0.0 (g) |
|  Mitsubishi Logistics Corp. | 2908 |  | — (h) | 0.0 (g) |
|  Mitsubishi Materials Corp. | 3055 |  | — (h) | 0.0 (g) |
|  Mitsubishi Motors Corp. | 2967 |  | 1 | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | 37582 |  | — (h) | 0.0 (g) |
|  Money Forward, Inc. | 2394 |  | — (h) | 0.0 (g) |
|  NIDEC Corp., | 4212 |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Nippon Paint Holdings Co. Ltd. | 14530 |  | — (h) | 0.0 (g) |
|  Nippon Steel Corp. | 38944 |  | 16 | 0.0 (g) |
|  Nissan Motor Co. Ltd. | 27790 |  | 1 | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | 17115 |  | 2 | 0.0 (g) |
|  Nitto Boseki Co. Ltd. | 7259 |  | 3 | 0.0 (g) |
|  North Pacific Bank Ltd. | 1790 |  | — (h) | 0.0 (g) |
|  Omron Corp. | 4883 |  | 1 | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | 4936 |  | 1 | 0.0 (g) |
|  Penta-Ocean Construction Co. Ltd. | 4544 |  | — (h) | 0.0 (g) |
|  Rakuten Group, Inc. | 14384 |  | 3 | 0.0 (g) |
|  Resonac Holdings Corp. | 5522 |  | 3 | 0.0 (g) |
|  Round One Corp. | 16456 |  | 5 | 0.0 (g) |
|  Ryohin Keikaku Co. Ltd. | 3533 |  | 1 | 0.0 (g) |
|  SCSK Corp. | 6199 |  | 5 | 0.0 (g) |
|  Sharp Corp./Japan | 332 |  | — (h) | 0.0 (g) |
|  SHIFT, Inc. | 2873 |  | 1 | 0.0 (g) |
|  Shimano, Inc. | 13279 |  | — (h) | 0.0 (g) |
|  Shiseido Co. Ltd. | 31828 |  | — (h) | 0.0 (g) |
|  Skylark Holdings Co. Ltd. | 917 |  | — (h) | 0.0 (g) |
|  Socionext, Inc. | 16734 |  | — (h) | 0.0 (g) |
|  SoftBank Group Corp. | 140130 |  | 1 | 0.0 (g) |
|  SUMCO Corp. | 28368 |  | — (h) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | 5810 |  | — (h) | 0.0 (g) |
|  Sumitomo Rubber Industries Ltd. | 4314 |  | — (h) | 0.0 (g) |
|  SWCC Corp. | 10877 |  | 2 | 0.0 (g) |
|  Toridoll H oldings Corp. | 2401 |  | 1 | 0.0 (g) |
|  Toyota Motor Corp. | 6552 |  | 2 | 0.0 (g) |
|  Yakult Honsha Co. Ltd. | 6026 |  | 1 | 0.0 (g) |
|  Yamada Holdings Co. Ltd. | 969 |  | — (h) | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | 24178 |  | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 149 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Aisin Corp. | (14330) |  | — (h) | 0.0 (g) |
|  Ajinomoto Co., Inc. | (6368) |  | 1 | 0.0 (g) |
|  Alps Alpine Co. Ltd. | (563) |  | — (h) | 0.0 (g) |
|  Amada Co. Ltd. | (4549) |  | — (h) | 0.0 (g) |
|  Asahi Intecc Co. Ltd. | (2401) |  | — (h) | 0.0 (g) |
|  Asics Corp. | (5419) |  | — (h) | 0.0 (g) |
|  Astellas Pharma, Inc. | (9917) |  | — (h) | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | (26590) |  | 1 | 0.0 (g) |
|  BIPROGY, Inc. | (1811) |  | — (h) | 0.0 (g) |
|  Brother Industries Ltd. | (248) |  | — (h) | 0.0 (g) |
|  Canon, Inc. | (3035) |  |  | 0.0 (g) |
|  Capcom Co. Ltd. | (2815) |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Chugai Pharmaceutical Co. Ltd. | (12249) | – | — (h) | 0.0 (g) |
|  Coca-Cola Bottlers Japan Holdings, Inc. | (527) | – | — (h) | 0.0 (g) |
|  CyberAgent, Inc. | (5325) | – | — (h) | 0.0 (g) |
|  Dai Nippon Printing Co. Ltd. | (2766) | – | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | (20391) | – | 3 | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | (2796) | – | — (h) | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | (54681) | – | — (h) | 0.0 (g) |
|  DeNA Co. Ltd. | (16693) | – | — (h) | 0.0 (g) |
|  Ebara Corp. | (1691) | – | 1 | 0.0 (g) |
|  ENEOS Holdings, Inc. | (40279) | – | 4 | 0.0 (g) |
|  FANUC Corp. | (32810) | – | 4 | 0.0 (g) |
|  Fujitsu Ltd. | (20898) | – | — (h) | 0.0 (g) |
|  Furukawa Electric Co. Ltd. | (67421) | – | 10 | 0.0 (g) |
|  GMO Payment Gateway, Inc. | (2489) | – | — (h) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | (3313) | – | — (h) | 0.0 (g) |
|  Hitachi Ltd. | (33397) | – | 1 | 0.0 (g) |
|  Hoya Corp. | (6142) | – | — (h) | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | (3654) | – | — (h) | 0.0 (g) |
|  Inpex Corp. | (23246) | – | 3 | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | (12633) | – | — (h) | 0.0 (g) |
|  Japan Tobacco, Inc. | (1944) | – | — (h) | 0.0 (g) |
|  Jeol Ltd. | (1016) | – | — (h) | 0.0 (g) |
|  Kakaku.com, Inc. | (9391) | – | — (h) | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | (5861) | – | — (h) | 0.0 (g) |
|  Keyence Corp. | (66215) | – | — (h) | 0.0 (g) |
|  Koei Tecmo Holdings Co. Ltd. | (1732) | – | — (h) | 0.0 (g) |
|  Konami Group Corp. | (25619) | – | — (h) | 0.0 (g) |
|  Kotobuki Spirits Co. Ltd. | (1995) | – | — (h) | 0.0 (g) |
|  Kurita Water Industries Ltd. | (10096) | – | — (h) | 0.0 (g) |
|  Makita Corp. | (26908) | – | — (h) | 0.0 (g) |
|  MatsukiyoCocokara & Co. | (6306) | – | — (h) | 0.0 (g) |
|  Mebuki Financial Group, Inc. | (7373) | – | 2 | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | (17010) | – | 3 | 0.0 (g) |
|  MISUMI Group, Inc. | (3919) | – | — (h) | 0.0 (g) |
|  Mitsubishi Corp. | (23298) | – | — (h) | 0.0 (g) |
|  Mitsubishi Electric Corp. | (54369) | – | 3 | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | (14629) | – | 1 | 0.0 (g) |
|  Mitsubishi UFJ Financial Group, Inc. | (77533) | – | 15 | 0.0 (g) |
|  Mitsui Fudosan Co. Ltd. | (3224) | – | — (h) | 0.0 (g) |
|  Mizuho Financial Group, Inc. | (5984) | – | 1 | 0.0 (g) |
|  MS&AD Insurance Group Holdings, Inc. | (21137) | – | — (h) | 0.0 (g) |
|  Murata Manufacturing Co. Ltd. | (33774) | – | 16 | 0.0 (g) |
|  Namura Shipbuilding Co. Ltd. | (7511) | – | 5 | 0.0 (g) |
|  Nexon Co. Ltd. | (17204) | – | — (h) | 0.0 (g) |
|  NGK Insulators Ltd. | (6940) | – | 1 | 0.0 (g) |
|  Nihon M&A Center Holdings, Inc. | (302) | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Nippon Electric Glass Co. Ltd. | (486) | – | — (h) | 0.0 (g) |
|  Nippon Yusen KK | (17170) | – | — (h) | 0.0 (g) |
|  Obayashi Corp. | (11169) | – | — (h) | 0.0 (g) |
|  ORIX Corp. | (12807) | – | — (h) | 0.0 (g) |
|  Otsuka Corp. | (309) | – | — (h) | 0.0 (g) |
|  Otsuka Holdings Co. Ltd. | (10215) | – | — (h) | 0.0 (g) |
|  Persol Holdings Co. Ltd. | (5267) | – | — (h) | 0.0 (g) |
|  Rakus Co. Ltd. | (6785) | – | — (h) | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | (140927) | – | — (h) | 0.0 (g) |
|  Renesas Electronics Corp. | (55242) | – | — (h) | 0.0 (g) |
|  Resona Holdings, Inc. | (27775) | – | 2 | 0.0 (g) |
|  Sansan, Inc. | (382) | – | — (h) | 0.0 (g) |
|  Sanwa Holdings Corp. | (4659) | – | — (h) | 0.0 (g) |
|  SBI Holdings, Inc. | (4505) | – | — (h) | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | (28264) | – | — (h) | 0.0 (g) |
|  Seven & i Holdings Co. Ltd. | (18905) | – | 1 | 0.0 (g) |
|  Shimizu Corp. | (29515) | – | — (h) | 0.0 (g) |
|  Shin-Etsu Chemical Co. Ltd. | (10674) | – | 2 | 0.0 (g) |
|  Sompo Holdings, Inc. | (26987) | – | — (h) | 0.0 (g) |
|  Sony Financial Group, Inc. | (538) | – |  | 0.0 (g) |
|  Sony Group Corp. | (14051) | – | 2 | 0.0 (g) |
|  Sumitomo Corp. | (13290) | – | — (h) | 0.0 (g) |
|  Sumitomo Electric Industries Ltd. | (43857) | – | 1 | 0.0 (g) |
|  Sumitomo Mitsui Financial Group, Inc. | (55528) | – | 4 | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | (36103) | – | 1 | 0.0 (g) |
|  Sumitomo Realty & Development Co. Ltd. | (16328) | – | — (h) | 0.0 (g) |
|  T&D Holdings, Inc. | (3259) | – | — (h) | 0.0 (g) |
|  Takasago Thermal Engineering Co. Ltd. | (1646) | – | — (h) | 0.0 (g) |
|  TDK Corp. | (6872) | – | 1 | 0.0 (g) |
|  Terumo Corp. | (3663) | – | — (h) | 0.0 (g) |
|  THK Co. Ltd. | (11455) | – | 1 | 0.0 (g) |
|  Tokio Marine Holdings, Inc. | (29460) | – | — (h) | 0.0 (g) |
|  Tokyo Electric Power Co. Holdings, Inc. | (11854) | – | 2 | 0.0 (g) |
|  Tokyo Electron Ltd. | (36903) | – | 4 | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | (15263) | – | — (h) | 0.0 (g) |
|  Toyo Tire Corp. | (4716) | – | — (h) | 0.0 (g) |
|  Trend Micro, Inc./Japan | (4050) | – | — (h) | 0.0 (g) |
|  Tsuruha Holdings, Inc. | (2603) | – | — (h) | 0.0 (g) |
|  Visional, Inc. | (2262) | – | — (h) | 0.0 (g) |
|  Yaskawa Electric Corp. | (6628) | – | — (h) | 0.0 (g) |
|  Yokogawa Electric Corp. | (1276) | – | — (h) | 0.0 (g) |
|  Yokohama Financial Group, Inc. | (4430) | – | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | – | 97 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | – | 246 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month KORIBOR on long positions and short positions respectively, plus or minus spread (rates range from (4.63)% to 0.40%) which is denominated in KRW based on the local currencies of the positions within the swap | 09/23/2027 | – | 71 | 2 | 73 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **South Korea** |  |  |  |  |
|  ABLBio, Inc. | 151996 |  | 9 | 0.0 (g) |
|  APR Corp./Korea | 125749 |  | — (h) | 0.0 (g) |
|  Dongjin Semichem Co. Ltd. | 2675 |  | — (h) | 0.0 (g) |
|  Doosan Enerbility Co. Ltd. | 303400 |  | 1 | 0.0 (g) |
|  Eo Technics Co. Ltd. | 64308 |  | 2 | 0.0 (g) |
|  Hanwha Aerospace Co. Ltd. | 376380 |  | — (h) | 0.0 (g) |
|  Hanwha Solutions Corp. | 21212 |  | 1 | 0.0 (g) |
|  IsuPetasys Co. Ltd. | 235714 |  | 15 | 0.0 (g) |
|  Korea Aerospace Industries Ltd. | 22896 |  | — (h) | 0.0 (g) |
|  LG Chem Ltd. | 41144 |  | 2 | 0.0 (g) |
|  LS Electric Co. Ltd. | 15363 |  | 1 | 0.0 (g) |
|  Mirae Asset Securities Co. Ltd. | 3544 |  | — (h) | 0.0 (g) |
|  PharmaResearch Co. Ltd. | 49883 |  | — (h) | 0.0 (g) |
|  Poongsan Corp. | 154876 |  | 4 | 0.0 (g) |
|  Samsung SDI Co. Ltd. | 71750 |  | 1 | 0.0 (g) |
|  SK Innovation Co. Ltd. | 95173 |  | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 39 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **South Korea** |  |  |  |  |
|  Hana Financial Group, Inc. | (58336) |  | — (h) | 0.0 (g) |
|  Hanwha Engine | (69998) |  | 2 | 0.0 (g) |
|  HD Hyundai Electric Co. Ltd. | (118146) |  | — (h) | 0.0 (g) |
|  HD Hyundai Heavy Industries Co. Ltd. | (40685) |  | 1 | 0.0 (g) |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | (15618) |  | — (h) | 0.0 (g) |
|  Hyundai Rotem Co. Ltd. | (47742) |  | — (h) | 0.0 (g) |
|  Kakao Corp. | (33077) |  | — (h) | 0.0 (g) |
|  Krafton, Inc. | (17257) |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  KT&G Corp. | (33934) | – | — (h) | 0.0 (g) |
|  LG Uplus Corp. | (108272) | – | 2 | 0.0 (g) |
|  Orion Corp. | (11189) | – | — (h) | 0.0 (g) |
|  Samsung Biologics Co. Ltd. | (66799) | – | — (h) | 0.0 (g) |
|  Samsung Electronics Co. Ltd. | (827160) | – | 27 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | – | 32 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | – | 71 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one week NIBOR on long positions and short positions respectively, plus or minus spread (rates range from (1.69)% to 0.25%) which is denominated in NOK based on the local currencies of the positions within the swap | 09/22/2027 | – | 45 | – | 45 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Cadeler A/S | 324 |  | 1 | 0.0 (g) |
|  **Faroe Islands** |  |  |  |  |
|  Bakkafrost P/F | 206 |  | 1 | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | 2146 |  | — (h) | 0.0 (g) |
|  Atea ASA | 132 |  | — (h) | 0.0 (g) |
|  AutoStore Holdings Ltd. | 193 |  | 1 | 0.0 (g) |
|  BLUENORD ASA | 30 |  | — (h) | 0.0 (g) |
|  Borregaard ASA | 131 |  | — (h) | 0.0 (g) |
|  DNO ASA | 13 |  | — (h) | 0.0 (g) |
|  Elkem ASA | 293 |  | — (h) | 0.0 (g) |
|  Entra ASA | 79 |  | — (h) | 0.0 (g) |
|  Europris ASA | 61 |  | — (h) | 0.0 (g) |
|  Frontline plc | 2571 |  | 3 | 0.0 (g) |
|  Leroy Seafood Group ASA | 300 |  | 1 | 0.0 (g) |
|  LINK Mobility Group Holding ASA | 189 |  | 1 | 0.0 (g) |
|  MPC Container Ships ASA | 44 |  | — (h) | 0.0 (g) |
|  NORBIT ASA | 168 |  | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Norsk Hydro ASA | 432 |  | — (h) | 0.0 (g) |
|  Orkla ASA | 235 |  | 1 | 0.0 (g) |
|  Protector Forsikring ASA | 123 |  | — (h) | 0.0 (g) |
|  Salmar ASA | 1709 |  | 10 | 0.0 (g) |
|  SATS ASA | 30 |  | — (h) | 0.0 (g) |
|  Scatec ASA | 369 |  | 1 | 0.0 (g) |
|  TGS ASA | 225 |  | — (h) | 0.0 (g) |
|  TOMRA Systems ASA | 481 |  | 2 | 0.0 (g) |
|  Var Energi ASA | 1135 |  | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 23 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Greece** |  |  |  |  |
|  Okeanis Eco Tankers Corp. | (28) |  | — (h) | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  2020 Bulkers Ltd. | (31) |  | — (h) | 0.0 (g) |
|  Aker Solutions ASA | (196) |  | — (h) | 0.0 (g) |
|  Austevoll Seafood ASA | (10) |  | — (h) | 0.0 (g) |
|  DOF Group ASA | (102) |  | — (h) | 0.0 (g) |
|  Equinor ASA | (3503) |  | 1 | 0.0 (g) |
|  Gjensidige Forsikring ASA | (159) |  | 1 | 0.0 (g) |
|  Hoegh Autoliners ASA | (289) |  | — (h) | 0.0 (g) |
|  Kongsberg Gruppen ASA | (6883) |  | 20 | 0.0 (g) |
|  Mowi ASA | (196) |  | — (h) | 0.0 (g) |
|  Norconsult Norge A/S | (128) |  | — (h) | 0.0 (g) |
|  Nordic Semiconductor ASA | (292) |  | — (h) | 0.0 (g) |
|  Odfjell Drilling Ltd. | (480) |  | — (h) | 0.0 (g) |
|  Pexip Holding ASA | (187) |  | — (h) | 0.0 (g) |
|  Storebrand ASA | (185) |  | — (h) | 0.0 (g) |
|  Telenor ASA | (463) |  | — (h) | 0.0 (g) |
|  Veidekke ASA | (45) |  | — (h) | 0.0 (g) |
|  Vend Marketplaces ASA | (346) |  | — (h) | 0.0 (g) |
|  Wallenius Wilhelmsen ASA | (359) |  | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Hafnia Ltd. | (409) |  | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Stolt-Nielsen Ltd. | (30) |  | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  |  | 22 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  |  | 45 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day NOWA on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in NOK based on the local currencies of the positions within the swap | 09/15/2027 | 4 | 4 | – | 4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Norsk Hydro ASA | 650 | (1) | (1) | 0.0 (g) |
|  Salmar ASA | 135 | — (h) | — (h) | 0.0 (g) |
|  Telenor ASA | 839 | (1) | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (2) | (2) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | (187) | 1 | 1 | 0.0 (g) |
|  DNB Bank ASA | (763) | 1 | 1 | 0.0 (g) |
|  Var Energi ASA | (837) | 2 | 2 | 0.0 (g) |
|  Yara International ASA | (2469) | 2 | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 6 | 6 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 4 | 4 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from (0.40)% to 0.39%) which is denominated in NZD based on the local currencies of the positions within the swap | 09/15/2027 | – (h) | – (h) | – | — (h) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Meridian Energy Ltd. | 7 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Fisher & Paykel Healthcare Corp. Ltd. | (30) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day STIBOR on long positions and short positions respectively, plus or minus spread (rates range from (1.44)% to 0.26%) which is denominated in SEK based on the local currencies of the positions within the swap | 09/15/2027 | (7) | 137 | 9 | 146 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  International Petroleum Corp. | 25 |  | — (h) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  AAK AB | 1342 |  | 4 | 0.0 (g) |
|  AddLife AB | 113 |  | 1 | 0.0 (g) |
|  Addnode Group AB | 161 |  | 2 | 0.0 (g) |
|  AFRY AB | 152 |  | — (h) | 0.0 (g) |
|  Alfa Laval AB | 4423 | 6 | 6 | 0.0 (g) |
|  Apotea AB | 47 |  | — (h) | 0.0 (g) |
|  Asker Healthcare Group AB | 320 |  | 2 | 0.0 (g) |
|  Asmodee Group AB | 89 |  | — (h) | 0.0 (g) |
|  Assa Abloy AB | 3121 |  | 1 | 0.0 (g) |
|  Atlas Copco AB | 4726 |  | 8 | 0.0 (g) |
|  Atrium Ljungberg AB | 52 |  | — (h) | 0.0 (g) |
|  Axfood AB | 762 |  | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Beijer Ref AB | 150 |  | 1 | 0.0 (g) |
|  BHG Group AB | 65 |  | — (h) | 0.0 (g) |
|  Bilia AB | 65 |  | — (h) | 0.0 (g) |
|  Boliden AB | 2056 |  | — (h) | 0.0 (g) |
|  Bravida Holding AB | 194 |  | — (h) | 0.0 (g) |
|  Bure Equity AB | 39 |  | — (h) | 0.0 (g) |
|  Castellum AB | 1391 |  | 2 | 0.0 (g) |
|  Catena AB | 345 |  | 1 | 0.0 (g) |
|  Cibus Nordic Real Estate AB publ | 254 |  | — (h) | 0.0 (g) |
|  Coor Service Management Holding AB | 45 |  | — (h) | 0.0 (g) |
|  Corem Property Group AB | 73 |  | 1 | 0.0 (g) |
|  Dios Fastigheter AB | 100 |  | — (h) | 0.0 (g) |
|  Dometic Group AB | 126 |  | — (h) | 0.0 (g) |
|  Dynavox Group AB | 72 |  | — (h) | 0.0 (g) |
|  Electrolux AB | 763 |  | 2 | 0.0 (g) |
|  Epiroc AB | 3796 | 1 | 1 | 0.0 (g) |
|  EQT AB | 3062 | — (h) | 17 | 0.0 (g) |
|  Evolution AB | 98 |  | 1 | 0.0 (g) |
|  Fabege AB | 684 |  | — (h) | 0.0 (g) |
|  Fastighets AB Balder | 1072 |  | 1 | 0.0 (g) |
|  Getinge AB | 784 |  | 4 | 0.0 (g) |
|  H & M Hennes & Mauritz AB | 3991 | (3) | (3) | 0.0 (g) |
|  Hexagon AB | 9429 | 21 | 44 | 0.0 (g) |
|  Hexatronic Group AB | 114 |  | 1 | 0.0 (g) |
|  Hexpol AB | 143 |  | — (h) | 0.0 (g) |
|  Hoist Finance AB | 92 |  | — (h) | 0.0 (g) |
|  Holmen AB | 727 | — (h) | — (h) | 0.0 (g) |
|  Husqvarna AB | 133 |  | — (h) | 0.0 (g) |
|  Industrivarden AB | 1236 | — (h) | — (h) | 0.0 (g) |
|  Indutrade AB | 108 |  | — (h) | 0.0 (g) |
|  Instalco AB | 25 |  | — (h) | 0.0 (g) |
|  Investment AB Latour | 436 |  | 1 | 0.0 (g) |
|  Inwido AB | 85 |  | — (h) | 0.0 (g) |
|  L E Lundbergforetagen AB | 1158 | — (h) | — (h) | 0.0 (g) |
|  Lagercrantz Group AB | 216 |  | 2 | 0.0 (g) |
|  Lifco AB | 506 |  | 1 | 0.0 (g) |
|  Medicover AB | 53 |  | — (h) | 0.0 (g) |
|  Mildef Group AB | 1089 |  | — (h) | 0.0 (g) |
|  Munters Group AB | 532 |  | 12 | 0.0 (g) |
|  NCAB Group AB | 38 |  | 1 | 0.0 (g) |
|  New Wave Group AB | 102 |  | — (h) | 0.0 (g) |
|  Nibe Industrier AB | 3019 |  | — (h) | 0.0 (g) |
|  Nolato AB | 18 |  | — (h) | 0.0 (g) |
|  NP3 Fastigheter AB | 101 |  | — (h) | 0.0 (g) |
|  Nyfosa AB | 127 |  | — (h) | 0.0 (g) |
|  Pandox AB | 145 |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Platzer Fastigheter Holding AB | 126 |  | — (h) | 0.0 (g) |
|  Ratos AB | 40 |  | — (h) | 0.0 (g) |
|  Saab AB | 2482 |  | — (h) | 0.0 (g) |
|  Sagax AB | 1168 | — (h) | — (h) | 0.0 (g) |
|  Sandvik AB | 5810 | (9) | (8) | 0.0 (g) |
|  Scandic Hotels Group AB | 37 |  | — (h) | 0.0 (g) |
|  Sdiptech AB | 97 |  | — (h) | 0.0 (g) |
|  Sinch AB | 869 |  | 6 | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | 12998 | (17) | (16) | 0.0 (g) |
|  SkiStar AB | 11 |  | — (h) | 0.0 (g) |
|  Stillfront Group AB | 26 |  | — (h) | 0.0 (g) |
|  Storskogen Group AB | 166 |  | — (h) | 0.0 (g) |
|  Sveafastigheter AB | 96 |  | — (h) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | 3093 | (1) | — (h) | 0.0 (g) |
|  Swedbank AB | 7780 | (20) | (19) | 0.0 (g) |
|  Swedish Orphan Biovitrum AB | 482 |  | — (h) | 0.0 (g) |
|  Synsam AB | 241 |  | 2 | 0.0 (g) |
|  Thule Group AB | 149 |  | 1 | 0.0 (g) |
|  Vimian Group AB | 169 |  | 1 | 0.0 (g) |
|  Vitec Software Group AB | 299 |  | 1 | 0.0 (g) |
|  Vitrolife AB | 113 |  | — (h) | 0.0 (g) |
|  Volvo AB | 9322 | — (h) | 21 | 0.0 (g) |
|  Wallenstam AB | 153 |  | — (h) | 0.0 (g) |
|  Wihlborgs Fastigheter AB | 75 |  | — (h) | 0.0 (g) |
|  Xvivo Perfusion AB | 328 |  | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (22) | 106 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AcadeMedia AB | (77) |  | — (h) | 0.0 (g) |
|  AddTech AB | (190) | — (h) | — (h) | 0.0 (g) |
|  Alleima AB | (38) |  | — (h) | 0.0 (g) |
|  Ambea AB | (160) |  | — (h) | 0.0 (g) |
|  Attendo AB | (43) |  | — (h) | 0.0 (g) |
|  Avanza Bank Holding AB | (49) |  | — (h) | 0.0 (g) |
|  Betsson AB | (569) |  | 1 | 0.0 (g) |
|  BioGaia AB | (267) |  | — (h) | 0.0 (g) |
|  Boliden AB | (47) | — (h) | — (h) | 0.0 (g) |
|  BoneSupport Holding AB | (436) |  | — (h) | 0.0 (g) |
|  Camurus AB | (142) |  | — (h) | 0.0 (g) |
|  Clas Ohlson AB | (220) |  | — (h) | 0.0 (g) |
|  Essity AB | (4213) | 12 | 12 | 0.0 (g) |
|  Getinge AB | (54) | — (h) | — (h) | 0.0 (g) |
|  Hemnet Group AB | (222) |  | — (h) | 0.0 (g) |
|  Industrivarden AB | (49) | — (h) | — (h) | 0.0 (g) |
|  Indutrade AB | (108) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  JM AB | (157) |  | — (h) | 0.0 (g) |
|  Kinnevik AB | (184) |  | — (h) | 0.0 (g) |
|  Loomis AB | (107) |  | — (h) | 0.0 (g) |
|  MIPS AB | (130) |  | — (h) | 0.0 (g) |
|  Mycronic AB | (267) |  | — (h) | 0.0 (g) |
|  NCC AB | (41) |  | — (h) | 0.0 (g) |
|  Nordnet AB publ | (315) |  | — (h) | 0.0 (g) |
|  Peab AB | (77) |  | — (h) | 0.0 (g) |
|  RaySearch Laboratories AB | (65) |  | — (h) | 0.0 (g) |
|  Rvrc Holding AB | (37) |  | — (h) | 0.0 (g) |
|  Sectra AB | (336) |  | — (h) | 0.0 (g) |
|  Skanska AB | (2511) | 2 | 4 | 0.0 (g) |
|  SKF AB | (65) |  | — (h) | 0.0 (g) |
|  SSAB AB | (529) | — (h) | 2 | 0.0 (g) |
|  Svenska Handelsbanken AB | (1471) |  | — (h) | 0.0 (g) |
|  Swedbank AB | (2143) |  | 4 | 0.0 (g) |
|  Tele2 AB | (273) | 1 | 1 | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | (3868) |  | 7 | 0.0 (g) |
|  Telia Co. AB | (205) |  | — (h) | 0.0 (g) |
|  Truecaller AB | (624) |  | — (h) | 0.0 (g) |
|  Yubico AB | (39) |  | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 15 | 31 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (7) | 137 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from (1.00)% to 0.30%) which is denominated in SGD based on the local currencies of the positions within the swap | 09/15/2027 | – (h) | – (h) | – | — (h) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  Seatrium Ltd. | 21 | — (h) | — (h) | 0.0 (g) |
|  Sembcorp Industries Ltd. | 99 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  Singapore Technologies Engineering Ltd. | (11) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month TAIBOR on long positions and short positions respectively, plus or minus spread (rates range from (4.63)% to 0.50%) which is denominated in TWD based on the local currencies of the positions within the swap | 09/23/2027 | – | 22 | – | 22 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Taiwan** |  |  |  |  |
|  Bizlink Holding, Inc. | 1029 |  | — (h) | 0.0 (g) |
|  Elite Material Co. Ltd. | 3672 |  | 10 | 0.0 (g) |
|  Gold Circuit Electronics Ltd. | 8690 |  | 3 | 0.0 (g) |
|  Nan Ya Plastics Corp. | 2192 |  | — (h) | 0.0 (g) |
|  Unimicron Technology Corp. | 3311 |  | 6 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  |  | 19 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Taiwan** |  |  |  |  |
|  ASE Technology Holding Co. Ltd. | (652) |  | — (h) | 0.0 (g) |
|  Asustek Computer, Inc. | (1340) |  | — (h) | 0.0 (g) |
|  Delta Electronics, Inc. | (853) |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  E.Sun Financial Holding Co. Ltd. | (421) | – | — (h) | 0.0 (g) |
|  Evergreen Marine Corp. Taiwan Ltd. | (1958) | – | 1 | 0.0 (g) |
|  MediaTek, Inc. | (1314) | – | — (h) | 0.0 (g) |
|  Nanya Technology Corp. | (72) | – | — (h) | 0.0 (g) |
|  Novatek Microelectronics Corp. | (426) | – | — (h) | 0.0 (g) |
|  Winbond Electronics Corp. | (496) | – | — (h) | 0.0 (g) |
|  Yang Ming Marine Transport Corp. | (4888) | – | 2 | 0.0 (g) |
|  Yuanta Financial Holding Co. Ltd. | (203) | – | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | – | 3 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | – | 22 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from (2.39)% to 0.20%) which is denominated in USD based on the local currencies of the positions within the swap | 09/21/2027 | – | 1196 | 33 | 1229 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  BHP Group Ltd. | 212 |  | — (h) | 0.0 (g) |
|  IREN Ltd. | 74 |  | — (h) | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Golar LNG Ltd. | 35 |  | — (h) | 0.0 (g) |
|  Seadrill Ltd. | 3 |  | — (h) | 0.0 (g) |
|  **Brazil** |  |  |  |  |
|  NU Holdings Ltd./Cayman Islands | 442 |  | 6 | 0.0 (g) |
|  StoneCo. Ltd. | 74 |  | 1 | 0.0 (g) |
|  XP, Inc. | 111 |  | 5 | 0.0 (g) |
|  **Canada** |  |  |  |  |
|  Alamos Gold, Inc. | 12 |  | — (h) | 0.0 (g) |
|  D-Wave Quantum, Inc. | 67 |  | 6 | 0.0 (g) |
|  Eldorado Gold Corp. | 4 |  | — (h) | 0.0 (g) |
|  Endeavour Silver Corp. | 23 |  | — (h) | 0.0 (g) |
|  First Majestic Silver Corp. | 138 |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Fortuna Mining Corp. | 3 |  | — (h) | 0.0 (g) |
|  IAMGOLD Corp. | 71 |  | — (h) | 0.0 (g) |
|  IMAX Corp. | 15 |  | — (h) | 0.0 (g) |
|  Pan American Silver Corp. | 45 |  | — (h) | 0.0 (g) |
|  Teekay Tankers Ltd. | 5 |  | — (h) | 0.0 (g) |
|  Uranium Energy Corp. | 82 |  | — (h) | 0.0 (g) |
|  Xenon Pharmaceuticals, Inc. | 13 |  | — (h) | 0.0 (g) |
|  **Chile** |  |  |  |  |
|  Sociedad Quimica y Minera de Chile SA | 3 |  | — (h) | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Novo Nordisk A/S | 164 |  | 6 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Amer Sports, Inc. | 72 |  | 6 | 0.0 (g) |
|  Nokia OYJ | 5 |  | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  BioNTech SE | 124 |  | — (h) | 0.0 (g) |
|  SAP SE | 51 |  | — (h) | 0.0 (g) |
|  **Guernsey** |  |  |  |  |
|  Super Group SGHC Ltd. | 9 |  | — (h) | 0.0 (g) |
|  **India** |  |  |  |  |
|  Dr Reddy's Laboratories Ltd. | 52 |  | 4 | 0.0 (g) |
|  HDFC Bank Ltd. | 240 |  | 11 | 0.0 (g) |
|  ICICI Bank Ltd. | 198 |  | 13 | 0.0 (g) |
|  MakeMyTrip Ltd. | 56 |  | 4 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Aptiv plc | 5 |  | — (h) | 0.0 (g) |
|  CRH plc | 189 |  | — (h) | 0.0 (g) |
|  Eaton Corp. plc | 62 |  | — (h) | 0.0 (g) |
|  ICON plc | 201 |  | — (h) | 0.0 (g) |
|  James Hardie Industries plc | 78 |  | 1 | 0.0 (g) |
|  Jazz Pharmaceuticals plc | 50 |  | — (h) | 0.0 (g) |
|  Medtronic plc | 79 |  | — (h) | 0.0 (g) |
|  Smurfit WestRock plc | 185 |  | 5 | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Etoro Group Ltd. | 12 |  | 1 | 0.0 (g) |
|  Global-e Online Ltd. | 14 |  | — (h) | 0.0 (g) |
|  Oddity Tech Ltd. | 44 |  | — (h) | 0.0 (g) |
|  Teva Pharmaceutical Industries Ltd. | 92 |  | — (h) | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  Takeda Pharmaceutical Co. Ltd. | 50 |  | 2 | 0.0 (g) |
|  Toyota Motor Corp. | 38 |  | 2 | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | 21 |  | — (h) | 0.0 (g) |
|  Globant SA | 44 |  | — (h) | 0.0 (g) |
|  Millicom International Cellular SA | 24 |  | — (h) | 0.0 (g) |
|  **Mexico** |  |  |  |  |
|  America Movil SAB de CV | 78 |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Cemex SAB de CV | 111 |  | 3 | 0.0 (g) |
|  Coca-Cola Femsa SAB de CV | 11 |  | — (h) | 0.0 (g) |
|  Fomento Economico Mexicano SAB de CV | 57 |  | — (h) | 0.0 (g) |
|  Grupo Aeroportuario del Pacifico SAB de CV | 7 |  | — (h) | 0.0 (g) |
|  Vista Energy SAB de CV | 15 |  | 1 | 0.0 (g) |
|  **Monaco** |  |  |  |  |
|  Scorpio Tankers, Inc. | 8 |  | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  Koninklijke Philips NV | 10 |  | — (h) | 0.0 (g) |
|  NXP Semiconductors NV | 151 |  | — (h) | 0.0 (g) |
|  QIAGEN NV | 73 |  | 2 | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  Equinor ASA | 62 |  | — (h) | 0.0 (g) |
|  Frontline plc | 43 |  | 1 | 0.0 (g) |
|  **South Africa** |  |  |  |  |
|  Harmony Gold Mining Co. Ltd. | 19 |  | — (h) | 0.0 (g) |
|  Sibanye Stillwater Ltd. | 10 |  | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Alcon AG | 127 |  | 5 | 0.0 (g) |
|  Amcor plc | 15 |  | — (h) | 0.0 (g) |
|  Amrize Ltd. | 107 |  | 4 | 0.0 (g) |
|  CRISPR Therapeutics AG | 70 |  | — (h) | 0.0 (g) |
|  Logitech International SA | 37 |  | 1 | 0.0 (g) |
|  Novartis AG | 24 |  | — (h) | 0.0 (g) |
|  Sportradar Group AG | 13 |  | 1 | 0.0 (g) |
|  STMicroelectronics NV | 27 |  | 1 | 0.0 (g) |
|  UBS Group AG | 35 |  | 1 | 0.0 (g) |
|  **Thailand** |  |  |  |  |
|  Fabrinet | 136 |  | 7 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Anglogold Ashanti plc | 131 |  | — (h) | 0.0 (g) |
|  Aon plc | 108 |  | — (h) | 0.0 (g) |
|  ARM Holdings plc | 413 |  | 4 | 0.0 (g) |
|  AstraZeneca plc | 130 |  | — (h) | 0.0 (g) |
|  Birkenstock Holding plc | 90 |  | 5 | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | 189 |  | — (h) | 0.0 (g) |
|  Diageo plc | 8 |  | — (h) | 0.0 (g) |
|  Genius Sports Ltd. | 15 |  | 1 | 0.0 (g) |
|  GSK plc | 148 |  | — (h) | 0.0 (g) |
|  InterContinental Hotels Group plc | 11 |  | — (h) | 0.0 (g) |
|  Marex Group plc | 5 |  | — (h) | 0.0 (g) |
|  National Grid plc | 36 |  | — (h) | 0.0 (g) |
|  Pentair plc | 63 |  | — (h) | 0.0 (g) |
|  Rentokil Initial plc | 8 |  | — (h) | 0.0 (g) |
|  Shell plc | 294 |  | — (h) | 0.0 (g) |
|  Smith & Nephew plc | 13 |  | — (h) | 0.0 (g) |
|  TechnipFMC plc | 16 |  | — (h) | 0.0 (g) |
|  Unilever plc | 183 |  | 6 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **United States** |  |  |  |  |
|  10X Genomics, Inc. | 3 |  | — (h) | 0.0 (g) |
|  AAON, Inc. | 53 |  | — (h) | 0.0 (g) |
|  AAR Corp. | 13 |  | — (h) | 0.0 (g) |
|  Abbott Laboratories | 220 |  | 4 | 0.0 (g) |
|  ABM Industries, Inc. | 5 |  | — (h) | 0.0 (g) |
|  Academy Sports & Outdoors, Inc. | 18 |  | — (h) | 0.0 (g) |
|  Acadia Realty Trust | 10 |  | — (h) | 0.0 (g) |
|  Acushnet Holdings Corp. | 65 |  | — (h) | 0.0 (g) |
|  ACV Auctions, Inc. | 10 |  | — (h) | 0.0 (g) |
|  Adaptive Biotechnologies Corp. | 3 |  | — (h) | 0.0 (g) |
|  Addus HomeCare Corp. | 4 |  | — (h) | 0.0 (g) |
|  ADMA Biologics, Inc. | 2 |  | — (h) | 0.0 (g) |
|  Advanced Drainage Systems, Inc. | 166 |  | 6 | 0.0 (g) |
|  Advanced Micro Devices, Inc. | 359 |  | — (h) | 0.0 (g) |
|  AECOM | 47 |  | 1 | 0.0 (g) |
|  AeroVironment, Inc. | 407 |  | — (h) | 0.0 (g) |
|  AGNC Investment Corp. | 223 |  | 5 | 0.0 (g) |
|  Agree Realty Corp. | 180 |  | 1 | 0.0 (g) |
|  Air Products and Chemicals, Inc. | 546 |  | 38 | 0.0 (g) |
|  Akero Therapeutics, Inc. | 10 |  | — (h) | 0.0 (g) |
|  Alcoa Corp. | 76 |  | — (h) | 0.0 (g) |
|  Alexandria Real Estate Equities, Inc. | 17 |  | — (h) | 0.0 (g) |
|  Alkami Technology, Inc. | 10 |  | — (h) | 0.0 (g) |
|  Alliant Energy Corp. | 49 |  | — (h) | 0.0 (g) |
|  Alphatec Holdings, Inc. | 11 |  | 1 | 0.0 (g) |
|  Amentum Holdings, Inc. | 30 |  | — (h) | 0.0 (g) |
|  American Eagle Outfitters, Inc. | 23 |  | 2 | 0.0 (g) |
|  American Homes 4 Rent | 18 |  | — (h) | 0.0 (g) |
|  American Water Works Co., Inc. | 20 |  | — (h) | 0.0 (g) |
|  Americold Realty Trust, Inc. | 36 |  | 2 | 0.0 (g) |
|  Amicus Therapeutics, Inc. | 8 |  | — (h) | 0.0 (g) |
|  Annaly Capital Management, Inc. | 145 |  | 10 | 0.0 (g) |
|  API Group Corp. | 29 |  | — (h) | 0.0 (g) |
|  Apogee Therapeutics, Inc. | 27 |  | — (h) | 0.0 (g) |
|  Apollo Global Management, Inc. | 550 |  | 50 | 0.0 (g) |
|  Apple Hospitality REIT, Inc. | 3 |  | — (h) | 0.0 (g) |
|  Apple, Inc. | 36 |  | — (h) | 0.0 (g) |
|  Applied Digital Corp. | 200 |  | — (h) | 0.0 (g) |
|  Applied Materials, Inc. | 114 |  | — (h) | 0.0 (g) |
|  AppLovin Corp. | 151 |  | — (h) | 0.0 (g) |
|  Aramark | 106 |  | — (h) | 0.0 (g) |
|  Arcellx, Inc. | 12 |  | — (h) | 0.0 (g) |
|  Archer-Daniels-Midland Co. | 159 |  | 5 | 0.0 (g) |
|  Archrock, Inc. | 4 |  | — (h) | 0.0 (g) |
|  Arcutis Biotherapeutics, Inc. | 34 |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  ARMOUR Residential REIT, Inc. | 75 | – | — (h) | 0.0 (g) |
|  Array Technologies, Inc. | 13 | – | — (h) | 0.0 (g) |
|  Arrow Electronics, Inc. | 10 | – | — (h) | 0.0 (g) |
|  ARS Pharmaceuticals, Inc. | 2 | – | — (h) | 0.0 (g) |
|  Arthur J Gallagher & Co. | 194 | – | — (h) | 0.0 (g) |
|  Asbury Automotive Group, Inc. | 17 | – | — (h) | 0.0 (g) |
|  ASP Isotopes, Inc. | 26 | – | 1 | 0.0 (g) |
|  AST SpaceMobile, Inc. | 524 | – | — (h) | 0.0 (g) |
|  Atkore, Inc. | 16 | – | — (h) | 0.0 (g) |
|  Atlantic Union Bankshares Corp. | 20 | – | — (h) | 0.0 (g) |
|  Atlas Energy Solutions, Inc. | 17 | – | — (h) | 0.0 (g) |
|  Atmos Energy Corp. | 7 | – | — (h) | 0.0 (g) |
|  AutoNation, Inc. | 85 | – | — (h) | 0.0 (g) |
|  AvalonBay Communities, Inc. | 130 | – | — (h) | 0.0 (g) |
|  Avantor, Inc. | 110 | – | — (h) | 0.0 (g) |
|  Avery Dennison Corp. | 59 | – | — (h) | 0.0 (g) |
|  Avidity Biosciences, Inc. | 27 | – | — (h) | 0.0 (g) |
|  Avis Budget Group, Inc. | 106 | – | — (h) | 0.0 (g) |
|  Axalta Coating Systems Ltd. | 12 | – | 1 | 0.0 (g) |
|  Axcelis Technologies, Inc. | 6 | – | — (h) | 0.0 (g) |
|  Axos Financial, Inc. | 20 | – | 1 | 0.0 (g) |
|  Baldwin Insurance Group, Inc. (The) | 34 | – | 3 | 0.0 (g) |
|  Ball Corp. | 36 | – | — (h) | 0.0 (g) |
|  Baxter International, Inc. | 24 | – | — (h) | 0.0 (g) |
|  Beam Therapeutics, Inc. | 9 | – | — (h) | 0.0 (g) |
|  Belden, Inc. | 7 | – | 1 | 0.0 (g) |
|  Bentley Systems, Inc. | 59 | – | 2 | 0.0 (g) |
|  Biglari Holdings, Inc. | 20 | – | — (h) | 0.0 (g) |
|  BILL Holdings, Inc. | 33 | – | — (h) | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | 20 | – | — (h) | 0.0 (g) |
|  BlackSky Technology, Inc. | 12 | – | 1 | 0.0 (g) |
|  Blackstone Mortgage Trust, Inc. | 5 | – | — (h) | 0.0 (g) |
|  Blackstone Secured Lending Fund | 44 | – | 3 | 0.0 (g) |
|  Block, Inc. | 101 | – | 8 | 0.0 (g) |
|  Bloomin' Brands, Inc. | 6 | – | — (h) | 0.0 (g) |
|  Blue Owl Capital, Inc. | 4 | – |  | 0.0 (g) |
|  Boot Barn Holdings, Inc. | 130 | – | 9 | 0.0 (g) |
|  Bridgebio Pharma, Inc. | 57 | – | 1 | 0.0 (g) |
|  Bright Horizons Family Solutions, Inc. | 20 | – | — (h) | 0.0 (g) |
|  BrightSpring Health Services, Inc. | 16 | – | — (h) | 0.0 (g) |
|  Brightstar Lottery plc | 3 | – | — (h) | 0.0 (g) |
|  Brixmor Property Group, Inc. | 22 | – | — (h) | 0.0 (g) |
|  Broadstone Net Lease, Inc. | 4 | – | — (h) | 0.0 (g) |
|  Brown-Forman Corp. | 108 | – | 1 | 0.0 (g) |
|  Bruker Corp. | 56 | – | 2 | 0.0 (g) |
|  Builders FirstSource, Inc. | 313 | – | 9 | 0.0 (g) |
|  Bumble, Inc. | 5 | – | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Bunge Global SA | 155 | – | — (h) | 0.0 (g) |
|  Burford Capital Ltd. | 5 | – | — (h) | 0.0 (g) |
|  BXP, Inc. | 21 | – | — (h) | 0.0 (g) |
|  Cable One, Inc. | 21 | – | — (h) | 0.0 (g) |
|  CACI International, Inc. | 82 | – | — (h) | 0.0 (g) |
|  Cactus, Inc. | 7 | – | — (h) | 0.0 (g) |
|  Cadence Bank | 13 | – | — (h) | 0.0 (g) |
|  Caesars Entertainment, Inc. | 116 | – | — (h) | 0.0 (g) |
|  Camping World Holdings, Inc. | 26 | – | 1 | 0.0 (g) |
|  Capital One Financial Corp. | 43 | – | 3 | 0.0 (g) |
|  CareTrust REIT, Inc. | 79 | – | — (h) | 0.0 (g) |
|  Carrier Global Corp. | 202 | – | 3 | 0.0 (g) |
|  Carter's, Inc. | 54 | – | 6 | 0.0 (g) |
|  Carvana Co. | 347 | – | 14 | 0.0 (g) |
|  Casella Waste Systems, Inc. | 5 | – |  | 0.0 (g) |
|  Cava Group, Inc. | 94 | – | 5 | 0.0 (g) |
|  CBIZ, Inc. | 22 | – | — (h) | 0.0 (g) |
|  Cboe Global Markets, Inc. | 175 | – | — (h) | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | 138 | – | 9 | 0.0 (g) |
|  Celanese Corp. | 9 | – | — (h) | 0.0 (g) |
|  Celldex Therapeutics, Inc. | 8 | – | — (h) | 0.0 (g) |
|  Celsius Holdings, Inc. | 179 | – | — (h) | 0.0 (g) |
|  CenterPoint Energy, Inc. | 246 | – | — (h) | 0.0 (g) |
|  Centrus Energy Corp. | 104 | – | — (h) | 0.0 (g) |
|  Century Aluminum Co. | 16 | – | — (h) | 0.0 (g) |
|  Century Communities, Inc. | 8 | – | — (h) | 0.0 (g) |
|  Certara, Inc. | 3 | – | — (h) | 0.0 (g) |
|  CG oncology, Inc. | 24 | – | — (h) | 0.0 (g) |
|  Champion Homes, Inc. | 18 | – | — (h) | 0.0 (g) |
|  Cheesecake Factory, Inc. (The) | 26 | – | — (h) | 0.0 (g) |
|  Chefs' Warehouse, Inc. (The) | 20 | – | 1 | 0.0 (g) |
|  Cheniere Energy, Inc. | 25 | – | — (h) | 0.0 (g) |
|  Chewy, Inc. | 99 | – | — (h) | 0.0 (g) |
|  Chime Financial, Inc. | 24 | – | 4 | 0.0 (g) |
|  Chord Energy Corp. | 23 | – | — (h) | 0.0 (g) |
|  Church & Dwight Co., Inc. | 328 | – | 12 | 0.0 (g) |
|  Cidara Therapeutics, Inc. | 3 | – | — (h) | 0.0 (g) |
|  Cigna Group (The) | 197 | – | 2 | 0.0 (g) |
|  Cinemark Holdings, Inc. | 22 | – | — (h) | 0.0 (g) |
|  Cipher Mining, Inc. | 48 | – | — (h) | 0.0 (g) |
|  Civitas Resources, Inc. | 19 | – | — (h) | 0.0 (g) |
|  Cleveland-Cliffs, Inc. | 78 | – | — (h) | 0.0 (g) |
|  Cloudflare, Inc. | 89 | – | 5 | 0.0 (g) |
|  CMS Energy Corp. | 29 | – | — (h) | 0.0 (g) |
|  Coca-Cola Co. (The) | 903 | – | 3 | 0.0 (g) |
|  Coeur Mining, Inc. | 113 | – | — (h) | 0.0 (g) |
|  Cogent Communications Holdings, Inc. | 21 | – | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Cohen & Steers, Inc. | 4 | – | — (h) | 0.0 (g) |
|  Coherent Corp. | 118 | – | 2 | 0.0 (g) |
|  Colgate-Palmolive Co. | 75 | – | — (h) | 0.0 (g) |
|  Comstock Resources, Inc. | 6 | – | — (h) | 0.0 (g) |
|  Concentrix Corp. | 25 | – | 6 | 0.0 (g) |
|  Constellation Brands, Inc. | 164 | – | — (h) | 0.0 (g) |
|  Constellation Energy Corp. | 88 | – | — (h) | 0.0 (g) |
|  Construction Partners, Inc. | 67 | – | 4 | 0.0 (g) |
|  Cooper Cos., Inc. (The) | 74 | – | — (h) | 0.0 (g) |
|  COPT Defense Properties | 53 | – | 3 | 0.0 (g) |
|  Core & Main, Inc. | 88 | – | — (h) | 0.0 (g) |
|  Core Natural Resources, Inc. | 64 | – | — (h) | 0.0 (g) |
|  CoreWeave, Inc. | 16 | – | — (h) | 0.0 (g) |
|  CorMedix, Inc. | 3 | – | — (h) | 0.0 (g) |
|  Corpay, Inc. | 51 | – | 2 | 0.0 (g) |
|  CoStar Group, Inc. | 148 | – | 5 | 0.0 (g) |
|  Coterra Energy, Inc. | 87 | – | — (h) | 0.0 (g) |
|  Coty, Inc. | 10 | – | — (h) | 0.0 (g) |
|  Coupang, Inc. | 233 | – | 7 | 0.0 (g) |
|  Cracker Barrel Old Country Store, Inc. | 10 | – | — (h) | 0.0 (g) |
|  Crane NXT Co. | 13 | – | — (h) | 0.0 (g) |
|  Credit Acceptance Corp. | 8 | – | — (h) | 0.0 (g) |
|  Crescent Energy Co. | 10 | – | — (h) | 0.0 (g) |
|  Crocs, Inc. | 21 | – | — (h) | 0.0 (g) |
|  Crowdstrike Holdings, Inc. | 151 | – | 4 | 0.0 (g) |
|  Crown Holdings, Inc. | 11 | – | — (h) | 0.0 (g) |
|  CSW Industrials, Inc. | 7 | – | — (h) | 0.0 (g) |
|  CSX Corp. | 68 | – | — (h) | 0.0 (g) |
|  Cushman & Wakefield plc | 9 | – | — (h) | 0.0 (g) |
|  CVB Financial Corp. | 7 | – | — (h) | 0.0 (g) |
|  CVR Energy, Inc. | 38 | – | — (h) | 0.0 (g) |
|  CVS Health Corp. | 252 | – | — (h) | 0.0 (g) |
|  Cytokinetics, Inc. | 37 | – | — (h) | 0.0 (g) |
|  Darden Restaurants, Inc. | 76 | – | — (h) | 0.0 (g) |
|  DaVita, Inc. | 8 | – | — (h) | 0.0 (g) |
|  Dell Technologies, Inc. | 190 | – | — (h) | 0.0 (g) |
|  Diamondback Energy, Inc. | 317 | – | — (h) | 0.0 (g) |
|  DigitalBridge Group, Inc. | 14 | – | 1 | 0.0 (g) |
|  Dollar Tree, Inc. | 39 | – | — (h) | 0.0 (g) |
|  Dominion Energy, Inc. | 245 | – | — (h) | 0.0 (g) |
|  DoorDash, Inc. | 567 | – | 1 | 0.0 (g) |
|  Dorman Products, Inc. | 26 | – | — (h) | 0.0 (g) |
|  Dow, Inc. | 293 | – | 9 | 0.0 (g) |
|  DR Horton, Inc. | 325 | – | — (h) | 0.0 (g) |
|  DraftKings, Inc. | 9 | – | 1 | 0.0 (g) |
|  Dropbox, Inc. | 3 | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  DT Midstream, Inc. | 2 | – |  | 0.0 (g) |
|  Dycom Industries, Inc. | 26 | – | — (h) | 0.0 (g) |
|  Dyne Therapeutics, Inc. | 32 | – | 1 | 0.0 (g) |
|  Eagle Materials, Inc. | 115 | – | — (h) | 0.0 (g) |
|  EastGroup Properties, Inc. | 46 | – | — (h) | 0.0 (g) |
|  eBay, Inc. | 90 | – | — (h) | 0.0 (g) |
|  Ecolab, Inc. | 350 | – | — (h) | 0.0 (g) |
|  Edgewell Personal Care Co. | 7 | – | — (h) | 0.0 (g) |
|  Elanco Animal Health, Inc. | 32 | – | — (h) | 0.0 (g) |
|  Element Solutions, Inc. | 7 | – | — (h) | 0.0 (g) |
|  elf Beauty, Inc. | 387 | – | 24 | 0.0 (g) |
|  Emerson Electric Co. | 26 | – | — (h) | 0.0 (g) |
|  Energizer Holdings, Inc. | 20 | – | 2 | 0.0 (g) |
|  Enpro, Inc. | 2 | – | — (h) | 0.0 (g) |
|  Ensign Group, Inc. (The) | 22 | – | — (h) | 0.0 (g) |
|  Entegris, Inc. | 269 | – | 3 | 0.0 (g) |
|  EOG Resources, Inc. | 5 | – | — (h) | 0.0 (g) |
|  Equifax, Inc. | 154 | – | 1 | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | 26 | – | — (h) | 0.0 (g) |
|  Equity Residential | 44 | – | — (h) | 0.0 (g) |
|  Essential Utilities, Inc. | 5 | – | — (h) | 0.0 (g) |
|  Essex Property Trust, Inc. | 116 | – | — (h) | 0.0 (g) |
|  Everus Construction Group, Inc. | 19 | – | — (h) | 0.0 (g) |
|  Evolent Health, Inc. | 40 | – | — (h) | 0.0 (g) |
|  Extra Space Storage, Inc. | 44 | – | — (h) | 0.0 (g) |
|  Fair Isaac Corp. | 25 | – | 1 | 0.0 (g) |
|  Fastenal Co. | 128 | – | — (h) | 0.0 (g) |
|  Federal Realty Investment Trust | 8 | – | — (h) | 0.0 (g) |
|  Ferguson Enterprises, Inc. | 28 | – | 1 | 0.0 (g) |
|  Fidelity National Information Services, Inc. | 127 | – | — (h) | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | 32 | – | — (h) | 0.0 (g) |
|  First Interstate BancSystem, Inc. | 12 | – | — (h) | 0.0 (g) |
|  First Solar, Inc. | 402 | – | — (h) | 0.0 (g) |
|  FirstCash Holdings, Inc. | 53 | – | — (h) | 0.0 (g) |
|  FirstEnergy Corp. | 156 | – | — (h) | 0.0 (g) |
|  Floor & Decor Holdings, Inc. | 140 | – | 20 | 0.0 (g) |
|  Flowers Foods, Inc. | 65 | – | — (h) | 0.0 (g) |
|  Fluence Energy, Inc. | 56 | – | — (h) | 0.0 (g) |
|  Flutter Entertainment plc | 281 | – | 35 | 0.0 (g) |
|  FMC Corp. | 68 | – | 6 | 0.0 (g) |
|  FNB Corp./PA | 16 | – | — (h) | 0.0 (g) |
|  Fortive Corp. | 105 | – | — (h) | 0.0 (g) |
|  Four Corners Property Trust, Inc. | 22 | – | 1 | 0.0 (g) |
|  Franklin Resources, Inc. | 18 | – | — (h) | 0.0 (g) |
|  Freeport-McMoRan, Inc. | 210 | – | 34 | 0.0 (g) |
|  FS KKR Capital Corp. | 9 | – | — (h) | 0.0 (g) |
|  FTI Consulting, Inc. | 105 | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Fulton Financial Corp. | 9 | – | — (h) | 0.0 (g) |
|  Galaxy Digital, Inc. | 72 | – | — (h) | 0.0 (g) |
|  Gaming and Leisure Properties, Inc. | 161 | – | — (h) | 0.0 (g) |
|  GE HealthCare Technologies, Inc. | 83 | – | — (h) | 0.0 (g) |
|  GeneDx Holdings Corp. | 35 | – | 7 | 0.0 (g) |
|  Genuine Parts Co. | 278 | – | — (h) | 0.0 (g) |
|  Gitlab, Inc. | 12 | – | 1 | 0.0 (g) |
|  Glacier Bancorp, Inc. | 6 | – | — (h) | 0.0 (g) |
|  GLOBALFOUNDRIES, Inc. | 18 | – | — (h) | 0.0 (g) |
|  Gogo, Inc. | 6 | – | — (h) | 0.0 (g) |
|  Goodyear Tire & Rubber Co. (The) | 2 | – | — (h) | 0.0 (g) |
|  Goosehead Insurance, Inc. | 6 | – | — (h) | 0.0 (g) |
|  Graphic Packaging Holding Co. | 89 | – | — (h) | 0.0 (g) |
|  Green Brick Partners, Inc. | 12 | – | — (h) | 0.0 (g) |
|  Grindr, Inc. | 11 | – | 1 | 0.0 (g) |
|  Grocery Outlet Holding Corp. | 79 | – | 3 | 0.0 (g) |
|  Group 1 Automotive, Inc. | 76 | – | 3 | 0.0 (g) |
|  GXO Logistics, Inc. | 85 | – | — (h) | 0.0 (g) |
|  Haemonetics Corp. | 2 | – | — (h) | 0.0 (g) |
|  Hasbro, Inc. | 104 | – | — (h) | 0.0 (g) |
|  Hawkins, Inc. | 63 | – | — (h) | 0.0 (g) |
|  Hayward Holdings, Inc. | 30 | – | — (h) | 0.0 (g) |
|  HCI Group, Inc. | 4 | – | — (h) | 0.0 (g) |
|  Helen of Troy Ltd. | 4 | – | — (h) | 0.0 (g) |
|  Helmerich & Payne, Inc. | 24 | – | — (h) | 0.0 (g) |
|  Henry Schein, Inc. | 40 | – | — (h) | 0.0 (g) |
|  Herc Holdings, Inc. | 16 | – | 1 | 0.0 (g) |
|  Hercules Capital, Inc. | 7 | – | — (h) | 0.0 (g) |
|  Hershey Co. (The) | 131 | – | 2 | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | 316 | – | 8 | 0.0 (g) |
|  Hexcel Corp. | 13 | – | — (h) | 0.0 (g) |
|  HF Sinclair Corp. | 49 | – | — (h) | 0.0 (g) |
|  Hilton Grand Vacations, Inc. | 18 | – | 1 | 0.0 (g) |
|  Hims & Hers Health, Inc. | 212 | – | 5 | 0.0 (g) |
|  Home BancShares, Inc./AR | 8 | – | — (h) | 0.0 (g) |
|  Home Depot, Inc. (The) | 106 | – | 2 | 0.0 (g) |
|  Hormel Foods Corp. | 30 | – | — (h) | 0.0 (g) |
|  Host Hotels & Resorts, Inc. | 16 | – | — (h) | 0.0 (g) |
|  HP, Inc. | 11 | – | 1 | 0.0 (g) |
|  Hubbell, Inc. | 360 | – | 11 | 0.0 (g) |
|  Huntsman Corp. | 23 | – | 3 | 0.0 (g) |
|  Hyatt Hotels Corp. | 227 | – | 2 | 0.0 (g) |
|  Ibotta, Inc. | 13 | – | — (h) | 0.0 (g) |
|  ICF International, Inc. | 4 | – | — (h) | 0.0 (g) |
|  ICU Medical, Inc. | 15 | – | 1 | 0.0 (g) |
|  Ideaya Biosciences, Inc. | 7 | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  IDEX Corp. | 8 | – | — (h) | 0.0 (g) |
|  Independence Realty Trust, Inc. | 40 | – | 2 | 0.0 (g) |
|  Independent Bank Corp. | 18 | – | — (h) | 0.0 (g) |
|  Innodata, Inc. | 113 | – | — (h) | 0.0 (g) |
|  Insight Enterprises, Inc. | 19 | – | 1 | 0.0 (g) |
|  Insmed, Inc. | 21 | – | — (h) | 0.0 (g) |
|  Installed Building Products, Inc. | 99 | – | 5 | 0.0 (g) |
|  Integer Holdings Corp. | 8 | – | — (h) | 0.0 (g) |
|  International Paper Co. | 374 | – | — (h) | 0.0 (g) |
|  International Seaways, Inc. | 51 | – | 2 | 0.0 (g) |
|  Interparfums, Inc. | 11 | – | — (h) | 0.0 (g) |
|  Invitation Homes, Inc. | 36 | – | — (h) | 0.0 (g) |
|  IQVIA Holdings, Inc. | 15 | – | — (h) | 0.0 (g) |
|  J M Smucker Co. (The) | 117 | – | — (h) | 0.0 (g) |
|  JBT Marel Corp. | 23 | – | — (h) | 0.0 (g) |
|  John Wiley & Sons, Inc. | 3 | – | — (h) | 0.0 (g) |
|  KB Home | 30 | – | — (h) | 0.0 (g) |
|  Kennametal, Inc. | 7 | – | — (h) | 0.0 (g) |
|  Kilroy Realty Corp. | 28 | – | 1 | 0.0 (g) |
|  Kimberly-Clark Corp. | 338 | – | 2 | 0.0 (g) |
|  Kinder Morgan, Inc. | 25 | – | — (h) | 0.0 (g) |
|  Kinsale Capital Group, Inc. | 46 | – | — (h) | 0.0 (g) |
|  Kite Realty Group Trust | 3 | – | — (h) | 0.0 (g) |
|  Knife River Corp. | 38 | – | — (h) | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | 75 | – | 1 | 0.0 (g) |
|  Kodiak Gas Services, Inc. | 74 | – | — (h) | 0.0 (g) |
|  Kraft Heinz Co. (The) | 159 | – | — (h) | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | 277 | – | — (h) | 0.0 (g) |
|  Krystal Biotech, Inc. | 14 | – | — (h) | 0.0 (g) |
|  Kura Sushi USA, Inc. | 37 | – | 9 | 0.0 (g) |
|  Kymera Therapeutics, Inc. | 35 | – | — (h) | 0.0 (g) |
|  Lamar Advertising Co. | 17 | – | — (h) | 0.0 (g) |
|  Las Vegas Sands Corp. | 6 | – | — (h) | 0.0 (g) |
|  Laureate Education, Inc. | 5 | – | — (h) | 0.0 (g) |
|  Lazard, Inc. | 2 | – | — (h) | 0.0 (g) |
|  LCI Industries | 10 | – | — (h) | 0.0 (g) |
|  Lear Corp. | 18 | – | — (h) | 0.0 (g) |
|  Leidos Holdings, Inc. | 49 | – | — (h) | 0.0 (g) |
|  Lennar Corp. | 183 | – | 3 | 0.0 (g) |
|  Leonardo DRS, Inc. | 6 | – | — (h) | 0.0 (g) |
|  Levi Strauss & Co. | 7 | – | — (h) | 0.0 (g) |
|  LGI Homes, Inc. | 26 | – | 3 | 0.0 (g) |
|  Liberty Media Corp-Liberty Formula One | 86 | – | — (h) | 0.0 (g) |
|  Life360, Inc. | 46 | – | — (h) | 0.0 (g) |
|  Limbach Holdings, Inc. | 33 | – | 3 | 0.0 (g) |
|  Linde plc | 663 | – | 6 | 0.0 (g) |
|  Lineage, Inc. | 21 | – | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Lithia Motors, Inc. | 61 | – | 3 | 0.0 (g) |
|  LKQ Corp. | 41 | – | — (h) | 0.0 (g) |
|  Loar Holdings, Inc. | 86 | – | — (h) | 0.0 (g) |
|  Lockheed Martin Corp. | 412 | – | — (h) | 0.0 (g) |
|  LPL Financial Holdings, Inc. | 30 | – | — (h) | 0.0 (g) |
|  Lumentum Holdings, Inc. | 49 | – | 2 | 0.0 (g) |
|  LyondellBasell Industries NV | 116 | – | 7 | 0.0 (g) |
|  M&T Bank Corp. | 58 | – | — (h) | 0.0 (g) |
|  M/I Homes, Inc. | 2 | – | — (h) | 0.0 (g) |
|  Macerich Co. (The) | 26 | – | — (h) | 0.0 (g) |
|  Macy's, Inc. | 4 | – | — (h) | 0.0 (g) |
|  Madison Square Garden Sports Corp. | 5 | – | — (h) | 0.0 (g) |
|  Magnite, Inc. | 64 | – | 9 | 0.0 (g) |
|  MARA Holdings, Inc. | 274 | – | 2 | 0.0 (g) |
|  Marriott International, Inc./MD | 116 | – | 4 | 0.0 (g) |
|  Martin Marietta Materials, Inc. | 283 | – | — (h) | 0.0 (g) |
|  Marzetti Company (The) | 33 | – | 1 | 0.0 (g) |
|  Masco Corp. | 18 | – | — (h) | 0.0 (g) |
|  Matador Resources Co. | 34 | – | 1 | 0.0 (g) |
|  Match Group, Inc. | 27 | – | 2 | 0.0 (g) |
|  Matson, Inc. | 14 | – | 1 | 0.0 (g) |
|  Maximus, Inc. | 61 | – | — (h) | 0.0 (g) |
|  McCormick & Co., Inc./MD | 112 | – | — (h) | 0.0 (g) |
|  Mercury General Corp. | 4 | – | — (h) | 0.0 (g) |
|  Meta Platforms, Inc. | 782 | – | 46 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | 18 | – | — (h) | 0.0 (g) |
|  MGM Resorts International | 7 | – | — (h) | 0.0 (g) |
|  Microsoft Corp. | 619 | – | 1 | 0.0 (g) |
|  Mirion Technologies, Inc. | 56 | – | 2 | 0.0 (g) |
|  Mohawk Industries, Inc. | 74 | – | 1 | 0.0 (g) |
|  Molina Healthcare, Inc. | 97 | – | — (h) | 0.0 (g) |
|  Molson Coors Beverage Co. | 264 | – | 9 | 0.0 (g) |
|  Mondelez International, Inc. | 246 | – | 5 | 0.0 (g) |
|  MP Materials Corp. | 120 | – | 13 | 0.0 (g) |
|  MSA Safety, Inc. | 21 | – | — (h) | 0.0 (g) |
|  MSC Industrial Direct Co., Inc. | 37 | – | — (h) | 0.0 (g) |
|  MSCI, Inc. | 14 | – | — (h) | 0.0 (g) |
|  National Health Investors, Inc. | 52 | – | — (h) | 0.0 (g) |
|  National Vision Holdings, Inc. | 41 | – | — (h) | 0.0 (g) |
|  Navitas Semiconductor Corp. | 87 | – | — (h) | 0.0 (g) |
|  nCino, Inc. | 33 | – | 3 | 0.0 (g) |
|  NCR Atleos Corp. | 6 | – |  | 0.0 (g) |
|  NCR Voyix Corp. | 7 | – | — (h) | 0.0 (g) |
|  Neogen Corp. | 26 | – | — (h) | 0.0 (g) |
|  Newell Brands, Inc. | 18 | – | 1 | 0.0 (g) |
|  Newmark Group, Inc. | 3 | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Nexstar Media Group, Inc. | 39 | – | 1 | 0.0 (g) |
|  NextNav, Inc. | 16 | – | 3 | 0.0 (g) |
|  NEXTracker, Inc. | 64 | – | — (h) | 0.0 (g) |
|  NIKE, Inc. | 155 | – | 3 | 0.0 (g) |
|  NNN REIT, Inc. | 68 | – | — (h) | 0.0 (g) |
|  Noble Corp. plc | 74 | – | 1 | 0.0 (g) |
|  Nordson Corp. | 25 | – | — (h) | 0.0 (g) |
|  Norfolk Southern Corp. | 118 | – | — (h) | 0.0 (g) |
|  Northern Oil & Gas, Inc. | 56 | – | 1 | 0.0 (g) |
|  Northrop Grumman Corp. | 50 | – | — (h) | 0.0 (g) |
|  Novavax, Inc. | 28 | – | — (h) | 0.0 (g) |
|  Nuvalent, Inc. | 54 | – | — (h) | 0.0 (g) |
|  NVIDIA Corp. | 219 | – | — (h) | 0.0 (g) |
|  Occidental Petroleum Corp. | 348 | – | — (h) | 0.0 (g) |
|  Ocular Therapeutix, Inc. | 17 | – | — (h) | 0.0 (g) |
|  O-I Glass, Inc. | 12 | – | — (h) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | 12 | – | — (h) | 0.0 (g) |
|  Old National Bancorp | 22 | – | — (h) | 0.0 (g) |
|  Olin Corp. | 15 | – | — (h) | 0.0 (g) |
|  Ollie's Bargain Outlet Holdings, Inc. | 148 | – | 12 | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | 182 | – | — (h) | 0.0 (g) |
|  Omnicom Group, Inc. | 163 | – | — (h) | 0.0 (g) |
|  ON Semiconductor Corp. | 99 | – | 4 | 0.0 (g) |
|  Oracle Corp. | 778 | – | 61 | 0.1 |
|  Orchid Island Capital, Inc. | 13 | – | — (h) | 0.0 (g) |
|  Organon & Co. | 11 | – | — (h) | 0.0 (g) |
|  Ormat Technologies, Inc. | 5 | – | — (h) | 0.0 (g) |
|  Outfront Media, Inc. | 28 | – | 1 | 0.0 (g) |
|  Owens Corning | 23 | – | — (h) | 0.0 (g) |
|  Oxford Industries, Inc. | 2 | – | — (h) | 0.0 (g) |
|  Packaging Corp. of America | 66 | – | — (h) | 0.0 (g) |
|  Pagaya Technologies Ltd. | 57 | – | 26 | 0.0 (g) |
|  Palantir Technologies, Inc. | 151 | – | — (h) | 0.0 (g) |
|  Palomar Holdings, Inc. | 5 | – | — (h) | 0.0 (g) |
|  Papa John's International, Inc. | 37 | – | — (h) | 0.0 (g) |
|  PAR Technology Corp. | 12 | – | 1 | 0.0 (g) |
|  Parsons Corp. | 87 | – | — (h) | 0.0 (g) |
|  Patrick Industries, Inc. | 29 | – | 1 | 0.0 (g) |
|  Patterson-UTI Energy, Inc. | 14 | – | 1 | 0.0 (g) |
|  Paychex, Inc. | 125 | – | 2 | 0.0 (g) |
|  Paycom Software, Inc. | 47 | – | 2 | 0.0 (g) |
|  Pebblebrook Hotel Trust | 4 | – | — (h) | 0.0 (g) |
|  Penn Entertainment, Inc. | 48 | – | — (h) | 0.0 (g) |
|  PennyMac Financial Services, Inc. | 3 | – | — (h) | 0.0 (g) |
|  Penske Automotive Group, Inc. | 68 | – | 1 | 0.0 (g) |
|  Performance Food Group Co. | 46 | – | 1 | 0.0 (g) |
|  Permian Resources Corp. | 45 | – | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Perpetua Resources Corp. | 10 | – | — (h) | 0.0 (g) |
|  Pilgrim's Pride Corp. | 47 | – | — (h) | 0.0 (g) |
|  Pitney Bowes, Inc. | 12 | – | — (h) | 0.0 (g) |
|  Planet Fitness, Inc. | 12 | – | — (h) | 0.0 (g) |
|  Pool Corp. | 76 | – | 2 | 0.0 (g) |
|  PotlatchDeltic Corp. | 13 | – | — (h) | 0.0 (g) |
|  Powell Industries, Inc. | 55 | – | — (h) | 0.0 (g) |
|  PPG Industries, Inc. | 88 | – | 2 | 0.0 (g) |
|  PriceSmart, Inc. | 16 | – | — (h) | 0.0 (g) |
|  Primo Brands Corp. | 8 | – | — (h) | 0.0 (g) |
|  Privia Health Group, Inc. | 5 | – | — (h) | 0.0 (g) |
|  PROCEPT BioRobotics Corp. | 25 | – | 1 | 0.0 (g) |
|  Procter & Gamble Co. (The) | 206 | – | 4 | 0.0 (g) |
|  Prologis, Inc. | 151 | – | — (h) | 0.0 (g) |
|  PulteGroup, Inc. | 190 | – | — (h) | 0.0 (g) |
|  PureCycle Technologies, Inc. | 10 | – | 1 | 0.0 (g) |
|  PVH Corp. | 54 | – | 1 | 0.0 (g) |
|  Quaker Chemical Corp. | 3 | – | — (h) | 0.0 (g) |
|  Quanta Services, Inc. | 185 | – | — (h) | 0.0 (g) |
|  QuantumScape Corp. | 54 | – | 5 | 0.0 (g) |
|  QuidelOrtho Corp. | 13 | – | — (h) | 0.0 (g) |
|  QXO, Inc. | 310 | – | 29 | 0.0 (g) |
|  RadNet, Inc. | 52 | – | — (h) | 0.0 (g) |
|  Ramaco Resources, Inc. | 64 | – | — (h) | 0.0 (g) |
|  RB Global, Inc. | 201 | – | 21 | 0.0 (g) |
|  RBC Bearings, Inc. | 35 | – | — (h) | 0.0 (g) |
|  Realty Income Corp. | 544 | – | 1 | 0.0 (g) |
|  Regal Rexnord Corp. | 36 | – | — (h) | 0.0 (g) |
|  Regency Centers Corp. | 101 | – | — (h) | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | 52 | – | 1 | 0.0 (g) |
|  Reliance, Inc. | 14 | – | — (h) | 0.0 (g) |
|  Renasant Corp. | 14 | – | 1 | 0.0 (g) |
|  Revolution Medicines, Inc. | 98 | – | — (h) | 0.0 (g) |
|  Revolve Group, Inc. | 8 | – | — (h) | 0.0 (g) |
|  Revvity, Inc. | 44 | – | — (h) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | 142 | – | 3 | 0.0 (g) |
|  Reynolds Consumer Products, Inc. | 33 | – | — (h) | 0.0 (g) |
|  RH | 18 | – | 2 | 0.0 (g) |
|  Rigetti Computing, Inc. | 156 | – | — (h) | 0.0 (g) |
|  Rivian Automotive, Inc. | 56 | – | 1 | 0.0 (g) |
|  Rocket Lab Corp. | 45 | – | — (h) | 0.0 (g) |
|  Roivant Sciences Ltd. | 57 | – | — (h) | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | 186 | – | 3 | 0.0 (g) |
|  RPM International, Inc. | 20 | – | — (h) | 0.0 (g) |
|  RTX Corp. | 3 | – | — (h) | 0.0 (g) |
|  Rumble, Inc. | 7 | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  RXO, Inc. | 52 | – | 3 | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | 39 | – | — (h) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | 144 | – | 12 | 0.0 (g) |
|  S&P Global, Inc. | 257 | – | 12 | 0.0 (g) |
|  Sabra Health Care REIT, Inc. | 2 | – | — (h) | 0.0 (g) |
|  Saia, Inc. | 148 | – | 5 | 0.0 (g) |
|  SailPoint, Inc. | 22 | – | 1 | 0.0 (g) |
|  Scholar Rock Holding Corp. | 5 | – | — (h) | 0.0 (g) |
|  Science Applications International Corp. | 7 | – | — (h) | 0.0 (g) |
|  Scotts Miracle-Gro Co. (The) | 58 | – | 1 | 0.0 (g) |
|  Sealed Air Corp. | 26 | – | — (h) | 0.0 (g) |
|  Sempra | 149 | – | — (h) | 0.0 (g) |
|  Sensient Technologies Corp. | 19 | – | 2 | 0.0 (g) |
|  Sezzle, Inc. | 70 | – | 12 | 0.0 (g) |
|  Shake Shack, Inc. | 45 | – | 3 | 0.0 (g) |
|  SharkNinja, Inc. | 302 | – | 36 | 0.0 (g) |
|  Sherwin-Williams Co. (The) | 607 | – | 2 | 0.0 (g) |
|  Shift4 Payments, Inc. | 61 | – | 9 | 0.0 (g) |
|  Shoals Technologies Group, Inc. | 49 | – | — (h) | 0.0 (g) |
|  Signet Jewelers Ltd. | 45 | – | — (h) | 0.0 (g) |
|  Silgan Holdings, Inc. | 29 | – | — (h) | 0.0 (g) |
|  Simmons First National Corp. | 6 | – | — (h) | 0.0 (g) |
|  Simply Good Foods Co. (The) | 46 | – | 3 | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | 24 | – | 2 | 0.0 (g) |
|  Sirius XM Holdings, Inc. | 5 | – | — (h) | 0.0 (g) |
|  SiteOne Landscape Supply, Inc. | 26 | – | 1 | 0.0 (g) |
|  Six Flags Entertainment Corp. | 119 | – | — (h) | 0.0 (g) |
|  SL Green Realty Corp. | 45 | – | 1 | 0.0 (g) |
|  SLB Ltd. | 315 | – | — (h) | 0.0 (g) |
|  SLM Corp. | 8 | – | — (h) | 0.0 (g) |
|  Solaris Energy Infrastructure, Inc. | 47 | – | — (h) | 0.0 (g) |
|  Soleno Therapeutics, Inc. | 15 | – | — (h) | 0.0 (g) |
|  Somnigroup International, Inc. | 260 | – | 4 | 0.0 (g) |
|  Sonic Automotive, Inc. | 13 | – | — (h) | 0.0 (g) |
|  SoundHound AI, Inc. | 194 | – | 1 | 0.0 (g) |
|  Southern Co. (The) | 331 | – | — (h) | 0.0 (g) |
|  SOUTHSTATE BANK Corp., | 44 | – | 1 | 0.0 (g) |
|  Spectrum Brands Holdings, Inc. | 10 | – | — (h) | 0.0 (g) |
|  Spire, Inc. | 8 | – | — (h) | 0.0 (g) |
|  SPX Technologies, Inc. | 20 | – | — (h) | 0.0 (g) |
|  SSR Mining, Inc. | 32 | – | — (h) | 0.0 (g) |
|  STAG Industrial, Inc. | 16 | – | — (h) | 0.0 (g) |
|  StandardAero, Inc. | 73 | – | 1 | 0.0 (g) |
|  Standex International Corp. | 3 | – | — (h) | 0.0 (g) |
|  Stanley Black & Decker, Inc. | 66 | – | 1 | 0.0 (g) |
|  Starbucks Corp. | 884 | – | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Sterling Infrastructure, Inc. | 14 | – | 1 | 0.0 (g) |
|  Steven Madden Ltd. | 72 | – | — (h) | 0.0 (g) |
|  StoneX Group, Inc. | 8 | – | — (h) | 0.0 (g) |
|  Stride, Inc. | 64 | – | — (h) | 0.0 (g) |
|  Sunstone Hotel Investors, Inc. | 6 | – | — (h) | 0.0 (g) |
|  Surgery Partners, Inc. | 49 | – | — (h) | 0.0 (g) |
|  Sweetgreen, Inc. | 61 | – | 5 | 0.0 (g) |
|  Synopsys, Inc. | 521 | – | 2 | 0.0 (g) |
|  Sysco Corp. | 177 | – | 1 | 0.0 (g) |
|  Take-Two Interactive Software, Inc. | 80 | – | — (h) | 0.0 (g) |
|  Targa Resources Corp. | 32 | – | — (h) | 0.0 (g) |
|  TD SYNNEX Corp. | 112 | – | — (h) | 0.0 (g) |
|  Tecnoglass, Inc. | 24 | – | 1 | 0.0 (g) |
|  Teladoc Health, Inc. | 6 | – | 1 | 0.0 (g) |
|  Telephone and Data Systems, Inc. | 9 | – | — (h) | 0.0 (g) |
|  Tempus AI, Inc. | 36 | – | 3 | 0.0 (g) |
|  Terreno Realty Corp. | 7 | – | — (h) | 0.0 (g) |
|  Tetra Tech, Inc. | 17 | – | 1 | 0.0 (g) |
|  Texas Pacific Land Corp. | 43 | – | — (h) | 0.0 (g) |
|  Thor Industries, Inc. | 22 | – | — (h) | 0.0 (g) |
|  Tidewater, Inc. | 45 | – | 2 | 0.0 (g) |
|  Timken Co. (The) | 62 | – | 2 | 0.0 (g) |
|  TJX Cos., Inc. (The) | 13 | – | — (h) | 0.0 (g) |
|  TKO Group Holdings, Inc. | 213 | – | — (h) | 0.0 (g) |
|  Toll Brothers, Inc. | 41 | – | — (h) | 0.0 (g) |
|  TopBuild Corp. | 92 | – | 7 | 0.0 (g) |
|  Topgolf Callaway Brands Corp. | 20 | – | — (h) | 0.0 (g) |
|  Tractor Supply Co. | 64 | – | 3 | 0.0 (g) |
|  TransDigm Group, Inc. | 211 | – | — (h) | 0.0 (g) |
|  TransMedics Group, Inc. | 27 | – | 3 | 0.0 (g) |
|  TransUnion | 179 | – | 17 | 0.0 (g) |
|  Travel + Leisure Co. | 20 | – | — (h) | 0.0 (g) |
|  TreeHouse Foods, Inc. | 8 | – | — (h) | 0.0 (g) |
|  Trex Co., Inc. | 4 | – | — (h) | 0.0 (g) |
|  Trimble, Inc. | 10 | – | — (h) | 0.0 (g) |
|  TSS, Inc./MD | 57 | – | — (h) | 0.0 (g) |
|  Tyler Technologies, Inc. | 30 | – | — (h) | 0.0 (g) |
|  Uber Technologies, Inc. | 108 | – | 2 | 0.0 (g) |
|  UDR, Inc. | 7 | – | — (h) | 0.0 (g) |
|  UFP Technologies, Inc. | 10 | – | — (h) | 0.0 (g) |
|  UL Solutions, Inc. | 21 | – | — (h) | 0.0 (g) |
|  UMB Financial Corp. | 35 | – | 1 | 0.0 (g) |
|  Under Armour, Inc. | 28 | – | — (h) | 0.0 (g) |
|  United Bankshares, Inc./WV | 6 | – | — (h) | 0.0 (g) |
|  United Natural Foods, Inc. | 8 | – | — (h) | 0.0 (g) |
|  United Parcel Service, Inc. | 199 | – | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  United Rentals, Inc. | 32 | – | — (h) | 0.0 (g) |
|  UnitedHealth Group, Inc. | 278 | – | — (h) | 0.0 (g) |
|  Unity Software, Inc. | 65 | – | 10 | 0.0 (g) |
|  Universal Technical Institute, Inc. | 10 | – | — (h) | 0.0 (g) |
|  UroGen Pharma Ltd. | 40 | – | — (h) | 0.0 (g) |
|  Vail Resorts, Inc. | 89 | – | — (h) | 0.0 (g) |
|  Valvoline, Inc. | 25 | – | 2 | 0.0 (g) |
|  Vaxcyte, Inc. | 19 | – | — (h) | 0.0 (g) |
|  Veeco Instruments, Inc. | 3 | – | — (h) | 0.0 (g) |
|  Ventas, Inc. | 123 | – | — (h) | 0.0 (g) |
|  Venture Global, Inc. | 29 | – | — (h) | 0.0 (g) |
|  Verizon Communications, Inc. | 422 | – | — (h) | 0.0 (g) |
|  Vertex, Inc. | 46 | – | 1 | 0.0 (g) |
|  VF Corp. | 91 | – | 1 | 0.0 (g) |
|  Viasat, Inc. | 3 | – | — (h) | 0.0 (g) |
|  Viper Energy, Inc. | 10 | – | — (h) | 0.0 (g) |
|  Visa, Inc. | 259 | – | — (h) | 0.0 (g) |
|  Vishay Intertechnology, Inc. | 7 | – | — (h) | 0.0 (g) |
|  Vistra Corp. | 141 | – | 12 | 0.0 (g) |
|  Vita Coco Co., Inc. (The) | 27 | – | — (h) | 0.0 (g) |
|  Vital Farms, Inc. | 42 | – | 3 | 0.0 (g) |
|  Vontier Corp. | 7 | – | — (h) | 0.0 (g) |
|  Voya Financial, Inc. | 35 | – | 1 | 0.0 (g) |
|  Voyager Technologies, Inc. | 26 | – | — (h) | 0.0 (g) |
|  VSE Corp. | 33 | – | — (h) | 0.0 (g) |
|  Vulcan Materials Co. | 521 | – | — (h) | 0.0 (g) |
|  Warner Bros Discovery, Inc. | 435 | – | — (h) | 0.0 (g) |
|  Warner Music Group Corp. | 2 | – | — (h) | 0.0 (g) |
|  Warrior Met Coal, Inc. | 104 | – | — (h) | 0.0 (g) |
|  Watsco, Inc. | 102 | – | — (h) | 0.0 (g) |
|  Wayfair, Inc. | 98 | – | — (h) | 0.0 (g) |
|  Waystar Holding Corp. | 44 | – | 1 | 0.0 (g) |
|  WD-40 Co. | 17 | – | 1 | 0.0 (g) |
|  Weatherford International plc | 7 | – | — (h) | 0.0 (g) |
|  WEC Energy Group, Inc. | 293 | – | — (h) | 0.0 (g) |
|  Wendy's Co. (The) | 70 | – | 2 | 0.0 (g) |
|  Werner Enterprises, Inc. | 4 | – |  | 0.0 (g) |
|  WESCO International, Inc. | 48 | – | — (h) | 0.0 (g) |
|  Western Union Co. (The) | 6 | – | — (h) | 0.0 (g) |
|  Westinghouse Air Brake Technologies Corp. | 8 | – | — (h) | 0.0 (g) |
|  Westlake Corp. | 190 | – | 16 | 0.0 (g) |
|  WEX, Inc. | 95 | – | 3 | 0.0 (g) |
|  Weyerhaeuser Co. | 41 | – | — (h) | 0.0 (g) |
|  Whirlpool Corp. | 65 | – | 4 | 0.0 (g) |
|  White Mountains Insurance Group Ltd. | 7 | – | — (h) | 0.0 (g) |
|  Williams Cos., Inc. (The) | 125 | – | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Williams-Sonoma, Inc. | 24 | – | — (h) | 0.0 (g) |
|  WillScot Holdings Corp. | 24 | – | 2 | 0.0 (g) |
|  Wingstop, Inc. | 338 | – | 3 | 0.0 (g) |
|  Winnebago Industries, Inc. | 13 | – | — (h) | 0.0 (g) |
|  Wolverine World Wide, Inc. | 68 | – | 7 | 0.0 (g) |
|  Woodward, Inc. | 11 | – | — (h) | 0.0 (g) |
|  Workiva, Inc. | 28 | – | — (h) | 0.0 (g) |
|  WP Carey, Inc. | 3 | – | — (h) | 0.0 (g) |
|  WSFS Financial Corp. | 6 | – | — (h) | 0.0 (g) |
|  Wyndham Hotels & Resorts, Inc. | 109 | – | 6 | 0.0 (g) |
|  Wynn Resorts Ltd. | 97 | – | 1 | 0.0 (g) |
|  Xcel Energy, Inc. | 20 | – | — (h) | 0.0 (g) |
|  Xometry, Inc. | 7 | – | — (h) | 0.0 (g) |
|  XPO, Inc. | 272 | – | 4 | 0.0 (g) |
|  Xylem, Inc./NY | 21 | – | — (h) | 0.0 (g) |
|  YETI Holdings, Inc. | 36 | – | 2 | 0.0 (g) |
|  Zillow Group, Inc. | 73 | – | 11 | 0.0 (g) |
|  Zimmer Biomet Holdings, Inc. | 22 | – | — (h) | 0.0 (g) |
|  Zscaler, Inc. | 96 | – | — (h) | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | 4 | – | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | – | 1196 | 0.1 |
|  **Total of Long and Short Positions of Total Return Swaps** |  | – | 1196 | 0.1 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.20%) which is denominated in USD based on the local currencies of the positions within the swap | 09/20/2027 | 1 | 1174 | 10 | 1184 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Sony Financial Group, Inc. | — (h) | 1 | 1 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  BigBear.ai Holdings, Inc. | 58 |  | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Atlassian Corp. | (506) |  | (1) | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Arch Capital Group Ltd. | (155) |  | 4 | 0.0 (g) |
|  Assured Guaranty Ltd. | (12) |  | — (h) | 0.0 (g) |
|  Axis Capital Holdings Ltd. | (17) |  | — (h) | 0.0 (g) |
|  Essent Group Ltd. | (16) |  | — (h) | 0.0 (g) |
|  Everest Group Ltd. | (167) |  | 7 | 0.0 (g) |
|  Viking Holdings Ltd. | (7) |  | — (h) | 0.0 (g) |
|  **Canada** |  |  |  |  |
|  Celestica, Inc. | (47) |  | — (h) | 0.0 (g) |
|  Lululemon Athletica, Inc. | (48) |  | 2 | 0.0 (g) |
|  Shopify, Inc. | (89) |  | — (h) | 0.0 (g) |
|  **China** |  |  |  |  |
|  Pony AI, Inc. | (73) |  | 6 | 0.0 (g) |
|  WeRide, Inc. | (33) |  | — (h) | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Genmab A/S | (21) |  | 1 | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Deutsche Bank AG | (22) |  | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Accenture plc | (60) |  | 2 | 0.0 (g) |
|  AerCap Holdings NV | (95) |  | — (h) | 0.0 (g) |
|  Alkermes plc | (3) |  | — (h) | 0.0 (g) |
|  Ryanair Holdings plc | (22) |  | 2 | 0.0 (g) |
|  TE Connectivity plc | (179) |  | 2 | 0.0 (g) |
|  Trane Technologies plc | (263) |  | 9 | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Check Point Software Technologies Ltd. | (6) |  | — (h) | 0.0 (g) |
|  Elbit Systems Ltd. | (20) |  | 1 | 0.0 (g) |
|  Mobileye Global, Inc. | (74) |  | — (h) | 0.0 (g) |
|  SolarEdge Technologies, Inc. | (127) |  | 5 | 0.0 (g) |
|  Tower Semiconductor Ltd. | (10) |  | — (h) | 0.0 (g) |
|  Wix.com Ltd. | (9) |  | — (h) | 0.0 (g) |
|  ZIM Integrated Shipping Services Ltd. | (3) |  | — (h) | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  Sony Group Corp. | (35) |  | — (h) | 0.0 (g) |
|  **Jersey** |  |  |  |  |
|  Novocure Ltd. | (6) |  | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  Aegon Ltd. | (33) |  | 1 | 0.0 (g) |
|  ASML Holding NV | (97) |  | 3 | 0.0 (g) |
|  ING Groep NV | (5) |  | — (h) | 0.0 (g) |
|  Nebius Group NV | (299) |  | 38 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Panama** |  |  |  |  |
|  Copa Holdings SA | (6) |  | — (h) | 0.0 (g) |
|  **Peru** |  |  |  |  |
|  Credicorp Ltd. | (4) |  | — (h) | 0.0 (g) |
|  **Puerto Rico** |  |  |  |  |
|  Popular, Inc. | (2) |  | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Bitdeer Technologies Group | (23) |  | — (h) | 0.0 (g) |
|  Kulicke & Soffa Industries, Inc. | (14) |  | — (h) | 0.0 (g) |
|  Sea Ltd. | (449) |  | (1) | 0.0 (g) |
|  **South Korea** |  |  |  |  |
|  KT Corp. | (7) |  | — (h) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Spotify Technology SA | (323) |  | — (h) | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | (4) |  | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Chubb Ltd. | (174) |  | 5 | 0.0 (g) |
|  Garmin Ltd. | (50) |  | 2 | 0.0 (g) |
|  On Holding AG | (36) |  | — (h) | 0.0 (g) |
|  **Taiwan** |  |  |  |  |
|  ASE Technology Holding Co. Ltd. | (12) |  | — (h) | 0.0 (g) |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | (43) |  | 1 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Barclays plc | (18) |  | — (h) | 0.0 (g) |
|  British American Tobacco plc | (96) |  | — (h) | 0.0 (g) |
|  CNH Industrial NV | (45) |  | — (h) | 0.0 (g) |
|  HSBC Holdings plc | (32) |  | — (h) | 0.0 (g) |
|  Janus Henderson Group plc | (44) |  | — (h) | 0.0 (g) |
|  LivaNova plc | (7) |  | — (h) | 0.0 (g) |
|  NatWest Group plc | (29) |  | — (h) | 0.0 (g) |
|  RELX plc | (4) |  | — (h) | 0.0 (g) |
|  Rio Tinto plc | (77) |  | 3 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  3M Co. | (519) |  | (1) | 0.0 (g) |
|  A O Smith Corp. | (22) |  | — (h) | 0.0 (g) |
|  Abercrombie & Fitch Co. | (151) |  | — (h) | 0.0 (g) |
|  ACI Worldwide, Inc. | (8) |  | — (h) | 0.0 (g) |
|  Acuity, Inc. | (47) |  | 1 | 0.0 (g) |
|  Adient plc | (9) |  | — (h) | 0.0 (g) |
|  Adobe, Inc. | (1369) |  | (2) | 0.0 (g) |
|  Adtalem Global Education, Inc. | (11) |  | 1 | 0.0 (g) |
|  Advance Auto Parts, Inc. | (22) |  | — (h) | 0.0 (g) |
|  Advanced Energy Industries, Inc. | (28) |  | — (h) | 0.0 (g) |
|  AES Corp. (The) | (59) |  | — (h) | 0.0 (g) |
|  Aeva Technologies, Inc. | (5) |  | — (h) | 0.0 (g) |
|  Affiliated Managers Group, Inc. | (28) |  | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Affirm Holdings, Inc. | (82) | – | — (h) | 0.0 (g) |
|  Aflac, Inc. | (17) | – | — (h) | 0.0 (g) |
|  AGCO Corp. | (14) | – | — (h) | 0.0 (g) |
|  Airbnb, Inc. | (541) | – | (1) | 0.0 (g) |
|  Akamai Technologies, Inc. | (41) | – | — (h) | 0.0 (g) |
|  Alamo Group, Inc. | (3) | – | — (h) | 0.0 (g) |
|  Alarm.com Holdings, Inc. | (10) | – | — (h) | 0.0 (g) |
|  Alaska Air Group, Inc. | (16) | – | — (h) | 0.0 (g) |
|  Albemarle Corp. | (213) | – | — (h) | 0.0 (g) |
|  Albertsons Cos., Inc. | (33) | – | — (h) | 0.0 (g) |
|  Align Technology, Inc. | (115) | – | — (h) | 0.0 (g) |
|  Alignment Healthcare, Inc. | (5) | – | — (h) | 0.0 (g) |
|  Allegiant Travel Co. | (12) | – | — (h) | 0.0 (g) |
|  Allison Transmission Holdings, Inc. | (21) | – | — (h) | 0.0 (g) |
|  Allstate Corp. (The) | (226) | – | 9 | 0.0 (g) |
|  Ally Financial, Inc. | (7) | – | — (h) | 0.0 (g) |
|  Alnylam Pharmaceuticals, Inc. | (106) | – | — (h) | 0.0 (g) |
|  Altria Group, Inc. | (350) | – | 6 | 0.0 (g) |
|  Amazon.com, Inc. | (320) | – | — (h) | 0.0 (g) |
|  Ambarella, Inc. | (123) | – | — (h) | 0.0 (g) |
|  Ameren Corp. | (12) | – | 1 | 0.0 (g) |
|  American Electric Power Co., Inc. | (118) | – | 6 | 0.0 (g) |
|  American International Group, Inc. | (419) | – | 8 | 0.0 (g) |
|  American States Water Co. | (4) | – | — (h) | 0.0 (g) |
|  American Superconductor Corp. | (12) | – | — (h) | 0.0 (g) |
|  American Tower Corp. | (85) | – | — (h) | 0.0 (g) |
|  Ameriprise Financial, Inc. | (261) | – | 1 | 0.0 (g) |
|  AMETEK, Inc. | (33) | – | — (h) | 0.0 (g) |
|  Amgen, Inc. | (331) | – | — (h) | 0.0 (g) |
|  Amphenol Corp. | (66) | – | 1 | 0.0 (g) |
|  Analog Devices, Inc. | (75) | – | — (h) | 0.0 (g) |
|  Antero Resources Corp. | (102) | – | 5 | 0.0 (g) |
|  APA Corp. | (55) | – | 1 | 0.0 (g) |
|  Appfolio, Inc. | (6) | – | — (h) | 0.0 (g) |
|  Appian Corp. | (10) | – | — (h) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | (62) | – | — (h) | 0.0 (g) |
|  Archer Aviation, Inc. | (43) | – | — (h) | 0.0 (g) |
|  Ardelyx, Inc. | (2) | – | — (h) | 0.0 (g) |
|  Argan, Inc. | (78) | – | 1 | 0.0 (g) |
|  Arista Networks, Inc. | (17) | – | — (h) | 0.0 (g) |
|  Arrowhead Pharmaceuticals, Inc. | (11) | – | 1 | 0.0 (g) |
|  Artisan Partners Asset Management, Inc. | (4) | – | — (h) | 0.0 (g) |
|  Asana, Inc. | (36) | – | — (h) | 0.0 (g) |
|  Assurant, Inc. | (127) | – | 4 | 0.0 (g) |
|  Astera Labs, Inc. | (48) | – | — (h) | 0.0 (g) |
|  Aurora Innovation, Inc. | (9) | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Autodesk, Inc. | (470) | – | (1) | 0.0 (g) |
|  Automatic Data Processing, Inc. | (93) | – | — (h) | 0.0 (g) |
|  AutoZone, Inc. | (176) | – | 6 | 0.0 (g) |
|  AvePoint, Inc. | (5) | – | — (h) | 0.0 (g) |
|  Avista Corp. | (17) | – | 1 | 0.0 (g) |
|  Avnet, Inc. | (4) | – | — (h) | 0.0 (g) |
|  Axsome Therapeutics, Inc. | (9) | – | — (h) | 0.0 (g) |
|  Azenta, Inc. | (10) | – | — (h) | 0.0 (g) |
|  Badger Meter, Inc. | (42) | – | — (h) | 0.0 (g) |
|  Balchem Corp. | (5) | – | — (h) | 0.0 (g) |
|  Banc of California, Inc. | (4) | – | — (h) | 0.0 (g) |
|  Bank of America Corp. | (622) | – | (1) | 0.0 (g) |
|  Bank of Hawaii Corp. | (4) | – | — (h) | 0.0 (g) |
|  Bank of New York Mellon Corp. (The) | (183) | – | — (h) | 0.0 (g) |
|  BankUnited, Inc. | (8) | – | — (h) | 0.0 (g) |
|  Bath & Body Works, Inc. | (60) | – | — (h) | 0.0 (g) |
|  Berkshire Hathaway, Inc. | (674) | – | 12 | 0.0 (g) |
|  Best Buy Co., Inc. | (84) | – | 3 | 0.0 (g) |
|  Biogen, Inc. | (61) | – | — (h) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | (99) | – | — (h) | 0.0 (g) |
|  Bio-Techne Corp. | (15) | – | 1 | 0.0 (g) |
|  BJ's Wholesale Club Holdings, Inc. | (7) | – | — (h) | 0.0 (g) |
|  Black Hills Corp. | (9) | – | — (h) | 0.0 (g) |
|  Blackbaud, Inc. | (8) | – | — (h) | 0.0 (g) |
|  Blackrock, Inc. | (96) | – | 2 | 0.0 (g) |
|  Blackstone, Inc. | (455) | – | (1) | 0.0 (g) |
|  Bloom Energy Corp. | (84) | – | 11 | 0.0 (g) |
|  Blue Bird Corp. | (2) | – | — (h) | 0.0 (g) |
|  Booking Holdings, Inc. | (97) | – | — (h) | 0.0 (g) |
|  BorgWarner, Inc. | (38) | – | — (h) | 0.0 (g) |
|  Boston Beer Co., Inc. (The) | (10) | – | — (h) | 0.0 (g) |
|  Boston Scientific Corp. | (163) | – | — (h) | 0.0 (g) |
|  Box, Inc. | (27) | – | — (h) | 0.0 (g) |
|  Brady Corp. | (8) | – | — (h) | 0.0 (g) |
|  Brighthouse Financial, Inc. | (50) | – | — (h) | 0.0 (g) |
|  Brink's Co. (The) | (13) | – | — (h) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | (444) | – | — (h) | 0.0 (g) |
|  Brunswick Corp. | (7) | – | — (h) | 0.0 (g) |
|  Buckle, Inc. (The) | (6) | – | — (h) | 0.0 (g) |
|  Burlington Stores, Inc. | (45) | – | — (h) | 0.0 (g) |
|  C3.ai, Inc. | (9) | – | — (h) | 0.0 (g) |
|  Cadence Design Systems, Inc. | (213) | – | — (h) | 0.0 (g) |
|  California Resources Corp. | (2) | – | — (h) | 0.0 (g) |
|  California Water Service Group | (6) | – | — (h) | 0.0 (g) |
|  Cal-Maine Foods, Inc. | (6) | – | — (h) | 0.0 (g) |
|  Cardinal Health, Inc. | (16) | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Cargurus, Inc. | (20) | – | — (h) | 0.0 (g) |
|  CarMax, Inc. | (42) | – | — (h) | 0.0 (g) |
|  Carnival Corp. | (17) | – | — (h) | 0.0 (g) |
|  Catalyst Pharmaceuticals, Inc. | (14) | – | — (h) | 0.0 (g) |
|  Caterpillar, Inc. | (335) | – | 7 | 0.0 (g) |
|  Cathay General Bancorp | (5) | – | — (h) | 0.0 (g) |
|  CDW Corp. | (42) | – | — (h) | 0.0 (g) |
|  Centene Corp. | (45) | – | 5 | 0.0 (g) |
|  CF Industries Holdings, Inc. | (89) | – | 4 | 0.0 (g) |
|  Charles Schwab Corp. (The) | (866) | – | 10 | 0.0 (g) |
|  Chemed Corp. | (41) | – | — (h) | 0.0 (g) |
|  Chemours Co. (The) | (14) | – | — (h) | 0.0 (g) |
|  Chevron Corp. | (386) | – | — (h) | 0.0 (g) |
|  Churchill Downs, Inc. | (25) | – | — (h) | 0.0 (g) |
|  Ciena Corp. | (258) | – | 13 | 0.0 (g) |
|  Cintas Corp. | (416) | – | 10 | 0.0 (g) |
|  Circle Internet Group, Inc. | (499) | – | (1) | 0.0 (g) |
|  Cirrus Logic, Inc. | (84) | – | 3 | 0.0 (g) |
|  Cisco Systems, Inc. | (174) | – | 1 | 0.0 (g) |
|  Citigroup, Inc. | (818) | – | (1) | 0.0 (g) |
|  Clear Secure, Inc. | (12) | – | — (h) | 0.0 (g) |
|  CME Group, Inc. | (344) | – | 7 | 0.0 (g) |
|  CNO Financial Group, Inc. | (47) | – | — (h) | 0.0 (g) |
|  Cognex Corp. | (137) | – | — (h) | 0.0 (g) |
|  Coinbase Global, Inc. | (328) | – | 1 | 0.0 (g) |
|  Comcast Corp. | (68) | – | — (h) | 0.0 (g) |
|  Commerce Bancshares, Inc./MO | (23) | – | — (h) | 0.0 (g) |
|  Commvault Systems, Inc. | (49) | – | — (h) | 0.0 (g) |
|  ConocoPhillips | (150) | – | 2 | 0.0 (g) |
|  Consolidated Edison, Inc. | (199) | – | 7 | 0.0 (g) |
|  Copart, Inc. | (116) | – | — (h) | 0.0 (g) |
|  Corcept Therapeutics, Inc. | (52) | – | 2 | 0.0 (g) |
|  Corebridge Financial, Inc. | (36) | – | — (h) | 0.0 (g) |
|  CoreCivic, Inc. | (7) | – | — (h) | 0.0 (g) |
|  Corning, Inc. | (334) | – | 9 | 0.0 (g) |
|  Corteva, Inc. | (116) | – | — (h) | 0.0 (g) |
|  Costco Wholesale Corp. | (618) | – | (1) | 0.0 (g) |
|  Coursera, Inc. | (10) | – | — (h) | 0.0 (g) |
|  Credo Technology Group Holding Ltd. | (61) | – | — (h) | 0.0 (g) |
|  Curtiss-Wright Corp. | (79) | – | 4 | 0.0 (g) |
|  Customers Bancorp, Inc. | (6) | – | — (h) | 0.0 (g) |
|  Dana, Inc. | (6) | – | — (h) | 0.0 (g) |
|  Danaher Corp. | (201) | – | 5 | 0.0 (g) |
|  Datadog, Inc. | (374) | – | 10 | 0.0 (g) |
|  Deckers Outdoor Corp. | (198) | – | — (h) | 0.0 (g) |
|  Deere & Co. | (292) | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Delta Air Lines, Inc. | (170) | – | — (h) | 0.0 (g) |
|  Dexcom, Inc. | (84) | – | — (h) | 0.0 (g) |
|  Docusign, Inc. | (84) | – | — (h) | 0.0 (g) |
|  Dolby Laboratories, Inc. | (3) | – | — (h) | 0.0 (g) |
|  Donaldson Co., Inc. | (27) | – | — (h) | 0.0 (g) |
|  DoubleVerify Holdings, Inc. | (15) | – | — (h) | 0.0 (g) |
|  Doximity, Inc. | (6) | – | — (h) | 0.0 (g) |
|  DTE Energy Co. | (65) | – | 2 | 0.0 (g) |
|  Duolingo, Inc. | (304) | – | 29 | 0.0 (g) |
|  DuPont de Nemours, Inc. | (67) | – | — (h) | 0.0 (g) |
|  Dutch Bros, Inc. | (35) | – | — (h) | 0.0 (g) |
|  DXC Technology Co. | (3) | – | — (h) | 0.0 (g) |
|  Dynatrace, Inc. | (94) | – | — (h) | 0.0 (g) |
|  Eastern Bankshares, Inc. | (13) | – | — (h) | 0.0 (g) |
|  Edison International | (342) | – | — (h) | 0.0 (g) |
|  Elastic NV | (91) | – | — (h) | 0.0 (g) |
|  Electronic Arts, Inc. | (130) | – | 18 | 0.0 (g) |
|  Elevance Health, Inc. | (10) | – | — (h) | 0.0 (g) |
|  EMCOR Group, Inc. | (86) | – | 2 | 0.0 (g) |
|  Encompass Health Corp. | (16) | – | — (h) | 0.0 (g) |
|  Enova International, Inc. | (12) | – | — (h) | 0.0 (g) |
|  Enovis Corp. | (6) | – | — (h) | 0.0 (g) |
|  Enphase Energy, Inc. | (284) | – | — (h) | 0.0 (g) |
|  EPAM Systems, Inc. | (172) | – | — (h) | 0.0 (g) |
|  Erie Indemnity Co. | (7) | – | — (h) | 0.0 (g) |
|  Estee Lauder Cos., Inc. (The) | (7) | – | — (h) | 0.0 (g) |
|  Etsy, Inc. | (48) | – | 1 | 0.0 (g) |
|  Euronet Worldwide, Inc. | (70) | – | — (h) | 0.0 (g) |
|  Evercore, Inc. | (35) | – | — (h) | 0.0 (g) |
|  Evergy, Inc. | (8) | – | — (h) | 0.0 (g) |
|  Exelixis, Inc. | (246) | – | 7 | 0.0 (g) |
|  Expedia Group, Inc. | (163) | – | — (h) | 0.0 (g) |
|  Expeditors International of Washington, Inc. | (23) | – | 1 | 0.0 (g) |
|  Extreme Networks, Inc. | (7) | – | — (h) | 0.0 (g) |
|  Exxon Mobil Corp. | (380) | – | — (h) | 0.0 (g) |
|  F5, Inc. | (80) | – | — (h) | 0.0 (g) |
|  FactSet Research Systems, Inc. | (110) | – | — (h) | 0.0 (g) |
|  Federated Hermes, Inc. | (9) | – | — (h) | 0.0 (g) |
|  FedEx Corp. | (327) | – | 5 | 0.0 (g) |
|  First American Financial Corp. | (22) | – | — (h) | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | (11) | – | — (h) | 0.0 (g) |
|  Five9, Inc. | (28) | – | — (h) | 0.0 (g) |
|  Flex Ltd. | (99) | – | — (h) | 0.0 (g) |
|  Flowserve Corp. | (58) | – | — (h) | 0.0 (g) |
|  Fluor Corp. | (40) | – | — (h) | 0.0 (g) |
|  Ford Motor Co. | (264) | – | 7 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Fortinet, Inc. | (229) | – | — (h) | 0.0 (g) |
|  Fortrea Holdings, Inc. | (5) | – | — (h) | 0.0 (g) |
|  Fox Corp. | (259) | – | 10 | 0.0 (g) |
|  Fox Factory Holding Corp. | (3) | – | — (h) | 0.0 (g) |
|  Franklin Electric Co., Inc. | (6) | – | — (h) | 0.0 (g) |
|  Freshworks, Inc. | (50) | – | — (h) | 0.0 (g) |
|  Frontdoor, Inc. | (10) | – | — (h) | 0.0 (g) |
|  GameStop Corp. | (48) | – | 1 | 0.0 (g) |
|  Gap, Inc. (The) | (61) | – | — (h) | 0.0 (g) |
|  Gartner, Inc. | (236) | – | 6 | 0.0 (g) |
|  GE Vernova, Inc. | (631) | – | (1) | 0.0 (g) |
|  Gen Digital, Inc. | (71) | – | — (h) | 0.0 (g) |
|  General Electric Co. | (686) | – | (1) | 0.0 (g) |
|  General Motors Co. | (374) | – | 12 | 0.0 (g) |
|  Gibraltar Industries, Inc. | (7) | – | — (h) | 0.0 (g) |
|  Global Payments, Inc. | (241) | – | — (h) | 0.0 (g) |
|  Globe Life, Inc. | (21) | – | — (h) | 0.0 (g) |
|  Globus Medical, Inc. | (53) | – | 1 | 0.0 (g) |
|  GoDaddy, Inc. | (505) | – | (1) | 0.0 (g) |
|  Goldman Sachs Group, Inc. (The) | (580) | – | (1) | 0.0 (g) |
|  Graco, Inc. | (48) | – | — (h) | 0.0 (g) |
|  Grand Canyon Education, Inc. | (2) | – | — (h) | 0.0 (g) |
|  Granite Construction, Inc. | (20) | – | — (h) | 0.0 (g) |
|  Guardant Health, Inc. | (48) | – | 2 | 0.0 (g) |
|  Guidewire Software, Inc. | (152) | – | — (h) | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | (224) | – | — (h) | 0.0 (g) |
|  Hancock Whitney Corp. | (15) | – | — (h) | 0.0 (g) |
|  Harley-Davidson, Inc. | (3) | – | — (h) | 0.0 (g) |
|  Harmony Biosciences Holdings, Inc. | (2) | – | — (h) | 0.0 (g) |
|  Hartford Insurance Group, Inc. (The) | (98) | – | 2 | 0.0 (g) |
|  HCA Healthcare, Inc. | (167) | – | 9 | 0.0 (g) |
|  Hilton Worldwide Holdings, Inc. | (93) | – | — (h) | 0.0 (g) |
|  Hinge Health, Inc. | (5) | – | — (h) | 0.0 (g) |
|  HNI Corp. | (13) | – | — (h) | 0.0 (g) |
|  Houlihan Lokey, Inc. | (22) | – | — (h) | 0.0 (g) |
|  Howard Hughes Holdings, Inc. | (3) | – | — (h) | 0.0 (g) |
|  HubSpot, Inc. | (346) | – | — (h) | 0.0 (g) |
|  Humana, Inc. | (378) | – | 12 | 0.0 (g) |
|  IDEXX Laboratories, Inc. | (97) | – | — (h) | 0.0 (g) |
|  IES Holdings, Inc. | (6) | – | — (h) | 0.0 (g) |
|  Illumina, Inc. | (121) | – | — (h) | 0.0 (g) |
|  Incyte Corp. | (55) | – | — (h) | 0.0 (g) |
|  Innospec, Inc. | (3) | – | — (h) | 0.0 (g) |
|  Inspire Medical Systems, Inc. | (37) | – | — (h) | 0.0 (g) |
|  Insulet Corp. | (105) | – | — (h) | 0.0 (g) |
|  Intapp, Inc. | (4) | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Intel Corp. | (248) | – | 31 | 0.0 (g) |
|  Intellia Therapeutics, Inc. | (10) | – | — (h) | 0.0 (g) |
|  Interactive Brokers Group, Inc. | (317) | – | 18 | 0.0 (g) |
|  Intercontinental Exchange, Inc. | (107) | – | — (h) | 0.0 (g) |
|  InterDigital, Inc. | (23) | – | — (h) | 0.0 (g) |
|  International Business Machines Corp. | (242) | – | 13 | 0.0 (g) |
|  Intuit, Inc. | (922) | – | (1) | 0.0 (g) |
|  Intuitive Surgical, Inc. | (1050) | – | 19 | 0.0 (g) |
|  Invesco Ltd. | (170) | – | 3 | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | (9) | – | — (h) | 0.0 (g) |
|  IonQ, Inc. | (98) | – | — (h) | 0.0 (g) |
|  Iron Mountain, Inc. | (44) | – | 1 | 0.0 (g) |
|  Jabil, Inc. | (126) | – | — (h) | 0.0 (g) |
|  Jackson Financial, Inc. | (102) | – | — (h) | 0.0 (g) |
|  JB Hunt Transport Services, Inc. | (3) | – | — (h) | 0.0 (g) |
|  Jefferies Financial Group, Inc. | (33) | – | — (h) | 0.0 (g) |
|  Joby Aviation, Inc. | (95) | – | — (h) | 0.0 (g) |
|  Johnson & Johnson | (337) | – | 16 | 0.0 (g) |
|  Johnson Controls International plc | (33) | – | — (h) | 0.0 (g) |
|  Kemper Corp. | (16) | – | — (h) | 0.0 (g) |
|  Keysight Technologies, Inc. | (344) | – | — (h) | 0.0 (g) |
|  KKR & Co., Inc. | (73) | – | — (h) | 0.0 (g) |
|  KLA Corp. | (67) | – | 2 | 0.0 (g) |
|  Klaviyo, Inc. | (20) | – | — (h) | 0.0 (g) |
|  Kohl's Corp. | (5) | – | — (h) | 0.0 (g) |
|  Kroger Co. (The) | (98) | – | 2 | 0.0 (g) |
|  Labcorp Holdings, Inc. | (34) | – | 1 | 0.0 (g) |
|  Lam Research Corp. | (915) | – | 45 | 0.0 (g) |
|  Lantheus Holdings, Inc. | (11) | – | — (h) | 0.0 (g) |
|  Lemonade, Inc. | (3) | – | — (h) | 0.0 (g) |
|  LendingClub Corp. | (5) | – | — (h) | 0.0 (g) |
|  Life Time Group Holdings, Inc. | (16) | – | — (h) | 0.0 (g) |
|  Lincoln National Corp. | (68) | – | — (h) | 0.0 (g) |
|  Littelfuse, Inc. | (18) | – | — (h) | 0.0 (g) |
|  LiveRamp Holdings, Inc. | (51) | – | — (h) | 0.0 (g) |
|  Loews Corp. | (58) | – | 2 | 0.0 (g) |
|  Lowe's Cos., Inc. | (305) | – | — (h) | 0.0 (g) |
|  Lyft, Inc. | (145) | – | — (h) | 0.0 (g) |
|  Manhattan Associates, Inc. | (18) | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Marathon Petroleum Corp. | (276) | – | 10 | 0.0 (g) |
|  Marqeta, Inc. | (4) | – | — (h) | 0.0 (g) |
|  Marvell Technology, Inc. | (225) | – | 27 | 0.0 (g) |
|  Masimo Corp. | (15) | – | 1 | 0.0 (g) |
|  Mastercard, Inc. | (646) | – | (1) | 0.0 (g) |
|  MaxLinear, Inc. | (6) | – | — (h) | 0.0 (g) |
|  McDonald's Corp. | (730) | – | 2 | 0.0 (g) |
|  McKesson Corp. | (386) | – | 37 | 0.0 (g) |
|  MDU Resources Group, Inc. | (53) | – | 4 | 0.0 (g) |
|  Medpace Holdings, Inc. | (87) | – | 3 | 0.0 (g) |
|  Merck & Co., Inc. | (527) | – | 15 | 0.0 (g) |
|  Mercury Systems, Inc. | (9) | – | — (h) | 0.0 (g) |
|  MetLife, Inc. | (208) | – | 8 | 0.0 (g) |
|  Microchip Technology, Inc. | (228) | – | — (h) | 0.0 (g) |
|  Micron Technology, Inc. | (448) | – | 16 | 0.0 (g) |
|  MKS, Inc. | (14) | – | — (h) | 0.0 (g) |
|  Moelis & Co. | (12) | – | — (h) | 0.0 (g) |
|  Monster Beverage Corp. | (36) | – | 1 | 0.0 (g) |
|  Moody's Corp. | (19) | – | — (h) | 0.0 (g) |
|  Moog, Inc. | (25) | – | 1 | 0.0 (g) |
|  Morningstar, Inc. | (22) | – | — (h) | 0.0 (g) |
|  Motorola Solutions, Inc. | (169) | – | — (h) | 0.0 (g) |
|  Mueller Industries, Inc. | (19) | – | — (h) | 0.0 (g) |
|  Mueller Water Products, Inc. | (4) | – | — (h) | 0.0 (g) |
|  Murphy Oil Corp. | (2) | – | — (h) | 0.0 (g) |
|  MYR Group, Inc. | (31) | – | 3 | 0.0 (g) |
|  NANO Nuclear Energy, Inc. | (24) | – | — (h) | 0.0 (g) |
|  Nasdaq, Inc. | (72) | – | — (h) | 0.0 (g) |
|  Natera, Inc. | (156) | – | — (h) | 0.0 (g) |
|  NetApp, Inc. | (110) | – | — (h) | 0.0 (g) |
|  Netflix, Inc. | (220) | – | — (h) | 0.0 (g) |
|  Neurocrine Biosciences, Inc. | (123) | – | — (h) | 0.0 (g) |
|  New Jersey Resources Corp. | (8) | – | — (h) | 0.0 (g) |
|  New York Times Co. (The) | (161) | – | — (h) | 0.0 (g) |
|  NewMarket Corp. | (4) | – | — (h) | 0.0 (g) |
|  Newmont Corp. | (263) | – | 7 | 0.0 (g) |
|  News Corp. | (15) | – | — (h) | 0.0 (g) |
|  NextEra Energy, Inc. | (616) | – | 35 | 0.0 (g) |
|  NMI Holdings, Inc. | (9) | – | — (h) | 0.0 (g) |
|  Northern Trust Corp. | (198) | – | 4 | 0.0 (g) |
|  NOV, Inc. | (9) | – | — (h) | 0.0 (g) |
|  NRG Energy, Inc. | (258) | – | — (h) | 0.0 (g) |
|  NuScale Power Corp. | (119) | – | — (h) | 0.0 (g) |
|  Okta, Inc. | (75) | – | — (h) | 0.0 (g) |
|  Old Republic International Corp. | (23) | – | 1 | 0.0 (g) |
|  Omnicell, Inc. | (12) | – | — (h) | 0.0 (g) |
|  ONE Gas, Inc. | (10) | – | 1 | 0.0 (g) |
|  Onestream, Inc. | (27) | – | — (h) | 0.0 (g) |
|  Onto Innovation, Inc. | (157) | – | 8 | 0.0 (g) |
|  OPENLANE, Inc. | (3) | – | — (h) | 0.0 (g) |
|  O'Reilly Automotive, Inc. | (215) | – | 8 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Oscar Health, Inc. | (55) | – | — (h) | 0.0 (g) |
|  Oshkosh Corp. | (26) | – | — (h) | 0.0 (g) |
|  Otis Worldwide Corp. | (7) | – | — (h) | 0.0 (g) |
|  Ovintiv, Inc. | (57) | – | — (h) | 0.0 (g) |
|  PACCAR, Inc. | (120) | – | — (h) | 0.0 (g) |
|  PagerDuty, Inc. | (14) | – | — (h) | 0.0 (g) |
|  Palo Alto Networks, Inc. | (591) | – | (1) | 0.0 (g) |
|  Parker-Hannifin Corp. | (113) | – | — (h) | 0.0 (g) |
|  Paylocity Holding Corp. | (30) | – | — (h) | 0.0 (g) |
|  PayPal Holdings, Inc. | (496) | – | (1) | 0.0 (g) |
|  PBF Energy, Inc. | (10) | – | — (h) | 0.0 (g) |
|  Pegasystems, Inc. | (49) | – | — (h) | 0.0 (g) |
|  Peloton Interactive, Inc. | (38) | – | 3 | 0.0 (g) |
|  Perdoceo Education Corp. | (5) | – | — (h) | 0.0 (g) |
|  Pfizer, Inc. | (411) | – | 24 | 0.0 (g) |
|  PG&E Corp. | (179) | – | 3 | 0.0 (g) |
|  Philip Morris International, Inc. | (202) | – | — (h) | 0.0 (g) |
|  Phillips 66 | (38) | – | — (h) | 0.0 (g) |
|  Phinia, Inc. | (4) | – | — (h) | 0.0 (g) |
|  Pinnacle Financial Partners, Inc. | (54) | – | — (h) | 0.0 (g) |
|  Pinterest, Inc. | (36) | – | — (h) | 0.0 (g) |
|  Piper Sandler Cos. | (11) | – | — (h) | 0.0 (g) |
|  Planet Labs PBC | (27) | – | 3 | 0.0 (g) |
|  Plexus Corp. | (17) | – | — (h) | 0.0 (g) |
|  PNC Financial Services Group, Inc. (The) | (478) | – | (1) | 0.0 (g) |
|  Portland General Electric Co. | (13) | – | — (h) | 0.0 (g) |
|  Power Integrations, Inc. | (14) | – | — (h) | 0.0 (g) |
|  Primerica, Inc. | (17) | – | — (h) | 0.0 (g) |
|  Primoris Services Corp. | (4) | – | — (h) | 0.0 (g) |
|  Principal Financial Group, Inc. | (163) | – | 2 | 0.0 (g) |
|  Progress Software Corp. | (4) | – | — (h) | 0.0 (g) |
|  Progressive Corp. (The) | (736) | – | 13 | 0.0 (g) |
|  Progyny, Inc. | (9) | – | — (h) | 0.0 (g) |
|  Prosperity Bancshares, Inc. | (2) | – | — (h) | 0.0 (g) |
|  Prudential Financial, Inc. | (276) | – | — (h) | 0.0 (g) |
|  PTC, Inc. | (111) | – | — (h) | 0.0 (g) |
|  Public Service Enterprise Group, Inc. | (112) | – | 2 | 0.0 (g) |
|  Pure Storage, Inc. | (227) | – | — (h) | 0.0 (g) |
|  Qorvo, Inc. | (148) | – | — (h) | 0.0 (g) |
|  Qualys, Inc. | (19) | – | — (h) | 0.0 (g) |
|  Rambus, Inc. | (74) | – | 2 | 0.0 (g) |
|  Range Resources Corp. | (75) | – | 6 | 0.0 (g) |
|  Rapid7, Inc. | (13) | – | — (h) | 0.0 (g) |
|  Raymond James Financial, Inc. | (31) | – | — (h) | 0.0 (g) |
|  Reddit, Inc. | (186) | – | — (h) | 0.0 (g) |
|  Regions Financial Corp. | (51) | – | — (h) | 0.0 (g) |
|  Resideo Technologies, Inc. | (19) | – | 1 | 0.0 (g) |
|  ResMed, Inc. | (13) | – | — (h) | 0.0 (g) |
|  REV Group, Inc. | (54) | – | — (h) | 0.0 (g) |
|  Robinhood Markets, Inc. | (675) | – | 86 | 0.1 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  ROBLOX Corp. | (436) | – | 9 | 0.0 (g) |
|  Rockwell Automation, Inc. | (477) | – | 2 | 0.0 (g) |
|  Rogers Corp. | (4) | – | — (h) | 0.0 (g) |
|  Roku, Inc. | (335) | – | — (h) | 0.0 (g) |
|  Roper Technologies, Inc. | (60) | – | — (h) | 0.0 (g) |
|  Royal Gold, Inc. | (5) | – | — (h) | 0.0 (g) |
|  Ryder System, Inc. | (3) | – | — (h) | 0.0 (g) |
|  Salesforce, Inc. | (733) | – | (1) | 0.0 (g) |
|  Samsara, Inc. | (28) | – | — (h) | 0.0 (g) |
|  Sandisk Corp. | (25) | – | 3 | 0.0 (g) |
|  Schneider National, Inc. | (2) | – | — (h) | 0.0 (g) |
|  SentinelOne, Inc. | (19) | – | — (h) | 0.0 (g) |
|  Serve Robotics, Inc. | (20) | – | — (h) | 0.0 (g) |
|  ServiceNow, Inc. | (440) | – | — (h) | 0.0 (g) |
|  Silicon Laboratories, Inc. | (75) | – | — (h) | 0.0 (g) |
|  SiTime Corp. | (7) | – | — (h) | 0.0 (g) |
|  SkyWest, Inc. | (16) | – | — (h) | 0.0 (g) |
|  Skyworks Solutions, Inc. | (320) | – | — (h) | 0.0 (g) |
|  SM Energy Co. | (13) | – | — (h) | 0.0 (g) |
|  Snap, Inc. | (97) | – | — (h) | 0.0 (g) |
|  SoFi Technologies, Inc. | (154) | – | — (h) | 0.0 (g) |
|  Sonos, Inc. | (6) | – | — (h) | 0.0 (g) |
|  Southwest Airlines Co. | (323) | – | — (h) | 0.0 (g) |
|  Sprout Social, Inc. | (2) | – | — (h) | 0.0 (g) |
|  Sprouts Farmers Market, Inc. | (97) | – | — (h) | 0.0 (g) |
|  State Street Corp. | (202) | – | 4 | 0.0 (g) |
|  STERIS plc | (15) | – | — (h) | 0.0 (g) |
|  Stifel Financial Corp. | (11) | – | — (h) | 0.0 (g) |
|  Stryker Corp. | (98) | – | — (h) | 0.0 (g) |
|  Sun Communities, Inc. | (4) | – | — (h) | 0.0 (g) |
|  Sunrun, Inc. | (24) | – | — (h) | 0.0 (g) |
|  Super Micro Computer, Inc. | (113) | – | 5 | 0.0 (g) |
|  Sylvamo Corp. | (6) | – | — (h) | 0.0 (g) |
|  Synaptics, Inc. | (26) | – | — (h) | 0.0 (g) |
|  Synchrony Financial | (141) | – | — (h) | 0.0 (g) |
|  Syndax Pharmaceuticals, Inc. | (23) | – | 1 | 0.0 (g) |
|  T Rowe Price Group, Inc. | (66) | – | — (h) | 0.0 (g) |
|  Tandem Diabetes Care, Inc. | (2) | – | — (h) | 0.0 (g) |
|  Target Corp. | (130) | – | 2 | 0.0 (g) |
|  Teleflex, Inc. | (11) | – | — (h) | 0.0 (g) |
|  Tenable Holdings, Inc. | (22) | – | — (h) | 0.0 (g) |
|  Tenet Healthcare Corp. | (99) | – | 6 | 0.0 (g) |
|  Teradata Corp. | (16) | – | — (h) | 0.0 (g) |
|  Teradyne, Inc. | (580) | – | 75 | 0.0 (g) |
|  Tesla, Inc. | (218) | – | 6 | 0.0 (g) |
|  Texas Capital Bancshares, Inc. | (10) | – | — (h) | 0.0 (g) |
|  Texas Instruments, Inc. | (342) | – | 8 | 0.0 (g) |
|  Textron, Inc. | (81) | – | 1 | 0.0 (g) |
|  Thermo Fisher Scientific, Inc. | (148) | – | 1 | 0.0 (g) |
|  T-Mobile US, Inc. | (252) | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Toast, Inc. | (207) | – | — (h) | 0.0 (g) |
|  Tonix Pharmaceuticals Holding Corp. | (2) | – | — (h) | 0.0 (g) |
|  Toro Co. (The) | (35) | – | — (h) | 0.0 (g) |
|  Tradeweb Markets, Inc. | (159) | – | — (h) | 0.0 (g) |
|  Travelers Cos., Inc. (The) | (251) | – | 2 | 0.0 (g) |
|  TriNet Group, Inc. | (15) | – | — (h) | 0.0 (g) |
|  Trinity Industries, Inc. | (4) | – | — (h) | 0.0 (g) |
|  TripAdvisor, Inc. | (3) | – | — (h) | 0.0 (g) |
|  Tutor Perini Corp. | (10) | – | — (h) | 0.0 (g) |
|  Twilio, Inc. | (406) | – | — (h) | 0.0 (g) |
|  Ubiquiti, Inc. | (4) | – | — (h) | 0.0 (g) |
|  UGI Corp. | (3) | – | — (h) | 0.0 (g) |
|  UiPath, Inc. | (85) | – | 10 | 0.0 (g) |
|  Ulta Beauty, Inc. | (21) | – | 1 | 0.0 (g) |
|  Union Pacific Corp. | (564) | – | 36 | 0.0 (g) |
|  United Airlines Holdings, Inc. | (170) | – | — (h) | 0.0 (g) |
|  United Therapeutics Corp. | (179) | – | 1 | 0.0 (g) |
|  Universal Display Corp. | (36) | – | — (h) | 0.0 (g) |
|  Universal Health Services, Inc. | (68) | – | 5 | 0.0 (g) |
|  Unum Group | (51) | – | 1 | 0.0 (g) |
|  Upstart Holdings, Inc. | (133) | – | — (h) | 0.0 (g) |
|  Upwork, Inc. | (33) | – | — (h) | 0.0 (g) |
|  US Bancorp | (201) | – | — (h) | 0.0 (g) |
|  Valero Energy Corp. | (135) | – | 6 | 0.0 (g) |
|  Valley National Bancorp | (3) | – | — (h) | 0.0 (g) |
|  Valmont Industries, Inc. | (57) | – | 2 | 0.0 (g) |
|  Veeva Systems, Inc. | (222) | – | 15 | 0.0 (g) |
|  Veralto Corp. | (27) | – | — (h) | 0.0 (g) |
|  VeriSign, Inc. | (104) | – | — (h) | 0.0 (g) |
|  Verisk Analytics, Inc. | (87) | – | 3 | 0.0 (g) |
|  Vertex Pharmaceuticals, Inc. | (423) | – | 9 | 0.0 (g) |
|  Vertiv Holdings Co. | (99) | – | 3 | 0.0 (g) |
|  Viatris, Inc. | (157) | – | — (h) | 0.0 (g) |
|  Virtu Financial, Inc. | (21) | – | — (h) | 0.0 (g) |
|  Walt Disney Co. (The) | (79) | – | 2 | 0.0 (g) |
|  Warby Parker, Inc. | (18) | – | — (h) | 0.0 (g) |
|  Waters Corp. | (23) | – | 1 | 0.0 (g) |
|  Webull Corp. | (5) | – | — (h) | 0.0 (g) |
|  Wells Fargo & Co. | (207) | – | — (h) | 0.0 (g) |
|  West Pharmaceutical Services, Inc. | (7) | – | — (h) | 0.0 (g) |
|  Western Digital Corp. | (528) | – | 58 | 0.0 (g) |
|  Workday, Inc. | (821) | – | 22 | 0.0 (g) |
|  Yelp, Inc. | (2) | – | — (h) | 0.0 (g) |
|  Yum! Brands, Inc. | (32) | – | 1 | 0.0 (g) |
|  Zebra Technologies Corp. | (32) | – | — (h) | 0.0 (g) |
|  Ziff Davis, Inc. | (5) | – | — (h) | 0.0 (g) |
|  Zions Bancorp NA | (56) | – | — (h) | 0.0 (g) |
|  Zoetis, Inc. | (638) | – | 1 | 0.0 (g) |
|  Zoom Communications, Inc. | (111) | – | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | (61) |  | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  |  | 1173 | 0.1 |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1 | 1174 | 0.1 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from (0.98)% to 0.20%) which is denominated in USD based on the local currencies of the positions within the swap | 09/14/2027 | (38) | (45) | 180 | 135 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Atlassian Corp. | 128 | 8 | 8 | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Everest Group Ltd. | 48 | (2) | (2) | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | 12 | — (h) | — (h) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Cellebrite DI Ltd. | 6 | — (h) | — (h) | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  Frontline plc | 50 | 1 | 1 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Aon plc | 1142 | (10) | (9) | 0.0 (g) |
|  ARM Holdings plc | 658 | 14 | 14 | 0.0 (g) |
|  nVent Electric plc | 20 | — (h) | — (h) | 0.0 (g) |
|  Willis Towers Watson plc | 19 | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Acuity, Inc. | 161 | (3) | (2) | 0.0 (g) |
|  Advanced Energy Industries, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Advanced Micro Devices, Inc. | 273 | (3) | (3) | 0.0 (g) |
|  AeroVironment, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  AGNC Investment Corp. | 78 | — (h) | — (h) | 0.0 (g) |
|  Air Products and Chemicals, Inc. | 42 | 2 | 2 | 0.0 (g) |
|  Alliant Energy Corp. | 52 | (3) | (3) | 0.0 (g) |
|  American Healthcare REIT, Inc. | 165 | — (h) | 1 | 0.0 (g) |
|  American Homes 4 Rent | 11 | — (h) | — (h) | 0.0 (g) |
|  American Water Works Co., Inc. | 1 | — (h) | — (h) | 0.0 (g) |
|  Annaly Capital Management, Inc. | 969 | 32 | 33 | 0.0 (g) |
|  Antero Midstream Corp. | 5 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  APA Corp. | 211 | (6) | (6) | 0.0 (g) |
|  Apollo Global Management, Inc. | 15 | 1 | 1 | 0.0 (g) |
|  Appfolio, Inc. | 10 | — (h) | — (h) | 0.0 (g) |
|  Applied Digital Corp. | 8 | — (h) | — (h) | 0.0 (g) |
|  Arrow Electronics, Inc. | 327 | 3 | 3 | 0.0 (g) |
|  AST SpaceMobile, Inc. | 248 | (1) | (1) | 0.0 (g) |
|  Atmos Energy Corp. | 471 | (23) | (22) | 0.0 (g) |
|  AvalonBay Communities, Inc. | 655 | (1) | — (h) | 0.0 (g) |
|  Avery Dennison Corp. | 848 | 5 | 6 | 0.0 (g) |
|  Bank of New York Mellon Corp. (The) | 1913 | 9 | 11 | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  BJ's Wholesale Club Holdings, Inc. | 538 | 18 | 18 | 0.0 (g) |
|  Blue Owl Capital, Inc. | 232 | 21 | 21 | 0.0 (g) |
|  Brown-Forman Corp. | 103 | (1) | (1) | 0.0 (g) |
|  Bruker Corp. | 54 | — (h) | 1 | 0.0 (g) |
|  Bunge Global SA | 293 | (16) | (15) | 0.0 (g) |
|  BWX Technologies, Inc. | 10 | — (h) | — (h) | 0.0 (g) |
|  BXP, Inc. | 45 | 1 | 1 | 0.0 (g) |
|  Cadence Bank | 17 | — (h) | — (h) | 0.0 (g) |
|  CareTrust REIT, Inc. | 58 | (1) | (1) | 0.0 (g) |
|  Casella Waste Systems, Inc. | 10 | (1) | (1) | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | 51 | 2 | 2 | 0.0 (g) |
|  CenterPoint Energy, Inc. | 944 | (16) | (15) | 0.0 (g) |
|  CF Industries Holdings, Inc. | 736 | (35) | (35) | 0.0 (g) |
|  CH Robinson Worldwide, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Chewy, Inc. | 315 | (25) | (25) | 0.0 (g) |
|  Coca-Cola Co. (The) | 838 | (1) | (1) | 0.0 (g) |
|  Coinbase Global, Inc. | 870 | (15) | (14) | 0.0 (g) |
|  Columbia Banking System, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Commvault Systems, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Comstock Resources, Inc. | 73 | (10) | (9) | 0.0 (g) |
|  ConocoPhillips | 79 | 2 | 2 | 0.0 (g) |
|  Corcept Therapeutics, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Core & Main, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Coterra Energy, Inc. | 669 | (17) | (16) | 0.0 (g) |
|  Credit Acceptance Corp. | 81 | 5 | 5 | 0.0 (g) |
|  CSW Industrials, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  CVS Health Corp. | 1488 | (5) | (4) | 0.0 (g) |
|  Domino's Pizza, Inc. | 597 | (9) | (9) | 0.0 (g) |
|  DTE Energy Co. | 824 | (32) | (32) | 0.0 (g) |
|  Elanco Animal Health, Inc. | 39 | (2) | (2) | 0.0 (g) |
|  Entegris, Inc. | 59 | 2 | 2 | 0.0 (g) |
|  EQT Corp. | 643 | (59) | (58) | 0.0 (g) |
|  Equitable Holdings, Inc. | 395 | 24 | 25 | 0.0 (g) |
|  Essex Property Trust, Inc. | 636 | (3) | (2) | 0.0 (g) |
|  Expeditors International of Washington, Inc. | 545 | (14) | (14) | 0.0 (g) |
|  Extra Space Storage, Inc. | 1005 | (17) | (16) | 0.0 (g) |
|  Exxon Mobil Corp. | 1354 | (9) | (8) | 0.0 (g) |
|  First Solar, Inc. | 27 | — (h) | — (h) | 0.0 (g) |
|  FirstCash Holdings, Inc. | 22 | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Ford Motor Co. | 694 | (20) | (19) | 0.0 (g) |
|  GE HealthCare Technologies, Inc. | 794 | (4) | (3) | 0.0 (g) |
|  Gen Digital, Inc. | 82 | 1 | 1 | 0.0 (g) |
|  Generac Holdings, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  Genuine Parts Co. | 17 | — (h) | — (h) | 0.0 (g) |
|  Gitlab, Inc. | 226 | 21 | 21 | 0.0 (g) |
|  Globus Medical, Inc. | 159 | (1) | (1) | 0.0 (g) |
|  Graco, Inc. | 16 | — (h) | — (h) | 0.0 (g) |
|  Halliburton Co. | 4 | — (h) | — (h) | 0.0 (g) |
|  Hecla Mining Co. | 37 | (3) | (3) | 0.0 (g) |
|  Hims & Hers Health, Inc. | 335 | 6 | 6 | 0.0 (g) |
|  Home Depot, Inc. (The) | 162 | 2 | 2 | 0.0 (g) |
|  Hormel Foods Corp. | 9 | — (h) | — (h) | 0.0 (g) |
|  HP, Inc. | 904 | 34 | 35 | 0.0 (g) |
|  Humana, Inc. | 705 | (6) | (6) | 0.0 (g) |
|  Hyatt Hotels Corp. | 653 | (14) | (13) | 0.0 (g) |
|  IDACORP, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  IDEXX Laboratories, Inc. | 22 | — (h) | — (h) | 0.0 (g) |
|  Ingersoll Rand, Inc. | 61 | — (h) | — (h) | 0.0 (g) |
|  InterDigital, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  International Paper Co. | 42 | — (h) | — (h) | 0.0 (g) |
|  Jack Henry & Associates, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Jacobs Solutions, Inc. | 14 | — (h) | — (h) | 0.0 (g) |
|  JBT Marel Corp. | 41 | (1) | (1) | 0.0 (g) |
|  Joby Aviation, Inc. | 157 | (3) | (3) | 0.0 (g) |
|  Kilroy Realty Corp. | 12 | — (h) | — (h) | 0.0 (g) |
|  Klaviyo, Inc. | 14 | 2 | 2 | 0.0 (g) |
|  Krystal Biotech, Inc. | 10 | — (h) | — (h) | 0.0 (g) |
|  Las Vegas Sands Corp. | 251 | (4) | (4) | 0.0 (g) |
|  Liberty Broadband Corp. | 301 | (11) | (11) | 0.0 (g) |
|  Lincoln National Corp. | 266 | 5 | 5 | 0.0 (g) |
|  Loar Holdings, Inc. | 270 | (3) | (3) | 0.0 (g) |
|  Maplebear, Inc. | 78 | 10 | 10 | 0.0 (g) |
|  Markel Group, Inc. | 23 | — (h) | — (h) | 0.0 (g) |
|  Marriott International, Inc./MD | 1191 | 17 | 18 | 0.0 (g) |
|  Martin Marietta Materials, Inc. | 926 | (16) | (15) | 0.0 (g) |
|  Masco Corp. | 8 | — (h) | — (h) | 0.0 (g) |
|  McCormick & Co., Inc./MD | 8 | — (h) | — (h) | 0.0 (g) |
|  MKS, Inc. | 85 | 3 | 3 | 0.0 (g) |
|  Modine Manufacturing Co. | 12 | 1 | 1 | 0.0 (g) |
|  Molson Coors Beverage Co. | 8 | — (h) | — (h) | 0.0 (g) |
|  Mondelez International, Inc. | 2259 | 37 | 39 | 0.0 (g) |
|  Morningstar, Inc. | 312 | 3 | 3 | 0.0 (g) |
|  New York Times Co. (The) | 12 | — (h) | — (h) | 0.0 (g) |
|  NewMarket Corp. | 753 | (15) | (15) | 0.0 (g) |
|  NEXTracker, Inc. | 21 | — (h) | — (h) | 0.0 (g) |
|  Northern Trust Corp. | 883 | (19) | (18) | 0.0 (g) |
|  Old National Bancorp | 9 | — (h) | — (h) | 0.0 (g) |
|  Omnicom Group, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Packaging Corp. of America | 11 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Paycom Software, Inc. | 317 | 17 | 18 | 0.0 (g) |
|  PennyMac Financial Services, Inc. | 424 | (7) | (7) | 0.0 (g) |
|  Penumbra, Inc. | 322 | — (h) | 1 | 0.0 (g) |
|  Pilgrim's Pride Corp. | 102 | 1 | 1 | 0.0 (g) |
|  PTC, Inc. | 19 | — (h) | — (h) | 0.0 (g) |
|  PulteGroup, Inc. | 444 | (10) | (10) | 0.0 (g) |
|  Pure Storage, Inc. | 252 | 12 | 12 | 0.0 (g) |
|  Quanta Services, Inc. | 950 | (44) | (43) | 0.0 (g) |
|  QXO, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  RadNet, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Rambus, Inc. | 69 | 2 | 2 | 0.0 (g) |
|  Raymond James Financial, Inc. | 55 | 1 | 1 | 0.0 (g) |
|  Realty Income Corp. | 2058 | (61) | (59) | 0.0 (g) |
|  Red Rock Resorts, Inc. | 187 | (1) | (1) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | 24 | — (h) | — (h) | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | 22 | — (h) | — (h) | 0.0 (g) |
|  Rollins, Inc. | 21 | (1) | (1) | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | 1343 | 23 | 24 | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | 55 | (1) | (1) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | 29 | 1 | 1 | 0.0 (g) |
|  Sempra | 6 | (1) | (1) | 0.0 (g) |
|  Service Corp. International/US | 670 | (13) | (12) | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | 32 | 2 | 2 | 0.0 (g) |
|  SiteOne Landscape Supply, Inc. | 201 | 8 | 8 | 0.0 (g) |
|  Snap, Inc. | 28 | 3 | 3 | 0.0 (g) |
|  Snap-on, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  Solventum Corp. | 377 | 4 | 4 | 0.0 (g) |
|  Southern Co. (The) | 1649 | (44) | (43) | 0.0 (g) |
|  Starwood Property Trust, Inc. | 668 | 23 | 24 | 0.0 (g) |
|  StepStone Group, Inc. | 70 | 2 | 2 | 0.0 (g) |
|  STERIS plc | 739 | 7 | 7 | 0.0 (g) |
|  T Rowe Price Group, Inc. | 31 | 1 | 1 | 0.0 (g) |
|  Teradyne, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Texas Pacific Land Corp. | 7 | — (h) | — (h) | 0.0 (g) |
|  Thor Industries, Inc. | 38 | (1) | (1) | 0.0 (g) |
|  TopBuild Corp. | 229 | 7 | 7 | 0.0 (g) |
|  Trex Co., Inc. | 46 | 1 | 1 | 0.0 (g) |
|  U-Haul Holding Co. | 7 | — (h) | — (h) | 0.0 (g) |
|  UL Solutions, Inc. | 17 | (1) | (1) | 0.0 (g) |
|  Ulta Beauty, Inc. | 616 | (34) | (34) | 0.0 (g) |
|  United Rentals, Inc. | 935 | (11) | (10) | 0.0 (g) |
|  Valero Energy Corp. | 250 | (6) | (6) | 0.0 (g) |
|  Valley National Bancorp | 19 | — (h) | — (h) | 0.0 (g) |
|  Valmont Industries, Inc. | 260 | (8) | (8) | 0.0 (g) |
|  Varonis Systems, Inc. | 193 | 8 | 8 | 0.0 (g) |
|  VF Corp. | 28 | — (h) | — (h) | 0.0 (g) |
|  Viper Energy, Inc. | 61 | (1) | (1) | 0.0 (g) |
|  Vontier Corp. | 5 | — (h) | — (h) | 0.0 (g) |
|  Vornado Realty Trust | 145 | 4 | 4 | 0.0 (g) |
|  Watts Water Technologies, Inc. | 39 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Welltower, Inc. | 1287 | (83) | (82) | 0.0 (g) |
|  Western Alliance Bancorp | 361 | 11 | 12 | 0.0 (g) |
|  WEX, Inc. | 142 | 6 | 6 | 0.0 (g) |
|  Williams-Sonoma, Inc. | 455 | 3 | 3 | 0.0 (g) |
|  Wingstop, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Zoom Communications, Inc. | 18 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (350) | (308) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Waste Connections, Inc. | (614) | 10 | 10 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Amer Sports, Inc. | (4) | — (h) | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Melco Resorts & Entertainment Ltd. | (5) | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AerCap Holdings NV | (26) | — (h) | — (h) | 0.0 (g) |
|  Alkermes plc | (98) | 9 | 9 | 0.0 (g) |
|  TE Connectivity plc | (878) | 4 | 3 | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Global-e Online Ltd. | (11) | (1) | (1) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Sea Ltd. | (16) | — (h) | — (h) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Spotify Technology SA | (948) | (52) | (53) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Sportradar Group AG | (11) | (1) | (1) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  3M Co. | (644) | 6 | 5 | 0.0 (g) |
|  Airbnb, Inc. | (26) | (1) | (1) | 0.0 (g) |
|  Alaska Air Group, Inc. | (18) | — (h) | — (h) | 0.0 (g) |
|  Align Technology, Inc. | (337) | (15) | (16) | 0.0 (g) |
|  Alphabet, Inc. | (17) | (1) | (1) | 0.0 (g) |
|  Amgen, Inc. | (414) | (6) | (6) | 0.0 (g) |
|  Analog Devices, Inc. | (1069) | (7) | (8) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Arista Networks, Inc. | (870) | 2 | 1 | 0.0 (g) |
|  AutoNation, Inc. | (177) | — (h) | (1) | 0.0 (g) |
|  BellRing Brands, Inc. | (235) | (1) | (1) | 0.0 (g) |
|  Bio-Techne Corp. | (7) | — (h) | — (h) | 0.0 (g) |
|  Booz Allen Hamilton Holding Corp. | (61) | — (h) | — (h) | 0.0 (g) |
|  BorgWarner, Inc. | (133) | 1 | 1 | 0.0 (g) |
|  Boyd Gaming Corp. | (441) | 16 | 16 | 0.0 (g) |
|  Bridgebio Pharma, Inc. | (12) | — (h) | — (h) | 0.0 (g) |
|  Brinker International, Inc. | (232) | (20) | (20) | 0.0 (g) |
|  CarMax, Inc. | (20) | (5) | (5) | 0.0 (g) |
|  Centene Corp. | (428) | 40 | 40 | 0.0 (g) |
|  Charter Communications, Inc. | (428) | 15 | 14 | 0.0 (g) |
|  Chord Energy Corp. | (20) | — (h) | — (h) | 0.0 (g) |
|  Cintas Corp. | (1015) | 13 | 12 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Cirrus Logic, Inc. | (115) | (2) | (2) | 0.0 (g) |
|  Corteva, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Crane Co. | (13) | — (h) | — (h) | 0.0 (g) |
|  CubeSmart | (74) | 1 | 1 | 0.0 (g) |
|  Curtiss-Wright Corp. | (489) | 23 | 23 | 0.0 (g) |
|  Darling Ingredients, Inc. | (9) | — (h) | — (h) | 0.0 (g) |
|  Delta Air Lines, Inc. | (708) | (26) | (27) | 0.0 (g) |
|  Devon Energy Corp. | (46) | 2 | 2 | 0.0 (g) |
|  Donaldson Co., Inc. | (13) | — (h) | — (h) | 0.0 (g) |
|  Dover Corp. | (965) | (19) | (20) | 0.0 (g) |
|  Dutch Bros, Inc. | (9) | — (h) | — (h) | 0.0 (g) |
|  Dycom Industries, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  eBay, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Edison International | (9) | — (h) | — (h) | 0.0 (g) |
|  Elastic NV | (23) | (1) | (1) | 0.0 (g) |
|  Element Solutions, Inc. | (222) | (11) | (11) | 0.0 (g) |
|  Elevance Health, Inc. | (712) | 12 | 11 | 0.0 (g) |
|  Entergy Corp. | (1569) | 70 | 69 | 0.0 (g) |
|  EOG Resources, Inc. | (568) | (16) | (17) | 0.0 (g) |
|  EPAM Systems, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Equity Residential | (344) | (3) | (3) | 0.0 (g) |
|  ExlService Holdings, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Federal Signal Corp. | (226) | (13) | (13) | 0.0 (g) |
|  Ferguson Enterprises, Inc. | (829) | (30) | (31) | 0.0 (g) |
|  Fidelity National Information Services, Inc. | (644) | 13 | 12 | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | (17) | (1) | (1) | 0.0 (g) |
|  Fiserv, Inc. | (582) | (7) | (8) | 0.0 (g) |
|  Flex Ltd. | (30) | 1 | 1 | 0.0 (g) |
|  Flowserve Corp. | (48) | (3) | (3) | 0.0 (g) |
|  FNB Corp./PA | (588) | 1 | — (h) | 0.0 (g) |
|  Fox Corp. | (14) | — (h) | — (h) | 0.0 (g) |
|  Gaming and Leisure Properties, Inc. | (582) | 11 | 10 | 0.0 (g) |
|  General Dynamics Corp. | (1137) | 65 | 64 | 0.0 (g) |
|  Genpact Ltd. | (246) | 5 | 4 | 0.0 (g) |
|  Global Payments, Inc. | (229) | (10) | (11) | 0.0 (g) |
|  Guardant Health, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Guidewire Software, Inc. | (258) | (16) | (16) | 0.0 (g) |
|  Hasbro, Inc. | (836) | 13 | 12 | 0.0 (g) |
|  HCA Healthcare, Inc. | (292) | 14 | 13 | 0.0 (g) |
|  HealthEquity, Inc. | (18) | — (h) | — (h) | 0.0 (g) |
|  HEICO Corp. | (175) | 1 | 1 | 0.0 (g) |
|  Hologic, Inc. | (19) | — (h) | — (h) | 0.0 (g) |
|  Hubbell, Inc. | (466) | (9) | (9) | 0.0 (g) |
|  HubSpot, Inc. | (660) | (70) | (70) | 0.0 (g) |
|  Illinois Tool Works, Inc. | (406) | — (h) | (1) | 0.0 (g) |
|  Incyte Corp. | (200) | — (h) | — (h) | 0.0 (g) |
|  Ingredion, Inc. | (422) | — (h) | — (h) | 0.0 (g) |
|  Installed Building Products, Inc. | (197) | (8) | (8) | 0.0 (g) |
|  Insulet Corp. | (425) | (34) | (34) | 0.0 (g) |
|  Interactive Brokers Group, Inc. | (1040) | 75 | 74 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Intuit, Inc. | (1620) | (44) | (46) | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | (163) | 11 | 11 | 0.0 (g) |
|  Jefferies Financial Group, Inc. | (391) | (24) | (25) | 0.0 (g) |
|  KLA Corp. | (577) | 4 | 3 | 0.0 (g) |
|  L3Harris Technologies, Inc. | (1036) | 77 | 76 | 0.0 (g) |
|  Lam Research Corp. | (1410) | 18 | 17 | 0.0 (g) |
|  Lear Corp. | (77) | — (h) | — (h) | 0.0 (g) |
|  Lennox International, Inc. | (287) | (2) | (3) | 0.0 (g) |
|  Louisiana-Pacific Corp. | (30) | 1 | 1 | 0.0 (g) |
|  Manhattan Associates, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  Marsh & McLennan Cos., Inc. | (424) | 10 | 9 | 0.0 (g) |
|  Marvell Technology, Inc. | (1097) | 126 | 125 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | (80) | — (h) | — (h) | 0.0 (g) |
|  MGM Resorts International | (35) | (1) | (1) | 0.0 (g) |
|  Monster Beverage Corp. | (1092) | 58 | 57 | 0.0 (g) |
|  Mueller Industries, Inc. | (360) | — (h) | — (h) | 0.0 (g) |
|  Natera, Inc. | (298) | (31) | (31) | 0.0 (g) |
|  News Corp. | (332) | (1) | (1) | 0.0 (g) |
|  NRG Energy, Inc. | (940) | (50) | (51) | 0.0 (g) |
|  NVIDIA Corp. | (1161) | 19 | 18 | 0.0 (g) |
|  NVR, Inc. | (24) | — (h) | — (h) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | (12) | — (h) | — (h) | 0.0 (g) |
|  Oshkosh Corp. | (478) | (10) | (11) | 0.0 (g) |
|  Owens Corning | (302) | (4) | (5) | 0.0 (g) |
|  PACCAR, Inc. | (177) | 2 | 2 | 0.0 (g) |
|  Paychex, Inc. | (52) | (1) | (2) | 0.0 (g) |
|  Philip Morris International, Inc. | (755) | 1 | — (h) | 0.0 (g) |
|  PNC Financial Services Group, Inc. (The) | (9) | — (h) | — (h) | 0.0 (g) |
|  PPG Industries, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Primoris Services Corp. | (254) | 8 | 8 | 0.0 (g) |
|  Principal Financial Group, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Progressive Corp. (The) | (415) | 10 | 10 | 0.0 (g) |
|  Prosperity Bancshares, Inc. | (75) | 1 | 1 | 0.0 (g) |
|  Public Storage | (837) | 28 | 27 | 0.0 (g) |
|  Qorvo, Inc. | (19) | — (h) | — (h) | 0.0 (g) |
|  Regal Rexnord Corp. | (230) | (1) | (1) | 0.0 (g) |
|  Regency Centers Corp. | (5) | — (h) | — (h) | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | (15) | (1) | (1) | 0.0 (g) |
|  Republic Services, Inc. | (1063) | 15 | 14 | 0.0 (g) |
|  Rockwell Automation, Inc. | (36) | — (h) | — (h) | 0.0 (g) |
|  Ross Stores, Inc. | (464) | 25 | 25 | 0.0 (g) |
|  Skyworks Solutions, Inc. | (801) | (58) | (58) | 0.0 (g) |
|  SLB Ltd. | (8) | — (h) | — (h) | 0.0 (g) |
|  Stifel Financial Corp. | (49) | — (h) | (1) | 0.0 (g) |
|  Synovus Financial Corp. | (8) | — (h) | — (h) | 0.0 (g) |
|  Tapestry, Inc. | (20) | — (h) | — (h) | 0.0 (g) |
|  Taylor Morrison Home Corp. | (23) | — (h) | — (h) | 0.0 (g) |
|  Texas Roadhouse, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Textron, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  T-Mobile US, Inc. | (571) | 5 | 4 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Toro Co. (The) | (10) | — (h) | — (h) | 0.0 (g) |
|  TransUnion | (371) | (17) | (17) | 0.0 (g) |
|  Travelers Cos., Inc. (The) | (791) | 9 | 8 | 0.0 (g) |
|  Truist Financial Corp. | (947) | 7 | 6 | 0.0 (g) |
|  Union Pacific Corp. | (1473) | 69 | 69 | 0.0 (g) |
|  UnitedHealth Group, Inc. | (100) | 1 | 1 | 0.0 (g) |
|  Vail Resorts, Inc. | (394) | 16 | 16 | 0.0 (g) |
|  Veeva Systems, Inc. | (455) | 27 | 27 | 0.0 (g) |
|  Virtu Financial, Inc. | (16) | — (h) | — (h) | 0.0 (g) |
|  Williams Cos., Inc. (The) | (421) | 23 | 22 | 0.0 (g) |
|  WP Carey, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  Wyndham Hotels & Resorts, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  Zebra Technologies Corp. | (84) | (1) | (1) | 0.0 (g) |
|  Zions Bancorp NA | (7) | — (h) | — (h) | 0.0 (g) |
|  Zoetis, Inc. | (543) | 6 | 6 | 0.0 (g) |
|  **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | (1057) | (53) | (53) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 312 | 263 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (38) | (45) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from 0.30% to 0.30%) which is denominated in AUD based on the local currencies of the positions within the swap | 12/08/2025 | – (h) | (6) | – (h) | (6) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Ampol Ltd. | (391) | 1 | — (h) | 0.0 (g) |
|  Aristocrat Leisure Ltd. | (1135) | 14 | 12 | 0.0 (g) |
|  Coles Group Ltd. | (38) | — (h) | — (h) | 0.0 (g) |
|  Computershare Ltd. | (43) | (1) | (1) | 0.0 (g) |
|  Evolution Mining Ltd. | (31) | 3 | 3 | 0.0 (g) |
|  Insurance Australia Group Ltd. | (12) | — (h) | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | (23) | — (h) | — (h) | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | (13) | — (h) | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | (1616) | (14) | (17) | 0.0 (g) |
|  Orica Ltd. | (19) | — (h) | — (h) | 0.0 (g) |
|  Pro Medicus Ltd. | (52) | 2 | 2 | 0.0 (g) |
|  Qantas Airways Ltd. | (48) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  QBE Insurance Group Ltd. | (44) | — (h) | — (h) | 0.0 (g) |
|  REA Group Ltd. | (47) | — (h) | — (h) | 0.0 (g) |
|  Sandfire Resources Ltd. | (16) | — (h) | — (h) | 0.0 (g) |
|  Santos Ltd. | (183) | (6) | (6) | 0.0 (g) |
|  Sonic Healthcare Ltd. | (7) | — (h) | — (h) | 0.0 (g) |
|  South32 Ltd. | (5) | — (h) | — (h) | 0.0 (g) |
|  Technology One Ltd. | (43) | 1 | 1 | 0.0 (g) |
|  Transurban Group | (22) | — (h) | — (h) | 0.0 (g) |
|  Treasury Wine Estates Ltd. | (16) | — (h) | — (h) | 0.0 (g) |
|  Wesfarmers Ltd. | (9) | — (h) | — (h) | 0.0 (g) |
|  Worley Ltd. | (235) | — (h) | — (h) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Xero Ltd. | (13) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | — (h) | (6) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | — (h) | (6) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day CABROVER on long positions and short positions respectively, plus or minus spread (rates range from (1.00)% to 0.20%) which is denominated in CAD based on the local currencies of the positions within the swap | 12/08/2025 | 103 | 85 | 103 | 188 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  BlackBerry Ltd. | 29 | (3) | (3) | 0.0 (g) |
|  Bombardier, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Canadian Tire Corp. Ltd. | 548 | 15 | 16 | 0.0 (g) |
|  Canadian Utilities Ltd. | 21 | — (h) | — (h) | 0.0 (g) |
|  Gildan Activewear, Inc. | 10 | — (h) | — (h) | 0.0 (g) |
|  IAMGOLD Corp. | 107 | (15) | (15) | 0.0 (g) |
|  MDA Space Ltd. | 8 | — (h) | — (h) | 0.0 (g) |
|  Saputo, Inc. | 545 | 5 | 6 | 0.0 (g) |
|  West Fraser Timber Co. Ltd. | 98 | 8 | 8 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Energy Fuels, Inc./Canada | 18 | — (h) | — (h) | 0.0 (g) |
|  Galaxy Digital, Inc. | 10 | (1) | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 9 | 11 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Aritzia, Inc. | (109) | (2) | (3) | 0.0 (g) |
|  BCE, Inc. | (1378) | (33) | (34) | 0.0 (g) |
|  Canadian Apartment Properties REIT | (92) | — (h) | — (h) | 0.0 (g) |
|  Canadian Natural Resources Ltd. | (4657) | 104 | 99 | 0.0 (g) |
|  Capstone Copper Corp. | (138) | 15 | 15 | 0.0 (g) |
|  CCL Industries, Inc. | (16) | — (h) | — (h) | 0.0 (g) |
|  Colliers International Group, Inc. | (55) | (1) | (1) | 0.0 (g) |
|  Descartes Systems Group, Inc. (The) | (1157) | (95) | (96) | 0.0 (g) |
|  Dollarama, Inc. | (35) | (1) | (1) | 0.0 (g) |
|  Empire Co. Ltd. | (641) | (7) | (8) | 0.0 (g) |
|  First Quantum Minerals Ltd. | (1043) | 161 | 160 | 0.0 (g) |
|  FirstService Corp. | (784) | (45) | (46) | 0.0 (g) |
|  George Weston Ltd. | (667) | (12) | (12) | 0.0 (g) |
|  GFL Environmental, Inc. | (1594) | (11) | (12) | 0.0 (g) |
|  iA Financial Corp., Inc. | (122) | 1 | 1 | 0.0 (g) |
|  IGM Financial, Inc. | (14) | — (h) | — (h) | 0.0 (g) |
|  Kinaxis, Inc. | (32) | — (h) | — (h) | 0.0 (g) |
|  Loblaw Cos. Ltd. | (123) | (1) | (1) | 0.0 (g) |
|  Lundin Gold, Inc. | (477) | (7) | (7) | 0.0 (g) |
|  Metro, Inc./CN | (37) | — (h) | — (h) | 0.0 (g) |
|  New Gold, Inc. | (73) | 6 | 6 | 0.0 (g) |
|  Northland Power, Inc. | (334) | 6 | 5 | 0.0 (g) |
|  Nutrien Ltd. | (896) | 22 | 21 | 0.0 (g) |
|  OceanaGold Corp. | (22) | 1 | 1 | 0.0 (g) |
|  Orla Mining Ltd. | (9) | — (h) | — (h) | 0.0 (g) |
|  Parkland Corp. | (324) | 1 | — (h) | 0.0 (g) |
|  RioCan Real Estate Investment Trust | (299) | 1 | — (h) | 0.0 (g) |
|  Stantec, Inc. | (1280) | (30) | (32) | 0.0 (g) |
|  TMX Group Ltd. | (130) | (1) | (1) | 0.0 (g) |
|  Wheaton Precious Metals Corp. | (881) | 31 | 30 | 0.0 (g) |
|  WSP Global, Inc. | (700) | (31) | (32) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Endeavour Mining plc | (312) | 21 | 21 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Infrastructure Corp. | (32) | 1 | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 94 | 74 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 103 | 85 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 12/08/2025 | 41 | 39 | 2 | 41 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Adecco Group AG | 49 | 1 | 1 | 0.0 (g) |
|  Geberit AG | 9 | — (h) | — (h) | 0.0 (g) |
|  Kuehne + Nagel International AG | 150 | 19 | 18 | 0.0 (g) |
|  Nestle SA | 1346 | 13 | 13 | 0.0 (g) |
|  Roche Holding AG | 12 | — (h) | — (h) | 0.0 (g) |
|  Sandoz Group AG | 29 | — (h) | — (h) | 0.0 (g) |
|  Sika AG | 365 | 21 | 20 | 0.0 (g) |
|  Straumann Holding AG | 24 | 2 | 2 | 0.0 (g) |
|  Swiss Life Holding AG | 78 | (4) | (4) | 0.0 (g) |
|  Swiss Prime Site AG | 26 | — (h) | — (h) | 0.0 (g) |
|  Swiss Re AG | 4 | — (h) | — (h) | 0.0 (g) |
|  Swisscom AG | 170 | — (h) | — (h) | 0.0 (g) |
|  VAT Group AG | 57 | 3 | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 55 | 53 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | (4) | — (h) | — (h) | 0.0 (g) |
|  Accelleron Industries AG | (185) | (12) | (12) | 0.0 (g) |
|  Baloise Holding AG | (112) | (3) | (3) | 0.0 (g) |
|  Flughafen Zurich AG | (73) | — (h) | — (h) | 0.0 (g) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Holcim AG | (17) | — (h) | — (h) | 0.0 (g) |
|  Julius Baer Group Ltd. | (20) | — (h) | — (h) | 0.0 (g) |
|  Logitech International SA | (116) | (2) | (2) | 0.0 (g) |
|  Lonza Group AG | (5) | — (h) | — (h) | 0.0 (g) |
|  PSP Swiss Property AG | (92) | 2 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Schindler Holding AG | (39) | (2) | (2) | 0.0 (g) |
|  SGS SA | (17) | — (h) | — (h) | 0.0 (g) |
|  Swissquote Group Holding SA | (6) | — (h) | — (h) | 0.0 (g) |
|  Temenos AG | (75) | 2 | 2 | 0.0 (g) |
|  UBS Group AG | (407) | 3 | 3 | 0.0 (g) |
|  Zurich Insurance Group AG | (278) | (2) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (14) | (14) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 41 | 39 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from (0.50)% to 0.26%) which is denominated in DKK based on the local currencies of the positions within the swap | 12/08/2025 | 132 | 134 | – | 134 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Coloplast A/S | 3821 | 68 | 69 | 0.0 (g) |
|  DSV A/S | 8842 | 65 | 66 | 0.0 (g) |
|  Novo Nordisk A/S | 747 | 1 | 1 | 0.0 (g) |
|  Novonesis Novozymes B | 2882 | 5 | 5 | 0.0 (g) |
|  ROCKWOOL A/S | 87 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 139 | 141 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller - Maersk A/S | (158) | (1) | (1) | 0.0 (g) |
|  GN Store Nord A/S | (276) | (3) | (3) | 0.0 (g) |
|  Pandora A/S | (223) | (2) | (2) | 0.0 (g) |
|  Tryg A/S | (832) | (1) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (7) | (7) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 132 | 134 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day ESTER on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 12/08/2025 | 213 | 204 | 13 | 217 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  OMV AG | 191 | 6 | 6 | 0.0 (g) |
|  Verbund AG | 16 | — (h) | — (h) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  D'ieteren Group | 5 | — (h) | — (h) | 0.0 (g) |
|  KBC Group NV | 895 | (1) | — (h) | 0.0 (g) |
|  Lotus Bakeries NV | 140 | 5 | 5 | 0.0 (g) |
|  Sofina SA | 8 | — (h) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | 60 | (3) | (3) | 0.0 (g) |
|  Kesko OYJ | 6 | — (h) | — (h) | 0.0 (g) |
|  Metso OYJ | 9 | 1 | 1 | 0.0 (g) |
|  Orion OYJ | 9 | — (h) | — (h) | 0.0 (g) |
|  Stora Enso OYJ | 28 | — (h) | — (h) | 0.0 (g) |
|  UPM-Kymmene OYJ | 75 | (1) | (1) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Brenntag SE | 22 | — (h) | — (h) | 0.0 (g) |
|  Daimler Truck Holding AG | 584 | 51 | 51 | 0.0 (g) |
|  Deutsche Bank AG | 89 | 5 | 6 | 0.0 (g) |
|  Deutsche Boerse AG | 785 | 48 | 49 | 0.0 (g) |
|  Dr Ing hc F Porsche AG | 183 | 9 | 9 | 0.0 (g) |
|  Fresenius SE & Co. KGaA | 47 | (1) | (1) | 0.0 (g) |
|  Merck KGaA | 9 | — (h) | — (h) | 0.0 (g) |
|  Porsche Automobil Holding SE | 302 | 32 | 32 | 0.0 (g) |
|  Rational AG | 133 | 2 | 2 | 0.0 (g) |
|  RWE AG | 59 | (1) | (1) | 0.0 (g) |
|  Siemens Healthineers AG | — (h) | — (h) | — (h) | 0.0 (g) |
|  Talanx AG | 215 | (8) | (8) | 0.0 (g) |
|  Zalando SE | 19 | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kingspan Group plc | 210 | (5) | (5) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Italy** |  |  |  |  |
|  Buzzi SpA | 6 | — (h) | — (h) | 0.0 (g) |
|  Enel SpA | 1503 | (65) | (63) | 0.0 (g) |
|  Ferrari NV | 36 | — (h) | — (h) | 0.0 (g) |
|  Prysmian SpA | 74 | (4) | (4) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | 19 | — (h) | — (h) | 0.0 (g) |
|  CVC Capital Partners plc | 22 | — (h) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | 11 | (1) | (1) | 0.0 (g) |
|  Aegon Ltd. | 17 | — (h) | — (h) | 0.0 (g) |
|  Akzo Nobel NV | 194 | 2 | 2 | 0.0 (g) |
|  EXOR NV | 64 | (1) | (1) | 0.0 (g) |
|  Ferrovial SE | 228 | — (h) | — (h) | 0.0 (g) |
|  Heineken Holding NV | 19 | — (h) | — (h) | 0.0 (g) |
|  IMCD NV | 173 | 9 | 9 | 0.0 (g) |
|  ING Groep NV | 5 | — (h) | — (h) | 0.0 (g) |
|  Randstad NV | 24 | (1) | (1) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Amadeus IT Group SA | 72 | (1) | (1) | 0.0 (g) |
|  Cellnex Telecom SA | 567 | 16 | 17 | 0.0 (g) |
|  EDP Renovaveis SA | 17 | (1) | (1) | 0.0 (g) |
|  Endesa SA | 257 | (9) | (9) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 83 | 89 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | (91) | 5 | 5 | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Ageas SA | (40) | 1 | 1 | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | (117) | — (h) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Wartsila OYJ Abp | (6) | — (h) | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  GEA Group AG | (545) | (9) | (10) | 0.0 (g) |
|  Heidelberg Materials AG | (30) | (1) | (1) | 0.0 (g) |
|  HOCHTIEF AG | (40) | 2 | 2 | 0.0 (g) |
|  Infineon Technologies AG | (487) | 24 | 23 | 0.0 (g) |
|  Knorr-Bremse AG | (35) | — (h) | — (h) | 0.0 (g) |
|  LEG Immobilien SE | (315) | — (h) | (1) | 0.0 (g) |
|  Mercedes-Benz Group AG | (978) | 31 | 30 | 0.0 (g) |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | (606) | 29 | 28 | 0.0 (g) |
|  Nordex SE | (203) | 22 | 22 | 0.0 (g) |
|  Scout24 SE | (20) | (1) | (1) | 0.0 (g) |
|  Siemens Energy AG | (2172) | 143 | 140 | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Amplifon SpA | (56) | (5) | (5) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Banca Mediolanum SpA | (5) | — (h) | — (h) | 0.0 (g) |
|  Banca Monte dei Paschi di Siena SpA | (1343) | (121) | (124) | 0.0 (g) |
|  Eni SpA | (435) | (2) | (3) | 0.0 (g) |
|  Generali | (1139) | 19 | 18 | 0.0 (g) |
|  Italgas SpA | (95) | 4 | 4 | 0.0 (g) |
|  Leonardo SpA | (22) | 1 | 1 | 0.0 (g) |
|  Poste Italiane SpA | (170) | 2 | 2 | 0.0 (g) |
|  Snam SpA | (276) | — (h) | — (h) | 0.0 (g) |
|  UniCredit SpA | (72) | — (h) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  NN Group NV | (166) | 2 | 2 | 0.0 (g) |
|  QIAGEN NV | (8) | — (h) | — (h) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (21) | (3) | (3) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | (38) | 1 | 1 | 0.0 (g) |
|  Bankinter SA | (122) | 5 | 5 | 0.0 (g) |
|  CaixaBank SA | (185) | 5 | 5 | 0.0 (g) |
|  Enagas SA | (173) | 3 | 3 | 0.0 (g) |
|  Grifols SA | (111) | 1 | 1 | 0.0 (g) |
|  Telefonica SA | (436) | (25) | (27) | 0.0 (g) |
|  Unicaja Banco SA | (2) | — (h) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | (61) | (3) | (3) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 130 | 115 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 213 | 204 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from (1.00)% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 12/08/2025 | 100 | 104 | 7 | 111 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Hiscox Ltd. | 85 | (8) | (8) | 0.0 (g) |
|  **Chile** |  |  |  |  |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Antofagasta plc | 176 | (62) | (62) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Prudential plc | 7 | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  DCC plc | 13 | — (h) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Associated British Foods plc | 25 | (1) | (1) | 0.0 (g) |
|  BP plc | 454 | (2) | — (h) | 0.0 (g) |
|  BT Group plc | 78 | 7 | 7 | 0.0 (g) |
|  Diploma plc | 107 | 6 | 6 | 0.0 (g) |
|  easyJet plc | 4 | — (h) | — (h) | 0.0 (g) |
|  Haleon plc | 889 | 140 | 143 | 0.0 (g) |
|  Kingfisher plc | 39 | (23) | (23) | 0.0 (g) |
|  LondonMetric Property plc | 11 | (1) | (1) | 0.0 (g) |
|  Marks & Spencer Group plc | 25 | (1) | (1) | 0.0 (g) |
|  Mondi plc | 23 | (1) | — (h) | 0.0 (g) |
|  National Grid plc | 3 | — (h) | — (h) | 0.0 (g) |
|  Persimmon plc | 42 | (4) | (4) | 0.0 (g) |
|  Rentokil Initial plc | 43 | (2) | (2) | 0.0 (g) |
|  Rio Tinto plc | 38 | (2) | (2) | 0.0 (g) |
|  Severn Trent plc | 3 | — (h) | — (h) | 0.0 (g) |
|  Spectris plc | 718 | (3) | (1) | 0.0 (g) |
|  Spirax Group plc | 14 | — (h) | — (h) | 0.0 (g) |
|  SSE plc | 6 | — (h) | — (h) | 0.0 (g) |
|  Tesco plc | 19 | — (h) | — (h) | 0.0 (g) |
|  Vistry Group plc | 23 | (3) | (3) | 0.0 (g) |
|  Vodafone Group plc | 34 | — (h) | — (h) | 0.0 (g) |
|  Whitbread plc | 30 | — (h) | — (h) | 0.0 (g) |
|  WPP plc | 16 | (1) | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 39 | 47 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Ireland** |  |  |  |  |
|  Experian plc | (12) | — (h) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Coca-Cola HBC AG | (9) | — (h) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Admiral Group plc | (39) | 1 | — (h) | 0.0 (g) |
|  Babcock International Group plc | (17) | 1 | 1 | 0.0 (g) |
|  BAE Systems plc | (43) | 3 | 3 | 0.0 (g) |
|  Barclays plc | (12) | — (h) | — (h) | 0.0 (g) |
|  Bellway plc | (98) | 8 | 8 | 0.0 (g) |
|  Burberry Group plc | (8) | 1 | 1 | 0.0 (g) |
|  Entain plc | (11) | — (h) | — (h) | 0.0 (g) |
|  Halma plc | (595) | 32 | 30 | 0.0 (g) |
|  IG Group Holdings plc | (99) | (6) | (6) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  IMI plc | (28) | — (h) | — (h) | 0.0 (g) |
|  Intertek Group plc | (16) | — (h) | — (h) | 0.0 (g) |
|  London Stock Exchange Group plc | (10) | — (h) | — (h) | 0.0 (g) |
|  M&G plc | (5) | — (h) | — (h) | 0.0 (g) |
|  NatWest Group plc | (10) | — (h) | — (h) | 0.0 (g) |
|  Pearson plc | (58) | 2 | 2 | 0.0 (g) |
|  Phoenix Group Holdings plc | (9) | — (h) | — (h) | 0.0 (g) |
|  Rightmove plc | (8) | — (h) | — (h) | 0.0 (g) |
|  Sage Group plc (The) | (72) | 1 | 1 | 0.0 (g) |
|  Schroders plc | (12) | — (h) | — (h) | 0.0 (g) |
|  Smiths Group plc | (85) | (1) | (1) | 0.0 (g) |
|  UNITE Group plc (The) | (113) | 2 | 1 | 0.0 (g) |
|  United Utilities Group plc | (3) | — (h) | — (h) | 0.0 (g) |
|  Weir Group plc (The) | (213) | 17 | 17 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 61 | 57 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 100 | 104 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from (1.00)% to 0.30%) which is denominated in HKD based on the local currencies of the positions within the swap | 12/08/2025 | 8 | 9 | – | 9 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Budweiser Brewing Co. APAC Ltd | 181 | — (h) | — (h) | 0.0 (g) |
|  Hong Kong & China Gas Co. Ltd. | 633 | 4 | 5 | 0.0 (g) |
|  MTR Corp. Ltd. | 499 | 1 | 1 | 0.0 (g) |
|  Wharf Holdings Ltd. (The) | 66 | — (h) | — (h) | 0.0 (g) |
|  Wharf Real Estate Investment Co. Ltd. | 115 | 1 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 6 | 7 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  AIA Group Ltd. | (916) | 2 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  CK Hutchison Holdings Ltd. | (76) | — (h) | — (h) | 0.0 (g) |
|  Techtronic Industries Co. Ltd. | (101) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 2 | 2 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 8 | 9 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.70%) which is denominated in ILS based on the local currencies of the positions within the swap | 12/08/2025 | 9 | 8 | – | 8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Azrieli Group Ltd. | 181 | (1) | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (1) | (1) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | (18) | — (h) | — (h) | 0.0 (g) |
|  Elbit Systems Ltd. | (56) | 1 | 1 | 0.0 (g) |
|  Israel Discount Bank Ltd. | (965) | 9 | 8 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 10 | 9 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 9 | 8 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from (0.25)% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 12/08/2025 | (69) | (69) | 108 | 39 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Ajinomoto Co., Inc. | 11022 | — (h) | — (h) | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | 891 | — (h) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | 1814 | (1) | (1) | 0.0 (g) |
|  East Japan Railway Co. | 16934 | 2 | 2 | 0.0 (g) |
|  Fuji Electric Co. Ltd. | 18901 | — (h) | — (h) | 0.0 (g) |
|  Hankyu Hanshin Holdings, Inc. | 17727 | 2 | 2 | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | 7043 | 3 | 3 | 0.0 (g) |
|  ITOCHU Corp. | 21601 | 4 | 4 | 0.0 (g) |
|  Kadokawa Corp. | 6752 | (1) | (1) | 0.0 (g) |
|  Keisei Electric Railway Co. Ltd. | 1247 | — (h) | — (h) | 0.0 (g) |
|  Kikkoman Corp. | 5621 | 2 | 2 | 0.0 (g) |
|  Konami Group Corp. | 2185 | — (h) | — (h) | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | 1359 | — (h) | — (h) | 0.0 (g) |
|  M3, Inc. | 2120 | — (h) | — (h) | 0.0 (g) |
|  Marubeni Corp. | 3980 | (1) | (1) | 0.0 (g) |
|  MEIJI Holdings Co. Ltd. | 938 | — (h) | — (h) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | 9419 | — (h) | — (h) | 0.0 (g) |
|  MonotaRO Co. Ltd. | 6201 | 3 | 3 | 0.0 (g) |
|  NIPPON EXPRESS HOLDINGS, Inc. | 1020 | — (h) | — (h) | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | 22799 | 1 | 1 | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | 10997 | 3 | 3 | 0.0 (g) |
|  Nippon Steel Corp. | 5792 | 2 | 2 | 0.0 (g) |
|  Nissin Foods Holdings Co. Ltd. | 3169 | 1 | 1 | 0.0 (g) |
|  Niterra Co. Ltd. | 13990 | 2 | 2 | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | 8698 | 1 | 1 | 0.0 (g) |
|  NTT, Inc. | 2847 | 1 | 1 | 0.0 (g) |
|  Oriental Land Co. Ltd./Japan | 29471 | 4 | 4 | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | 535 | — (h) | — (h) | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | 5636 | 2 | 2 | 0.0 (g) |
|  SCSK Corp. | 5226 | 2 | 2 | 0.0 (g) |
|  Sega Sammy Holdings, Inc. | 1569 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Seibu Holdings, Inc. | 3213 | — (h) | — (h) | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | 1427 | — (h) | — (h) | 0.0 (g) |
|  Sony Financial Group, Inc. | 46 | 51 | (7) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | 2801 | — (h) | — (h) | 0.0 (g) |
|  Suzuki Motor Corp. | 9223 | — (h) | — (h) | 0.0 (g) |
|  TIS, Inc. | 1514 | — (h) | — (h) | 0.0 (g) |
|  Tokyu Corp. | 13458 | 3 | 4 | 0.0 (g) |
|  Toyota Tsusho Corp. | 9843 | — (h) | — (h) | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | 1783 | — (h) | — (h) | 0.0 (g) |
|  Yamato Holdings Co. Ltd. | 4358 | 1 | 1 | 0.0 (g) |
|  Yokogawa Electric Corp. | 2171 | — (h) | — (h) | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | 31418 | 3 | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 90 | 33 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Aisin Corp. | (9269) | — (h) | — (h) | 0.0 (g) |
|  Amada Co. Ltd. | (3009) | (1) | (1) | 0.0 (g) |
|  ANA Holdings, Inc. | (37727) | (9) | (10) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | (3381) | — (h) | — (h) | 0.0 (g) |
|  Asahi Kasei Corp. | (2909) | — (h) | — (h) | 0.0 (g) |
|  Chugai Pharmaceutical Co. Ltd. | (25461) | (7) | (7) | 0.0 (g) |
|  CyberAgent, Inc. | (9190) | — (h) | — (h) | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | (5940) | — (h) | — (h) | 0.0 (g) |
|  Daiwa Securities Group, Inc. | (842) | — (h) | — (h) | 0.0 (g) |
|  DMG Mori Co. Ltd. | (114886) | (19) | (19) | 0.0 (g) |
|  Food & Life Cos. Ltd. | (3804) | — (h) | — (h) | 0.0 (g) |
|  Fujitsu Ltd. | (1439) | — (h) | — (h) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | (3981) | — (h) | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | (1283) | — (h) | — (h) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | (9927) | — (h) | — (h) | 0.0 (g) |
|  Hitachi Ltd. | (250267) | (82) | (82) | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | (28803) | (2) | (2) | 0.0 (g) |
|  Isuzu Motors Ltd. | (12727) | (4) | (4) | 0.0 (g) |
|  Japan Airlines Co. Ltd. | (1878) | (1) | (1) | 0.0 (g) |
|  Japan Post Bank Co. Ltd. | (3666) | — (h) | — (h) | 0.0 (g) |
|  Kandenko Co. Ltd. | (13260) | (2) | (2) | 0.0 (g) |
|  Keyence Corp. | (73281) | (10) | (11) | 0.0 (g) |
|  Kobe Steel Ltd. | (19995) | (8) | (8) | 0.0 (g) |
|  Kyocera Corp. | (2474) | (1) | (1) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd. | (10120) | (1) | (1) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | (182769) | 10 | 9 | 0.0 (g) |
|  Mitsui Chemicals, Inc. | (7085) | — (h) | — (h) | 0.0 (g) |
|  Mitsui Kinzoku Co. Ltd. | (76476) | 27 | 28 | 0.0 (g) |
|  NH Foods Ltd. | (3519) | — (h) | — (h) | 0.0 (g) |
|  Nomura Holdings, Inc. | (119813) | (12) | (13) | 0.0 (g) |
|  Obayashi Corp. | (11338) | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Olympus Corp. | (34312) | 4 | 4 | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | (5999) | — (h) | — (h) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | (2561) | — (h) | — (h) | 0.0 (g) |
|  Panasonic Holdings Corp. | (53073) | 15 | 15 | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | (9548) | — (h) | — (h) | 0.0 (g) |
|  Ryohin Keikaku Co. Ltd. | (49070) | (31) | (30) | 0.0 (g) |
|  Sanwa Holdings Corp. | (8561) | (6) | (6) | 0.0 (g) |
|  Secom Co. Ltd. | (25912) | (7) | (7) | 0.0 (g) |
|  Seiko Epson Corp. | (4409) | — (h) | — (h) | 0.0 (g) |
|  Shimizu Corp. | (1268) | — (h) | — (h) | 0.0 (g) |
|  Shin-Etsu Chemical Co. Ltd. | (97920) | 60 | 60 | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | (5922) | 1 | 1 | 0.0 (g) |
|  Sompo Holdings, Inc. | (3762) | (1) | (1) | 0.0 (g) |
|  Sony Group Corp. | (201128) | (38) | 21 | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | (7687) | (2) | (2) | 0.0 (g) |
|  Sumitomo Electric Industries Ltd. | (6315) | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | (34525) | 2 | 2 | 0.0 (g) |
|  Sumitomo Realty & Development Co. Ltd. | (11056) | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Rubber Industries Ltd. | (2881) | — (h) | — (h) | 0.0 (g) |
|  Sysmex Corp. | (74061) | (19) | (19) | 0.0 (g) |
|  THK Co. Ltd. | (5693) | — (h) | — (h) | 0.0 (g) |
|  Tokyo Seimitsu Co. Ltd. | (6960) | 7 | 7 | 0.0 (g) |
|  Tosoh Corp. | (29193) | (11) | (11) | 0.0 (g) |
|  Tsuruha Holdings, Inc. | (1407) | — (h) | — (h) | 0.0 (g) |
|  Unicharm Corp. | (47182) | (10) | (10) | 0.0 (g) |
|  Yaskawa Electric Corp. | (1529) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (159) | (102) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (69) | (69) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month NIBOR on long positions and short positions respectively, plus or minus spread (rates range from (0.26)% to 0.26%) which is denominated in NOK based on the local currencies of the positions within the swap | 12/08/2025 | 1 | 1 | – | 1 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Norsk Hydro ASA | 945 | (1) | (1) | 0.0 (g) |
|  Salmar ASA | 198 | 1 | 1 | 0.0 (g) |
|  Telenor ASA | 261 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | (89) | — (h) | — (h) | 0.0 (g) |
|  DNB Bank ASA | (466) | — (h) | — (h) | 0.0 (g) |
|  Kongsberg Gruppen ASA | (176) | 1 | 1 | 0.0 (g) |
|  Var Energi ASA | (191) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION DATE** | **NATIONAL<br>VALUE<br>($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month STIBOR on long positions and short positions respectively, plus or minus spread (rates range from (0.70)% to 0.26%) which is denominated in SEK based on the local currencies of the positions within the swap | 12/08/2025 | (9) | (5) | 1 | (4) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Atlas Copco AB | 4534 | (5) | (4) | 0.0 (g) |
|  Castellum AB | 1398 | (3) | (2) | 0.0 (g) |
|  Epiroc AB | 263 | 1 | 1 | 0.0 (g) |
|  EQT AB | 5279 | 17 | 17 | 0.0 (g) |
|  H & M Hennes & Mauritz AB | 241 | (3) | (3) | 0.0 (g) |
|  Hexagon AB | 151 | — (h) | — (h) | 0.0 (g) |
|  Holmen AB | 103 | — (h) | — (h) | 0.0 (g) |
|  Industrivarden AB | 1895 | (1) | (1) | 0.0 (g) |
|  Investor AB | 11655 | (38) | (36) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  L E Lundbergforetagen AB | 838 | — (h) | — (h) | 0.0 (g) |
|  Lifco AB | 1192 | 6 | 6 | 0.0 (g) |
|  Sagax AB | 427 | 1 | 1 | 0.0 (g) |
|  Sandvik AB | 678 | — (h) | — (h) | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | 481 | — (h) | — (h) | 0.0 (g) |
|  SKF AB | 2048 | — (h) | — (h) | 0.0 (g) |
|  Swedbank AB | 321 | — (h) | — (h) | 0.0 (g) |
|  Volvo AB | 9641 | 19 | 20 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (6) | (1) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AddTech AB | (65) | — (h) | — (h) | 0.0 (g) |
|  Getinge AB | (309) | (1) | (1) | 0.0 (g) |
|  Skanska AB | (2577) | 5 | 5 | 0.0 (g) |
|  SSAB AB | (2673) | 8 | 8 | 0.0 (g) |
|  Tele2 AB | (7234) | (15) | (16) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (3) | (4) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (9) | (5) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.30%) which is denominated in SGD based on the local currencies of the positions within the swap | 12/08/2025 | 3 | 3 | – | 3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  Sembcorp Industries Ltd. | 64 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE ($)<br>(1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  CapitaLand Ascendas REIT | (128) | (3) | (3) | 0.0 (g) |
|  Oversea-Chinese Banking Corp. Ltd. | (86) | (2) | (2) | 0.0 (g) |
|  Singapore Technologies Engineering Ltd. | (235) | 8 | 8 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from (2.25)% to 0.20%) which is denominated in USD based on the local currencies of the positions within the swap | 12/08/2025 | (492) | (514) | 109 | (405) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Everest Group Ltd. | 37 | (1) | (1) | 0.0 (g) |
|  Golar LNG Ltd. | 60 | — (h) | 1 | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | 742 | (29) | (27) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Abivax SA | 97 | 1 | 1 | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Nova Ltd. | 13 | (1) | (1) | 0.0 (g) |
|  Teva Pharmaceutical Industries Ltd. | 732 | (12) | (10) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Autoliv, Inc. | 469 | 15 | 16 | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Amcor plc | 338 | 7 | 8 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Birkenstock Holding Plc | 5 | — (h) | — (h) | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | 838 | (3) | (2) | 0.0 (g) |
|  Willis Towers Watson plc | 2209 | (37) | (33) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  ACI Worldwide, Inc. | 196 | (8) | (8) | 0.0 (g) |
|  AeroVironment, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  AGNC Investment Corp. | 127 | 1 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Albertsons Cos., Inc. | 12 | — (h) | — (h) | 0.0 (g) |
|  American Financial Group, Inc./OH | 19 | (1) | (1) | 0.0 (g) |
|  Annaly Capital Management, Inc. | 17 | 1 | 1 | 0.0 (g) |
|  Antero Midstream Corp. | 47 | (2) | (1) | 0.0 (g) |
|  APA Corp. | 8 | — (h) | — (h) | 0.0 (g) |
|  Applied Digital Corp. | 11 | — (h) | — (h) | 0.0 (g) |
|  Archer-Daniels-Midland Co. | 738 | 20 | 22 | 0.0 (g) |
|  Arthur J Gallagher & Co. | 2790 | (85) | (79) | 0.0 (g) |
|  Asbury Automotive Group, Inc. | 86 | 3 | 3 | 0.0 (g) |
|  Avidity Biosciences, Inc. | 121 | (8) | (7) | 0.0 (g) |
|  Axon Enterprise, Inc. | 384 | 17 | 18 | 0.0 (g) |
|  Baker Hughes Co. | 35 | (1) | (1) | 0.0 (g) |
|  Becton Dickinson & Co. | 1353 | 24 | 27 | 0.0 (g) |
|  BILL Holdings, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Builders FirstSource, Inc. | 10 | 1 | 1 | 0.0 (g) |
|  BXP, Inc. | 23 | — (h) | — (h) | 0.0 (g) |
|  Cadence Bank | 5 | — (h) | — (h) | 0.0 (g) |
|  Cadence Design Systems, Inc. | 1608 | 16 | 19 | 0.0 (g) |
|  Capital One Financial Corp. | 1895 | 100 | 104 | 0.0 (g) |
|  CareTrust REIT, Inc. | 68 | — (h) | — (h) | 0.0 (g) |
|  Casella Waste Systems, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Cava Group, Inc. | 29 | 1 | 1 | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | 48 | 2 | 2 | 0.0 (g) |
|  Celsius Holdings, Inc. | 321 | 2 | 3 | 0.0 (g) |
|  Cloudflare, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Coeur Mining, Inc. | 261 | (62) | (61) | 0.0 (g) |
|  Constellation Brands, Inc. | 356 | 21 | 22 | 0.0 (g) |
|  Core & Main, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Corning, Inc. | 24 | (2) | (2) | 0.0 (g) |
|  CSW Industrials, Inc. | 121 | 6 | 6 | 0.0 (g) |
|  Cummins, Inc. | 1155 | (32) | (29) | 0.0 (g) |
|  DaVita, Inc. | 365 | 1 | 2 | 0.0 (g) |
|  Deckers Outdoor Corp. | 368 | 52 | 53 | 0.0 (g) |
|  Deere & Co. | 851 | 34 | 37 | 0.0 (g) |
|  Diamondback Energy, Inc. | 15 | — (h) | — (h) | 0.0 (g) |
|  Dillard's, Inc. | 23 | (1) | (1) | 0.0 (g) |
|  Dollar Tree, Inc. | 551 | 28 | 29 | 0.0 (g) |
|  DR Horton, Inc. | 869 | 56 | 58 | 0.0 (g) |
|  Duke Energy Corp. | 577 | (8) | (6) | 0.0 (g) |
|  EastGroup Properties, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  EchoStar Corp. | 7 | — (h) | — (h) | 0.0 (g) |
|  Ensign Group, Inc. (The) | 15 | (1) | (1) | 0.0 (g) |
|  Entegris, Inc. | 340 | (37) | (36) | 0.0 (g) |
|  Esab Corp. | 143 | 2 | 2 | 0.0 (g) |
|  Essential Utilities, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Essex Property Trust, Inc. | 19 | — (h) | — (h) | 0.0 (g) |
|  Estee Lauder Cos., Inc. (The) | 6 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Evergy, Inc. | 590 | (31) | (29) | 0.0 (g) |
|  Expedia Group, Inc. | 597 | 21 | 22 | 0.0 (g) |
|  F5, Inc. | 676 | 23 | 25 | 0.0 (g) |
|  Federal Realty Investment Trust | 17 | — (h) | — (h) | 0.0 (g) |
|  Fidelity National Financial, Inc. | 4 | — (h) | — (h) | 0.0 (g) |
|  First Solar, Inc. | 19 | (1) | (1) | 0.0 (g) |
|  FirstCash Holdings, Inc. | 16 | — (h) | — (h) | 0.0 (g) |
|  Flutter Entertainment plc | 898 | 118 | 120 | 0.0 (g) |
|  Fortive Corp. | 56 | (1) | (1) | 0.0 (g) |
|  GE HealthCare Technologies, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Gen Digital, Inc. | 57 | 1 | 1 | 0.0 (g) |
|  Generac Holdings, Inc. | 6 | 1 | 1 | 0.0 (g) |
|  Genuine Parts Co. | 1345 | 38 | 41 | 0.0 (g) |
|  Halliburton Co. | 261 | (28) | (27) | 0.0 (g) |
|  Healthcare Realty Trust, Inc. | 189 | 3 | 3 | 0.0 (g) |
|  Hecla Mining Co. | 394 | (37) | (36) | 0.0 (g) |
|  HF Sinclair Corp. | 126 | (2) | (1) | 0.0 (g) |
|  Hormel Foods Corp. | 6 | — (h) | — (h) | 0.0 (g) |
|  HP, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Hyatt Hotels Corp. | 19 | — (h) | — (h) | 0.0 (g) |
|  IDACORP, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  InterDigital, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | 446 | 33 | 34 | 0.0 (g) |
|  IQVIA Holdings, Inc. | 565 | 2 | 3 | 0.0 (g) |
|  Jack Henry & Associates, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  JBT Marel Corp. | 331 | (2) | (1) | 0.0 (g) |
|  Jones Lang LaSalle, Inc. | 580 | 30 | 31 | 0.0 (g) |
|  KKR & Co., Inc. | 47 | 5 | 5 | 0.0 (g) |
|  Krystal Biotech, Inc. | 14 | (1) | (1) | 0.0 (g) |
|  Lazard, Inc. | 69 | 5 | 5 | 0.0 (g) |
|  Lowe's Cos., Inc. | 71 | 4 | 4 | 0.0 (g) |
|  Lumen Technologies, Inc. | 29 | — (h) | — (h) | 0.0 (g) |
|  Madrigal Pharmaceuticals, Inc. | 393 | (18) | (17) | 0.0 (g) |
|  Maplebear, Inc. | 483 | 99 | 100 | 0.0 (g) |
|  Markel Group, Inc. | 48 | — (h) | — (h) | 0.0 (g) |
|  Masimo Corp. | 70 | (1) | — (h) | 0.0 (g) |
|  Matador Resources Co. | 123 | 9 | 10 | 0.0 (g) |
|  Murphy USA, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Norwegian Cruise Line Holdings Ltd. | 4 | — (h) | — (h) | 0.0 (g) |
|  NOV, Inc. | 33 | — (h) | — (h) | 0.0 (g) |
|  Nutanix, Inc. | 415 | 35 | 36 | 0.0 (g) |
|  Occidental Petroleum Corp. | 66 | — (h) | — (h) | 0.0 (g) |
|  Old National Bancorp | 98 | — (h) | 1 | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | 977 | 7 | 9 | 0.0 (g) |
|  Packaging Corp. of America | 47 | — (h) | — (h) | 0.0 (g) |
|  Paramount Skydance Corp. | 171 | (13) | (13) | 0.0 (g) |
|  PennyMac Financial Services, Inc. | 125 | 1 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Pinnacle West Capital Corp. | 128 | (2) | (2) | 0.0 (g) |
|  Pool Corp. | 274 | 16 | 17 | 0.0 (g) |
|  Procore Technologies, Inc. | 260 | (8) | (8) | 0.0 (g) |
|  Public Service Enterprise Group, Inc. | 588 | (10) | (9) | 0.0 (g) |
|  Quanta Services, Inc. | 14 | (1) | (1) | 0.0 (g) |
|  QXO, Inc. | 23 | 2 | 2 | 0.0 (g) |
|  Rambus, Inc. | 7 | (1) | — (h) | 0.0 (g) |
|  Raymond James Financial, Inc. | 13 | — (h) | — (h) | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | 196 | (6) | (6) | 0.0 (g) |
|  Rocket Lab Corp. | 8 | — (h) | — (h) | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | 10 | (1) | (1) | 0.0 (g) |
|  Ryder System, Inc. | 289 | 1 | 2 | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  Seagate Technology Holdings plc | 832 | (167) | (165) | 0.0 (g) |
|  Service Corp. International/US | 7 | — (h) | — (h) | 0.0 (g) |
|  Shake Shack, Inc. | 128 | 13 | 13 | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | 25 | 2 | 2 | 0.0 (g) |
|  SiteOne Landscape Supply, Inc. | 18 | 1 | 1 | 0.0 (g) |
|  Snap-on, Inc. | 511 | (22) | (21) | 0.0 (g) |
|  Snowflake, Inc. | 562 | (3) | (1) | 0.0 (g) |
|  Somnigroup International, Inc. | 863 | 18 | 20 | 0.0 (g) |
|  SPS Commerce, Inc. | 105 | 8 | 8 | 0.0 (g) |
|  SPX Technologies, Inc. | 17 | — (h) | — (h) | 0.0 (g) |
|  STAG Industrial, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  Stanley Black & Decker, Inc. | 226 | 15 | 15 | 0.0 (g) |
|  Strategy, Inc. | 1047 | 12 | 15 | 0.0 (g) |
|  Super Micro Computer, Inc. | 535 | (50) | (49) | 0.0 (g) |
|  Symbotic, Inc. | 70 | (7) | (7) | 0.0 (g) |
|  Teradyne, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Terreno Realty Corp. | 13 | — (h) | — (h) | 0.0 (g) |
|  TKO Group Holdings, Inc. | 100 | — (h) | — (h) | 0.0 (g) |
|  TPG, Inc. | 16 | 1 | 1 | 0.0 (g) |
|  UFP Industries, Inc. | 51 | 4 | 5 | 0.0 (g) |
|  UGI Corp. | 166 | 8 | 8 | 0.0 (g) |
|  UMB Financial Corp. | 379 | 10 | 11 | 0.0 (g) |
|  Unity Software, Inc. | 12 | 1 | 1 | 0.0 (g) |
|  Upstart Holdings, Inc. | 49 | 9 | 9 | 0.0 (g) |
|  US Foods Holding Corp. | 375 | 15 | 16 | 0.0 (g) |
|  Valley National Bancorp | 287 | 5 | 6 | 0.0 (g) |
|  Valvoline, Inc. | 196 | 23 | 23 | 0.0 (g) |
|  W R Berkley Corp. | 23 | — (h) | — (h) | 0.0 (g) |
|  Warner Bros Discovery, Inc. | 461 | (102) | (102) | 0.0 (g) |
|  Warner Music Group Corp. | 7 | — (h) | — (h) | 0.0 (g) |
|  Watts Water Technologies, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  WEC Energy Group, Inc. | 893 | (41) | (40) | 0.0 (g) |
|  WESCO International, Inc. | 5 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Yum! Brands, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Zscaler, Inc. | 868 | (39) | (38) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 84 | 181 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Arch Capital Group Ltd. | (665) | (11) | (13) | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | (21) | 1 | 1 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Amer Sports, Inc. | (8) | (1) | (1) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  ICON plc | (197) | — (h) | (1) | 0.0 (g) |
|  Trane Technologies plc | (1028) | 18 | 15 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  QIAGEN NV | (12) | — (h) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Sportradar Group AG | (210) | (22) | (23) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Pentair plc | (10) | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Adobe, Inc. | (17) | — (h) | — (h) | 0.0 (g) |
|  Aflac, Inc. | (437) | 12 | 11 | 0.0 (g) |
|  Air Lease Corp. | (516) | 1 | (1) | 0.0 (g) |
|  Alcoa Corp. | (11) | — (h) | — (h) | 0.0 (g) |
|  Align Technology, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Ally Financial, Inc. | (578) | (41) | (42) | 0.0 (g) |
|  Altria Group, Inc. | (951) | (4) | (7) | 0.0 (g) |
|  American Tower Corp. | (780) | (17) | (19) | 0.0 (g) |
|  Antero Resources Corp. | (271) | 6 | 5 | 0.0 (g) |
|  API Group Corp. | (370) | (13) | (14) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | (36) | — (h) | — (h) | 0.0 (g) |
|  Axalta Coating Systems Ltd. | (156) | (15) | (15) | 0.0 (g) |
|  BellRing Brands, Inc. | (13) | — (h) | — (h) | 0.0 (g) |
|  Best Buy Co., Inc. | (280) | (10) | (11) | 0.0 (g) |
|  Bio-Techne Corp. | (5) | — (h) | — (h) | 0.0 (g) |
|  Booz Allen Hamilton Holding Corp. | (11) | — (h) | — (h) | 0.0 (g) |
|  BorgWarner, Inc. | (62) | — (h) | — (h) | 0.0 (g) |
|  Boston Scientific Corp. | (660) | (43) | (44) | 0.0 (g) |
|  Brinker International, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | (601) | (32) | (33) | 0.0 (g) |
|  Brixmor Property Group, Inc. | (218) | (3) | (4) | 0.0 (g) |
|  Camden Property Trust | (36) | — (h) | — (h) | 0.0 (g) |
|  CarMax, Inc. | (37) | (6) | (6) | 0.0 (g) |
|  Cboe Global Markets, Inc. | (292) | 11 | 10 | 0.0 (g) |
|  Charles River Laboratories International, Inc. | (10) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Chevron Corp. | (690) | (13) | (15) | 0.0 (g) |
|  Cigna Group (The) | (680) | (39) | (41) | 0.0 (g) |
|  Cisco Systems, Inc. | (583) | 6 | 5 | 0.0 (g) |
|  Cognex Corp. | (142) | 1 | 1 | 0.0 (g) |
|  Cognizant Technology Solutions Corp. | (641) | (32) | (34) | 0.0 (g) |
|  Consolidated Edison, Inc. | (1841) | 54 | 49 | 0.0 (g) |
|  Copart, Inc. | (214) | (18) | (18) | 0.0 (g) |
|  Corteva, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Crane Co. | (348) | (3) | (4) | 0.0 (g) |
|  Credo Technology Group Holding Ltd. | (280) | (24) | (25) | 0.0 (g) |
|  CubeSmart | (42) | — (h) | — (h) | 0.0 (g) |
|  Curtiss-Wright Corp. | (45) | 3 | 3 | 0.0 (g) |
|  Danaher Corp. | (20) | 1 | 1 | 0.0 (g) |
|  Darling Ingredients, Inc. | (13) | (1) | (1) | 0.0 (g) |
|  Dell Technologies, Inc. | (504) | 66 | 65 | 0.0 (g) |
|  Delta Air Lines, Inc. | (26) | (1) | (1) | 0.0 (g) |
|  Devon Energy Corp. | (738) | (5) | (7) | 0.0 (g) |
|  Dexcom, Inc. | (435) | (50) | (52) | 0.0 (g) |
|  Dick's Sporting Goods, Inc. | (438) | (17) | (18) | 0.0 (g) |
|  Dover Corp. | (5) | — (h) | — (h) | 0.0 (g) |
|  Dropbox, Inc. | (4) | — (h) | — (h) | 0.0 (g) |
|  DuPont de Nemours, Inc. | (15) | — (h) | — (h) | 0.0 (g) |
|  Edison International | (7) | — (h) | — (h) | 0.0 (g) |
|  Edwards Lifesciences Corp. | (509) | (2) | (3) | 0.0 (g) |
|  Elastic NV | (419) | (21) | (22) | 0.0 (g) |
|  Encompass Health Corp. | (386) | 1 | — (h) | 0.0 (g) |
|  EPAM Systems, Inc. | (223) | (10) | (11) | 0.0 (g) |
|  ExlService Holdings, Inc. | (525) | — (h) | (1) | 0.0 (g) |
|  Expand Energy Corp. | (509) | 56 | 55 | 0.0 (g) |
|  First Horizon Corp. | (621) | (4) | (5) | 0.0 (g) |
|  Flex Ltd. | (478) | 2 | 1 | 0.0 (g) |
|  Flowserve Corp. | (554) | (35) | (36) | 0.0 (g) |
|  Fluor Corp. | (183) | 3 | 3 | 0.0 (g) |
|  FMC Corp. | (7) | (1) | (1) | 0.0 (g) |
|  FNB Corp/PA | (11) | — (h) | — (h) | 0.0 (g) |
|  Fox Corp. | (16) | 1 | 1 | 0.0 (g) |
|  Freeport-McMoRan, Inc. | (864) | (128) | (130) | 0.0 (g) |
|  Gartner, Inc. | (50) | 2 | 2 | 0.0 (g) |
|  Globe Life, Inc. | (286) | 1 | — (h) | 0.0 (g) |
|  Guardant Health, Inc. | (253) | 26 | 25 | 0.0 (g) |
|  Hasbro, Inc. | (26) | — (h) | — (h) | 0.0 (g) |
|  HealthEquity, Inc. | (435) | 12 | 11 | 0.0 (g) |
|  HEICO Corp. | (629) | 4 | 2 | 0.0 (g) |
|  Huntington Bancshares, Inc./OH | (1258) | (36) | (39) | 0.0 (g) |
|  IDEX Corp. | (398) | (4) | (5) | 0.0 (g) |
|  Intuitive Surgical, Inc. | (909) | (17) | (19) | 0.0 (g) |
|  Iron Mountain, Inc. | (238) | 8 | 7 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  ITT, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Jabil, Inc. | (624) | 8 | 7 | 0.0 (g) |
|  JB Hunt Transport Services, Inc. | (328) | (17) | (18) | 0.0 (g) |
|  Kimco Realty Corp. | (366) | (10) | (11) | 0.0 (g) |
|  Kirby Corp. | (52) | 1 | — (h) | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | (21) | — (h) | — (h) | 0.0 (g) |
|  Kyndryl Holdings, Inc. | (103) | (9) | (9) | 0.0 (g) |
|  Labcorp Holdings, Inc. | (433) | 11 | 10 | 0.0 (g) |
|  Lumentum Holdings, Inc. | (179) | (2) | (3) | 0.0 (g) |
|  MasTec, Inc. | (26) | 2 | 2 | 0.0 (g) |
|  Meritage Homes Corp. | (190) | (20) | (21) | 0.0 (g) |
|  Meta Platforms, Inc. | (516) | (11) | (13) | 0.0 (g) |
|  MetLife, Inc. | (18) | 1 | 1 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | (39) | 1 | — (h) | 0.0 (g) |
|  Mid-America Apartment Communities, Inc. | (487) | (15) | (16) | 0.0 (g) |
|  Monster Beverage Corp. | (8) | — (h) | — (h) | 0.0 (g) |
|  Motorola Solutions, Inc. | (912) | (62) | (64) | 0.0 (g) |
|  Nasdaq, Inc. | (1073) | (83) | (85) | 0.0 (g) |
|  National Fuel Gas Co. | (472) | 24 | 22 | 0.0 (g) |
|  NextEra Energy, Inc. | (1161) | 69 | 66 | 0.0 (g) |
|  NNN REIT, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Nordson Corp. | (285) | (1) | (2) | 0.0 (g) |
|  NRG Energy, Inc. | (16) | — (h) | — (h) | 0.0 (g) |
|  NVR, Inc. | (452) | (26) | (27) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | (59) | — (h) | (1) | 0.0 (g) |
|  ON Semiconductor Corp. | (405) | 2 | 1 | 0.0 (g) |
|  Oshkosh Corp. | (38) | — (h) | — (h) | 0.0 (g) |
|  Palantir Technologies, Inc. | (456) | 50 | 49 | 0.0 (g) |
|  Paylocity Holding Corp. | (7) | — (h) | — (h) | 0.0 (g) |
|  Pinnacle Financial Partners, Inc. | (534) | (22) | (23) | 0.0 (g) |
|  PNC Financial Services Group, Inc. (The) | (961) | (9) | (11) | 0.0 (g) |
|  Prudential Financial, Inc. | (378) | (11) | (12) | 0.0 (g) |
|  Qorvo, Inc. | (13) | — (h) | — (h) | 0.0 (g) |
|  Regency Centers Corp. | (664) | 6 | 5 | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | (17) | — (h) | — (h) | 0.0 (g) |
|  Regions Financial Corp. | (964) | (25) | (27) | 0.0 (g) |
|  Reinsurance Group of America, Inc. | (12) | — (h) | — (h) | 0.0 (g) |
|  Reliance, Inc. | (6) | — (h) | — (h) | 0.0 (g) |
|  Roivant Sciences Ltd. | (132) | 7 | 7 | 0.0 (g) |
|  Ross Stores, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  ServiceNow, Inc. | (1069) | (21) | (23) | 0.0 (g) |
|  Sirius XM Holdings, Inc. | (20) | — (h) | — (h) | 0.0 (g) |
|  Skyworks Solutions, Inc. | (9) | — (h) | — (h) | 0.0 (g) |
|  SLB Ltd. | (756) | (35) | (37) | 0.0 (g) |
|  Steel Dynamics, Inc. | (340) | 14 | 13 | 0.0 (g) |
|  Stifel Financial Corp. | (395) | (6) | (7) | 0.0 (g) |
|  Stryker Corp. | (597) | (29) | (31) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE<br>($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Synovus Financial Corp. | (19) | — (h) | — (h) | 0.0 (g) |
|  Take-Two Interactive Software, Inc. | (761) | 37 | 35 | 0.0 (g) |
|  Tapestry, Inc. | (34) | 1 | 1 | 0.0 (g) |
|  TD SYNNEX Corp. | (213) | 16 | 16 | 0.0 (g) |
|  Tenet Healthcare Corp. | (26) | 3 | 3 | 0.0 (g) |
|  Tetra Tech, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Toll Brothers, Inc. | (9) | — (h) | — (h) | 0.0 (g) |
|  Tradeweb Markets, Inc. | (557) | (41) | (42) | 0.0 (g) |
|  Truist Financial Corp. | (6) | — (h) | — (h) | 0.0 (g) |
|  US Bancorp | (1132) | (23) | (26) | 0.0 (g) |
|  Veralto Corp. | (435) | (10) | (11) | 0.0 (g) |
|  VeriSign, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  Vertiv Holdings Co. | (211) | 24 | 23 | 0.0 (g) |
|  Voya Financial, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Wayfair, Inc. | (156) | (1) | (2) | 0.0 (g) |
|  Western Digital Corp. | (362) | 91 | 90 | 0.0 (g) |
|  Woodward, Inc. | (67) | 4 | 4 | 0.0 (g) |
|  Wyndham Hotels & Resorts, Inc. | (386) | (37) | (38) | 0.0 (g) |
|  Zebra Technologies Corp. | (35) | — (h) | — (h) | 0.0 (g) |
|  Zimmer Biomet Holdings, Inc. | (450) | (25) | (26) | 0.0 (g) |
|  Zions Bancorp NA | (440) | (13) | (14) | 0.0 (g) |
|  **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | (17) | (1) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (576) | (695) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (492) | (514) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/02/2030 | 34 | 33 | 2 | 35 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ANZ Group Holdings Ltd. | 113 | — (h) | — (h) | 0.0 (g) |
|  ASX Ltd. | 28 | 1 | 1 | 0.0 (g) |
|  CAR Group Ltd. | 7 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Cochlear Ltd. | 6 | — (h) | — (h) | 0.0 (g) |
|  Genesis Minerals Ltd. | 85 | (4) | (4) | 0.0 (g) |
|  Goodman Group | 209 | 6 | 6 | 0.0 (g) |
|  Sigma Healthcare Ltd. | 228 | 2 | 3 | 0.0 (g) |
|  Stockland | 7 | — (h) | — (h) | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | 35 | 1 | 1 | 0.0 (g) |
|  Vicinity Ltd. | 17 | — (h) | — (h) | 0.0 (g) |
|  WiseTech Global Ltd. | 1 | — (h) | — (h) | 0.0 (g) |
|  Woodside Energy Group Ltd. | 59 | 2 | 2 | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  a2 Milk Co. Ltd. (The) | 239 | 9 | 10 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 17 | 19 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Ampol Ltd. | (24) | — (h) | — (h) | 0.0 (g) |
|  Aristocrat Leisure Ltd. | (44) | 1 | 1 | 0.0 (g) |
|  Computershare Ltd. | (272) | (3) | (3) | 0.0 (g) |
|  CSL Ltd. | (330) | (7) | (7) | 0.0 (g) |
|  Evolution Mining Ltd. | (416) | 45 | 44 | 0.0 (g) |
|  HUB24 Ltd. | (14) | — (h) | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | (34) | — (h) | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | (59) | (1) | (1) | 0.0 (g) |
|  Orica Ltd. | (137) | (1) | (1) | 0.0 (g) |
|  Pro Medicus Ltd. | (52) | (1) | (1) | 0.0 (g) |
|  Qantas Airways Ltd. | (463) | (10) | (10) | 0.0 (g) |
|  REA Group Ltd. | (388) | 2 | 1 | 0.0 (g) |
|  Sandfire Resources Ltd. | (43) | 3 | 3 | 0.0 (g) |
|  Santos Ltd. | (125) | — (h) | — (h) | 0.0 (g) |
|  SEEK Ltd. | (63) | — (h) | — (h) | 0.0 (g) |
|  Sonic Healthcare Ltd. | (443) | (15) | (15) | 0.0 (g) |
|  South32 Ltd. | (15) | 1 | 1 | 0.0 (g) |
|  Technology One Ltd. | (363) | 6 | 5 | 0.0 (g) |
|  Transurban Group | (44) | (1) | (1) | 0.0 (g) |
|  Wesfarmers Ltd. | (27) | — (h) | — (h) | 0.0 (g) |
|  Worley Ltd. | (127) | (1) | (1) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Xero Ltd. | (45) | (1) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 17 | 14 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 34 | 33 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day CABROVER on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/11/2030 | 246 | 246 | 29 | 275 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Bank of Montreal | 3533 | (77) | (74) | 0.0 (g) |
|  BRP, Inc. | 144 | 5 | 5 | 0.0 (g) |
|  Cenovus Energy, Inc. | 797 | (1) | — (h) | 0.0 (g) |
|  Equinox Gold Corp. | 22 | (1) | (1) | 0.0 (g) |
|  G Mining Ventures Corp. | 110 | (5) | (5) | 0.0 (g) |
|  Hydro One Ltd. | 1307 | (15) | (14) | 0.0 (g) |
|  IAMGOLD Corp. | 64 | (7) | (7) | 0.0 (g) |
|  Keyera Corp. | 23 | (1) | (1) | 0.0 (g) |
|  MDA Space Ltd. | 6 | — (h) | — (h) | 0.0 (g) |
|  Open Text Corp. | 31 | — (h) | — (h) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | 8 | — (h) | — (h) | 0.0 (g) |
|  TELUS Corp. | 1107 | 4 | 5 | 0.0 (g) |
|  Toromont Industries Ltd. | 33 | (1) | (1) | 0.0 (g) |
|  Whitecap Resources, Inc. | 217 | 4 | 5 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Asset Management Ltd. | 1708 | 7 | 9 | 0.0 (g) |
|  Energy Fuels, Inc./Canada | 14 | 1 | 1 | 0.0 (g) |
|  Galaxy Digital, Inc. | 100 | (8) | (8) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (95) | (86) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Agnico Eagle Mines Ltd. | (907) | 70 | 69 | 0.0 (g) |
|  Alamos Gold, Inc. | (38) | 3 | 3 | 0.0 (g) |
|  Aritzia, Inc. | (20) | — (h) | — (h) | 0.0 (g) |
|  Barrick Mining Corp. | (1859) | 196 | 194 | 0.0 (g) |
|  Brookfield Corp. | (582) | — (h) | (1) | 0.0 (g) |
|  Canadian Apartment Properties REIT | (655) | (11) | (11) | 0.0 (g) |
|  Capital Power Corp. | (21) | 1 | 1 | 0.0 (g) |
|  CCL Industries, Inc. | (33) | — (h) | — (h) | 0.0 (g) |
|  Colliers International Group, Inc. | (24) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Constellation Software, Inc./Canada | (843) | (74) | (74) | 0.0 (g) |
|  Empire Co. Ltd. | (57) | 1 | 1 | 0.0 (g) |
|  FirstService Corp. | (32) | (1) | (1) | 0.0 (g) |
|  George Weston Ltd. | (87) | — (h) | — (h) | 0.0 (g) |
|  GFL Environmental, Inc. | (24) | — (h) | — (h) | 0.0 (g) |
|  Hudbay Minerals, Inc. | (698) | 53 | 52 | 0.0 (g) |
|  Kinaxis, Inc. | (31) | — (h) | — (h) | 0.0 (g) |
|  Loblaw Cos. Ltd. | (193) | (1) | (1) | 0.0 (g) |
|  Lundin Gold, Inc. | (12) | 1 | 1 | 0.0 (g) |
|  Orla Mining Ltd. | (34) | — (h) | — (h) | 0.0 (g) |
|  Pan American Silver Corp. | (1426) | 55 | 54 | 0.0 (g) |
|  Parkland Corp. | (354) | (1) | (1) | 0.0 (g) |
|  Restaurant Brands International, Inc. | (420) | 5 | 4 | 0.0 (g) |
|  RioCan Real Estate Investment Trust | (27) | — (h) | — (h) | 0.0 (g) |
|  Stantec, Inc. | (401) | — (h) | — (h) | 0.0 (g) |
|  TC Energy Corp. | (992) | 37 | 35 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Infrastructure Corp. | (691) | 7 | 7 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 341 | 332 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 246 | 246 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 09/02/2030 | 12 | 12 | 15 | 27 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Geberit AG | 17 | — (h) | — (h) | 0.0 (g) |
|  Swisscom AG | 30 | — (h) | — (h) | 0.0 (g) |
|  VAT Group AG | 39 | 2 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 2 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | (4) | — (h) | — (h) | 0.0 (g) |
|  Accelleron Industries AG | (13) | — (h) | — (h) | 0.0 (g) |
|  Flughafen Zurich AG | (6) | — (h) | — (h) | 0.0 (g) |
|  Helvetia Holding AG | (79) | (3) | (3) | 0.0 (g) |
|  Holcim AG | (5) | — (h) | — (h) | 0.0 (g) |
|  Julius Baer Group Ltd. | (13) | — (h) | — (h) | 0.0 (g) |
|  Logitech International SA | (839) | (3) | (3) | 0.0 (g) |
|  Novartis AG | (492) | 16 | 16 | 0.0 (g) |
|  Schindler Holding AG | (5) | — (h) | — (h) | 0.0 (g) |
|  SGS SA | (4) | — (h) | — (h) | 0.0 (g) |
|  Swatch Group AG (The) | (67) | (1) | (1) | 0.0 (g) |
|  Swissquote Group Holding SA | (8) | 1 | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 10 | 10 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 12 | 12 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in DKK based on the local currencies of the positions within the swap | 09/02/2030 | (50) | (50) | – | (50) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Novonesis Novozymes B | 1342 | 3 | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller - Maersk A/S | (3875) | (49) | (49) | 0.0 (g) |
|  Genmab A/S | (53) | — (h) | — (h) | 0.0 (g) |
|  GN Store Nord A/S | (180) | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Pandora A/S | (448) | (1) | (1) | 0.0 (g) |
|  Tryg A/S | (998) | (2) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (53) | (53) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (50) | (50) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
| UBS<br>AG<br>London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day ESTER on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 09/02/2030 | (84) | (96) | 54 | (42) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  Verbund AG | 50 | (1) | (1) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Lotus Bakeries NV | 23 | (1) | (1) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | 20 | (1) | (1) | 0.0 (g) |
|  Metso OYJ | 14 | 1 | 1 | 0.0 (g) |
|  **France** |  |  |  |  |
|  Aeroports de Paris SA | 32 | — (h) | — (h) | 0.0 (g) |
|  Amundi SA | 17 | — (h) | — (h) | 0.0 (g) |
|  Kering SA | 74 | (6) | (6) | 0.0 (g) |
|  Legrand SA | 9 | — (h) | — (h) | 0.0 (g) |
|  Pernod Ricard SA | 4 | — (h) | — (h) | 0.0 (g) |
|  Sartorius Stedim Biotech | 12 | — (h) | — (h) | 0.0 (g) |
|  Sodexo SA | 12 | — (h) | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Brenntag SE | 16 | — (h) | — (h) | 0.0 (g) |
|  Merck KGaA | 13 | — (h) | — (h) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Brunello Cucinelli SpA | 6 | — (h) | — (h) | 0.0 (g) |
|  Moncler SpA | 11 | — (h) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | 28 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Argenx SE | 15 | — (h) | — (h) | 0.0 (g) |
|  IMCD NV | 68 | — (h) | — (h) | 0.0 (g) |
|  Randstad NV | 18 | — (h) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Amadeus IT Group SA | 73 | 1 | 1 | 0.0 (g) |
|  Cellnex Telecom SA | 10 | — (h) | — (h) | 0.0 (g) |
|  EDP Renovaveis SA | 5 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (7) | (7) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Belgium** |  |  |  |  |
|  Ageas SA | (79) | 1 | 1 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nokia OYJ | (207) | 20 | 20 | 0.0 (g) |
|  Sampo OYJ | (5) | — (h) | — (h) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Accor SA | (61) | (1) | (1) | 0.0 (g) |
|  Air Liquide SA | (597) | (1) | (2) | 0.0 (g) |
|  AXA SA | (6) | — (h) | — (h) | 0.0 (g) |
|  BNP Paribas SA | (1645) | (72) | (74) | 0.0 (g) |
|  Bollore SE | (82) | (2) | (2) | 0.0 (g) |
|  Bouygues SA | (6) | — (h) | — (h) | 0.0 (g) |
|  Danone SA | (972) | (1) | (2) | 0.0 (g) |
|  Eiffage SA | (14) | — (h) | — (h) | 0.0 (g) |
|  Gecina SA | (252) | (3) | (3) | 0.0 (g) |
|  Ipsen SA | (202) | (8) | (8) | 0.0 (g) |
|  Klepierre SA | (376) | (4) | (4) | 0.0 (g) |
|  Nexans SA | (4) | — (h) | — (h) | 0.0 (g) |
|  Publicis Groupe SA | (669) | (9) | (10) | 0.0 (g) |
|  Safran SA | (1386) | 66 | 64 | 0.0 (g) |
|  Sanofi SA | (772) | (11) | (12) | 0.0 (g) |
|  SCOR SE | (115) | 10 | 10 | 0.0 (g) |
|  Societe Generale SA | (58) | (3) | (3) | 0.0 (g) |
|  Thales SA | (119) | 5 | 5 | 0.0 (g) |
|  Valeo SE | (4) | — (h) | — (h) | 0.0 (g) |
|  Veolia Environnement SA | (16) | — (h) | — (h) | 0.0 (g) |
|  Vinci SA | (976) | (15) | (16) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Bayer AG | (14) | 1 | 1 | 0.0 (g) |
|  Deutsche Telekom AG | (6) | — (h) | — (h) | 0.0 (g) |
|  Evonik Industries AG | (5) | — (h) | — (h) | 0.0 (g) |
|  GEA Group AG | (162) | 3 | 3 | 0.0 (g) |
|  Heidelberg Materials AG | (9) | — (h) | — (h) | 0.0 (g) |
|  Henkel AG & Co. KGaA | (15) | (1) | (1) | 0.0 (g) |
|  Knorr-Bremse AG | (34) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  MTU Aero Engines AG | (12) | 1 | 1 | 0.0 (g) |
|  Nemetschek SE | (337) | 18 | 17 | 0.0 (g) |
|  Nordex SE | (17) | 1 | 1 | 0.0 (g) |
|  Scout24 SE | (8) | — (h) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AIB Group plc | (61) | 1 | 1 | 0.0 (g) |
|  Kerry Group plc | (47) | — (h) | — (h) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Amplifon SpA | (94) | (1) | (1) | 0.0 (g) |
|  Banca Mediolanum SpA | (6) | — (h) | — (h) | 0.0 (g) |
|  Italgas SpA | (17) | — (h) | — (h) | 0.0 (g) |
|  Leonardo SpA | (55) | 2 | 2 | 0.0 (g) |
|  Snam SpA | (28) | 1 | 1 | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Eurofins Scientific SE | (29) | — (h) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ASR Nederland NV | (112) | 1 | 1 | 0.0 (g) |
|  BE Semiconductor Industries NV | (14) | — (h) | — (h) | 0.0 (g) |
|  Koninklijke KPN NV | (4) | — (h) | — (h) | 0.0 (g) |
|  NN Group NV | (41) | 1 | 1 | 0.0 (g) |
|  QIAGEN NV | (36) | — (h) | — (h) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (22) | — (h) | — (h) | 0.0 (g) |
|  EDP SA | (24) | 1 | 1 | 0.0 (g) |
|  Galp Energia SGPS SA | (223) | 1 | 1 | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | (55) | — (h) | — (h) | 0.0 (g) |
|  Banco Bilbao Vizcaya Argentaria SA | (448) | (1) | (1) | 0.0 (g) |
|  Enagas SA | (220) | 2 | 2 | 0.0 (g) |
|  Telefonica SA | (73) | (3) | (4) | 0.0 (g) |
|  Unicaja Banco SA | (9) | (1) | (1) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | (851) | (76) | (77) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  International Consolidated Airlines Group SA | (121) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (77) | (89) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (84) | (96) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE ($)<br>(1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 09/02/2030 | 78 | 68 | 12 | 80 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  Associated British Foods plc | 3 | — (h) | — (h) | 0.0 (g) |
|  BT Group plc | 17 | 1 | 1 | 0.0 (g) |
|  easyJet plc | 16 | — (h) | — (h) | 0.0 (g) |
|  Haleon plc | 59 | 6 | 7 | 0.0 (g) |
|  Land Securities Group plc | 7 | — (h) | — (h) | 0.0 (g) |
|  Lloyds Banking Group plc | 55 | (2) | (3) | 0.0 (g) |
|  Marks & Spencer Group plc | 3 | — (h) | — (h) | 0.0 (g) |
|  Mondi plc | 4 | — (h) | — (h) | 0.0 (g) |
|  Rentokil Initial plc | 9 | (1) | (1) | 0.0 (g) |
|  Rio Tinto plc | 15 | — (h) | — (h) | 0.0 (g) |
|  Spirax Group plc | 4 | — (h) | — (h) | 0.0 (g) |
|  Taylor Wimpey plc | 13 | 37 | 36 | 0.0 (g) |
|  Vodafone Group plc | 9 | 1 | 1 | 0.0 (g) |
|  WPP plc | 69 | 8 | 8 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 50 | 49 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Ireland** |  |  |  |  |
|  Experian plc | (17) | — (h) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Coca-Cola HBC AG | (14) | — (h) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Admiral Group plc | (286) | 5 | 4 | 0.0 (g) |
|  Babcock International Group plc | (223) | 46 | 46 | 0.0 (g) |
|  Barclays plc | (908) | (20) | (23) | 0.0 (g) |
|  Bellway plc | (9) | 1 | 1 | 0.0 (g) |
|  Burberry Group plc | (9) | 1 | 1 | 0.0 (g) |
|  Entain plc | (9) | — (h) | — (h) | 0.0 (g) |
|  Halma plc | (104) | 2 | 2 | 0.0 (g) |
|  IG Group Holdings plc | (33) | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  IMI plc | (28) | 1 | 1 | 0.0 (g) |
|  InterContinental Hotels Group plc | (882) | 26 | 25 | 0.0 (g) |
|  J Sainsbury plc | (5) | — (h) | — (h) | 0.0 (g) |
|  Johnson Matthey plc | (4) | — (h) | — (h) | 0.0 (g) |
|  London Stock Exchange Group plc | (90) | — (h) | (1) | 0.0 (g) |
|  NatWest Group plc | (786) | (33) | (35) | 0.0 (g) |
|  Next plc | (82) | 3 | 3 | 0.0 (g) |
|  Pearson plc | (501) | 11 | 10 | 0.0 (g) |
|  Phoenix Group Holdings plc | (157) | (5) | (5) | 0.0 (g) |
|  Rightmove plc | (180) | (6) | (6) | 0.0 (g) |
|  Rolls-Royce Holdings plc | (18) | 2 | 2 | 0.0 (g) |
|  Sage Group plc (The) | (16) | — (h) | — (h) | 0.0 (g) |
|  Smiths Group plc | (45) | — (h) | — (h) | 0.0 (g) |
|  UNITE Group plc (The) | (26) | 1 | 1 | 0.0 (g) |
|  United Utilities Group plc | (3) | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Carnival plc | (118) | (6) | (6) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 28 | 19 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 78 | 68 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/03/2029 | 21 | 21 | – (h) | 21 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  CK Infrastructure Holdings Ltd. | 132 | 1 | 1 | 0.0 (g) |
|  Hang Seng Bank Ltd. | 1634 | 2 | 2 | 0.0 (g) |
|  MTR Corp. Ltd. | 203 | — (h) | — (h) | 0.0 (g) |
|  Wharf Holdings Ltd. (The) | 68 | 1 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 4 | 4 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Galaxy Entertainment Group Ltd. | (41) | — (h) | — (h) | 0.0 (g) |
|  Link REIT | (61) | — (h) | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Mobvista, Inc. | (469) | 17 | 17 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 17 | 17 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 21 | 21 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from 0.40% to 0.40%) which is denominated in ILS based on the local currencies of the positions within the swap | 09/02/2030 | 1 | 1 | – | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Elbit Systems Ltd. | (411) | 1 | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/02/2030 | 133 | 136 | 164 | 300 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Aeon Co. Ltd. | 15414 | 1 | 1 | 0.0 (g) |
|  Ajinomoto Co., Inc. | 22713 | 1 | 1 | 0.0 (g) |
|  Asics Corp. | 5228 | 1 | 1 | 0.0 (g) |
|  Central Japan Railway Co. | 22638 | (2) | (2) | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | 864 | — (h) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | 2326 | — (h) | — (h) | 0.0 (g) |
|  Disco Corp. | 33229 | 5 | 5 | 0.0 (g) |
|  East Japan Railway Co. | 59228 | 7 | 7 | 0.0 (g) |
|  Fuji Electric Co. Ltd. | 91219 | 5 | 5 | 0.0 (g) |
|  FUJIFILM Holdings Corp. | 5451 | — (h) | — (h) | 0.0 (g) |
|  GMO Payment Gateway, Inc. | 25287 | 3 | 3 | 0.0 (g) |
|  Hankyu Hanshin Holdings, Inc. | 66497 | 7 | 7 | 0.0 (g) |
|  Hoya Corp. | 132150 | 49 | 49 | 0.0 (g) |
|  IHI Corp. | 4918 | (6) | (6) | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | 3445 | 1 | 1 | 0.0 (g) |
|  ITOCHU Corp. | 31440 | 2 | 2 | 0.0 (g) |
|  J Front Retailing Co. Ltd. | 61080 | 2 | 2 | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | 53890 | (13) | (13) | 0.0 (g) |
|  Kadokawa Corp. | 17961 | (3) | (3) | 0.0 (g) |
|  Kajima Corp. | 33945 | 11 | 11 | 0.0 (g) |
|  KDDI Corp. | 176114 | 63 | 63 | 0.0 (g) |
|  Kikkoman Corp. | 9228 | 2 | 2 | 0.0 (g) |
|  Kobe Bussan Co. Ltd. | 8171 | 3 | 3 | 0.0 (g) |
|  Kokusai Electric Corp. | 2433 | (1) | (1) | 0.0 (g) |
|  Konami Group Corp. | 6661 | 2 | 2 | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | 1673 | — (h) | — (h) | 0.0 (g) |
|  M3, Inc. | 10192 | (2) | (2) | 0.0 (g) |
|  Makita Corp. | 16375 | 4 | 4 | 0.0 (g) |
|  Marubeni Corp. | 7728 | — (h) | — (h) | 0.0 (g) |
|  Mebuki Financial Group, Inc. | 1826 | — (h) | — (h) | 0.0 (g) |
|  MEIJI Holdings Co. Ltd. | 5345 | 1 | 1 | 0.0 (g) |
|  Mercari, Inc. | 43035 | (1) | (1) | 0.0 (g) |
|  Mitsubishi UFJ Financial Group, Inc. | 204910 | (63) | (62) | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | 2184 | — (h) | — (h) | 0.0 (g) |
|  Modec, Inc. | 15084 | (4) | (4) | 0.0 (g) |
|  MonotaRO Co. Ltd. | 10347 | 1 | 1 | 0.0 (g) |
|  Nexon Co. Ltd. | 58026 | 13 | 13 | 0.0 (g) |
|  NIDEC Corp., | 36312 | 3 | 3 | 0.0 (g) |
|  Nippon Building Fund, Inc. | 11310 | 1 | 1 | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | 18534 | 12 | 12 | 0.0 (g) |
|  Niterra Co. Ltd. | 17914 | 1 | 1 | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | 5647 | — (h) | — (h) | 0.0 (g) |
|  NTT, Inc. | 10183 | 2 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Organo Corp. | 7265 | 3 | 3 | 0.0 (g) |
|  Oriental Land Co. Ltd./Japan | 269853 | 64 | 65 | 0.0 (g) |
|  Osaka Gas Co. Ltd. | 14066 | (1) | (1) | 0.0 (g) |
|  Resonac Holdings Corp. | 6486 | (4) | (4) | 0.0 (g) |
|  Round One Corp. | 6169 | 1 | 1 | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | 46813 | (11) | (11) | 0.0 (g) |
|  SCSK Corp. | 9385 | 7 | 7 | 0.0 (g) |
|  Seibu Holdings, Inc. | 13520 | 5 | 5 | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | 2834 | 1 | 1 | 0.0 (g) |
|  SG Holdings Co. Ltd. | 53751 | 18 | 19 | 0.0 (g) |
|  SHIFT, Inc. | 5952 | 2 | 2 | 0.0 (g) |
|  Subaru Corp. | 2181 | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | 82514 | 16 | 16 | 0.0 (g) |
|  Sumitomo Pharma Co. Ltd. | 11052 | (2) | (2) | 0.0 (g) |
|  Suzuki Motor Corp. | 11732 | (2) | (2) | 0.0 (g) |
|  TDK Corp. | 14095 | (1) | (1) | 0.0 (g) |
|  TIS, Inc. | 21120 | 7 | 7 | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | 10474 | — (h) | — (h) | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | 35257 | 6 | 6 | 0.0 (g) |
|  Tokyu Corp. | 77168 | 16 | 16 | 0.0 (g) |
|  TOPPAN Holdings, Inc. | 1563 | — (h) | — (h) | 0.0 (g) |
|  Toray Industries, Inc. | 785 | — (h) | — (h) | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | 4281 | — (h) | — (h) | 0.0 (g) |
|  Toyota Tsusho Corp. | 4195 | 1 | 1 | 0.0 (g) |
|  West Japan Railway Co. | 29111 | 8 | 8 | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | 5776 | — (h) | — (h) | 0.0 (g) |
|  Yokogawa Electric Corp. | 45043 | 11 | 11 | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | 6935 | 2 | 2 | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | 81387 | (6) | (5) | 0.0 (g) |
|  ZOZO, Inc. | 18733 | 7 | 7 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 256 | 260 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Aisin Corp. | (1013) | — (h) | — (h) | 0.0 (g) |
|  Amada Co. Ltd. | (4608) | — (h) | — (h) | 0.0 (g) |
|  Asahi Intecc Co. Ltd. | (22419) | (14) | (14) | 0.0 (g) |
|  Astellas Pharma, Inc. | (1120) | — (h) | — (h) | 0.0 (g) |
|  Canon, Inc. | (135397) | (12) | (13) | 0.0 (g) |
|  CyberAgent, Inc. | (9377) | — (h) | — (h) | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | (14539) | (1) | (1) | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | (66890) | (33) | (33) | 0.0 (g) |
|  ENEOS Holdings, Inc. | (27607) | 3 | 3 | 0.0 (g) |
|  FANUC Corp. | (130266) | (2) | (2) | 0.0 (g) |
|  Food & Life Cos. Ltd. | (83869) | 8 | 8 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Fujitsu Ltd. | (7383) | (3) | (3) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | (48156) | 1 | 1 | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | (12386) | (1) | (1) | 0.0 (g) |
|  Hulic Co. Ltd. | (41026) | (3) | (3) | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | (15177) | (2) | (2) | 0.0 (g) |
|  Japan Exchange Group, Inc. | (14369) | 4 | 4 | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | (6758) | — (h) | — (h) | 0.0 (g) |
|  Japan Tobacco, Inc. | (22814) | 4 | 3 | 0.0 (g) |
|  Kyocera Corp. | (7796) | — (h) | — (h) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd. | (637) | — (h) | — (h) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | (1855) | — (h) | — (h) | 0.0 (g) |
|  NH Foods Ltd. | (45855) | 3 | 3 | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | (24580) | (2) | (2) | 0.0 (g) |
|  Nomura Research Institute Ltd. | (41897) | (7) | (7) | 0.0 (g) |
|  Obayashi Corp. | (14090) | — (h) | — (h) | 0.0 (g) |
|  Obic Co. Ltd. | (7594) | (3) | (3) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | (11308) | (1) | (1) | 0.0 (g) |
|  Otsuka Corp. | (44576) | (9) | (9) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | (5054) | (1) | (1) | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | (5575) | — (h) | — (h) | 0.0 (g) |
|  Renesas Electronics Corp. | (1407) | — (h) | — (h) | 0.0 (g) |
|  Resona Holdings, Inc. | (2237) | — (h) | — (h) | 0.0 (g) |
|  Sanwa Holdings Corp. | (2575) | — (h) | — (h) | 0.0 (g) |
|  Seiko Epson Corp. | (10951) | (4) | (4) | 0.0 (g) |
|  Shimizu Corp. | (7950) | — (h) | — (h) | 0.0 (g) |
|  Skylark Holdings Co. Ltd. | (53933) | 5 | 5 | 0.0 (g) |
|  Square Enix Holdings Co. Ltd. | (11123) | (4) | (4) | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | (98398) | (29) | (28) | 0.0 (g) |
|  Sumitomo Mitsui Financial Group, Inc. | (25703) | 4 | 4 | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | (3867) | — (h) | — (h) | 0.0 (g) |
|  Sumitomo Rubber Industries Ltd. | (2389) | — (h) | — (h) | 0.0 (g) |
|  Sysmex Corp. | (23278) | (2) | (2) | 0.0 (g) |
|  Terumo Corp. | (110068) | (21) | (21) | 0.0 (g) |
|  THK Co. Ltd. | (11808) | — (h) | — (h) | 0.0 (g) |
|  Tosoh Corp. | (15984) | — (h) | — (h) | 0.0 (g) |
|  Tsuruha Holdings, Inc. | (2871) | — (h) | — (h) | 0.0 (g) |
|  Unicharm Corp. | (15924) | (1) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (123) | (124) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 133 | 136 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives 4.00 on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in NOK based on the local currencies of the positions within the swap | 09/02/2030 | 6 | 5 | – | 5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Equinor ASA | 131 | — (h) | — (h) | 0.0 (g) |
|  Norsk Hydro ASA | 237 | — (h) | — (h) | 0.0 (g) |
|  Salmar ASA | 129 | 1 | 1 | 0.0 (g) |
|  Telenor ASA | 652 | 2 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3 | 3 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  DNB Bank ASA | (8749) | 4 | 3 | 0.0 (g) |
|  Kongsberg Gruppen ASA | (47) | — (h) | — (h) | 0.0 (g) |
|  Var Energi ASA | (527) | (1) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 3 | 2 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 6 | 5 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates of 0.00%) which is denominated in NZD based on the local currencies of the positions within the swap | 09/02/2030 | – (h) | – (h) | – | — (h) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Auckland International Airport Ltd. | 8 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day STIBOR on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in SEK based on the local currencies of the positions within the swap | 09/02/2030 | 36 | 36 | 9 | 45 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  EQT AB | 515 | 3 | 3 | 0.0 (g) |
|  Industrivarden AB | 70 | — (h) | — (h) | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | 2035 | (2) | (2) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | 293 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1 | 1 | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AddTech AB | (179) | — (h) | — (h) | 0.0 (g) |
|  Atlas Copco AB | (4850) | 8 | 8 | 0.0 (g) |
|  Getinge AB | (67) | — (h) | — (h) | 0.0 (g) |
|  Indutrade AB | (87) | (1) | (1) | 0.0 (g) |
|  Sinch AB | (375) | — (h) | — (h) | 0.0 (g) |
|  Skanska AB | (744) | 2 | 2 | 0.0 (g) |
|  Tele2 AB | (1259) | 1 | 1 | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | (4464) | 25 | 25 | 0.0 (g) |
|  Telia Co. AB | (68) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 35 | 35 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 36 | 36 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives SORA on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.25%) which is denominated in SGD based on the local currencies of the positions within the swap | 09/02/2030 | (8) | (8) | – | (8) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. | 194 | (12) | (12) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  CapitaLand Integrated Commercial Trust | 180 | 4 | 4 | 0.0 (g) |
|  United Overseas Bank Ltd. | 34 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (8) | (8) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  Singapore Technologies Engineering Ltd. | (12) | — (h) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | — (h) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (8) | (8) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NATIONAL<br>VALUE**<br>**($) (1)** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) (2)** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.00% to 0.20%) which is denominated in USD based on the local currencies of the positions within the swap | 09/11/2030 | (209) | (211) | 72 | (139) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Axis Capital Holdings Ltd. | 291 | 1 | 1 | 0.0 (g) |
|  Everest Group Ltd. | 1480 | (45) | (42) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Smurfit WestRock plc | 514 | 22 | 24 | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Cellebrite DI Ltd. | 76 | (5) | (5) | 0.0 (g) |
|  Teva Pharmaceutical Industries Ltd. | 6 | — (h) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Willis Towers Watson plc | 46 | (1) | (1) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  AES Corp. (The) | 37 | — (h) | — (h) | 0.0 (g) |
|  AGNC Investment Corp. | 16 | — (h) | — (h) | 0.0 (g) |
|  Alliant Energy Corp. | 7 | — (h) | — (h) | 0.0 (g) |
|  American Financial Group, Inc./OH | 11 | — (h) | — (h) | 0.0 (g) |
|  American Homes 4 Rent | 597 | 3 | 5 | 0.0 (g) |
|  American Water Works Co., Inc. | 598 | (7) | (6) | 0.0 (g) |
|  APA Corp. | 11 | — (h) | — (h) | 0.0 (g) |
|  Apollo Global Management, Inc. | 929 | 35 | 37 | 0.0 (g) |
|  Applied Digital Corp. | 24 | — (h) | — (h) | 0.0 (g) |
|  AppLovin Corp. | 1087 | (230) | (228) | 0.0 (g) |
|  Archer-Daniels-Midland Co. | 10 | — (h) | — (h) | 0.0 (g) |
|  Astera Labs, Inc. | 303 | 47 | 47 | 0.0 (g) |
|  ATI, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Avantor, Inc. | 105 | (1) | (1) | 0.0 (g) |
|  Avery Dennison Corp. | 15 | — (h) | — (h) | 0.0 (g) |
|  Avis Budget Group, Inc. | 26 | (1) | (1) | 0.0 (g) |
|  Baker Hughes Co. | 1239 | (67) | (64) | 0.0 (g) |
|  Ball Corp. | 721 | (8) | (6) | 0.0 (g) |
|  Bank OZK | 112 | 2 | 2 | 0.0 (g) |
|  BILL Holdings, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Bloom Energy Corp. | 235 | (62) | (62) | 0.0 (g) |
|  Builders FirstSource, Inc. | 8 | 1 | 1 | 0.0 (g) |
|  BXP, Inc. | 18 | 1 | 1 | 0.0 (g) |
|  Cadence Design Systems, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  CareTrust REIT, Inc. | 637 | (8) | (7) | 0.0 (g) |
|  Cava Group, Inc. | 11 | 1 | 1 | 0.0 (g) |
|  CF Industries Holdings, Inc. | 12 | (1) | (1) | 0.0 (g) |
|  Cheniere Energy, Inc. | 732 | (7) | (5) | 0.0 (g) |
|  Cincinnati Financial Corp. | 741 | (14) | (13) | 0.0 (g) |
|  Clearwater Analytics Holdings, Inc. | 185 | 13 | 14 | 0.0 (g) |
|  Clorox Co. (The) | 15 | — (h) | — (h) | 0.0 (g) |
|  Cloudflare, Inc. | 28 | — (h) | — (h) | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | 14 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Coherent Corp. | 413 | (5) | (5) | 0.0 (g) |
|  Commercial Metals Co. | 112 | 2 | 2 | 0.0 (g) |
|  Corcept Therapeutics, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Core & Main, Inc. | 11 | (1) | (1) | 0.0 (g) |
|  Corpay, Inc. | 308 | 17 | 18 | 0.0 (g) |
|  Coterra Energy, Inc. | 14 | — (h) | — (h) | 0.0 (g) |
|  CSW Industrials, Inc. | 9 | — (h) | — (h) | 0.0 (g) |
|  Diamondback Energy, Inc. | 26 | — (h) | — (h) | 0.0 (g) |
|  Dillard's, Inc. | 10 | — (h) | — (h) | 0.0 (g) |
|  Docusign, Inc. | 5 | 1 | 1 | 0.0 (g) |
|  Dominion Energy, Inc. | 105 | (3) | (3) | 0.0 (g) |
|  DT Midstream, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  EchoStar Corp. | 138 | (9) | (8) | 0.0 (g) |
|  elf Beauty, Inc. | 169 | 14 | 14 | 0.0 (g) |
|  Eli Lilly & Co. | 1056 | (21) | (19) | 0.0 (g) |
|  Entegris, Inc. | 44 | (1) | (1) | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | 544 | 1 | 2 | 0.0 (g) |
|  Erie Indemnity Co. | 17 | — (h) | — (h) | 0.0 (g) |
|  Essential Utilities, Inc. | 12 | — (h) | — (h) | 0.0 (g) |
|  Estee Lauder Cos., Inc. (The) | 584 | (5) | (4) | 0.0 (g) |
|  Exelon Corp. | 725 | (27) | (26) | 0.0 (g) |
|  Expeditors International of Washington, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  FactSet Research Systems, Inc. | 354 | 60 | 60 | 0.0 (g) |
|  Fidelity National Financial, Inc. | 17 | (1) | — (h) | 0.0 (g) |
|  FirstCash Holdings, Inc. | 415 | (31) | (31) | 0.0 (g) |
|  Fortive Corp. | 24 | — (h) | — (h) | 0.0 (g) |
|  Generac Holdings, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Graphic Packaging Holding Co. | 6 | — (h) | — (h) | 0.0 (g) |
|  Hecla Mining Co. | 4 | (1) | — (h) | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | 8 | — (h) | — (h) | 0.0 (g) |
|  Hexcel Corp. | 111 | (1) | (1) | 0.0 (g) |
|  Home Depot, Inc. (The) | 734 | 21 | 22 | 0.0 (g) |
|  Hormel Foods Corp. | 563 | — (h) | 1 | 0.0 (g) |
|  Hyatt Hotels Corp. | 34 | — (h) | — (h) | 0.0 (g) |
|  Ingersoll Rand, Inc. | 1212 | (55) | (53) | 0.0 (g) |
|  International Paper Co. | 46 | — (h) | 1 | 0.0 (g) |
|  Invesco Ltd. | 203 | (6) | (5) | 0.0 (g) |
|  J M Smucker Co. (The) | 6 | — (h) | — (h) | 0.0 (g) |
|  JBT Marel Corp. | 25 | — (h) | — (h) | 0.0 (g) |
|  Joby Aviation, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  Kinsale Capital Group, Inc. | 6 | — (h) | — (h) | 0.0 (g) |
|  KKR & Co., Inc. | 9 | 1 | 1 | 0.0 (g) |
|  Klaviyo, Inc. | 128 | 17 | 17 | 0.0 (g) |
|  Kraft Heinz Co. (The) | 1016 | (17) | (15) | 0.0 (g) |
|  Krystal Biotech, Inc. | 52 | (7) | (7) | 0.0 (g) |
|  Liberty Broadband Corp. | 11 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Lineage, Inc. | 5 | — (h) | — (h) | 0.0 (g) |
|  Loar Holdings, Inc. | 30 | (1) | (1) | 0.0 (g) |
|  Loews Corp. | 28 | (1) | (1) | 0.0 (g) |
|  Lowe's Cos., Inc. | 62 | 2 | 2 | 0.0 (g) |
|  M&T Bank Corp. | 799 | (4) | (3) | 0.0 (g) |
|  Madrigal Pharmaceuticals, Inc. | 33 | (3) | (3) | 0.0 (g) |
|  Maplebear, Inc. | 14 | 2 | 2 | 0.0 (g) |
|  Markel Group, Inc. | 1049 | 8 | 10 | 0.0 (g) |
|  Masco Corp. | 686 | 29 | 30 | 0.0 (g) |
|  Match Group, Inc. | 468 | 28 | 28 | 0.0 (g) |
|  McCormick & Co., Inc./MD | 5 | — (h) | — (h) | 0.0 (g) |
|  Micron Technology, Inc. | 356 | (22) | (20) | 0.0 (g) |
|  Mohawk Industries, Inc. | 257 | 15 | 16 | 0.0 (g) |
|  New York Times Co. (The) | 7 | — (h) | — (h) | 0.0 (g) |
|  NewMarket Corp. | 43 | — (h) | — (h) | 0.0 (g) |
|  NEXTracker, Inc. | 110 | (10) | (10) | 0.0 (g) |
|  NiSource, Inc. | 11 | (1) | (1) | 0.0 (g) |
|  Occidental Petroleum Corp. | 933 | (37) | (36) | 0.0 (g) |
|  Oklo, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Old National Bancorp | 458 | 2 | 3 | 0.0 (g) |
|  Omnicom Group, Inc. | 16 | (1) | (1) | 0.0 (g) |
|  OneMain Holdings, Inc. | 176 | 14 | 15 | 0.0 (g) |
|  ONEOK, Inc. | 968 | (5) | (3) | 0.0 (g) |
|  Oracle Corp. | 1674 | 116 | 119 | 0.0 (g) |
|  Packaging Corp. of America | 1108 | (32) | (30) | 0.0 (g) |
|  Parsons Corp. | 320 | (28) | (28) | 0.0 (g) |
|  PayPal Holdings, Inc. | 1138 | 1 | 3 | 0.0 (g) |
|  PennyMac Financial Services, Inc. | 42 | — (h) | — (h) | 0.0 (g) |
|  Permian Resources Corp. | 205 | 7 | 8 | 0.0 (g) |
|  Pinterest, Inc. | 386 | 45 | 45 | 0.0 (g) |
|  Post Holdings, Inc. | 237 | (12) | (12) | 0.0 (g) |
|  Primerica, Inc. | 377 | (11) | (10) | 0.0 (g) |
|  Q2 Holdings, Inc. | 154 | 20 | 20 | 0.0 (g) |
|  QXO, Inc. | 15 | 1 | 1 | 0.0 (g) |
|  Raymond James Financial, Inc. | 31 | — (h) | — (h) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | 20 | — (h) | — (h) | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | 11 | — (h) | — (h) | 0.0 (g) |
|  Rivian Automotive, Inc. | 118 | (10) | (10) | 0.0 (g) |
|  Rollins, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | 434 | (39) | (39) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | 4 | — (h) | — (h) | 0.0 (g) |
|  Saia, Inc. | 217 | 13 | 14 | 0.0 (g) |
|  Sanmina Corp. | 181 | 6 | 7 | 0.0 (g) |
|  SentinelOne, Inc. | 150 | 6 | 6 | 0.0 (g) |
|  Service Corp. International/US | 20 | — (h) | — (h) | 0.0 (g) |
|  SharkNinja, Inc. | 6 | 1 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Shift4 Payments, Inc. | 13 | 1 | 1 | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | 303 | 34 | 34 | 0.0 (g) |
|  Snap-on, Inc. | 4 | — (h) | — (h) | 0.0 (g) |
|  Somnigroup International, Inc. | 3 | — (h) | — (h) | 0.0 (g) |
|  Starwood Property Trust, Inc. | 11 | 1 | 1 | 0.0 (g) |
|  Sun Communities, Inc. | 699 | (2) | (1) | 0.0 (g) |
|  Synopsys, Inc. | 1995 | (354) | (350) | 0.0 (g) |
|  T Rowe Price Group, Inc. | 522 | 8 | 9 | 0.0 (g) |
|  Talen Energy Corp. | 260 | (13) | (12) | 0.0 (g) |
|  TG Therapeutics, Inc. | 104 | (15) | (15) | 0.0 (g) |
|  Timken Co. (The) | 12 | — (h) | — (h) | 0.0 (g) |
|  Toast, Inc. | 171 | 16 | 17 | 0.0 (g) |
|  UDR, Inc. | 593 | 8 | 9 | 0.0 (g) |
|  UL Solutions, Inc. | 8 | — (h) | — (h) | 0.0 (g) |
|  Ulta Beauty, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  UMB Financial Corp. | 7 | — (h) | — (h) | 0.0 (g) |
|  Universal Health Services, Inc. | 8 | (1) | (1) | 0.0 (g) |
|  Valley National Bancorp | 5 | — (h) | — (h) | 0.0 (g) |
|  Viper Energy, Inc. | 283 | (6) | (5) | 0.0 (g) |
|  Vontier Corp. | 14 | — (h) | — (h) | 0.0 (g) |
|  W R Berkley Corp. | 1460 | (78) | (76) | 0.0 (g) |
|  Watts Water Technologies, Inc. | 7 | — (h) | — (h) | 0.0 (g) |
|  Western Alliance Bancorp | 7 | — (h) | — (h) | 0.0 (g) |
|  Wintrust Financial Corp. | 228 | 2 | 2 | 0.0 (g) |
|  Zillow Group, Inc. | 302 | 35 | 36 | 0.0 (g) |
|  Zoom Communications, Inc. | 1102 | 28 | 30 | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | 4 | — (h) | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | (625) | (548) | 0.0 (g) |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Essent Group Ltd. | (334) | 1 | 1 | 0.0 (g) |
|  Viking Holdings Ltd. | (286) | (1) | (2) | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | (170) | 4 | 3 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Amer Sports, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Melco Resorts & Entertainment Ltd. | (35) | (2) | (2) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Accenture plc | (32) | 1 | 1 | 0.0 (g) |
|  AerCap Holdings NV | (17) | — (h) | — (h) | 0.0 (g) |
|  Aptiv plc | (385) | 16 | 15 | 0.0 (g) |
|  Trane Technologies plc | (6) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Israel** |  |  |  |  |
|  Global-e Online Ltd. | (5) | — (h) | — (h) | 0.0 (g) |
|  Oddity Tech Ltd. | (128) | (3) | (3) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Millicom International Cellular SA | (111) | 2 | 2 | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Sea Ltd. | (14) | (1) | (1) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Spotify Technology SA | (20) | — (h) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Sportradar Group AG | (28) | (2) | (2) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Janus Henderson Group plc | (17) | — (h) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  ADT, Inc. | (411) | (3) | (4) | 0.0 (g) |
|  Affiliated Managers Group, Inc. | (88) | 1 | 1 | 0.0 (g) |
|  Airbnb, Inc. | (1205) | 11 | 8 | 0.0 (g) |
|  Alaska Air Group, Inc. | (28) | (1) | (1) | 0.0 (g) |
|  Align Technology, Inc. | (35) | (1) | (1) | 0.0 (g) |
|  American Tower Corp. | (13) | — (h) | — (h) | 0.0 (g) |
|  Antero Resources Corp. | (6) | — (h) | — (h) | 0.0 (g) |
|  Apple, Inc. | (1132) | 86 | 84 | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | (372) | (3) | (3) | 0.0 (g) |
|  Assurant, Inc. | (292) | 11 | 11 | 0.0 (g) |
|  Bath & Body Works, Inc. | (232) | (6) | (6) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | (250) | 5 | 4 | 0.0 (g) |
|  Bio-Techne Corp. | (10) | 1 | 1 | 0.0 (g) |
|  Booking Holdings, Inc. | (17) | — (h) | — (h) | 0.0 (g) |
|  Booz Allen Hamilton Holding Corp. | (16) | — (h) | — (h) | 0.0 (g) |
|  BorgWarner, Inc. | (1327) | 3 | — (h) | 0.0 (g) |
|  Bright Horizons Family Solutions, Inc. | (28) | — (h) | — (h) | 0.0 (g) |
|  Brinker International, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | (18) | — (h) | — (h) | 0.0 (g) |
|  CACI International, Inc. | (225) | 2 | 1 | 0.0 (g) |
|  Cal-Maine Foods, Inc. | (19) | (2) | (2) | 0.0 (g) |
|  Camden Property Trust | (664) | (10) | (11) | 0.0 (g) |
|  Campbell's Company (The) | (855) | (35) | (36) | 0.0 (g) |
|  Cardinal Health, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  CarMax, Inc. | (29) | — (h) | — (h) | 0.0 (g) |
|  Carpenter Technology Corp. | (446) | 7 | 6 | 0.0 (g) |
|  Celanese Corp. | (156) | (10) | (10) | 0.0 (g) |
|  Charles River Laboratories International, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Charles Schwab Corp. (The) | (1353) | 50 | 48 | 0.0 (g) |
|  Chemed Corp. | (27) | (1) | (1) | 0.0 (g) |
|  Chipotle Mexican Grill, Inc. | (1290) | 21 | 19 | 0.0 (g) |
|  Cigna Group (The) | (12) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Citigroup, Inc. | (2107) | 36 | 33 | 0.0 (g) |
|  Clean Harbors, Inc. | (8) | — (h) | — (h) | 0.0 (g) |
|  CME Group, Inc. | (1741) | 77 | 73 | 0.0 (g) |
|  Colgate-Palmolive Co. | (166) | (4) | (5) | 0.0 (g) |
|  Conagra Brands, Inc. | (632) | (13) | (14) | 0.0 (g) |
|  Consolidated Edison, Inc. | (28) | 1 | 1 | 0.0 (g) |
|  Corteva, Inc. | (31) | — (h) | — (h) | 0.0 (g) |
|  Crane Co. | (13) | — (h) | — (h) | 0.0 (g) |
|  Crown Holdings, Inc. | (712) | 8 | 7 | 0.0 (g) |
|  CSX Corp. | (9) | 1 | 1 | 0.0 (g) |
|  CubeSmart | (605) | (2) | (3) | 0.0 (g) |
|  Curtiss-Wright Corp. | (63) | 3 | 3 | 0.0 (g) |
|  Danaher Corp. | (772) | 40 | 39 | 0.0 (g) |
|  Dexcom, Inc. | (6) | (1) | (1) | 0.0 (g) |
|  Donaldson Co., Inc. | (311) | 3 | 3 | 0.0 (g) |
|  Dow, Inc. | (484) | (26) | (27) | 0.0 (g) |
|  Doximity, Inc. | (234) | 2 | 2 | 0.0 (g) |
|  Dropbox, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Dutch Bros, Inc. | (4) | (1) | (1) | 0.0 (g) |
|  Edison International | (16) | — (h) | — (h) | 0.0 (g) |
|  Elastic NV | (34) | (1) | (1) | 0.0 (g) |
|  Elevance Health, Inc. | (10) | — (h) | — (h) | 0.0 (g) |
|  Enphase Energy, Inc. | (147) | (10) | (11) | 0.0 (g) |
|  EPAM Systems, Inc. | (18) | — (h) | — (h) | 0.0 (g) |
|  Equifax, Inc. | (465) | (1) | (2) | 0.0 (g) |
|  Exelixis, Inc. | (153) | 9 | 9 | 0.0 (g) |
|  ExlService Holdings, Inc. | (35) | 1 | 1 | 0.0 (g) |
|  Fair Isaac Corp. | (426) | (16) | (17) | 0.0 (g) |
|  Ferguson Enterprises, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  First American Financial Corp. | (5) | — (h) | — (h) | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | (473) | (30) | (31) | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | (284) | (2) | (3) | 0.0 (g) |
|  Fluor Corp. | (7) | — (h) | — (h) | 0.0 (g) |
|  Fox Corp. | (1002) | 74 | 72 | 0.0 (g) |
|  Franklin Resources, Inc. | (426) | (22) | (23) | 0.0 (g) |
|  Freeport-McMoRan, Inc. | (47) | (6) | (6) | 0.0 (g) |
|  Gartner, Inc. | (1124) | 73 | 71 | 0.0 (g) |
|  Genpact Ltd. | (13) | — (h) | — (h) | 0.0 (g) |
|  Gentex Corp. | (374) | 1 | — (h) | 0.0 (g) |
|  Group 1 Automotive, Inc. | (7) | — (h) | — (h) | 0.0 (g) |
|  Guardant Health, Inc. | (9) | 1 | 1 | 0.0 (g) |
|  Hancock Whitney Corp. | (16) | — (h) | — (h) | 0.0 (g) |
|  HealthEquity, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Hilton Worldwide Holdings, Inc. | (432) | (19) | (21) | 0.0 (g) |
|  Hubbell, Inc. | (9) | — (h) | — (h) | 0.0 (g) |
|  Insulet Corp. | (5) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Interactive Brokers Group, Inc. | (35) | 4 | 4 | 0.0 (g) |
|  Invitation Homes, Inc. | (517) | (6) | (7) | 0.0 (g) |
|  ITT, Inc. | (179) | (1) | (2) | 0.0 (g) |
|  Jefferies Financial Group, Inc. | (23) | — (h) | — (h) | 0.0 (g) |
|  Johnson & Johnson | (579) | 26 | 25 | 0.0 (g) |
|  Kirby Corp. | (54) | — (h) | (1) | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Lennar Corp. | (25) | (1) | (1) | 0.0 (g) |
|  Lithia Motors, Inc. | (270) | (12) | (12) | 0.0 (g) |
|  Lockheed Martin Corp. | (1354) | 74 | 72 | 0.0 (g) |
|  Magnolia Oil & Gas Corp. | (171) | 2 | 1 | 0.0 (g) |
|  MasTec, Inc. | (58) | 5 | 5 | 0.0 (g) |
|  Mattel, Inc. | (80) | (3) | (3) | 0.0 (g) |
|  Meritage Homes Corp. | (54) | — (h) | — (h) | 0.0 (g) |
|  Mettler-Toledo International, Inc. | (26) | — (h) | — (h) | 0.0 (g) |
|  MGM Resorts International | (460) | (13) | (14) | 0.0 (g) |
|  Microchip Technology, Inc. | (30) | — (h) | — (h) | 0.0 (g) |
|  Mosaic Co. (The) | (312) | 6 | 5 | 0.0 (g) |
|  Northrop Grumman Corp. | (642) | 39 | 38 | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | (9) | — (h) | — (h) | 0.0 (g) |
|  Old Republic International Corp. | (182) | 12 | 12 | 0.0 (g) |
|  O'Reilly Automotive, Inc. | (140) | 2 | 2 | 0.0 (g) |
|  Oshkosh Corp. | (6) | — (h) | — (h) | 0.0 (g) |
|  Paylocity Holding Corp. | (4) | — (h) | — (h) | 0.0 (g) |
|  Principal Financial Group, Inc. | (27) | 1 | — (h) | 0.0 (g) |
|  Prosperity Bancshares, Inc. | (593) | 4 | 3 | 0.0 (g) |
|  Qorvo, Inc. | (55) | 1 | 1 | 0.0 (g) |
|  QUALCOMM, Inc. | (110) | 4 | 3 | 0.0 (g) |
|  Ralph Lauren Corp. | (414) | (3) | (4) | 0.0 (g) |
|  RBC Bearings, Inc. | (241) | 5 | 5 | 0.0 (g) |
|  Reinsurance Group of America, Inc. | (201) | 3 | 3 | 0.0 (g) |
|  Reliance, Inc. | (9) | — (h) | — (h) | 0.0 (g) |
|  ResMed, Inc. | (811) | 8 | 6 | 0.0 (g) |
|  Roku, Inc. | (542) | 36 | 35 | 0.0 (g) |
|  S&P Global, Inc. | (1023) | (108) | (111) | 0.0 (g) |
|  SEI Investments Co. | (4) | — (h) | — (h) | 0.0 (g) |
|  Skyworks Solutions, Inc. | (11) | — (h) | — (h) | 0.0 (g) |
|  Sprouts Farmers Market, Inc. | (762) | (120) | (122) | 0.0 (g) |
|  State Street Corp. | (379) | 13 | 13 | 0.0 (g) |
|  Synovus Financial Corp. | (21) | (1) | (1) | 0.0 (g) |
|  Tapestry, Inc. | (5) | — (h) | — (h) | 0.0 (g) |
|  Tenet Healthcare Corp. | (258) | 23 | 22 | 0.0 (g) |
|  Texas Instruments, Inc. | (1152) | 36 | 34 | 0.0 (g) |
|  Textron, Inc. | (22) | — (h) | — (h) | 0.0 (g) |
|  Toro Co. (The) | (49) | (2) | (2) | 0.0 (g) |
|  TransUnion | (9) | (1) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of September 30, 2025 (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) (1)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) (2)** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Uber Technologies, Inc. | (205) | (2) | (2) | 0.0 (g) |
|  Unum Group | (294) | 11 | 11 | 0.0 (g) |
|  Vaxcyte, Inc. | (94) | 16 | 16 | 0.0 (g) |
|  VeriSign, Inc. | (19) | (1) | (1) | 0.0 (g) |
|  Viatris, Inc. | (14) | — (h) | — (h) | 0.0 (g) |
|  Virtu Financial, Inc. | (12) | — (h) | — (h) | 0.0 (g) |
|  Walt Disney Co. (The) | (193) | (2) | (2) | 0.0 (g) |
|  Waystar Holding Corp. | (128) | — (h) | (1) | 0.0 (g) |
|  Wells Fargo & Co. | (1285) | 39 | 36 | 0.0 (g) |
|  Westinghouse Air Brake Technologies Corp. | (902) | 58 | 57 | 0.0 (g) |
|  Westlake Corp. | (10) | — (h) | — (h) | 0.0 (g) |
|  Zebra Technologies Corp. | (661) | (49) | (51) | 0.0 (g) |
|  **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | (81) | (4) | (4) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | 416 | 337 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (209) | (211) | 0.0 (g) |
|  **Total Return Swaps** |  | (303) | 5041 | 0.0 (g) |

---

(1) Notional value represents market value, as of September 30, 2025, of these positions based on the
securities' last sale or closing price on the principal exchange on which the securities are traded.

(2) Unrealized appreciation (depreciation) represents the unrealized gain (loss) of the positions subsequent to the
swap reset.

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

---

| |
|:---|
| AS OF SEPTEMBER 30, 2025 |
| CLO – Collateralized Loan Obligations |
| CMT – Constant Maturity Treasury |
| EURIBOR – Euro Interbank Offered Rate |
| FHLMC – Federal Home Loan Mortgage Corp. |
| FNMA – Federal National Mortgage Association |
| GNMA – Government National Mortgage Association |
| ICE – Constant Maturity Treasury |
| IF – Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of September 30, 2025. The rate may be subject to a cap and floor. |
| IO – Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably. |
| LIBOR – London Interbank Offered Rate |
| PO – Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases. |
| REMICS – Real Estate Mortgage Investment Conduit |
| SOFR – Secured Overnight Financing Rate |
| SUB – Step-Up Bond. The interest rate shown is the rate in effect as of September 30, 2025. |
| TBA – To Be Announced |
| (a) – Non-income producing security. |
| (c) – All or a portion of this security is held by a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. |
| (e) – Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (f) – Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended. |
| (g) – Amount rounds to less than 0.05%. |
| (h) – Amount rounds to less than 500 shares/principal or $500. |
| (n) – The rate shown is the effective yield as of September 30, 2025. |
| (o) – Loan assignments are presented by obligor. Each Series or loan tranche underlying each obligor may have varying terms. |
| (u) – All or a portion of the security is unsettled as of September 30, 2025. Unless otherwise indicated, the coupon rate is undetermined. |
| (w) – All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (x) – Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of September 30, 2025. |
| (z) – Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of September 30, 2025. |
| (aa) – Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2025. |
| (bb) – Security has been valued using significant unobservable inputs. |
| (gg) – Position, or portion thereof, has been segregated to collateralize repurchase and/or reverse repurchase agreements. |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)** 

---

| | |
|:---|:---|
| (ii) | Approximately $35 of these investments are restricted as collateral for forwards to various brokers. |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| JPY | Japanese Yen |
| KRW | Korean Won |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited)

**A. Valuation of Investments —** The valuation of investments is in accordance with U.S. generally accepted accounting principles ("GAAP") and the Funds' valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Board has designated the J.P. Morgan Private Investments Inc. (the "Adviser") as the Valuation Designee, and the Adviser uses the Six Circles Funds Valuation Committee ("VC"), comprised of officers of the Funds and other personnel of the Adviser, to assist the Board with the oversight and monitoring of the valuation of the Funds' investments with respect to Rule 2a-5 under the Investment Company Act of 1940. The VC oversees and carries out policies and procedures for the valuation of investments held by the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor due diligence. The VC, through the Adviser, is responsible for assessing the potential impacts to the fair values on an ongoing basis, and discussing this on at least a quarterly basis with the Board.

A market-based approach is primarily used to value the Funds' investments for which market quotations are readily available and which are generally valued at their current market value. Other securities and assets, including securities for which market quotations are not readily available; securities for which market quotations are determined not to be reliable; or, securities in which their value has been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Fund's net asset value ("NAV") is calculated, may be valued at fair value in accordance with policies and procedures adopted by the Board. The valuation may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment in order to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based on current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equity securities listed on a North American, Central American, South American or Caribbean ("Americas") securities exchange are generally valued at the last sale price or official market closing price on the primary exchange on which the security is principally traded that is reported before the time when the NAV of the Funds are calculated on a valuation date. The Funds calculate their NAV as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading.

Foreign equity securities are valued as of the close of trading on the stock exchange on which the security is primarily traded, or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Generally foreign equity securities, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated. The fair valued securities are converted at the exchange rates available at 4 p.m. Eastern time.

Fixed income securities are valued based on prices received from pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, pricing services may consider a variety of inputs and factors, including, but not limited to proprietary models that may take into account market transactions in securities with comparable characteristics, yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, underlying collateral and estimated cash flows. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

Shares of exchange-traded funds ("ETFs") are generally valued at the last sale price on the exchange on which the ETF is principally traded. Shares of open-end investment companies are valued at their respective NAVs.

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

Exchange-traded futures contracts and options are generally valued on the basis of available market quotations. Swaps, forward foreign currency exchange contracts and over the counter options are valued utilizing market quotations from approved pricing services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

• Level 1 – Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 – Other significant observable inputs including, but not limited to, quoted prices for similar
investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 – Significant inputs based on the best information available in the circumstances, to the
extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs") (amounts in thousands):

**Six Circles Ultra Short Duration Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $77409 | $— | $77409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Card ABS |  | 15169 |  | 15169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 17131 |  | 17131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 10932 |  | 10932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 120641 |  | 120641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 2452 |  | 2452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 41135 |  | 41135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 873 |  | 873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 10653 |  | 10653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 52661 |  | 52661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 18200 |  | 18200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 6875 |  | 6875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 38274 |  | 38274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 27129 |  | 27129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 50469 |  | 50469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 33735 |  | 33735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 155496 |  | 155496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 25303 |  | 25303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 25419 |  | 25419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 25114 |  | 25114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 387814 |  | 387814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 2043 |  | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 4435 |  | 4435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 11273 |  | 11273 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 35539 |  | 35539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Papers |  | 12463 |  | 12463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  | 25480 |  | 25480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 6300 |  | 6300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 19658 |  | 19658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 50333 |  | 50333 |
|  Total Short-Term Investments |  | 149773 |  | 149773 |
|  **Total Investments in Securities** | $— | $749292 | $— | $749292 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $320 | $— | $— | $320 |
|  Forward Foreign Currency Exchange contracts |  | 329 |  | 329 |
|  Centrally Cleared Interest Rate Swap contracts |  | 368 |  | 368 |
|  **Total Appreciation in Other Financial Instruments** | $320 | $697 | $— | $1017 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(171) | $— | $— | $(171) |
|  Forward Foreign Currency Exchange contracts |  | (125) |  | (125) |
|  Centrally Cleared Interest Rate Swap contracts |  | (72) |  | (72) |
|  **Total Depreciation in Other Financial Instruments** | $(171) | $(197) | $— | $(367) |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles Tax Aware Ultra Short Duration Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $47648 | $— | $47648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Card ABS |  | 8470 |  | 8470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 10360 |  | 10360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 5207 |  | 5207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 71685 |  | 71685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 3115 |  | 3115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 50838 |  | 50838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 1086 |  | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 5025 |  | 5025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 56949 |  | 56949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 2233 |  | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 4589 |  | 4589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 22195 |  | 22195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 9693 |  | 9693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 702 |  | 702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 76610 |  | 76610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 9454 |  | 9454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 2209 |  | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 9416 |  | 9416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 134868 |  | 134868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 3019 |  | 3019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 2349 |  | 2349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  | 5368 |  | 5368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 5040 |  | 5040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 660062 |  | 660062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 1466 |  | 1466 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 2882 |  | 2882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 15936 |  | 15936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 6900 |  | 6900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 31090 |  | 31090 |
|  Total Short-Term Investments |  | 56808 |  | 56808 |
|  **Total Investments in Securities** | $— | $997594 | $— | $997594 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $403 | $— | $— | $403 |
|  Forward Foreign Currency Exchange contracts |  | 21 |  | 21 |
|  Centrally Cleared Interest Rate Swap contracts |  | 478 |  | 478 |
|  **Total Appreciation in Other Financial Instruments** | $403 | $499 | $— | $902 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(150) | $— | $— | $(150) |
|  Forward Foreign Currency Exchange contracts |  | (152) |  | (152) |
|  Centrally Cleared Interest Rate Swap contracts |  | (84) |  | (84) |
|  **Total Depreciation in Other Financial Instruments** | $(150) | $(236) | $— | $(386) |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles U.S. Unconstrained Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | $6271578 | $— | $— | $6271578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical | 2439015 |  |  | 2439015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical | 5247497 |  |  | 5247497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 983465 |  |  | 983465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 4639228 |  |  | 4639228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 1422000 |  |  | 1422000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 8972910 |  |  | 8972910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 373682 |  |  | 373682 |
|  Total Common Stocks | 30349375 |  |  | 30349375 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 76317 |  | 76317 |
|  **Total Investments in Securities** | $30349375 | $76317 | $— | $30425692 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $1066 | $— | $— | $1066 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(20) | $— | $— | $(20) |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles International Unconstrained Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | $— | $50998 | $— | $50998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 110466 |  | 110466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 343267 |  |  | 343267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 13560 |  | 13560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China |  | 877 |  | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark |  | 528966 |  | 528966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland |  | 184364 |  | 184364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 2241725 |  | 2241725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 7316 | 3073069 |  | 3080385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 59632 |  | 59632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 19357 | 147816 |  | 167173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 23119 | 853369 |  | 876488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 5955 | 919001 |  | 924956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 17180 |  | 17180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  | 6500 |  | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 895911 |  | 895911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway |  | 91879 |  | 91879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 2771 |  | 2771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 27942 |  | 27942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 256737 |  | 256737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 6544 | 630131 |  | 636675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 79976 | 525401 |  | 605377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 2204682 |  | 2204682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 1121 | 491464 |  | 492585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 2883 | 4032121 |  | 4035004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 6373 |  |  | 6373 |
|  Total Common Stocks | 495911 | 17366562 |  | 17862473 |
|  Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 28382 |  | 28382 |
|  Right |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 32 |  |  | 32 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 144481 |  | 144481 |
|  **Total Investments in Securities** | $495943 | $17539425 | $— | $18035368 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $1333 | $— | $— | $1333 |
|  Forward Foreign Currency Exchange contracts |  | 5 |  | 5 |
|  **Total Appreciation in Other Financial Instruments** | $1333 | $5 | $— | $1338 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(49) | $— | $— | $(49) |
|  Forward Foreign Currency Exchange contracts |  | (1) |  | (1) |
|  **Total Depreciation in Other Financial Instruments** | $(49) | $(1) | $— | $(50) |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles Global Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>Quoted prices | **Level 2**<br>Other significant<br>observable<br>inputs | **Level 3**<br>Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $16020 | $— | $16020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 52262 |  | 52262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 68282 |  | 68282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 231403 |  | 231403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 5773 |  | 5773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral Supp CMO |  | 61 |  | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 24933 |  | 24933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 262170 |  | 262170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 55688 |  | 55688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 39865 |  | 39865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 127461 |  | 127461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 121519 |  | 121519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 277845 |  | 277845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 89872 |  | 89872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 976959 |  | 976959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  | 86413 |  | 86413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 161468 |  | 161468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 35408 |  | 35408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 185716 |  | 185716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 2102526 |  | 2102526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 838710 |  | 838710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services |  | 7842 |  | 7842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services |  | 11635 |  | 11635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric |  | 3519 |  | 3519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-National |  | 16302 |  | 16302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal |  | 33527 |  | 33527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 376 |  | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pipelines |  | 3756 |  | 3756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional (State/Province) |  | 281932 |  | 281932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 8305685 |  | 8305685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation |  | 19142 |  | 19142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  | 9522426 |  | 9522426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FGLMC Collateral |  | 11350 |  | 11350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Collateral |  | 2072 |  | 2072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Collateral |  | 163957 |  | 163957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA Collateral |  | 2439 |  | 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II Collateral |  | 476046 |  | 476046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 1371229 |  | 1371229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 2027093 |  | 2027093 |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles Global Bond Fund (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>Quoted prices | **Level 2**<br>Other significant<br>observable<br>inputs | **Level 3**<br>Significant<br>unobservable<br>inputs | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $6797 | $— | $6797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 15735 |  | 15735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 1670834 |  | 1670834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Option Contract |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Put Option Contract |  | 4 |  | 4 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 9700 |  | 9700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 168675 |  | 168675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Security |  | 34016 |  | 34016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 60139 |  | 60139 |
|  Total Short-Term Investments |  | 272530 |  | 272530 |
|  **Total Investments in Securities** | $— | $16004085 | $— | $16004085 |
|  **Liabilities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities | $— | $197211 | $— | $197211 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | 892 |  |  | 892 |
|  Forward Foreign Currency Exchange contracts |  | 31350 |  | 31350 |
|  OTC Interest Rate Swaps contracts |  | 58 |  | 58 |
|  Centrally Cleared Interest Rate Swap contracts |  | 5080 |  | 5080 |
|  Purchased Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Put Interest Rate Swaption contracts |  | 2928 |  | 2928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Call Interest Rate Swaption contracts |  | 3932 |  | 3932 |
|  Total Purchased Interest Rate Swaptions contracts |  | 6860 |  | 6860 |
|  **Total Appreciation in Other Financial Instruments** | $892 | $43348 | $— | $44240 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(382) | $— | $— | $(382) |
|  Forward Foreign Currency Exchange contracts |  | (38328) |  | (38328) |
|  OTC Interest Rate Swaps contracts |  | (57) |  | (57) |
|  Centrally Cleared Interest Rate Swap contracts |  | (7637) |  | (7637) |
|  Written Option Contract |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Call Option Contract |  | (44) |  | (44) |
|  Written Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Put Interest Rate Swaption contracts |  | (171) |  | (171) |
|  **Total Depreciation in Other Financial Instruments** | $(382) | $(46237) | $— | $(46619) |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles Tax Aware Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>Quoted prices | **Level 2**<br>Other significant<br>observable<br>inputs | **Level 3**<br>Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $13191429 | $— | $13191429 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 23188 |  | 23188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 136217 |  | 136217 |
|  Total Short-Term Investments |  | 159405 |  | 159405 |
|  **Total Investments in Securities** | $— | $13350834 | $— | $13350834 |

---

**Six Circles Credit Opportunities Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>Quoted prices | **Level 2**<br>Other significant<br>observable<br>inputs | **Level 3**<br>Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $47127 | $— | $47127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services |  | 305 |  | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Card ABS |  | 1347 |  | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 83815 |  | 83815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 282 |  | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 132876 |  | 132876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 5313 |  | 5313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 38709 |  | 38709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 2563 |  | 2563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 3238 |  | 3238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 2839 |  | 2839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 4336 |  | 4336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 1076 |  | 1076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 6477 |  | 6477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds |  | 20529 |  | 20529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 312236 |  | 312236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 1122184 | 4 | 1122188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 1211537 |  | 1211537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 1179224 |  | 1179224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified |  | 15725 |  | 15725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 733635 | 641 | 734276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 1262863 | 6100 | 1268963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  | 179 |  | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 736435 |  | 736435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 297499 |  | 297499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 298508 |  | 298508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 7170025 | 6745 | 7176770 |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles Credit Opportunities Fund (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>Quoted prices | **Level 2**<br>Other significant<br>observable<br>inputs | **Level 3**<br>Significant<br>unobservable<br>inputs | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | $— | $16972 | $— | $16972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal |  | 612 |  | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 1738 |  | 1738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 710567 |  | 710567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  | 729889 |  | 729889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Collateral |  | 2858 |  | 2858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Collateral |  | 2631 |  | 2631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 5489 |  | 5489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 137874 |  | 137874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  |  | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 15822 |  |  | 15822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical | 6 |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1424 |  | 12 | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 17252 |  | 33 | 17285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 816 |  | 675 | 1491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  |  | 6467 | 6467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks | 816 |  | 7142 | 7958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 20253 |  | 20253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 119903 |  | 119903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 53685 |  | 53685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 82844 |  | 82844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified |  | 1529 |  | 1529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 3719 |  | 3719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 35180 | 2400 | 37580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  |  | 9661 | 9661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 28895 |  | 28895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 70208 |  | 70208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 3854 |  | 3854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments |  | 420070 | 12061 | 432131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  |  | — (a) | — (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrant |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  |  | 38 | 38 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Papers |  | 2013 |  | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 2219 |  | 2219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 226200 |  | 226200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Security |  | 2080 |  | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 48651 |  | 48651 |
|  Total Short-Term Investments |  | 281163 |  | 281163 |
|  **Total Investments in Securities** | $18068 | $8941937 | $26019 | $8986024 |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles Credit Opportunities Fund (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br>Quoted prices | **Level 2**<br>Other significant<br>observable<br>inputs | **Level 3**<br>Significant<br>unobservable<br>inputs | **Total** |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $1080 | $— | $— | $1080 |
|  Forward Foreign Currency Exchange contracts |  | 5876 |  | 5876 |
|  Centrally Cleared Interest Rate Swap contracts |  | 2642 |  | 2642 |
|  OTC Credit Default Swaps contracts |  | 672 |  | 672 |
|  Centrally Cleared Credit Default Swaps contracts |  | 2360 |  | 2360 |
|  **Total Appreciation in Other Financial Instruments** | $1080 | $11550 | $— | $12630 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(234) | $— | $— | $(234) |
|  Forward Foreign Currency Exchange contracts |  | (10129) |  | (10129) |
|  Centrally Cleared Interest Rate Swap contracts |  | (4204) |  | (4204) |
|  OTC Credit Default Swaps contracts |  | (328) |  | (328) |
|  Centrally Cleared Credit Default Swap contract |  | (156) |  | (156) |
|  **Total Depreciation in Other Financial Instruments** | $(234) | $(14817) | $— | $(15051) |

---

(a) Amount rounds to less than $500.

**Six Circles Multi-Strategy Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $13938 | $— | $13938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity ABS |  | 35151 |  | 35151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 70150 |  | 70150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 6570 |  | 6570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 125809 |  | 125809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 198279 |  | 198279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 1248 |  | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 104813 |  | 104813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 304340 |  | 304340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 16900 |  | 16900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 256 |  | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 6634 |  | 6634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 10681 |  | 10681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 4222 |  | 4222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 1873 |  | 1873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 3758 |  | 3758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 245 |  | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 3950 |  | 3950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 1942 |  | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 33561 |  | 33561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Collateral |  | 26959 |  | 26959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II Collateral |  | 98549 |  | 98549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 432248 |  | 432248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 557756 |  | 557756 |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles Multi-Strategy Fund (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | $— | $— | $300 | $300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 2253 |  | 2253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 30295 |  | 30295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 29970 |  | 29970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 38086 |  | 38086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 5924 |  | 5924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 58018 | 178 | 58196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 39914 |  | 39914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 55990 |  | 55990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 13477 |  | 13477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments |  | 273927 | 178 | 274105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Option contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Call Option contract |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Put Option contracts |  | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Purchased Option contracts |  | 8 |  | 8 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 146464 |  | 146464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 513077 |  | 513077 |
|  Total Short-Term Investments |  | 659541 |  | 659541 |
|  **Total Investments in Securities** | $— | $1971842 | $478 | $1972320 |
|  **Liabilities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA2 Collateral | $— | $3445 | $— | $3445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 59178 |  | 59178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 62623 |  | 62623 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | 14695 |  |  | 14695 |
|  Forward Foreign Currency Exchange contracts |  | 77 |  | 77 |
|  Centrally Cleared Interest Rate Swap contracts |  | 51 |  | 51 |
|  Centrally Cleared Credit Default Swaps contracts |  | 6 |  | 6 |
|  OTC Total Return Swap contracts |  | 27 |  | 27 |
|  Total Return Swaps contracts | 23486 |  |  | 23486 |
|  Purchased Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Put Interest Rate Swaption contracts |  | 966 |  | 966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Call Interest Rate Swaption contracts |  | 1166 |  | 1166 |
|  Total Purchased Interest Rate Swaptions contracts |  | 2132 |  | 2132 |
|  **Total Appreciation in Other Financial Instruments** | $38183 | $2293 | $— | $40476 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(5105) | $– | $– | $(5105) |
|  Forward Foreign Currency Exchange contracts |  | (36) |  | (36) |
|  Centrally Cleared Interest Rate Swap contracts |  | (126) |  | (126) |
|  Centrally Cleared Credit Default Swaps contracts |  | (3) |  | (3) |
|  OTC Total Return Swap contract |  | (28) |  | (28) |
|  Total Return Swaps contracts  | (18445) |  |  | (18445) |
|  Written Option contract |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Call Option contracts |  | (10) |  | (10) |
|  Total Written Option contract |  | (10) |  | (10) |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**Six Circles Multi-Strategy Fund (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  Written Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Call Interest Rate Swaption contracts | $— | $(55) | $— | $(55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Put Interest Rate Swaption contracts |  | (49) |  | (49) |
|  Total Written Interest Rate Swaptions contracts |  | (104) |  | (104) |
|  **Total Depreciation in Other Financial Instruments** | $(23550) | $(307) | $— | $(23857) |

---

**B. Loan Assignments** — The Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund invest in debt instruments that are interests in amounts owed to lenders or lending syndicates (a "Lender") by corporate, governmental or other borrowers (a "Borrower"). A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent administers the terms of the loan, as specified in the loan agreement. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan, provided, however, the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through the Agent. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between each Fund and the Borrower ("Intermediate Participants"). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. The Adviser or Sub-Advisers may have access to material non-public information regarding the Borrower.

Certain loan assignments are also subject to the associated risks.

Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. As of September 30, 2025, the Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund had the following loan commitments outstanding in which all or a portion of the commitment was unfunded (amounts in thousands):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** |
|  |  | **Maturity<br>Date** | **Commitment<br>Fee Rate** | **Rate if<br>Funded** | **Unfunded<br>Commitment** | **Unfunded<br>Commitment** | **Funded<br>Commitment** | **Funded<br>Commitment** | **Total<br>Commitment** | **Total<br>Commitment** |
| **Security Description** | **Term** | **Maturity<br>Date** | **Commitment<br>Fee Rate** | **Rate if<br>Funded** | **Par** | **Value** | **Par** | **Value** | **Par** | **Value** |
|  GrafTech Global Enterprises, Inc. | Delayed Draw Term Loan | 12/21/2029 | 3.75% | 10.52% | $773 | $774 | $— | $— | $773 | $774 |
|  Jupiter Buyer, Inc. | Initial Delayed Draw Term Loan | 11/01/2031 | 4.75% | 9.03% | 85 | 85 |  |  | 85 | 85 |
|  SWF Holdings I Corp. | Delayed Draw Term Loan | 12/19/2029 | 2.25% | 2.25% | 486 | 486 |  |  | 486 | 486 |
|  |  |  |  |  | **$1344** | **$1345** | **$—** | **$—** | **$1344** | **$1345** |

---

**Six Circles Multi-Strategy Fund** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Description** | **Term** | **Maturity<br>Date** | **Commitment<br>Fee Rate** | **Rate if<br>Funded** | **Unfunded<br>Commitment** | **Unfunded<br>Commitment** | **Funded<br>Commitment** | **Funded<br>Commitment** | **Total<br>Commitment** | **Total<br>Commitment** |
| **Security Description** | **Term** | **Maturity<br>Date** | **Commitment<br>Fee Rate** | **Rate if<br>Funded** | **Par** | **Value** | **Par** | **Value** | **Par** | **Value** |
|  Kaman Corp. | Delayed Draw Term Loan | 02/26/2032 | 1.00% | 6.43% | $50 | $49 | $5 | $5 | $55 | $54 |
|  MRP Buyer LLC | Delayed Draw Term Loan | 06/04/2032 | 1.63% | 7.25% | 26 | 26 | 40 | 39 | 66 | 65 |
|  RFS Opco LLC | Amendment No.2 Delayed Draw Term Loan | 04/04/2031 | 1.00% | 8.75% | 130 | 130 | 179 | 178 | 309 | 308 |
|  |  |  |  |  | **$206** | **$205** | **$224** | **$222** | **$430** | **$427** |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

**C. Derivatives** — The Funds used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures as well as credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated by the Sub-Advisers, with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark-to-market gains to a Fund.

Notes C(1) — C(4) below describe the various derivatives used by the Funds.

**(1) Options** — The Six Circles Global Bond Fund and Six Circles Multi-Strategy Fund purchased and sold ("wrote") put and call options on securities to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ("strike price") to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

*Options Purchased* — The option is adjusted daily to reflect the current market value of the option. If the option is allowed to expire, the Funds will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written* — The amount of the liability is adjusted daily to reflect the current market value of the option written. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Funds are not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Funds' option contracts are subject to master netting arrangements.

**(2) Futures Contracts** — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund used interest rate futures to manage interest rate risks associated with portfolio investments. The Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund and Six Circles Multi-Strategy Fund used index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs.

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

Futures contracts may provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation. Futures contracts outstanding at period end, if any, are listed after each Fund's SOI.

The use of futures contracts may expose the Funds to interest rate and equity price risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent the liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**(3) Forward Foreign Currency Exchange Contracts** — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency. Forward contracts outstanding at period end, if any, are listed after each Fund's SOI.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation/depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. Such Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Funds' forward foreign currency exchange contracts may be subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

**(4) Swaps** — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund engaged in various swap transactions, including interest swaps, to manage interest rate (e.g., duration, yield curve) risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter ("OTC swaps") between a fund and a counterparty or centrally cleared ("centrally cleared swaps") with a central clearinghouse through a Futures Commission Merchant ("FCM"), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap contracts outstanding at period end, if any, are listed after each Fund's SOI.

Upfront payments made and/or received are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability at the beginning of the measurement period.

Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF SEPTEMBER 30, 2025 (Unaudited) (continued)

The central clearing house acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearing house.

The Funds may be required to post or receive collateral in the form of cash or securities based on the net value of the Funds' outstanding OTC swap contracts with the counterparty. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds' custodian bank. Collateral received by the Funds is held in escrow in segregated accounts maintained by Brown Brothers Harriman & Co.

The Funds' swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

**Credit Default Swaps** 

The Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund's portfolio up to the notional amount of swap agreements.

The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

**Interest Rate Swaps** 

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund entered into interest rate swap contracts to manage fund exposure to interest rates and/or to preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

**Total Return Swaps** 

The Six Circles Multi-Strategy Fund entered into total return index swaps and total return equity swaps to gain exposure to specific indices or equity and manage portfolio risk. These instruments can provide the Fund with the ability to gain or reduce exposure to certain market segments without directly investing in underlying securities.

A total return index or equity swap is a contract in which one party agrees to pay the other the total return of a specified index or equity, including both capital gains and income, in exchange for periodic payments based on a fixed or floating interest rate.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SIX CIRCLES TRUST

- **b. Investment Company Act file number:** 811-23325

- **c. CIK number of Registrant:** 0001724826

- **d. LEI of Registrant:** 549300NG19QZK8S0N704

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 383 Madison Ave

  - **City:** NY

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10179

  - **Telephone number:** 212-464-2070

**Item A.2. Information about the Series.**

- **a. Name of Series:** Six Circles Credit Opportunities Fund

- **b. EDGAR series identifier (if any):** S000068977

- **c. LEI of Series:** 549300KM8H17EZ9KOC28

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $9318259934.58

**Total Liabilities:** $241047255.43

**Net Assets:** $9077212679.15

**Cash Not Reported:** $310634761.52

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 2440.55726800 | **1-Year:** 55534.15071800 | **5-Year:** 170488.25883400 | **10-Year:** 161533.84651000 | **30-Year:** 148868.58224000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 25503.19388800 | **1-Year:** 499490.40152200 | **5-Year:** 1281999.89340100 | **10-Year:** 265523.44121700 | **30-Year:** 94287.55228800

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000220641 | 0.90%                | 1.12%                | 0.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22336472.66             | $-65063588.49                              |
| Month 2  | $11418364.43             | $86725790.16                               |
| Month 3  | $17281254.19             | $3489127.16                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                          | Title                                                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UNITI GROUP/CSL 4.75% 04/15/28                | UNITI GROUP/CSL CAPITAL REGD 144A P/P 4.75000000                                               | CUSIP: 91327BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2265000 | PA      | $2218532.42   | 0.02%             | 2028-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CASH COLLATERAL LCH FOB WFS                   | CASH COLLATERAL LCH FOB WFS 0.00000000                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |     3162000 | PA      | $3162000.00   | 0.03%             | 2049-12-31      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                           | EUR/USD FWD 20251217 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-1707.55     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| T/L SKIO 0% 02/27/32/ EUR/                    | T/L SKIO BIDCO B V REGD /EUR/ 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |     4426000 | PA      | $5222326.94   | 0.06%             | 2032-02-27      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| VF CORP 0.625% 02/25/32/EUR/                  | VF CORP /EUR/ REGD 0.62500000                                                                  | CUSIP: 918204AY4<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |     2350000 | PA      | $2084654.14   | 0.02%             | 2032-02-25      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE 3.875% 10/01/31                   | GAP INC/THE REGD 144A P/P 3.87500000                                                           | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     3375000 | PA      | $3066684.64   | 0.03%             | 2031-10-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| CONSTELLIUM SE 3.75% 04/15/29                 | CONSTELLIUM SE REGD 144A P/P 3.75000000                                                        | CUSIP: 21039CAB0<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |     7828000 | PA      | $7448450.81   | 0.08%             | 2029-04-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| CAMELOT FINANCE  4.5% 11/01/26                | CAMELOT FINANCE SA REGD 144A P/P 4.50000000                                                    | CUSIP: 13323AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      627000 | PA      | $624225.41    | 0.01%             | 2026-11-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 05/17/28                | HSBC HOLDINGS PLC REGD V/R 5.59700000                                                          | CUSIP: 404280EF2<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      286000 | PA      | $292051.93    | 0.00%             | 2028-05-17      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| PIRAEUS BANK V/R 12/05/29/EUR/                | PIRAEUS BANK SA /EUR/ REGD V/R REG S EMTN 6.75000000                                           | CUSIP: X5S2FJAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | GR        |     6052000 | PA      | $7892358.78   | 0.09%             | 2029-12-05      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDS XS1963830002 05.000 SP 12/20/2029 GSISW LONG                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $52889.21     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WR GRACE HOLDI 5.625% 08/15/29                | WR GRACE HOLDING LLC REGD 144A P/P 5.62500000                                                  | CUSIP: 92943GAA9<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    17664000 | PA      | $16414823.12  | 0.18%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| LADDER CAP FIN  4.75% 06/15/29                | LADDER CAP FIN LLLP/CORP REGD 144A P/P 4.75000000                                              | CUSIP: 505742AP1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1082000 | PA      | $1061921.00   | 0.01%             | 2029-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| PERENTI FINANCE  7.5% 04/26/29                | PERENTI FINANCE PTY LTD REGD 144A P/P 7.50000000                                               | CUSIP: 71367VAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |       60000 | PA      | $62735.43     | 0.00%             | 2029-04-26      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| CARPENTER TECH 7.625% 03/15/30                | CARPENTER TECHNOLOGY REGD 7.62500000                                                           | CUSIP: 144285AM5<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |       88000 | PA      | $90425.46     | 0.00%             | 2030-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| FWD GROUP HOLD 5.836% 09/22/35                | FWD GROUP HOLDINGS LTD REGD 144A P/P MTN 5.83600000                                            | CUSIP: 30332TAD4<br>LEI: 254900HEGGDS8WU5QZ97 | Long             | DBT              | CORP              | KY        |      500000 | PA      | $506229.24    | 0.01%             | 2035-09-22      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| WABASH NATIONAL  4.5% 10/15/28                | WABASH NATIONAL CORP REGD 144A P/P 4.50000000                                                  | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |      120000 | PA      | $111224.56    | 0.00%             | 2028-10-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY V/R 07/20/29                   | MORGAN STANLEY REGD V/R 5.44900000                                                             | CUSIP: 61747YFF7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |       98000 | PA      | $101256.38    | 0.00%             | 2029-07-20      | Variable      | 5.45%                 | No            |                  2 | On Loan: No      |
| T/L ELSAN SAS 00.00% 06/16/31                 | T/L ELSAN SAS 0.00000000                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |     4920000 | PA      | $5773553.27   | 0.06%             | 2031-06-16      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP 4.9% 08/14/26                | VOLKSWAGEN GROUP AMERICA REGD 144A P/P 4.90000000                                              | CUSIP: 928668CK6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $200938.23    | 0.00%             | 2026-08-14      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| CONTINENTAL RE 2.268% 11/15/26                | CONTINENTAL RESOURCES REGD 144A P/P 2.26800000                                                 | CUSIP: 212015AU5<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |     1838000 | PA      | $1791748.68   | 0.02%             | 2026-11-15      | Fixed         | 2.27%                 | Yes           |                  2 | On Loan: No      |
| CARNIVAL CORP 5.75% 08/01/32                  | CARNIVAL CORP REGD 144A P/P 5.75000000                                                         | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     7619000 | PA      | $7752259.81   | 0.09%             | 2032-08-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BELDEN IN 3.375% 07/15/31/EUR/                | BELDEN INC /EUR/ REGD REG S 3.37500000                                                         | CUSIP: U07461AQ6<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | DBT              | CORP              | US        |      404000 | PA      | $461359.19    | 0.01%             | 2031-07-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| AVANTOR F 3.875% 07/15/28/EUR/                | AVANTOR FUNDING INC /EUR/ REGD REG S 3.87500000                                                | CUSIP: U05247AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $117181.66    | 0.00%             | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP 7.25% 05/01/32                      | SUNOCO LP REGD 144A P/P 7.25000000                                                             | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |       90000 | PA      | $94463.24     | 0.00%             | 2032-05-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| BRINK'S CO/THE 4.625% 10/15/27                | BRINK'S CO/THE REGD 144A P/P 4.62500000                                                        | CUSIP: 109696AA2<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |       80000 | PA      | $79206.80     | 0.00%             | 2027-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| AEGON FUNDING CO 5.5% 04/16/27                | AEGON FUNDING CO LLC REGD 144A P/P 5.50000000                                                  | CUSIP: 00775VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      476000 | PA      | $484395.88    | 0.01%             | 2027-04-16      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| JANE STREET GRP 6.75% 05/01/33                | JANE STREET GRP/JSG FIN REGD 144A P/P 6.75000000                                               | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1384000 | PA      | $1435393.46   | 0.02%             | 2033-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS US698299AD63 01.000 BP 06/20/2029 BARCGB5GXXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $61.20        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FORVIA SE 8% 06/15/30                         | FORVIA SE REGD 144A P/P 8.00000000                                                             | CUSIP: 31209DAA3<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |       70000 | PA      | $74065.88     | 0.00%             | 2030-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ENERSYS 4.375% 12/15/27                       | ENERSYS REGD 144A P/P 4.37500000                                                               | CUSIP: 29275YAC6<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |       50000 | PA      | $49299.76     | 0.00%             | 2027-12-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| HOLOGIC INC 3.25% 02/15/29                    | HOLOGIC INC REGD 144A P/P 3.25000000                                                           | CUSIP: 436440AP6<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | DBT              | CORP              | US        |      110000 | PA      | $106202.02    | 0.00%             | 2029-02-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| NORTHRIVER MIDS 6.75% 07/15/32                | NORTHRIVER MIDSTREAM FIN REGD 144A P/P 6.75000000                                              | CUSIP: 66679NAB6<br>LEI: 549300SOLNLY3BL6GF18 | Long             | DBT              | CORP              | CA        |     1209000 | PA      | $1241442.31   | 0.01%             | 2032-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| OLYMPUS WTR US  9.75% 11/15/28                | OLYMPUS WTR US HLDG CORP REGD 144A P/P 9.75000000                                              | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    16665000 | PA      | $17489917.50  | 0.19%             | 2028-11-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| CURRENTA GR 5.5% 05/15/30/EUR/                | CURRENTA GROUP HOLDINGS /EUR/ REGD 144A P/P 5.50000000                                         | CUSIP: N/A<br>LEI: 222100SF79KCJKYUPE47       | Long             | DBT              | CORP              | LU        |     2100000 | PA      | $2526651.43   | 0.03%             | 2030-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BATH & BODY WOR 5.25% 02/01/28                | BATH & BODY WORKS INC REGD 5.25000000                                                          | CUSIP: 501797AN4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |       50000 | PA      | $50283.90     | 0.00%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BENIN INT 6.875% 01/19/52/EUR/                | BENIN INTL GOV BOND /EUR/ REGD REG S 6.87500000                                                | CUSIP: V15389AD7<br>LEI: N/A                  | Long             | DBT              | USGA              | BJ        |      400000 | PA      | $426944.88    | 0.00%             | 2052-01-19      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC  5% 08/15/28                | JEFFERIES FIN LLC / JFIN REGD 144A P/P 5.00000000                                              | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3229000 | PA      | $3120427.45   | 0.03%             | 2028-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| POST HOLDINGS  6.375% 03/01/33                | POST HOLDINGS INC REGD 144A P/P 6.37500000                                                     | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     1310000 | PA      | $1322228.85   | 0.01%             | 2033-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| BAUSCH HEALTH COS 11% 09/30/28                | BAUSCH HEALTH COS INC REGD 144A P/P 11.00000000                                                | CUSIP: 071734AQ0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    11355000 | PA      | $11809430.51  | 0.13%             | 2028-09-30      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF UZBE 3.9% 10/19/31                | REPUBLIC OF UZBEKISTAN REGD REG S 3.90000000                                                   | CUSIP: Y000WRAE8<br>LEI: N/A                  | Long             | DBT              | USGA              | UZ        |     3300000 | PA      | $3029064.16   | 0.03%             | 2031-10-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR IN 7.25% 07/15/30                | UNDER ARMOUR INC REGD 144A P/P 7.25000000                                                      | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |      120000 | PA      | $119845.78    | 0.00%             | 2030-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| LEVEL 3 FINANC 4.875% 06/15/29                | LEVEL 3 FINANCING INC REGD P/P 4.87500000                                                      | CUSIP: 527298CB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10391500 | PA      | $9821251.89   | 0.11%             | 2029-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251001 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $3534.12      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOL 6.375% 06/01/29                | MAJORDRIVE HOLDINGS IV L REGD 144A P/P 6.37500000                                              | CUSIP: 56085RAA8<br>LEI: 25490044R1FR5N8FIT62 | Long             | DBT              | CORP              | US        |     2828000 | PA      | $2318478.33   | 0.03%             | 2029-06-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| GRAHAM PACKAGI 7.125% 08/15/28                | GRAHAM PACKAGING/GPC CAP REGD 144A P/P 7.12500000                                              | CUSIP: 384701AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1570000 | PA      | $1572838.56   | 0.02%             | 2028-08-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| FOUNDRY JV HOLDC 5.9% 01/25/30                | FOUNDRY JV HOLDCO LLC REGD 144A P/P 5.90000000                                                 | CUSIP: 350930AB9<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |     1646000 | PA      | $1736283.03   | 0.02%             | 2030-01-25      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| ODIDO GROUP 5.5% 01/15/30/EUR/                | ODIDO GROUP HOLDING BV /EUR/ REGD REG S 5.50000000                                             | CUSIP: N9655SAA0<br>LEI: 724500FOAL1MNGOJKP07 | Long             | DBT              | CORP              | NL        |     7316000 | PA      | $8651544.28   | 0.10%             | 2030-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RB GLOBAL HOLDI 6.75% 03/15/28                | RB GLOBAL HOLDINGS INC REGD 144A P/P 6.75000000                                                | CUSIP: 76774LAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      120000 | PA      | $122604.36    | 0.00%             | 2028-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| AHLSTROM HLDG  4.875% 02/04/28                | AHLSTROM HLDG 3 OY REGD 144A P/P 4.87500000                                                    | CUSIP: 84612JAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | FI        |      421000 | PA      | $408222.92    | 0.00%             | 2028-02-04      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| BAUSCH HEALTH  4.875% 06/01/28                | BAUSCH HEALTH COS INC REGD 144A P/P 4.87500000                                                 | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     3644000 | PA      | $3261380.00   | 0.04%             | 2028-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| ROMANIA 7.125% 01/17/33                       | ROMANIA REGD REG S 7.12500000                                                                  | CUSIP: X7360WCQ3<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |     5900000 | PA      | $6294865.88   | 0.07%             | 2033-01-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| KLEOPATRA FIN 9% 09/01/29/EUR/                | KLEOPATRA FINCO SARL /EUR/ REGD REG S 9.00000000                                               | CUSIP: L5841FAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      101000 | PA      | $11858.35     | 0.00%             | 2029-09-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS 3.875% 02/15/31                | UNITED RENTALS NORTH AM REGD 3.87500000                                                        | CUSIP: 911363AM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1869000 | PA      | $1768111.38   | 0.02%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDX 2I65BZFG2 01.000 SP 12/20/2029 WFSLUS33XXX FLOAT                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $82164.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LIGHT & WONDER  7.25% 11/15/29                | LIGHT & WONDER INTL INC REGD 144A P/P 7.25000000                                               | CUSIP: 80874YBE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      140000 | PA      | $143672.76    | 0.00%             | 2029-11-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CITIZENS FINANCIA V/R 01/23/30                | CITIZENS FINANCIAL GROUP REGD V/R 5.84100000                                                   | CUSIP: 174610BF1<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |      388000 | PA      | $404440.58    | 0.00%             | 2030-01-23      | Variable      | 5.84%                 | No            |                  2 | On Loan: No      |
| BUBBLES BID 6.5% 09/30/31/EUR/                | BUBBLES BIDCO SPA /EUR/ REGD REG S 6.50000000                                                  | CUSIP: T2R25FAA1<br>LEI: 815600073942740CEB24 | Long             | DBT              | CORP              | IT        |      338000 | PA      | $406445.70    | 0.00%             | 2031-09-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOL 5.625% 08/15/29                | MIDAS OPCO HOLDINGS LLC REGD 144A P/P 5.62500000                                               | CUSIP: 59565JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      170000 | PA      | $165123.50    | 0.00%             | 2029-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| BELRON UK 4.625% 10/15/29/EUR/                | BELRON UK FINANCE PLC /EUR/ REGD REG S 4.62500000                                              | CUSIP: G0982GAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      200000 | PA      | $240995.56    | 0.00%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| EDGEWELL PERSO 4.125% 04/01/29                | EDGEWELL PERSONAL CARE REGD 144A P/P 4.12500000                                                | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |       50000 | PA      | $47557.73     | 0.00%             | 2029-04-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | USD/ZAR FWD 20251120 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-49633.88    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ANYWHERE REAL EST/ 7% 04/15/30                | ANYWHERE REAL EST/CO-ISS REGD P/P SER AI 7.00000000                                            | CUSIP: 75606DAT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      719600 | PA      | $728102.88    | 0.01%             | 2030-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ONEOK INC 5.625% 01/15/28                     | ONEOK INC REGD 144A P/P 5.62500000                                                             | CUSIP: 682680CM3<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |       87000 | PA      | $88899.49     | 0.00%             | 2028-01-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| OVINTIV INC 5.65% 05/15/28                    | OVINTIV INC REGD 5.65000000                                                                    | CUSIP: 69047QAB8<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |      276000 | PA      | $284296.36    | 0.00%             | 2028-05-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/ 5.875% 04/01/29                | FERRELLGAS LP/FERRELLGAS REGD 144A P/P 5.87500000                                              | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      120000 | PA      | $111689.23    | 0.00%             | 2029-04-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| KAZMUNAYGAS NAT 5.75% 04/19/47                | KAZMUNAYGAS NATIONAL CO REGD REG S 5.75000000                                                  | CUSIP: Y4596HAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | KZ        |     5800000 | PA      | $5399087.35   | 0.06%             | 2047-04-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TURK IHRACAT K 6.875% 07/03/28                | TURK IHRACAT KR BK REGD 144A P/P MTN 6.87500000                                                | CUSIP: 90015LAK3<br>LEI: N/A                  | Long             | DBT              | USGA              | TR        |     1100000 | PA      | $1122723.43   | 0.01%             | 2028-07-03      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| HUNGARIAN DEVELO 6.5% 06/29/28                | HUNGARIAN DEVELOPMENT BA REGD REG S 6.50000000                                                 | CUSIP: X5S5VDBM0<br>LEI: N/A                  | Long             | DBT              | USGA              | HU        |     6200000 | PA      | $6499117.57   | 0.07%             | 2028-06-29      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HO 6.665% 07/15/27                | CELANESE US HOLDINGS LLC REGD 6.66500000                                                       | CUSIP: 15089QAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1155000 | PA      | $1184495.24   | 0.01%             | 2027-07-15      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO P 7.375% 08/01/33                | ADVANCE AUTO PARTS REGD 144A P/P 7.37500000                                                    | CUSIP: 00751YAL0<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |      190000 | PA      | $196045.80    | 0.00%             | 2033-08-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE BANK 3.624% 06/03/30                | MACQUARIE BANK LTD REGD 144A P/P 3.62400000                                                    | CUSIP: 556079AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |      239000 | PA      | $227799.13    | 0.00%             | 2030-06-03      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251022 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $6068.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOL 8.5% 04/15/31                | ENDO FINANCE HOLDINGS REGD 144A P/P 8.50000000                                                 | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      120000 | PA      | $128727.36    | 0.00%             | 2031-04-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF COL 8.75% 11/14/53                | REPUBLIC OF COLOMBIA REGD 8.75000000                                                           | CUSIP: 195325EM3<br>LEI: N/A                  | Long             | DBT              | USGA              | CO        |     1500000 | PA      | $1645950.00   | 0.02%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ALLEN MEDIA LLC 10.5% 02/15/28                | ALLEN MEDIA LLC/CO-ISSR REGD 144A P/P 10.50000000                                              | CUSIP: 01771YAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      110000 | PA      | $48950.00     | 0.00%             | 2028-02-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| T/L IRB HOLDING CO 0% 12/15/27                | T/L IRB HOLDING CORPORATION    REGD 0.00000000                                                 | CUSIP: 44988LAL1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      672066 | PA      | $672099.43    | 0.01%             | 2027-12-15      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| AROUNDTOWN FIN V/R /PERP//GBP/                | AROUNDTOWN FINANCE SARL /GBP/ REGD V/R /PERP/ 8.62500000                                       | CUSIP: L0269HAD7<br>LEI: 8945006LEXV2KWSWVP51 | Long             | DBT              | CORP              | LU        |      906000 | PA      | $1254774.70   | 0.01%             | 2174-08-07      | Variable      | 8.62%                 | No            |                  2 | On Loan: No      |
| CREDICORP  10.1% 12/15/43/PEN/                | CREDICORP CAPITAL SOCIED /PEN/ REGD P/P 10.10000000                                            | CUSIP: 224939AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |     6300000 | PA      | $1941504.30   | 0.02%             | 2043-12-15      | Fixed         | 10.10%                | Yes           |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIO 7% 01/15/31                | IHEARTCOMMUNICATIONS INC REGD 144A P/P 7.00000000                                              | CUSIP: 45174HBK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $23432.55     | 0.00%             | 2031-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| USA COM PART/U 7.125% 03/15/29                | USA COM PART/USA COM FIN REGD 144A P/P 7.12500000                                              | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2718000 | PA      | $2803557.20   | 0.03%             | 2029-03-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| OCEANEERING INTL I 6% 02/01/28                | OCEANEERING INTL INC REGD 6.00000000                                                           | CUSIP: 675232AB8<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |       50000 | PA      | $50618.40     | 0.00%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN 4.125% 08/15/26                | ARDAGH PKG FIN/HLDGS USA REGD 144A P/P 4.12500000                                              | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    10207000 | PA      | $9798720.00   | 0.11%             | 2026-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| TALLGRASS NRG  7.375% 02/15/29                | TALLGRASS NRG PRTNR/FIN REGD 144A P/P 7.37500000                                               | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4549000 | PA      | $4684651.18   | 0.05%             | 2029-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| VERMILION ENERG 7.25% 02/15/33                | VERMILION ENERGY INC REGD 144A P/P 7.25000000                                                  | CUSIP: 923725AE5<br>LEI: 8945009D1HGCJC8M8A68 | Long             | DBT              | CORP              | CA        |      235000 | PA      | $222061.32    | 0.00%             | 2033-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| WR GRACE HOLDI 6.625% 08/15/32                | WR GRACE HOLDING LLC REGD 144A P/P 6.62500000                                                  | CUSIP: 92943GAF8<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |     4302000 | PA      | $4252032.27   | 0.05%             | 2032-08-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN NATIONAL V/R 12/01/55                | AMERICAN NATIONAL GROUP REGD V/R 7.00000000                                                    | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |       90000 | PA      | $92741.85     | 0.00%             | 2055-12-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE V/R /PERP/                   | SOCIETE GENERALE REGD V/R /PERP/ REG S 10.00000000                                             | CUSIP: F8600KAA4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     3380000 | PA      | $3744641.16   | 0.04%             | 2174-05-14      | Variable      | 10.00%                | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIE 5.5% 09/30/27                | SS&C TECHNOLOGIES INC REGD 144A P/P 5.50000000                                                 | CUSIP: 78466CAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2535000 | PA      | $2531914.65   | 0.03%             | 2027-09-30      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| HUDBAY MINERALS  4.5% 04/01/26                | HUDBAY MINERALS INC REGD 144A P/P 4.50000000                                                   | CUSIP: 443628AJ1<br>LEI: 894500LX3TMESP27BE29 | Long             | DBT              | CORP              | CA        |     5737000 | PA      | $5722664.84   | 0.06%             | 2026-04-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| SPECIALTY BUILD 7.75% 10/15/29                | SPECIALTY BUILDING PRODU REGD 144A P/P 7.75000000                                              | CUSIP: 84749AAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $40636.52     | 0.00%             | 2029-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| ENTEGRIS INC 4.375% 04/15/28                  | ENTEGRIS INC REGD 144A P/P 4.37500000                                                          | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |     1170000 | PA      | $1144804.36   | 0.01%             | 2028-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO/THE 6.298% 05/01/29                 | BOEING CO/THE REGD SER WI 6.29800000                                                           | CUSIP: 097023DQ5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      385000 | PA      | $408683.58    | 0.00%             | 2029-05-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| VALEO SE 5.125% 05/20/31/EUR/                 | VALEO SE /EUR/ REGD REG S EMTN 5.12500000                                                      | CUSIP: F9T69CR80<br>LEI: 5493006IH2N2WMIBB742 | Long             | DBT              | CORP              | FR        |     1600000 | PA      | $1927959.07   | 0.02%             | 2031-05-20      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEAL 7.25% 02/15/31                | SEALED AIR/SEALED AIR US REGD 144A P/P 7.25000000                                              | CUSIP: 812127AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      872000 | PA      | $914947.74    | 0.01%             | 2031-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| EVERSOURCE ENER 5.95% 02/01/29                | EVERSOURCE ENERGY REGD 5.95000000                                                              | CUSIP: 30040WAW8<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |      211000 | PA      | $220958.24    | 0.00%             | 2029-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ROMANIA 6.375% 09/18/33/EUR/                  | ROMANIA /EUR/ REGD REG S EMTN 6.37500000                                                       | CUSIP: X7360WCS9<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |     1700000 | PA      | $2095563.77   | 0.02%             | 2033-09-18      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DREAM FINDERS H 8.25% 08/15/28                | DREAM FINDERS HOMES INC REGD 144A P/P 8.25000000                                               | CUSIP: 26154DAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      677000 | PA      | $702382.08    | 0.01%             | 2028-08-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 02/24/28                | GOLDMAN SACHS GROUP INC REGD V/R 2.64000000                                                    | CUSIP: 38141GZK3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     1481000 | PA      | $1450004.51   | 0.02%             | 2028-02-24      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| GA GLOBAL FUNDIN 4.5% 09/18/30                | GA GLOBAL FUNDING TRUST REGD 144A P/P 4.50000000                                               | CUSIP: 36143L2V6<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |      493000 | PA      | $489219.92    | 0.01%             | 2030-09-18      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| TOPBUILD CORP 4.125% 02/15/32                 | TOPBUILD CORP REGD 144A P/P 4.12500000                                                         | CUSIP: 89055FAC7<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |     1125000 | PA      | $1054627.54   | 0.01%             | 2032-02-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| LEVEL 3 FINANCING  4% 04/15/31                | LEVEL 3 FINANCING INC REGD 144A P/P 4.00000000                                                 | CUSIP: 527298CH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1861978 | PA      | $1596294.91   | 0.02%             | 2031-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| SPRINT CAPITAL 6.875% 11/15/28                | SPRINT CAPITAL CORP REGD 6.87500000                                                            | CUSIP: 852060AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1025000 | PA      | $1102709.11   | 0.01%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NAM 5.25% 10/29/25                | REPUBLIC OF NAMIBIA REGD REG S 5.25000000                                                      | CUSIP: V7179TAE2<br>LEI: N/A                  | Long             | DBT              | USGA              | NA        |      400000 | PA      | $398473.30    | 0.00%             | 2025-10-29      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CMA CGM SA 5% 01/15/31/EUR/                   | CMA CGM SA /EUR/ REGD 144A P/P 5.00000000                                                      | CUSIP: N/A<br>LEI: 969500BZJ49IICIBZZ08       | Long             | DBT              | CORP              | FR        |     2853000 | PA      | $3406222.35   | 0.04%             | 2031-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PBF HOLDING CO 9.875% 03/15/30                | PBF HOLDING CO LLC REGD 144A P/P 9.87500000                                                    | CUSIP: 69318FAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      160000 | PA      | $167689.92    | 0.00%             | 2030-03-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | EUR/USD FWD 20251217 000009605 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $6604.29      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| COMMSCOPE TECH LLC 5% 03/15/27                | COMMSCOPE TECH LLC REGD 144A P/P 5.00000000                                                    | CUSIP: 20338HAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      520000 | PA      | $515917.89    | 0.01%             | 2027-03-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| VICI PROPERTIES 5.75% 02/01/27                | VICI PROPERTIES / NOTE REGD 144A P/P 5.75000000                                                | CUSIP: 92564RAJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2082000 | PA      | $2108184.21   | 0.02%             | 2027-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ASHTON WOODS U 4.625% 04/01/30                | ASHTON WOODS USA/FINANCE REGD 144A P/P 4.62500000                                              | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1885000 | PA      | $1785700.09   | 0.02%             | 2030-04-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| EXPAND ENERGY C 4.75% 02/01/32                | EXPAND ENERGY CORP REGD 4.75000000                                                             | CUSIP: 845467AT6<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     1031000 | PA      | $1013452.74   | 0.01%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| N/A                                           | EUR/USD FWD 20251021 000000010 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $163720.18    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MATTEL INC 3.375% 04/01/26                    | MATTEL INC REGD 144A P/P 3.37500000                                                            | CUSIP: 577081BE1<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |      110000 | PA      | $109212.53    | 0.00%             | 2026-04-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| ALLIANZ SE V/R /PERP//EUR/                    | ALLIANZ SE /EUR/ REGD V/R /PERP/ REG S 2.60000000                                              | CUSIP: D0R6AW5Z1<br>LEI: 529900K9B0N5BT694847 | Long             | DBT              | CORP              | DE        |     1000000 | PA      | $1024208.33   | 0.01%             | 2174-04-30      | Variable      | 2.60%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOL 3.75% 02/15/31                | SENSATA TECHNOLOGIES INC REGD 144A P/P 3.75000000                                              | CUSIP: 81728UAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1275000 | PA      | $1176693.90   | 0.01%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| LLOYDS BANKING 4.582% 12/10/25                | LLOYDS BANKING GROUP PLC REGD SER WI 4.58200000                                                | CUSIP: 539439AM1<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |      200000 | PA      | $200038.79    | 0.00%             | 2025-12-10      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| TELECOM I 7.875% 07/31/28/EUR/                | TELECOM ITALIA SPA /EUR/ REGD REG S 7.87500000                                                 | CUSIP: T92777AT7<br>LEI: 549300W384M3RI3VXU42 | Long             | DBT              | CORP              | IT        |     4390000 | PA      | $5753031.06   | 0.06%             | 2028-07-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPER 8.625% 11/15/31                | SERVICE PROPERTIES TRUST REGD 144A P/P 8.62500000                                              | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    12448000 | PA      | $13258178.08  | 0.15%             | 2031-11-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| SALLY HOLDINGS/ 6.75% 03/01/32                | SALLY HOLDINGS/SALLY CAP REGD 6.75000000                                                       | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2424000 | PA      | $2520269.16   | 0.03%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINE 8% 03/01/33                | FIRST QUANTUM MINERALS L REGD 144A P/P 8.00000000                                              | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     3670000 | PA      | $3871420.62   | 0.04%             | 2033-03-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| CHURCHILL DOWNS  5.5% 04/01/27                | CHURCHILL DOWNS INC REGD 144A P/P 5.50000000                                                   | CUSIP: 171484AG3<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |      100000 | PA      | $99825.14     | 0.00%             | 2027-04-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN EXPRESS  V/R 10/30/26                | AMERICAN EXPRESS CO REGD V/R 6.33800000                                                        | CUSIP: 025816DL0<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |      294000 | PA      | $294501.89    | 0.00%             | 2026-10-30      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVE 5.5% 07/15/29                | JAGUAR LAND ROVER AUTOMO REGD 144A P/P 5.50000000                                              | CUSIP: 47010BAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |       50000 | PA      | $49871.80     | 0.00%             | 2029-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SOLVENTUM CORP 5.4% 03/01/29                  | SOLVENTUM CORP REGD 5.40000000                                                                 | CUSIP: 83444MAP6<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |      489000 | PA      | $504722.88    | 0.01%             | 2029-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| GPS HOSPITALITY HO 7% 08/15/28                | GPS HOSPITALITY HOLDING REGD 144A P/P 7.00000000                                               | CUSIP: 36262BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $40108.60     | 0.00%             | 2028-08-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| HUB INTERNATION 7.25% 06/15/30                | HUB INTERNATIONAL LTD REGD 144A P/P 7.25000000                                                 | CUSIP: 44332PAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    24299000 | PA      | $25333554.22  | 0.28%             | 2030-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CARVANA CO 9% 06/01/30                        | CARVANA CO REGD 144A P/P 9.00000000                                                            | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    17865956 | PA      | $18693078.30  | 0.21%             | 2030-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CZK/USD FWD 20251217 000000908 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $541.39       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONE 2024-DFW1 A V/R 08/15/26                 | CONE TRUST 2024-DFW1 SER 2024-DFW1 CL A V/R REGD 144A P/P 5.79189000                           | CUSIP: 20682AAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      300000 | PA      | $299762.28    | 0.00%             | 2041-08-15      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| T/L TURBO EME % 08/31/32 /EUR/                | T/L TURBO EMEA HOLDINGS BV     REGD /EUR/ 0.00000000                                           | CUSIP: 38821UAG5<br>LEI: N/A                  | Long             | LON              | CORP              | NL        |     7065000 | PA      | $8298810.45   | 0.09%             | 2032-08-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| INTEL CORP 3.75% 08/05/27                     | INTEL CORP REGD 3.75000000                                                                     | CUSIP: 458140BY5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |      563000 | PA      | $558776.16    | 0.01%             | 2027-08-05      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VONTIER CORP 2.4% 04/01/28                    | VONTIER CORP REGD SER WI 2.40000000                                                            | CUSIP: 928881AD3<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |     1875000 | PA      | $1783944.51   | 0.02%             | 2028-04-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| CASH COLLATERAL V/R 12/31/49                  | CASH COLLATERAL USD 3.99000000                                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             | CORP              | US        |     -230000 | PA      | $-230000.00   | -0.00%            | 2049-12-31      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| T/L PROOFPOINT 0% 08/31/28                    | T/L PROOFPOINT INC REGD 0.00000000                                                             | CUSIP: 74345HAJ0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      480000 | PA      | $481252.80    | 0.01%             | 2028-08-31      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| T/L BRAND INDUSTRI 0% 08/01/30                | T/L BRAND INDUSTRIAL SERVICES  INC REGD 0.00000000                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     7776580 | PA      | $7030027.96   | 0.08%             | 2030-08-01      | Floating      | 8.80%                 | No            |                  2 | On Loan: No      |
| T/L BOOTS GROUP BI 0% 07/22/32                | T/L BOOTS GROUP BIDCO LIMITED  THE REGD 0.00000000                                             | CUSIP: 09947PAB7<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |     7295000 | PA      | $7310173.60   | 0.08%             | 2032-07-22      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTN 6% 12/31/30                | TALLGRASS NRG PRTNR/FIN REGD 144A P/P 6.00000000                                               | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      868000 | PA      | $857488.65    | 0.01%             | 2030-12-31      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS 5.75% 11/15/29                | AVOLON HOLDINGS FNDG LTD REGD 144A P/P 5.75000000                                              | CUSIP: 05401AAV3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      585000 | PA      | $607838.37    | 0.01%             | 2029-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| OFFICE PPTY INCOME 9% 09/30/29                | OFFICE PPTY INCOME TRST REGD 144A P/P 9.00000000                                               | CUSIP: 67623CAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $44800.00     | 0.00%             | 2029-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN AXLE & MF 5% 10/01/29                | AMERICAN AXLE & MFG INC REGD 5.00000000                                                        | CUSIP: 02406PBB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $38011.19     | 0.00%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YUM  BRANDS IN 4.625% 01/31/32                | YUM  BRANDS INC REGD 4.62500000                                                                | CUSIP: 988498AP6<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |      330000 | PA      | $320613.68    | 0.00%             | 2032-01-31      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DEUT PFANDBR V/R 10/04/35/EUR/                | DEUT PFANDBRIEFBANK AG /EUR/ REGD V/R REG S EMTN 7.12500000                                    | CUSIP: D18835WR1<br>LEI: DZZ47B9A52ZJ6LT6VV95 | Long             | DBT              | CORP              | DE        |     1200000 | PA      | $1495321.71   | 0.02%             | 2035-10-04      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP I 4.625% 12/15/27                | SERVICE CORP INTL REGD 4.62500000                                                              | CUSIP: 817565CD4<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |       70000 | PA      | $69656.58     | 0.00%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BAYER US FINAN 6.375% 11/21/30                | BAYER US FINANCE LLC REGD 144A P/P 6.37500000                                                  | CUSIP: 07274EAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $213816.07    | 0.00%             | 2030-11-21      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| LUMEN TECHNOLOG 7.65% 03/15/42                | LUMEN TECHNOLOGIES INC REGD SER U 7.65000000                                                   | CUSIP: 156700AT3<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |       40000 | PA      | $37200.00     | 0.00%             | 2042-03-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD CO 6.3% 02/15/30                | REGAL REXNORD CORP REGD SER * 6.30000000                                                       | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |      691000 | PA      | $732887.78    | 0.01%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PE 5.875% 08/08/54                | REPUBLIC OF PERU REGD 5.87500000                                                               | CUSIP: 715638EC2<br>LEI: N/A                  | Long             | DBT              | USGA              | PE        |     1690000 | PA      | $1695070.00   | 0.02%             | 2054-08-08      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND V 6.625% 01/15/32                | HILTON GRAND VAC LLC/INC REGD 144A P/P 6.62500000                                              | CUSIP: 43283QAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $71098.93     | 0.00%             | 2032-01-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| BRANDYWINE OPE 6.125% 01/15/31                | BRANDYWINE OPER PARTNERS REGD 6.12500000                                                       | CUSIP: 105340AT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      820000 | PA      | $818975.00    | 0.01%             | 2031-01-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PH 5.175% 09/05/49                | REPUBLIC OF PHILIPPINES REGD 5.17500000                                                        | CUSIP: 718286DD6<br>LEI: N/A                  | Long             | DBT              | USGA              | PH        |     1200000 | PA      | $1162423.61   | 0.01%             | 2049-09-05      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANC 3.875% 10/15/30                | LEVEL 3 FINANCING INC REGD 144A P/P 3.87500000                                                 | CUSIP: 527298CF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1115500 | PA      | $973935.80    | 0.01%             | 2030-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC / N 4.375% 01/15/28                | 1011778 BC / NEW RED FIN REGD 144A P/P 4.37500000                                              | CUSIP: 68245XAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     1287000 | PA      | $1264586.01   | 0.01%             | 2028-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| CHOBANI LLC/FI 7.625% 07/01/29                | CHOBANI LLC/FINANCE CORP REGD 144A P/P 7.62500000                                              | CUSIP: 17027NAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6106000 | PA      | $6366317.10   | 0.07%             | 2029-07-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| DRSLF 2020-86A A V/R 07/17/34                 | DRYDEN 86 CLO LTD SER 2020-86A CL A1R2 V/R REGD 144A P/P 5.45245000                            | CUSIP: 26245XAY3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1260000 | PA      | $1262517.86   | 0.01%             | 2034-07-17      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| ANYWHERE RE GRP 9.75% 04/15/30                | ANYWHERE RE GRP/REALOGY REGD 144A P/P 9.75000000                                               | CUSIP: 75606DAV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1181000 | PA      | $1289494.93   | 0.01%             | 2030-04-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| AVENIR ISSUER III  6% 03/22/27                | AVENIR ISSUER III IRLND REGD SER 3Y 6.00000000                                                 | CUSIP: G0R1YUAA6<br>LEI: 8945005RPC7GAZ20LN46 | Long             | DBT              | USGA              | IE        |     3596220 | PA      | $3550900.06   | 0.04%             | 2027-03-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION 10% 07/15/33                | BEACH ACQUISITION BIDCO REGD 144A P/P 10.00000000                                              | CUSIP: 07337JAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7163000 | PA      | $7727093.41   | 0.09%             | 2033-07-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| N/A                                           | GBP/USD FWD 20251002 000016440 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $7118.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WARNERMEDIA HO 4.279% 03/15/32                | WARNERMEDIA HOLDINGS INC REGD SER * 4.27900000                                                 | CUSIP: 55903VBQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      335000 | PA      | $306943.75    | 0.00%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM O 6.5% 06/01/29                | HESS MIDSTREAM OPERATION REGD 144A P/P 6.50000000                                              | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1090000 | PA      | $1124197.66   | 0.01%             | 2029-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FIN 4.75% 01/15/28/EUR/                | ALTICE FINCO SA /EUR/ REGD REG S 4.75000000                                                    | CUSIP: L0179RAK8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     3131000 | PA      | $1329703.85   | 0.01%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATIO 9.25% 07/15/30                | PHOENIX AVIATION CAPITAL REGD 144A P/P 9.25000000                                              | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |     4055000 | PA      | $4314678.15   | 0.05%             | 2030-07-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| ALBERTSONS COS/ 6.25% 03/15/33                | ALBERTSONS COS/SAFEWAY REGD 144A P/P 6.25000000                                                | CUSIP: 01309QAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1124000 | PA      | $1149458.41   | 0.01%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| MAXAM PRILL SAR 7.75% 07/15/30                | MAXAM PRILL SARL REGD 144A P/P 7.75000000                                                      | CUSIP: 57779MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |       90000 | PA      | $90994.51     | 0.00%             | 2030-07-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| STATION CASINO 6.625% 03/15/32                | STATION CASINOS LLC REGD 144A P/P 6.62500000                                                   | CUSIP: 857691AJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1295000 | PA      | $1330321.84   | 0.01%             | 2032-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| BLOCK INC ZCP 05/01/26                        | BLOCK INC REGD ZCP CONVERTIBLE 0.00000000                                                      | CUSIP: 852234AJ2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |      566000 | PA      | $549586.00    | 0.01%             | 2026-05-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 3.75% 12/31/28                   | UNITED STATES TREASURY NOTE 3.75000000                                                         | CUSIP: 91282CJR3<br>LEI: N/A                  | Long             | DBT              | UST               | US        |     6020000 | PA      | $6040458.61   | 0.07%             | 2028-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| STAPLES INC 12.75% 01/15/30                   | STAPLES INC REGD 144A P/P 12.75000000                                                          | CUSIP: 855030AS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $120433.07    | 0.00%             | 2030-01-15      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF CO 8.375% 11/07/54                | REPUBLIC OF COLOMBIA REGD 8.37500000                                                           | CUSIP: 195325EQ4<br>LEI: N/A                  | Long             | DBT              | USGA              | CO        |     2900000 | PA      | $3067765.00   | 0.03%             | 2054-11-07      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEA 6.125% 02/01/28                | SEALED AIR/SEALED AIR US REGD 144A P/P 6.12500000                                              | CUSIP: 812127AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      455000 | PA      | $461296.41    | 0.01%             | 2028-02-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| CASH COLLATERAL CME WFS                       | CASH COLLATERAL CME WFS 3.99000000                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |      313000 | PA      | $313000.00    | 0.00%             | 2049-12-31      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| US FOODS INC 4.75% 02/15/29                   | US FOODS INC REGD 144A P/P 4.75000000                                                          | CUSIP: 90290MAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $147751.81    | 0.00%             | 2029-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| GENERAL MOTORS  5.55% 07/15/29                | GENERAL MOTORS FINL CO REGD 5.55000000                                                         | CUSIP: 37045XEU6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      151000 | PA      | $155956.48    | 0.00%             | 2029-07-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP 5% 10/15/27                | MPT OPER PARTNERSP/FINL REGD 5.00000000                                                        | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      210000 | PA      | $203432.82    | 0.00%             | 2027-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TWILIO INC 3.625% 03/15/29                    | TWILIO INC REGD 3.62500000                                                                     | CUSIP: 90138FAC6<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |      288000 | PA      | $274439.26    | 0.00%             | 2029-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BOROO INVESTMENT 9.5% 08/07/32                | BOROO INVESTMENTS REGD 144A P/P 9.50000000                                                     | CUSIP: 10001AAA3<br>LEI: 254900NL0ALM1NCHOQ65 | Long             | DBT              | CORP              | SG        |       50000 | PA      | $47077.50     | 0.00%             | 2032-08-07      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GUA 6.25% 08/15/36                | REPUBLIC OF GUATEMALA REGD 144A P/P 6.25000000                                                 | CUSIP: 401494BA6<br>LEI: N/A                  | Long             | DBT              | USGA              | GT        |     1600000 | PA      | $1651488.00   | 0.02%             | 2036-08-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| ALBION FI 5.375% 05/21/30/EUR/                | ALBION FINANCING 1SARL / /EUR/ REGD REG S 5.37500000                                           | CUSIP: L0R67MAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      608000 | PA      | $740496.57    | 0.01%             | 2030-05-21      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CRE 4.271% 01/09/27                | FORD MOTOR CREDIT CO LLC REGD 4.27100000                                                       | CUSIP: 345397A45<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2500000 | PA      | $2479799.50   | 0.03%             | 2027-01-09      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS  6.375% 02/01/31                | CLEAN HARBORS INC REGD 144A P/P 6.37500000                                                     | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |      160000 | PA      | $163826.72    | 0.00%             | 2031-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ENERGY TRANSFE 7.375% 02/01/31                | ENERGY TRANSFER LP REGD 144A P/P 7.37500000                                                    | CUSIP: 226373AT5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      272000 | PA      | $284101.79    | 0.00%             | 2031-02-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| TRINIDAD & TOBA 5.95% 01/14/31                | TRINIDAD & TOBAGO REGD 5.95000000                                                              | CUSIP: P93960AJ4<br>LEI: N/A                  | Long             | DBT              | USGA              | TT        |      200000 | PA      | $202860.00    | 0.00%             | 2031-01-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDS US040114HX11 05.000 SP 06/20/2027 MSCSUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-149213.11   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ANTERO RESOURC 7.625% 02/01/29                | ANTERO RESOURCES CORP REGD 144A P/P 7.62500000                                                 | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |      964000 | PA      | $982401.80    | 0.01%             | 2029-02-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| BANK OF IRELAN V/R /PERP//EUR/                | BANK OF IRELAND GROUP /EUR/ REGD V/R /PERP/ REG S 6.37500000                                   | CUSIP: G0756RBM0<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |     1300000 | PA      | $1591405.96   | 0.02%             | 2174-03-10      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| JAPAN TOBACCO I 5.25% 06/15/30                | JAPAN TOBACCO INC REGD 144A P/P 5.25000000                                                     | CUSIP: 471105AD8<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | DBT              | CORP              | JP        |      539000 | PA      | $558799.86    | 0.01%             | 2030-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FIRST QUANTUM M 7.25% 02/15/34                | FIRST QUANTUM MINERALS L REGD 144A P/P 7.25000000                                              | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     2965000 | PA      | $3065718.09   | 0.03%             | 2034-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| AVIATION CAPIT 5.375% 07/15/29                | AVIATION CAPITAL GROUP REGD 144A P/P 5.37500000                                                | CUSIP: 05369AAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      630000 | PA      | $645408.41    | 0.01%             | 2029-07-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| BAIN CAPITAL SP 5.95% 03/15/30                | BAIN CAPITAL SPECIALTY F REGD 5.95000000                                                       | CUSIP: 05684BAD9<br>LEI: 549300V2JL72R0EYBK64 | Long             | DBT              | CORP              | US        |      528000 | PA      | $530806.14    | 0.01%             | 2030-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| MONTEGO BAY AIRP 6.6% 06/15/35                | MONTEGO BAY AIRPORT REVE REGD 144A P/P 6.60000000                                              | CUSIP: 61238BAA9<br>LEI: 2549008BQQ5ON8H2UC19 | Long             | DBT              | CORP              | KY        |     1400000 | PA      | $1431500.00   | 0.02%             | 2035-06-15      | Fixed         | 6.60%                 | Yes           |                  2 | On Loan: No      |
| YUM  BRANDS INC 4.75% 01/15/30                | YUM  BRANDS INC REGD 144A P/P 4.75000000                                                       | CUSIP: 988498AL5<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |      230000 | PA      | $228573.22    | 0.00%             | 2030-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| LAS VEGAS SANDS  5.9% 06/01/27                | LAS VEGAS SANDS CORP REGD 5.90000000                                                           | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |       25000 | PA      | $25508.63     | 0.00%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART 8.625% 03/15/29                | DELEK LOG PART/FINANCE REGD 144A P/P 8.62500000                                                | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      280000 | PA      | $292223.68    | 0.00%             | 2029-03-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| PRESTIGE BRANDS 3.75% 04/01/31                | PRESTIGE BRANDS INC REGD 144A P/P 3.75000000                                                   | CUSIP: 74112BAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      120000 | PA      | $110540.36    | 0.00%             | 2031-04-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIF 7.375% 05/01/33                | CLEVELAND-CLIFFS INC REGD 144A P/P 7.37500000                                                  | CUSIP: 185899AR2<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     1430000 | PA      | $1459875.56   | 0.02%             | 2033-05-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| NAVS 2025-4A A1 V/R 10/15/37                  | NAVESINK CLO 4 LTD SER 2025-4A CL A1 V/R REGD 144A P/P 0.00000000                              | CUSIP: 63943VAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      730000 | PA      | $730000.00    | 0.01%             | 2037-10-15      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BANCO BILBAO V V/R /PERP//EUR/                | BANCO BILBAO VIZCAYA ARG /EUR/ REGD V/R /PERP/ REG S 8.37500000                                | CUSIP: E11883TS9<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |      600000 | PA      | $781212.86    | 0.01%             | 2174-09-21      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| PG&E CORP 5% 07/01/28                         | PG&E CORP REGD 5.00000000                                                                      | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     1760000 | PA      | $1743709.41   | 0.02%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN  5.625% 07/15/32                | IRON MOUNTAIN INC REGD 144A P/P 5.62500000                                                     | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |      160000 | PA      | $159140.93    | 0.00%             | 2032-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GHAN S/UP 07/03/29                | REPUBLIC OF GHANA REGD S/UP 144A P/P 5.00000000                                                | CUSIP: 374422AM5<br>LEI: N/A                  | Long             | DBT              | USGA              | GH        |     1964200 | PA      | $1909952.12   | 0.02%             | 2029-07-03      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BAUSCH HEALTH C 5.25% 02/15/31                | BAUSCH HEALTH COS INC REGD 144A P/P 5.25000000                                                 | CUSIP: 071734AL1<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     2550000 | PA      | $1670250.00   | 0.02%             | 2031-02-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| CONTINENTAL RES 5.75% 01/15/31                | CONTINENTAL RESOURCES REGD 144A P/P 5.75000000                                                 | CUSIP: 212015AT8<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |      340000 | PA      | $350687.32    | 0.00%             | 2031-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| GRAND CITY PRO V/R /PERP//EUR/                | GRAND CITY PROPERTIES SA /EUR/ REGD V/R /PERP/ REG S EMTN 1.50000000                           | CUSIP: L4459YBL3<br>LEI: 5299002QLUYKK2WBMB18 | Long             | DBT              | CORP              | LU        |      100000 | PA      | $114811.62    | 0.00%             | 2174-06-09      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPE 6.375% 08/01/30                | MILLROSE PROPERTIES INC REGD 144A P/P 6.37500000                                               | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7411000 | PA      | $7536912.89   | 0.08%             | 2030-08-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| RHP HOTEL PPTY/ 4.75% 10/15/27                | RHP HOTEL PPTY/RHP FINAN REGD SER WI 4.75000000                                                | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      485000 | PA      | $482876.04    | 0.01%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE V/R 01/15/55                     | AES CORP/THE REGD V/R 7.60000000                                                               | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     3282000 | PA      | $3398668.93   | 0.04%             | 2055-01-15      | Variable      | 7.60%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SECURI 6% 06/01/29                | GARDA WORLD SECURITY REGD 144A P/P 6.00000000                                                  | CUSIP: 36485MAL3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      445000 | PA      | $441179.68    | 0.00%             | 2029-06-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| EUSHI FINANCE INC V/R 12/15/54                | EUSHI FINANCE INC REGD V/R 7.62500000                                                          | CUSIP: 29882DAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $73392.41     | 0.00%             | 2054-12-15      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| T/L LIFEPOINT HEA ZCP 05/17/31                | T/L LIFEPOINT HEALTH INC REGD ZCP TERM LOAN 0.00000000                                         | CUSIP: 75915TAK8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2963707 | PA      | $2956001.38   | 0.03%             | 2031-05-17      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS L 6.625% 02/01/30                | UWM HOLDINGS LLC REGD 144A P/P 6.62500000                                                      | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3203000 | PA      | $3261672.55   | 0.04%             | 2030-02-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| KINETIK HOLDIN 5.875% 06/15/30                | KINETIK HOLDINGS LP REGD 144A P/P 5.87500000                                                   | CUSIP: 49461MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      103000 | PA      | $103612.23    | 0.00%             | 2030-06-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| GACI FIRST INVE 4.75% 02/14/30                | GACI FIRST INVESTMENT REGD REG S 4.75000000                                                    | CUSIP: G3705QAD9<br>LEI: 558600TU1PWGNLZ3XM88 | Long             | DBT              | CORP              | KY        |     2700000 | PA      | $2742030.85   | 0.03%             | 2030-02-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOS V/R /PERP//EUR/                | HEIMSTADEN BOSTAD AB /EUR/ REGD V/R /PERP/ REG S EMTN 3.62500000                               | CUSIP: W4R92LDH0<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |     2000000 | PA      | $2309192.09   | 0.03%             | 2174-01-13      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| FIRST HORIZON COR V/R 03/07/31                | FIRST HORIZON CORP REGD V/R 5.51400000                                                         | CUSIP: 320517AE5<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | DBT              | CORP              | US        |      328000 | PA      | $337673.95    | 0.00%             | 2031-03-07      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| KB HOME 4.8% 11/15/29                         | KB HOME REGD 4.80000000                                                                        | CUSIP: 48666KAY5<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |     2950000 | PA      | $2919191.09   | 0.03%             | 2029-11-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| T/L LORCA F 0% 03/24/31 /EUR/                 | T/L LORCA FINCO PLC REGD /EUR/ 0.00000000                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     4000000 | PA      | $4691174.99   | 0.05%             | 2031-03-24      | Floating      | 4.56%                 | No            |                  2 | On Loan: No      |
| VAREX IMAGING  7.875% 10/15/27                | VAREX IMAGING CORPORATIO REGD 144A P/P 7.87500000                                              | CUSIP: 92214XAC0<br>LEI: 549300CWYWPVCT8E9W67 | Long             | DBT              | CORP              | US        |      130000 | PA      | $132375.23    | 0.00%             | 2027-10-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| ORSTED A/S V/R 12/08/22/EUR/                  | ORSTED A/ /EUR/ REGD V/R REG S 5.25000000                                                      | CUSIP: K7653QAP0<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |     1000000 | PA      | $1204297.45   | 0.01%             | 3022-12-08      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY BANK 5.625% 08/23/27                | SYNCHRONY BANK REGD 5.62500000                                                                 | CUSIP: 87166FAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1056000 | PA      | $1078488.01   | 0.01%             | 2027-08-23      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PET 8.875% 07/15/30                | OCCIDENTAL PETROLEUM COR REGD 8.87500000                                                       | CUSIP: 674599EA9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      531000 | PA      | $613668.20    | 0.01%             | 2030-07-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT 3.875% 04/16/50                | ABU DHABI GOVT INT'L REGD REG S EMTN 3.87500000                                                | CUSIP: M0152WAJ0<br>LEI: N/A                  | Long             | DBT              | USGA              | AE        |     1300000 | PA      | $1065018.73   | 0.01%             | 2050-04-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ARDONAGH  6.875% 02/15/31/EUR/                | ARDONAGH FINCO LTD /EUR/ REGD REG S 6.87500000                                                 | CUSIP: G04584AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |     4573000 | PA      | $5549434.39   | 0.06%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VIRGIN MED 3.75% 07/15/30/EUR/                | VIRGIN MEDIA FINANCE PLC /EUR/ REGD REG S 3.75000000                                           | CUSIP: G9372EAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     2307000 | PA      | $2598240.48   | 0.03%             | 2030-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| B&G FOODS INC 8% 09/15/28                     | B&G FOODS INC REGD 144A P/P 8.00000000                                                         | CUSIP: 05508WAC9<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | DBT              | CORP              | US        |     3221000 | PA      | $3120580.17   | 0.03%             | 2028-09-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| HOWDEN UK REFIN 7.25% 02/15/31                | HOWDEN UK REFINANCE / US REGD 144A P/P 7.25000000                                              | CUSIP: 44287GAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    11944000 | PA      | $12297399.07  | 0.14%             | 2031-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| KKR 23 BR V/R 10/20/31                        | KKR CLO 23 LTD SER 23 CL BR V/R REGD 144A P/P 5.87549000                                       | CUSIP: 48252YAQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1190000 | PA      | $1192643.82   | 0.01%             | 2031-10-20      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| EART 2025-4A A 4.39% 08/15/27                 | EXETER AUTOMOBILE RECEIVABLES TRUST 2025-4 SER 2025-4A CL A3 REGD 4.39000000                   | CUSIP: 30167KAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1780000 | PA      | $1787195.83   | 0.02%             | 2029-09-17      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| TENNECO INC 8% 11/17/28                       | TENNECO INC REGD 144A P/P 8.00000000                                                           | CUSIP: 880349AU9<br>LEI: 549300U0EXXFAQFAD785 | Long             | DBT              | CORP              | US        |    12793000 | PA      | $12816287.86  | 0.14%             | 2028-11-17      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| HIGHTOWER HOLDI 6.75% 04/15/29                | HIGHTOWER HOLDING LLC REGD 144A P/P 6.75000000                                                 | CUSIP: 43118DAA8<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |       50000 | PA      | $49331.34     | 0.00%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| YUM  BRANDS INC 5.35% 11/01/43                | YUM  BRANDS INC REGD 5.35000000                                                                | CUSIP: 988498AK7<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |       50000 | PA      | $48264.26     | 0.00%             | 2043-11-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| CREDIT AGRICOL V/R /PERP//EUR/                | CREDIT AGRICOLE SA /EUR/ REGD V/R /PERP/ REG S EMTN 5.87500000                                 | CUSIP: F227AWKT7<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      200000 | PA      | $238553.34    | 0.00%             | 2174-03-23      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| KONA SPC LTD V/R 09/15/26/EUR/                | KONA SPC LTD /EUR/ REGD V/R 144A P/P 5.71800000                                                | CUSIP: G5312JAA1<br>LEI: 254900UKS4SVVOMZWX26 | Long             | DBT              | CORP              | KY        |     1000000 | PA      | $1179418.16   | 0.01%             | 2026-09-15      | Variable      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| STUDIO CITY CO LTD 7% 02/15/27                | STUDIO CITY CO LTD REGD 144A P/P 7.00000000                                                    | CUSIP: 86400GAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |       60000 | PA      | $60363.42     | 0.00%             | 2027-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BRUNDAGE-BONE CO 7.5% 02/01/32                | BRUNDAGE-BONE CONCRETE REGD 144A P/P 7.50000000                                                | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      685000 | PA      | $691699.99    | 0.01%             | 2032-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| SAMHALLSBY 0.75% 11/14/28/EUR/                | SAMHALLSBYG HOLD /EUR/ REGD REG S 0.75000000                                                   | CUSIP: W7T8BYAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |     8425000 | PA      | $7889815.06   | 0.09%             | 2028-11-14      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP 5.125% 03/15/28                  | CALPINE CORP REGD 144A P/P 5.12500000                                                          | CUSIP: 131347CN4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6803000 | PA      | $6806660.01   | 0.07%             | 2028-03-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS MEXI 6.625% 06/15/35                | PETROLEOS MEXICANOS REGD 6.62500000                                                            | CUSIP: 706451BG5<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     4400000 | PA      | $4195279.44   | 0.05%             | 2035-06-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VIKING OCEAN C 5.625% 02/15/29                | VIKING OCEAN CRUISES SHI REGD 144A P/P 5.62500000                                              | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     3488000 | PA      | $3485113.19   | 0.04%             | 2029-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| TEAMSYSTEM S V/R 07/31/31/EUR/                | TEAMSYSTEM SPA /EUR/ REGD V/R 144A P/P 5.52600000                                              | CUSIP: N/A<br>LEI: 81560062081DF3AB7A90       | Long             | DBT              | CORP              | IT        |     6665000 | PA      | $7847753.19   | 0.09%             | 2031-07-31      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| CAESARS ENTERTAI 6.5% 02/15/32                | CAESARS ENTERTAIN INC REGD 144A P/P 6.50000000                                                 | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     5388000 | PA      | $5495819.27   | 0.06%             | 2032-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BLOCK INC 2.75% 06/01/26                      | BLOCK INC REGD 2.75000000                                                                      | CUSIP: 852234AN3<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     2571000 | PA      | $2537239.43   | 0.03%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| NATIONAL FUEL GA 5.5% 03/15/30                | NATIONAL FUEL GAS CO REGD 5.50000000                                                           | CUSIP: 636180BT7<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |      965000 | PA      | $998108.10    | 0.01%             | 2030-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROLLS-ROYCE PL 3.625% 10/14/25                | ROLLS-ROYCE PLC REGD P/P 3.62500000                                                            | CUSIP: 77578JAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     1322000 | PA      | $1321423.37   | 0.01%             | 2025-10-14      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| AGRIFARMA S 4.5% 10/31/28/EUR/                | AGRIFARMA SPA /EUR/ REGD REG S 4.50000000                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IT        |     2455000 | PA      | $2896701.43   | 0.03%             | 2028-10-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY  10.875% 08/01/29                | RR DONNELLEY & SONS CO REGD 144A P/P 10.87500000                                               | CUSIP: 257867BK6<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |      190000 | PA      | $189444.80    | 0.00%             | 2029-08-01      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| PENNYMAC FIN S 7.125% 11/15/30                | PENNYMAC FIN SVCS INC REGD 144A P/P 7.12500000                                                 | CUSIP: 70932MAE7<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     1798000 | PA      | $1872190.87   | 0.02%             | 2030-11-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| TALEN ENERGY S 8.625% 06/01/30                | TALEN ENERGY SUPPLY LLC REGD 144A P/P 8.62500000                                               | CUSIP: 87422VAK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $95536.71     | 0.00%             | 2030-06-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GU 6.875% 08/15/55                | REPUBLIC OF GUATEMALA REGD 144A P/P 6.87500000                                                 | CUSIP: 401494BB4<br>LEI: N/A                  | Long             | DBT              | USGA              | GT        |     1200000 | PA      | $1256340.00   | 0.01%             | 2055-08-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| ALBERTSONS COS/S 3.5% 03/15/29                | ALBERTSONS COS/SAFEWAY REGD 144A P/P 3.50000000                                                | CUSIP: 013092AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      190000 | PA      | $180062.68    | 0.00%             | 2029-03-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| LUMEN TECHNOLO 5.375% 06/15/29                | LUMEN TECHNOLOGIES INC REGD 144A P/P 5.37500000                                                | CUSIP: 550241AA1<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |       40000 | PA      | $36656.23     | 0.00%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CLEARWATER PAPE 4.75% 08/15/28                | CLEARWATER PAPER CORP REGD 144A P/P 4.75000000                                                 | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |       40000 | PA      | $37630.80     | 0.00%             | 2028-08-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| MEDLINE BORROW 3.875% 04/01/29                | MEDLINE BORROWER LP REGD 144A P/P 3.87500000                                                   | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    16254000 | PA      | $15664985.93  | 0.17%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| AGL 2021-14A AR V/R 12/02/34                  | AGL CLO 14 LTD SER 2021-14A CL AR V/R REGD 144A P/P 5.45549000                                 | CUSIP: 00851WAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1000689.10   | 0.01%             | 2034-12-02      | Variable      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| EMRLD BOR 6.375% 12/15/30/EUR/                | EMRLD BOR / EMRLD CO-ISS /EUR/ REGD 144A P/P 6.37500000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      731000 | PA      | $896622.78    | 0.01%             | 2030-12-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CARS.COM INC 6.375% 11/01/28                  | CARS.COM INC REGD 144A P/P 6.37500000                                                          | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |       30000 | PA      | $29878.51     | 0.00%             | 2028-11-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 04/23/29                | WELLS FARGO & COMPANY REGD V/R 4.97000000                                                      | CUSIP: 95000U3T8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      319000 | PA      | $325171.88    | 0.00%             | 2029-04-23      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS 6.125% 03/15/34                | UNITED RENTALS NORTH AM REGD 144A P/P 6.12500000                                               | CUSIP: 911365BR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $83183.75     | 0.00%             | 2034-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| GMR HYDERABAD I 4.25% 10/27/27                | GMR HYDERABAD INTERNATIO REGD REG S 4.25000000                                                 | CUSIP: Y3004WAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |      629000 | PA      | $620449.05    | 0.01%             | 2027-10-27      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDX 2I65BYEG6 01.000 NA 12/20/2029 GOLDUS33XXX FIXED                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $153911.25    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGI 4% 04/15/29                | SENSATA TECHNOLOGIES BV REGD 144A P/P 4.00000000                                               | CUSIP: 81725WAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      184000 | PA      | $176617.53    | 0.00%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| T/L SKILLSOFT 0% 07/14/2028                   | T/L SKILLSOFT CORPORATION REGD 0.00000000                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1641079 | PA      | $1452355.10   | 0.02%             | 2028-07-14      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNO 5.875% 09/01/30                | SENSATA TECHNOLOGIES BV REGD 144A P/P 5.87500000                                               | CUSIP: 81725WAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |       80000 | PA      | $80480.24     | 0.00%             | 2030-09-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| NISSAN MO 6.375% 07/17/33/EUR/                | NISSAN MOTOR CO /EUR/ REGD REG S 6.37500000                                                    | CUSIP: 57160DB63<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |      875000 | PA      | $1057653.55   | 0.01%             | 2033-07-17      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PLT VII FINA V/R 06/15/31/EUR/                | PLT VII FINANCE SARL /EUR/ REGD V/R REG S 5.51400000                                           | CUSIP: L6076NAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     2750000 | PA      | $3236601.56   | 0.04%             | 2031-06-15      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA 5.5% 10/15/29                | ALTICE FRANCE SA REGD 144A P/P 5.50000000                                                      | CUSIP: 02156LAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     7655000 | PA      | $6621087.76   | 0.07%             | 2029-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| AMERITEX HOLDC 7.625% 08/15/33                | AMERITEX HOLDCO INTERMED REGD 144A P/P 7.62500000                                              | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2172000 | PA      | $2257266.20   | 0.02%             | 2033-08-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC 6.875% 12/15/30                 | TRANSDIGM INC REGD 144A P/P 6.87500000                                                         | CUSIP: 893647BS5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      360000 | PA      | $373014.51    | 0.00%             | 2030-12-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| PRIMO / TRITON 4.375% 04/30/29                | PRIMO / TRITON WATER HLD REGD 144A P/P 4.37500000                                              | CUSIP: 74168RAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      130000 | PA      | $126329.57    | 0.00%             | 2029-04-30      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| TELEFONICA EUR V/R /PERP//EUR/                | TELEFONICA EUROPE BV /EUR/ REGD V/R /PERP/ REG S 2.87500000                                    | CUSIP: N85023V68<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     3000000 | PA      | $3475297.00   | 0.04%             | 2174-09-24      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINA 4.75% 07/15/31                | VMED O2 UK FINAN REGD 144A P/P 4.75000000                                                      | CUSIP: 92858RAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     1910000 | PA      | $1797307.52   | 0.02%             | 2031-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| INEOS FINANCE PL 7.5% 04/15/29                | INEOS FINANCE PLC REGD 144A P/P 7.50000000                                                     | CUSIP: 44984WAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      130000 | PA      | $126489.34    | 0.00%             | 2029-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| CIMA FINANCE LT 2.95% 09/05/29                | CIMA FINANCE LTD REGD REG S EMTN 2.95000000                                                    | CUSIP: G213EJBK0<br>LEI: 213800AALTMFR1SJLJ51 | Long             | DBT              | CORP              | IE        |     3609210 | PA      | $3360968.96   | 0.04%             | 2029-09-05      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP 4.6% 05/15/50                  | WHIRLPOOL CORP REGD 4.60000000                                                                 | CUSIP: 963320AX4<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |       90000 | PA      | $67270.32     | 0.00%             | 2050-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| BANK GOSP 3.875% 03/13/35/EUR/                | BANK GOSPODARSTWA KRAJOW /EUR/ REGD REG S EMTN 3.87500000                                      | CUSIP: X0645ADG4<br>LEI: N/A                  | Long             | DBT              | USGA              | PL        |     3800000 | PA      | $4514067.30   | 0.05%             | 2035-03-13      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC 7% 11/15/32                     | LGI HOMES INC REGD 144A P/P 7.00000000                                                         | CUSIP: 50187TAK2<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |     1653000 | PA      | $1609889.76   | 0.02%             | 2032-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CPI PROPERTY G V/R /PERP//EUR/                | CPI PROPERTY GROUP SA /EUR/ REGD V/R /PERP/ REG S EMTN 7.50000000                              | CUSIP: L36807BM3<br>LEI: 222100CO2ZOTEPGJO223 | Long             | DBT              | CORP              | LU        |     1533000 | PA      | $1741478.62   | 0.02%             | 2174-06-24      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| VF CORP 6% 10/15/33                           | VF CORP REGD 6.00000000                                                                        | CUSIP: 918204AR9<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |       10000 | PA      | $9599.93      | 0.00%             | 2033-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC V/R /PERP/                       | BARCLAYS PLC REGD V/R /PERP/ 9.62500000                                                        | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    10305000 | PA      | $11698874.91  | 0.13%             | 2174-03-15      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDI 6.8% 05/12/28                | FORD MOTOR CREDIT CO LLC REGD 6.80000000                                                       | CUSIP: 345397C92<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      225000 | PA      | $233716.13    | 0.00%             | 2028-05-12      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| T/L ASURION LLC 0% 1/22/29                    | T/L ASURION LLC REGD 0.00000000                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2910000 | PA      | $2779457.40   | 0.03%             | 2029-01-22      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLO 7.5% 02/02/34                | REPUBLIC OF COLOMBIA REGD 7.50000000                                                           | CUSIP: 195325EG6<br>LEI: N/A                  | Long             | DBT              | USGA              | CO        |     6900000 | PA      | $7248105.00   | 0.08%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHAN S/UP 07/03/29                | REPUBLIC OF GHANA REGD S/UP REG S 5.00000000                                                   | CUSIP: V3R60FEL4<br>LEI: N/A                  | Long             | DBT              | USGA              | GH        |     5600000 | PA      | $5445337.46   | 0.06%             | 2029-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC 8% 08/01/33                | OSAIC HOLDINGS INC REGD 144A P/P 8.00000000                                                    | CUSIP: 00791GAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2002000 | PA      | $2074852.78   | 0.02%             | 2033-08-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CREDI 5.8% 03/08/29                | FORD MOTOR CREDIT CO LLC REGD 5.80000000                                                       | CUSIP: 345397E58<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2067000 | PA      | $2098037.53   | 0.02%             | 2029-03-08      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP 8.125% 09/15/29                   | DELUXE CORP REGD 144A P/P 8.12500000                                                           | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |     1243000 | PA      | $1298567.07   | 0.01%             | 2029-09-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| JAZZ SECURITIE 4.375% 01/15/29                | JAZZ SECURITIES DAC REGD 144A P/P 4.37500000                                                   | CUSIP: 47216FAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |       50000 | PA      | $48712.07     | 0.00%             | 2029-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| STEELCASE INC 5.125% 01/18/29                 | STEELCASE INC REGD 5.12500000                                                                  | CUSIP: 858155AE4<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | DBT              | CORP              | US        |       70000 | PA      | $69828.50     | 0.00%             | 2029-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ONESKY FLIGHT  8.875% 12/15/29                | ONESKY FLIGHT LLC REGD 144A P/P 8.87500000                                                     | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |     2177000 | PA      | $2288477.64   | 0.03%             | 2029-12-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| CHS/COMMUNITY H 5.25% 05/15/30                | CHS/COMMUNITY HEALTH SYS REGD 144A P/P 5.25000000                                              | CUSIP: 12543DBM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6547000 | PA      | $5914950.00   | 0.07%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ALUMINA PTY LT 6.125% 03/15/30                | ALUMINA PTY LTD REGD 144A P/P 6.12500000                                                       | CUSIP: 02220AAA5<br>LEI: 2138002VD9MW2WT8HR38 | Long             | DBT              | CORP              | AU        |       80000 | PA      | $81834.80     | 0.00%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| WILTON RE LTD V/R /PERP/                      | WILTON RE LTD REGD V/R /PERP/ 144A P/P 6.00000000                                              | CUSIP: 97263CAA9<br>LEI: 5493004VQ9VSL29MT373 | Long             | DBT              | CORP              | CA        |      130000 | PA      | $129240.66    | 0.00%             | 2174-04-22      | Variable      | 6.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLICA ORIEN 5.25% 09/10/60                | REPUBLICA ORIENT URUGUAY REGD 5.25000000                                                       | CUSIP: 760942BG6<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | USGA              | UY        |     5800000 | PA      | $5437210.00   | 0.06%             | 2060-09-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| T/L ASURION LLC 0% 09/19/2030                 | T/L ASURION LLC REGD 0.00000000                                                                | CUSIP: 04649VBE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1527892 | PA      | $1517074.92   | 0.02%             | 2030-09-19      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| GROUP 1 AUTOMOTIVE 4% 08/15/28                | GROUP 1 AUTOMOTIVE INC REGD 144A P/P 4.00000000                                                | CUSIP: 398905AN9<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |       40000 | PA      | $38882.33     | 0.00%             | 2028-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ASG FINANCE DAC 9.75% 05/15/29                | ASG FINANCE DAC REGD 144A P/P 9.75000000                                                       | CUSIP: 00217AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |       90000 | PA      | $87047.55     | 0.00%             | 2029-05-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG V/R /PERP/                       | UBS GROUP AG REGD V/R /PERP/ REG S 4.37500000                                                  | CUSIP: H42097CB1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      520000 | PA      | $472981.34    | 0.01%             | 2174-08-10      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| CASH COLLATERAL WFS USD                       | CASH COLLATERAL WFS USD 3.99000000                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |     2062000 | PA      | $2062000.00   | 0.02%             | 2049-12-31      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUST 4.75% 01/15/28                | STANDARD INDUSTRI INC/NY REGD 144A P/P 4.75000000                                              | CUSIP: 853496AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1140000 | PA      | $1128091.91   | 0.01%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS XS1963830002 05.000 SP 06/20/2029 BARBK LONG                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $16088.39     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CALPINE CORP 5% 02/01/31                      | CALPINE CORP REGD 144A P/P 5.00000000                                                          | CUSIP: 131347CQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7573000 | PA      | $7550658.90   | 0.08%             | 2031-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| PUNCH FIN 7.875% 12/30/30/GBP/                | PUNCH FINANCE PLC /GBP/ REGD REG S 7.87500000                                                  | CUSIP: G7297ZAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     2475000 | PA      | $3393584.39   | 0.04%             | 2030-12-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC  3.875% 02/16/26                | ARAB REPUBLIC OF EGYPT REGD REG S EMTN 3.87500000                                              | CUSIP: M1487WDJ1<br>LEI: N/A                  | Long             | DBT              | USGA              | EG        |     2600000 | PA      | $2578534.84   | 0.03%             | 2026-02-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAG 9.25% 02/01/29                | FREEDOM MORTGAGE HOLD REGD 144A P/P 9.25000000                                                 | CUSIP: 35641AAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5851000 | PA      | $6174618.81   | 0.07%             | 2029-02-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| KKR 40A AR V/R 10/20/34                       | KKR CLO 40 LTD SER 40A CL AR V/R REGD 144A P/P 5.62549000                                      | CUSIP: 48254UAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1460000 | PA      | $1461143.03   | 0.02%             | 2034-10-20      | Variable      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| T/L LUMEN TECHNO 0% 06/01/28                  | T/L LUMEN TECHNOLOGIES INC     REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      259512 | PA      | $263568.34    | 0.00%             | 2028-06-01      | Floating      | 10.16%                | No            |                  2 | On Loan: No      |
| STONEX ESCROW  6.875% 07/15/32                | STONEX ESCROW ISSUER LLC REGD 144A P/P 6.87500000                                              | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $102942.71    | 0.00%             | 2032-07-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CLEAN HARBORS  5.125% 07/15/29                | CLEAN HARBORS INC REGD 144A P/P 5.12500000                                                     | CUSIP: 184496AP2<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |      131000 | PA      | $129889.38    | 0.00%             | 2029-07-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| INTELSAT SA/LUXEMBOURG                        | INTELSAT SA/LUXEMBOURG 0.00000000                                                              | CUSIP: L5217E120<br>LEI: 549300YV2L21F4K80V46 | Long             | EC               | CORP              | LU        |       86751 | NS      | $997636.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UKRAINE GOVERNME S/UP 02/01/35                | UKRAINE GOVERNMENT REGD S/UP 0.00000000                                                        | CUSIP: X5S0056B2<br>LEI: N/A                  | Long             | DBT              | USGA              | UA        |     2400000 | PA      | $1163689.03   | 0.01%             | 2035-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP 8% 07/15/30                | RITHM CAPITAL CORP REGD 144A P/P 8.00000000                                                    | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |     1555000 | PA      | $1591215.95   | 0.02%             | 2030-07-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| VALE OVERSEAS LI 6.4% 06/28/54                | VALE OVERSEAS LIMITED REGD 6.40000000                                                          | CUSIP: 91911TAS2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      862000 | PA      | $886068.28    | 0.01%             | 2054-06-28      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLD 4.875% 05/01/28                | SCIH SALT HOLDINGS INC REGD 144A P/P 4.87500000                                                | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      180000 | PA      | $175938.32    | 0.00%             | 2028-05-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| MSBAM 2025-5C 5.635% 03/15/30                 | MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST 20 SER 2025-5C1 CL A3 REGD 5.63500000       | CUSIP: 61778GAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      640000 | PA      | $669165.57    | 0.01%             | 2058-03-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| DRIVE 2025-1 A 4.87% 08/15/28                 | DRIVE AUTO RECEIVABLES TRUST 2025-1 SER 2025-1 CL A2 REGD 4.87000000                           | CUSIP: 262102AB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      346791 | PA      | $347573.59    | 0.00%             | 2028-08-15      | Fixed         | 4.87%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 4.25% 05/15/35                   | UNITED STATES TREASURY NOTE 4.25000000                                                         | CUSIP: 91282CNC1<br>LEI: N/A                  | Long             | DBT              | UST               | US        |    23000000 | PA      | $23212031.25  | 0.26%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| RCI BANQUE S V/R 10/09/34/EUR/                | RCI BANQUE SA /EUR/ REGD V/R REG S EMTN 5.50000000                                             | CUSIP: F7S48DSG0<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      300000 | PA      | $370488.96    | 0.00%             | 2034-10-09      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CHC GROUP LLC 11.75% 09/01/30                 | CHC GROUP LLC REGD 144A P/P 11.75000000                                                        | CUSIP: 12550EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       90000 | PA      | $88664.63     | 0.00%             | 2030-09-01      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC V/R /PERP/                      | CITIGROUP INC REGD V/R /PERP/ SER X 3.87500000                                                 | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     4871000 | PA      | $4825817.58   | 0.05%             | 2174-05-18      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| EQT CORP 7% 02/01/30                          | EQT CORP REGD 7.00000000                                                                       | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      314000 | PA      | $341894.90    | 0.00%             | 2030-02-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETRO 5.2% 08/01/29                | OCCIDENTAL PETROLEUM COR REGD 5.20000000                                                       | CUSIP: 674599EJ0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      187000 | PA      | $189787.05    | 0.00%             | 2029-08-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL USA  3.75% 02/15/31                | MURPHY OIL USA INC REGD 144A P/P 3.75000000                                                    | CUSIP: 626738AF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       10000 | PA      | $9301.91      | 0.00%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| ARIS MINING CORP 8% 10/31/29                  | ARIS MINING CORP REGD 144A P/P 8.00000000                                                      | CUSIP: 04040YAB5<br>LEI: 5493001GJ5TILX6L1F82 | Long             | DBT              | CORP              | CA        |      775000 | PA      | $805752.00    | 0.01%             | 2029-10-31      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| TRANSOCEAN INC 6.8% 03/15/38                  | TRANSOCEAN INC REGD 6.80000000                                                                 | CUSIP: 893830AT6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       90000 | PA      | $76363.30     | 0.00%             | 2038-03-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CA V/R 06/15/54                | NEXTERA ENERGY CAPITAL REGD V/R 6.75000000                                                     | CUSIP: 65339KDB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1108000 | PA      | $1190855.13   | 0.01%             | 2054-06-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT  4.7% 02/08/27                | BLUE OWL CREDIT INCOME REGD SER * 4.70000000                                                   | CUSIP: 69120VAF8<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |      159000 | PA      | $158750.79    | 0.00%             | 2027-02-08      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| KIER GROUP PL 9% 02/15/29/GBP/                | KIER GROUP PL /GBP/ REGD REG S 9.00000000                                                      | CUSIP: G52549AA3<br>LEI: 2138002RKCU2OM4Y7O48 | Long             | DBT              | CORP              | GB        |     1450000 | PA      | $2057539.17   | 0.02%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY  2.15% 06/01/26                | VORNADO REALTY LP REGD 2.15000000                                                              | CUSIP: 929043AK3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      793000 | PA      | $778599.14    | 0.01%             | 2026-06-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| FXI HOLDINGS I 12.25% 11/15/26                | FXI HOLDINGS INC REGD 144A P/P 12.25000000                                                     | CUSIP: 35166FAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      120000 | PA      | $105588.00    | 0.00%             | 2026-11-15      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| ATHENE GLOBAL  5.583% 01/09/29                | ATHENE GLOBAL FUNDING REGD 144A P/P 5.58300000                                                 | CUSIP: 04685A3Q2<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |      145000 | PA      | $149881.00    | 0.00%             | 2029-01-09      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| INGEVITY CORP 3.875% 11/01/28                 | INGEVITY CORP REGD 144A P/P 3.87500000                                                         | CUSIP: 45688CAB3<br>LEI: 5493009UTFC4B5IMGF87 | Long             | DBT              | CORP              | US        |       80000 | PA      | $76862.28     | 0.00%             | 2028-11-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| WLAKE 2024-1A  5.65% 02/15/29                 | WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2024-1 SER 2024-1A CL C REGD 144A P/P 5.65000000         | CUSIP: 96043RAF4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1155000 | PA      | $1168996.52   | 0.01%             | 2029-02-15      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| AXALTA COATING  7.25% 02/15/31                | AXALTA COATING SYSTEMS D REGD 144A P/P 7.25000000                                              | CUSIP: 05455JAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     2069000 | PA      | $2164739.21   | 0.02%             | 2031-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| MATTHEWS INTER 8.625% 10/01/27                | MATTHEWS INTERNATIONAL C REGD 144A P/P 8.62500000                                              | CUSIP: 577128AC5<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |      130000 | PA      | $134344.73    | 0.00%             | 2027-10-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| COGENT COMMS GRP 6.5% 07/01/32                | COGENT COMMS GRP / FIN REGD 144A P/P 6.50000000                                                | CUSIP: 19240WAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $77719.34     | 0.00%             | 2032-07-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BANK5 2024-5Y 5.893% 11/15/29                 | BANK5 2024-5YR11 SER 2024-5YR11 CL A3 REGD 5.89300000                                          | CUSIP: 06644WBD9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1640000 | PA      | $1725244.90   | 0.02%             | 2057-11-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA C 7.2% 07/18/36                | TELECOM ITALIA CAPITAL REGD 7.20000000                                                         | CUSIP: 87927VAR9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |       70000 | PA      | $75541.38     | 0.00%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| ESSENDI S 6.375% 10/15/29/EUR/                | ESSENDI SA /EUR/ REGD REG S 6.37500000                                                         | CUSIP: L0926ZAA8<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |     3476000 | PA      | $4306909.16   | 0.05%             | 2029-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA ST 8.25% 12/15/29                | SEAGATE DATA STOR REGD 144A P/P 8.25000000                                                     | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     1600000 | PA      | $1693763.20   | 0.02%             | 2029-12-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| BRIGHTHSE FIN G 5.65% 06/10/29                | BRIGHTHSE FIN GLBL FUND REGD 144A P/P 5.65000000                                               | CUSIP: 10921U2L1<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |      390000 | PA      | $400319.78    | 0.00%             | 2029-06-10      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| EXPAND ENERGY  5.375% 03/15/30                | EXPAND ENERGY CORP REGD 5.37500000                                                             | CUSIP: 845467AS8<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     1444000 | PA      | $1468556.65   | 0.02%             | 2030-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVIC 4.25% 05/15/29                | CARRIAGE SERVICES INC REGD 144A P/P 4.25000000                                                 | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $66311.83     | 0.00%             | 2029-05-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS US698299AD63 01.000 SP 06/20/2030 CITIUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-3692.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DANA INC 5.625% 06/15/28                      | DANA INC REGD 5.62500000                                                                       | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |      740000 | PA      | $738969.48    | 0.01%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SPEEDWAY MOT/S 4.875% 11/01/27                | SPEEDWAY MOT/SPEEDWAY FD REGD 144A P/P 4.87500000                                              | CUSIP: 84779MAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       10000 | PA      | $9881.83      | 0.00%             | 2027-11-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| LOXAM SAS 6.375% 05/15/28/EUR/                | LOXAM SAS /EUR/ REGD REG S EMTN 6.37500000                                                     | CUSIP: F5837PAW6<br>LEI: 969500BNA2YRNE1R5K91 | Long             | DBT              | CORP              | FR        |      200000 | PA      | $242408.42    | 0.00%             | 2028-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL F 4.95% 01/07/27                | ATHENE GLOBAL FUNDING REGD 144A P/P 4.95000000                                                 | CUSIP: 04685A4E8<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |      283000 | PA      | $285469.30    | 0.00%             | 2027-01-07      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| CARRIAGE PURCH 7.875% 10/15/29                | CARRIAGE PURCHASER INC REGD 144A P/P 7.87500000                                                | CUSIP: 14445LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $46602.23     | 0.00%             | 2029-10-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| 1011778 BC / N 3.875% 01/15/28                | 1011778 BC / NEW RED FIN REGD 144A P/P 3.87500000                                              | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     1055000 | PA      | $1029731.28   | 0.01%             | 2028-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| EMPIRE COMMUNIT 9.75% 05/01/29                | EMPIRE COMMUNITIES CORP REGD 144A P/P 9.75000000                                               | CUSIP: 29163VAG8<br>LEI: 549300JM1L6KK2QFP273 | Long             | DBT              | CORP              | CA        |     1956000 | PA      | $2050905.12   | 0.02%             | 2029-05-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK  V/R /PERP//EUR/                | DEUTSCHE BANK AG /EUR/ REGD V/R /PERP/ REG S 7.37500000                                        | CUSIP: D1T7GFKM8<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      200000 | PA      | $253068.82    | 0.00%             | 2174-04-30      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE  3.5% 03/01/32                | PILGRIM'S PRIDE CORP REGD 3.50000000                                                           | CUSIP: 72147KAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2600000 | PA      | $2379955.50   | 0.03%             | 2032-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LL 4% 07/15/28                | SIRIUS XM RADIO LLC REGD 144A P/P 4.00000000                                                   | CUSIP: 82967NBJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      666000 | PA      | $643067.95    | 0.01%             | 2028-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| HEIMSTADEN BOS V/R /PERP//EUR/                | HEIMSTADEN BOSTAD AB /EUR/ REGD V/R /PERP/ REG S 3.37500000                                    | CUSIP: W4R92LBK5<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |     2150000 | PA      | $2504990.39   | 0.03%             | 2174-04-15      | Variable      | 3.38%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP C 4.125% 11/15/28                | VERTIV GROUP CORPORATION REGD 144A P/P 4.12500000                                              | CUSIP: 92535UAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2614000 | PA      | $2552208.17   | 0.03%             | 2028-11-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| WLAKE 2024-1A  5.55% 11/15/27                 | WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2024-1 SER 2024-1A CL B REGD 144A P/P 5.55000000         | CUSIP: 96043RAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1360000 | PA      | $1369226.65   | 0.02%             | 2027-11-15      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| ANYWHERE RE GRP 5.25% 04/15/30                | ANYWHERE RE GRP/REALOGY REGD 144A P/P 5.25000000                                               | CUSIP: 75606DAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $65420.50     | 0.00%             | 2030-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| QATAR ENERGY 3.3% 07/12/51                    | QATAR ENERGY REGD REG S 3.30000000                                                             | CUSIP: M8180AAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | QA        |    10000000 | PA      | $7039160.00   | 0.08%             | 2051-07-12      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTR 8.875% 08/15/31                | NABORS INDUSTRIES INC REGD 144A P/P 8.87500000                                                 | CUSIP: 62957HAQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1585000 | PA      | $1473460.22   | 0.02%             | 2031-08-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| ESSENDI S 6.375% 10/15/29/EUR/                | ESSENDI SA /EUR/ REGD 144A P/P 6.37500000                                                      | CUSIP: N/A<br>LEI: 2221000MD2YP7WLTNC52       | Long             | DBT              | CORP              | LU        |     7540000 | PA      | $9342374.87   | 0.10%             | 2029-10-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| AMCAR 2024-1 A 5.43% 01/18/29                 | AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2024-1 SER 2024-1 CL A3 REGD 5.43000000               | CUSIP: 023947AD6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      675000 | PA      | $682071.23    | 0.01%             | 2029-01-18      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| LUNA 2 5SAR 5.5% 07/01/32/EUR/                | LUNA 2 5SARL /EUR/ REGD REG S 5.50000000                                                       | CUSIP: L6099VAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      100000 | PA      | $119444.69    | 0.00%             | 2032-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EMBECTA CORP 6.75% 02/15/30                   | EMBECTA CORP REGD 144A P/P 6.75000000                                                          | CUSIP: 29082KAB1<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |      160000 | PA      | $156000.00    | 0.00%             | 2030-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| VALEO SE 4.625% 03/23/32/EUR/                 | VALEO SE /EUR/ REGD REG S EMTN 4.62500000                                                      | CUSIP: F9T69CU78<br>LEI: 5493006IH2N2WMIBB742 | Long             | DBT              | CORP              | FR        |      700000 | PA      | $818537.55    | 0.01%             | 2032-03-23      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| EDP SA V/R 05/29/54/EUR/                      | EDP SA /EUR/ REGD V/R REG S EMTN 4.75000000                                                    | CUSIP: X1R4PDK40<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |     2000000 | PA      | $2429692.28   | 0.03%             | 2054-05-29      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 07/25/29                | WELLS FARGO & COMPANY REGD V/R MTN 5.57400000                                                  | CUSIP: 95000U3E1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      178000 | PA      | $184497.86    | 0.00%             | 2029-07-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| BAYER AG V/R 09/25/83/EUR/                    | BAYER AG /EUR/ REGD V/R REG S 7.00000000                                                       | CUSIP: D0R154AA9<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |    12400000 | PA      | $15961862.46  | 0.18%             | 2083-09-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC 9.35% 12/15/41                 | TRANSOCEAN INC REGD 9.35000000                                                                 | CUSIP: 893830AZ2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       20000 | PA      | $18806.80     | 0.00%             | 2041-12-15      | Variable      | 9.35%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINAN 7.25% 02/02/33                | SYNCHRONY FINANCIAL REGD 7.25000000                                                            | CUSIP: 87165BAU7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |       20000 | PA      | $21329.48     | 0.00%             | 2033-02-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ERO COPPER CORP 6.5% 02/15/30                 | ERO COPPER CORP REGD 144A P/P 6.50000000                                                       | CUSIP: 296006AA7<br>LEI: 549300KL8A21SEIO8I47 | Long             | DBT              | CORP              | CA        |     1107000 | PA      | $1104675.30   | 0.01%             | 2030-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| DANA INC 4.25% 09/01/30                       | DANA INC REGD 4.25000000                                                                       | CUSIP: 235825AH9<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |      845000 | PA      | $837425.34    | 0.01%             | 2030-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONI 5.75% 08/15/32                | QNITY ELECTRONICS INC REGD 144A P/P 5.75000000                                                 | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |     3411000 | PA      | $3437438.05   | 0.04%             | 2032-08-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| LIVE NATION ENT 4.75% 10/15/27                | LIVE NATION ENTERTAINMEN REGD 144A P/P 4.75000000                                              | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     2540000 | PA      | $2523244.38   | 0.03%             | 2027-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| ICAHN ENTERPRI 4.375% 02/01/29                | ICAHN ENTERPRISES/FIN REGD SER WI 4.37500000                                                   | CUSIP: 451102CC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2150000 | PA      | $1856380.52   | 0.02%             | 2029-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TOPBUILD CORP 5.625% 01/31/34                 | TOPBUILD CORP REGD 144A P/P 5.62500000                                                         | CUSIP: 89055FAD5<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |     1085000 | PA      | $1082436.65   | 0.01%             | 2034-01-31      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| VIRGIN ME 4.875% 07/15/28/GBP/                | VIRGIN MEDIA VENDOR FIN /GBP/ REGD 144A P/P 4.87500000                                         | CUSIP: 92771EAA1<br>LEI: 635400SSKC2QCGEPIQ43 | Long             | DBT              | CORP              | IE        |      700000 | PA      | $917369.18    | 0.01%             | 2028-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CENTRAL GARDEN 4.125% 10/15/30                | CENTRAL GARDEN & PET CO REGD 4.12500000                                                        | CUSIP: 153527AN6<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |       14000 | PA      | $13297.84     | 0.00%             | 2030-10-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC 6% 01/15/33                     | TRANSDIGM INC REGD 144A P/P 6.00000000                                                         | CUSIP: 893647BW6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10116000 | PA      | $10227140.04  | 0.11%             | 2033-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ONEMAIN FINANCE  6.5% 03/15/33                | ONEMAIN FINANCE CORP REGD 6.50000000                                                           | CUSIP: 682691AM2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3987000 | PA      | $3996967.50   | 0.04%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL P 4.75% 06/19/32                | PETROLEOS DEL PERU SA REGD REG S 4.75000000                                                    | CUSIP: P7808BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |     5600000 | PA      | $4854752.00   | 0.05%             | 2032-06-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HCA INC 7.5% 11/06/33                         | HCA INC REGD 7.50000000                                                                        | CUSIP: 404119AJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1100000 | PA      | $1258248.61   | 0.01%             | 2033-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TRONOX INC 9.125% 09/30/30                    | TRONOX INC REGD 144A P/P 9.12500000                                                            | CUSIP: 897051AD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      346000 | PA      | $338930.06    | 0.00%             | 2030-09-30      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| VERISURE  3.875% 07/15/26/EUR/                | VERISURE HOLDING AB /EUR/ REGD REG S 3.87500000                                                | CUSIP: W9821DAP9<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |    14999000 | PA      | $17599093.92  | 0.19%             | 2026-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BCP MODULA 4.75% 11/30/28/EUR/                | BCP MODULAR SERVICES /EUR/ REGD 4.75000000                                                     | CUSIP: G0904GAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     5758000 | PA      | $6471620.02   | 0.07%             | 2028-11-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL  3% 09/01/29/EUR/                | ARDAGH METAL PACKAGING /EUR/ REGD REG S 3.00000000                                             | CUSIP: G05210AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |      403000 | PA      | $436193.94    | 0.00%             | 2029-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITAL  6% 08/15/26                | JEFFERSON CAPITAL HOLDIN REGD 144A P/P 6.00000000                                              | CUSIP: 472481AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      635000 | PA      | $634847.60    | 0.01%             | 2026-08-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ADIENT GLOBAL HO 7.5% 02/15/33                | ADIENT GLOBAL HOLDINGS REGD 144A P/P 7.50000000                                                | CUSIP: 00687YAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |       80000 | PA      | $82768.38     | 0.00%             | 2033-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| T/L HUSKY INJECT 0% 02/15/29                  | T/L HUSKY INJECTION MOLDING    SYSTEMS LTDREGD 0.00000000                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3753243 | PA      | $3760523.87   | 0.04%             | 2029-02-15      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUN 8.5% 07/31/31                | UNIVISION COMMUNICATIONS REGD 144A P/P 8.50000000                                              | CUSIP: 914906AZ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4903000 | PA      | $5062901.49   | 0.06%             | 2031-07-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| SCIL IV LLC /  5.375% 11/01/26                | SCIL IV LLC / SCIL USA H REGD 144A P/P 5.37500000                                              | CUSIP: 78397UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      240000 | PA      | $239842.34    | 0.00%             | 2026-11-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| TAYLOR MORRISO 5.875% 06/15/27                | TAYLOR MORRISON COMM REGD 144A P/P 5.87500000                                                  | CUSIP: 87724RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3595000 | PA      | $3637593.56   | 0.04%             | 2027-06-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| TRAVEL + LEISURE 4.5% 12/01/29                | TRAVEL + LEISURE CO REGD 144A P/P 4.50000000                                                   | CUSIP: 894164AA0<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |       80000 | PA      | $77283.60     | 0.00%             | 2029-12-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV FIN LLC/C 10% 02/15/31                | DIRECTV FIN LLC/COINC REGD 144A P/P 10.00000000                                                | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      445000 | PA      | $444287.24    | 0.00%             | 2031-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| UBSCM 2018-C9 A4 V/R 03/15/28                 | UBS COMMERCIAL MORTGAGE TRUST 2018-C9 SER 2018-C9 CL A4 V/R REGD 4.11700000                    | CUSIP: 90291JAW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      660000 | PA      | $649405.35    | 0.01%             | 2051-03-15      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| NEW GENERATION V/R 09/30/2029                 | NEW GENERATION GAS GATHERING   LLC VARIABLE REGD 0.00000000                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      210811 | PA      | $207648.65    | 0.00%             | 2029-09-30      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| T/L ARCHKEY HOLD 0% 10/10/31                  | T/L ARCHKEY HOLDINGS LLC REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      735170 | PA      | $739610.47    | 0.01%             | 2031-10-10      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMEN 4.375% 08/15/29                | GFL ENVIRONMENTAL INC REGD 144A P/P 4.37500000                                                 | CUSIP: 36168QAP9<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |     2790000 | PA      | $2718893.22   | 0.03%             | 2029-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| SERVICE CORP IN 5.75% 10/15/32                | SERVICE CORP INTL REGD 5.75000000                                                              | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     7441000 | PA      | $7538382.00   | 0.08%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RRD PARENT INC 10% 10/15/31                   | RRD PARENT INC REGD 144A P/P 10.00000000                                                       | CUSIP: 16208CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      130000 | PA      | $230100.00    | 0.00%             | 2031-10-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| BRIGHTHSE FIN GLBL 2% 06/28/28                | BRIGHTHSE FIN GLBL FUND REGD 144A P/P MTN 2.00000000                                           | CUSIP: 10921U2E7<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |     1136000 | PA      | $1057946.80   | 0.01%             | 2028-06-28      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GUAT 6.6% 06/13/36                | REPUBLIC OF GUATEMALA REGD REG S 6.60000000                                                    | CUSIP: P5015VAQ9<br>LEI: N/A                  | Long             | DBT              | USGA              | GT        |     3200000 | PA      | $3377044.35   | 0.04%             | 2036-06-13      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNO 6.625% 07/15/32                | SENSATA TECHNOLOGIES INC REGD 144A P/P 6.62500000                                              | CUSIP: 81728UAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4185000 | PA      | $4330401.26   | 0.05%             | 2032-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| VISTRA CORP V/R /PERP/                        | VISTRA CORP REGD V/R /PERP/ 144A P/P 8.00000000                                                | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |     2550000 | PA      | $2608287.90   | 0.03%             | 2174-04-15      | Variable      | 8.00%                 | Yes           |                  2 | On Loan: No      |
| AES CORP/THE V/R 07/15/55                     | AES CORP/THE REGD V/R 6.95000000                                                               | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |       80000 | PA      | $78425.49     | 0.00%             | 2055-07-15      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTI 5.5% 12/15/27                | SERVICE PROPERTIES TRUST REGD 5.50000000                                                       | CUSIP: 81761LAB8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |       50000 | PA      | $49078.99     | 0.00%             | 2027-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA 3.875% 10/29/35/EUR/                  | ROMANIA /EUR/ REGD REG S EMTN 3.87500000                                                       | CUSIP: X7360WAG7<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |     2200000 | PA      | $2198198.13   | 0.02%             | 2035-10-29      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SCRIPPS ESCROW 5.375% 01/15/31                | SCRIPPS ESCROW II INC REGD 144A P/P 5.37500000                                                 | CUSIP: 81105DAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $48979.35     | 0.00%             | 2031-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| MAYA SAS/ 6.875% 04/15/31/EUR/                | MAYA SAS/FRANCE /EUR/ REGD REG S 6.87500000                                                    | CUSIP: F507APAK7<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |    12021000 | PA      | $14991440.82  | 0.17%             | 2031-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SARAT 2022-1A A1 V/R 10/20/37                 | SARATOGA INVESTMENT CORP SENIOR LOAN FUND  SER 2022-1A CL A1R V/R REGD 144A P/P 5.34400000     | CUSIP: 80349PAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1250000 | PA      | $1253120.13   | 0.01%             | 2037-10-20      | Variable      | 5.34%                 | Yes           |                  2 | On Loan: No      |
| ELASTIC NV 4.125% 07/15/29                    | ELASTIC NV REGD 144A P/P 4.12500000                                                            | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |     2614000 | PA      | $2510382.61   | 0.03%             | 2029-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF CO 7.375% 04/25/30                | REPUBLIC OF COLOMBIA REGD 7.37500000                                                           | CUSIP: 195325ER2<br>LEI: N/A                  | Long             | DBT              | USGA              | CO        |      900000 | PA      | $957555.00    | 0.01%             | 2030-04-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SECHE ENVIR 4.5% 03/25/30/EUR/                | SECHE ENVIRONNEMENT SACA /EUR/ REGD REG S 4.50000000                                           | CUSIP: F8211MAS2<br>LEI: 969500R9ENNIN33POO20 | Long             | DBT              | CORP              | FR        |      475000 | PA      | $567508.17    | 0.01%             | 2030-03-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREA 5.75% 10/15/33                | ANTERO MIDSTREAM PART/FI REGD 144A P/P 5.75000000                                              | CUSIP: 03690AAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $99560.58     | 0.00%             | 2033-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| MAUSER PACKAGIN 9.25% 04/15/27                | MAUSER PACKAGING SOLUT REGD 144A P/P 9.25000000                                                | CUSIP: 57763RAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1512000 | PA      | $1515541.10   | 0.02%             | 2027-04-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| CERBA HEALT 3.5% 05/31/28/EUR/                | CERBA HEALTHCARE SASU /EUR/ REGD REG S 3.50000000                                              | CUSIP: F7163QAA2<br>LEI: 9845000C1FYE89DC8677 | Long             | DBT              | CORP              | FR        |    15273000 | PA      | $12490576.78  | 0.14%             | 2028-05-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SLOVEN 5% 09/19/33                | REPUBLIC OF SLOVENIA REGD REG S 5.00000000                                                     | CUSIP: X3446NBA6<br>LEI: N/A                  | Long             | DBT              | USGA              | SI        |     2500000 | PA      | $2576220.30   | 0.03%             | 2033-09-19      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENY 9.5% 03/05/36                | REPUBLIC OF KENYA REGD 144A P/P 9.50000000                                                     | CUSIP: 491798AN4<br>LEI: N/A                  | Long             | DBT              | USGA              | KE        |     3700000 | PA      | $3787389.71   | 0.04%             | 2036-03-05      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| GRIFOLS S 7.125% 05/01/30/EUR/                | GRIFOLS SA /EUR/ REGD 144A P/P 7.12500000                                                      | CUSIP: N/A<br>LEI: 959800HSSNXWRKBK4N60       | Long             | DBT              | CORP              | ES        |     2500000 | PA      | $3091788.10   | 0.03%             | 2030-05-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| HOWDEN UK REFI 8.125% 02/15/32                | HOWDEN UK REFINANCE / US REGD 144A P/P 8.12500000                                              | CUSIP: 44287DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     6326000 | PA      | $6562990.94   | 0.07%             | 2032-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| CZECHOSLOV 5.25% 01/10/31/EUR/                | CZECHOSLOVAK GROUP /EUR/ REGD 144A P/P 5.25000000                                              | CUSIP: N/A<br>LEI: 315700SWFD7G70AVG768       | Long             | DBT              | CORP              | CZ        |     1390000 | PA      | $1695526.81   | 0.02%             | 2031-01-10      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| OPEN TEXT CORP 3.875% 12/01/29                | OPEN TEXT CORP REGD 144A P/P 3.87500000                                                        | CUSIP: 683715AD8<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |      100000 | PA      | $94551.37     | 0.00%             | 2029-12-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | KZT/USD FWD 20251224 000000908 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-10918.17    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VICI PROPERTIES 3.75% 02/15/27                | VICI PROPERTIES / NOTE REGD 144A P/P 3.75000000                                                | CUSIP: 92564RAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      500000 | PA      | $494527.85    | 0.01%             | 2027-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| LAMAR MEDIA COR 3.75% 02/15/28                | LAMAR MEDIA CORP REGD SER WI 3.75000000                                                        | CUSIP: 513075BR1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      110000 | PA      | $106994.06    | 0.00%             | 2028-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GL 6.875% 01/15/29                | GLOBAL PART/GLP FINANCE REGD SER WI 6.87500000                                                 | CUSIP: 37954FAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1350000 | PA      | $1361780.10   | 0.02%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF 8.5% 01/31/37/ZAR/                | REPUBLIC OF SOUTH AFRICA /ZAR/ REGD SER 2037 8.50000000                                        | CUSIP: S69124TY1<br>LEI: N/A                  | Long             | DBT              | USGA              | ZA        |    59900000 | PA      | $3190974.14   | 0.04%             | 2037-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CGMS 2015-4A A1J V/R 07/20/32                 | CARLYLE GLOBAL MARKET STRATEGIES CLO  SER 2015-4A CL A1JR V/R REGD 144A P/P 5.87549000         | CUSIP: 14311NAW4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1505413.35   | 0.02%             | 2032-07-20      | Variable      | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CIVITAS RESOUR 9.625% 06/15/33                | CIVITAS RESOURCES INC REGD 144A P/P 9.62500000                                                 | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     1930000 | PA      | $2030165.84   | 0.02%             | 2033-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| FORTUNE ST 3.95% 10/02/26/EUR/                | FORTUNE STAR BVI LTD /EUR/ REGD REG S 3.95000000                                               | CUSIP: G3641TAP3<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     1800000 | PA      | $2105807.31   | 0.02%             | 2026-10-02      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MEXICAN UDIBO 3% 12/03/26/MXN/                | MEXICAN UDIBONOS /MXN/ REGD SER S 3.00000000                                                   | CUSIP: P4R07XU61<br>LEI: N/A                  | Long             | DBT              | UST               | MX        |    25655010 | PA      | $1393469.03   | 0.02%             | 2026-12-03      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC V/R 10/15/51                  | GLOBAL ATLANTIC REGD V/R 144A P/P 4.70000000                                                   | CUSIP: 37959GAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      140000 | PA      | $137920.52    | 0.00%             | 2051-10-15      | Variable      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| KINDER MORGAN INC 5% 02/01/29                 | KINDER MORGAN INC REGD 5.00000000                                                              | CUSIP: 494553AD2<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |       66000 | PA      | $67496.71     | 0.00%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC 9.125% 07/15/30                 | TIDEWATER INC REGD 144A P/P 9.12500000                                                         | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |     2948000 | PA      | $3165361.21   | 0.03%             | 2030-07-15      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| HELIOS SOFT/ION 8.75% 05/01/29                | HELIOS SOFT/ION CORP SOL REGD 144A P/P 8.75000000                                              | CUSIP: 42329HAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1144000 | PA      | $1184257.36   | 0.01%             | 2029-05-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| GRUENENTH 4.625% 11/15/31/EUR/                | GRUENENTHAL GMBH /EUR/ REGD REG S 4.62500000                                                   | CUSIP: D3R2UUAF4<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     2866000 | PA      | $3435504.73   | 0.04%             | 2031-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS  5.375% 12/04/29                | MELCO RESORTS FINANCE REGD 144A P/P 5.37500000                                                 | CUSIP: 58547DAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     4237000 | PA      | $4155174.20   | 0.05%             | 2029-12-04      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| NAVIENT CORP 7.875% 06/15/32                  | NAVIENT CORP REGD 7.87500000                                                                   | CUSIP: 63938CAQ1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     2688000 | PA      | $2828886.14   | 0.03%             | 2032-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| RINGCENTRAL INC 8.5% 08/15/30                 | RINGCENTRAL INC REGD 144A P/P 8.50000000                                                       | CUSIP: 76680RAJ6<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |       60000 | PA      | $63837.18     | 0.00%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| TREEHOUSE FOODS IN 4% 09/01/28                | TREEHOUSE FOODS INC REGD 4.00000000                                                            | CUSIP: 89469AAD6<br>LEI: 5493007M7EVHE470Q576 | Long             | DBT              | CORP              | US        |       90000 | PA      | $86850.00     | 0.00%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FI 8% 02/15/31                | AVIS BUDGET CAR/FINANCE REGD 144A P/P 8.00000000                                               | CUSIP: 053773BH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $72416.40     | 0.00%             | 2031-02-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ARCOSA INC 6.875% 08/15/32                    | ARCOSA INC REGD 144A P/P 6.87500000                                                            | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |     1873000 | PA      | $1956314.79   | 0.02%             | 2032-08-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| LION/POLARIS V/R 07/01/29/EUR/                | LION/POLARIS LUX 4 SA /EUR/ REGD V/R REG S 5.56400000                                          | CUSIP: L60597AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      349000 | PA      | $414303.98    | 0.00%             | 2029-07-01      | Variable      | 5.56%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORD 5.75% 01/31/27                | KINGDOM OF JORDAN REGD REG S 5.75000000                                                        | CUSIP: M5269UAH7<br>LEI: N/A                  | Long             | DBT              | USGA              | JO        |     7200000 | PA      | $7198117.85   | 0.08%             | 2027-01-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS  5.625% 07/17/27                | MELCO RESORTS FINANCE REGD REG S 5.62500000                                                    | CUSIP: G5975LAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       70000 | PA      | $69781.50     | 0.00%             | 2027-07-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 01/23/30                | WELLS FARGO & COMPANY REGD V/R MTN 5.19800000                                                  | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      244000 | PA      | $251409.59    | 0.00%             | 2030-01-23      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| ABU DHABI DEVELO 5.5% 05/08/34                | ABU DHABI DEVELOPMENT HO REGD REG S EMTN 5.50000000                                            | CUSIP: M0R60CAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | AE        |     1000000 | PA      | $1058910.71   | 0.01%             | 2034-05-08      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS 4.625% 01/15/27                | ALBERTSONS COS/SAFEWAY REGD 144A P/P 4.62500000                                                | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1797000 | PA      | $1785665.61   | 0.02%             | 2027-01-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| MSBAM 2016-C2 3.325% 03/15/26                 | MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST 20 SER 2016-C29 CL A4 REGD 3.32500000       | CUSIP: 61766EBE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      900000 | PA      | $893302.92    | 0.01%             | 2049-05-15      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC  4.65% 04/01/29                | HUDSON PACIFIC PROPERTIE REGD 4.65000000                                                       | CUSIP: 44409MAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $83748.46     | 0.00%             | 2029-04-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MEHILAINEN Y V/R 06/30/32/EUR/                | MEHILAINEN YHTIOT OY /EUR/ REGD V/R 144A P/P 0.00000000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | FI        |     4775000 | PA      | $5643707.70   | 0.06%             | 2032-06-30      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| INTERFACE INC 5.5% 12/01/28                   | INTERFACE INC REGD 144A P/P 5.50000000                                                         | CUSIP: 458665AS5<br>LEI: 549300VXZWQOIDFPU355 | Long             | DBT              | CORP              | US        |       40000 | PA      | $39924.43     | 0.00%             | 2028-12-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| TERRAFORM POWER OP 5% 01/31/28                | TERRAFORM POWER OPERATIN REGD 144A P/P 5.00000000                                              | CUSIP: 88104LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      230000 | PA      | $228355.73    | 0.00%             | 2028-01-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NEWELL BRANDS INC 7% 04/01/46                 | NEWELL BRANDS INC REGD 7.00000000                                                              | CUSIP: 651229AY2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     1735000 | PA      | $1529076.84   | 0.02%             | 2046-04-01      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG V/R 02/08/30                     | UBS GROUP AG REGD V/R 144A P/P 5.42800000                                                      | CUSIP: 902613BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      200000 | PA      | $206685.69    | 0.00%             | 2030-02-08      | Variable      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| T/L GRAY TELEVISI 0% 12/01/28                 | T/L GRAY TELEVISION INC. REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1027483 | PA      | $1026733.30   | 0.01%             | 2028-12-01      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST GAS C 5.45% 03/23/28                | SOUTHWEST GAS CORP REGD 5.45000000                                                             | CUSIP: 845011AH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       72000 | PA      | $73974.91     | 0.00%             | 2028-03-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NISSAN MOT 5.25% 07/17/29/EUR/                | NISSAN MOTOR CO /EUR/ REGD 144A P/P 5.25000000                                                 | CUSIP: 654744AJ0<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     2823000 | PA      | $3377736.34   | 0.04%             | 2029-07-17      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| STENA INTERNATI 7.25% 01/15/31                | STENA INTERNATIONAL SA REGD 144A P/P 7.25000000                                                | CUSIP: 85858EAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      420000 | PA      | $428087.52    | 0.00%             | 2031-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ACURIS FIN US/ACUR 5% 05/01/28                | ACURIS FIN US/ACURIS FIN REGD 144A P/P 5.00000000                                              | CUSIP: 00511BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3000000 | PA      | $2915514.30   | 0.03%             | 2028-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | EUR/USD FWD 20251105 000006038 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $10775.60     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| APPLOVIN CORP 5.125% 12/01/29                 | APPLOVIN CORP REGD 5.12500000                                                                  | CUSIP: 03831WAB4<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |     1854000 | PA      | $1896579.46   | 0.02%             | 2029-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOL 6.83% 07/15/29                | CELANESE US HOLDINGS LLC REGD 6.83000000                                                       | CUSIP: 15089QAN4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      140000 | PA      | $144547.76    | 0.00%             | 2029-07-15      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP 6.25% 07/01/33                      | SUNOCO LP REGD 144A P/P 6.25000000                                                             | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     3059000 | PA      | $3113667.39   | 0.03%             | 2033-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| WHIRLPOOL CORP 2.4% 05/15/31                  | WHIRLPOOL CORP REGD 2.40000000                                                                 | CUSIP: 963320AY2<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |       50000 | PA      | $42219.84     | 0.00%             | 2031-05-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERS 4.75% 01/15/28                | MARRIOTT OWNERSHIP RESOR REGD SER WI 4.75000000                                                | CUSIP: 57164PAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $29509.99     | 0.00%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA S 5.875% 07/15/30                | SEAGATE DATA STOR REGD 144A P/P 5.87500000                                                     | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     2375000 | PA      | $2416108.25   | 0.03%             | 2030-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIFF 6.75% 04/15/30                | CLEVELAND-CLIFFS INC REGD 144A P/P 6.75000000                                                  | CUSIP: 185899AN1<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     2950000 | PA      | $2997695.60   | 0.03%             | 2030-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| OLYMPUS WTR US  7.25% 06/15/31                | OLYMPUS WTR US HLDG CORP REGD 144A P/P 7.25000000                                              | CUSIP: 681639AD2<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     9709000 | PA      | $9842741.48   | 0.11%             | 2031-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ADAMS HOMES INC 9.25% 10/15/28                | ADAMS HOMES INC REGD 144A P/P 9.25000000                                                       | CUSIP: 00623PAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      170000 | PA      | $177360.15    | 0.00%             | 2028-10-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| XPLORE INC                                    | XPLORE INC 0.00000000                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |       47392 | NS      | $152554.85    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LOTTOMATI 4.875% 01/31/31/EUR/                | LOTTOMATICA GROUP SPA /EUR/ REGD 144A P/P 4.87500000                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IT        |     5220000 | PA      | $6314774.20   | 0.07%             | 2031-01-31      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| IQVIA INC 6.25% 02/01/29                      | IQVIA INC REGD SER WI 6.25000000                                                               | CUSIP: 46266TAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       76000 | PA      | $80008.39     | 0.00%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UZBEK INDUSTRIA 8.95% 07/24/29                | UZBEK INDUSTRIAL AND CON REGD REG S 8.95000000                                                 | CUSIP: Y7512CAA0<br>LEI: 213800C2NIFPFTXYIU69 | Long             | DBT              | CORP              | UZ        |      200000 | PA      | $216624.92    | 0.00%             | 2029-07-24      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERV 8.25% 10/01/31                | WINDSTREAM SERVICES/ESCR REGD 144A P/P 8.25000000                                              | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    18249000 | PA      | $18903354.40  | 0.21%             | 2031-10-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| PENNYMAC FIN SV 4.25% 02/15/29                | PENNYMAC FIN SVCS INC REGD 144A P/P 4.25000000                                                 | CUSIP: 70932MAB3<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     3730000 | PA      | $3609863.79   | 0.04%             | 2029-02-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| SWF HOLDINGS I C 6.5% 10/01/29                | SWF HOLDINGS I CORP REGD 144A P/P 6.50000000                                                   | CUSIP: 78500AAA6<br>LEI: 5493000CMZKPQ7BKPB20 | Long             | DBT              | CORP              | US        |     7670000 | PA      | $2914600.00   | 0.03%             | 2029-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PANA 4.5% 04/01/56                | REPUBLIC OF PANAMA REGD 4.50000000                                                             | CUSIP: 698299BM5<br>LEI: N/A                  | Long             | DBT              | USGA              | PA        |     5200000 | PA      | $3800160.00   | 0.04%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GOVT OF BERMUD 2.375% 08/20/30                | GOVT OF BERMUDA REGD REG S 2.37500000                                                          | CUSIP: G10367AE3<br>LEI: N/A                  | Long             | DBT              | USGA              | BM        |     1375000 | PA      | $1252625.00   | 0.01%             | 2030-08-20      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| US BANCORP V/R 10/26/27                       | US BANCORP REGD V/R 6.78700000                                                                 | CUSIP: 91159HJP6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      157000 | PA      | $161222.63    | 0.00%             | 2027-10-26      | Variable      | 6.79%                 | No            |                  2 | On Loan: No      |
| BANCO DE SABAD V/R /PERP//EUR/                | BANCO DE SABADELL SA /EUR/ REGD V/R /PERP/ REG S 9.37500000                                    | CUSIP: E1581B5G6<br>LEI: SI5RG2M0WQQLZCXKRM20 | Long             | DBT              | CORP              | ES        |     7800000 | PA      | $10382417.49  | 0.11%             | 2174-04-18      | Variable      | 9.38%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC /  4.25% 02/15/29                | ACRISURE LLC / FIN INC REGD 144A P/P 4.25000000                                                | CUSIP: 00489LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2205000 | PA      | $2124508.24   | 0.02%             | 2029-02-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| MCGRAW-HILL ED 7.375% 09/01/31                | MCGRAW-HILL EDUCATION REGD 144A P/P 7.37500000                                                 | CUSIP: 58064LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $103893.10    | 0.00%             | 2031-09-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| DAVITA INC 4.625% 06/01/30                    | DAVITA INC REGD 144A P/P 4.62500000                                                            | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    11035000 | PA      | $10569872.55  | 0.12%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| CELANESE US HOLD 6.5% 04/15/30                | CELANESE US HOLDINGS LLC REGD 6.50000000                                                       | CUSIP: 15089QAZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $50317.74     | 0.00%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CVR PARTNERS/C 6.125% 06/15/28                | CVR PARTNERS/CVR NITROGE REGD 144A P/P 6.12500000                                              | CUSIP: 12663QAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      180000 | PA      | $179756.82    | 0.00%             | 2028-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| BBCMS 2024-5C 4.738% 08/15/29                 | BBCMS MORTGAGE TRUST 2024-5C29 SER 2024-5C29 CL A2 REGD 4.73800000                             | CUSIP: 05555PAB8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      700000 | PA      | $707452.13    | 0.01%             | 2057-09-15      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CO 3.625% 01/15/31                | LAMAR MEDIA CORP REGD 3.62500000                                                               | CUSIP: 513075BZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      170000 | PA      | $158200.06    | 0.00%             | 2031-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ALTAGAS LTD V/R 10/15/54                      | ALTAGAS LTD REGD V/R 144A P/P 7.20000000                                                       | CUSIP: 021361AD2<br>LEI: 2549008X5V70MOS4HM10 | Long             | DBT              | CORP              | CA        |     2397000 | PA      | $2479487.96   | 0.03%             | 2054-10-15      | Variable      | 7.20%                 | Yes           |                  2 | On Loan: No      |
| COLUMBIA PIPEL 6.042% 08/15/28                | COLUMBIA PIPELINE HOLDCO REGD 144A P/P 6.04200000                                              | CUSIP: 19828AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      675000 | PA      | $704522.81    | 0.01%             | 2028-08-15      | Fixed         | 6.04%                 | Yes           |                  2 | On Loan: No      |
| ATLAS WAREHOUSE 6.05% 01/15/28                | ATLAS WAREHOUSE LEND REGD 144A P/P 6.05000000                                                  | CUSIP: 049463AD4<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |      600000 | PA      | $613813.43    | 0.01%             | 2028-01-15      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| CONTOURGLOBAL 5% 02/28/30/EUR/                | CONTOURGLOBAL POWER HLDG /EUR/ REGD REG S 5.00000000                                           | CUSIP: L19636AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     2969000 | PA      | $3568141.52   | 0.04%             | 2030-02-28      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLD 7% 04/15/28                | ADIENT GLOBAL HOLDINGS REGD 144A P/P 7.00000000                                                | CUSIP: 00687YAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |     2870000 | PA      | $2940886.13   | 0.03%             | 2028-04-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| OMFIT 2022-3A  5.94% 04/14/26                 | ONEMAIN FINANCIAL ISSUANCE TRUST 2022-3 SER 2022-3A CL A REGD 144A P/P 5.94000000              | CUSIP: 68269PAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      268116 | PA      | $269757.65    | 0.00%             | 2034-05-15      | Fixed         | 5.94%                 | Yes           |                  2 | On Loan: No      |
| PETRONAS CAPITA 4.55% 04/21/50                | PETRONAS CAPITAL LTD REGD 144A P/P MTN 4.55000000                                              | CUSIP: 716743AR0<br>LEI: N/A                  | Long             | DBT              | CORP              | MY        |     3700000 | PA      | $3271572.01   | 0.04%             | 2050-04-21      | Fixed         | 4.55%                 | Yes           |                  2 | On Loan: No      |
| LIBERTY MUTUAL GR V/R 12/15/51                | LIBERTY MUTUAL GROUP INC REGD V/R 144A P/P 4.12500000                                          | CUSIP: 53079EBM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $29469.29     | 0.00%             | 2051-12-15      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| STANDARD CHARTERE V/R 02/08/28                | STANDARD CHARTERED PLC REGD V/R 144A P/P 6.75000000                                            | CUSIP: 853254CW8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      400000 | PA      | $412248.38    | 0.00%             | 2028-02-08      | Variable      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS 7% 08/01/30                | ADVANCE AUTO PARTS REGD 144A P/P 7.00000000                                                    | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     1840000 | PA      | $1894209.76   | 0.02%             | 2030-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CIDRON AIDA F 7% 10/27/31/EUR/                | CIDRON AIDA FINCO SARL /EUR/ REGD 144A P/P 7.00000000                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | LU        |    11483000 | PA      | $13693897.46  | 0.15%             | 2031-10-27      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| WORLDLINE S 5.5% 06/10/30/EUR/                | WORLDLINE SA/FRANCE /EUR/ REGD REG S EMTN 5.50000000                                           | CUSIP: F9867TKC6<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |     1100000 | PA      | $1000937.09   | 0.01%             | 2030-06-10      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MOOG INC 4.25% 12/15/27                       | MOOG INC REGD 144A P/P 4.25000000                                                              | CUSIP: 615394AM5<br>LEI: 549300WM2I4U7OBAHG07 | Long             | DBT              | CORP              | US        |      100000 | PA      | $98470.53     | 0.00%             | 2027-12-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| NORDSTROM INC 4% 03/15/27                     | NORDSTROM INC REGD 4.00000000                                                                  | CUSIP: 655664AS9<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |       60000 | PA      | $59006.68     | 0.00%             | 2027-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ABU DHABI DEVE 5.375% 05/08/29                | ABU DHABI DEVELOPMENT HO REGD 144A P/P 5.37500000                                              | CUSIP: 00402D2A2<br>LEI: N/A                  | Long             | DBT              | CORP              | AE        |     1000000 | PA      | $1040455.84   | 0.01%             | 2029-05-08      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| HERTZ CORP/THE 5% 12/01/29                    | HERTZ CORP/THE REGD 144A P/P 5.00000000                                                        | CUSIP: 428040DB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      110000 | PA      | $87719.89     | 0.00%             | 2029-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| T/L PAX HOLDC 0% 12/31/29/EUR/                | T/L PAX HOLDCO SPAIN S.L.U. 0% /EUR/ 0.00000000                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | ES        |     5070000 | PA      | $5971064.52   | 0.07%             | 2029-12-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & 8.75% 12/15/31                | JB POINDEXTER & CO INC REGD 144A P/P 8.75000000                                                | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |     1326000 | PA      | $1388575.27   | 0.02%             | 2031-12-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| NEW GENER V/R 09/30/29                        | NEW GENERATION GAS - UNFUNDED  VARIABLE REGD 0.00000000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |       35135 | PA      | $34608.11     | 0.00%             | 2029-09-30      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| AVIS BUDGET CAR 5.75% 07/15/27                | AVIS BUDGET CAR/FINANCE REGD 144A P/P 5.75000000                                               | CUSIP: 053773BE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $29883.91     | 0.00%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BANCO COMERC P V/R /PERP//EUR/                | BANCO COMERC PORTUGUES /EUR/ REGD V/R /PERP/ REG S 8.12500000                                  | CUSIP: X03188BR3<br>LEI: JU1U6S0DG9YLT7N8ZV32 | Long             | DBT              | CORP              | PT        |     2800000 | PA      | $3612306.23   | 0.04%             | 2174-04-18      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| AMYNTA AGENCY/WA 7.5% 07/15/33                | AMYNTA AGENCY/WARRANTY REGD 144A P/P 7.50000000                                                | CUSIP: 03238AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3126000 | PA      | $3199917.40   | 0.04%             | 2033-07-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| LITHIA MOTORS IN 5.5% 10/01/30                | LITHIA MOTORS INC REGD 144A P/P 5.50000000                                                     | CUSIP: 536797AJ2<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     2876000 | PA      | $2877322.96   | 0.03%             | 2030-10-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CLEAN HARBORS  4.875% 07/15/27                | CLEAN HARBORS INC REGD 144A P/P 4.87500000                                                     | CUSIP: 184496AN7<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |      200000 | PA      | $199830.38    | 0.00%             | 2027-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA 6% 06/12/34                | REPUBLIC OF SERBIA REGD 144A P/P 6.00000000                                                    | CUSIP: 817477AJ1<br>LEI: N/A                  | Long             | DBT              | USGA              | RS        |     1400000 | PA      | $1458875.25   | 0.02%             | 2034-06-12      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| T/L QUIKRETE HOL 0% 02/10/32                  | T/L QUIKRETE HOLDINGS INC      REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      870625 | PA      | $870032.98    | 0.01%             | 2032-02-10      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERAL 6.75% 12/01/27                | COMPASS MINERALS INTERNA REGD 144A P/P 6.75000000                                              | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |       20000 | PA      | $20019.16     | 0.00%             | 2027-12-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| VICI PROPERTIES  4.5% 09/01/26                | VICI PROPERTIES / NOTE REGD 144A P/P 4.50000000                                                | CUSIP: 92564RAH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      332000 | PA      | $332002.14    | 0.00%             | 2026-09-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| TRONOX INC 4.625% 03/15/29                    | TRONOX INC REGD 144A P/P 4.62500000                                                            | CUSIP: 897051AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      810000 | PA      | $528085.86    | 0.01%             | 2029-03-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG V/R /PERP/                       | UBS GROUP AG REGD V/R /PERP/ 144A P/P 6.85000000                                               | CUSIP: 902613BN7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     1865000 | PA      | $1923156.30   | 0.02%             | 2174-03-10      | Variable      | 6.85%                 | Yes           |                  2 | On Loan: No      |
| XEROX CORPORATI 6.75% 12/15/39                | XEROX CORPORATION REGD 6.75000000                                                              | CUSIP: 984121CB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       46000 | PA      | $21262.07     | 0.00%             | 2039-12-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LEGGETT & PLATT  3.5% 11/15/27                | LEGGETT & PLATT INC REGD 3.50000000                                                            | CUSIP: 524660AY3<br>LEI: DKOVQUCDW4ZLYCUD4T55 | Long             | DBT              | CORP              | US        |       63000 | PA      | $61748.98     | 0.00%             | 2027-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HIGHTOWER HOLD 9.125% 01/31/30                | HIGHTOWER HOLDING LLC REGD 144A P/P 9.12500000                                                 | CUSIP: 43118DAB6<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |       70000 | PA      | $74257.61     | 0.00%             | 2030-01-31      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| MACY'S RETAIL HL 6.7% 07/15/34                | MACY'S RETAIL HLDGS LLC REGD 144A P/P 6.70000000                                               | CUSIP: 55617LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $73400.00     | 0.00%             | 2034-07-15      | Fixed         | 6.70%                 | Yes           |                  2 | On Loan: No      |
| BULGARIA 5% 03/05/37                          | BULGARIA REGD SER 13Y 5.00000000                                                               | CUSIP: X0R483BD3<br>LEI: N/A                  | Long             | DBT              | USGA              | BG        |     3300000 | PA      | $3299988.78   | 0.04%             | 2037-03-05      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINE 4.625% 04/15/29                | UNITED AIRLINES INC REGD 144A P/P 4.62500000                                                   | CUSIP: 90932LAH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4815000 | PA      | $4741873.63   | 0.05%             | 2029-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| EW SCRIPPS CO 9.875% 08/15/30                 | EW SCRIPPS CO REGD 144A P/P 9.87500000                                                         | CUSIP: 811054AH8<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |      140000 | PA      | $131269.75    | 0.00%             | 2030-08-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| CLARIV SCI HLD 4.875% 07/01/29                | CLARIV SCI HLD CORP REGD 144A P/P 4.87500000                                                   | CUSIP: 18064PAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10775000 | PA      | $10182531.24  | 0.11%             | 2029-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| MOLEX ELECTRONI 4.75% 04/30/28                | MOLEX ELECTRONICS TECH REGD 144A P/P 4.75000000                                                | CUSIP: 60856BAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      393000 | PA      | $396901.86    | 0.00%             | 2028-04-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CPI PROPER 4.75% 07/22/30/EUR/                | CPI PROPERTY GROUP SA /EUR/ REGD REG S EMTN 4.75000000                                         | CUSIP: L36807BN1<br>LEI: 222100CO2ZOTEPGJO223 | Long             | DBT              | CORP              | LU        |      750000 | PA      | $860333.87    | 0.01%             | 2030-07-22      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WEF 2025-1A A2 4.33% 03/20/28                 | WINGSPIRE EQUIPMENT FINANCE 2025-1 LLC SER 2025-1A CL A2 REGD 144A P/P 4.33000000              | CUSIP: 97415CAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1390000 | PA      | $1389613.16   | 0.02%             | 2033-09-20      | Fixed         | 4.33%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS XS2189766970 05.000 SP 12/20/2030 GSISW LONG                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $6085.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MAGNERA CORP 7.25% 11/15/31                   | MAGNERA CORP REGD 144A P/P 7.25000000                                                          | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |     3586000 | PA      | $3374354.28   | 0.04%             | 2031-11-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| NISSAN MOTOR CO 4.81% 09/17/30                | NISSAN MOTOR CO REGD 144A P/P 4.81000000                                                       | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |      600000 | PA      | $564171.79    | 0.01%             | 2030-09-17      | Fixed         | 4.81%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL  6.25% 01/15/30                | VENTURE GLOBAL CALCASIEU REGD 144A P/P 6.25000000                                              | CUSIP: 92328MAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1130000 | PA      | $1177988.84   | 0.01%             | 2030-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| HERENS MID 5.25% 05/15/29/EUR/                | HERENS MIDCO SARL /EUR/ REGD REG S 5.25000000                                                  | CUSIP: L4790AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     1000000 | PA      | $674831.64    | 0.01%             | 2029-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIQUE PU 6.464% 03/30/32/GBP/                | UNIQUE PUB FINANCE CO /GBP/ REGD SER N 6.46400000                                              | CUSIP: G8812RAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      236747 | PA      | $332328.13    | 0.00%             | 2032-03-30      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/O 7.875% 05/15/34                | ORGANON & CO/ORGANON FOR REGD 144A P/P 7.87500000                                              | CUSIP: 68622FAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $64842.69     | 0.00%             | 2034-05-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| IVANHOE MINES  7.875% 01/23/30                | IVANHOE MINES LTD REGD 144A P/P 7.87500000                                                     | CUSIP: 46579RAE4<br>LEI: 5299006XZISURYIA4G32 | Long             | DBT              | CORP              | CA        |     1400000 | PA      | $1443688.40   | 0.02%             | 2030-01-23      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| TALOS PRODUCTI 9.375% 02/01/31                | TALOS PRODUCTION INC REGD 144A P/P 9.37500000                                                  | CUSIP: 87485LAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $93732.93     | 0.00%             | 2031-02-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| BELRON UK FINAN 5.75% 10/15/29                | BELRON UK FINANCE PLC REGD 144A P/P 5.75000000                                                 | CUSIP: 080782AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     3873000 | PA      | $3923465.19   | 0.04%             | 2029-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ENERGY TRANSFER L V/R 05/15/54                | ENERGY TRANSFER LP REGD V/R 8.00000000                                                         | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     3838000 | PA      | $4101616.87   | 0.05%             | 2054-05-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES C 7.25% 03/01/32                | CNX RESOURCES CORP REGD 144A P/P 7.25000000                                                    | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     1761000 | PA      | $1826979.39   | 0.02%             | 2032-03-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| STUDIO CITY FINANC 5% 01/15/29                | STUDIO CITY FINANCE LTD REGD 144A P/P 5.00000000                                               | CUSIP: 86389QAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |      220000 | PA      | $212022.87    | 0.00%             | 2029-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| VOC ESCROW LTD 5% 02/15/28                    | VOC ESCROW LTD REGD 144A P/P 5.00000000                                                        | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     2940000 | PA      | $2932036.43   | 0.03%             | 2028-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SNAP INC 6.875% 03/01/33                      | SNAP INC REGD 144A P/P 6.87500000                                                              | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     8159000 | PA      | $8339302.80   | 0.09%             | 2033-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| GETTY IMAGES I 11.25% 02/21/30                | GETTY IMAGES INC REGD 144A P/P 11.25000000                                                     | CUSIP: 374276AM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $76394.40     | 0.00%             | 2030-02-21      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| EVERGY MISSOURI 5.15% 12/15/27                | EVERGY MISSOURI WEST INC REGD 144A P/P 5.15000000                                              | CUSIP: 30037FAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      166000 | PA      | $169007.00    | 0.00%             | 2027-12-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT ENERGY F 5.4% 06/06/27                | ALLIANT ENERGY FINANCE REGD 144A P/P 5.40000000                                                | CUSIP: 01882YAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       97000 | PA      | $98290.50     | 0.00%             | 2027-06-06      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| GACI FIRST INV 4.875% 02/14/35                | GACI FIRST INVESTMENT REGD REG S 4.87500000                                                    | CUSIP: G3705QAF4<br>LEI: 558600TU1PWGNLZ3XM88 | Long             | DBT              | CORP              | KY        |     8000000 | PA      | $7969318.64   | 0.09%             | 2035-02-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMM 4.125% 05/15/29                | DISCOVERY COMMUNICATIONS REGD SER * 4.12500000                                                 | CUSIP: 25470DCA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      130000 | PA      | $125125.00    | 0.00%             | 2029-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDS XS2859406139 05.000 SP 06/20/2030 PARSW LONG                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $12535.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC 8.5% 05/15/31                  | TRANSOCEAN INC REGD 144A P/P 8.50000000                                                        | CUSIP: 893830BZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     3412000 | PA      | $3345000.94   | 0.04%             | 2031-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS R03.00PSOFR 03/19/30 WFSLUS33XXX FIXED                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |           1 | NC      | $-316777.03   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STUDIO CITY FINA 6.5% 01/15/28                | STUDIO CITY FINANCE LTD REGD 144A P/P 6.50000000                                               | CUSIP: 86389QAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |      190000 | PA      | $189906.46    | 0.00%             | 2028-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORPORA DISC 01/13/26                  | ORACLE CORPORA DISC 01/13/26 0.00000000                                                        | CUSIP: 6840C3AD5<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |      415000 | PA      | $410000.99    | 0.00%             | 2026-01-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| STACR 2024-HQA1  V/R 03/25/44                 | FREDDIE MAC STACR REMIC TRUST 2024-HQA1 SER 2024-HQA1 CL M1 V/R REGD 144A P/P 5.60603000       | CUSIP: 35564NBX0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      476559 | PA      | $477016.14    | 0.01%             | 2044-03-25      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| PENN ENTERTAIN 4.125% 07/01/29                | PENN ENTERTAINMENT INC REGD 144A P/P 4.12500000                                                | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       20000 | PA      | $18746.87     | 0.00%             | 2029-07-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| DELUXE CORP 8% 06/01/29                       | DELUXE CORP REGD 144A P/P 8.00000000                                                           | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |       80000 | PA      | $79817.32     | 0.00%             | 2029-06-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| LITHIA MOTORS  4.375% 01/15/31                | LITHIA MOTORS INC REGD 144A P/P 4.37500000                                                     | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |      110000 | PA      | $104461.07    | 0.00%             | 2031-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| STATE OF QATAR 6.4% 01/20/40                  | STATE OF QATAR REGD 6.40000000                                                                 | CUSIP: M81805AP4<br>LEI: N/A                  | Long             | DBT              | USGA              | QA        |     1400000 | PA      | $1615860.47   | 0.02%             | 2040-01-20      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| AMBER FIN 6.625% 07/15/29/EUR/                | AMBER FINCO PLC /EUR/ REGD REG S 6.62500000                                                    | CUSIP: G02493AA5<br>LEI: 9845004C0870D380O790 | Long             | DBT              | CORP              | GB        |     2579000 | PA      | $3182463.23   | 0.04%             | 2029-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| IVORY COA 4.875% 01/30/32/EUR/                | IVORY COAST /EUR/ REGD REG S 4.87500000                                                        | CUSIP: V73789BH7<br>LEI: N/A                  | Long             | DBT              | USGA              | CI        |     2600000 | PA      | $2907852.58   | 0.03%             | 2032-01-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUT 7.25% 06/15/28                | WESCO DISTRIBUTION INC REGD 144A P/P 7.25000000                                                | CUSIP: 95081QAP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1505000 | PA      | $1524577.04   | 0.02%             | 2028-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY V/R 04/12/29                   | MORGAN STANLEY REGD V/R SER . 4.99400000                                                       | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      394000 | PA      | $401888.98    | 0.00%             | 2029-04-12      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| FRESENIUS MED  1.875% 12/01/26                | FRESENIUS MED CARE III REGD 144A P/P 1.87500000                                                | CUSIP: 35805BAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $145392.95    | 0.00%             | 2026-12-01      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| FIRSTCASH INC 6.875% 03/01/32                 | FIRSTCASH INC REGD 144A P/P 6.87500000                                                         | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |       80000 | PA      | $82686.16     | 0.00%             | 2032-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| NAVIENT CORP 9.375% 07/25/30                  | NAVIENT CORP REGD 9.37500000                                                                   | CUSIP: 63938CAN8<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     2955000 | PA      | $3265851.23   | 0.04%             | 2030-07-25      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESO 8.25% 06/15/29                | CALIFORNIA RESOURCES CRP REGD 144A P/P 8.25000000                                              | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |      400000 | PA      | $417138.00    | 0.00%             | 2029-06-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| VIRGIN MEDIA SEC 4.5% 08/15/30                | VIRGIN MEDIA SECURED FIN REGD 144A P/P 4.50000000                                              | CUSIP: 92769XAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      717000 | PA      | $676013.05    | 0.01%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| AVIENT CORP 7.125% 08/01/30                   | AVIENT CORP REGD 144A P/P 7.12500000                                                           | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |       80000 | PA      | $82210.40     | 0.00%             | 2030-08-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| VISTRA OPERATI 5.625% 02/15/27                | VISTRA OPERATIONS CO LLC REGD 144A P/P 5.62500000                                              | CUSIP: 92840VAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2785000 | PA      | $2785210.78   | 0.03%             | 2027-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| DOMINION ENERGY I V/R 05/15/55                | DOMINION ENERGY INC REGD V/R 6.62500000                                                        | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |      915000 | PA      | $948904.41    | 0.01%             | 2055-05-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| GREENFIRE RESOURC 12% 10/01/28                | GREENFIRE RESOURCES LTD REGD 144A P/P 12.00000000                                              | CUSIP: 39525UAA5<br>LEI: 254900MTS0G2VGMJW059 | Long             | DBT              | CORP              | CA        |      110000 | PA      | $116921.53    | 0.00%             | 2028-10-01      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| PETSMART LLC/PETS 10% 09/15/33                | PETSMART LLC/PETSMART FI REGD 144A P/P 10.00000000                                             | CUSIP: 71677KAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      130000 | PA      | $130960.44    | 0.00%             | 2033-09-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| FREEDOM MORTGA 9.125% 05/15/31                | FREEDOM MORTGAGE HOLD REGD 144A P/P 9.12500000                                                 | CUSIP: 35641AAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4020000 | PA      | $4275093.12   | 0.05%             | 2031-05-15      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| SIX FLAGS ENT/ 6.625% 05/01/32                | SIX FLAGS ENT/SIX FLAG REGD 144A P/P 6.62500000                                                | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      120000 | PA      | $122259.00    | 0.00%             | 2032-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| MIDCAP FINANCI 5.625% 01/15/30                | MIDCAP FINANCIAL REGD 144A P/P 5.62500000                                                      | CUSIP: 59590AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      975000 | PA      | $920624.25    | 0.01%             | 2030-01-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| PERMIAN RESOUR 5.875% 07/01/29                | PERMIAN RESOURC OPTG LLC REGD 144A P/P 5.87500000                                              | CUSIP: 19416MAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2130000 | PA      | $2140017.39   | 0.02%             | 2029-07-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC  8.875% 02/28/35/ZAR/                | REPUBLIC OF SOUTH AFRICA /ZAR/ REGD SER 2035 8.87500000                                        | CUSIP: S69124WF8<br>LEI: N/A                  | Long             | DBT              | USGA              | ZA        |   179800000 | PA      | $10211980.66  | 0.11%             | 2035-02-28      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC 5.95% 06/15/30                   | ENTEGRIS INC REGD 144A P/P 5.95000000                                                          | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |       90000 | PA      | $91281.87     | 0.00%             | 2030-06-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| NEOGEN FOOD SA 8.625% 07/20/30                | NEOGEN FOOD SAFE CORP REGD 144A P/P 8.62500000                                                 | CUSIP: 365417AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      832000 | PA      | $869939.20    | 0.01%             | 2030-07-20      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| XPO INC 6.25% 06/01/28                        | XPO INC REGD 144A P/P 6.25000000                                                               | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |     1700000 | PA      | $1732271.73   | 0.02%             | 2028-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PAR 6.65% 03/04/55                | REPUBLIC OF PARAGUAY REGD 144A P/P 6.65000000                                                  | CUSIP: 699149BY5<br>LEI: N/A                  | Long             | DBT              | USGA              | PY        |     1200000 | PA      | $1275720.00   | 0.01%             | 2055-03-04      | Fixed         | 6.65%                 | Yes           |                  2 | On Loan: No      |
| STILLWATER MINING  4% 11/16/26                | STILLWATER MINING C REGD REG S 4.00000000                                                      | CUSIP: U85969AE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      268000 | PA      | $264538.37    | 0.00%             | 2026-11-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OI EUROPEAN GRO 4.75% 02/15/30                | OI EUROPEAN GROUP BV REGD 144A P/P 4.75000000                                                  | CUSIP: 67777LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      310000 | PA      | $295908.21    | 0.00%             | 2030-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| KEHE DIST/FIN / NE 9% 02/15/29                | KEHE DIST/FIN / NEXTWAVE REGD 144A P/P 9.00000000                                              | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1827000 | PA      | $1922263.43   | 0.02%             | 2029-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| ROGERS COMMUNICAT V/R 04/15/55                | ROGERS COMMUNICATIONS IN REGD V/R SER NC5 7.00000000                                           | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |      330000 | PA      | $344234.22    | 0.00%             | 2055-04-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| T/L DIAMOND SPORTS 0% 01/02/28                | T/L DIAMOND SPORTS GROUP LLC 0.00000000                                                        | CUSIP: 25277EAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      977740 | PA      | $831078.63    | 0.01%             | 2028-01-02      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| PROSUS NV 4.987% 01/19/52                     | PROSUS NV REGD REG S 4.98700000                                                                | CUSIP: N7163RAY9<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     3800000 | PA      | $3066674.94   | 0.03%             | 2052-01-19      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PO 4.875% 02/12/30                | REPUBLIC OF POLAND REGD SER 5Y 4.87500000                                                      | CUSIP: 857524AF9<br>LEI: N/A                  | Long             | DBT              | USGA              | PL        |     1100000 | PA      | $1132175.80   | 0.01%             | 2030-02-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CARMX 2024-2 A3 5.5% 11/15/27                 | CARMAX AUTO OWNER TRUST 2024-2 SER 2024-2 CL A3 REGD 5.50000000                                | CUSIP: 14319EAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1002000 | PA      | $1016474.49   | 0.01%             | 2029-01-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BVCLN 2024-CAR1  V/R 12/26/31                 | BAYVIEW OPPORTUNITY MASTER FUND VII 202 SER 2024-CAR1 CL A V/R REGD 144A P/P 5.45603000        | CUSIP: 07336QAA0<br>LEI: 254900S53K9VTUR1UX42 | Long             | ABS-CBDO         | CORP              | US        |      324430 | PA      | $325305.70    | 0.00%             | 2031-12-26      | Variable      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PO 5.375% 02/12/35                | REPUBLIC OF POLAND REGD SER 10Y 5.37500000                                                     | CUSIP: 857524AH5<br>LEI: N/A                  | Long             | DBT              | USGA              | PL        |     1900000 | PA      | $1971740.16   | 0.02%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE 4% 02/15/28/EUR/                | ALTICE FRANCE HOLDING SA /EUR/ REGD 0.00000000                                                 | CUSIP: L01801AC0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     5125000 | PA      | $2152609.58   | 0.02%             | 2028-02-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL 0% 11/24/25                     | INTERNATIONAL FLAVORS&FRAGRANC  ZCP COMMERCIAL PAPER 0.00000000                                | CUSIP: 4595A2YQ6<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |      560000 | PA      | $556338.22    | 0.01%             | 2025-11-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERP 8% 09/30/28                | K HOVNANIAN ENTERPRISES REGD 144A P/P 8.00000000                                               | CUSIP: 48251UAK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       20000 | PA      | $20800.00     | 0.00%             | 2028-09-30      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| BRIGHTHSE FIN G 1.55% 05/24/26                | BRIGHTHSE FIN GLBL FUND REGD 144A P/P 1.55000000                                               | CUSIP: 10921U2C1<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |      230656 | PA      | $226143.51    | 0.00%             | 2026-05-24      | Fixed         | 1.55%                 | Yes           |                  2 | On Loan: No      |
| BELDEN IN 3.375% 07/15/27/EUR/                | BELDEN INC /EUR/ REGD REG S 3.37500000                                                         | CUSIP: U07461AJ2<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | DBT              | CORP              | US        |     3100000 | PA      | $3635312.64   | 0.04%             | 2027-07-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| DIGICEL GROUP HOL ZCP 12/31/30                | DIGICEL GROUP HOLDINGS REGD ZCP 144A P/P SER 3B14 0.00000000                                   | CUSIP: 25381HAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       64017 | PA      | $320.09       | 0.00%             | 2030-12-31      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| SEALED AIR CORP 5% 04/15/29                   | SEALED AIR CORP REGD 144A P/P 5.00000000                                                       | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |       40000 | PA      | $39772.88     | 0.00%             | 2029-04-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MOLINA HEALTHC 3.875% 05/15/32                | MOLINA HEALTHCARE INC REGD 144A P/P 3.87500000                                                 | CUSIP: 60855RAL4<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |       20000 | PA      | $18149.11     | 0.00%             | 2032-05-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| LIFE TIME INC 6% 11/15/31                     | LIFE TIME INC REGD 144A P/P 6.00000000                                                         | CUSIP: 53190FAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       10000 | PA      | $10151.51     | 0.00%             | 2031-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CROWN EURO HO 5% 05/15/28/EUR/                | CROWN EURO HOLDINGS SA /EUR/ REGD REG S 5.00000000                                             | CUSIP: F2R907AH9<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     2389000 | PA      | $2937684.55   | 0.03%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EUTELSAT SA 1.5% 10/13/28/EUR/                | EUTELSAT SA /EUR/ REGD REG S 1.50000000                                                        | CUSIP: F3692FAH0<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     2500000 | PA      | $2751598.95   | 0.03%             | 2028-10-13      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS  5.25% 08/15/29                | SEAWORLD PARKS & ENTERTA REGD 144A P/P 5.25000000                                              | CUSIP: 81282UAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $98345.14     | 0.00%             | 2029-08-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| OLYMPUS W 9.625% 11/15/28/EUR/                | OLYMPUS WTR US HLDG CORP /EUR/ REGD REG S 9.62500000                                           | CUSIP: N/A<br>LEI: 549300YU2GGVCBN3MY89       | Long             | DBT              | CORP              | US        |      598000 | PA      | $736357.09    | 0.01%             | 2028-11-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU 5.5% 03/30/36                | REPUBLIC OF PERU REGD 5.50000000                                                               | CUSIP: 715638FC1<br>LEI: N/A                  | Long             | DBT              | USGA              | PE        |     1600000 | PA      | $1630000.00   | 0.02%             | 2036-03-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DYE & DURHAM L 8.625% 04/15/29                | DYE & DURHAM LIMITED REGD 144A P/P 8.62500000                                                  | CUSIP: 267486AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |       80000 | PA      | $79107.77     | 0.00%             | 2029-04-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| ARAB REPUB 4.75% 04/16/26/EUR/                | ARAB REPUBLIC OF EGYPT /EUR/ REGD REG S EMTN 4.75000000                                        | CUSIP: M1487WCS2<br>LEI: N/A                  | Long             | DBT              | USGA              | EG        |    11000000 | PA      | $12912588.33  | 0.14%             | 2026-04-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS  3.5% 08/18/26                | LAS VEGAS SANDS CORP REGD 3.50000000                                                           | CUSIP: 517834AE7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |      435000 | PA      | $431415.82    | 0.00%             | 2026-08-18      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DBGS 2018-C1  4.466% 10/15/28                 | DBGS 2018-C1 MORTGAGE TRUST SER 2018-C1 CL A4 REGD 4.46600000                                  | CUSIP: 23307DBA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1260000 | PA      | $1256654.83   | 0.01%             | 2051-10-15      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| STACR 2022-HQA2  V/R 07/25/42                 | FREDDIE MAC STACR REMIC TRUST 2022-HQA2 SER 2022-HQA2 CL M1A V/R REGD 144A P/P 7.00603000      | CUSIP: 35564KB24<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      332297 | PA      | $339025.27    | 0.00%             | 2042-07-25      | Variable      | 7.01%                 | Yes           |                  2 | On Loan: No      |
| REGAL REXNORD C 6.05% 02/15/26                | REGAL REXNORD CORP REGD 6.05000000                                                             | CUSIP: 758750AL7<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |       82000 | PA      | $82397.80     | 0.00%             | 2026-02-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| T/L ALTICE FR 0% 08/15/28/EUR/                | T/L ALTICE FRANCE S A REGD     /EUR/ 0.00000000                                                | CUSIP: F6628DAP9<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |     6124377 | PA      | $6758904.76   | 0.07%             | 2028-08-15      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| ALTICE FRA 11.5% 02/01/27/EUR/                | ALTICE FRANCE SA /EUR/ REGD REG S P/P 0.00000000                                               | CUSIP: F0265PHQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     6823000 | PA      | $7762440.89   | 0.09%             | 2027-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL 5.5% 04/15/27                | MGM RESORTS INTL REGD 5.50000000                                                               | CUSIP: 552953CF6<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     4670000 | PA      | $4700756.62   | 0.05%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFIN 6.4% 03/26/29                | MACQUARIE AIRFINANCE HLD REGD 144A P/P 6.40000000                                              | CUSIP: 55609NAC2<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |      392000 | PA      | $412257.52    | 0.00%             | 2029-03-26      | Fixed         | 6.40%                 | Yes           |                  2 | On Loan: No      |
| UNITED RENTALS 3.875% 11/15/27                | UNITED RENTALS NORTH AM REGD 3.87500000                                                        | CUSIP: 911365BM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $68777.04     | 0.00%             | 2027-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FI 3.5% 03/01/29                | GO DADDY OPCO/FINCO REGD 144A P/P 3.50000000                                                   | CUSIP: 38016LAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1631000 | PA      | $1545334.20   | 0.02%             | 2029-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| ARAB REPUBLIC OF 7.5% 02/16/61                | ARAB REPUBLIC OF EGYPT REGD REG S EMTN 7.50000000                                              | CUSIP: M1487WDL6<br>LEI: N/A                  | Long             | DBT              | USGA              | EG        |     5600000 | PA      | $4387961.76   | 0.05%             | 2061-02-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXIC 6.49% 01/23/27                | PETROLEOS MEXICANOS REGD 6.49000000                                                            | CUSIP: 71654QDB5<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     2645000 | PA      | $2675110.68   | 0.03%             | 2027-01-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITA 4.55% 04/21/50                | PETRONAS CAPITAL LTD REGD REG S EMTN 4.55000000                                                | CUSIP: Y68856AV8<br>LEI: N/A                  | Long             | DBT              | CORP              | MY        |      700000 | PA      | $618946.06    | 0.01%             | 2050-04-21      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY M 8.875% 11/15/31                | SMYRNA READY MIX CONCRET REGD 144A P/P 8.87500000                                              | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     4256000 | PA      | $4490756.70   | 0.05%             | 2031-11-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| NISSAN MOTOR AC 2.75% 03/09/28                | NISSAN MOTOR ACCEPTANCE REGD 144A P/P 2.75000000                                               | CUSIP: 654740BT5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      142000 | PA      | $133234.35    | 0.00%             | 2028-03-09      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| NGPL PIPECO LL 4.875% 08/15/27                | NGPL PIPECO LLC REGD 144A P/P 4.87500000                                                       | CUSIP: 62912XAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      387000 | PA      | $387979.04    | 0.00%             | 2027-08-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| BEASLEY MEZ HLDG 9.2% 08/01/28                | BEASLEY MEZ HLDGS LLC REGD 144A P/P 9.20000000                                                 | CUSIP: 07403VAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $11400.00     | 0.00%             | 2028-08-01      | Fixed         | 9.20%                 | Yes           |                  2 | On Loan: No      |
| SBA COMMUNICAT 3.125% 02/01/29                | SBA COMMUNICATIONS CORP REGD SER WI 3.12500000                                                 | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |     3301000 | PA      | $3098941.49   | 0.03%             | 2029-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SUNRISE F 4.625% 05/15/32/EUR/                | SUNRISE FINCO I BV /EUR/ REGD 144A P/P 4.62500000                                              | CUSIP: N/A<br>LEI: 213800MNFBDEQRS6HZ22       | Long             | DBT              | CORP              | NL        |     5520000 | PA      | $6567702.10   | 0.07%             | 2032-05-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| SPIRIT AEROSYST 3.85% 06/15/26                | SPIRIT AEROSYSTEMS INC REGD 3.85000000                                                         | CUSIP: 85205TAG5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      774000 | PA      | $768624.42    | 0.01%             | 2026-06-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SEC 8.25% 08/01/32                | GARDA WORLD SECURITY REGD 144A P/P 8.25000000                                                  | CUSIP: 36485MAN9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     6774000 | PA      | $7021088.42   | 0.08%             | 2032-08-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| EPH FIN I 6.651% 11/13/28/EUR/                | EPH FIN INTERNATIONAL AS /EUR/ REGD REG S EMTN 6.65100000                                      | CUSIP: X2169TAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | CZ        |     3200000 | PA      | $4085116.00   | 0.05%             | 2028-11-13      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOL 5.05% 03/15/42                | WARNERMEDIA HOLDINGS INC REGD SER * 5.05000000                                                 | CUSIP: 55903VBW2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    17501000 | PA      | $13957047.50  | 0.15%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| COOPER-STANDAR 5.625% 05/15/27                | COOPER-STANDARD AUTOMOTI REGD 144A P/P 5.62500000                                              | CUSIP: 216762AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $57320.39     | 0.00%             | 2027-05-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| NOVELIS CORP 4.75% 01/30/30                   | NOVELIS CORP REGD 144A P/P 4.75000000                                                          | CUSIP: 670001AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5080000 | PA      | $4901219.06   | 0.05%             | 2030-01-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| SPEAK 2017-4A AR V/R 10/26/34                 | SIGNAL PEAK CLO 4 LTD SER 2017-4A CL AR2 V/R REGD 144A P/P 5.27791000                          | CUSIP: 82667EAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1170000 | PA      | $1170510.12   | 0.01%             | 2034-10-26      | Variable      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| CSC HOLDINGS LLC 5.5% 04/15/27                | CSC HOLDINGS LLC REGD 144A P/P 5.50000000                                                      | CUSIP: 126307AQ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9545000 | PA      | $9059429.24   | 0.10%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ESSENDI SA V/R 05/15/32/EUR/                  | ESSENDI S /EUR/ REGD V/R REG S 5.78600000                                                      | CUSIP: L0926ZAD2<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |      100000 | PA      | $118412.02    | 0.00%             | 2032-05-15      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS 3.25% 02/15/27                | AVOLON HOLDINGS FNDG LTD REGD 144A P/P 3.25000000                                              | CUSIP: 05401AAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      251000 | PA      | $246870.22    | 0.00%             | 2027-02-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | USD/ZAR FWD 20251120 000006038 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-31058.54    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HILTON DOMESTI 6.125% 04/01/32                | HILTON DOMESTIC OPERATIN REGD 144A P/P 6.12500000                                              | CUSIP: 432833AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1286000 | PA      | $1321953.99   | 0.01%             | 2032-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC V/R 03/04/29                    | CITIGROUP INC REGD V/R 4.78600000                                                              | CUSIP: 17327CAW3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1001000 | PA      | $1013993.27   | 0.01%             | 2029-03-04      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| CD&R SMOKEY / RA 9.5% 10/15/29                | CD&R SMOKEY / RADIO SYS REGD 144A P/P 9.50000000                                               | CUSIP: 12515KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $54717.31     | 0.00%             | 2029-10-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS PSOFRR03.75 06/20/34 WFSLUS33XXX FLOAT                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |           1 | NC      | $-43182.26    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| US FOODS INC 4.625% 06/01/30                  | US FOODS INC REGD 144A P/P 4.62500000                                                          | CUSIP: 90290MAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $68464.08     | 0.00%             | 2030-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| MINERAL RESOUR 8.125% 05/01/27                | MINERAL RESOURCES LTD REGD 144A P/P 8.12500000                                                 | CUSIP: 603051AA1<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |      900000 | PA      | $899961.49    | 0.01%             | 2027-05-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| LIBERTY UTILIT 5.577% 01/31/29                | LIBERTY UTILITIES CO REGD 144A P/P 5.57700000                                                  | CUSIP: 531542AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      392000 | PA      | $404730.08    | 0.00%             | 2029-01-31      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG V/R /PERP/                       | UBS GROUP AG REGD V/R /PERP/ 144A P/P 7.12500000                                               | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     2746000 | PA      | $2825513.18   | 0.03%             | 2174-08-10      | Variable      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| T/L QUORUM HEALTH 0% 01/29/28                 | T/L QUORUM HEALTH CORPORATION  REGD 0.00000000                                                 | CUSIP: 74909HAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      682293 | PA      | $487839.70    | 0.01%             | 2028-01-29      | Floating      | 10.93%                | No            |                  2 | On Loan: No      |
| FHLMC P#842012 V/R 08/01/55                   | FREDDIE MAC NON GOLD POOL P#842012 V/R 5.20500000                                              | CUSIP: 31288RGV4<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |      525693 | PA      | $529848.25    | 0.01%             | 2055-08-01      | Variable      | 5.21%                 | No            |                  2 | On Loan: No      |
| T/L AAL DELAWARE 0% 07/30/31                  | T/L AAL DELAWARE HOLDCO INC    REGD 0.00000000                                                 | CUSIP: 00036YAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      401987 | PA      | $402288.93    | 0.00%             | 2031-07-30      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| T/L VENATOR MATERI 0% 10/12/28                | T/L VENATOR MATERIALS LLC      REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1371618 | PA      | $925841.85    | 0.01%             | 2028-10-12      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARA 5.4% 03/30/50                | REPUBLIC OF PARAGUAY REGD 5.40000000                                                           | CUSIP: P75744AG0<br>LEI: N/A                  | Long             | DBT              | USGA              | PY        |     2300000 | PA      | $2110756.00   | 0.02%             | 2050-03-30      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CROCS INC 4.25% 03/15/29                      | CROCS INC REGD 144A P/P 4.25000000                                                             | CUSIP: 227046AA7<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |     1221000 | PA      | $1170120.93   | 0.01%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| HERITAGE PWR LLC                              | HERITAGE PWR LLC 0.00000000                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       24771 | NS      | $12385.50     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ARBOR REALTY SR IN 5% 12/30/28                | ARBOR REALTY SR INC REGD 144A P/P SER QIB 5.00000000                                           | CUSIP: 03881NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $26940.13     | 0.00%             | 2028-12-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251014 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $2965.79      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GNRT 2024-17A D1 V/R 10/22/37                 | GENERATE CLO 17 LTD SER 2024-17A CL D1 V/R REGD 144A P/P 7.33199000                            | CUSIP: 37149PAG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2000000 | PA      | $2003113.20   | 0.02%             | 2037-10-22      | Variable      | 7.33%                 | Yes           |                  2 | On Loan: No      |
| TUI AG 5.875% 03/15/29/EUR/                   | TUI AG /EUR/ REGD REG S 5.87500000                                                             | CUSIP: D8484KEF2<br>LEI: 529900SL2WSPV293B552 | Long             | DBT              | CORP              | DE        |     6092000 | PA      | $7430535.00   | 0.08%             | 2029-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS/CANA 5.375% 04/15/27                | SIX FLAGS/CANADA WON REGD SER WI 5.37500000                                                    | CUSIP: 150190AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      800000 | PA      | $797896.24    | 0.01%             | 2027-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CASTELLO BC  V/R 11/14/31/EUR/                | CASTELLO BC BIDCO SPA /EUR/ REGD V/R REG S 6.50000000                                          | CUSIP: T2R0F4AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |      700000 | PA      | $830085.80    | 0.01%             | 2031-11-14      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC V/R /PERP/                  | RAKUTEN GROUP INC REGD V/R /PERP/ 144A P/P 6.25000000                                          | CUSIP: 75102WAB4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |      140000 | PA      | $134810.61    | 0.00%             | 2173-10-22      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| ALGONQUIN PWR & U V/R 01/18/82                | ALGONQUIN PWR & UTILITY REGD V/R 4.75000000                                                    | CUSIP: 015857AH8<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |      220000 | PA      | $215697.09    | 0.00%             | 2082-01-18      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| ACADEMY LTD 6% 11/15/27                       | ACADEMY LTD REGD 144A P/P 6.00000000                                                           | CUSIP: 00401YAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $59972.20     | 0.00%             | 2027-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| WALKER & DUNLO 6.625% 04/01/33                | WALKER & DUNLOP INC REGD 144A P/P 6.62500000                                                   | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      889000 | PA      | $910870.89    | 0.01%             | 2033-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| BRINK'S CO/THE 6.75% 06/15/32                 | BRINK'S CO/THE REGD 144A P/P 6.75000000                                                        | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     3105000 | PA      | $3229308.68   | 0.04%             | 2032-06-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ARCHES BUYER I 6.125% 12/01/28                | ARCHES BUYER INC REGD 144A P/P 6.12500000                                                      | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |       90000 | PA      | $88225.12     | 0.00%             | 2028-12-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 04/23/31                | GOLDMAN SACHS GROUP INC REGD V/R 5.21800000                                                    | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      395000 | PA      | $408440.60    | 0.00%             | 2031-04-23      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDS US698299AD63 01.000 BP 06/20/2029 BOFAUS6NGFX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $1346.36      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC O 5.95% 07/07/32/EUR/                | REPUBLIC OF CAMEROON /EUR/ REGD REG S 5.95000000                                               | CUSIP: V58014AB3<br>LEI: N/A                  | Long             | DBT              | USGA              | CM        |     3700000 | PA      | $3561238.99   | 0.04%             | 2032-07-07      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PET 6.375% 09/01/28                | OCCIDENTAL PETROLEUM COR REGD 6.37500000                                                       | CUSIP: 674599EC5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     1058000 | PA      | $1106458.52   | 0.01%             | 2028-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| QVC INC 5.95% 03/15/43                        | QVC INC REGD SER WI 5.95000000                                                                 | CUSIP: 747262AM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $20495.38     | 0.00%             | 2043-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNE 6.25% 04/01/28                | ARCHROCK PARTNERS LP/FIN REGD 144A P/P 6.25000000                                              | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1428000 | PA      | $1429956.36   | 0.02%             | 2028-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| TENET HEALTHCAR 6.75% 05/15/31                | TENET HEALTHCARE CORP REGD 6.75000000                                                          | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     4729000 | PA      | $4895999.91   | 0.05%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| T/L MARSHALL 0% 03/20/32 /EUR/                | T/L MARSHALL GROUP HOLDING     (LUXEMBOURG) SARL REGD /EUR/ 0.00000000                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     3615000 | PA      | $4205271.45   | 0.05%             | 2032-03-20      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESAL 5.75% 06/15/27                | UNITED WHOLESALE MTGE LL REGD 144A P/P 5.75000000                                              | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |      458000 | PA      | $457618.22    | 0.01%             | 2027-06-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ENGINEER 11.125% 05/15/28/EUR/                | ENGINEERING SPA /EUR/ REGD REG S 11.12500000                                                   | CUSIP: T2R7AQAB8<br>LEI: 81560042F5E23EE61346 | Long             | DBT              | CORP              | IT        |      217000 | PA      | $271488.06    | 0.00%             | 2028-05-15      | Fixed         | 11.12%                | No            |                  2 | On Loan: No      |
| KERNEL HOLDING  6.75% 10/27/27                | KERNEL HOLDING SA REGD REG S 6.75000000                                                        | CUSIP: L5829PAC3<br>LEI: 5493003GR6L4DZOS2U12 | Long             | DBT              | CORP              | LU        |     1500000 | PA      | $1365060.00   | 0.02%             | 2027-10-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDS XS2178857285 01.000 SP 12/20/2029 BARCGB5GXXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-21568.85    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| QATAR ENERGY 1.375% 09/12/26                  | QATAR ENERGY REGD REG S 1.37500000                                                             | CUSIP: M8180AAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | QA        |     1200000 | PA      | $1167996.00   | 0.01%             | 2026-09-12      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| N/A                                           | IRS PER6MR02.50 03/18/31 WFSLUS33XXX FLOAT                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |           1 | NC      | $-98500.41    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CRESCENT ENERG 8.375% 01/15/34                | CRESCENT ENERGY FINANCE REGD 144A P/P 8.37500000                                               | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     4672000 | PA      | $4733658.72   | 0.05%             | 2034-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV FIN LL 5.875% 08/15/27                | DIRECTV FIN LLC/COINC REGD 144A P/P 5.87500000                                                 | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4330000 | PA      | $4325361.31   | 0.05%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CAB 3.375% 02/01/28/EUR/                      | CAB /EUR/ REGD REG S 3.37500000                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | FR        |    12110000 | PA      | $13315788.85  | 0.15%             | 2028-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HL 5.625% 02/15/29                | MATCH GROUP HLD II LLC REGD 144A P/P 5.62500000                                                | CUSIP: 57665RAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $59834.53     | 0.00%             | 2029-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| AVIS BUDGET F 7% 02/28/29/EUR/                | AVIS BUDGET FINANCE PLC /EUR/ REGD REG S 7.00000000                                            | CUSIP: G0680NAL3<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |     2936000 | PA      | $3544837.64   | 0.04%             | 2029-02-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/ 10.25% 04/15/31                | GEO GROUP INC/THE REGD SER WI 10.25000000                                                      | CUSIP: 36162JAH9<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |      180000 | PA      | $198057.24    | 0.00%             | 2031-04-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| MAYA SAS/FRANCE 8.5% 04/15/31                 | MAYA SAS/FRANCE REGD 144A P/P 8.50000000                                                       | CUSIP: 449691AF1<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |     3599000 | PA      | $3859877.11   | 0.04%             | 2031-04-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| WARRIOR MET CO 7.875% 12/01/28                | WARRIOR MET COAL INC REGD 144A P/P 7.87500000                                                  | CUSIP: 93627CAB7<br>LEI: 549300152B1S9YKBYV79 | Long             | DBT              | CORP              | US        |       60000 | PA      | $60896.37     | 0.00%             | 2028-12-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| MEHILAINE 5.125% 06/30/32/EUR/                | MEHILAINEN YHTIOT OY /EUR/ REGD REG S 5.12500000                                               | CUSIP: X5S3EZAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | FI        |      167000 | PA      | $200224.94    | 0.00%             | 2032-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATI 3.45% 02/02/61                | SAUDI INTERNATIONAL BOND REGD REG S EMTN 3.45000000                                            | CUSIP: M6320UBC2<br>LEI: N/A                  | Long             | DBT              | USGA              | SA        |     5700000 | PA      | $3725659.54   | 0.04%             | 2061-02-02      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| BRACKEN MI 6.75% 11/01/27/GBP/                | BRACKEN MIDCO ONE /GBP/ REGD REG S 6.75000000                                                  | CUSIP: G12854AD0<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     3269000 | PA      | $4379252.61   | 0.05%             | 2027-11-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WLAKE 2024-2A  5.91% 04/15/30                 | WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2024-2 SER 2024-2A CL D REGD 144A P/P 5.91000000         | CUSIP: 96042YAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      590000 | PA      | $604315.47    | 0.01%             | 2030-04-15      | Fixed         | 5.91%                 | Yes           |                  2 | On Loan: No      |
| NAVIENT CORP 5.5% 03/15/29                    | NAVIENT CORP REGD 5.50000000                                                                   | CUSIP: 63938CAM0<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |      110000 | PA      | $107902.73    | 0.00%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UMBS P#DE9781 V/R 10/01/55                    | FANNIE MAE POOL UMBS P#DE9781 V/R 5.47300000                                                   | CUSIP: 3140BN2P2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |     1814608 | PA      | $1835362.60   | 0.02%             | 2055-10-01      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC 6% 02/15/28                | PBF HOLDING CO LLC REGD SER WI 6.00000000                                                      | CUSIP: 69318FAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      120000 | PA      | $119220.83    | 0.00%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDS US455780CY00 01.000 SP 12/20/2030 MSCSUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $66731.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN IN 4.5% 02/15/31                | IRON MOUNTAIN INC REGD 144A P/P 4.50000000                                                     | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |      290000 | PA      | $276812.51    | 0.00%             | 2031-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| KORN/FERRY INT 4.625% 12/15/27                | KORN/FERRY INTERNATIONAL REGD 144A P/P 4.62500000                                              | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |       70000 | PA      | $69517.76     | 0.00%             | 2027-12-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCAT 8% 08/01/29                | MCGRAW-HILL EDUCATION REGD 144A P/P 8.00000000                                                 | CUSIP: 57767XAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      110000 | PA      | $112020.04    | 0.00%             | 2029-08-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| NISSAN MOTOR C 4.345% 09/17/27                | NISSAN MOTOR CO REGD 144A P/P 4.34500000                                                       | CUSIP: 654744AC5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |      590000 | PA      | $578452.83    | 0.01%             | 2027-09-17      | Fixed         | 4.34%                 | Yes           |                  2 | On Loan: No      |
| VALARIS LTD 8.375% 04/30/30                   | VALARIS LTD REGD 144A P/P 8.37500000                                                           | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     4862000 | PA      | $5037169.84   | 0.06%             | 2030-04-30      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS MEXI 6.375% 01/23/45                | PETROLEOS MEXICANOS REGD SER WI 6.37500000                                                     | CUSIP: 71654QBR2<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     3250000 | PA      | $2641435.23   | 0.03%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| IRIS HOLDING INC 10% 12/15/28                 | IRIS HOLDING INC REGD 144A P/P 10.00000000                                                     | CUSIP: 462914AA0<br>LEI: 54930013SPZ2NB3I3V40 | Long             | DBT              | CORP              | US        |     1654000 | PA      | $1493742.45   | 0.02%             | 2028-12-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS RBZDIOVRAP11.253 01/04/27 WFSL FLOAT                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | BR        |           1 | NC      | $518707.88    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE 6.5% 06/15/29                  | BRINK'S CO/THE REGD 144A P/P 6.50000000                                                        | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |       60000 | PA      | $61759.92     | 0.00%             | 2029-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| F/C US 5YR NOTE (CBT) DEC25                   | FUTURE CONTRACT ON           US 5YR NOTE (CBT) DEC25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |        -315 | NC      | $-34396523.60 | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| NIDDA HEALTHC 7% 02/21/30/EUR/                | NIDDA HEALTHCARE HOLDING /EUR/ REGD REG S P/P 7.00000000                                       | CUSIP: D5S1LAAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     3275000 | PA      | $4008257.28   | 0.04%             | 2030-02-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TENGIZCHEVROIL  3.25% 08/15/30                | TENGIZCHEVROIL FIN CO IN REGD 3.25000000                                                       | CUSIP: G87602AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     1900000 | PA      | $1751902.83   | 0.02%             | 2030-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAY 9.875% 09/20/31                | JETBLUE AIRWAYS/LOYALTY REGD 144A P/P 9.87500000                                               | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     2780000 | PA      | $2821573.82   | 0.03%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| SINCLAIR TELEV 8.125% 02/15/33                | SINCLAIR TELEVISION GROU REGD 144A P/P 8.12500000                                              | CUSIP: 829259BH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8271000 | PA      | $8506640.79   | 0.09%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| TEVA PHAR 4.375% 05/09/30/EUR/                | TEVA PHARM FNC NL II /EUR/ REGD 4.37500000                                                     | CUSIP: N8539TAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     1083000 | PA      | $1301742.56   | 0.01%             | 2030-05-09      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTR 7.375% 05/15/27                | NABORS INDUSTRIES INC REGD 144A P/P 7.37500000                                                 | CUSIP: 62957HAJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6302000 | PA      | $6396990.06   | 0.07%             | 2027-05-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| ARIS WATER HOLD 7.25% 04/01/30                | ARIS WATER HOLDINGS LLC REGD 144A P/P 7.25000000                                               | CUSIP: 04041NAA0<br>LEI: 5493007AWQW8ZKCHVV46 | Long             | DBT              | CORP              | US        |      889000 | PA      | $938164.37    | 0.01%             | 2030-04-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| PERRIGO FINANC 6.125% 09/30/32                | PERRIGO FINANCE UNLIMITE REGD SER USD 6.12500000                                               | CUSIP: 71429MAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     2947000 | PA      | $2964298.89   | 0.03%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| T/L ALTERA CORPO 0% 06/21/32                  | T/L ALTERA CORPORATION REGD 0.00000000                                                         | CUSIP: 40054QAB9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2663000 | PA      | $2668831.97   | 0.03%             | 2032-06-21      | Floating      | 6.88%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES  4.125% 02/01/29                | HOWARD HUGHES CORP REGD 144A P/P 4.12500000                                                    | CUSIP: 44267DAE7<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     5351000 | PA      | $5131472.02   | 0.06%             | 2029-02-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA RES 7.125% 02/01/26                | CALIFORNIA RESOURCES CRP REGD 144A P/P 7.12500000                                              | CUSIP: 13057QAH0<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |      451000 | PA      | $450705.86    | 0.00%             | 2026-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| AVIS BUDGE 7.25% 07/31/30/EUR/                | AVIS BUDGET FINANCE PLC /EUR/ REGD REG S 7.25000000                                            | CUSIP: G0680NAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |     2649000 | PA      | $3207469.56   | 0.04%             | 2030-07-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENT 6.75% 01/15/31                | GFL ENVIRONMENTAL INC REGD 144A P/P 6.75000000                                                 | CUSIP: 36168QAQ7<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |     5426000 | PA      | $5678129.94   | 0.06%             | 2031-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| RESIDEO FUNDING  6.5% 07/15/32                | RESIDEO FUNDING INC REGD 144A P/P 6.50000000                                                   | CUSIP: 76119LAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2571000 | PA      | $2634632.25   | 0.03%             | 2032-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| OCCIDENTAL PETRO 8.5% 07/15/27                | OCCIDENTAL PETROLEUM COR REGD 8.50000000                                                       | CUSIP: 674599DZ5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     1005000 | PA      | $1053967.62   | 0.01%             | 2027-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE  5% 04/15/29                | ACADIA HEALTHCARE CO INC REGD 144A P/P 5.00000000                                              | CUSIP: 00404AAP4<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |       50000 | PA      | $48942.63     | 0.00%             | 2029-04-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BX 2025-BCAT A V/R 08/15/27                   | BX COMMERCIAL MORTGAGE TRUST 2025-BCAT SER 2025-BCAT CL A V/R REGD 144A P/P 5.53016000         | CUSIP: 12433HAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      392897 | PA      | $393265.12    | 0.00%             | 2042-08-15      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| WELF 2021-3A AR V/R 01/15/35                  | WELLFLEET CLO 2021-3 LTD SER 2021-3A CL AR V/R REGD 144A P/P 5.51869000                        | CUSIP: 94951JAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      940000 | PA      | $943180.77    | 0.01%             | 2035-01-15      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| DIVERSIFIED HEA 7.25% 10/15/30                | DIVERSIFIED HEALTHCARE T REGD 144A P/P 7.25000000                                              | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1894000 | PA      | $1926185.47   | 0.02%             | 2030-10-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| STONEX GROUP I 7.875% 03/01/31                | STONEX GROUP INC REGD 144A P/P 7.87500000                                                      | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |      200000 | PA      | $210177.40    | 0.00%             | 2031-03-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| DIVERSIFIED HEA 4.75% 02/15/28                | DIVERSIFIED HEALTHCARE T REGD 4.75000000                                                       | CUSIP: 81721MAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3110000 | PA      | $2964960.79   | 0.03%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COTERRA ENERGY 4.375% 03/15/29                | COTERRA ENERGY INC REGD SER WI 4.37500000                                                      | CUSIP: 127097AK9<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |     1048000 | PA      | $1045990.68   | 0.01%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PHH ESCROW ISS 9.875% 11/01/29                | PHH ESCROW ISS LCC/PHH C REGD 144A P/P 9.87500000                                              | CUSIP: 716964AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1840000 | PA      | $1865211.83   | 0.02%             | 2029-11-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS XS2242188261 05.000 SP 06/20/2026 GSILGB2XXXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | N/A       |           1 | NC      | $384.13       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHEMOURS CO 5.75% 11/15/28                    | CHEMOURS CO REGD 144A P/P 5.75000000                                                           | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     4520000 | PA      | $4408623.58   | 0.05%             | 2028-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| LUNA 1.5 S 10.5% 07/01/32/EUR/                | LUNA 1.5 SARL /EUR/ REGD 144A P/P 10.50000000                                                  | CUSIP: N/A<br>LEI: 64884UZ60Y77J5XK5C41       | Long             | DBT              | CORP              | LU        |     9463000 | PA      | $11513051.49  | 0.13%             | 2032-07-01      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| BLUE RACER MID  7.25% 07/15/32                | BLUE RACER MID LLC/FINAN REGD 144A P/P 7.25000000                                              | CUSIP: 095796AK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2160000 | PA      | $2271720.04   | 0.03%             | 2032-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| RADIATE HOLDCO  9.25% 03/25/30                | RADIATE HOLDCO / FINANCE REGD 144A P/P 9.25000000                                              | CUSIP: 75026JAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5411946 | PA      | $3382466.25   | 0.04%             | 2030-03-25      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS XS2286298711 01.000 SP 06/20/2026 CITIUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-45.59       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOUTH JERSEY IN 0% 04/15/31                   | SOUTH JERSEY INDUSTRIES REGD 5.02000000                                                        | CUSIP: 838518AA6<br>LEI: 549300DJYWYT5VXLFA46 | Long             | DBT              | CORP              | US        |      190000 | PA      | $163124.20    | 0.00%             | 2031-04-15      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| ATI INC 4.875% 10/01/29                       | ATI INC REGD 4.87500000                                                                        | CUSIP: 01741RAL6<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |      866000 | PA      | $851319.70    | 0.01%             | 2029-10-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| STAR HOLDING LL 8.75% 08/01/31                | STAR HOLDING LLC REGD 144A P/P 8.75000000                                                      | CUSIP: 85513AAA6<br>LEI: 254900BDGPE9N1WAKD59 | Long             | DBT              | CORP              | US        |     2964000 | PA      | $2940576.40   | 0.03%             | 2031-08-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO 2.7% 02/01/27                       | BOEING CO REGD 2.70000000                                                                      | CUSIP: 097023CM5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |       63000 | PA      | $61724.95     | 0.00%             | 2027-02-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| PUNCH FIN 7.875% 12/30/30/GBP/                | PUNCH FINANCE PLC /GBP/ REGD 144A P/P 7.87500000                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |     4112000 | PA      | $5638149.10   | 0.06%             | 2030-12-30      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| PINEWOOD  3.625% 11/15/27/GBP/                | PINEWOOD FINCO PLC /GBP/ REGD REG S 3.62500000                                                 | CUSIP: G71132AD9<br>LEI: 984500EF3F7CA63ND769 | Long             | DBT              | CORP              | GB        |      244000 | PA      | $318275.16    | 0.00%             | 2027-11-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE  5.125% 01/15/29                | ALTICE FRANCE SA REGD 144A P/P 0.00000000                                                      | CUSIP: 02156LAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     1498000 | PA      | $1288280.00   | 0.01%             | 2029-01-15      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| STELLANTIS FIN  5.35% 03/17/28                | STELLANTIS FIN US INC REGD 144A P/P 5.35000000                                                 | CUSIP: 85855CAM2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      400000 | PA      | $405107.64    | 0.00%             | 2028-03-17      | Fixed         | 5.35%                 | Yes           |                  2 | On Loan: No      |
| GOODYEAR TIRE  5.625% 04/30/33                | GOODYEAR TIRE & RUBBER REGD 5.62500000                                                         | CUSIP: 382550BK6<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |      456000 | PA      | $424870.80    | 0.00%             | 2033-04-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOU 5.875% 01/15/30                | COMSTOCK RESOURCES INC REGD 144A P/P 5.87500000                                                | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     6446000 | PA      | $6208328.25   | 0.07%             | 2030-01-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CLARIOS GLOBAL  6.75% 09/15/32                | CLARIOS GLOBAL LP/US FIN REGD 144A P/P 6.75000000                                              | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     7881000 | PA      | $8054933.67   | 0.09%             | 2032-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| F/C US ULTRA BOND CBT DEC25                   | FUTURE CONTRACT ON           US ULTRA BOND CBT DEC25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          80 | NC      | $9605000.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TELECOM ITALIA 6.375% 11/15/33                | TELECOM ITALIA CAPITAL REGD 6.37500000                                                         | CUSIP: 87927VAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |       70000 | PA      | $73517.29     | 0.00%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEP 2% 03/09/26                | NISSAN MOTOR ACCEPTANCE REGD 144A P/P 2.00000000                                               | CUSIP: 654740BS7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      138000 | PA      | $135780.29    | 0.00%             | 2026-03-09      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| T/L DISCOVERY 0% 10/04/2029                   | T/L DISCOVERY PURCHASER        CORPORATION REGD 0.00000000                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3337989 | PA      | $3318528.69   | 0.04%             | 2029-10-04      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| FORVIA SE 5.375% 03/15/31/EUR/                | FORVIA SE /EUR/ REGD 144A P/P 5.37500000                                                       | CUSIP: N/A<br>LEI: 969500F0VMZLK2IULV85       | Long             | DBT              | CORP              | FR        |     3149000 | PA      | $3766392.57   | 0.04%             | 2031-03-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| CINEMARK USA IN 5.25% 07/15/28                | CINEMARK USA INC REGD 144A P/P 5.25000000                                                      | CUSIP: 172441BF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      110000 | PA      | $109377.41    | 0.00%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | PEN/USD FWD 20251007 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-49548.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MOSS CREEK RESO 8.25% 09/01/31                | MOSS CREEK RESOURCES HLD REGD 144A P/P 8.25000000                                              | CUSIP: 61965RAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      250000 | PA      | $244976.72    | 0.00%             | 2031-09-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| OPMOBILIT 4.295% 02/05/31/EUR/                | OPMOBILITY /EUR/ REGD REG S 4.29550000                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | FR        |      500000 | PA      | $590459.09    | 0.01%             | 2031-02-05      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| SYMP 2016-18A AR V/R 10/23/37                 | SYMPHONY CLO XVIII LTD SER 2016-18A CL AR4 V/R REGD 144A P/P 5.50575000                        | CUSIP: 87154GFL4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      260000 | PA      | $260492.80    | 0.00%             | 2037-10-23      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| FREEDOM MORTGA 6.625% 01/15/27                | FREEDOM MORTGAGE CORP REGD 144A P/P 6.62500000                                                 | CUSIP: 35640YAJ6<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     2065000 | PA      | $2060035.12   | 0.02%             | 2027-01-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| BANCO BILBAO V V/R /PERP//EUR/                | BANCO BILBAO VIZCAYA ARG /EUR/ REGD V/R /PERP/ REG S 6.87500000                                | CUSIP: E11883D31<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | DBT              | CORP              | ES        |      200000 | PA      | $253495.24    | 0.00%             | 2174-09-13      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| N/A                                           | EUR/USD FWD 20251002 000000908 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $5334.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS 6.75% 08/15/32                | SHIFT4 PAYMENTS LLC/FIN REGD 144A P/P 6.75000000                                               | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8108000 | PA      | $8382997.65   | 0.09%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| T/L ASURION LLC 0% 09/19/30                   | T/L ASURION LLC REGD TERM LOAN 0.00000000                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5043628 | PA      | $5022343.81   | 0.06%             | 2030-09-19      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY 1.875% 11/15/29                | DIGITAL REALTY TRUST LP REGD 144A P/P CONVERTIBLE 1.87500000                                   | CUSIP: 25389JAX4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      800000 | PA      | $840000.00    | 0.01%             | 2029-11-15      | Fixed         | 1.88%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL NET LEASE 4.5% 09/30/28                | GLOBAL NET LEASE INC REGD 144A P/P 4.50000000                                                  | CUSIP: 02608AAA7<br>LEI: 549300NUYANCT5SU8Z65 | Long             | DBT              | CORP              | US        |      180000 | PA      | $176085.92    | 0.00%             | 2028-09-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| STACR 2024-DNA3  V/R 10/25/44                 | FREDDIE MAC STACR REMIC TRUST 2024-DNA3 SER 2024-DNA3 CL A1 V/R REGD 144A P/P 5.40603000       | CUSIP: 35564NEY5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      302500 | PA      | $303098.83    | 0.00%             | 2044-10-25      | Variable      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| EMERIA SAS 7.75% 03/31/28/EUR/                | EMERIA SASU /EUR/ REGD REG S 7.75000000                                                        | CUSIP: F32968AA1<br>LEI: 969500SA2FHM81LPJ311 | Long             | DBT              | CORP              | FR        |     2036000 | PA      | $2192946.77   | 0.02%             | 2028-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CASH COLLATERAL V/R 12/31/49                  | CASH COLLATERAL ISDA MYC 3.99000000                                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             | CORP              | US        |     -160000 | PA      | $-160000.00   | -0.00%            | 2049-12-31      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| GUARA NORTE SA 5.198% 06/15/34                | GUARA NORTE SARL REGD REG S 5.19800000                                                         | CUSIP: L4R02QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     4071937 | PA      | $3983241.25   | 0.04%             | 2034-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR A 5.625% 09/29/28                | NISSAN MOTOR ACCEPTANCE REGD 144A P/P MTN 5.62500000                                           | CUSIP: 65480CAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1512000 | PA      | $1512578.76   | 0.02%             | 2028-09-29      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| INTESA SANPAOLO S V/R 06/01/32                | INTESA SANPAOLO SPA REGD V/R 144A P/P 4.19800000                                               | CUSIP: 46115HBQ9<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |     3570000 | PA      | $3374894.54   | 0.04%             | 2032-06-01      | Variable      | 4.20%                 | Yes           |                  2 | On Loan: No      |
| UNITEDHEALTH GR 4.65% 01/15/31                | UNITEDHEALTH GROUP INC REGD 4.65000000                                                         | CUSIP: 91324PFP2<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     1056000 | PA      | $1070672.85   | 0.01%             | 2031-01-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE GLOB  5.2% 01/12/29                | COREBRIDGE GLOB FUNDING REGD 144A P/P MTN 5.20000000                                           | CUSIP: 00138CAX6<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |      316000 | PA      | $324941.19    | 0.00%             | 2029-01-12      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| BLACKSTONE PRI 2.625% 12/15/26                | BLACKSTONE PRIVATE CRE REGD SER WI 2.62500000                                                  | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |      407000 | PA      | $397454.04    | 0.00%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCA 4.375% 01/15/30                | TENET HEALTHCARE CORP REGD 4.37500000                                                          | CUSIP: 88033GDR8<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    13257000 | PA      | $12887675.89  | 0.14%             | 2030-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TEREX CORP 6.25% 10/15/32                     | TEREX CORP REGD 144A P/P 6.25000000                                                            | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |     3520000 | PA      | $3585832.84   | 0.04%             | 2032-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| TEVA PHARMACEUT 6.75% 03/01/28                | TEVA PHARMACEUTICALS NE REGD SER WI 6.75000000                                                 | CUSIP: 88167AAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      500000 | PA      | $518852.00    | 0.01%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL V/R 02/28/57                 | PARAMOUNT GLOBAL REGD V/R 6.25000000                                                           | CUSIP: 92553PBC5<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      180000 | PA      | $177134.40    | 0.00%             | 2057-02-28      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE I 4.125% 09/30/28                | ENEL FINANCE INTL NV REGD 144A P/P 4.12500000                                                  | CUSIP: 29278GBF4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      200000 | PA      | $199531.45    | 0.00%             | 2028-09-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDX 2I65BYEE1 01.000 NA 06/20/2029 BOFAUS3DCRD FIXED                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $296441.65    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EROSKI S 10.625% 04/30/29/EUR/                | EROSKI S COOP /EUR/ REGD REG S 10.62500000                                                     | CUSIP: E9745WAF2<br>LEI: 959800J76YJMWZP6S661 | Long             | DBT              | CORP              | ES        |    10750000 | PA      | $13341377.20  | 0.15%             | 2029-04-30      | Fixed         | 10.62%                | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK  V/R /PERP//EUR/                | DEUTSCHE BANK AG /EUR/ REGD V/R /PERP/ 4.62500000                                              | CUSIP: D1T7GBEV4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      200000 | PA      | $231334.81    | 0.00%             | 2174-04-30      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH  11% 10/15/30                | LIFEPOINT HEALTH INC REGD 144A P/P 11.00000000                                                 | CUSIP: 53219LAW9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8322000 | PA      | $9171896.74   | 0.10%             | 2030-10-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| INTL FLAVOR & F 1.23% 10/01/25                | INTL FLAVOR & FRAGRANCES REGD 144A P/P 1.23000000                                              | CUSIP: 459506AN1<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |      344000 | PA      | $344000.00    | 0.00%             | 2025-10-01      | Fixed         | 1.23%                 | Yes           |                  2 | On Loan: No      |
| VERITIV OPERATI 10.5% 11/30/30                | VERITIV OPERATING CO REGD 144A P/P 10.50000000                                                 | CUSIP: 92339LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3628000 | PA      | $3901050.54   | 0.04%             | 2030-11-30      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| GARFUNKELU 10.5% 05/01/30/EUR/                | GARFUNKELUX HOLDCO 4 SA /EUR/ REGD REG S 10.50000000                                           | CUSIP: L4155LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |       25187 | PA      | $3104.94      | 0.00%             | 2030-05-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / 5.3% 01/15/29                | GLP CAPITAL LP / FIN II REGD 5.30000000                                                        | CUSIP: 361841AL3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      194000 | PA      | $197544.14    | 0.00%             | 2029-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE NA V/R 08/09/28                   | CAPITAL ONE NA REGD V/R SER BKNT 5.97400000                                                    | CUSIP: 25466AAN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      282000 | PA      | $291980.32    | 0.00%             | 2028-08-09      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN  4.875% 09/15/27                | IRON MOUNTAIN INC REGD 144A P/P 4.87500000                                                     | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |      900000 | PA      | $895731.21    | 0.01%             | 2027-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN AXLE  6.875% 07/01/28                | AMERICAN AXLE & MFG INC REGD 6.87500000                                                        | CUSIP: 02406PBA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $40017.96     | 0.00%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| RAISING CANE'S 9.375% 05/01/29                | RAISING CANE'S RESTAURAN REGD 144A P/P 9.37500000                                              | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |       20000 | PA      | $20998.82     | 0.00%             | 2029-05-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| SIRIUS XM RADI 3.125% 09/01/26                | SIRIUS XM RADIO LLC REGD 144A P/P 3.12500000                                                   | CUSIP: 82967NBL1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1285000 | PA      | $1267268.53   | 0.01%             | 2026-09-01      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC V/R /PERP/                      | CITIGROUP INC REGD V/R /PERP/ SER GG 6.87500000                                                | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     2450000 | PA      | $2524676.64   | 0.03%             | 2173-11-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TIT 8.375% 02/01/28                | TRANSOCEAN TITAN FIN LTD REGD 144A P/P 8.37500000                                              | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      464667 | PA      | $476037.06    | 0.01%             | 2028-02-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| GRIFOLS S 3.875% 10/15/28/EUR/                | GRIFOLS SA /EUR/ REGD REG S 3.87500000                                                         | CUSIP: E57009AB3<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    20006000 | PA      | $22980895.24  | 0.25%             | 2028-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PL V/R 06/04/81                | VODAFONE GROUP PLC REGD V/R SER NC30 5.12500000                                                | CUSIP: 92857WBX7<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |      100000 | PA      | $78791.28     | 0.00%             | 2081-06-04      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| T/L CLOUD SOFTWARE 0% 08/07/32                | T/L CLOUD SOFTWARE GROUP INC   REGD TERM LOAN 0.00000000                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1349167 | PA      | $1353012.07   | 0.01%             | 2032-08-07      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| TERRAFORM POWER 4.75% 01/15/30                | TERRAFORM POWER OPERATIN REGD 144A P/P 4.75000000                                              | CUSIP: 88104LAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      230000 | PA      | $222300.45    | 0.00%             | 2030-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL INFRAST 5.625% 06/01/29                | GLOBAL INFRASTRUCTURE SO REGD 144A P/P 5.62500000                                              | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |      160000 | PA      | $157061.09    | 0.00%             | 2029-06-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| MAYA SAS/ 5.375% 04/15/30/EUR/                | MAYA SAS/FRANCE /EUR/ REGD REG S 5.37500000                                                    | CUSIP: F507APAM3<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |      300000 | PA      | $359737.84    | 0.00%             | 2030-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDX 1D7650AA3 01.000 SP 12/20/2028 WFSLUS33XXX FIXED                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-390528.59   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHAMPIONS FINAN 8.75% 02/15/29                | CHAMPIONS FINANCING INC REGD 144A P/P 8.75000000                                               | CUSIP: 15870LAA6<br>LEI: 391200ZDD75EGEUJ7625 | Long             | DBT              | CORP              | US        |       70000 | PA      | $67611.16     | 0.00%             | 2029-02-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| WILLIAMS SCOTS 4.625% 08/15/28                | WILLIAMS SCOTSMAN INC REGD 144A P/P 4.62500000                                                 | CUSIP: 96950GAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       20000 | PA      | $19662.98     | 0.00%             | 2028-08-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| LLOYDS BANKING GR V/R 08/07/27                | LLOYDS BANKING GROUP PLC REGD V/R 5.98500000                                                   | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |      200000 | PA      | $202856.25    | 0.00%             | 2027-08-07      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| BRAND INDUSTR 10.375% 08/01/30                | BRAND INDUSTRIAL SERVICE REGD 144A P/P 10.37500000                                             | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |    10325000 | PA      | $10284295.76  | 0.11%             | 2030-08-01      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| CAMELOT RETURN  8.75% 08/01/28                | CAMELOT RETURN MERGER SU REGD 144A P/P 8.75000000                                              | CUSIP: 13323NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2125000 | PA      | $2053393.88   | 0.02%             | 2028-08-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| IHO VERWALTUN 7% 11/15/31/EUR/                | IHO VERWALTUNGS GMBH /EUR/ REGD REG S 7.00000000                                               | CUSIP: D4000PAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     8120000 | PA      | $10319318.41  | 0.11%             | 2031-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATIO 5.875% 01/15/31                | NCL CORPORATION LTD REGD 144A P/P 5.87500000                                                   | CUSIP: 62886HBY6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     4700000 | PA      | $4698278.81   | 0.05%             | 2031-01-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| T/L CRASH CHAMP 0.00% 02/23/29                | T/L CRASH CHAMPIONS            INTERMEDIATE LLC 0.00000000                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1980000 | PA      | $1851300.00   | 0.02%             | 2029-02-23      | Floating      | 8.95%                 | No            |                  2 | On Loan: No      |
| ACURIS FIN US/ACUR 9% 08/01/29                | ACURIS FIN US/ACURIS FIN REGD 144A P/P 9.00000000                                              | CUSIP: 00511BAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1727000 | PA      | $1804715.00   | 0.02%             | 2029-08-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| NORDSTROM INC 6.95% 03/15/28                  | NORDSTROM INC REGD 6.95000000                                                                  | CUSIP: 655664AH3<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |       50000 | PA      | $51531.85     | 0.00%             | 2028-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| WOLVERINE WORLD WI 4% 08/15/29                | WOLVERINE WORLD WIDE REGD 144A P/P 4.00000000                                                  | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |     6780000 | PA      | $6202512.82   | 0.07%             | 2029-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ACADIA HEALTHC 7.375% 03/15/33                | ACADIA HEALTHCARE CO INC REGD 144A P/P 7.37500000                                              | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     1945000 | PA      | $2018709.67   | 0.02%             | 2033-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| SEAGATE DATA S 4.125% 01/15/31                | SEAGATE DATA STOR REGD 144A P/P 4.12500000                                                     | CUSIP: 81180LAN5<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |       60000 | PA      | $55541.14     | 0.00%             | 2031-01-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| AMN HEALTHCARE INC 4% 04/15/29                | AMN HEALTHCARE INC REGD 144A P/P 4.00000000                                                    | CUSIP: 00175PAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3105000 | PA      | $2928214.03   | 0.03%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| GENERAL MOTORS FIN 5% 07/15/27                | GENERAL MOTORS FINL CO REGD 5.00000000                                                         | CUSIP: 37045XFH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      230000 | PA      | $232827.86    | 0.00%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UZBEKNEFTEGAZ 4.75% 11/16/28                  | UZBEKNEFTEGAZ REGD REG S 4.75000000                                                            | CUSIP: Y002GMAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | UZ        |     3200000 | PA      | $3049470.78   | 0.03%             | 2028-11-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LABL INC 10.5% 07/15/27                       | LABL INC REGD 144A P/P 10.50000000                                                             | CUSIP: 50168AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3150000 | PA      | $2594841.95   | 0.03%             | 2027-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIF 4.875% 03/01/31                | CLEVELAND-CLIFFS INC REGD 144A P/P 4.87500000                                                  | CUSIP: 185899AL5<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |       20000 | PA      | $18674.54     | 0.00%             | 2031-03-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| US BANCORP V/R 02/12/31                       | US BANCORP REGD V/R 5.04600000                                                                 | CUSIP: 91159HJT8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     1007000 | PA      | $1033044.58   | 0.01%             | 2031-02-12      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| SUMMER BC 5.875% 02/15/30/EUR/                | SUMMER BC HOLDCO B SARL /EUR/ REGD REG S 5.87500000                                            | CUSIP: L8869TAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     1350000 | PA      | $1548059.68   | 0.02%             | 2030-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PL V/R 04/04/79                | VODAFONE GROUP PLC REGD V/R 7.00000000                                                         | CUSIP: 92857WBQ2<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |      470000 | PA      | $496250.44    | 0.01%             | 2079-04-04      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| ALLEGIANT TRAVE 7.25% 08/15/27                | ALLEGIANT TRAVEL CO REGD 144A P/P 7.25000000                                                   | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |       50000 | PA      | $50603.15     | 0.00%             | 2027-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| WHIRLPOOL CORP 4.7% 05/14/32                  | WHIRLPOOL CORP REGD 4.70000000                                                                 | CUSIP: 963320AZ9<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |       50000 | PA      | $46151.76     | 0.00%             | 2032-05-14      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORAT 5.55% 07/17/45                | KOHL'S CORPORATION REGD 5.55000000                                                             | CUSIP: 500255AV6<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |       60000 | PA      | $38988.27     | 0.00%             | 2045-07-17      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA  5.625% 07/15/27                | NEXSTAR MEDIA INC REGD 144A P/P 5.62500000                                                     | CUSIP: 65343HAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      812000 | PA      | $810947.08    | 0.01%             | 2027-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| T/L ATHENAHEAL 0% 02/15/29                    | T/L ATHENAHEALTH INC REGD 0.00000000                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6033370 | PA      | $6018286.92   | 0.07%             | 2029-02-15      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP 4.625% 05/01/30                 | PARKLAND CORP REGD 144A P/P 4.62500000                                                         | CUSIP: 70137WAL2<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     2422000 | PA      | $2354671.79   | 0.03%             | 2030-05-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| LIONS GATE CAPITAL 6% 04/15/30                | LIONS GATE CAPITAL HOL 1 REGD 144A P/P 6.00000000                                              | CUSIP: 535939AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2507000 | PA      | $2377488.38   | 0.03%             | 2030-04-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL 4.125% 08/15/31                | VENTURE GLOBAL CALCASIEU REGD 144A P/P 4.12500000                                              | CUSIP: 92328MAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1470000 | PA      | $1387522.56   | 0.02%             | 2031-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| GENERAL MOTORS FI V/R 01/07/30                | GENERAL MOTORS FINL CO REGD V/R 5.63357000                                                     | CUSIP: 37045XFD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      229000 | PA      | $228098.72    | 0.00%             | 2030-01-07      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC 8.75% 02/15/30                 | TRANSOCEAN INC REGD 144A P/P 8.75000000                                                        | CUSIP: 893830BX6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     2646000 | PA      | $2783969.05   | 0.03%             | 2030-02-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Q-PARK HO 5.125% 03/01/29/EUR/                | Q-PARK HOLDING I BV /EUR/ REGD REG S 5.12500000                                                | CUSIP: N7262TAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     1986000 | PA      | $2404681.12   | 0.03%             | 2029-03-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TRINET GROUP INC 3.5% 03/01/29                | TRINET GROUP INC REGD 144A P/P 3.50000000                                                      | CUSIP: 896288AA5<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |       80000 | PA      | $74821.30     | 0.00%             | 2029-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| LAMAR MEDIA CO 4.875% 01/15/29                | LAMAR MEDIA CORP REGD 4.87500000                                                               | CUSIP: 513075BW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      120000 | PA      | $118924.48    | 0.00%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| OCTR 2021-11A AR V/R 07/20/34                 | OCEAN TRAILS CLO XI SER 2021-11A CL AR V/R REGD 144A P/P 5.35549000                            | CUSIP: 67514VAL3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1350000 | PA      | $1350405.95   | 0.01%             | 2034-07-20      | Variable      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| LD HOLDINGS GR 6.125% 04/01/28                | LD HOLDINGS GROUP LLC REGD 144A P/P 6.12500000                                                 | CUSIP: 521088AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      983000 | PA      | $909111.19    | 0.01%             | 2028-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| BANCO NACIONAL 4.375% 10/14/25                | BANCO NACIONAL COM EXT REGD REG S 4.37500000                                                   | CUSIP: P14517AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     1128000 | PA      | $1129282.54   | 0.01%             | 2025-10-14      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNME S/UP 02/01/29                | UKRAINE GOVERNMENT REGD S/UP 4.50000000                                                        | CUSIP: X5S0055V9<br>LEI: N/A                  | Long             | DBT              | USGA              | UA        |     2200000 | PA      | $1512528.86   | 0.02%             | 2029-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| TURNING POINT  7.625% 03/15/32                | TURNING POINT BRANDS INC REGD 144A P/P 7.62500000                                              | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |      180000 | PA      | $190420.38    | 0.00%             | 2032-03-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| NRG ENERGY INC 6.25% 11/01/34                 | NRG ENERGY INC REGD 144A P/P 6.25000000                                                        | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     4979000 | PA      | $5103925.35   | 0.06%             | 2034-11-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS P02.81RER6M 06/26/29 WFSLUS33XXX FIXED                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |           1 | NC      | $608027.36    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD 5.5% 10/01/27                  | WYNN MACAU LTD REGD 144A P/P 5.50000000                                                        | CUSIP: 98313RAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     1880000 | PA      | $1879990.10   | 0.02%             | 2027-10-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PRIME SECSRVC B 6.25% 01/15/28                | PRIME SECSRVC BRW/FINANC REGD 144A P/P 6.25000000                                              | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1208000 | PA      | $1206950.00   | 0.01%             | 2028-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| S&S HOLDINGS L 8.375% 10/01/31                | S&S HOLDINGS LLC REGD 144A P/P 8.37500000                                                      | CUSIP: 78525CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $146322.45    | 0.00%             | 2031-10-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| STANDARD BUILDI 6.25% 08/01/33                | STANDARD BUILDING SOLUTI REGD 144A P/P 6.25000000                                              | CUSIP: 853191AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7529000 | PA      | $7625792.82   | 0.08%             | 2033-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CLEARWAY ENERGY 4.75% 03/15/28                | CLEARWAY ENERGY OP LLC REGD 144A P/P 4.75000000                                                | CUSIP: 18539UAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      561000 | PA      | $553921.70    | 0.01%             | 2028-03-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY V/R 02/01/29                   | MORGAN STANLEY REGD V/R 5.12300000                                                             | CUSIP: 61747YFA8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      476000 | PA      | $486367.40    | 0.01%             | 2029-02-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL 6.25% 04/15/28                | BURFORD CAPITAL GLBL FIN REGD 144A P/P 6.25000000                                              | CUSIP: 12116LAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      170000 | PA      | $170306.17    | 0.00%             | 2028-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS R04.25PPR6M 04/18/29 WFSLUS33XXX FIXED                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | CZ        |           1 | NC      | $162696.81    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AG TTMT ESCROW 8.625% 09/30/27                | AG TTMT ESCROW ISSUER REGD 144A P/P 8.62500000                                                 | CUSIP: 00840KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      392000 | PA      | $400451.52    | 0.00%             | 2027-09-30      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| AROUNDTOWN FIN V/R /PERP//EUR/                | AROUNDTOWN FINANCE SARL /EUR/ REGD V/R /PERP/ 7.12500000                                       | CUSIP: L0269HAA3<br>LEI: 8945006LEXV2KWSWVP51 | Long             | DBT              | CORP              | LU        |     1162000 | PA      | $1438615.38   | 0.02%             | 2174-04-16      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/F 8.375% 02/15/32                | NGL ENRGY OP/FIN CORP REGD 144A P/P 8.37500000                                                 | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9777000 | PA      | $10017876.25  | 0.11%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| CLARIV SCI HLD 3.875% 07/01/28                | CLARIV SCI HLD CORP REGD 144A P/P 3.87500000                                                   | CUSIP: 18064PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6534000 | PA      | $6288077.88   | 0.07%             | 2028-07-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| PARK INTERMED  5.875% 10/01/28                | PARK INTERMED HOLDINGS REGD 144A P/P 5.87500000                                                | CUSIP: 70052LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1085000 | PA      | $1082969.21   | 0.01%             | 2028-10-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ARCHROCK PARTN 6.625% 09/01/32                | ARCHROCK PARTNERS LP/FIN REGD 144A P/P 6.62500000                                              | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3635000 | PA      | $3728712.16   | 0.04%             | 2032-09-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG  V/R /PERP/                | VENTURE GLOBAL LNG INC REGD V/R /PERP/ 144A P/P 9.00000000                                     | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    36300000 | PA      | $35974396.27  | 0.40%             | 2174-03-30      | Variable      | 9.00%                 | Yes           |                  2 | On Loan: No      |
| JAGUAR LAND ROVE 4.5% 10/01/27                | JAGUAR LAND ROVER AUTOMO REGD 144A P/P 4.50000000                                              | CUSIP: 47010BAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      180000 | PA      | $177615.00    | 0.00%             | 2027-10-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| UPBOUND GROUP  6.375% 02/15/29                | UPBOUND GROUP INC REGD 144A P/P 6.37500000                                                     | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |      140000 | PA      | $138152.49    | 0.00%             | 2029-02-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ARME 3.6% 02/02/31                | REPUBLIC OF ARMENIA REGD REG S 3.60000000                                                      | CUSIP: Y5S01WAD2<br>LEI: N/A                  | Long             | DBT              | USGA              | AM        |     1500000 | PA      | $1347439.97   | 0.01%             | 2031-02-02      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| T/L FOUNDATION BU 0% 01/29/31                 | T/L FOUNDATION BUILDING        MATERIALS INC REGD 0.00000000                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6296559 | PA      | $6304429.94   | 0.07%             | 2031-01-29      | Floating      | 8.31%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO 7% 08/01/32                      | SM ENERGY CO REGD 144A P/P 7.00000000                                                          | CUSIP: 78454LAY6<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |      130000 | PA      | $130065.78    | 0.00%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| NAVIENT CORP 11.5% 03/15/31                   | NAVIENT CORP REGD 11.50000000                                                                  | CUSIP: 63938CAP3<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |       70000 | PA      | $78964.34     | 0.00%             | 2031-03-15      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTAN 9.25% 12/15/28                | CREDIT ACCEPTANC REGD 144A P/P 9.25000000                                                      | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $94557.78     | 0.00%             | 2028-12-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS XS2286298711 01.000 SP 06/20/2026 BARCGB5GXXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-260.50      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RIO OIL FINANCE 9.75% 01/06/27                | RIO OIL FINANCE TRUST REGD REG S 9.75000000                                                    | CUSIP: U76673AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      471125 | PA      | $486404.31    | 0.01%             | 2027-01-06      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 3.875% 07/31/27                  | UNITED STATES TREASURY NOTE 3.87500000                                                         | CUSIP: 91282CNP2<br>LEI: N/A                  | Long             | DBT              | UST               | US        |    10000000 | PA      | $10042578.10  | 0.11%             | 2027-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PROJECT GRAND 9% 06/01/29/EUR/                | PROJECT GRAND UK PLC /EUR/ REGD REG S 9.00000000                                               | CUSIP: G72513AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     1825000 | PA      | $2248501.15   | 0.02%             | 2029-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES 7.5% 01/01/30                | CHART INDUSTRIES INC REGD 144A P/P 7.50000000                                                  | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     3848000 | PA      | $4004367.32   | 0.04%             | 2030-01-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| BX 2019-OC11 E V/R 12/09/41                   | BX TRUST 2019-OC11 SER 2019-OC11 CL E V/R REGD 144A P/P 4.07545700                             | CUSIP: 05606FAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     3005000 | PA      | $2768973.78   | 0.03%             | 2041-12-09      | Variable      | 4.08%                 | Yes           |                  2 | On Loan: No      |
| BROWN & BROWN IN 4.9% 06/23/30                | BROWN & BROWN INC REGD 4.90000000                                                              | CUSIP: 115236AK7<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |      844000 | PA      | $855664.67    | 0.01%             | 2030-06-23      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUT 7.1% 11/19/36                | REPUBLIC OF SOUTH AFRICA REGD 144A P/P 7.10000000                                              | CUSIP: 836205BF0<br>LEI: N/A                  | Long             | DBT              | USGA              | ZA        |     2700000 | PA      | $2814007.72   | 0.03%             | 2036-11-19      | Fixed         | 7.10%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS US105756CE88 01.000 SP 06/20/2035 BOFAUS6NGFX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-18445.25    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF 7.9% 02/09/31/PYG/                | REPUBLIC OF PARAGUAY /PYG/ REGD 144A P/P 7.90000000                                            | CUSIP: 699149AP5<br>LEI: N/A                  | Long             | DBT              | USGA              | PY        |  9789000000 | PA      | $1328875.50   | 0.01%             | 2031-02-09      | Fixed         | 7.90%                 | Yes           |                  2 | On Loan: No      |
| AIR FRANCE-KLM V/R /PERP//EUR/                | AIR FRANCE-KLM /EUR/ REGD V/R /PERP/ REG S SER . 5.75000000                                    | CUSIP: F01699BV2<br>LEI: 969500AQW31GYO8JZD66 | Long             | DBT              | CORP              | FR        |     2500000 | PA      | $2995078.52   | 0.03%             | 2174-08-21      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| CREDICORP C 9.7% 03/05/45/PEN/                | CREDICORP CAPITAL SOCIED /PEN/ REGD 144A P/P 9.70000000                                        | CUSIP: 224939AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |     8200000 | PA      | $2485707.29   | 0.03%             | 2045-03-05      | Fixed         | 9.70%                 | Yes           |                  2 | On Loan: No      |
| TRIVIUM PACKAGI 8.25% 07/15/30                | TRIVIUM PACKAGING FIN REGD 144A P/P 8.25000000                                                 | CUSIP: 89686QAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     1364000 | PA      | $1455296.61   | 0.02%             | 2030-07-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| ENQUEST PLC 11.625% 11/01/27                  | ENQUEST PLC REGD 144A P/P 11.62500000                                                          | CUSIP: 29357JAC0<br>LEI: 2138008LJU6WFQWOXJ73 | Long             | DBT              | CORP              | GB        |       70000 | PA      | $72100.91     | 0.00%             | 2027-11-01      | Fixed         | 11.62%                | Yes           |                  2 | On Loan: No      |
| CONSENSUS CLOUD SO 6% 10/15/26                | CONSENSUS CLOUD SOLUTION REGD 144A P/P 6.00000000                                              | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $29962.50     | 0.00%             | 2026-10-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| BOOST NEWCO BORR 7.5% 01/15/31                | BOOST NEWCO BORROWER LLC REGD 144A P/P 7.50000000                                              | CUSIP: 36268NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9991000 | PA      | $10598952.35  | 0.12%             | 2031-01-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| TENGIZCHEVROIL FIN 4% 08/15/26                | TENGIZCHEVROIL FIN CO IN REGD REG S 4.00000000                                                 | CUSIP: G87602AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     2162000 | PA      | $2147899.09   | 0.02%             | 2026-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE 5.5% 11/15/25                | UNITED WHOLESALE MTGE LL REGD 144A P/P 5.50000000                                              | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     1490000 | PA      | $1489465.98   | 0.02%             | 2025-11-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SERVICE PROPERT 4.75% 10/01/26                | SERVICE PROPERTIES TRUST REGD 4.75000000                                                       | CUSIP: 44106MBA9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |      605000 | PA      | $605994.02    | 0.01%             | 2026-10-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK O 4.85% 10/21/25                | NATIONAL BANK OF UZBEKIS REGD REG S 4.85000000                                                 | CUSIP: Y001KPAA1<br>LEI: N/A                  | Long             | DBT              | USGA              | UZ        |      500000 | PA      | $499300.00    | 0.01%             | 2025-10-21      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS  5% 01/30/28                | BAUSCH HEALTH COS INC REGD 144A P/P 5.00000000                                                 | CUSIP: 071734AH0<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     1195000 | PA      | $1025501.20   | 0.01%             | 2028-01-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MOBIUS MERGER SUB 9% 06/01/30                 | MOBIUS MERGER SUB REGD 144A P/P 9.00000000                                                     | CUSIP: 606950AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $50261.39     | 0.00%             | 2030-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| INTESA SANPAOL V/R /PERP//EUR/                | INTESA SANPAOLO SPA /EUR/ REGD V/R /PERP/ REG S EMTN 5.87500000                                | CUSIP: T5R13HX27<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |     5610000 | PA      | $6973372.59   | 0.08%             | 2174-03-01      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| AMSTED INDUSTR 6.375% 03/15/33                | AMSTED INDUSTRIES REGD 144A P/P 6.37500000                                                     | CUSIP: 032177AK3<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |     3049000 | PA      | $3129353.35   | 0.03%             | 2033-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| EDREAMS O 4.875% 12/30/30/EUR/                | EDREAMS ODIGEO SA /EUR/ REGD REG S 4.87500000                                                  | CUSIP: E4R22WAB7<br>LEI: 959800Y8LQ5MR2YZ4N96 | Long             | DBT              | CORP              | ES        |     1200000 | PA      | $1425473.03   | 0.02%             | 2030-12-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CNTL AMR BOTTLI 5.25% 04/27/29                | CNTL AMR BOTTLING CORP REGD 144A P/P 5.25000000                                                | CUSIP: 15239XAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |      550000 | PA      | $543534.31    | 0.01%             | 2029-04-27      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ASSEMBLIN  6.25% 07/01/30/EUR/                | ASSEMBLIN CAVERION GROUP /EUR/ REGD REG S 6.25000000                                           | CUSIP: W1R7F4AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |      850000 | PA      | $1043283.32   | 0.01%             | 2030-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PHINIA INC 6.75% 04/15/29                     | PHINIA INC REGD 144A P/P 6.75000000                                                            | CUSIP: 71880KAA9<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |      715000 | PA      | $737477.46    | 0.01%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CVS HEALTH CORP V/R 12/10/54                  | CVS HEALTH CORP REGD V/R 6.75000000                                                            | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      180000 | PA      | $185782.86    | 0.00%             | 2054-12-10      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI  S/UP 02/15/38                | REPUBLIC OF SRI LANKA REGD S/UP REG S 3.60000000                                               | CUSIP: Y1237TAH5<br>LEI: N/A                  | Long             | DBT              | USGA              | LK        |     3200000 | PA      | $2844160.00   | 0.03%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| IRCA SPA V/R 12/15/29/EUR/                    | IRCA SPA /EUR/ REGD V/R REG S 5.76400000                                                       | CUSIP: T5R24JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |      283000 | PA      | $334649.72    | 0.00%             | 2029-12-15      | Variable      | 5.76%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE SEC 5.875% 11/15/27                | BLACKSTONE SECURED LEND REGD 5.87500000                                                        | CUSIP: 09261XAH5<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |      163000 | PA      | $167056.30    | 0.00%             | 2027-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MILLER HOMES V/R 10/15/30/EUR/                | MILLER HOMES GROUP FIN /EUR/ REGD V/R 144A P/P 6.28600000                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |     7770000 | PA      | $9259069.14   | 0.10%             | 2030-10-15      | Variable      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| EUROFINS SCIEN V/R /PERP//EUR/                | EUROFINS SCIENTIFIC SE /EUR/ REGD V/R /PERP/ REG S 6.75000000                                  | CUSIP: L31839CL2<br>LEI: 529900JEHFM47DYY3S57 | Long             | DBT              | CORP              | LU        |     2500000 | PA      | $3136844.35   | 0.03%             | 2174-07-24      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| ESSENDI S 5.625% 05/15/32/EUR/                | ESSENDI SA /EUR/ REGD REG S 5.62500000                                                         | CUSIP: L0926ZAE0<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |     1175000 | PA      | $1422392.64   | 0.02%             | 2032-05-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDS XS1731858715 05.000 SP 12/20/2027 BOASW LONG                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $13192.76     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SERVICE PROPER 4.375% 02/15/30                | SERVICE PROPERTIES TRUST REGD 4.37500000                                                       | CUSIP: 44106MAY8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |       48000 | PA      | $40857.07     | 0.00%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO- 3.875% 03/01/31                | ROCKETMTGE CO-ISSUER INC REGD 144A P/P 3.87500000                                              | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7118000 | PA      | $6645948.27   | 0.07%             | 2031-03-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| LCM 33A AR V/R 07/20/34                       | LCM 33 LTD SER 33A CL AR V/R REGD 144A P/P 5.48916000                                          | CUSIP: 50202CAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      640000 | PA      | $640260.67    | 0.01%             | 2034-07-20      | Variable      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS DEL  5.625% 06/19/47                | PETROLEOS DEL PERU SA REGD REG S 5.62500000                                                    | CUSIP: P7808BAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |     4400000 | PA      | $3239500.00   | 0.04%             | 2047-06-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WYNDHAM HOTELS 4.375% 08/15/28                | WYNDHAM HOTELS & RESORTS REGD 144A P/P 4.37500000                                              | CUSIP: 98311AAB1<br>LEI: 549300FE3MQ4RVXXC673 | Long             | DBT              | CORP              | US        |      140000 | PA      | $136672.42    | 0.00%             | 2028-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| COMISION FEDERAL 5.7% 01/24/30                | COMISION FEDERAL DE ELEC REGD REG S 5.70000000                                                 | CUSIP: P30179CQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      600000 | PA      | $609000.00    | 0.01%             | 2030-01-24      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| NIAGARA MOHAWK 4.647% 10/03/30                | NIAGARA MOHAWK POWER REGD 144A P/P 4.64700000                                                  | CUSIP: 653522DT6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      274000 | PA      | $275327.78    | 0.00%             | 2030-10-03      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| AMENTUM HOLDING 7.25% 08/01/32                | AMENTUM HOLDINGS INC REGD 144A P/P 7.25000000                                                  | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |     3375000 | PA      | $3504269.25   | 0.04%             | 2032-08-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| BCP V MODU 6.75% 11/30/29/EUR/                | BCP V MODULAR SERVICES /EUR/ REGD REG S 6.75000000                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |     3803000 | PA      | $3347405.03   | 0.04%             | 2029-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRU 4.5% 03/15/27                | ARBOR REALTY TRUST INC REGD 144A P/P SER QIB 4.50000000                                        | CUSIP: 038923AQ1<br>LEI: 549300ASFUWYQO0RW077 | Long             | DBT              | CORP              | US        |       40000 | PA      | $38455.18     | 0.00%             | 2027-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| JANE STREET GR 7.125% 04/30/31                | JANE STREET GRP/JSG FIN REGD 144A P/P 7.12500000                                               | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $157405.65    | 0.00%             | 2031-04-30      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/ 5.375% 06/01/29                | CCO HLDGS LLC/CAP CORP REGD 144A P/P 5.37500000                                                | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      640000 | PA      | $635723.90    | 0.01%             | 2029-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| FOCUS FINANCIAL 6.75% 09/15/31                | FOCUS FINANCIAL PARTNERS REGD 144A P/P 6.75000000                                              | CUSIP: 34417VAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3968000 | PA      | $4063474.05   | 0.04%             | 2031-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| DCLI BIDCO LLC 7.75% 11/15/29                 | DCLI BIDCO LLC REGD 144A P/P 7.75000000                                                        | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |     2090000 | PA      | $2172766.09   | 0.02%             | 2029-11-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL 3.875% 08/15/29                | VENTURE GLOBAL CALCASIEU REGD 144A P/P 3.87500000                                              | CUSIP: 92328MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2155000 | PA      | $2066199.56   | 0.02%             | 2029-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG 7% 01/15/30                | VENTURE GLOBAL LNG INC REGD 144A P/P 7.00000000                                                | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     1520000 | PA      | $1570973.20   | 0.02%             | 2030-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| AHP HEALTH PART 5.75% 07/15/29                | AHP HEALTH PARTN REGD 144A P/P 5.75000000                                                      | CUSIP: 00150LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2996000 | PA      | $2947898.14   | 0.03%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| TRIVIUM PACKAG 12.25% 01/15/31                | TRIVIUM PACKAGING FIN REGD 144A P/P 12.25000000                                                | CUSIP: 89686QAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     1110000 | PA      | $1201530.60   | 0.01%             | 2031-01-15      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| ZF NA CAPITAL 7.5% 03/24/31                   | ZF NA CAPITAL REGD 144A P/P 7.50000000                                                         | CUSIP: 98877DAH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3161000 | PA      | $3138780.64   | 0.03%             | 2031-03-24      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| FED REPUBLIC O 6.125% 01/22/32                | FED REPUBLIC OF BRAZIL REGD 6.12500000                                                         | CUSIP: 105756CK4<br>LEI: N/A                  | Long             | DBT              | USGA              | BR        |      500000 | PA      | $519919.02    | 0.01%             | 2032-01-22      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 05/01/29                | GOLDMAN SACHS GROUP INC REGD V/R 4.22300000                                                    | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     1657000 | PA      | $1658444.39   | 0.02%             | 2029-05-01      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC 5.75% 05/01/28                | HILTON DOMESTIC OPERATIN REGD 144A P/P 5.75000000                                              | CUSIP: 432833AH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $70085.47     | 0.00%             | 2028-05-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BMARK 2025-V1 5.659% 03/15/30                 | BENCHMARK 2025-V14 MORTGAGE TRUST SER 2025-V14 CL A4 REGD 5.65990000                           | CUSIP: 08164BAD2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      930000 | PA      | $974015.13    | 0.01%             | 2057-04-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| T/L FINASTRA   00.00% 07/30/32                | T/L FINASTRA USA  INC 0.00000000                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6756000 | PA      | $6724652.16   | 0.07%             | 2032-07-30      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| BALL CORP 5.5% 09/15/33                       | BALL CORP REGD 5.50000000                                                                      | CUSIP: 058498BA3<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     2458000 | PA      | $2485587.22   | 0.03%             | 2033-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| OCP 2024-34A D1 V/R 10/15/37                  | OCP CLO 2024-34 LTD SER 2024-34A CL D1 V/R REGD 144A P/P 7.21755000                            | CUSIP: 67570MAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $1000903.10   | 0.01%             | 2037-10-15      | Variable      | 7.22%                 | Yes           |                  2 | On Loan: No      |
| FRONERI LU 4.75% 08/01/32/EUR/                | FRONERI LUX FINCO SARL /EUR/ REGD 144A P/P 4.75000000                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | LU        |    14077000 | PA      | $16672678.07  | 0.18%             | 2032-08-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| TRI POINTE HOME 5.25% 06/01/27                | TRI POINTE HOMES INC REGD 5.25000000                                                           | CUSIP: 87265HAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      500000 | PA      | $499409.90    | 0.01%             | 2027-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDIN 4.25% 03/15/29                | PLAYTIKA HOLDING CORP REGD 144A P/P 4.25000000                                                 | CUSIP: 72815LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      418000 | PA      | $383515.00    | 0.00%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| TRANSOCEAN POS 6.875% 02/01/27                | TRANSOCEAN POSEIDON LTD REGD 144A P/P 6.87500000                                               | CUSIP: 89383JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       76500 | PA      | $76451.10     | 0.00%             | 2027-02-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| VISTAJET MALTA/V 9.5% 06/01/28                | VISTAJET MALTA/VM HOLDS REGD 144A P/P 9.50000000                                               | CUSIP: 92841HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     2430000 | PA      | $2530153.25   | 0.03%             | 2028-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| AESOP 2020-2A  2.02% 02/20/26                 | AVIS BUDGET RENTAL CAR FUNDING AESOP LLC SER 2020-2A CL A REGD 144A P/P 2.02000000             | CUSIP: 05377RDY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      958333 | PA      | $953228.30    | 0.01%             | 2027-02-20      | Fixed         | 2.02%                 | Yes           |                  2 | On Loan: No      |
| SASOL FINANCING 8.75% 05/03/29                | SASOL FINANCING USA LLC REGD 8.75000000                                                        | CUSIP: U8035UAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3700000 | PA      | $3838198.70   | 0.04%             | 2029-05-03      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTI 4.75% 03/01/30                | ASBURY AUTOMOTIVE GROUP REGD SER WI 4.75000000                                                 | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |       73000 | PA      | $71074.97     | 0.00%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ATI INC 7.25% 08/15/30                        | ATI INC REGD 7.25000000                                                                        | CUSIP: 01741RAN2<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     3353000 | PA      | $3519818.46   | 0.04%             | 2030-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC 8.75% 12/15/28                  | LGI HOMES INC REGD 144A P/P 8.75000000                                                         | CUSIP: 50187TAH9<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |      715000 | PA      | $750600.63    | 0.01%             | 2028-12-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS  5.5% 01/15/26                | AVOLON HOLDINGS FNDG LTD REGD 144A P/P 5.50000000                                              | CUSIP: 05401AAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      352000 | PA      | $352468.72    | 0.00%             | 2026-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CSC HOLDINGS L 4.625% 12/01/30                | CSC HOLDINGS LLC REGD 144A P/P 4.62500000                                                      | CUSIP: 126307BD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7780000 | PA      | $2729586.55   | 0.03%             | 2030-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| CRESCENT ENERGY 9.25% 02/15/28                | CRESCENT ENERGY FINANCE REGD 144A P/P 9.25000000                                               | CUSIP: 45344LAC7<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     2490000 | PA      | $2586126.45   | 0.03%             | 2028-02-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| CMA CGM SA 5% 01/15/31/EUR/                   | CMA CGM SA /EUR/ REGD REG S 5.00000000                                                         | CUSIP: F43596BQ1<br>LEI: 969500BZJ49IICIBZZ08 | Long             | DBT              | CORP              | FR        |     1350000 | PA      | $1611777.14   | 0.02%             | 2031-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAS 2025-R01 1M1 V/R 01/25/45                 | CONNECTICUT AVENUE SECURITIES SERIES 2025-R01 SER 2025-R01 CL 1M1 V/R REGD 144A P/P 5.44800000 | CUSIP: 20755JAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |       90421 | PA      | $90449.19     | 0.00%             | 2045-01-25      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| FIBERCOP  2.375% 10/12/27/EUR/                | FIBERCOP SPA /EUR/ REGD REG S EMTN 2.37500000                                                  | CUSIP: T7S98WAL0<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |    13935000 | PA      | $16073255.81  | 0.18%             | 2027-10-12      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC V/R /PERP/                     | NRG ENERGY INC REGD V/R /PERP/ 144A P/P 10.25000000                                            | CUSIP: 629377CU4<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     6745000 | PA      | $7354613.10   | 0.08%             | 2174-09-15      | Variable      | 10.25%                | Yes           |                  2 | On Loan: No      |
| ROMANIA 5.25% 11/25/27                        | ROMANIA REGD REG S 5.25000000                                                                  | CUSIP: X7360WCH3<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |     1396000 | PA      | $1410644.85   | 0.02%             | 2027-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BCP MODULAR 6.5% 07/10/31/EUR/                | BCP MODULAR SERVICES /EUR/ REGD 144A P/P 6.50000000                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |     4901000 | PA      | $5379421.67   | 0.06%             | 2031-07-10      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| KEYCORP V/R 04/04/31                          | KEYCORP REGD V/R MTN SER GMTN 5.12100000                                                       | CUSIP: 49326EEQ2<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | DBT              | CORP              | US        |       80000 | PA      | $82156.19     | 0.00%             | 2031-04-04      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| T/L AMNEAL PHARMAC 0% 07/24/32                | T/L AMNEAL PHARMACEUTICALS LLC REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3389000 | PA      | $3383340.37   | 0.04%             | 2032-07-24      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERT 6.5% 10/15/30                | STARWOOD PROPERTY TRUST REGD 144A P/P 6.50000000                                               | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     2170000 | PA      | $2240305.67   | 0.02%             | 2030-10-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| EQUITABLE FINAN 5.45% 03/03/28                | EQUITABLE FINANCIAL LIFE REGD 144A P/P 5.45000000                                              | CUSIP: 29449WAQ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      107000 | PA      | $110068.09    | 0.00%             | 2028-03-03      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG V/R /PERP/                       | UBS GROUP AG REGD V/R /PERP/ 144A P/P 9.25000000                                               | CUSIP: 902613BE7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     5351000 | PA      | $6369316.70   | 0.07%             | 2174-05-13      | Variable      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| BATH & BODY WO 6.875% 11/01/35                | BATH & BODY WORKS INC REGD 6.87500000                                                          | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |       60000 | PA      | $62400.78     | 0.00%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ENVIRI CORP 5.75% 07/31/27                    | ENVIRI CORP REGD 144A P/P 5.75000000                                                           | CUSIP: 415864AM9<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | DBT              | CORP              | US        |       30000 | PA      | $29754.69     | 0.00%             | 2027-07-31      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| T/L WHITE CAP 0% 10/19/29                     | T/L WHITE CAP SUPPLY HOLDINGS  LLC REGD 0.00000000                                             | CUSIP: 96350TAH3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     9195434 | PA      | $9193502.69   | 0.10%             | 2029-10-19      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| COMISION EJ HI  8.65% 01/24/33                | COMISION EJ HI RIO LEMPA REGD 144A P/P 8.65000000                                              | CUSIP: 200444AA5<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |     2200000 | PA      | $2299880.00   | 0.03%             | 2033-01-24      | Fixed         | 8.65%                 | Yes           |                  2 | On Loan: No      |
| SES S A RTS 12/31/49                          | SES S A RIGHTS EXPIRE 12/31/49 0.00000000                                                      | CUSIP: L8176HAF7<br>LEI: N/A                  | Long             | EC               | CORP              | LU        |       86751 | NS      | $0.09         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| T/L SETANTA AIR 0% 11/05/28                   | T/L SETANTA AIRCRAFT LEASING   DESIGNATED ACTVITY COMPANY     REGD 0.00000000                  | CUSIP: G8057JAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       83055 | PA      | $83435.74     | 0.00%             | 2028-11-05      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| YUM  BRANDS IN 3.625% 03/15/31                | YUM  BRANDS INC REGD 3.62500000                                                                | CUSIP: 988498AN1<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |      320000 | PA      | $298785.94    | 0.00%             | 2031-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MAVIS TIRE EXPRE 6.5% 05/15/29                | MAVIS TIRE EXPRESS SERVI REGD 144A P/P 6.50000000                                              | CUSIP: 59155LAA0<br>LEI: 254900NVDM4GTLBL9E56 | Long             | DBT              | CORP              | US        |     7379000 | PA      | $7343825.12   | 0.08%             | 2029-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| ELO SACA 2.875% 01/29/26/EUR/                 | ELO SACA /EUR/ REGD REG S EMTN 2.87500000                                                      | CUSIP: F0490QMX8<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      700000 | PA      | $818258.89    | 0.01%             | 2026-01-29      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOO 4.25% 08/01/29                | PERFORMANCE FOOD GROUP I REGD 144A P/P 4.25000000                                              | CUSIP: 71376LAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      862000 | PA      | $837321.53    | 0.01%             | 2029-08-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| UGI INTERNA 2.5% 12/01/29/EUR/                | UGI INTERNATIONAL LLC /EUR/ REGD REG S 2.50000000                                              | CUSIP: U9033GAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1300000 | PA      | $1439877.54   | 0.02%             | 2029-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASU 4.5% 09/15/27                | FORTESCUE TREASURY PTY L REGD 144A P/P 4.50000000                                              | CUSIP: 30251GBA4<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |       90000 | PA      | $89601.00     | 0.00%             | 2027-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNI 5.625% 02/15/32/EUR/                | CALIFORNIA BUYER/ATLANTI /EUR/ REGD 144A P/P 5.62500000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |     8405000 | PA      | $10261711.76  | 0.11%             | 2032-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS XS2270576965 01.000 BP 06/20/2029 BARCGB5GXXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-47855.71    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FIBERCOP S.P.A. 6% 09/30/34                   | FIBERCOP S.P.A. REGD 144A P/P 6.00000000                                                       | CUSIP: 683879AD2<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |     2520000 | PA      | $2401967.48   | 0.03%             | 2034-09-30      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CLARIANE  7.875% 06/27/30/EUR/                | CLARIANE SE /EUR/ REGD REG S 7.87500000                                                        | CUSIP: F5412LAR9<br>LEI: 969500WEPS61H6TJM037 | Long             | DBT              | CORP              | FR        |      200000 | PA      | $241250.41    | 0.00%             | 2030-06-27      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/F 8.125% 02/15/29                | NGL ENRGY OP/FIN CORP REGD 144A P/P 8.12500000                                                 | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2419000 | PA      | $2480551.46   | 0.03%             | 2029-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| FLUTTER TREASU 6.375% 04/29/29                | FLUTTER TREASURY DAC REGD 144A P/P 6.37500000                                                  | CUSIP: 344045AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      799000 | PA      | $825149.67    | 0.01%             | 2029-04-29      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ASHLAND INC 6.875% 05/15/43                   | ASHLAND INC REGD SER WI 6.87500000                                                             | CUSIP: 044209AM6<br>LEI: 529900E4L9R04SB8HB11 | Long             | DBT              | CORP              | US        |     2425000 | PA      | $2532165.60   | 0.03%             | 2043-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP 6.75% 06/15/26                   | NAVIENT CORP REGD 6.75000000                                                                   | CUSIP: 63938CAJ7<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     2978000 | PA      | $3011669.27   | 0.03%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PAR 5.85% 08/21/33                | REPUBLIC OF PARAGUAY REGD REG S 5.85000000                                                     | CUSIP: P75744AM7<br>LEI: N/A                  | Long             | DBT              | USGA              | PY        |     4900000 | PA      | $5145490.00   | 0.06%             | 2033-08-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| LAND O LAKES CA 7.45% 03/15/28                | LAND O LAKES CAP TRST I REGD P/P 7.45000000                                                    | CUSIP: 514665AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      160000 | PA      | $165026.88    | 0.00%             | 2028-03-15      | Fixed         | 7.45%                 | Yes           |                  2 | On Loan: No      |
| LPL HOLDINGS INC 4% 03/15/29                  | LPL HOLDINGS INC REGD 144A P/P 4.00000000                                                      | CUSIP: 50212YAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      596000 | PA      | $583148.10    | 0.01%             | 2029-03-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SOU 7.95% 11/19/54                | REPUBLIC OF SOUTH AFRICA REGD 144A P/P 7.95000000                                              | CUSIP: 836205BG8<br>LEI: N/A                  | Long             | DBT              | USGA              | ZA        |     2700000 | PA      | $2742649.34   | 0.03%             | 2054-11-19      | Fixed         | 7.95%                 | Yes           |                  2 | On Loan: No      |
| FRONTIER COMMU 5.875% 11/01/29                | FRONTIER COMMUNICATIONS REGD 5.87500000                                                        | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4798764 | PA      | $4848344.82   | 0.05%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE  5.25% 07/15/28                | NEW ENTERPRISE STONE & L REGD 144A P/P 5.25000000                                              | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |     1903000 | PA      | $1885154.24   | 0.02%             | 2028-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FINANC 3% 01/15/28/EUR/                | ALTICE FINANCING SA /EUR/ REGD REG S 3.00000000                                                | CUSIP: L01787AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    14256000 | PA      | $12901864.82  | 0.14%             | 2028-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AMC ENTERTAINMEN 7.5% 02/15/29                | AMC ENTERTAINMENT HLDGS REGD 144A P/P 7.50000000                                               | CUSIP: 00165CBA1<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |       40000 | PA      | $34594.40     | 0.00%             | 2029-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| BLACKSTONE PRIV 4.95% 09/26/27                | BLACKSTONE PRIVATE CRE REGD SER WI 4.95000000                                                  | CUSIP: 09261HBR7<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |      116000 | PA      | $116654.53    | 0.00%             | 2027-09-26      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROU V/R 11/21/26                | SANTANDER UK GROUP HLDGS REGD V/R 6.83300000                                                   | CUSIP: 80281LAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      617000 | PA      | $618678.92    | 0.01%             | 2026-11-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP 6.875% 01/30/30                  | NOVELIS CORP REGD 144A P/P 6.87500000                                                          | CUSIP: 670001AL0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4936000 | PA      | $5118350.66   | 0.06%             | 2030-01-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| TDC NET AS 6.5% 06/01/31/EUR/                 | TDC NET AS /EUR/ REGD REG S EMTN 6.50000000                                                    | CUSIP: K94547AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |     1975000 | PA      | $2571161.02   | 0.03%             | 2031-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY 8.875% 04/15/30                | GENESIS ENERGY LP/FIN REGD 8.87500000                                                          | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $84672.32     | 0.00%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLD V/R /PERP//GBP/                | NATIONWIDE BLDG SOCIETY /GBP/ REGD V/R /PERP/ REG S 5.75000000                                 | CUSIP: G6S17GNU5<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |      295000 | PA      | $394761.76    | 0.00%             | 2173-12-20      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| VIRGIN ME 7.875% 03/15/32/GBP/                | VIRGIN MEDIA O2 V DAC /GBP/ REGD REG S 7.87500000                                              | CUSIP: G936BZAA6<br>LEI: 635400ASSEVCXAPVGC36 | Long             | DBT              | CORP              | IE        |      200000 | PA      | $277988.35    | 0.00%             | 2032-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLD 7.2% 11/15/33                | CELANESE US HOLDINGS LLC REGD 7.20000000                                                       | CUSIP: 15089QAY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      180000 | PA      | $186934.68    | 0.00%             | 2033-11-15      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE  4.875% 03/15/27                | GOODYEAR TIRE & RUBBER REGD 4.87500000                                                         | CUSIP: 382550BG5<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |       80000 | PA      | $79520.98     | 0.00%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GL 7.125% 07/01/33                | GLOBAL PART/GLP FINANCE REGD 144A P/P 7.12500000                                               | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1998000 | PA      | $2047916.03   | 0.02%             | 2033-07-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| SUNRISE FINCO  4.875% 07/15/31                | SUNRISE FINCO I BV REGD 144A P/P 4.87500000                                                    | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |     3015000 | PA      | $2872239.75   | 0.03%             | 2031-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CLEAR CHANNEL  7.125% 02/15/31                | CLEAR CHANNEL OUTDOOR HO REGD 144A P/P 7.12500000                                              | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     8252000 | PA      | $8533127.98   | 0.09%             | 2031-02-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/ 7.375% 03/01/31                | CCO HLDGS LLC/CAP CORP REGD 144A P/P 7.37500000                                                | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6424000 | PA      | $6637469.52   | 0.07%             | 2031-03-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| SDART 2023-3 C 5.77% 08/16/27                 | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2023-3 SER 2023-3 CL C REGD 5.77000000                  | CUSIP: 80285XAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      775000 | PA      | $789464.45    | 0.01%             | 2030-11-15      | Fixed         | 5.77%                 | No            |                  2 | On Loan: No      |
| NOVA LJUBLJA V/R 01/24/34/EUR/                | NOVA LJUBLJANSKA BANK /EUR/ REGD V/R REG S EMTN 6.87500000                                     | CUSIP: X58782AU1<br>LEI: 5493001BABFV7P27OW30 | Long             | DBT              | CORP              | SI        |     2200000 | PA      | $2798563.74   | 0.03%             | 2034-01-24      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| AIR CANADA 3.875% 08/15/26                    | AIR CANADA REGD 144A P/P 3.87500000                                                            | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |      566000 | PA      | $560883.76    | 0.01%             | 2026-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| SOFTBANK  6.375% 07/10/33/EUR/                | SOFTBANK GROUP CORP /EUR/ REGD REG S SER . 6.37500000                                          | CUSIP: J7596PCA5<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |      142000 | PA      | $177264.82    | 0.00%             | 2033-07-10      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY 6.625% 05/13/27                | OWENS-BROCKWAY REGD 144A P/P 6.62500000                                                        | CUSIP: 69073TAT0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      424000 | PA      | $423226.42    | 0.00%             | 2027-05-13      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| CHS/COMMUNITY H 4.75% 02/15/31                | CHS/COMMUNITY HEALTH SYS REGD 144A P/P 4.75000000                                              | CUSIP: 12543DBK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5778000 | PA      | $4993128.62   | 0.06%             | 2031-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC 4.625% 01/15/29                 | TRANSDIGM INC REGD SER WI 4.62500000                                                           | CUSIP: 893647BP1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3533000 | PA      | $3462246.52   | 0.04%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CASH COLLATERAL V/R 12/31/49                  | CASH COLLATERAL USD 3.99000000                                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             | CORP              | US        |     -100000 | PA      | $-100000.00   | -0.00%            | 2049-12-31      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCA 6.125% 10/01/28                | TENET HEALTHCARE CORP REGD 6.12500000                                                          | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |      350000 | PA      | $350294.46    | 0.00%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VALLOUREC SACA 7.5% 04/15/32                  | VALLOUREC SACA REGD 144A P/P 7.50000000                                                        | CUSIP: 92023RAA8<br>LEI: 969500P2Q1B47H4MCJ34 | Long             | DBT              | CORP              | FR        |     3048000 | PA      | $3247476.36   | 0.04%             | 2032-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| UNITED AIR 202 5.875% 10/15/27                | UNITED AIR 2020-1 A PTT REGD SER 20-1 5.87500000                                               | CUSIP: 90931GAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      265520 | PA      | $272966.13    | 0.00%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HEIMSTADEN BOS V/R /PERP//EUR/                | HEIMSTADEN BOSTAD AB /EUR/ REGD V/R /PERP/ REG S 2.62500000                                    | CUSIP: W4R92LBW9<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |     5709000 | PA      | $6450517.84   | 0.07%             | 2174-05-01      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CRE 5.303% 09/06/29                | FORD MOTOR CREDIT CO LLC REGD 5.30300000                                                       | CUSIP: 345397G23<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      452000 | PA      | $450986.87    | 0.00%             | 2029-09-06      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL P 6.5% 01/15/34                | VENTURE GLOBAL PLAQUE REGD 144A P/P 6.50000000                                                 | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     9452000 | PA      | $9946509.26   | 0.11%             | 2034-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| LEVIATHAN BOND  6.75% 06/30/30                | LEVIATHAN BOND LTD REGD 6.75000000                                                             | CUSIP: M6746GAD8<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     1000000 | PA      | $1002500.00   | 0.01%             | 2030-06-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FORVIA SE 5.5% 06/15/31/EUR/                  | FORVIA SE /EUR/ REGD REG S 5.50000000                                                          | CUSIP: F3445AWE4<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |    14898000 | PA      | $17983419.42  | 0.20%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP 5.875% 07/15/27                 | PARKLAND CORP REGD 144A P/P 5.87500000                                                         | CUSIP: 70137TAP0<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     1620000 | PA      | $1618571.00   | 0.02%             | 2027-07-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| WEEKLEY HOMES  4.875% 09/15/28                | WEEKLEY HOMES LLC/ FINAN REGD 144A P/P 4.87500000                                              | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $68534.45     | 0.00%             | 2028-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF TU 6.875% 03/17/36                | REPUBLIC OF TURKIYE REGD SER 30Y 6.87500000                                                    | CUSIP: 900123AY6<br>LEI: N/A                  | Long             | DBT              | USGA              | TR        |     7900000 | PA      | $7930425.11   | 0.09%             | 2036-03-17      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LOXAM SAS 4.25% 02/15/30/EUR/                 | LOXAM SAS /EUR/ REGD 144A P/P 4.25000000                                                       | CUSIP: N/A<br>LEI: 969500BNA2YRNE1R5K91       | Long             | DBT              | CORP              | FR        |     2280000 | PA      | $2690108.29   | 0.03%             | 2030-02-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| NISSAN MOTOR AC 5.55% 09/13/29                | NISSAN MOTOR ACCEPTANCE REGD 144A P/P MTN 5.55000000                                           | CUSIP: 65480CAH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $69605.28     | 0.00%             | 2029-09-13      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ECUA S/UP 07/31/40                | REPUBLIC OF ECUADOR REGD S/UP REG S 5.00000000                                                 | CUSIP: P8054QBE2<br>LEI: N/A                  | Long             | DBT              | USGA              | EC        |     5200000 | PA      | $3451760.00   | 0.04%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PREMIER FOO 3.5% 10/15/26/GBP/                | PREMIER FOODS FINANCE /GBP/ REGD REG S 3.50000000                                              | CUSIP: G72186AH5<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     1000000 | PA      | $1332420.28   | 0.01%             | 2026-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| COMISION EJ HI  8.65% 01/24/33                | COMISION EJ HI RIO LEMPA REGD REG S 8.65000000                                                 | CUSIP: P3012UAA4<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |      700000 | PA      | $731780.00    | 0.01%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/ 4.5% 11/15/29                | JANE STREET GRP/JSG FIN REGD 144A P/P 4.50000000                                               | CUSIP: 47077WAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      734000 | PA      | $715868.07    | 0.01%             | 2029-11-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| NATIONSTAR MTG H 6.5% 08/01/29                | NATIONSTAR MTG HLD INC REGD 144A P/P 6.50000000                                                | CUSIP: 63861CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1200000 | PA      | $1231522.80   | 0.01%             | 2029-08-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| OCADO GROU 6.25% 08/06/29/GBP/                | OCADO GROUP PLC /GBP/ REGD REG S CONVERTIBLE 6.25000000                                        | CUSIP: G6718SVM0<br>LEI: 213800LO8F61YB8MBC74 | Long             | DBT              | CORP              | GB        |      400000 | PA      | $484603.79    | 0.01%             | 2029-08-06      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBU 6.375% 03/15/29                | WESCO DISTRIBUTION INC REGD 144A P/P 6.37500000                                                | CUSIP: 95081QAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      955000 | PA      | $983233.62    | 0.01%             | 2029-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| SCIH SALT HOLD 6.625% 05/01/29                | SCIH SALT HOLDINGS INC REGD 144A P/P 6.62500000                                                | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      120000 | PA      | $117847.67    | 0.00%             | 2029-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| SAUDI INTERNAT 5.125% 01/13/28                | SAUDI INTERNATIONAL BOND REGD 144A P/P 5.12500000                                              | CUSIP: 80413TBJ7<br>LEI: N/A                  | Long             | DBT              | USGA              | SA        |      570000 | PA      | $582180.03    | 0.01%             | 2028-01-13      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| UNITED GROUP  4% 11/15/27/EUR/                | UNITED GROUP BV /EUR/ REGD REG S 4.00000000                                                    | CUSIP: N9015VAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |       31818 | PA      | $37269.20     | 0.00%             | 2027-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIE 7.5% 01/15/28                | NABORS INDUSTRIES LTD REGD 144A P/P 7.50000000                                                 | CUSIP: 629571AB6<br>LEI: 5493008TXYN3II3PU369 | Long             | DBT              | CORP              | BM        |     2195000 | PA      | $2193443.09   | 0.02%             | 2028-01-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| CHURCHILL DOWNS 5.75% 04/01/30                | CHURCHILL DOWNS INC REGD 144A P/P 5.75000000                                                   | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     6075000 | PA      | $6067836.54   | 0.07%             | 2030-04-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN REGD 4.875% 01/15/30 | HILTON DOMESTIC OPERATIN REGD SER WI 4.87500000                                                | CUSIP: 432833AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      230000 | PA      | $228784.84    | 0.00%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDX 2I65BZFF4 01.000 SP 06/20/2029 WFSLUS33XXX FIXED                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-3355.65     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ALGOMA STEEL I 9.125% 04/15/29                | ALGOMA STEEL INC REGD 144A P/P 9.12500000                                                      | CUSIP: 01566MAD7<br>LEI: 5493006RXIB5GVHWJS53 | Long             | DBT              | CORP              | CA        |       40000 | PA      | $34084.39     | 0.00%             | 2029-04-15      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| VENATOR MATERIALS PLC                         | VENATOR MATERIALS PLC 0.00000000                                                               | CUSIP: G9329Z118<br>LEI: 549300WFXC4YL5IHX316 | Long             | EC               | CORP              | GB        |        3518 | NS      | $21108.00     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NORDSTROM INC 4.25% 08/01/31                  | NORDSTROM INC REGD SER WI 4.25000000                                                           | CUSIP: 655664AY6<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |       20000 | PA      | $18175.28     | 0.00%             | 2031-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CGMS 2021-9A AR V/R 10/20/34                  | CARLYLE US CLO 2021-9 LTD SER 2021-9A CL AR V/R REGD 144A P/P 5.42846000                       | CUSIP: 14317KAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1070000 | PA      | $1071294.49   | 0.01%             | 2034-10-20      | Variable      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| LAMB WESTON HL 4.375% 01/31/32                | LAMB WESTON HLD REGD 144A P/P 4.37500000                                                       | CUSIP: 513272AE4<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |     2057000 | PA      | $1944309.31   | 0.02%             | 2032-01-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIF 4.625% 03/01/29                | CLEVELAND-CLIFFS INC REGD 144A P/P 4.62500000                                                  | CUSIP: 185899AK7<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |       30000 | PA      | $28900.07     | 0.00%             | 2029-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| US FOODS INC 5.75% 04/15/33                   | US FOODS INC REGD 144A P/P 5.75000000                                                          | CUSIP: 90290MAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $80439.52     | 0.00%             | 2033-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| GLP CAPITAL LP  5.75% 06/01/28                | GLP CAPITAL LP / FIN II REGD 5.75000000                                                        | CUSIP: 361841AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      717000 | PA      | $736895.32    | 0.01%             | 2028-06-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GROUP 1 AUTOMO 6.375% 01/15/30                | GROUP 1 AUTOMOTIVE INC REGD 144A P/P 6.37500000                                                | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |     1480000 | PA      | $1514116.96   | 0.02%             | 2030-01-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL AUTO HO 8.375% 01/15/29                | GLOBAL AUTO HO/AAG FH UK REGD 144A P/P 8.37500000                                              | CUSIP: 00033GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |       50000 | PA      | $48916.02     | 0.00%             | 2029-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| ANGI GROUP LLC 3.875% 08/15/28                | ANGI GROUP LLC REGD 144A P/P 3.87500000                                                        | CUSIP: 001846AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      875000 | PA      | $822368.75    | 0.01%             | 2028-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| MAGNOLIA OIL G 6.875% 12/01/32                | MAGNOLIA OIL GAS/MAG FIN REGD 144A P/P 6.87500000                                              | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1577000 | PA      | $1618315.82   | 0.02%             | 2032-12-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| IHO VERWALTUNGS 7.75% 11/15/30                | IHO VERWALTUNGS GMBH REGD 144A P/P 7.75000000                                                  | CUSIP: 44963BAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |      150000 | PA      | $157214.55    | 0.00%             | 2030-11-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| TALOS PRODUCTION I 9% 02/01/29                | TALOS PRODUCTION INC REGD 144A P/P 9.00000000                                                  | CUSIP: 87485LAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $206809.60    | 0.00%             | 2029-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF POLA 5.5% 04/04/53                | REPUBLIC OF POLAND REGD SER 30Y 5.50000000                                                     | CUSIP: 731011AW2<br>LEI: N/A                  | Long             | DBT              | USGA              | PL        |     8100000 | PA      | $7849707.57   | 0.09%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SCHAEFFLE 5.375% 04/01/31/EUR/                | SCHAEFFLER AG /EUR/ REGD REG S 5.37500000                                                      | CUSIP: D6T0B6HU3<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     8400000 | PA      | $10326593.26  | 0.11%             | 2031-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ELDORADO GOLD C 6.25% 09/01/29                | ELDORADO GOLD CORP REGD 144A P/P 6.25000000                                                    | CUSIP: 284902AF0<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |     2850000 | PA      | $2855771.25   | 0.03%             | 2029-09-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| GRIFOLS SA 2.25% 11/15/27/EUR/                | GRIFOLS SA /EUR/ REGD REG S 2.25000000                                                         | CUSIP: E5706XAQ1<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |     2561000 | PA      | $2956371.79   | 0.03%             | 2027-11-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDING 2.528% 11/18/27                | AVOLON HOLDINGS FNDG LTD REGD 144A P/P 2.52800000                                              | CUSIP: 05401AAR2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      397000 | PA      | $381762.08    | 0.00%             | 2027-11-18      | Fixed         | 2.53%                 | Yes           |                  2 | On Loan: No      |
| BOYNE USA INC 4.75% 05/15/29                  | BOYNE USA INC REGD 144A P/P 4.75000000                                                         | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2156000 | PA      | $2114572.89   | 0.02%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| T/L REPUBLI 0% 02/11/34 /EUR/                 | T/L REPUBLIC OF COTE D'IVOIRE  REGD /EUR/ 0.00000000                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     4000000 | PA      | $4679763.22   | 0.05%             | 2034-02-11      | Floating      | 5.15%                 | No            |                  3 | On Loan: No      |
| BUCKEYE PARTNE 4.125% 12/01/27                | BUCKEYE PARTNERS LP REGD 4.12500000                                                            | CUSIP: 118230AR2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $69208.41     | 0.00%             | 2027-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ISRAEL ELECTRIC 4.25% 08/14/28                | ISRAEL ELECTRIC CORP LTD REGD MTN SER GMTN 4.25000000                                          | CUSIP: 465077AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | IL        |     3600000 | PA      | $3547166.40   | 0.04%             | 2028-08-14      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| SAMHALLSB 1.125% 09/26/29/EUR/                | SAMHALLSBYG HOLD /EUR/ REGD REG S 1.12500000                                                   | CUSIP: W7T8BYAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |     6546000 | PA      | $5886992.42   | 0.06%             | 2029-09-26      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC L 5% 06/01/29                | HILTON GRAND VAC LLC/INC REGD 144A P/P 5.00000000                                              | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      140000 | PA      | $134562.04    | 0.00%             | 2029-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| DORNOCH DEBT M 6.625% 10/15/29                | DORNOCH DEBT MERGER SUB REGD 144A P/P 6.62500000                                               | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $60241.84     | 0.00%             | 2029-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | EUR/USD FWD 20251002 000016440 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $7236.69      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| XHR LP 4.875% 06/01/29                        | XHR LP REGD 144A P/P 4.87500000                                                                | CUSIP: 98372MAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $48974.62     | 0.00%             | 2029-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF CHI 4.85% 01/22/29                | REPUBLIC OF CHILE REGD 4.85000000                                                              | CUSIP: 168863EB0<br>LEI: N/A                  | Long             | DBT              | USGA              | CL        |     6400000 | PA      | $6544000.00   | 0.07%             | 2029-01-22      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP 3.875% 02/15/28                | OPEN TEXT CORP REGD 144A P/P 3.87500000                                                        | CUSIP: 683715AC0<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |      100000 | PA      | $97282.24     | 0.00%             | 2028-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS 5.75% 03/01/29                | AVOLON HOLDINGS FNDG LTD REGD 144A P/P 5.75000000                                              | CUSIP: 05401AAU5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      453000 | PA      | $469070.76    | 0.01%             | 2029-03-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FTAI AVIATION IN 5.5% 05/01/28                | FTAI AVIATION INVESTORS REGD 144A P/P 5.50000000                                               | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     3982000 | PA      | $3984273.72   | 0.04%             | 2028-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ALEXANDER FUND 7.467% 07/31/28                | ALEXANDER FUND TRUST II REGD 144A P/P 7.46700000                                               | CUSIP: 014916AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      819000 | PA      | $875923.39    | 0.01%             | 2028-07-31      | Fixed         | 7.47%                 | Yes           |                  2 | On Loan: No      |
| CLECO CORPORAT 3.743% 05/01/26                | CLECO CORPORATE HOLDINGS REGD 3.74300000                                                       | CUSIP: 18551PAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      167000 | PA      | $166011.52    | 0.00%             | 2026-05-01      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMU 8.625% 03/15/31                | FRONTIER COMMUNICATIONS REGD 144A P/P 8.62500000                                               | CUSIP: 35908MAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2096000 | PA      | $2209733.15   | 0.02%             | 2031-03-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| CASCADES INC/U 5.375% 01/15/28                | CASCADES INC/USA INC REGD 144A P/P 5.37500000                                                  | CUSIP: 14739LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |       90000 | PA      | $89286.92     | 0.00%             | 2028-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| TAYLOR MORRISON 5.75% 01/15/28                | TAYLOR MORRISON COMM REGD 144A P/P 5.75000000                                                  | CUSIP: 87724RAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1300000 | PA      | $1318071.30   | 0.01%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| COEUR MINING I 5.125% 02/15/29                | COEUR MINING INC REGD 144A P/P 5.12500000                                                      | CUSIP: 192108BC1<br>LEI: 5493003AVK173D48DR70 | Long             | DBT              | CORP              | US        |       50000 | PA      | $49088.21     | 0.00%             | 2029-02-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS XS2242188261 05.000 SP 06/20/2027 GSISW LONG                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $5888.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LA FINAC AT 8.5% 06/30/28/EUR/                | LA FINAC ATALIAN /EUR/ REGD 8.50000000                                                         | CUSIP: F5474SAH1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | FR        |      155043 | PA      | $63709.80     | 0.00%             | 2028-06-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VICTORIA'S SEC 4.625% 07/15/29                | VICTORIA'S SECRET & CO REGD 144A P/P 4.62500000                                                | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |       40000 | PA      | $38182.18     | 0.00%             | 2029-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| CONNECT HOLDING 10.5% 04/03/31                | CONNECT HOLDING II LLC REGD 144A P/P 10.50000000                                               | CUSIP: 20753PAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $199994.68    | 0.00%             | 2031-04-03      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| CA MAGNUM HOLD 5.375% 10/31/26                | CA MAGNUM HOLDINGS REGD 144A P/P 5.37500000                                                    | CUSIP: 12674CAA1<br>LEI: 549300ZRDHFR078MFZ78 | Long             | DBT              | CORP              | MU        |     4637000 | PA      | $4616681.59   | 0.05%             | 2026-10-31      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| RAIZEN FUELS FI 6.45% 03/05/34                | RAIZEN FUELS FINANC REGD REG S 6.45000000                                                      | CUSIP: L7909CAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     1100000 | PA      | $1069672.98   | 0.01%             | 2034-03-05      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP 5.5% 09/01/26                     | VISTRA CORP REGD 144A P/P 5.50000000                                                           | CUSIP: 92840VAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1063000 | PA      | $1062299.55   | 0.01%             | 2026-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| EUTELSAT S 9.75% 04/13/29/EUR/                | EUTELSAT SA /EUR/ REGD REG S 9.75000000                                                        | CUSIP: F3692FAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      176000 | PA      | $223085.97    | 0.00%             | 2029-04-13      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH  10% 06/01/32                | LIFEPOINT HEALTH INC REGD 144A P/P 10.00000000                                                 | CUSIP: 53219LAX7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3500000 | PA      | $3674786.50   | 0.04%             | 2032-06-01      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF TUR 5.75% 05/11/47                | REPUBLIC OF TURKIYE REGD SER 30Y 5.75000000                                                    | CUSIP: 900123CM0<br>LEI: N/A                  | Long             | DBT              | USGA              | TR        |     9100000 | PA      | $7215529.14   | 0.08%             | 2047-05-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS L 11.25% 05/15/28                | CSC HOLDINGS LLC REGD 144A P/P 11.25000000                                                     | CUSIP: 126307BM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6966000 | PA      | $6448829.53   | 0.07%             | 2028-05-15      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| GARRETT MOTION  7.75% 05/31/32                | GARRETT MOTION HLD/SARL REGD 144A P/P 7.75000000                                               | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2859000 | PA      | $2996695.16   | 0.03%             | 2032-05-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC 6.625% 03/01/32                 | TRANSDIGM INC REGD 144A P/P 6.62500000                                                         | CUSIP: 893647BV8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    11342000 | PA      | $11675645.23  | 0.13%             | 2032-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT HOLD /  6.75% 10/15/27                | ALLIANT HOLD / CO-ISSUER REGD 144A P/P 6.75000000                                              | CUSIP: 01883LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6333000 | PA      | $6346641.28   | 0.07%             | 2027-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| KBR INC 4.75% 09/30/28                        | KBR INC REGD 144A P/P 4.75000000                                                               | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |      628000 | PA      | $621073.16    | 0.01%             | 2028-09-30      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| AVIS BUDGET CA 5.375% 03/01/29                | AVIS BUDGET CAR/FINANCE REGD P/P 5.37500000                                                    | CUSIP: 053773BF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $58490.93     | 0.00%             | 2029-03-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| GRAPHIC PACKAG 6.375% 07/15/32                | GRAPHIC PACKAGING INTERN REGD 144A P/P 6.37500000                                              | CUSIP: 38869AAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $30463.08     | 0.00%             | 2032-07-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| DOMINICAN REPUB 6.85% 01/27/45                | DOMINICAN REPUBLIC REGD 6.85000000                                                             | CUSIP: P3579EBE6<br>LEI: N/A                  | Long             | DBT              | USGA              | DO        |     5200000 | PA      | $5381220.00   | 0.06%             | 2045-01-27      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDS US698299AD63 01.000 SP 06/20/2030 MSCSUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-13539.43    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OCTL 2024-2A A2 5.8% 07/20/32                 | OCTANE RECEIVABLES TRUST 2024-2 SER 2024-2A CL A2 REGD 144A P/P 5.80000000                     | CUSIP: 67578YAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      305950 | PA      | $308713.63    | 0.00%             | 2032-07-20      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL  6.1% 09/21/28                | HYUNDAI CAPITAL AMERICA REGD 144A P/P 6.10000000                                               | CUSIP: 44891ACN5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      735000 | PA      | $768820.31    | 0.01%             | 2028-09-21      | Fixed         | 6.10%                 | Yes           |                  2 | On Loan: No      |
| MATTERHORN 5.25% 07/31/28/CHF/                | MATTERHORN TELECOM SA /CHF/ REGD REG S 5.25000000                                              | CUSIP: L6258WAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     1750000 | PA      | $2254629.19   | 0.02%             | 2028-07-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| T/L ASTERIX ACQ 0.00% 03/29/32                | T/L ASTERIX ACQUICO GMBH 0% 0.00000000                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DE        |     1500000 | PA      | $1767679.00   | 0.02%             | 2032-03-29      | Floating      | 2.02%                 | No            |                  2 | On Loan: No      |
| T/L BOXER PARENT 0% 07/30/31                  | T/L BOXER PARENT COMPANY INC   REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      621875 | PA      | $620513.09    | 0.01%             | 2031-07-30      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTER 7% 05/01/29/EUR/                | BANIJAY ENTERTAINMENT /EUR/ REGD REG S 7.00000000                                              | CUSIP: F6456QAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      425000 | PA      | $517326.62    | 0.01%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SEN 6.25% 05/23/33                | REPUBLIC OF SENEGAL REGD REG S 6.25000000                                                      | CUSIP: V7691DAX4<br>LEI: N/A                  | Long             | DBT              | USGA              | SN        |     3900000 | PA      | $2815493.62   | 0.03%             | 2033-05-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HUNGARY 6.75% 09/25/52                        | HUNGARY REGD REG S 6.75000000                                                                  | CUSIP: X93622GL0<br>LEI: N/A                  | Long             | DBT              | USGA              | HU        |     2600000 | PA      | $2808506.14   | 0.03%             | 2052-09-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERE V/R 05/14/28                | STANDARD CHARTERED PLC REGD V/R 144A P/P 5.68800000                                            | CUSIP: 853254DB3<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |      256000 | PA      | $261349.07    | 0.00%             | 2028-05-14      | Variable      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| CARNIVAL CORP 6.65% 01/15/28                  | CARNIVAL CORP REGD 6.65000000                                                                  | CUSIP: 143658AH5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |       30000 | PA      | $31106.97     | 0.00%             | 2028-01-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| CRVNA 2021-N1 A 0.7% 11/10/25                 | CARVANA AUTO RECEIVABLES TRUST 2021-N1 SER 2021-N1 CL A REGD 0.70000000                        | CUSIP: 14687DAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |       30867 | PA      | $30427.43     | 0.00%             | 2028-01-10      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIE 10% 10/15/32                | LUMEN TECHNOLOGIES INC REGD 144A P/P 10.00000000                                               | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     2285744 | PA      | $2311661.14   | 0.03%             | 2032-10-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| BBCMS 2025-5C 5.659% 04/15/30                 | BBCMS MORTGAGE TRUST 2025-5C34 SER 2025-5C34 CL A3 REGD 5.65900000                             | CUSIP: 07337BAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      550000 | PA      | $576616.54    | 0.01%             | 2058-05-15      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| ROMANIA 2.625% 12/02/40/EUR/                  | ROMANIA /EUR/ REGD REG S 2.62500000                                                            | CUSIP: X7360WBR2<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |     5100000 | PA      | $3831015.08   | 0.04%             | 2040-12-02      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| EUTELSAT S 2.25% 07/13/27/EUR/                | EUTELSAT SA /EUR/ REGD REG S 2.25000000                                                        | CUSIP: F3692FAG2<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      100000 | PA      | $115896.92    | 0.00%             | 2027-07-13      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HO 4.279% 03/15/32                | WARNERMEDIA HOLDINGS INC REGD SER WI 4.27900000                                                | CUSIP: 55903VBC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $77949.00     | 0.00%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANSM 5.875% 06/01/29                | ALLISON TRANSMISSION INC REGD 144A P/P 5.87500000                                              | CUSIP: 019736AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      120000 | PA      | $121000.92    | 0.00%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| AXALTA COAT/DUT 4.75% 06/15/27                | AXALTA COAT/DUTCH HLD BV REGD 144A P/P 4.75000000                                              | CUSIP: 05454NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |      150000 | PA      | $149319.98    | 0.00%             | 2027-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| PATRICK INDUST 6.375% 11/01/32                | PATRICK INDUSTRIES INC REGD 144A P/P 6.37500000                                                | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |     1840000 | PA      | $1866490.48   | 0.02%             | 2032-11-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| IPD 3 BV 5.5% 06/15/31/EUR/                   | IPD 3 BV /EUR/ REGD 144A P/P 5.50000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | NL        |     4943000 | PA      | $5893424.00   | 0.06%             | 2031-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MURPHY OIL USA  4.75% 09/15/29                | MURPHY OIL USA INC REGD 4.75000000                                                             | CUSIP: 626738AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       20000 | PA      | $19721.67     | 0.00%             | 2029-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DEUCE FINCO 5.5% 06/15/27/GBP/                | DEUCE FINCO /GBP/ REGD REG S 5.50000000                                                        | CUSIP: G2736HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     2388000 | PA      | $3205627.80   | 0.04%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| F/C US ULTRA BOND CBT DEC25                   | FUTURE CONTRACT ON           US ULTRA BOND CBT DEC25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         -12 | NC      | $-1440750.00  | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| HERITAGE PWR LLC                              | HERITAGE PWR LLC 0.00000000                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |         947 | NS      | $60016.13     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTION BONDCO  6.625% 11/15/27                | MOTION BONDCO DAC REGD 144A P/P 6.62500000                                                     | CUSIP: 61978XAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |       70000 | PA      | $68387.97     | 0.00%             | 2027-11-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| IQVIA INC 6.25% 06/01/32                      | IQVIA INC REGD 144A P/P 6.25000000                                                             | CUSIP: 46266TAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6817000 | PA      | $7011509.46   | 0.08%             | 2032-06-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ARGE S/UP 07/09/30                | REPUBLIC OF ARGENTINA REGD S/UP 0.75000000                                                     | CUSIP: 040114HS2<br>LEI: N/A                  | Long             | DBT              | USGA              | AR        |      592000 | PA      | $402708.00    | 0.00%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE 12% 11/30/28                | EG GLOBAL FINANCE PLC REGD 144A P/P 12.00000000                                                | CUSIP: 28228PAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     4371000 | PA      | $4805726.54   | 0.05%             | 2028-11-30      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| CUSHMAN & WAKE 8.875% 09/01/31                | CUSHMAN & WAKEFIELD US REGD 144A P/P 8.87500000                                                | CUSIP: 23166MAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2307000 | PA      | $2464932.61   | 0.03%             | 2031-09-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| EART 2024-3A D 5.98% 09/16/30                 | EXETER AUTOMOBILE RECEIVABLES TRUST 2024-3 SER 2024-3A CL D REGD 5.98000000                    | CUSIP: 30165AAF2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      120000 | PA      | $122742.90    | 0.00%             | 2030-09-16      | Fixed         | 5.98%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNME S/UP 02/01/30                | UKRAINE GOVERNMENT REGD S/UP 0.00000000                                                        | CUSIP: X5S0055Z0<br>LEI: N/A                  | Long             | DBT              | USGA              | UA        |      900000 | PA      | $472471.37    | 0.01%             | 2030-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| C&S GROUP ENTERPRI 5% 12/15/28                | C&S GROUP ENTERPRISES LL REGD 144A P/P 5.00000000                                              | CUSIP: 12467AAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $81404.35     | 0.00%             | 2028-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ZIGGO BV 2.875% 01/15/30/EUR/                 | ZIGGO BV /EUR/ REGD REG S 2.87500000                                                           | CUSIP: N98371AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     7696000 | PA      | $8594073.05   | 0.09%             | 2030-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BRIGHTLINE EAST L 11% 01/31/30                | BRIGHTLINE EAST LLC REGD 144A P/P 11.00000000                                                  | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      120000 | PA      | $50181.60     | 0.00%             | 2030-01-31      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| TOUCAN FIN 8.25% 05/15/30/EUR/                | TOUCAN FINCO LTD/CAN/US /EUR/ REGD REG S 8.25000000                                            | CUSIP: G8947JAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     1675000 | PA      | $1879644.89   | 0.02%             | 2030-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| TITAN INTERNATIONA 7% 04/30/28                | TITAN INTERNATIONAL INC REGD SER WI 7.00000000                                                 | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |     2625000 | PA      | $2628239.25   | 0.03%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL  5.75% 11/20/25                | ALLY FINANCIAL INC REGD 5.75000000                                                             | CUSIP: 02005NBF6<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |      329000 | PA      | $329175.44    | 0.00%             | 2025-11-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CIRSA FINAN 6.5% 03/15/29/EUR/                | CIRSA FINANCE INTER /EUR/ REGD REG S 6.50000000                                                | CUSIP: L1R71TAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     5611000 | PA      | $6860459.06   | 0.08%             | 2029-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TMS INTERNATION 6.25% 04/15/29                | TMS INTERNATIONAL CORP REGD 144A P/P 6.25000000                                                | CUSIP: 87261QAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $58190.51     | 0.00%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| K HOVNANIAN ENTERP 8% 04/01/31                | K HOVNANIAN ENTERPRISES REGD 144A P/P 8.00000000                                               | CUSIP: 48251UAP3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2943000 | PA      | $3016329.93   | 0.03%             | 2031-04-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| DRSLF 2022-104A  V/R 08/20/34                 | DRYDEN 104 CLO LTD SER 2022-104A CL A1R V/R REGD 144A P/P 5.49354000                           | CUSIP: 26253BAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      980000 | PA      | $983275.36    | 0.01%             | 2034-08-20      | Variable      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| F/C US 2YR NOTE (CBT) DEC25                   | FUTURE CONTRACT ON           US 2YR NOTE (CBT) DEC25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |        1050 | NC      | $218818359.90 | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| WHISTLER PIPELIN 5.4% 09/30/29                | WHISTLER PIPELINE LLC REGD 144A P/P 5.40000000                                                 | CUSIP: 96337RAA0<br>LEI: 549300NG57SGLTNW5C85 | Long             | DBT              | CORP              | US        |      353000 | PA      | $363083.88    | 0.00%             | 2029-09-30      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL PAYMENTS 4.45% 06/01/28                | GLOBAL PAYMENTS INC REGD 4.45000000                                                            | CUSIP: 891906AF6<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |      110000 | PA      | $110191.59    | 0.00%             | 2028-06-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC 6.375% 08/01/33                | ROCKET COS INC REGD 144A P/P 6.37500000                                                        | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    11490000 | PA      | $11868891.38  | 0.13%             | 2033-08-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CLEAR CHANNEL OU 7.5% 06/01/29                | CLEAR CHANNEL OUTDOOR HO REGD 144A P/P 7.50000000                                              | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     7595000 | PA      | $7376766.57   | 0.08%             | 2029-06-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| SCOTTS MIRACLE- 5.25% 12/15/26                | SCOTTS MIRACLE-GRO CO REGD SER WI 5.25000000                                                   | CUSIP: 810186AP1<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |       40000 | PA      | $39826.03     | 0.00%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CROWDSTRIKE HOLDIN 3% 02/15/29                | CROWDSTRIKE HOLDINGS INC REGD 3.00000000                                                       | CUSIP: 22788CAA3<br>LEI: 549300YBY08K9KM4HX32 | Long             | DBT              | CORP              | US        |      550000 | PA      | $523854.98    | 0.01%             | 2029-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BAUSCH & LOM V/R 01/15/31/EUR/                | BAUSCH & LOMB NL BV/INC /EUR/ REGD V/R 144A P/P 5.87200000                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | N/A       |     1225000 | PA      | $1457204.24   | 0.02%             | 2031-01-15      | Variable      | 5.87%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS P03.75RSOFR 12/18/29 WFSLUS33XXX FIXED                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |           1 | NC      | $177764.65    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROC 5.5% 12/11/42                | KINGDOM OF MOROCCO REGD 5.50000000                                                             | CUSIP: V5311VAB6<br>LEI: N/A                  | Long             | DBT              | USGA              | MA        |     1700000 | PA      | $1626088.64   | 0.02%             | 2042-12-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA 7.75% 02/01/32                   | ECOPETROL SA REGD 7.75000000                                                                   | CUSIP: 279158AW9<br>LEI: N/A                  | Long             | DBT              | CORP              | CO        |     2100000 | PA      | $2173425.66   | 0.02%             | 2032-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC  3.375% 08/31/27                | PRIME SECSRVC BRW/FINANC REGD 144A P/P 3.37500000                                              | CUSIP: 74166MAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      270000 | PA      | $262470.83    | 0.00%             | 2027-08-31      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| NISSAN MO 6.375% 07/17/33/EUR/                | NISSAN MOTOR CO /EUR/ REGD 144A P/P 6.37500000                                                 | CUSIP: 654744AK7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     3163000 | PA      | $3823266.49   | 0.04%             | 2033-07-17      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CITZN 2023-1 A 5.78% 12/15/26                 | CITIZENS AUTO RECEIVABLES TRUST 2023-1 SER 2023-1 CL A4 REGD 144A P/P 5.78000000               | CUSIP: 17331KAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1000000 | PA      | $1019371.00   | 0.01%             | 2030-10-15      | Fixed         | 5.78%                 | Yes           |                  2 | On Loan: No      |
| FIBERCOP  1.625% 01/18/29/EUR/                | FIBERCOP SPA /EUR/ REGD EMTN 1.62500000                                                        | CUSIP: T7S98WAP1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |     5100000 | PA      | $5595107.72   | 0.06%             | 2029-01-18      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VAL 7.5% 06/15/31                | VFH PARENT / VALOR CO REGD 144A P/P 7.50000000                                                 | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $93075.03     | 0.00%             | 2031-06-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| OFSBS 2018-1A AR V/R 07/15/31                 | OFSI BSL IX LTD SER 2018-1A CL AR V/R REGD 144A P/P 5.50755000                                 | CUSIP: 67111BAN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     3564585 | PA      | $3565912.84   | 0.04%             | 2031-07-15      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| BROOKLYN UNION 4.632% 08/05/27                | BROOKLYN UNION GAS CO REGD 144A P/P 4.63200000                                                 | CUSIP: 114259AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      488000 | PA      | $491516.51    | 0.01%             | 2027-08-05      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| FORTESCUE TREA 5.875% 04/15/30                | FORTESCUE TREASURY PTY L REGD 144A P/P 5.87500000                                              | CUSIP: 30251GBD8<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |       30000 | PA      | $30751.83     | 0.00%             | 2030-04-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| SIRIUS XM RADIO LL 5% 08/01/27                | SIRIUS XM RADIO LLC REGD 144A P/P 5.00000000                                                   | CUSIP: 82967NBA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4189000 | PA      | $4168717.70   | 0.05%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| COTERRA ENERGY I 3.9% 05/15/27                | COTERRA ENERGY INC REGD SER WI 3.90000000                                                      | CUSIP: 127097AG8<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | DBT              | CORP              | US        |     1129000 | PA      | $1121817.99   | 0.01%             | 2027-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| STONEGATE 10.75% 07/31/29/GBP/                | STONEGATE PUB FIN /GBP/ REGD REG S 10.75000000                                                 | CUSIP: G8506MAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      219000 | PA      | $295338.62    | 0.00%             | 2029-07-31      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK  V/R /PERP//EUR/                | DEUTSCHE BANK AG /EUR/ REGD V/R /PERP/ REG S 4.50000000                                        | CUSIP: D1T7GBQX7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     3800000 | PA      | $4427929.50   | 0.05%             | 2174-04-30      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| ALTA EQUIPMENT GRO 9% 06/01/29                | ALTA EQUIPMENT GROUP REGD 144A P/P 9.00000000                                                  | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |     1269000 | PA      | $1183910.76   | 0.01%             | 2029-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| CORNERSTONE BUIL 9.5% 08/15/29                | CORNERSTONE BUILDING REGD 144A P/P 9.50000000                                                  | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |       70000 | PA      | $67765.60     | 0.00%             | 2029-08-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| EIRCOM FINANC 5% 04/30/31/EUR/                | EIRCOM FINANCE DAC /EUR/ REGD REG S 5.00000000                                                 | CUSIP: G29529AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      343000 | PA      | $412473.85    | 0.00%             | 2031-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLOCK INC 5.625% 08/15/30                     | BLOCK INC REGD 144A P/P 5.62500000                                                             | CUSIP: 852234AT0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     4419000 | PA      | $4477109.85   | 0.05%             | 2030-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| T/L CAMELOT U.S. 0.0% 01/31/31                | T/L CAMELOT U.S. ACQUISITION   LLC 0.00000000                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2439000 | PA      | $2433658.59   | 0.03%             | 2031-01-31      | Floating      | 7.41%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC V/R 08/15/30                | NATWEST GROUP PLC REGD V/R 4.96400000                                                          | CUSIP: 639057AS7<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |      296000 | PA      | $301538.78    | 0.00%             | 2030-08-15      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| N/A                                           | INR/USD FWD 20251017 000001733 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-106.79      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ADNOC MURBAN R 5.125% 09/11/54                | ADNOC MURBAN RSC LTD REGD 144A P/P 5.12500000                                                  | CUSIP: 00723L2C2<br>LEI: N/A                  | Long             | DBT              | CORP              | AE        |     4100000 | PA      | $3888826.14   | 0.04%             | 2054-09-11      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| WRANGLER HOLDC 6.625% 04/01/32                | WRANGLER HOLDCO CORP REGD 144A P/P 6.62500000                                                  | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5264000 | PA      | $5489615.04   | 0.06%             | 2032-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| MOHEGAN TRIBAL 13.25% 12/15/29                | MOHEGAN TRIBAL / MS DIG REGD 144A P/P 13.25000000                                              | CUSIP: 60833AAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       25000 | PA      | $28375.00     | 0.00%             | 2029-12-15      | Fixed         | 13.25%                | Yes           |                  2 | On Loan: No      |
| CHS/COMMUNITY 10.875% 01/15/32                | CHS/COMMUNITY HEALTH SYS REGD 144A P/P 10.87500000                                             | CUSIP: 12543DBN9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5159000 | PA      | $5460502.28   | 0.06%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| T/L ECOVYST CATA 0% 06/12/31                  | T/L ECOVYST CATALYST TECHNOLOGIES LLC REGD 0.00000000                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      990000 | PA      | $988455.60    | 0.01%             | 2031-06-12      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING L 4% 03/27/27                | GLENCORE FUNDING LLC REGD 144A P/P 4.00000000                                                  | CUSIP: 378272AN8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      746000 | PA      | $742592.53    | 0.01%             | 2027-03-27      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| T/L WAND NEWCO 3 0% 01/30/31                  | T/L WAND NEWCO 3 INC 0% 0.00000000                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1989037 | PA      | $1981200.48   | 0.02%             | 2031-01-30      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY 3.125% 07/12/41                  | QATAR ENERGY REGD REG S 3.12500000                                                             | CUSIP: M8180AAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | QA        |    12800000 | PA      | $9854156.80   | 0.11%             | 2041-07-12      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CARMX 2023-1 B 4.98% 01/16/29                 | CARMAX AUTO OWNER TRUST 2023-1 SER 2023-1 CL B REGD 4.98000000                                 | CUSIP: 14318DAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1670000 | PA      | $1691015.11   | 0.02%             | 2029-01-16      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| CAIXABANK SA V/R /PERP//EUR/                  | CAIXABANK SA /EUR/ REGD V/R /PERP/ REG S SER * 6.25000000                                      | CUSIP: E2R06BAK7<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |      200000 | PA      | $245636.15    | 0.00%             | 2174-04-24      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| WYNN LAS VEGAS  5.25% 05/15/27                | WYNN LAS VEGAS LLC/CORP REGD 144A P/P 5.25000000                                               | CUSIP: 983130AX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      240000 | PA      | $239613.10    | 0.00%             | 2027-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| T/L AMBER FINCO 0%   06/11/29                 | T/L AMBER FINCO PLC 0.00000000                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |      300000 | PA      | $354511.44    | 0.00%             | 2029-06-11      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR 5.75% 07/15/27                | AVIS BUDGET CAR/FINANCE REGD 144A P/P 5.75000000                                               | CUSIP: 053773BC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $29952.28     | 0.00%             | 2027-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF CAME 9.5% 07/31/31                | REPUBLIC OF CAMEROON REGD REG S SER 7Y 9.50000000                                              | CUSIP: V58014AC1<br>LEI: N/A                  | Long             | DBT              | USGA              | CM        |     2000000 | PA      | $1924199.00   | 0.02%             | 2031-07-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LAGARDERE  4.75% 06/12/30/EUR/                | LAGARDERE SCA /EUR/ REGD REG S 4.75000000                                                      | CUSIP: F5485UXJ4<br>LEI: 969500VX2NV2AQQ65G45 | Long             | DBT              | CORP              | FR        |     1600000 | PA      | $1913525.53   | 0.02%             | 2030-06-12      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BAYTEX ENERGY CO 8.5% 04/30/30                | BAYTEX ENERGY CORP REGD 144A P/P 8.50000000                                                    | CUSIP: 07317QAJ4<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |      670000 | PA      | $688489.32    | 0.01%             | 2030-04-30      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| F/C EURO-BOBL FUTURE  DEC25                   | FUTURE CONTRACT ON           EURO-BOBL FUTURE  DEC25 /EUR/ 0.00000000                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |          -1 | NC      | $-138314.83   | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MADISON IAQ LL 5.875% 06/30/29                | MADISON IAQ LLC REGD 144A P/P 5.87500000                                                       | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |     6404000 | PA      | $6324632.28   | 0.07%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ATOS SE S/UP 12/18/30/EUR/                    | ATOS SE /EUR/ REGD S/UP REG S 5.00000000                                                       | CUSIP: F04805EV9<br>LEI: 5493001EZOOA66PTBR68 | Long             | DBT              | CORP              | FR        |     6875000 | PA      | $7612048.50   | 0.08%             | 2030-12-18      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MF1 2022-FL9 A V/R 04/19/27                   | MF1 2022-FL9 LLC SER 2022-FL9 CL A V/R REGD 144A P/P 6.28359000                                | CUSIP: 55285AAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1086471 | PA      | $1086463.37   | 0.01%             | 2037-06-19      | Variable      | 6.28%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | EUR/USD FWD 20251104 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-165846.33   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MERLIN ENTERTA 7.375% 02/15/31                | MERLIN ENTERTAINMENTS GR REGD 144A P/P 7.37500000                                              | CUSIP: 59010UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3650000 | PA      | $3140823.18   | 0.03%             | 2031-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| GEN DIGITAL INC 6.75% 09/30/27                | GEN DIGITAL INC REGD 144A P/P 6.75000000                                                       | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |      815000 | PA      | $827347.25    | 0.01%             | 2027-09-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS PPR6MR03.08 10/03/29 WFSLUS33XXX FLOAT                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | CZ        |           1 | NC      | $45057.47     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ADT SEC CORP 4.125% 08/01/29                  | ADT SEC CORP REGD 144A P/P 4.12500000                                                          | CUSIP: 00109LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $96716.85     | 0.00%             | 2029-08-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| OFFICE PPTY INCOME 9% 03/31/29                | OFFICE PPTY INCOME TRST REGD 144A P/P 9.00000000                                               | CUSIP: 67623CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $40769.20     | 0.00%             | 2029-03-31      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| ARDN 2025-ARCP A V/R 06/15/27                 | ARDN 2025-ARCP MORTGAGE TRUST SER 2025-ARCP CL A V/R REGD 144A P/P 5.90016000                  | CUSIP: 039961AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      550000 | PA      | $549882.91    | 0.01%             | 2035-06-15      | Variable      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| AMCAR 2023-1 C 5.8% 12/18/28                  | AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2023-1 SER 2023-1 CL C REGD 5.80000000                | CUSIP: 03067BAF6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      240000 | PA      | $244571.54    | 0.00%             | 2028-12-18      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| N/A                                           | EUR/USD FWD 20251002 000006038 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-7502.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BALL CORP 4.25% 07/01/32/EUR/                 | BALL CORP /EUR/ REGD 4.25000000                                                                | CUSIP: U05796AJ3<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     1483000 | PA      | $1780843.50   | 0.02%             | 2032-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE SEC 3.625% 01/15/26                | BLACKSTONE SECURED LEND REGD 3.62500000                                                        | CUSIP: 09261LAC2<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |      647000 | PA      | $645378.24    | 0.01%             | 2026-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251031 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $5878.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KOHL'S CORPORA 5.125% 05/01/31                | KOHL'S CORPORATION REGD 5.12500000                                                             | CUSIP: 500255AX2<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |       70000 | PA      | $55244.62     | 0.00%             | 2031-05-01      | Variable      | 5.12%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFE 5.625% 05/01/27                | ENERGY TRANSFER LP REGD 144A P/P 5.62500000                                                    | CUSIP: 226373AQ1<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      794000 | PA      | $794355.65    | 0.01%             | 2027-05-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| HELMERICH & PAY 4.85% 12/01/29                | HELMERICH & PAYNE INC REGD 4.85000000                                                          | CUSIP: 423452AM3<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | DBT              | CORP              | US        |      312000 | PA      | $310786.37    | 0.00%             | 2029-12-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| TPMT 2019-HY1 M2 V/R 08/25/28                 | TOWD POINT MORTGAGE TRUST 2019-HY1 SER 2019-HY1 CL M2 V/R REGD 144A P/P 6.27239000             | CUSIP: 89177EAD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      385000 | PA      | $400294.78    | 0.00%             | 2048-10-25      | Variable      | 6.27%                 | Yes           |                  2 | On Loan: No      |
| CELANESE US HOL 6.85% 11/15/28                | CELANESE US HOLDINGS LLC REGD 6.85000000                                                       | CUSIP: 15089QAW4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1240000 | PA      | $1287193.69   | 0.01%             | 2028-11-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| T/L MEDLINE BORROW 0% 10/23/28                | T/L MEDLINE BORROWER LP REGD   TERM LOAN 0.00000000                                            | CUSIP: 58503UAH6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      781697 | PA      | $781650.35    | 0.01%             | 2028-10-23      | Floating      | 4.16%                 | No            |                  2 | On Loan: No      |
| REKEEP SPA 9% 09/15/29/EUR/                   | REKEEP SPA /EUR/ REGD 144A P/P 9.00000000                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IT        |     1398000 | PA      | $1611979.91   | 0.02%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| DISCOVERY COMMU 6.35% 06/01/40                | DISCOVERY COMMUNICATIONS REGD 6.35000000                                                       | CUSIP: 25470DAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $42764.00     | 0.00%             | 2040-06-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| KONINKLIJKE KP V/R /PERP//EUR/                | KONINKLIJKE KPN NV /EUR/ REGD V/R /PERP/ REG S SER - 6.00000000                                | CUSIP: N4297BKB9<br>LEI: 549300YO0JZHAL7FVP81 | Long             | DBT              | CORP              | NL        |     3820000 | PA      | $4749934.88   | 0.05%             | 2173-12-21      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN 4.25% 07/01/26                | ROYAL CARIBBEAN CRUISES REGD 144A P/P 4.25000000                                               | CUSIP: 780153BH4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      498000 | PA      | $497682.80    | 0.01%             | 2026-07-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| CONDUENT BUS SERVI 6% 11/01/29                | CONDUENT BUS SERVICES REGD 144A P/P 6.00000000                                                 | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      110000 | PA      | $106247.59    | 0.00%             | 2029-11-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GENERAL MOTORS  5.65% 01/17/29                | GENERAL MOTORS FINL CO REGD 5.65000000                                                         | CUSIP: 37045XCS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      641000 | PA      | $662945.94    | 0.01%             | 2029-01-17      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| SAMHALLSBYG 2.875% /PERP//EUR/                | SAMHALLSBYGGNADS /EUR/ REGD /PERP/ REG S 2.87500000                                            | CUSIP: W7T8BRKT6<br>LEI: 549300HX9MRFY47AH564 | Long             | DBT              | CORP              | SE        |     1983000 | PA      | $1574783.38   | 0.02%             | 2174-01-30      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| T/L ACRISURE LLC 0% 11/06/30                  | T/L ACRISURE LLC REGD 0.00000000                                                               | CUSIP: 00488PAV7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1485028 | PA      | $1480855.18   | 0.02%             | 2030-11-06      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMI 6.25% 04/15/32                | GENESEE & WYOMING INC REGD 144A P/P 6.25000000                                                 | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |     2440000 | PA      | $2479386.48   | 0.03%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| WINNEBAGO INDUS 6.25% 07/15/28                | WINNEBAGO INDUSTRIES REGD 144A P/P 6.25000000                                                  | CUSIP: 974637AC4<br>LEI: 549300B7OYKYJLTE3G11 | Long             | DBT              | CORP              | US        |       60000 | PA      | $59874.87     | 0.00%             | 2028-07-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| SPIRIT AIR 2015- 4.1% 04/01/28                | SPIRIT AIR 2015-1 PTT A REGD SER A 4.10000000                                                  | CUSIP: 84858DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      157058 | PA      | $149041.81    | 0.00%             | 2028-04-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| VONOVIA S 0.875% 05/20/32/EUR/                | VONOVIA SE /EUR/ REGD REG S SER B CONVERTIBLE 0.87500000                                       | CUSIP: D9581TCV0<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | DBT              | CORP              | DE        |      200000 | PA      | $235527.56    | 0.00%             | 2032-05-20      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENT 1% 07/09/29                | REPUBLIC OF ARGENTINA REGD 1.00000000                                                          | CUSIP: 040114HX1<br>LEI: N/A                  | Long             | DBT              | USGA              | AR        |     4864000 | PA      | $3545612.80   | 0.04%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| T/L LEVEL 3 FI 00.00% 03/27/32                | T/L LEVEL 3 FINANCING INC. 0.00000000                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1388000 | PA      | $1388000.00   | 0.02%             | 2032-03-27      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| CORELOGIC INC 4.5% 05/01/28                   | CORELOGIC INC REGD P/P 4.50000000                                                              | CUSIP: 21871DAD5<br>LEI: 54930086CD8K2UIL0516 | Long             | DBT              | CORP              | US        |    11636000 | PA      | $11258062.72  | 0.12%             | 2028-05-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| T/L ATLAS CC A 00.00% 05/25/29                | T/L ATLAS CC ACQUISITION CORP. 0.00000000                                                      | CUSIP: 04921TAJ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1422453 | PA      | $810357.38    | 0.01%             | 2029-05-25      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US  7.25% 02/15/33                | OLYMPUS WTR US HLDG CORP REGD 144A P/P SER 144* 7.25000000                                     | CUSIP: 681639AE0<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     9008000 | PA      | $9010297.04   | 0.10%             | 2033-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CHURCHILL DOWNS 6.75% 05/01/31                | CHURCHILL DOWNS INC REGD 144A P/P 6.75000000                                                   | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     5317000 | PA      | $5450084.51   | 0.06%             | 2031-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FELLS POINT FU 3.046% 01/31/27                | FELLS POINT FUNDING TR REGD 144A P/P 3.04600000                                                | CUSIP: 314382AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      726000 | PA      | $714302.97    | 0.01%             | 2027-01-31      | Fixed         | 3.05%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL AUTO HO/ 8.75% 01/15/32                | GLOBAL AUTO HO/AAG FH UK REGD 144A P/P 8.75000000                                              | CUSIP: 00033GAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |       50000 | PA      | $48625.00     | 0.00%             | 2032-01-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/ 3% 02/02/29                | JBS USA HOLD/FOOD/LUX CO REGD 3.00000000                                                       | CUSIP: 46590XAN6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      346000 | PA      | $331432.88    | 0.00%             | 2029-02-02      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BRANDYWINE OPER 4.55% 10/01/29                | BRANDYWINE OPER PARTNERS REGD 4.55000000                                                       | CUSIP: 105340AP8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $57290.93     | 0.00%             | 2029-10-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUR V/R /PERP//EUR/                | TELEFONICA EUROPE BV /EUR/ REGD V/R /PERP/ REG S SER . 5.75220000                              | CUSIP: N850235R1<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     2300000 | PA      | $2860062.32   | 0.03%             | 2174-04-15      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG P 6.75% 03/15/34                | TALLGRASS NRG PRTNR/FIN REGD 144A P/P 6.75000000                                               | CUSIP: 87470LAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1461000 | PA      | $1447681.29   | 0.02%             | 2034-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| US T BILL ZCP 11/12/25                        | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797RN9<br>LEI: N/A                  | Long             | STIV             | UST               | US        |     3100000 | PA      | $3085511.28   | 0.03%             | 2025-11-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SUNRISE HOLDCO I 5.5% 01/15/28                | SUNRISE HOLDCO IV BV REGD 144A P/P 5.50000000                                                  | CUSIP: 90320LAG2<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |       60000 | PA      | $59803.19     | 0.00%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| T/L DIGICEL IN 0% 08/06/2032                  | T/L DIGICEL INTERNATIONAL      FINANCE LIMITED REGD 0.00000000                                 | CUSIP: G2761UAC5<br>LEI: N/A                  | Long             | LON              | CORP              | BM        |     2563000 | PA      | $2559796.25   | 0.03%             | 2032-08-06      | Floating      | 9.49%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FI 9.5% 06/01/30                | AMERIGAS PART/FIN CORP REGD 144A P/P 9.50000000                                                | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1726000 | PA      | $1806912.07   | 0.02%             | 2030-06-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| UKRAINE GOVERNME S/UP 02/01/36                | UKRAINE GOVERNMENT REGD S/UP 4.50000000                                                        | CUSIP: X5S0056C0<br>LEI: N/A                  | Long             | DBT              | USGA              | UA        |     2600000 | PA      | $1415052.60   | 0.02%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| F/C US 5YR NOTE (CBT) DEC25                   | FUTURE CONTRACT ON           US 5YR NOTE (CBT) DEC25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         616 | NC      | $67264312.81  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| COBRA ACQUISIT 6.375% 11/01/29                | COBRA ACQUISITIONCO LLC REGD 144A P/P 6.37500000                                               | CUSIP: 19106CAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $61090.90     | 0.00%             | 2029-11-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| T/L VENATOR 0% 07/16/2026                     | T/L VENATOR MATERIALS LLC REGD 0.00000000                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      967347 | PA      | $918979.90    | 0.01%             | 2026-07-16      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA 2.124% 07/16/31/EUR/                  | ROMANIA /EUR/ REGD REG S EMTN 2.12400000                                                       | CUSIP: X7360WBB7<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |     2700000 | PA      | $2708279.22   | 0.03%             | 2031-07-16      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| ZAYO GROUP HOLD 9.25% 03/09/30                | ZAYO GROUP HOLDINGS INC REGD 144A P/P 9.25000000                                               | CUSIP: 98919VAC9<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |     5305084 | PA      | $5066355.22   | 0.06%             | 2030-03-09      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| COSTA RICA GOV 5.625% 04/30/43                | COSTA RICA GOVERNMENT REGD 5.62500000                                                          | CUSIP: P3699PGF8<br>LEI: N/A                  | Long             | DBT              | USGA              | CR        |     1700000 | PA      | $1578997.59   | 0.02%             | 2043-04-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2016- 3.1% 10/07/28                | UNITED AIR 2016-2 A PTT REGD SER A 3.10000000                                                  | CUSIP: 90932DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       24945 | PA      | $23656.92     | 0.00%             | 2028-10-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUND 4.65% 09/08/28                | F&G GLOBAL FUNDING REGD 144A P/P 4.65000000                                                    | CUSIP: 30321L2K7<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |      160000 | PA      | $160624.74    | 0.00%             | 2028-09-08      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| CAPITAL POWER  5.257% 06/01/28                | CAPITAL POWER US HOLDING REGD 144A P/P 5.25700000                                              | CUSIP: 14041TAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      367000 | PA      | $374023.95    | 0.00%             | 2028-06-01      | Fixed         | 5.26%                 | Yes           |                  2 | On Loan: No      |
| LIGHTNING POWER 7.25% 08/15/32                | LIGHTNING POWER LLC REGD 144A P/P 7.25000000                                                   | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |      250000 | PA      | $264705.50    | 0.00%             | 2032-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| HILTON DOMESTIC 3.75% 05/01/29                | HILTON DOMESTIC OPERATIN REGD 144A P/P 3.75000000                                              | CUSIP: 432833AJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      190000 | PA      | $182757.30    | 0.00%             | 2029-05-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| VF CORP 6.45% 11/01/37                        | VF CORP REGD 6.45000000                                                                        | CUSIP: 918204AT5<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |       20000 | PA      | $18764.17     | 0.00%             | 2037-11-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| ALMAVIVA THE  5% 10/30/30/EUR/                | ALMAVIVA THE ITALIAN INN /EUR/ REGD REG S 5.00000000                                           | CUSIP: T0R841AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |     3595000 | PA      | $4287548.76   | 0.05%             | 2030-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN I 5.25% 03/15/28                | IRON MOUNTAIN INC REGD 144A P/P 5.25000000                                                     | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |      140000 | PA      | $139754.16    | 0.00%             | 2028-03-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| STAR LEASING C 7.625% 02/15/30                | STAR LEASING CO LLC REGD 144A P/P 7.62500000                                                   | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |     2750000 | PA      | $2671940.95   | 0.03%             | 2030-02-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| ARES STRATEGIC I 5.8% 09/09/30                | ARES STRATEGIC INCOME FU REGD 144A P/P 5.80000000                                              | CUSIP: 04020EAK3<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |     1670000 | PA      | $1697384.11   | 0.02%             | 2030-09-09      | Fixed         | 5.80%                 | Yes           |                  2 | On Loan: No      |
| SOFTBANK GROU 5% 04/15/28/EUR/                | SOFTBANK GROUP CORP /EUR/ REGD REG S 5.00000000                                                | CUSIP: J7596PAV1<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    13768000 | PA      | $16619568.17  | 0.18%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| T/L MILANO ACQUIS 0% 10/01/27                 | T/L MILANO ACQUISITION CORP    REGD 0.00000000                                                 | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2635023 | PA      | $2589569.14   | 0.03%             | 2027-10-01      | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PPTY  4.5% 04/01/27                | BROOKFIELD PPTY REIT INC REGD 144A P/P 4.50000000                                              | CUSIP: 11284DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2155000 | PA      | $2116555.45   | 0.02%             | 2027-04-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| SK INVICTUS INTERM 5% 10/30/29                | SK INVICTUS INTERMEDIATE REGD 144A P/P 5.00000000                                              | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     6350000 | PA      | $6215745.76   | 0.07%             | 2029-10-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| TANGER PROPERT 3.875% 07/15/27                | TANGER PROPERTIES LP REGD 3.87500000                                                           | CUSIP: 875484AK3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      764000 | PA      | $757212.34    | 0.01%             | 2027-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CNTRL PARENT/CD 7.25% 06/15/29                | CNTRL PARENT/CDK GLB INC REGD 144A P/P 7.25000000                                              | CUSIP: 15477CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4824000 | PA      | $4149861.44   | 0.05%             | 2029-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| PANAMA INFRASTRUC ZCP 04/05/32                | PANAMA INFRASTRUCTURE REGD ZCP 144A P/P 0.00000000                                             | CUSIP: 69828QAD9<br>LEI: 213800QSH7EDGMUDJW25 | Long             | DBT              | CORP              | GB        |    10200000 | PA      | $7650000.00   | 0.08%             | 2032-04-05      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC 7.25% 07/01/31                 | BOMBARDIER INC REGD 144A P/P 7.25000000                                                        | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     5240000 | PA      | $5544590.72   | 0.06%             | 2031-07-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| SUNOCO LP 5.625% 03/15/31                     | SUNOCO LP REGD 144A P/P 5.62500000                                                             | CUSIP: 86765KAF6<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     1863000 | PA      | $1849558.71   | 0.02%             | 2031-03-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| EMBECTA CORP 5% 02/15/30                      | EMBECTA CORP REGD 144A P/P 5.00000000                                                          | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |       50000 | PA      | $47347.36     | 0.00%             | 2030-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| EPHIOS SU 7.875% 01/31/31/EUR/                | EPHIOS SUBCO SARL /EUR/ REGD REG S 7.87500000                                                  | CUSIP: L2965ZAA6<br>LEI: 213800E4EG6VFUFVEH64 | Long             | DBT              | CORP              | LU        |     4482000 | PA      | $5601865.24   | 0.06%             | 2031-01-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCAR 6.25% 02/01/27                | TENET HEALTHCARE CORP REGD 6.25000000                                                          | CUSIP: 88033GDS6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |      220000 | PA      | $219932.17    | 0.00%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROMANIA 5.125% 09/24/31/EUR/                  | ROMANIA /EUR/ REGD REG S 5.12500000                                                            | CUSIP: X7360WDC3<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |     1400000 | PA      | $1642210.49   | 0.02%             | 2031-09-24      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANC 7.125% 09/15/32                | ONEMAIN FINANCE CORP REGD 7.12500000                                                           | CUSIP: 682691AK6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2107000 | PA      | $2176744.65   | 0.02%             | 2032-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES  5.375% 08/01/28                | HOWARD HUGHES CORP REGD 144A P/P 5.37500000                                                    | CUSIP: 44267DAD9<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     2755000 | PA      | $2744096.27   | 0.03%             | 2028-08-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| WEATHERFORD INT 6.75% 10/15/33                | WEATHERFORD INTERNATIONA REGD 144A P/P 6.75000000                                              | CUSIP: 947075AW7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     5718000 | PA      | $5722409.83   | 0.06%             | 2033-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CRE 3.375% 11/13/25                | FORD MOTOR CREDIT CO LLC REGD 3.37500000                                                       | CUSIP: 345397B28<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1241000 | PA      | $1238724.06   | 0.01%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ESSENDI S 5.375% 05/15/30/EUR/                | ESSENDI SA /EUR/ REGD REG S 5.37500000                                                         | CUSIP: L0926ZAC4<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |      100000 | PA      | $120858.54    | 0.00%             | 2030-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING 10% 10/15/32                | LEVEL 3 FINANCING INC REGD 144A P/P 10.00000000                                                | CUSIP: 527298CK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      775000 | PA      | $775000.00    | 0.01%             | 2032-10-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| NEWELL BRANDS  6.625% 09/15/29                | NEWELL BRANDS INC REGD 6.62500000                                                              | CUSIP: 651229BD7<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       60000 | PA      | $60306.90     | 0.00%             | 2029-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC 8% 02/01/27                    | TRANSOCEAN INC REGD 144A P/P 8.00000000                                                        | CUSIP: 893830BL2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     3636000 | PA      | $3636399.96   | 0.04%             | 2027-02-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ACPRODUCTS HOL 6.375% 05/15/29                | ACPRODUCTS HOLDINGS INC REGD 144A P/P 6.37500000                                               | CUSIP: 92641PAA4<br>LEI: 254900KTNXVUUHWHBF39 | Long             | DBT              | CORP              | US        |       90000 | PA      | $50432.01     | 0.00%             | 2029-05-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| API GROUP DE I 4.125% 07/15/29                | API GROUP DE INC REGD 144A P/P 4.12500000                                                      | CUSIP: 001877AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1780000 | PA      | $1715101.74   | 0.02%             | 2029-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| HUNGARY 5.25% 06/16/29                        | HUNGARY REGD REG S 5.25000000                                                                  | CUSIP: X93622GH9<br>LEI: N/A                  | Long             | DBT              | USGA              | HU        |     2400000 | PA      | $2454648.43   | 0.03%             | 2029-06-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REGAL REXNORD C 6.05% 04/15/28                | REGAL REXNORD CORP REGD 6.05000000                                                             | CUSIP: 758750AM5<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |     1604000 | PA      | $1659486.88   | 0.02%             | 2028-04-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| BPER BANCA V/R /PERP//EUR/                    | BPER BANCA /EUR/ REGD V/R /PERP/ REG S 6.50000000                                              | CUSIP: T2R7AKEB7<br>LEI: N747OI7JINV7RUUH6190 | Long             | DBT              | CORP              | IT        |      200000 | PA      | $245693.91    | 0.00%             | 2174-03-20      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| SYNAPTICS INC 4% 06/15/29                     | SYNAPTICS INC REGD 144A P/P 4.00000000                                                         | CUSIP: 87157DAG4<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |       30000 | PA      | $28705.81     | 0.00%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| GRAPHIC PACKAGIN 3.5% 03/01/29                | GRAPHIC PACKAGING INTERN REGD 144A P/P 3.50000000                                              | CUSIP: 38869AAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      425000 | PA      | $402930.73    | 0.00%             | 2029-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| CLOUD SOFTWARE  8.25% 06/30/32                | CLOUD SOFTWARE GRP INC REGD 144A P/P 8.25000000                                                | CUSIP: 18912UAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    16096000 | PA      | $17080638.35  | 0.19%             | 2032-06-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| ROSSINI SA 6.75% 12/31/29/EUR/                | ROSSINI SARL /EUR/ REGD 144A P/P 6.75000000                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | LU        |     9910000 | PA      | $12274604.65  | 0.14%             | 2029-12-31      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| DOMTAR CORP 6.75% 10/01/28                    | DOMTAR CORP REGD 144A P/P 6.75000000                                                           | CUSIP: 70478JAA2<br>LEI: XYSIJOU3HNVROZWNA008 | Long             | DBT              | CORP              | US        |      140000 | PA      | $120640.55    | 0.00%             | 2028-10-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS US91087BAC46 01.000 BP 06/20/2029 MSCSUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-43337.47    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | IRS R13.0564PBZDIOVRA 01/02/29 WFSL FIXED                                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | BR        |           1 | NC      | $-19027.34    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA I V/R 09/12/55                | DENTSPLY SIRONA INC REGD V/R 8.37500000                                                        | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |      245000 | PA      | $252505.58    | 0.00%             | 2055-09-12      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| T/L FOUNDATION 0% 01/29/31                    | T/L FOUNDATION BUILDING        MATERIALS INC 0.00000000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1013400 | PA      | $1017382.66   | 0.01%             | 2031-01-29      | Floating      | 11.50%                | No            |                  2 | On Loan: No      |
| ARETEC GROUP INC 7.5% 04/01/29                | ARETEC GROUP INC REGD 144A P/P 7.50000000                                                      | CUSIP: 040133AA8<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |       70000 | PA      | $70337.96     | 0.00%             | 2029-04-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| T/L LABL  INC 0% 10/29/28                     | T/L LABL  INC REGD 0.00000000                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2213522 | PA      | $1809553.88   | 0.02%             | 2028-10-29      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| SWCH 2025-DATA A V/R 02/15/27                 | SWCH COMMERCIAL MORTGAGE TRUST 2025-DATA SER 2025-DATA CL A V/R REGD 144A P/P 5.59306000       | CUSIP: 78489CAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      540000 | PA      | $537131.25    | 0.01%             | 2042-02-15      | Variable      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| T/L FLEETCOR TECH 0% 04/28/28                 | T/L FLEETCOR TECHNOLOGIES      OPERATING COMPANY LLC REGD 0.00000000                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1477255 | PA      | $1474492.51   | 0.02%             | 2028-04-28      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES 6.25% 10/15/28                 | LSB INDUSTRIES REGD 144A P/P 7.29200000                                                        | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |       70000 | PA      | $69058.03     | 0.00%             | 2028-10-15      | Variable      | 7.29%                 | Yes           |                  2 | On Loan: No      |
| T/L ZAYO GROUP HOL 0% 03/09/27                | T/L ZAYO GROUP HOLDINGS INC    REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      259587 | PA      | $259122.65    | 0.00%             | 2027-03-09      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHI 4.95% 01/05/36                | REPUBLIC OF CHILE REGD 4.95000000                                                              | CUSIP: 168863DZ8<br>LEI: N/A                  | Long             | DBT              | USGA              | CL        |     8000000 | PA      | $8031200.00   | 0.09%             | 2036-01-05      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| STACR 2022-DNA3  V/R 04/25/42                 | FREDDIE MAC STACR REMIC TRUST 2022-DNA3 SER 2022-DNA3 CL M2 V/R REGD 144A P/P 8.70603000       | CUSIP: 35564KVE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      100000 | PA      | $104587.30    | 0.00%             | 2042-04-25      | Variable      | 8.71%                 | Yes           |                  2 | On Loan: No      |
| GRAPHIC PACKAGIN 3.5% 03/15/28                | GRAPHIC PACKAGING INTERN REGD 144A P/P 3.50000000                                              | CUSIP: 38869AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      975000 | PA      | $940489.19    | 0.01%             | 2028-03-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| SES SA V/R 09/12/54/EUR/                      | SES SA /EUR/ REGD V/R REG S 6.00000000                                                         | CUSIP: L8300GEA5<br>LEI: 5493008JPA4HYMH1HX51 | Long             | DBT              | CORP              | LU        |     1175000 | PA      | $1399129.60   | 0.02%             | 2054-09-12      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| MUELLER WATER PROD 4% 06/15/29                | MUELLER WATER PRODUCTS REGD 144A P/P 4.00000000                                                | CUSIP: 624758AF5<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | DBT              | CORP              | US        |      157000 | PA      | $151111.92    | 0.00%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| WR GRACE HOLDI 4.875% 06/15/27                | WR GRACE HOLDING LLC REGD 144A P/P 4.87500000                                                  | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |     1032000 | PA      | $1025432.98   | 0.01%             | 2027-06-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| PERMIAN RESOURC 6.25% 02/01/33                | PERMIAN RESOURC OPTG LLC REGD 144A P/P 6.25000000                                              | CUSIP: 71424VAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4946000 | PA      | $5038203.23   | 0.06%             | 2033-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| HUDBAY MINERAL 6.125% 04/01/29                | HUDBAY MINERALS INC REGD 144A P/P 6.12500000                                                   | CUSIP: 443628AH5<br>LEI: 894500LX3TMESP27BE29 | Long             | DBT              | CORP              | CA        |     3261000 | PA      | $3286337.97   | 0.04%             | 2029-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| PENNYMAC FIN S 6.875% 02/15/33                | PENNYMAC FIN SVCS INC REGD 144A P/P 6.87500000                                                 | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     1340000 | PA      | $1384386.10   | 0.02%             | 2033-02-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| RIVIAN HLD/AUTO L 10% 01/15/31                | RIVIAN HLD/AUTO LLC REGD 144A P/P 10.00000000                                                  | CUSIP: 76954LAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1428000 | PA      | $1328914.94   | 0.01%             | 2031-01-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| ILLUMINA INC 5.75% 12/13/27                   | ILLUMINA INC REGD 5.75000000                                                                   | CUSIP: 452327AP4<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | DBT              | CORP              | US        |      108000 | PA      | $111087.98    | 0.00%             | 2027-12-13      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| T/L ALTICE FINAN 0% 10/31/27                  | T/L ALTICE FINANCING S.A. 0.00000000                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     2720828 | PA      | $2278693.67   | 0.03%             | 2027-10-31      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP 4.5% 10/01/29                   | PARKLAND CORP REGD 144A P/P 4.50000000                                                         | CUSIP: 70137WAG3<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     1990000 | PA      | $1938842.48   | 0.02%             | 2029-10-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | BRL/USD FWD 20260105 000000908 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $3945.60      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BAT CAPITAL CO 3.557% 08/15/27                | BAT CAPITAL CORP REGD 3.55700000                                                               | CUSIP: 05526DBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      503000 | PA      | $497943.05    | 0.01%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC 8.625% 06/01/27                | SABRE GLBL INC REGD 144A P/P 8.62500000                                                        | CUSIP: 78573NAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2096000 | PA      | $2126140.96   | 0.02%             | 2027-06-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| RIVERS ENTERPR 6.625% 02/01/33                | RIVERS ENTERPRISE REGD 144A P/P 6.62500000                                                     | CUSIP: 76883NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4687000 | PA      | $4749098.06   | 0.05%             | 2033-02-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL  5.3% 01/08/29                | HYUNDAI CAPITAL AMERICA REGD 144A P/P 5.30000000                                               | CUSIP: 44891ACU9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       83000 | PA      | $84996.68     | 0.00%             | 2029-01-08      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| ODEON FINCO PL 12.75% 11/01/27                | ODEON FINCO PLC REGD 144A P/P 12.75000000                                                      | CUSIP: 67585LAA3<br>LEI: 9845003ECF9901CC5382 | Long             | DBT              | CORP              | GB        |     2471000 | PA      | $2559140.57   | 0.03%             | 2027-11-01      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| CROWN EURO 4.75% 03/15/29/EUR/                | CROWN EURO HOLDINGS SA /EUR/ REGD REG S 4.75000000                                             | CUSIP: F2R907AJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     2570000 | PA      | $3149804.96   | 0.03%             | 2029-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINE 8.5% 05/15/29                | AMERICAN AIRLINES INC REGD 144A P/P 8.50000000                                                 | CUSIP: 023771T40<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      409000 | PA      | $426649.58    | 0.00%             | 2029-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| NABORS INDUSTR 9.125% 01/31/30                | NABORS INDUSTRIES INC REGD 144A P/P 9.12500000                                                 | CUSIP: 62957HAP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2225000 | PA      | $2325280.75   | 0.03%             | 2030-01-31      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| RRD INTERMEDIATE  11% 12/01/30                | RRD INTERMEDIATE HLDS REGD 144A P/P 11.00000000                                                | CUSIP: 780934AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $68162.50     | 0.00%             | 2030-12-01      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| LAMAR MEDIA CORP 4% 02/15/30                  | LAMAR MEDIA CORP REGD 4.00000000                                                               | CUSIP: 513075BT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      160000 | PA      | $153172.43    | 0.00%             | 2030-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIER 8.5% 03/15/30                | JONES DESLAURIERS INSURA REGD 144A P/P 8.50000000                                              | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |     2475000 | PA      | $2600596.67   | 0.03%             | 2030-03-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| AXON ENTERPRIS 6.125% 03/15/30                | AXON ENTERPRISE INC REGD 144A P/P 6.12500000                                                   | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     1265000 | PA      | $1299704.01   | 0.01%             | 2030-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| ITT HOLDINGS LLC 6.5% 08/01/29                | ITT HOLDINGS LLC REGD 144A P/P 6.50000000                                                      | CUSIP: 45074JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6071000 | PA      | $5968602.26   | 0.07%             | 2029-08-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| LITHIA MOTORS  3.875% 06/01/29                | LITHIA MOTORS INC REGD 144A P/P 3.87500000                                                     | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     1630000 | PA      | $1556822.45   | 0.02%             | 2029-06-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| MADISON IAQ LL 4.125% 06/30/28                | MADISON IAQ LLC REGD 144A P/P 4.12500000                                                       | CUSIP: 55760LAA5<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |      928000 | PA      | $905724.91    | 0.01%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| OLYMPUS WTR US  4.25% 10/01/28                | OLYMPUS WTR US HLDG CORP REGD 144A P/P 4.25000000                                              | CUSIP: 681639AA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     3396000 | PA      | $3265485.61   | 0.04%             | 2028-10-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| AHEAD DB HOLDI 6.625% 05/01/28                | AHEAD DB HOLDINGS LLC REGD 144A P/P 6.62500000                                                 | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |       80000 | PA      | $80027.28     | 0.00%             | 2028-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| WYNN MACAU LTD 6.75% 02/15/34                 | WYNN MACAU LTD REGD 144A P/P 6.75000000                                                        | CUSIP: 98313RAL0<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      170000 | PA      | $172225.30    | 0.00%             | 2034-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF NI 7.625% 11/21/25                | REPUBLIC OF NIGERIA REGD REG S 7.62500000                                                      | CUSIP: V342A3CA0<br>LEI: N/A                  | Long             | DBT              | USGA              | NG        |     6400000 | PA      | $6407334.46   | 0.07%             | 2025-11-21      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CAPSTONE BORROWER  8% 06/15/30                | CAPSTONE BORROWER INC REGD 144A P/P 8.00000000                                                 | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |     8496000 | PA      | $8885720.02   | 0.10%             | 2030-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| H.B. FULLER CO 4% 02/15/27                    | H.B. FULLER CO REGD 4.00000000                                                                 | CUSIP: 359694AB2<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |       40000 | PA      | $39342.62     | 0.00%             | 2027-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIT 6.75% 07/30/30/EUR/                | ALEXANDRITE LAKE LUX HOL /EUR/ REGD 144A P/P 6.75000000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | LU        |     4444000 | PA      | $5337579.25   | 0.06%             | 2030-07-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| STANDARD INDUS 3.375% 01/15/31                | STANDARD INDUSTRI INC/NY REGD 144A P/P 3.37500000                                              | CUSIP: 853496AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3435000 | PA      | $3109855.95   | 0.03%             | 2031-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| DANAOS CORP 8.5% 03/01/28                     | DANAOS CORP REGD 144A P/P 8.50000000                                                           | CUSIP: 23585WAA2<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |       80000 | PA      | $81573.52     | 0.00%             | 2028-03-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| AIRCASTLE LTD 5.95% 02/15/29                  | AIRCASTLE LTD REGD 144A P/P 5.95000000                                                         | CUSIP: 00928QAY7<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |      187000 | PA      | $195064.63    | 0.00%             | 2029-02-15      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| GXO LOGISTICS I 6.25% 05/06/29                | GXO LOGISTICS INC REGD 6.25000000                                                              | CUSIP: 36262GAF8<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |     1177000 | PA      | $1236240.74   | 0.01%             | 2029-05-06      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ROMANIA 5.75% 03/24/35                        | ROMANIA REGD 144A P/P 5.75000000                                                               | CUSIP: 77586RAV2<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |     1000000 | PA      | $962847.48    | 0.01%             | 2035-03-24      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| T/L DONCASTERS US 0% 04/23/30                 | T/L DONCASTERS US FINANCE LLC  REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2196550 | PA      | $2218515.50   | 0.02%             | 2030-04-23      | Floating      | 10.50%                | No            |                  2 | On Loan: No      |
| AECOM 6% 08/01/33                             | AECOM REGD 144A P/P 6.00000000                                                                 | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |     7359000 | PA      | $7525166.22   | 0.08%             | 2033-08-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GA GLOBAL FUNDIN 5.5% 01/08/29                | GA GLOBAL FUNDING TRUST REGD 144A P/P 5.50000000                                               | CUSIP: 36143L2L8<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |      275000 | PA      | $284589.62    | 0.00%             | 2029-01-08      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| TUTOR PERINI  11.875% 04/30/29                | TUTOR PERINI CORP REGD 144A P/P 11.87500000                                                    | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |       60000 | PA      | $67068.84     | 0.00%             | 2029-04-30      | Fixed         | 11.88%                | Yes           |                  2 | On Loan: No      |
| CAESARS ENTERTAIN  7% 02/15/30                | CAESARS ENTERTAIN INC REGD 144A P/P 7.00000000                                                 | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     8421000 | PA      | $8658863.94   | 0.10%             | 2030-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| COUGAR JV SUBSIDIA 8% 05/15/32                | COUGAR JV SUBSIDIARY LLC REGD 144A P/P 8.00000000                                              | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2294000 | PA      | $2439513.74   | 0.03%             | 2032-05-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| TEGNA INC 5% 09/15/29                         | TEGNA INC REGD 5.00000000                                                                      | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |      160000 | PA      | $159117.98    | 0.00%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLUMINATE BUYER/H 9% 07/01/28                | ILLUMINATE BUYER/HLDG REGD 144A P/P 9.00000000                                                 | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $70223.23     | 0.00%             | 2028-07-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF 6.9% 08/12/37/PEN/                | REPUBLIC OF PERU /PEN/ REGD P/P 6.90000000                                                     | CUSIP: 715638AV4<br>LEI: N/A                  | Long             | DBT              | USGA              | PE        |     6300000 | PA      | $1893504.81   | 0.02%             | 2037-08-12      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| T/L WYNDHAM HOTELS 04/08/27                   | T/L WYNDHAM HOTELS & RESORTS   INC REGD 0.00000000                                             | CUSIP: 98310CAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1194458 | PA      | $1192224.09   | 0.01%             | 2027-04-08      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| BMARK 2024-V11 A V/R 10/15/29                 | BENCHMARK 2024-V11 MORTGAGE TRUST SER 2024-V11 CL A3 V/R REGD 5.90900000                       | CUSIP: 081921AZ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1020000 | PA      | $1073606.71   | 0.01%             | 2057-11-15      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| GOVT OF BERMUD 3.717% 01/25/27                | GOVT OF BERMUDA REGD REG S 3.71700000                                                          | CUSIP: G10367AD5<br>LEI: N/A                  | Long             | DBT              | USGA              | BM        |      850000 | PA      | $839511.00    | 0.01%             | 2027-01-25      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INT 4.75% 10/15/28                | MGM RESORTS INTL REGD 4.75000000                                                               | CUSIP: 552953CH2<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     4776000 | PA      | $4738382.80   | 0.05%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| F/C EURO-BUND FUTURE  DEC25                   | FUTURE CONTRACT ON           EURO-BUND FUTURE  DEC25 /EUR/ 0.00000000                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |         -23 | NC      | $-3471794.94  | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| ROMANIA 5.875% 01/30/29                       | ROMANIA REGD 144A P/P 5.87500000                                                               | CUSIP: 77586RAT7<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |      414000 | PA      | $425349.62    | 0.00%             | 2029-01-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| SAUDI INTERNATI 3.75% 01/21/55                | SAUDI INTERNATIONAL BOND REGD EMTN 3.75000000                                                  | CUSIP: M6320UAX7<br>LEI: N/A                  | Long             | DBT              | USGA              | SA        |     1400000 | PA      | $1008753.12   | 0.01%             | 2055-01-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOL 5.625% 02/01/29                | PARK RIVER HOLDINGS INC REGD 144A P/P 5.62500000                                               | CUSIP: 70082LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3345000 | PA      | $3277971.62   | 0.04%             | 2029-02-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF COLO 8.5% 04/25/35                | REPUBLIC OF COLOMBIA REGD 8.50000000                                                           | CUSIP: 195325ES0<br>LEI: N/A                  | Long             | DBT              | USGA              | CO        |     1200000 | PA      | $1329000.00   | 0.01%             | 2035-04-25      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| EESTI ENERGIA  V/R /PERP//EUR/                | EESTI ENERGIA AS /EUR/ REGD V/R /PERP/ REG S SER . 7.87500000                                  | CUSIP: X1898HAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | EE        |     3725000 | PA      | $4543539.55   | 0.05%             | 2173-10-15      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| CARMX 2023-4 B 6.39% 09/15/27                 | CARMAX AUTO OWNER TRUST 2023-4 SER 2023-4 CL B REGD 6.39000000                                 | CUSIP: 14318XAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1245000 | PA      | $1296501.42   | 0.01%             | 2029-05-15      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVE 7% 06/15/32                | FTAI AVIATION INVESTORS REGD 144A P/P 7.00000000                                               | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     6441000 | PA      | $6740435.65   | 0.07%             | 2032-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| EIRCOM FI 2.625% 02/15/27/EUR/                | EIRCOM FINANCE DAC /EUR/ REGD REG S 2.62500000                                                 | CUSIP: G29529AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     3125000 | PA      | $3664003.55   | 0.04%             | 2027-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| REXEL SA 4% 09/15/30/EUR/                     | REXEL SA /EUR/ REGD REG S 4.00000000                                                           | CUSIP: F7S537UL1<br>LEI: 969500N6AVPA51648T62 | Long             | DBT              | CORP              | FR        |     1075000 | PA      | $1278060.31   | 0.01%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 11/06/25                        | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797QP5<br>LEI: N/A                  | Long             | STIV             | UST               | US        |      900000 | PA      | $896386.50    | 0.01%             | 2025-11-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CMXS 2024-A A2 5.78% 02/15/26                 | CARMAX SELECT RECEIVABLES TRUST 2024-A SER 2024-A CL A2A REGD 5.78000000                       | CUSIP: 14319FAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      167560 | PA      | $168099.51    | 0.00%             | 2027-09-15      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| MUTUAL OF OMAHA 5.45% 12/12/28                | MUTUAL OF OMAHA GLOBAL REGD 144A P/P 5.45000000                                                | CUSIP: 62829D2B5<br>LEI: 635400AL5J3F1ZPTAN95 | Long             | DBT              | CORP              | US        |      551000 | PA      | $569874.79    | 0.01%             | 2028-12-12      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| TRUENOORD CAPIT 8.75% 03/01/30                | TRUENOORD CAPITAL DAC REGD 144A P/P 8.75000000                                                 | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |       70000 | PA      | $74375.00     | 0.00%             | 2030-03-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| ENERGY TRANSFER L V/R 02/15/56                | ENERGY TRANSFER LP REGD V/R SER . 6.75000000                                                   | CUSIP: 29273VBH2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      150000 | PA      | $149728.02    | 0.00%             | 2056-02-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| T/L XPLORE INC 00.00% 10/24/29                | T/L XPLORE INC 0.00000000                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |      228499 | PA      | $214789.35    | 0.00%             | 2029-10-24      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE 6.625% 08/15/33                | CLOUD SOFTWARE GRP INC REGD 144A P/P 6.62500000                                                | CUSIP: 18912UAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      180000 | PA      | $183228.12    | 0.00%             | 2033-08-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| ATI INC 5.875% 12/01/27                       | ATI INC REGD 5.87500000                                                                        | CUSIP: 01741RAH5<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |       60000 | PA      | $60069.00     | 0.00%             | 2027-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY  8.25% 01/15/29                | GENESIS ENERGY LP/FIN REGD 8.25000000                                                          | CUSIP: 37185LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $93882.87     | 0.00%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RE 4.375% 01/15/28                | CONTINENTAL RESOURCES REGD SER WI 4.37500000                                                   | CUSIP: 212015AS0<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |      545000 | PA      | $541636.72    | 0.01%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BANCO NACIONAL 5.875% 05/07/30                | BANCO NACIONAL COM EXT REGD 144A P/P 5.87500000                                                | CUSIP: 05974TAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     1727000 | PA      | $1788671.17   | 0.02%             | 2030-05-07      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| OI EUROPEA 6.25% 05/15/28/EUR/                | OI EUROPEAN GROUP BV /EUR/ REGD 144A P/P 6.25000000                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | NL        |      274000 | PA      | $332011.53    | 0.00%             | 2028-05-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNI 5.625% 02/15/32/EUR/                | CALIFORNIA BUYER/ATLANTI /EUR/ REGD REG S 5.62500000                                           | CUSIP: G17736AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     4553000 | PA      | $5563012.64   | 0.06%             | 2032-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTI 4.875% 11/15/31                | SONIC AUTOMOTIVE INC REGD 144A P/P 4.87500000                                                  | CUSIP: 83545GBE1<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |       70000 | PA      | $66932.04     | 0.00%             | 2031-11-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| GRAY MEDIA INC 4.75% 10/15/30                 | GRAY MEDIA INC REGD 144A P/P 4.75000000                                                        | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |      120000 | PA      | $91800.00     | 0.00%             | 2030-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| SNF GROUP SACA 3.125% 03/15/27                | SNF GROUP SACA REGD 144A P/P 3.12500000                                                        | CUSIP: 7846ELAD9<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |       50000 | PA      | $48747.56     | 0.00%             | 2027-03-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| HILCORP ENERGY  6.25% 04/15/32                | HILCORP ENERGY I/HILCORP REGD 144A P/P 6.25000000                                              | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1197000 | PA      | $1148177.61   | 0.01%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| DAVITA INC 6.875% 09/01/32                    | DAVITA INC REGD 144A P/P 6.87500000                                                            | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     1629000 | PA      | $1682695.10   | 0.02%             | 2032-09-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS R03.48PPR6M 10/30/29 WFSLUS33XXX FIXED                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | CZ        |           1 | NC      | $32087.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMC NETWORKS IN 10.5% 07/15/32                | AMC NETWORKS INC REGD 144A P/P 10.50000000                                                     | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |       50000 | PA      | $52871.75     | 0.00%             | 2032-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| WYNN RESORTS F 7.125% 02/15/31                | WYNN RESORTS FINANCE LLC REGD 144A P/P 7.12500000                                              | CUSIP: 983133AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4629000 | PA      | $4983919.32   | 0.05%             | 2031-02-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| HILCORP ENERGY I/H 6% 04/15/30                | HILCORP ENERGY I/HILCORP REGD 144A P/P 6.00000000                                              | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      900000 | PA      | $885974.67    | 0.01%             | 2030-04-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ATHENAHEALTH GRO 6.5% 02/15/30                | ATHENAHEALTH GROUP INC REGD 144A P/P 6.50000000                                                | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    33381000 | PA      | $33080824.70  | 0.36%             | 2030-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| UNIVISION COMM 7.375% 06/30/30                | UNIVISION COMMUNICATIONS REGD 144A P/P 7.37500000                                              | CUSIP: 914906AX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      140000 | PA      | $140669.90    | 0.00%             | 2030-06-30      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| TKC HOLDINGS I 6.875% 05/15/28                | TKC HOLDINGS INC REGD 144A P/P 6.87500000                                                      | CUSIP: 87256YAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $60513.95     | 0.00%             | 2028-05-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| T/L ASURION LLC 0% 07/31/2027                 | T/L ASURION LLC REGD 0.00000000                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1824763 | PA      | $1823650.10   | 0.02%             | 2027-07-31      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE  6.375% 10/15/32                | AMERICAN AXLE & MFG INC REGD 144A P/P 6.37500000                                               | CUSIP: 02406PBC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2552000 | PA      | $2546535.36   | 0.03%             | 2032-10-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| KLEOPATRA  4.25% 03/01/26/EUR/                | KLEOPATRA FINCO SARL /EUR/ REGD REG S 4.25000000                                               | CUSIP: L5841FAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      365000 | PA      | $241224.05    | 0.00%             | 2026-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MONGOLIA INTL B 4.45% 07/07/31                | MONGOLIA INTL BOND REGD REG S 4.45000000                                                       | CUSIP: Y6142NAE8<br>LEI: N/A                  | Long             | DBT              | USGA              | MN        |     2300000 | PA      | $2079210.01   | 0.02%             | 2031-07-07      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / N 6.125% 06/15/29                | 1011778 BC / NEW RED FIN REGD 144A P/P 6.12500000                                              | CUSIP: 68245XAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      120000 | PA      | $122695.86    | 0.00%             | 2029-06-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| ADAPTHEALTH LL 5.125% 03/01/30                | ADAPTHEALTH LLC REGD 144A P/P 5.12500000                                                       | CUSIP: 00653VAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3745000 | PA      | $3571317.39   | 0.04%             | 2030-03-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| SPCLO 2024-5A D1 V/R 10/20/37                 | SILVER POINT CLO 5 LTD SER 2024-5A CL D1 V/R REGD 144A P/P 7.57549000                          | CUSIP: 82809BAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1516193.55   | 0.02%             | 2037-10-20      | Variable      | 7.58%                 | Yes           |                  2 | On Loan: No      |
| RADIOLOGY PARTNE 8.5% 07/15/32                | RADIOLOGY PARTNERS INC REGD 144A P/P 8.50000000                                                | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |      190000 | PA      | $196577.91    | 0.00%             | 2032-07-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| GOAT HOLDCO LLC 6.75% 02/01/32                | GOAT HOLDCO LLC REGD 144A P/P 6.75000000                                                       | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2144000 | PA      | $2196528.00   | 0.02%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| HERC HOLDINGS INC 7% 06/15/30                 | HERC HOLDINGS INC REGD 144A P/P 7.00000000                                                     | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     6147000 | PA      | $6384226.74   | 0.07%             | 2030-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| PANTHER ESCROW 7.125% 06/01/31                | PANTHER ESCROW ISSUER REGD 144A P/P 7.12500000                                                 | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    20452000 | PA      | $21270959.44  | 0.23%             | 2031-06-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| SINCLAIR TELEVI 9.75% 02/15/33                | SINCLAIR TELEVISION GROU REGD 144A P/P 9.75000000                                              | CUSIP: 829259BG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $65850.00     | 0.00%             | 2033-02-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| CPI CG INC 10% 07/15/29                       | CPI CG INC REGD 144A P/P 10.00000000                                                           | CUSIP: 12598FAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $73393.60     | 0.00%             | 2029-07-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| M/I HOMES INC 4.95% 02/01/28                  | M/I HOMES INC REGD 4.95000000                                                                  | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |     1688000 | PA      | $1676047.78   | 0.02%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MKS INC 1.25% 06/01/30                        | MKS INC REGD CONVERTIBLE 1.25000000                                                            | CUSIP: 55306NAB0<br>LEI: 549300KEQATBHAGVF505 | Long             | DBT              | CORP              | US        |     5915000 | PA      | $6476925.00   | 0.07%             | 2030-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL  5.875% 03/15/30                | MACY'S RETAIL HLDGS LLC REGD 144A P/P 5.87500000                                               | CUSIP: 55617LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $29975.44     | 0.00%             | 2030-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| PNC FINANCIAL SERVI V/R /PERP/                | PNC FINANCIAL SERVICES REGD V/R /PERP/ SER W 6.25000000                                        | CUSIP: 693475BP9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |      954000 | PA      | $979060.63    | 0.01%             | 2174-06-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| COMPASS GROUP D 5.25% 04/15/29                | COMPASS GROUP DIVERSIFIE REGD 144A P/P 5.25000000                                              | CUSIP: 20451RAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1675375 | PA      | $1547943.46   | 0.02%             | 2029-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| SUNOCO LP 5.875% 03/15/34                     | SUNOCO LP REGD 144A P/P 5.87500000                                                             | CUSIP: 86765KAG4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     1131000 | PA      | $1121235.58   | 0.01%             | 2034-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ADIENT GLOBAL H 8.25% 04/15/31                | ADIENT GLOBAL HOLDINGS REGD 144A P/P 8.25000000                                                | CUSIP: 00687YAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |       80000 | PA      | $83893.36     | 0.00%             | 2031-04-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| HUNTSMAN INTERNA 4.5% 05/01/29                | HUNTSMAN INTERNATIONAL L REGD 4.50000000                                                       | CUSIP: 44701QBE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      130000 | PA      | $124414.34    | 0.00%             | 2029-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PARL 2023-1A A1R V/R 07/20/36                 | PARALLEL 2023-1 LTD SER 2023-1A CL A1R V/R REGD 144A P/P 5.71549000                            | CUSIP: 69915NAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1080000 | PA      | $1083542.51   | 0.01%             | 2036-07-20      | Variable      | 5.72%                 | Yes           |                  2 | On Loan: No      |
| UNITED WHOLESALE 5.5% 04/15/29                | UNITED WHOLESALE MTGE LL REGD 144A P/P 5.50000000                                              | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |      455000 | PA      | $448842.62    | 0.00%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PRIME HEALTHCA 9.375% 09/01/29                | PRIME HEALTHCARE SERVICE REGD 144A P/P 9.37500000                                              | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4826000 | PA      | $5019040.00   | 0.06%             | 2029-09-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| ADVANCE AUTO PAR 3.5% 03/15/32                | ADVANCE AUTO PARTS REGD 3.50000000                                                             | CUSIP: 00751YAG1<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |       50000 | PA      | $43708.36     | 0.00%             | 2032-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CELANESE US HO 6.879% 07/15/32                | CELANESE US HOLDINGS LLC REGD 6.87900000                                                       | CUSIP: 15089QAP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      190000 | PA      | $194161.76    | 0.00%             | 2032-07-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| T/L CP ATLAS 0% 07/01/2030                    | T/L CP ATLAS BUYER INC REGD 0.00000000                                                         | CUSIP: 12658HAL6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1046000 | PA      | $1022465.00   | 0.01%             | 2030-07-01      | Floating      | 9.41%                 | No            |                  2 | On Loan: No      |
| VF CORP 2.8% 04/23/27                         | VF CORP REGD 2.80000000                                                                        | CUSIP: 918204BB3<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |      100000 | PA      | $96995.26     | 0.00%             | 2027-04-23      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OP 7% 01/15/32                | PERMIAN RESOURC OPTG LLC REGD 144A P/P 7.00000000                                              | CUSIP: 71424VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2731000 | PA      | $2832423.88   | 0.03%             | 2032-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| STANDARD I 2.25% 11/21/26/EUR/                | STANDARD INDUSTRI INC/NY /EUR/ REGD REG S 2.25000000                                           | CUSIP: U85343AF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      342267 | PA      | $399017.39    | 0.00%             | 2026-11-21      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERT 3.95% 01/15/28                | SERVICE PROPERTIES TRUST REGD 3.95000000                                                       | CUSIP: 44106MAX0<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |       46000 | PA      | $43049.72     | 0.00%             | 2028-01-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ROMANIA 2.125% 03/07/28/EUR/                  | ROMANIA /EUR/ REGD REG S EMTN 2.12500000                                                       | CUSIP: X7360WCF7<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |     1100000 | PA      | $1252793.24   | 0.01%             | 2028-03-07      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC 9.5% 04/01/29                  | NCR ATLEOS LLC REGD 144A P/P 9.50000000                                                        | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |     2705000 | PA      | $2928876.62   | 0.03%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| T/L PINNACLE 0.00% 09/12/32                   | T/L PINNACLE BUYER LLC 0% 0.00000000                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1102849 | PA      | $1104227.98   | 0.01%             | 2032-09-12      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| SOCAR TURK ENRG 7.23% 03/17/26                | SOCAR TURK ENRG FUNDING REGD REG S 7.23000000                                                  | CUSIP: G84641AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     4600000 | PA      | $4586231.97   | 0.05%             | 2026-03-17      | Fixed         | 7.23%                 | No            |                  2 | On Loan: No      |
| EQT CORP 7.5% 06/01/27                        | EQT CORP REGD SER WI 7.50000000                                                                | CUSIP: 26884LBH1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     2252000 | PA      | $2295840.85   | 0.03%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP 5% 10/01/28                    | NCR VOYIX CORP REGD 144A P/P 5.00000000                                                        | CUSIP: 62886EAY4<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     3195000 | PA      | $3155081.04   | 0.03%             | 2028-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF EL 7.124% 01/20/50                | REPUBLIC OF EL SALVADOR REGD REG S 7.12460000                                                  | CUSIP: P01012CA2<br>LEI: N/A                  | Long             | DBT              | USGA              | SV        |      800000 | PA      | $688000.00    | 0.01%             | 2050-01-20      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAP 6% 09/30/34                | TELECOM ITALIA CAPITAL REGD 6.00000000                                                         | CUSIP: 87927VAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |       50000 | PA      | $50757.58     | 0.00%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LI 5.875% 06/30/26                | SABINE PASS LIQUEFACTION REGD 5.87500000                                                       | CUSIP: 785592AV8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       59000 | PA      | $59192.32     | 0.00%             | 2026-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GREAT CAN GAMIN 8.75% 11/15/29                | GREAT CAN GAMING/RAPTOR REGD 144A P/P 8.75000000                                               | CUSIP: 389925AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     3107000 | PA      | $3071731.82   | 0.03%             | 2029-11-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| EXPAND ENERGY  5.375% 02/01/29                | EXPAND ENERGY CORP REGD SER WI 5.37500000                                                      | CUSIP: 845467AR0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |      455000 | PA      | $455141.19    | 0.01%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| F/C EURO-SCHATZ FUT   DEC25                   | FUTURE CONTRACT ON           EURO-SCHATZ FUT   DEC25 /EUR/ 0.00000000                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |        1228 | NC      | $154236636.61 | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| US T BILL ZCP 12/04/25                        | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797QS9<br>LEI: N/A                  | Long             | STIV             | UST               | US        |      800000 | PA      | $794453.34    | 0.01%             | 2025-12-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKA 6% 06/15/27                | ARDAGH METAL PACKAGING REGD 144A P/P 6.00000000                                                | CUSIP: 03969YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     3174000 | PA      | $3173347.43   | 0.03%             | 2027-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| AVENIR ISSUER IV I 6% 12/30/27                | AVENIR ISSUER IV IRLND REGD REG S SER 2 6.00000000                                             | CUSIP: G0R1YXAB8<br>LEI: N/A                  | Long             | DBT              | USGA              | IE        |     2369530 | PA      | $2271207.94   | 0.03%             | 2027-12-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DEMIRE REAL S/UP 12/31/27/EUR/                | DEMIRE REAL ESTATE AG /EUR/ REGD S/UP REG S 5.00000000                                         | CUSIP: D1771GAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | DE        |      176152 | PA      | $194529.79    | 0.00%             | 2027-12-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CAS 2025-R01 1A1 V/R 01/25/45                 | CONNECTICUT AVENUE SECURITIES SERIES 2025-R01 SER 2025-R01 CL 1A1 V/R REGD 144A P/P 5.29800000 | CUSIP: 20755JAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      314808 | PA      | $315005.97    | 0.00%             | 2045-01-25      | Variable      | 5.30%                 | Yes           |                  2 | On Loan: No      |
| VZ SECURED FINANCI 5% 01/15/32                | VZ SECURED FINANCING BV REGD 144A P/P 5.00000000                                               | CUSIP: 91845AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     3200000 | PA      | $2894985.93   | 0.03%             | 2032-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| WFCM 2017-C42  3.33% 11/15/27                 | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2017-C42 SER 2017-C42 CL A3 REGD 3.33000000              | CUSIP: 95001GAD5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1269846 | PA      | $1251506.21   | 0.01%             | 2050-12-15      | Fixed         | 3.33%                 | No            |                  2 | On Loan: No      |
| DANA INC 4.5% 02/15/32                        | DANA INC REGD 4.50000000                                                                       | CUSIP: 235825AJ5<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |     1258000 | PA      | $1238697.88   | 0.01%             | 2032-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD 6.875% 05/15/30                    | GOEASY LTD REGD 144A P/P 6.87500000                                                            | CUSIP: 380355AM9<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |       60000 | PA      | $59517.37     | 0.00%             | 2030-05-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| PAYSAFE FIN PLC/PA 4% 06/15/29                | PAYSAFE FIN PLC/PAYSAFE REGD 144A P/P 4.00000000                                               | CUSIP: 70452AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |       50000 | PA      | $46504.28     | 0.00%             | 2029-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ROYAL CARIBBEA 5.375% 07/15/27                | ROYAL CARIBBEAN CRUISES REGD 144A P/P 5.37500000                                               | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      462000 | PA      | $466102.77    | 0.01%             | 2027-07-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| MATCH GROUP HL 3.625% 10/01/31                | MATCH GROUP HLD II LLC REGD 144A P/P 3.62500000                                                | CUSIP: 57667JAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      505000 | PA      | $457724.03    | 0.01%             | 2031-10-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| ASBURY AUTOMOT 4.625% 11/15/29                | ASBURY AUTOMOTIVE GROUP REGD 144A P/P 4.62500000                                               | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |       80000 | PA      | $77591.02     | 0.00%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| MAUSER PACKAGI 7.875% 04/15/27                | MAUSER PACKAGING SOLUT REGD 144A P/P 7.87500000                                                | CUSIP: 57763RAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    32818000 | PA      | $33140994.75  | 0.37%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA RESOURC 7% 01/15/34                | CALIFORNIA RESOURCES CRP REGD 144A P/P 7.00000000                                              | CUSIP: 13057QAL1<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |      151000 | PA      | $149960.55    | 0.00%             | 2034-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| DARLING INGREDIENT 6% 06/15/30                | DARLING INGREDIENTS INC REGD 144A P/P 6.00000000                                               | CUSIP: 237266AJ0<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |      499000 | PA      | $503686.11    | 0.01%             | 2030-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| MONGOLIA INTL  7.875% 06/05/29                | MONGOLIA INTL BOND REGD 144A P/P 7.87500000                                                    | CUSIP: 60937LAH8<br>LEI: N/A                  | Long             | DBT              | USGA              | MN        |      300000 | PA      | $318682.79    | 0.00%             | 2029-06-05      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| ISLAMIC REP OF PAK 6% 04/08/26                | ISLAMIC REP OF PAKISTAN REGD REG S EMTN 6.00000000                                             | CUSIP: Y2835JAH1<br>LEI: N/A                  | Long             | DBT              | USGA              | PK        |     2000000 | PA      | $1991655.88   | 0.02%             | 2026-04-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIEN 5.75% 10/28/34                | REPUBLICA ORIENT URUGUAY REGD 5.75000000                                                       | CUSIP: 760942BE1<br>LEI: N/A                  | Long             | DBT              | USGA              | UY        |     2500000 | PA      | $2684875.00   | 0.03%             | 2034-10-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OSCAR ACQUISITIO 9.5% 04/15/30                | OSCAR ACQUISITIONCO LLC REGD 144A P/P 9.50000000                                               | CUSIP: 687785AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $57319.86     | 0.00%             | 2030-04-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| T/L CSC HOLDINGS 0% 04/15/27                  | T/L CSC HOLDINGS LLC REGD 0.00000000                                                           | CUSIP: 64072UAK8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1947809 | PA      | $1882673.83   | 0.02%             | 2027-04-15      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL L 9.5% 02/01/29                | VENTURE GLOBAL LNG INC REGD 144A P/P 9.50000000                                                | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    20928000 | PA      | $23056225.67  | 0.25%             | 2029-02-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| B&G FOODS INC 5.25% 09/15/27                  | B&G FOODS INC REGD 5.25000000                                                                  | CUSIP: 05508WAB1<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | DBT              | CORP              | US        |     7976000 | PA      | $7751072.81   | 0.09%             | 2027-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUA 6.05% 08/06/31                | REPUBLIC OF GUATEMALA REGD REG S 6.05000000                                                    | CUSIP: P5015VAT3<br>LEI: N/A                  | Long             | DBT              | USGA              | GT        |      200000 | PA      | $207501.57    | 0.00%             | 2031-08-06      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLIN 5.75% 04/20/29                | AMERICAN AIRLINES/AADVAN REGD 144A P/P 5.75000000                                              | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     3408500 | PA      | $3421495.66   | 0.04%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251203 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $4171.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN 6% 08/01/29                | ACRISURE LLC / FIN INC REGD 144A P/P 6.00000000                                                | CUSIP: 00489LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $88715.33     | 0.00%             | 2029-08-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| VIRGIN MEDIA FINAN 5% 07/15/30                | VIRGIN MEDIA FINANCE PLC REGD 144A P/P 5.00000000                                              | CUSIP: 92769VAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      100000 | PA      | $92873.93     | 0.00%             | 2030-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| OFFICE CHERIFIE 3.75% 06/23/31                | OFFICE CHERIFIEN DES PHO REGD REG S 3.75000000                                                 | CUSIP: V6560AAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | MA        |     3800000 | PA      | $3563571.60   | 0.04%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PHINIA INC 6.625% 10/15/32                    | PHINIA INC REGD 144A P/P 6.62500000                                                            | CUSIP: 71880KAB7<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |      985000 | PA      | $1015081.76   | 0.01%             | 2032-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| OWENS-BROCKWAY 7.25% 05/15/31                 | OWENS-BROCKWAY REGD 144A P/P 7.25000000                                                        | CUSIP: 69073TAU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      325000 | PA      | $331085.95    | 0.00%             | 2031-05-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| TELEFONICA EUR V/R /PERP//EUR/                | TELEFONICA EUROPE BV /EUR/ REGD V/R /PERP/ REG S SER . 6.75000000                              | CUSIP: N850234Z4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     9100000 | PA      | $11929859.50  | 0.13%             | 2174-09-07      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG V/R /PERP/                       | UBS GROUP AG REGD V/R /PERP/ 144A P/P 7.00000000                                               | CUSIP: 225401BH0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     2427000 | PA      | $2487298.82   | 0.03%             | 2174-08-10      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS US91087BAC46 01.000 BP 06/20/2035 BARCGB5GXXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $51857.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DOMINICAN REP 8.625% 4/20/27                  | DOMINICAN REPUBLIC SERIES REG S 144A 8.62500000                                                | CUSIP: P3579EAG2<br>LEI: N/A                  | Long             | DBT              | USGA              | DO        |      175333 | PA      | $182241.47    | 0.00%             | 2027-04-20      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK  4.5% 07/15/31/GBP/                | VMED O2 UK FINAN /GBP/ REGD REG S 4.50000000                                                   | CUSIP: G9444PAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    11480000 | PA      | $14125533.95  | 0.16%             | 2031-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BVI L 5% 05/18/26                | FORTUNE STAR BVI LTD REGD 5.00000000                                                           | CUSIP: G3641TAN8<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     1600000 | PA      | $1592687.87   | 0.02%             | 2026-05-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                           | PEN/USD FWD 20251007 000001733 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $13679.44     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF IRELAND G V/R 03/20/30                | BANK OF IRELAND GROUP REGD V/R 144A P/P 5.60100000                                             | CUSIP: 06279JAD1<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |      334000 | PA      | $346409.23    | 0.00%             | 2030-03-20      | Variable      | 5.60%                 | Yes           |                  2 | On Loan: No      |
| LAMAR MEDIA CO 5.375% 11/01/33                | LAMAR MEDIA CORP REGD 144A P/P 5.37500000                                                      | CUSIP: 513075CA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2012000 | PA      | $1998033.38   | 0.02%             | 2033-11-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| BRANDYWINE OPE 8.875% 04/12/29                | BRANDYWINE OPER PARTNERS REGD 8.87500000                                                       | CUSIP: 105340AS2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      405000 | PA      | $439560.27    | 0.00%             | 2029-04-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDIN 3.875% 11/01/29                | AVANTOR FUNDING INC REGD 144A P/P 3.87500000                                                   | CUSIP: 05352TAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $76077.07     | 0.00%             | 2029-11-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| AVIATION CAPIT 4.875% 10/01/25                | AVIATION CAPITAL GROUP REGD 144A P/P 4.87500000                                                | CUSIP: 05367AAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      908000 | PA      | $908000.00    | 0.01%             | 2025-10-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| P&L DEV LLC/PLD F 12% 05/15/29                | P&L DEV LLC/PLD FIN CORP REGD 144A P/P 12.00000000                                             | CUSIP: 69306RAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      716531 | PA      | $741609.59    | 0.01%             | 2029-05-15      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| HUNGARY 7.625% 03/29/41                       | HUNGARY REGD SER 30Y 7.62500000                                                                | CUSIP: 445545AF3<br>LEI: N/A                  | Long             | DBT              | USGA              | HU        |     6600000 | PA      | $7816873.94   | 0.09%             | 2041-03-29      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| MAYA SAS/ 5.375% 04/15/30/EUR/                | MAYA SAS/FRANCE /EUR/ REGD 144A P/P 5.37500000                                                 | CUSIP: N/A<br>LEI: 9695009PXA7OI9NXN582       | Long             | DBT              | CORP              | FR        |    17015000 | PA      | $20403130.85  | 0.22%             | 2030-04-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| SYNCHRONY FINANC 3.7% 08/04/26                | SYNCHRONY FINANCIAL REGD 3.70000000                                                            | CUSIP: 87165BAL7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |      163000 | PA      | $161957.74    | 0.00%             | 2026-08-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HL 6.125% 09/15/33                | MATCH GROUP HLD II LLC REGD 144A P/P 6.12500000                                                | CUSIP: 57667JAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3344000 | PA      | $3373372.03   | 0.04%             | 2033-09-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| ABU DHABI DEVELO 5.5% 05/08/34                | ABU DHABI DEVELOPMENT HO REGD 144A P/P 5.50000000                                              | CUSIP: 00402D2B0<br>LEI: N/A                  | Long             | DBT              | CORP              | AE        |     1500000 | PA      | $1588366.07   | 0.02%             | 2034-05-08      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC V/R /PERP/                      | CITIGROUP INC REGD V/R /PERP/ SER DD 7.00000000                                                | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1380000 | PA      | $1465915.13   | 0.02%             | 2173-11-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROU V/R 01/10/29                | SANTANDER UK GROUP HLDGS REGD V/R 6.53400000                                                   | CUSIP: 80281LAT2<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      990000 | PA      | $1036277.44   | 0.01%             | 2029-01-10      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC 9% 02/01/31                     | COREWEAVE INC REGD 144A P/P 9.00000000                                                         | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     2365000 | PA      | $2422296.86   | 0.03%             | 2031-02-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| CEDACRI SPA V/R 05/15/28/EUR/                 | CEDACRI SPA /EUR/ REGD V/R REG S 6.66100000                                                    | CUSIP: T2R170AA4<br>LEI: 815600E85FCD78B3EE61 | Long             | DBT              | CORP              | IT        |      500000 | PA      | $590385.17    | 0.01%             | 2028-05-15      | Variable      | 6.66%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCE 6.875% 01/15/29                | TARGA RESOURCES PARTNERS REGD 6.87500000                                                       | CUSIP: 87612BBN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1637000 | PA      | $1667661.40   | 0.02%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| STATE OIL CO OF 6.95% 03/18/30                | STATE OIL CO OF THE AZER REGD 6.95000000                                                       | CUSIP: Y8158KAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | AZ        |     6000000 | PA      | $6427072.32   | 0.07%             | 2030-03-18      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ZF FINANCE 2.75% 05/25/27/EUR/                | ZF FINANCE GMBH /EUR/ REGD EMTN 2.75000000                                                     | CUSIP: D9851GAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     1200000 | PA      | $1379639.38   | 0.02%             | 2027-05-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC 9.625% 07/15/32                | GRAY MEDIA INC REGD 144A P/P 9.62500000                                                        | CUSIP: 389375AN6<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     4826000 | PA      | $4930089.20   | 0.05%             | 2032-07-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| GACI FIRST INVE 5.25% 10/13/32                | GACI FIRST INVESTMENT REGD REG S 5.25000000                                                    | CUSIP: G3705QAC1<br>LEI: 558600TU1PWGNLZ3XM88 | Long             | DBT              | CORP              | KY        |    17600000 | PA      | $18219648.83  | 0.20%             | 2032-10-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG V/R /PERP/                       | UBS GROUP AG REGD V/R /PERP/ 144A P/P 9.25000000                                               | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     4217000 | PA      | $4645164.66   | 0.05%             | 2174-05-13      | Variable      | 9.25%                 | Yes           |                  2 | On Loan: No      |
| UWM HOLDINGS LL 6.25% 03/15/31                | UWM HOLDINGS LLC REGD 144A P/P 6.25000000                                                      | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2737000 | PA      | $2724124.25   | 0.03%             | 2031-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CODELCO INC 4.5% 08/01/47                     | CODELCO INC REGD REG S 4.50000000                                                              | CUSIP: P3143NAZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | CL        |     4300000 | PA      | $3502344.20   | 0.04%             | 2047-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WHITE CAP BUYE 6.875% 10/15/28                | WHITE CAP BUYER LLC REGD 144A P/P 6.87500000                                                   | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    20784000 | PA      | $20710971.05  | 0.23%             | 2028-10-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CVR ENERGY INC 5.75% 02/15/28                 | CVR ENERGY INC REGD 144A P/P 5.75000000                                                        | CUSIP: 12662PAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $39386.00     | 0.00%             | 2028-02-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| STACR 2024-DNA3  V/R 10/25/44                 | FREDDIE MAC STACR REMIC TRUST 2024-DNA3 SER 2024-DNA3 CL M1 V/R REGD 144A P/P 5.35603000       | CUSIP: 35564NEZ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |       56721 | PA      | $56704.39     | 0.00%             | 2044-10-25      | Variable      | 5.36%                 | Yes           |                  2 | On Loan: No      |
| DP WORLD LTD UAE 4.7% 09/30/49                | DP WORLD LTD UAE REGD REG S EMTN 4.70000000                                                    | CUSIP: M28505AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | AE        |     1000000 | PA      | $864290.00    | 0.01%             | 2049-09-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTI 3.625% 02/15/32                | HILTON DOMESTIC OPERATIN REGD 144A P/P 3.62500000                                              | CUSIP: 432833AN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3608000 | PA      | $3302026.44   | 0.04%             | 2032-02-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| CINEMARK USA INC 7% 08/01/32                  | CINEMARK USA INC REGD 144A P/P 7.00000000                                                      | CUSIP: 172441BH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      561000 | PA      | $583056.84    | 0.01%             | 2032-08-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| ROMANIA 6.125% 01/22/44                       | ROMANIA REGD EMTN 6.12500000                                                                   | CUSIP: 77586TAE6<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |      900000 | PA      | $841309.97    | 0.01%             | 2044-01-22      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VENTR 2017-28AA  V/R 10/20/34                 | VENTURE 28A CLO LTD SER 2017-28AA CL A1RR V/R REGD 144A P/P 5.43549000                         | CUSIP: 92331DBJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1000200.00   | 0.01%             | 2034-10-20      | Variable      | 5.44%                 | Yes           |                  2 | On Loan: No      |
| BALL CORP 6.875% 03/15/28                     | BALL CORP REGD 6.87500000                                                                      | CUSIP: 058498AY2<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |       50000 | PA      | $50953.45     | 0.00%             | 2028-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN S 7.875% 12/15/29                | PENNYMAC FIN SVCS INC REGD 144A P/P 7.87500000                                                 | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     1838000 | PA      | $1950658.37   | 0.02%             | 2029-12-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| ARDONAGH  6.875% 02/15/31/EUR/                | ARDONAGH FINCO LTD /EUR/ REGD 144A P/P 6.87500000                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | JE        |     2419000 | PA      | $2935508.81   | 0.03%             | 2031-02-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| DIGI ROMAN 3.25% 02/05/28/EUR/                | DIGI ROMANIA SA /EUR/ REGD REG S 3.25000000                                                    | CUSIP: X70028AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | RO        |      200000 | PA      | $231523.18    | 0.00%             | 2028-02-05      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC 7% 02/15/29                 | IRON MOUNTAIN INC REGD 144A P/P 7.00000000                                                     | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |      170000 | PA      | $175165.62    | 0.00%             | 2029-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SEN 7.75% 06/10/31                | REPUBLIC OF SENEGAL REGD REG S SER 7Y 7.75000000                                               | CUSIP: V7691CAM0<br>LEI: N/A                  | Long             | DBT              | USGA              | SN        |      700000 | PA      | $564478.23    | 0.01%             | 2031-06-10      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BABSN 2021-3A AR V/R 01/18/35                 | BARINGS CLO LTD 2021-III SER 2021-3A CL AR V/R REGD 144A P/P 5.45900000                        | CUSIP: 06762TAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      720000 | PA      | $722195.93    | 0.01%             | 2035-01-18      | Variable      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| BUILDERS FIRSTSOUR 5% 03/01/30                | BUILDERS FIRSTSOURCE INC REGD 144A P/P 5.00000000                                              | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |      490000 | PA      | $484927.42    | 0.01%             | 2030-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| WILSONART LLC 11% 08/15/32                    | WILSONART LLC REGD 144A P/P 11.00000000                                                        | CUSIP: 97246JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4042000 | PA      | $3934596.09   | 0.04%             | 2032-08-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| CHOBANI HOLDCO  8.75% 10/01/29                | CHOBANI HOLDCO II LLC REGD 144A P/P 8.75000000                                                 | CUSIP: 169918AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    14773060 | PA      | $15663890.29  | 0.17%             | 2029-10-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| XHR LP 6.625% 05/15/30                        | XHR LP REGD 144A P/P 6.62500000                                                                | CUSIP: 98372MAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1262000 | PA      | $1296667.14   | 0.01%             | 2030-05-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| CUSHMAN & WAKEF 6.75% 05/15/28                | CUSHMAN & WAKEFIELD US REGD 144A P/P 6.75000000                                                | CUSIP: 23166MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $201851.80    | 0.00%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| LEVEL 3 FINANCI 4.25% 07/01/28                | LEVEL 3 FINANCING INC REGD 144A P/P 4.25000000                                                 | CUSIP: 527298BR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $37382.31     | 0.00%             | 2028-07-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| APID 2022-40A D1 V/R 07/15/37                 | APIDOS CLO XL LTD SER 2022-40A CL D1R V/R REGD 144A P/P 7.21755000                             | CUSIP: 03769RAU9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     2000000 | PA      | $2002938.40   | 0.02%             | 2037-07-15      | Variable      | 7.22%                 | Yes           |                  2 | On Loan: No      |
| JELD-WEN INC 4.875% 12/15/27                  | JELD-WEN INC REGD 144A P/P 4.87500000                                                          | CUSIP: 475795AD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4974000 | PA      | $4853212.37   | 0.05%             | 2027-12-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| SIGNAL PARENT  6.125% 04/01/29                | SIGNAL PARENT INC REGD 144A P/P 6.12500000                                                     | CUSIP: 82666QAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $17000.00     | 0.00%             | 2029-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| TRNTS 2021-16A A V/R 07/20/34                 | TRINITAS CLO XVI LTD SER 2021-16A CL A1R V/R REGD 144A P/P 5.26575000                          | CUSIP: 89642DAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      850000 | PA      | $848942.01    | 0.01%             | 2034-07-20      | Variable      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| WILLIAMS SCOTS 6.625% 04/15/30                | WILLIAMS SCOTSMAN INC REGD 144A P/P 6.62500000                                                 | CUSIP: 96949VAN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3243000 | PA      | $3337105.37   | 0.04%             | 2030-04-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| INSTALLED BUILD 5.75% 02/01/28                | INSTALLED BUILDING PRODU REGD 144A P/P 5.75000000                                              | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |       60000 | PA      | $59898.14     | 0.00%             | 2028-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| IVORY COAST 8.25% 01/30/37                    | IVORY COAST REGD REG S 8.25000000                                                              | CUSIP: V73789BK0<br>LEI: N/A                  | Long             | DBT              | USGA              | CI        |     7700000 | PA      | $8026083.91   | 0.09%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHI 2.95% 05/05/45                | REPUBLIC OF PHILIPPINES REGD 2.95000000                                                        | CUSIP: 718286CH8<br>LEI: N/A                  | Long             | DBT              | USGA              | PH        |     2400000 | PA      | $1715269.78   | 0.02%             | 2045-05-05      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMU 5.875% 10/15/27                | FRONTIER COMMUNICATIONS REGD 144A P/P 5.87500000                                               | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8100000 | PA      | $8095530.51   | 0.09%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ARAB REPUBLIC  7.625% 05/29/32                | ARAB REPUBLIC OF EGYPT REGD REG S 7.62500000                                                   | CUSIP: M1487WDG7<br>LEI: N/A                  | Long             | DBT              | USGA              | EG        |     2000000 | PA      | $1964206.86   | 0.02%             | 2032-05-29      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PA 6.853% 03/28/54                | REPUBLIC OF PANAMA REGD 6.85300000                                                             | CUSIP: 698299BV5<br>LEI: N/A                  | Long             | DBT              | USGA              | PA        |     1800000 | PA      | $1824930.00   | 0.02%             | 2054-03-28      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDING 2% 09/20/28                | F&G GLOBAL FUNDING REGD 144A P/P 2.00000000                                                    | CUSIP: 30321L2C5<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |     1208000 | PA      | $1122909.66   | 0.01%             | 2028-09-20      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| HUB INTERNATIO 5.625% 12/01/29                | HUB INTERNATIONAL LTD REGD 144A P/P 5.62500000                                                 | CUSIP: 44332PAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $89904.09     | 0.00%             | 2029-12-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| AMWINS GROUP I 6.375% 02/15/29                | AMWINS GROUP INC REGD 144A P/P 6.37500000                                                      | CUSIP: 031921AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1957000 | PA      | $1995040.17   | 0.02%             | 2029-02-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CIRSA FIN 7.875% 07/31/28/EUR/                | CIRSA FINANCE INTER /EUR/ REGD REG S 7.87500000                                                | CUSIP: L1R71TAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     1700000 | PA      | $2078023.30   | 0.02%             | 2028-07-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GESTAMP A 4.375% 10/15/30/EUR/                | GESTAMP AUTOMOCION SA /EUR/ REGD 144A P/P 4.37500000                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | ES        |     1650000 | PA      | $1944837.97   | 0.02%             | 2030-10-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| TELESAT CANADA/T 6.5% 10/15/27                | TELESAT CANADA/TELESAT L REGD 144A P/P 6.50000000                                              | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |       30000 | PA      | $15150.00     | 0.00%             | 2027-10-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIFF 6.25% 10/01/40                | CLEVELAND-CLIFFS INC REGD 6.25000000                                                           | CUSIP: 18683KAC5<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |       30000 | PA      | $25504.58     | 0.00%             | 2040-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYM 5.5% 05/15/33/EUR/                | SHIFT4 PAYMENTS LLC/FIN /EUR/ REGD REG S 5.50000000                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |     2776000 | PA      | $3393614.38   | 0.04%             | 2033-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CNT PRNT/CDK GLO I 8% 06/15/29                | CNT PRNT/CDK GLO II/FIN REGD 144A P/P 8.00000000                                               | CUSIP: 154915AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1101000 | PA      | $969558.43    | 0.01%             | 2029-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| KHAZANAH CAPIT 4.876% 06/01/33                | KHAZANAH CAPITAL LTD REGD REG S EMTN 4.87600000                                                | CUSIP: Y46975AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | MY        |     4700000 | PA      | $4805867.50   | 0.05%             | 2033-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SO 9.75% 03/01/29                | HELIX ENERGY SOLUTIONS REGD 144A P/P 9.75000000                                                | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |      200000 | PA      | $210664.00    | 0.00%             | 2029-03-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| ALLISON TRANSMI 4.75% 10/01/27                | ALLISON TRANSMISSION INC REGD 144A P/P 4.75000000                                              | CUSIP: 019736AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $69518.40     | 0.00%             | 2027-10-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| OAKC 2022-13A D2 V/R 07/20/37                 | OHA CREDIT FUNDING 13 LTD SER 2022-13A CL D2R V/R REGD 144A P/P 8.42549000                     | CUSIP: 67116CAW3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |     1000000 | PA      | $1002464.10   | 0.01%             | 2037-07-20      | Variable      | 8.43%                 | Yes           |                  2 | On Loan: No      |
| WILLIAMS SCOTS 7.375% 10/01/31                | WILLIAMS SCOTSMAN INC REGD 144A P/P 7.37500000                                                 | CUSIP: 96949VAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      476000 | PA      | $497107.74    | 0.01%             | 2031-10-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| NRG ENERGY INC 6% 02/01/33                    | NRG ENERGY INC REGD 144A P/P 6.00000000                                                        | CUSIP: 629377CW0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     6720000 | PA      | $6825026.88   | 0.08%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| HOWARD MIDSTRE 7.375% 07/15/32                | HOWARD MIDSTREAM ENERGY REGD 144A P/P 7.37500000                                               | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      858000 | PA      | $890681.27    | 0.01%             | 2032-07-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| KENNEDY-WILSON  4.75% 03/01/29                | KENNEDY-WILSON INC REGD 4.75000000                                                             | CUSIP: 489399AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $95545.89     | 0.00%             | 2029-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/ 7.25% 07/15/28                | RHP HOTEL PPTY/RHP FINAN REGD 144A P/P 7.25000000                                              | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      395000 | PA      | $407367.06    | 0.00%             | 2028-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| GLOBALWORT 6.25% 03/31/30/EUR/                | GLOBALWORTH REAL ESTATE /EUR/ REGD REG S EMTN 6.25000000                                       | CUSIP: G3R378AD9<br>LEI: 213800R3E823B1UBIA81 | Long             | DBT              | CORP              | GG        |     1786006 | PA      | $2137973.03   | 0.02%             | 2030-03-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SGL GROUP AP V/R 04/22/30/EUR/                | SGL GROUP APS /EUR/ REGD V/R SER * 6.74500000                                                  | CUSIP: K879AWAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |      416000 | PA      | $484094.21    | 0.01%             | 2030-04-22      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP 2.45% 07/15/28                   | CENTENE CORP REGD 2.45000000                                                                   | CUSIP: 15135BAY7<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |      550000 | PA      | $511323.34    | 0.01%             | 2028-07-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS IN 8.5% 06/01/28                | NEWELL BRANDS INC REGD 144A P/P 8.50000000                                                     | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     3134000 | PA      | $3314336.63   | 0.04%             | 2028-06-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/ 6.375% 09/01/29                | CCO HLDGS LLC/CAP CORP REGD 144A P/P 6.37500000                                                | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6132000 | PA      | $6216284.34   | 0.07%             | 2029-09-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| HALST 2025-C A 4.36% 12/15/27                 | HYUNDAI AUTO LEASE SECURITIZATION TRUST 2 SER 2025-C CL A3 REGD 144A P/P 4.36000000            | CUSIP: 44935GAD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      840000 | PA      | $845688.06    | 0.01%             | 2028-07-17      | Fixed         | 4.36%                 | Yes           |                  2 | On Loan: No      |
| TAP SA 5.125% 11/15/29/EUR/                   | TAP SA /EUR/ REGD REG S 5.12500000                                                             | CUSIP: X91910AC7<br>LEI: N/A                  | Long             | DBT              | CORP              | PT        |     1000000 | PA      | $1211374.47   | 0.01%             | 2029-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| STL HOLDING CO  8.75% 02/15/29                | STL HOLDING CO LLC REGD 144A P/P 8.75000000                                                    | CUSIP: 861036AB7<br>LEI: 984500BC2I63E7F48656 | Long             | DBT              | CORP              | US        |     2585000 | PA      | $2708627.63   | 0.03%             | 2029-02-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| MATCH GROUP HLD II 5% 12/15/27                | MATCH GROUP HLD II LLC REGD 144A P/P 5.00000000                                                | CUSIP: 57665RAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $79770.42     | 0.00%             | 2027-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD 6% 01/15/27                | NATIONSTAR MTG HLD INC REGD 144A P/P 6.00000000                                                | CUSIP: 63861CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      140000 | PA      | $140000.00    | 0.00%             | 2027-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | GBP/USD FWD 20251217 000016440 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $112923.98    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STAR PARENT INC 9% 10/01/30                   | STAR PARENT INC REGD 144A P/P 9.00000000                                                       | CUSIP: 855170AA4<br>LEI: 254900GRGCJYRMDRWT73 | Long             | DBT              | CORP              | US        |     8738000 | PA      | $9236677.66   | 0.10%             | 2030-10-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| SUMMER BIDCO 10% 02/15/29/EUR/                | SUMMER BIDCO BV /EUR/ REGD REG S 10.00000000                                                   | CUSIP: N8T00BAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     7443634 | PA      | $8897505.53   | 0.10%             | 2029-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| NISSAN MOTOR AC 6.95% 09/15/26                | NISSAN MOTOR ACCEPTANCE REGD 144A P/P 6.95000000                                               | CUSIP: 65480CAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      462000 | PA      | $467988.67    | 0.01%             | 2026-09-15      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| WESTERN MIDSTRE 4.65% 07/01/26                | WESTERN MIDSTREAM OPERAT REGD 4.65000000                                                       | CUSIP: 958254AF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      785000 | PA      | $785710.54    | 0.01%             | 2026-07-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| FHLB D/N 12/26/25                             | FEDERAL HOME LOAN BANK DISCOUNT NOTES 0.00000000                                               | CUSIP: 313385QZ2<br>LEI: N/A                  | Long             | STIV             | USGA              | US        |     2100000 | PA      | $2080435.88   | 0.02%             | 2025-12-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TELENET FINANCE  5.5% 03/01/28                | TELENET FINANCE LUX NOTE REGD 144A P/P 5.50000000                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | LU        |     2200000 | PA      | $2187118.58   | 0.02%             | 2028-03-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| T/L MATTERHORN 00.00% 01/30/32                | T/L MATTERHORN TELECOM S.A. 0.00000000                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |      600000 | PA      | $706000.87    | 0.01%             | 2032-01-30      | Floating      | 2.00%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH  7.375% 06/01/31                | SOTERA HEALTH HLDGS LLC REGD 144A P/P 7.37500000                                               | CUSIP: 83600WAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2380000 | PA      | $2499042.84   | 0.03%             | 2031-06-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| NEW HOME CO INC/ 8.5% 11/01/30                | NEW HOME CO INC/THE REGD 144A P/P 8.50000000                                                   | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |      910000 | PA      | $944753.81    | 0.01%             | 2030-11-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| HONDURAS GOVER 8.625% 11/27/34                | HONDURAS GOVERNMENT REGD 144A P/P 8.62500000                                                   | CUSIP: 438180AK7<br>LEI: N/A                  | Long             | DBT              | USGA              | HN        |     1400000 | PA      | $1536500.00   | 0.02%             | 2034-11-27      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | MXN/USD FWD 20251217 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $85717.54     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CGMS 2020-2A A1R V/R 01/25/35                 | CARLYLE US CLO 2020-2 LTD SER 2020-2A CL A1R2 V/R REGD 144A P/P 5.29634000                     | CUSIP: 14315GAW5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1130000 | PA      | $1128593.15   | 0.01%             | 2035-01-25      | Variable      | 5.30%                 | Yes           |                  2 | On Loan: No      |
| JELD-WEN INC 7% 09/01/32                      | JELD-WEN INC REGD 144A P/P 7.00000000                                                          | CUSIP: 47580PAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2390000 | PA      | $2019711.81   | 0.02%             | 2032-09-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| NOVELIS CORP 6.375% 08/15/33                  | NOVELIS CORP REGD 144A P/P 6.37500000                                                          | CUSIP: 670001AN6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5695000 | PA      | $5761204.38   | 0.06%             | 2033-08-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ASHLAND INC 3.375% 09/01/31                   | ASHLAND INC REGD 144A P/P 3.37500000                                                           | CUSIP: 04433LAA0<br>LEI: 529900E4L9R04SB8HB11 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $885761.73    | 0.01%             | 2031-09-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO 3.25% 02/01/28                      | BOEING CO REGD 3.25000000                                                                      | CUSIP: 097023DB8<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      263000 | PA      | $256917.84    | 0.00%             | 2028-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| AIMCO 2022-17A D V/R 07/20/37                 | AIMCO CLO 17 LTD SER 2022-17A CL D1R V/R REGD 144A P/P 7.23199000                              | CUSIP: 00889JAP9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     1000000 | PA      | $999292.70    | 0.01%             | 2037-07-20      | Variable      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| BOOST NEWCO 8.5% 01/15/31/GBP/                | BOOST NEWCO BORROWER LLC /GBP/ REGD REG S 8.50000000                                           | CUSIP: U3732NAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     2950000 | PA      | $4267560.02   | 0.05%             | 2031-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE  3.5% 01/15/27                | ONEMAIN FINANCE CORP REGD 3.50000000                                                           | CUSIP: 682691AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      511000 | PA      | $501215.75    | 0.01%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STACR 2023-HQA1  V/R 05/25/43                 | FREDDIE MAC STACR REMIC TRUST 2023-HQA1 SER 2023-HQA1 CL M1A V/R REGD 144A P/P 6.35603000      | CUSIP: 35564KX79<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      229651 | PA      | $231518.23    | 0.00%             | 2043-05-25      | Variable      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| CASCADES INC/US 6.75% 07/15/30                | CASCADES INC/USA INC REGD 144A P/P 6.75000000                                                  | CUSIP: 14739LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |      190000 | PA      | $193515.00    | 0.00%             | 2030-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NRG ENERGY INC 5.75% 01/15/28                 | NRG ENERGY INC REGD SER WI 5.75000000                                                          | CUSIP: 629377CE0<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     1205000 | PA      | $1206457.15   | 0.01%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMBER FIN 6.625% 07/15/29/EUR/                | AMBER FINCO PLC /EUR/ REGD 144A P/P 6.62500000                                                 | CUSIP: N/A<br>LEI: 9845004C0870D380O790       | Long             | DBT              | CORP              | GB        |     7565000 | PA      | $9335143.23   | 0.10%             | 2029-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| PUBLIC PR 4.625% 03/12/30/EUR/                | PUBLIC PROPERTY INVEST A /EUR/ REGD REG S EMTN 4.62500000                                      | CUSIP: R7S512AA7<br>LEI: 254900QSCB9T0W2KE886 | Long             | DBT              | CORP              | NO        |     1950000 | PA      | $2350701.39   | 0.03%             | 2030-03-12      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC 5.5% 05/01/28                  | GOTO GROUP INC REGD 144A P/P 5.50000000                                                        | CUSIP: 38349YAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $25900.00     | 0.00%             | 2028-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| US TREAS NTS 4.25% 01/31/26                   | UNITED STATES TREASURY NOTE 4.25000000                                                         | CUSIP: 91282CJV4<br>LEI: N/A                  | Long             | DBT              | UST               | US        |    22650000 | PA      | $22667252.96  | 0.25%             | 2026-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DL INVEST 6.625% 07/15/30/EUR/                | DL INVEST GROUP PM SA /EUR/ REGD REG S 6.62500000                                              | CUSIP: X188ASAQ7<br>LEI: 259400589MI0ZCTNZK54 | Long             | DBT              | CORP              | PL        |     2125000 | PA      | $2488145.32   | 0.03%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| IWG US FINA 6.5% 06/28/30/EUR/                | IWG US FINANCE LLC /EUR/ REGD REG S SER / 6.50000000                                           | CUSIP: U46853AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1400000 | PA      | $1795434.46   | 0.02%             | 2030-06-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WINTERSHALL DE V/R /PERP//EUR/                | WINTERSHALL DEA FIN 2BV /EUR/ REGD V/R /PERP/ REG S SER NC8 3.00000000                         | CUSIP: N963A2AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     8100000 | PA      | $9165074.42   | 0.10%             | 2174-01-20      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSU 4% 10/15/33                | ROCKETMTGE CO-ISSUER INC REGD P/P 4.00000000                                                   | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2721000 | PA      | $2485621.82   | 0.03%             | 2033-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| VAIL RESORTS INC 6.5% 05/15/32                | VAIL RESORTS INC REGD 144A P/P 6.50000000                                                      | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |     1422000 | PA      | $1470616.76   | 0.02%             | 2032-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| F/C US 10YR ULTRA FUT DEC25                   | FUTURE CONTRACT ON           US 10YR ULTRA FUT DEC25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          -7 | NC      | $-805546.88   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA INC 2.25% 03/15/29/EUR/                 | IQVIA INC /EUR/ REGD REG S 2.25000000                                                          | CUSIP: U46093AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $113425.37    | 0.00%             | 2029-03-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| T/L QNITY ELECTR 0% 08/12/32                  | T/L QNITY ELECTRONICS  INC.    REGD TERM LOAN 0.00000000                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2780000 | PA      | $2776525.00   | 0.03%             | 2032-08-12      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| A2A SPA V/R /PERP//EUR/                       | A2A SPA /EUR/ REGD V/R /PERP/ REG S 5.00000000                                                 | CUSIP: T0579BAV7<br>LEI: 81560076E3944316DB24 | Long             | DBT              | CORP              | IT        |      100000 | PA      | $122269.42    | 0.00%             | 2174-09-11      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CURRENTA GR 5.5% 05/15/30/EUR/                | CURRENTA GROUP HOLDINGS /EUR/ REGD REG S 5.50000000                                            | CUSIP: L2212RAA5<br>LEI: 222100SF79KCJKYUPE47 | Long             | DBT              | CORP              | LU        |      700000 | PA      | $842217.14    | 0.01%             | 2030-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA C V/R 03/05/29                | BANK OF AMERICA CORP REGD V/R MTN 3.97000000                                                   | CUSIP: 06051GHG7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     1151000 | PA      | $1145647.12   | 0.01%             | 2029-03-05      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC  5.95% 02/15/28                | HUDSON PACIFIC PROPERTIE REGD 5.95000000                                                       | CUSIP: 44409MAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $78667.45     | 0.00%             | 2028-02-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| UNICAJA BANC V/R 06/22/34/EUR/                | UNICAJA BANCO SA /EUR/ REGD V/R REG S EMTN 5.50000000                                          | CUSIP: E92589FG5<br>LEI: 5493007SJLLCTM6J6M37 | Long             | DBT              | CORP              | ES        |     1400000 | PA      | $1740636.13   | 0.02%             | 2034-06-22      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQ 6.625% 04/15/29                | CLYDESDALE ACQUISITION REGD 144A P/P 6.62500000                                                | CUSIP: 18972EAA3<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     2613000 | PA      | $2643697.52   | 0.03%             | 2029-04-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FABBRICA  5.625% 08/01/27/EUR/                | FABBRICA ITA SINTETICI /EUR/ REGD REG S 5.62500000                                             | CUSIP: T4R24CAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |      700000 | PA      | $828051.68    | 0.01%             | 2027-08-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CA 4.5% 08/15/30                | CCO HLDGS LLC/CAP CORP REGD 144A P/P 4.50000000                                                | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      878000 | PA      | $829264.50    | 0.01%             | 2030-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| H.B. FULLER CO 4.25% 10/15/28                 | H.B. FULLER CO REGD 4.25000000                                                                 | CUSIP: 40410KAA3<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | DBT              | CORP              | US        |       50000 | PA      | $48619.38     | 0.00%             | 2028-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS IN 4.625% 09/01/26                | MGM RESORTS INTL REGD 4.62500000                                                               | CUSIP: 552953CD1<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |      275000 | PA      | $274209.54    | 0.00%             | 2026-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CONCENTRA HEAL 6.875% 07/15/32                | CONCENTRA HEALTH SERVICE REGD 144A P/P 6.87500000                                              | CUSIP: 20600DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2320000 | PA      | $2409394.24   | 0.03%             | 2032-07-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC GAS & E 5.45% 06/15/27                | PACIFIC GAS & ELECTRIC REGD 5.45000000                                                         | CUSIP: 694308KF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |        7000 | PA      | $7118.35      | 0.00%             | 2027-06-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| STONEPEAK NILE  7.25% 03/15/32                | STONEPEAK NILE PARENT REGD 144A P/P 7.25000000                                                 | CUSIP: 861932AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      678000 | PA      | $713849.58    | 0.01%             | 2032-03-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| 888 ACQUI 10.75% 05/15/30/GBP/                | 888 ACQUISITIONS LTD /GBP/ REGD REG S 10.75000000                                              | CUSIP: X1957XAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | GI        |     4742000 | PA      | $6354675.85   | 0.07%             | 2030-05-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| BARCLAYS PLC V/R /PERP/                       | BARCLAYS PLC REGD V/R /PERP/ 7.62500000                                                        | CUSIP: 06738EDC6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     2000000 | PA      | $2119368.00   | 0.02%             | 2174-06-15      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN  5.75% 10/12/10                | UNITED MEXICAN STATES REGD MTN SER GMTN 5.75000000                                             | CUSIP: 91086QAZ1<br>LEI: N/A                  | Long             | DBT              | USGA              | MX        |     3800000 | PA      | $3245200.00   | 0.04%             | 2110-10-12      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE  4.9% 06/15/30                | PERRIGO FINANCE UNLIMITE REGD 4.90000000                                                       | CUSIP: 71429MAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |       70000 | PA      | $68331.69     | 0.00%             | 2030-06-15      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| BBCMS 2025-5C 5.839% 02/15/30                 | BBCMS MORTGAGE TRUST 2025-5C33 SER 2025-5C33 CL A4 REGD 5.83900000                             | CUSIP: 072924AD5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      430000 | PA      | $453253.20    | 0.00%             | 2058-03-15      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| CULLINAN HO 8.5% 10/15/29/EUR/                | CULLINAN HOLDCO /EUR/ REGD P/P 8.50000000                                                      | CUSIP: N/A<br>LEI: 549300F81ZP47K818173       | Long             | DBT              | CORP              | LU        |     9426105 | PA      | $8688612.97   | 0.10%             | 2029-10-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS  6.375% 09/15/27                | NEWELL BRANDS INC REGD 6.37500000                                                              | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       60000 | PA      | $60830.22     | 0.00%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYM 5.5% 05/15/33/EUR/                | SHIFT4 PAYMENTS LLC/FIN /EUR/ REGD 144A P/P 5.50000000                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |     6467000 | PA      | $7905801.25   | 0.09%             | 2033-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BOYD GAMING COR 4.75% 06/15/31                | BOYD GAMING CORP REGD 144A P/P 4.75000000                                                      | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |     3880000 | PA      | $3740953.60   | 0.04%             | 2031-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| LCPR SR SECURE 5.125% 07/15/29                | LCPR SR SECURED FIN DAC REGD 144A P/P 5.12500000                                               | CUSIP: 50201DAD5<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |       90000 | PA      | $49950.00     | 0.00%             | 2029-07-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| MEG ENERGY COR 5.875% 02/01/29                | MEG ENERGY CORP REGD 144A P/P 5.87500000                                                       | CUSIP: 552704AF5<br>LEI: 5493002WXPTG5ZC1T326 | Long             | DBT              | CORP              | CA        |      730000 | PA      | $729923.20    | 0.01%             | 2029-02-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| GRAFTECH GLOBA 9.875% 12/23/29                | GRAFTECH GLOBAL ENTERPRI REGD 144A P/P 9.87500000                                              | CUSIP: 38431AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      650000 | PA      | $554125.00    | 0.01%             | 2029-12-23      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| T/L VIRGIN MEDIA 0% 01/31/29                  | T/L VIRGIN MEDIA BRISTOL LLC   REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      600000 | PA      | $599424.00    | 0.01%             | 2029-01-31      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM 5.875% 03/01/28                | HESS MIDSTREAM OPERATION REGD 144A P/P 5.87500000                                              | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $40743.72     | 0.00%             | 2028-03-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| QXO BUILDING PR 6.75% 04/30/32                | QXO BUILDING PRODUCTS REGD 144A P/P 6.75000000                                                 | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     9076000 | PA      | $9382743.93   | 0.10%             | 2032-04-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC V/R 02/13/30                    | CITIGROUP INC REGD V/R 5.17400000                                                              | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     1099000 | PA      | $1127903.68   | 0.01%             | 2030-02-13      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| CIDRON AI 9.125% 10/27/31/GBP/                | CIDRON AIDA FINCO SARL /GBP/ REGD 144A P/P 9.12500000                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | LU        |     6097000 | PA      | $8331356.36   | 0.09%             | 2031-10-27      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| PT PERTAMINA (PE 6.5% 11/07/48                | PT PERTAMINA (PERSERO) REGD REG S EMTN 6.50000000                                              | CUSIP: 69370RAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | ID        |     1000000 | PA      | $1071194.71   | 0.01%             | 2048-11-07      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KBC GROUP NV V/R /PERP//EUR/                  | KBC GROUP NV /EUR/ REGD V/R /PERP/ REG S 6.00000000                                            | CUSIP: B5337GNS0<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |     1400000 | PA      | $1690350.20   | 0.02%             | 2173-11-27      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| VIASAT INC 7.5% 05/30/31                      | VIASAT INC REGD 144A P/P 7.50000000                                                            | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |      420000 | PA      | $394196.59    | 0.00%             | 2031-05-30      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| INDO ASAHAN/MINE 5.8% 05/15/50                | INDO ASAHAN/MINERAL IND REGD REG S 5.80000000                                                  | CUSIP: Y7140WAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | ID        |     1600000 | PA      | $1569565.44   | 0.02%             | 2050-05-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE P 5% 06/01/31                | SUBURBAN PROPANE PARTNRS REGD 144A P/P 5.00000000                                              | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1230000 | PA      | $1170228.64   | 0.01%             | 2031-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BEAZER HOMES US 7.25% 10/15/29                | BEAZER HOMES USA REGD SER WI 7.25000000                                                        | CUSIP: 07556QBT1<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |     5352000 | PA      | $5444220.31   | 0.06%             | 2029-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC 4.875% 05/01/29                 | TRANSDIGM INC REGD SER WI 4.87500000                                                           | CUSIP: 893647BQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      170000 | PA      | $167488.76    | 0.00%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGA 12.25% 10/01/30                | FREEDOM MORTGAGE CORP REGD 144A P/P 12.25000000                                                | CUSIP: 35640YAL1<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     1845000 | PA      | $2058231.05   | 0.02%             | 2030-10-01      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| VENTR 2022-45A A V/R 07/20/35                 | VENTURE 45 CLO LTD SER 2022-45A CL A1R V/R REGD 144A P/P 5.55204000                            | CUSIP: 92326GAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |      580000 | PA      | $581875.72    | 0.01%             | 2035-07-20      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| ALCOA NEDERLAN 7.125% 03/15/31                | ALCOA NEDERLAND HOLDING REGD 144A P/P 7.12500000                                               | CUSIP: 013822AH4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      140000 | PA      | $147124.60    | 0.00%             | 2031-03-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| AXIATA SPV2 BH 2.163% 08/19/30                | AXIATA SPV2 BHD REGD EMTN 2.16300000                                                           | CUSIP: Y0488DAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | MY        |     7400000 | PA      | $6655298.85   | 0.07%             | 2030-08-19      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE  V/R /PERP/                | BANCO MERCANTIL DE NORTE REGD V/R /PERP/ 144A P/P 8.37500000                                   | CUSIP: 05971PAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     2800000 | PA      | $2948260.00   | 0.03%             | 2174-02-20      | Variable      | 8.38%                 | Yes           |                  2 | On Loan: No      |
| BUCKEYE PARTNERS 5.6% 10/15/44                | BUCKEYE PARTNERS LP REGD SER 30YR 5.60000000                                                   | CUSIP: 118230AP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      116000 | PA      | $105513.78    | 0.00%             | 2044-10-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL  6.75% 10/15/28                | UNITED NATURAL FOODS INC REGD 144A P/P 6.75000000                                              | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |     2027000 | PA      | $2024682.53   | 0.02%             | 2028-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CECLO 2022-32A A V/R 07/24/34                 | COLUMBIA CENT CLO 32 LTD SER 2022-32A CL A1R2 V/R REGD 144A P/P 5.27424000                     | CUSIP: 19737TBG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      940000 | PA      | $938996.17    | 0.01%             | 2034-07-24      | Variable      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| REPSOL E&P CAP 4.805% 09/16/28                | REPSOL E&P CAP MARKETS REGD 144A P/P 4.80500000                                                | CUSIP: 76026AAA5<br>LEI: 894500D0J12FRZ3Q0M15 | Long             | DBT              | CORP              | US        |      200000 | PA      | $200879.44    | 0.00%             | 2028-09-16      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| ROGERS COMMUNICAT V/R 04/15/55                | ROGERS COMMUNICATIONS IN REGD V/R 7.12500000                                                   | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |      270000 | PA      | $286241.55    | 0.00%             | 2055-04-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| KEDRION SPA 6.5% 09/01/29                     | KEDRION SPA REGD 144A P/P 6.50000000                                                           | CUSIP: 49272YAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |      110000 | PA      | $108561.74    | 0.00%             | 2029-09-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CORECIVIC INC 8.25% 04/15/29                  | CORECIVIC INC REGD 8.25000000                                                                  | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |       50000 | PA      | $52822.21     | 0.00%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VIRGIN ME 4.875% 07/15/28/GBP/                | VIRGIN MEDIA VENDOR FIN /GBP/ REGD 4.87500000                                                  | CUSIP: G9434YAA3<br>LEI: 635400SSKC2QCGEPIQ43 | Long             | DBT              | CORP              | IE        |    10560000 | PA      | $13832941.20  | 0.15%             | 2028-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CABLEVISION LI 5.625% 09/15/28                | CABLEVISION LIGHTPATH REGD 144A P/P 5.62500000                                                 | CUSIP: 12687GAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2655000 | PA      | $2612044.76   | 0.03%             | 2028-09-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| ISLAMIC REP OF 8.875% 04/08/51                | ISLAMIC REP OF PAKISTAN REGD REG S EMTN 8.87500000                                             | CUSIP: Y2835JAJ7<br>LEI: N/A                  | Long             | DBT              | USGA              | PK        |     2000000 | PA      | $1838927.30   | 0.02%             | 2051-04-08      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC 3.625% 02/15/31                | NRG ENERGY INC REGD 144A P/P 3.62500000                                                        | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     4305000 | PA      | $3980050.85   | 0.04%             | 2031-02-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| WILLIAMS SCOTS 6.625% 06/15/29                | WILLIAMS SCOTSMAN INC REGD 144A P/P 6.62500000                                                 | CUSIP: 96949VAM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      700000 | PA      | $716011.80    | 0.01%             | 2029-06-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| SAMHALLSB 2.375% 08/04/26/EUR/                | SAMHALLSBYG HOLD /EUR/ REGD REG S 2.37500000                                                   | CUSIP: W7T8BYAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |     7864000 | PA      | $8905545.05   | 0.10%             | 2026-08-04      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDS US46513CXR23 01.000 SP 06/20/2027 CITIUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $46949.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CROWN CASTLE IN 3.65% 09/01/27                | CROWN CASTLE INC REGD 3.65000000                                                               | CUSIP: 22822VAH4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |      213000 | PA      | $210824.88    | 0.00%             | 2027-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| AROUNDTOWN FIN V/R /PERP//EUR/                | AROUNDTOWN FINANCE SARL /EUR/ REGD V/R /PERP/ 5.00000000                                       | CUSIP: L0269HAB1<br>LEI: 8945006LEXV2KWSWVP51 | Long             | DBT              | CORP              | LU        |     4054000 | PA      | $4544556.25   | 0.05%             | 2174-07-16      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PA 5.875% 04/15/29                | BROADSTREET PARTNERS GRP REGD 144A P/P 5.87500000                                              | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |     1688000 | PA      | $1683533.55   | 0.02%             | 2029-04-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ROYAL CARIBBEAN  3.7% 03/15/28                | ROYAL CARIBBEAN CRUISES REGD 3.70000000                                                        | CUSIP: 780153AW2<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      907000 | PA      | $892669.43    | 0.01%             | 2028-03-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PA 5% 01/15/28                | TARGA RESOURCES PARTNERS REGD 5.00000000                                                       | CUSIP: 87612BBG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      758000 | PA      | $758848.81    | 0.01%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RR DONNELLEY & S 9.5% 08/01/29                | RR DONNELLEY & SONS CO REGD 144A P/P 9.50000000                                                | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |     3133000 | PA      | $3210902.05   | 0.04%             | 2029-08-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| AMSTED INDUSTR 4.625% 05/15/30                | AMSTED INDUSTRIES REGD 144A P/P 4.62500000                                                     | CUSIP: 032177AJ6<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |     3026000 | PA      | $2924317.29   | 0.03%             | 2030-05-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| UNITED RENTALS  3.75% 01/15/32                | UNITED RENTALS NORTH AM REGD 3.75000000                                                        | CUSIP: 911365BP8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3487000 | PA      | $3230173.03   | 0.04%             | 2032-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SEADRILL FINAN 8.375% 08/01/30                | SEADRILL FINANCE LTD REGD 144A P/P 8.37500000                                                  | CUSIP: 81172QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      130000 | PA      | $134961.19    | 0.00%             | 2030-08-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| PROSUS NV 3.257% 01/19/27                     | PROSUS NV REGD P/P 3.25700000                                                                  | CUSIP: 74365PAG3<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |      200000 | PA      | $196921.02    | 0.00%             | 2027-01-19      | Fixed         | 3.26%                 | Yes           |                  2 | On Loan: No      |
| AXALTA COATING 3.375% 02/15/29                | AXALTA COATING SYSTEMS REGD 144A P/P 3.37500000                                                | CUSIP: 05453GAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1926000 | PA      | $1824612.09   | 0.02%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| BUCKEYE PARTNER 6.75% 08/15/33                | BUCKEYE PARTNERS REGD 6.75000000                                                               | CUSIP: 118230AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $61264.98     | 0.00%             | 2033-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BOI FINANCE 7.5% 02/16/27/EUR/                | BOI FINANCE B /EUR/ REGD REG S 7.50000000                                                      | CUSIP: N15088AA0<br>LEI: 724500ZH3H2YACBUNF38 | Long             | DBT              | CORP              | NL        |     1400000 | PA      | $1686735.90   | 0.02%             | 2027-02-16      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF LA 5.125% 07/30/34                | REPUBLIC OF LATVIA REGD REG S EMTN 5.12500000                                                  | CUSIP: X7S904CR0<br>LEI: N/A                  | Long             | DBT              | USGA              | LV        |     1200000 | PA      | $1233946.56   | 0.01%             | 2034-07-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION 7.75% 02/15/29                | NCL CORPORATION LTD REGD 144A P/P 7.75000000                                                   | CUSIP: 62886HBG5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     2135000 | PA      | $2273190.01   | 0.03%             | 2029-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| CONSTELLATION  5.158% 02/16/29                | CONSTELLATION SOFTWARE REGD 144A P/P 5.15800000                                                | CUSIP: 21037XAC4<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | CORP              | CA        |      443000 | PA      | $452487.93    | 0.00%             | 2029-02-16      | Fixed         | 5.16%                 | Yes           |                  2 | On Loan: No      |
| KIND 2024-1 A V/R 08/15/26                    | KIND COMMERCIAL MORTGAGE TRUST 2024-1 SER 2024-1 CL A V/R REGD 144A P/P 6.04016000             | CUSIP: 494925AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      310000 | PA      | $310387.50    | 0.00%             | 2041-08-15      | Variable      | 6.04%                 | Yes           |                  2 | On Loan: No      |
| CUMULUS MEDIA NEW  8% 07/01/29                | CUMULUS MEDIA NEW HLDGS REGD 144A P/P 8.00000000                                               | CUSIP: 23110AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $10199.20     | 0.00%             | 2029-07-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| TELEFONICA EUR V/R /PERP//EUR/                | TELEFONICA EUROPE BV /EUR/ REGD V/R /PERP/ REG S 2.37600000                                    | CUSIP: N850232J2<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    12500000 | PA      | $13925186.25  | 0.15%             | 2174-05-12      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| STELLANTIS FINA 4.95% 09/15/28                | STELLANTIS FINANCIAL SER REGD 144A P/P 4.95000000                                              | CUSIP: 85855FAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $199910.80    | 0.00%             | 2028-09-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| VISTRA CORP V/R /PERP/                        | VISTRA CORP REGD V/R /PERP/ 144A P/P SER C 8.87500000                                          | CUSIP: 92840MAD4<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |      680000 | PA      | $747077.24    | 0.01%             | 2174-07-15      | Variable      | 8.88%                 | Yes           |                  2 | On Loan: No      |
| MIWD HLDCO II/MI 5.5% 02/01/30                | MIWD HLDCO II/MIWD FIN REGD 144A P/P 5.50000000                                                | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1970000 | PA      | $1918675.40   | 0.02%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| NEW FLYER HOLDI 9.25% 07/01/30                | NEW FLYER HOLDINGS REGD 144A P/P 9.25000000                                                    | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1030000 | PA      | $1102141.20   | 0.01%             | 2030-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| FIBERCOP SPA 6.375% 11/15/33                  | FIBERCOP SPA REGD 144A P/P SER 2033 6.37500000                                                 | CUSIP: 683879AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |       10000 | PA      | $9924.84      | 0.00%             | 2033-11-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ZF EUROPE 6.125% 03/13/29/EUR/                | ZF EUROPE FINANCE BV /EUR/ REGD REG S EMTN 6.12500000                                          | CUSIP: N9769AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     3000000 | PA      | $3600306.38   | 0.04%             | 2029-03-13      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPA 5.875% 03/01/27                | SUBURBAN PROPANE PARTNRS REGD 5.87500000                                                       | CUSIP: 864486AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2875000 | PA      | $2868514.29   | 0.03%             | 2027-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT 5.1% 06/18/50                | REPUBLICA ORIENT URUGUAY REGD 5.10000000                                                       | CUSIP: 760942BA9<br>LEI: N/A                  | Long             | DBT              | USGA              | UY        |     4100000 | PA      | $3885529.00   | 0.04%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| INSULET CORPORAT 6.5% 04/01/33                | INSULET CORPORATION REGD 144A P/P 6.50000000                                                   | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |     1888000 | PA      | $1962961.15   | 0.02%             | 2033-04-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FERRELLGAS ESCROW LLC EQ/PFD/                 | FERRELLGAS ESCROW LLC EQUITY  /PREFERRED/ 0.00000000                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |        6467 | NS      | $6467000.00   | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| UNITED RENTALS NOR 4% 07/15/30                | UNITED RENTALS NORTH AM REGD 4.00000000                                                        | CUSIP: 911365BN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $66955.62     | 0.00%             | 2030-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / F 8.5% 06/15/29                | ACRISURE LLC / FIN INC REGD 144A P/P 8.50000000                                                | CUSIP: 00489LAM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2955000 | PA      | $3102023.07   | 0.03%             | 2029-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| CGCMT 2016-GC 3.616% 01/10/26                 | CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-GC36 SER 2016-GC36 CL A5 REGD 3.61600000              | CUSIP: 17324TAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      945000 | PA      | $938980.07    | 0.01%             | 2049-02-10      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC 5.25% 06/15/29                 | NRG ENERGY INC REGD 144A P/P 5.25000000                                                        | CUSIP: 629377CH3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     2434000 | PA      | $2424513.24   | 0.03%             | 2029-06-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ARCREN 2025-FL1  V/R 02/20/29                 | ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 20 SER 2025-FL1 CL A V/R REGD 144A P/P 5.48944000    | CUSIP: 03881KAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      460000 | PA      | $460439.67    | 0.01%             | 2043-01-20      | Variable      | 5.49%                 | Yes           |                  2 | On Loan: No      |
| T/L TPC GROUP INC 0% 11/21/31                 | T/L TPC GROUP INC REGD         TERM LOAN 0.00000000                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6196631 | PA      | $5956511.15   | 0.07%             | 2031-11-21      | Floating      | 9.77%                 | No            |                  2 | On Loan: No      |
| SHEA HOMES LP/F 4.75% 02/15/28                | SHEA HOMES LP/FNDG CP REGD 4.75000000                                                          | CUSIP: 82088KAK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3460000 | PA      | $3406285.26   | 0.04%             | 2028-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC 6% 01/15/36                    | NRG ENERGY INC REGD 144A P/P 6.00000000                                                        | CUSIP: 629377DD1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    14479000 | PA      | $14484351.01  | 0.16%             | 2036-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CATURUS ENERGY L 8.5% 02/15/30                | CATURUS ENERGY LLC REGD 144A P/P 8.50000000                                                    | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |     5854000 | PA      | $6095000.63   | 0.07%             | 2030-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| MAYA SAS/FRANCE 7% 04/15/32                   | MAYA SAS/FRANCE REGD 144A P/P 7.00000000                                                       | CUSIP: 449691AG9<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |     6255000 | PA      | $6378680.12   | 0.07%             | 2032-04-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| T/L VENATOR MAT 0% 01/16/2026                 | T/L VENATOR MATERIALS LLC      REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      962074 | PA      | $913970.25    | 0.01%             | 2026-01-16      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAM 3.875% 09/01/28                | BOOZ ALLEN HAMILTON INC REGD 144A P/P 3.87500000                                               | CUSIP: 09951LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      123000 | PA      | $120640.60    | 0.00%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| BMARK 2025-V16 A V/R 07/15/30                 | BENCHMARK 2025-V16 MORTGAGE TRUST SER 2025-V16 CL A3 V/R REGD 5.43900000                       | CUSIP: 08164RAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      470000 | PA      | $488777.91    | 0.01%             | 2058-08-15      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIV 4.5% 03/01/28                | ASBURY AUTOMOTIVE GROUP REGD SER WI 4.50000000                                                 | CUSIP: 043436AU8<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |       40000 | PA      | $39502.35     | 0.00%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS L 11.75% 01/31/29                | CSC HOLDINGS LLC REGD 144A P/P 11.75000000                                                     | CUSIP: 126307BN6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4529000 | PA      | $3808656.12   | 0.04%             | 2029-01-31      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| OLIN CORP 6.625% 04/01/33                     | OLIN CORP REGD 144A P/P 6.62500000                                                             | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |       60000 | PA      | $60313.23     | 0.00%             | 2033-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FINANCING S 5% 01/15/28                | ALTICE FINANCING SA REGD 144A P/P 5.00000000                                                   | CUSIP: 02154CAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     5657000 | PA      | $4398317.50   | 0.05%             | 2028-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NEWFOLD DIGITAL HL 6% 02/15/29                | NEWFOLD DIGITAL HLDGS GR REGD 144A P/P 6.00000000                                              | CUSIP: 29279XAA8<br>LEI: 549300UTQC2651SB0W88 | Long             | DBT              | CORP              | US        |       80000 | PA      | $47144.36     | 0.00%             | 2029-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PENNYMAC FIN SV 6.75% 02/15/34                | PENNYMAC FIN SVCS INC REGD 144A P/P 6.75000000                                                 | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     2532000 | PA      | $2583278.06   | 0.03%             | 2034-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| MICHAELS COS IN 5.25% 05/01/28                | MICHAELS COS INC/THE REGD 144A P/P 5.25000000                                                  | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |      100000 | PA      | $91668.71     | 0.00%             | 2028-05-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| FAIR ISAAC CORP 4% 06/15/28                   | FAIR ISAAC CORP REGD 144A P/P 4.00000000                                                       | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |       32000 | PA      | $31126.51     | 0.00%             | 2028-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| TELEFLEX INC 4.25% 06/01/28                   | TELEFLEX INC REGD 144A P/P 4.25000000                                                          | CUSIP: 879369AG1<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |       80000 | PA      | $78095.92     | 0.00%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| IFCEMS 2025-1A A V/R 12/31/35                 | IFC EMERGING MARKETS SECURITIZATION  SER 2025-1A CL A V/R REGD 144A P/P 5.45408000             | CUSIP: 45174DAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      700000 | PA      | $699057.24    | 0.01%             | 2035-12-31      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| NEW IMMO H 2.75% 11/26/26/EUR/                | NEW IMMO HOLDING SA /EUR/ REGD REG S SER . 2.75000000                                          | CUSIP: F14519AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      800000 | PA      | $928299.69    | 0.01%             | 2026-11-26      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ROSSINI SA 6.75% 12/31/29/EUR/                | ROSSINI SARL /EUR/ REGD REG S 6.75000000                                                       | CUSIP: L7980HAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      815000 | PA      | $1009465.47   | 0.01%             | 2029-12-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL IN V/R 01/17/40                | ALLY FINANCIAL INC REGD V/R 6.64600000                                                         | CUSIP: 02005NBY5<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |      110000 | PA      | $109980.67    | 0.00%             | 2040-01-17      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY  6.125% 04/01/30                | CHS/COMMUNITY HEALTH SYS REGD 144A P/P 6.12500000                                              | CUSIP: 12543DBL3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $108854.16    | 0.00%             | 2030-04-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| ICAHN ENTERPRISES 10% 11/15/29                | ICAHN ENTERPRISES/FIN REGD 144A P/P 10.00000000                                                | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3152000 | PA      | $3174290.94   | 0.03%             | 2029-11-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| DIEBOLD NIXDORF 7.75% 03/31/30                | DIEBOLD NIXDORF INC REGD 144A P/P 7.75000000                                                   | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |      100000 | PA      | $105582.60    | 0.00%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| CENTURY COMMUN 3.875% 08/15/29                | CENTURY COMMUNITIES REGD 144A P/P 3.87500000                                                   | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |      140000 | PA      | $131713.60    | 0.00%             | 2029-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| AIA GROUP LTD 3.2% 09/16/40                   | AIA GROUP LTD REGD REG S 3.20000000                                                            | CUSIP: 00131MAK9<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |     1650000 | PA      | $1297001.29   | 0.01%             | 2040-09-16      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUNDI 2.3% 04/11/27                | F&G GLOBAL FUNDING REGD 144A P/P 2.30000000                                                    | CUSIP: 30321L2D3<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |      632000 | PA      | $613306.05    | 0.01%             | 2027-04-11      | Fixed         | 2.30%                 | Yes           |                  2 | On Loan: No      |
| GREENKO DUTCH B 3.85% 03/29/26                | GREENKO DUTCH BV REGD 144A P/P 3.85000000                                                      | CUSIP: 39530LAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      695460 | PA      | $688221.89    | 0.01%             | 2026-03-29      | Fixed         | 3.85%                 | Yes           |                  2 | On Loan: No      |
| SDART 2023-1 C 5.09% 01/15/27                 | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2023-1 SER 2023-1 CL C REGD 5.09000000                  | CUSIP: 80287GAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      960000 | PA      | $966963.36    | 0.01%             | 2030-05-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| ARKO CORP 5.125% 11/15/29                     | ARKO CORP REGD 144A P/P 5.12500000                                                             | CUSIP: 041242AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2695000 | PA      | $2293212.42   | 0.03%             | 2029-11-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC 6.375% 03/01/29                 | TRANSDIGM INC REGD 144A P/P 6.37500000                                                         | CUSIP: 893647BU0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10599000 | PA      | $10835753.04  | 0.12%             | 2029-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CHS/COMMUNITY HEAL 6% 01/15/29                | CHS/COMMUNITY HEALTH SYS REGD 144A P/P 6.00000000                                              | CUSIP: 12543DBH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5519000 | PA      | $5356962.16   | 0.06%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| STARWOOD PROPE 4.375% 01/15/27                | STARWOOD PROPERTY TRUST REGD 144A P/P 4.37500000                                               | CUSIP: 85571BAY1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     2680000 | PA      | $2657147.10   | 0.03%             | 2027-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 10/23/29                | WELLS FARGO & COMPANY REGD V/R 6.30300000                                                      | CUSIP: 95000U3G6<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      786000 | PA      | $832619.65    | 0.01%             | 2029-10-23      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 11/04/25                        | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797RM1<br>LEI: N/A                  | Long             | STIV             | UST               | US        |      500000 | PA      | $498106.39    | 0.01%             | 2025-11-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL USA 5.625% 05/01/27                | MURPHY OIL USA INC REGD 5.62500000                                                             | CUSIP: 626738AD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $70039.62     | 0.00%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BAYER AG V/R 03/25/82/EUR/                    | BAYER AG /EUR/ REGD V/R REG S SER N8.5 5.37500000                                              | CUSIP: D07112WG2<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |     4300000 | PA      | $5187476.38   | 0.06%             | 2082-03-25      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PA 1.75% 10/01/27                | ADVANCE AUTO PARTS REGD 1.75000000                                                             | CUSIP: 00751YAF3<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |       50000 | PA      | $46874.73     | 0.00%             | 2027-10-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC/FI 4.625% 11/15/28                | CHOBANI LLC/FINANCE CORP REGD 144A P/P 4.62500000                                              | CUSIP: 17027NAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3417000 | PA      | $3378957.86   | 0.04%             | 2028-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC V/R /PERP/                       | BARCLAYS PLC REGD V/R /PERP/ 4.37500000                                                        | CUSIP: 06738EBT1<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      465000 | PA      | $439486.01    | 0.00%             | 2173-12-15      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| FORVIA SE 6.75% 09/15/33                      | FORVIA SE REGD 144A P/P 6.75000000                                                             | CUSIP: 31209DAC9<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |       78000 | PA      | $79086.26     | 0.00%             | 2033-09-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| MOHEGAN TRIBA 11.875% 04/15/31                | MOHEGAN TRIBAL / MS DIG REGD 144A P/P 11.87500000                                              | CUSIP: 60832QAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $157099.65    | 0.00%             | 2031-04-15      | Fixed         | 11.88%                | Yes           |                  2 | On Loan: No      |
| US T BILL ZCP 11/25/25                        | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797RQ2<br>LEI: N/A                  | Long             | STIV             | UST               | US        |    13500000 | PA      | $13417603.16  | 0.15%             | 2025-11-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| OWENS & MINOR IN 4.5% 03/31/29                | OWENS & MINOR INC REGD 144A P/P 4.50000000                                                     | CUSIP: 690732AF9<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |       20000 | PA      | $16070.68     | 0.00%             | 2029-03-31      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| UNITED RENTALS N 5.5% 05/15/27                | UNITED RENTALS NORTH AM REGD 5.50000000                                                        | CUSIP: 911365BF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $80003.68     | 0.00%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MGM CHINA HOLD 7.125% 06/26/31                | MGM CHINA HOLDINGS LTD REGD 144A P/P 7.12500000                                                | CUSIP: 55300RAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      774000 | PA      | $816559.12    | 0.01%             | 2031-06-26      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| BX 2025-ROIC A V/R 03/15/27                   | BX TRUST 2025-ROIC SER 2025-ROIC CL A V/R REGD 144A P/P 5.29399000                             | CUSIP: 05593VAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      428329 | PA      | $427392.48    | 0.00%             | 2030-03-15      | Variable      | 5.29%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PO 4.875% 10/04/33                | REPUBLIC OF POLAND REGD SER 10Y 4.87500000                                                     | CUSIP: 731011AV4<br>LEI: N/A                  | Long             | DBT              | USGA              | PL        |      200000 | PA      | $202659.67    | 0.00%             | 2033-10-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| OLYMPUS W 5.375% 10/01/29/EUR/                | OLYMPUS WTR US HLDG CORP /EUR/ REGD REG S 5.37500000                                           | CUSIP: U68195AC7<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |      200000 | PA      | $222697.32    | 0.00%             | 2029-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ARDAGH PK 2.125% 08/15/26/EUR/                | ARDAGH PKG FIN/HLDGS USA /EUR/ REGD REG S 2.12500000                                           | CUSIP: G0457JAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     9897000 | PA      | $11299232.19  | 0.12%             | 2026-08-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES I 5% 02/01/28                | ARAMARK SERVICES INC REGD 144A P/P 5.00000000                                                  | CUSIP: 038522AQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      190000 | PA      | $189105.92    | 0.00%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NISSAN MOTOR AC 7.05% 09/15/28                | NISSAN MOTOR ACCEPTANCE REGD 144A P/P 7.05000000                                               | CUSIP: 65480CAF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      166000 | PA      | $172624.94    | 0.00%             | 2028-09-15      | Fixed         | 7.05%                 | Yes           |                  2 | On Loan: No      |
| AS MILEAGE PLA 5.021% 10/20/29                | AS MILEAGE PLAN IP LTD REGD 144A P/P 5.02100000                                                | CUSIP: 00218QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      159000 | PA      | $159137.16    | 0.00%             | 2029-10-20      | Fixed         | 5.02%                 | Yes           |                  2 | On Loan: No      |
| EMPRESA NACIONA 6.15% 05/10/33                | EMPRESA NACIONAL DEL PET REGD REG S 6.15000000                                                 | CUSIP: P37110AS5<br>LEI: N/A                  | Long             | DBT              | CORP              | CL        |     3500000 | PA      | $3710497.00   | 0.04%             | 2033-05-10      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| DUFRY ONE 3.375% 04/15/28/EUR/                | DUFRY ONE BV /EUR/ REGD REG S 3.37500000                                                       | CUSIP: N2R74EAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     3120000 | PA      | $3661926.04   | 0.04%             | 2028-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO- 2.875% 10/15/26                | ROCKETMTGE CO-ISSUER INC REGD P/P 2.87500000                                                   | CUSIP: 77313LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5461000 | PA      | $5348302.82   | 0.06%             | 2026-10-15      | Fixed         | 2.88%                 | Yes           |                  2 | On Loan: No      |
| NCL FINANCE LT 6.125% 03/15/28                | NCL FINANCE LTD REGD 144A P/P 6.12500000                                                       | CUSIP: 62888HAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     3866000 | PA      | $3950224.68   | 0.04%             | 2028-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| EMRLD BOR 6.375% 12/15/30/EUR/                | EMRLD BOR / EMRLD CO-ISS /EUR/ REGD REG S 6.37500000                                           | CUSIP: U2912NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5495000 | PA      | $6740003.01   | 0.07%             | 2030-12-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NATIONAL FUEL GA 5.5% 10/01/26                | NATIONAL FUEL GAS CO REGD 5.50000000                                                           | CUSIP: 636180BS9<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |      476000 | PA      | $481088.56    | 0.01%             | 2026-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| T/L ELLUCIAN HOLD 0% 11/22/32                 | T/L ELLUCIAN HOLDINGS INC      REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5738026 | PA      | $5857549.08   | 0.06%             | 2032-11-22      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| SPX FLOW INC 8.75% 04/01/30                   | SPX FLOW INC REGD 144A P/P 8.75000000                                                          | CUSIP: 758071AA2<br>LEI: 5493003YXEKRBINIEM78 | Long             | DBT              | CORP              | US        |       80000 | PA      | $82137.52     | 0.00%             | 2030-04-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| PROSUS NV 3.257% 01/19/27                     | PROSUS NV REGD 3.25700000                                                                      | CUSIP: N7163RAW3<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     3100000 | PA      | $3052275.81   | 0.03%             | 2027-01-19      | Fixed         | 3.26%                 | No            |                  2 | On Loan: No      |
| FMC CORP V/R 11/01/55                         | FMC CORP REGD V/R 8.45000000                                                                   | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |      230000 | PA      | $242736.25    | 0.00%             | 2055-11-01      | Variable      | 8.45%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPER 6.25% 09/15/32                | MILLROSE PROPERTIES INC REGD 144A P/P 6.25000000                                               | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3589000 | PA      | $3597283.05   | 0.04%             | 2032-09-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| BSPRT 2021-FL7 A V/R 12/15/38                 | BSPRT 2021-FL7 ISSUER LTD SER 2021-FL7 CL A V/R REGD 144A P/P 5.58464000                       | CUSIP: 05602CAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      100324 | PA      | $100333.30    | 0.00%             | 2038-12-15      | Variable      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| TEREOS FIN 7.25% 04/15/28/EUR/                | TEREOS FINANCE GROUPE I /EUR/ REGD REG S 7.25000000                                            | CUSIP: F9294CAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      875000 | PA      | $1056993.45   | 0.01%             | 2028-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ATLAS WAREHOUSE 6.25% 01/15/30                | ATLAS WAREHOUSE LEND REGD 144A P/P 6.25000000                                                  | CUSIP: 049463AE2<br>LEI: 25490068J12A1HV7YM70 | Long             | DBT              | CORP              | US        |      250000 | PA      | $257078.22    | 0.00%             | 2030-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| COMMSCOPE LLC 7.125% 07/01/28                 | COMMSCOPE LLC REGD 144A P/P 7.12500000                                                         | CUSIP: 203372AV9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $90330.75     | 0.00%             | 2028-07-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF KEN 9.75% 02/16/31                | REPUBLIC OF KENYA REGD REG S 9.75000000                                                        | CUSIP: V7179SCY8<br>LEI: N/A                  | Long             | DBT              | USGA              | KE        |     4600000 | PA      | $4910273.59   | 0.05%             | 2031-02-16      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERT 4.95% 02/15/27                | SERVICE PROPERTIES TRUST REGD 4.95000000                                                       | CUSIP: 44106MAW2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |       46000 | PA      | $45906.11     | 0.00%             | 2027-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/F 5.25% 12/01/27                | GO DADDY OPCO/FINCO REGD 144A P/P 5.25000000                                                   | CUSIP: 38016LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $99823.32     | 0.00%             | 2027-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| MELCO RESORTS FI 6.5% 09/24/33                | MELCO RESORTS FINANCE REGD 144A P/P 6.50000000                                                 | CUSIP: 58547DAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      472000 | PA      | $473315.05    | 0.01%             | 2033-09-24      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MIDCAP FINANCIAL 6.5% 05/01/28                | MIDCAP FINANCIAL ISSR TR REGD 144A P/P 6.50000000                                              | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      873000 | PA      | $867116.24    | 0.01%             | 2028-05-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| NORDSTROM INC 5% 01/15/44                     | NORDSTROM INC REGD 5.00000000                                                                  | CUSIP: 655664AR1<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |       80000 | PA      | $58768.60     | 0.00%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 PL 9% 12/01/28                | AVIANCA MIDCO 2 PLC REGD 144A P/P SER 144@ 9.00000000                                          | CUSIP: 05369YAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      330000 | PA      | $329587.50    | 0.00%             | 2028-12-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| GRIFOLS SA 7.5% 05/01/30/EUR/                 | GRIFOLS SA /EUR/ REGD REG S P/P 7.50000000                                                     | CUSIP: E5706XAS7<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |     3650000 | PA      | $4515349.39   | 0.05%             | 2030-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| EMERGENT BIOSO 3.875% 08/15/28                | EMERGENT BIOSOLUTIONS REGD 144A P/P 3.87500000                                                 | CUSIP: 29089QAC9<br>LEI: 549300YW6TUOX8BE5103 | Long             | DBT              | CORP              | US        |       70000 | PA      | $58110.21     | 0.00%             | 2028-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| CREDIT ACCEPTA 6.625% 03/15/30                | CREDIT ACCEPTANC REGD 144A P/P 6.62500000                                                      | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $90232.20     | 0.00%             | 2030-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| KIOXIA HOLDINGS 6.25% 07/24/30                | KIOXIA HOLDINGS CORP REGD 144A P/P 6.25000000                                                  | CUSIP: 49726JAA6<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |      190000 | PA      | $193755.73    | 0.00%             | 2030-07-24      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| T/L HERITAGE POWE 0% 07/20/26                 | T/L HERITAGE POWER LLC REGD 0.00000000                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      160145 | PA      | $157742.45    | 0.00%             | 2026-07-20      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| HARVEST MIDSTREA 7.5% 05/15/32                | HARVEST MIDSTREAM I LP REGD 144A P/P 7.50000000                                                | CUSIP: 417558AB9<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |     1152000 | PA      | $1176657.41   | 0.01%             | 2032-05-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ALBION FI 5.375% 05/21/30/EUR/                | ALBION FINANCING 1SARL / /EUR/ REGD 144A P/P 5.37500000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | LU        |    14145000 | PA      | $17227506.66  | 0.19%             | 2030-05-21      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| AVIATION CAPITA 1.95% 09/20/26                | AVIATION CAPITAL GROUP REGD 144A P/P 1.95000000                                                | CUSIP: 05369AAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      614000 | PA      | $600024.45    | 0.01%             | 2026-09-20      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| OPAL BIDCO  5.5% 03/31/32/EUR/                | OPAL BIDCO SA /EUR/ REGD REG S 5.50000000                                                      | CUSIP: F6S35CAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      202000 | PA      | $245455.34    | 0.00%             | 2032-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 10/21/25                        | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797RD1<br>LEI: N/A                  | Long             | STIV             | UST               | US        |     4754000 | PA      | $4743320.00   | 0.05%             | 2025-10-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SFAST 2024-1A  4.95% 05/21/29                 | SFS AUTO RECEIVABLES SECURITIZATION TRUST 2 SER 2024-1A CL A3 REGD 144A P/P 4.95000000         | CUSIP: 78435VAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1116107 | PA      | $1123573.47   | 0.01%             | 2029-05-21      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| PARK INTERMED HOLD 7% 02/01/30                | PARK INTERMED HOLDINGS REGD 144A P/P 7.00000000                                                | CUSIP: 70052LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3436000 | PA      | $3542203.33   | 0.04%             | 2030-02-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC O 2.05% 09/23/36/EUR/                | REPUBLIC OF SERBIA /EUR/ REGD REG S EMTN 2.05000000                                            | CUSIP: X77765CG2<br>LEI: N/A                  | Long             | DBT              | USGA              | RS        |     2500000 | PA      | $2293433.29   | 0.03%             | 2036-09-23      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| AZELIS FIN 4.75% 09/25/29/EUR/                | AZELIS FINANCE NV /EUR/ REGD REG S 4.75000000                                                  | CUSIP: B0R5SKAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | BE        |      900000 | PA      | $1091932.14   | 0.01%             | 2029-09-25      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| INEOS QUAT 6.75% 04/15/30/EUR/                | INEOS QUATTRO FINANCE 2 /EUR/ REGD REG S 6.75000000                                            | CUSIP: G4772GAF2<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     3257000 | PA      | $3583674.00   | 0.04%             | 2030-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDX 2I65BYED3 01.000 NA 12/20/2028 BOFAUS3DCRD FIXED                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $17544.38     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENOVA INTERNAT 9.125% 08/01/29                | ENOVA INTERNATIONAL INC REGD 144A P/P 9.12500000                                               | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |      110000 | PA      | $115787.92    | 0.00%             | 2029-08-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| ATLAS LUXCO 4  4.625% 06/01/28                | ATLAS LUXCO 4 / ALL UNI REGD 144A P/P 4.62500000                                               | CUSIP: 019579AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     9653000 | PA      | $9462410.21   | 0.10%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| DIVERSIFIED HE 4.375% 03/01/31                | DIVERSIFIED HEALTHCARE T REGD 4.37500000                                                       | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1255000 | PA      | $1108657.09   | 0.01%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BAYER AG V/R 09/25/83/EUR/                    | BAYER AG /EUR/ REGD V/R REG S SER NC5 6.62500000                                               | CUSIP: D0R154AB7<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |      600000 | PA      | $751318.89    | 0.01%             | 2083-09-25      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBA 5.95% 01/14/31                | TRINIDAD & TOBAGO REGD 144A P/P 5.95000000                                                     | CUSIP: 896292AL3<br>LEI: N/A                  | Long             | DBT              | USGA              | TT        |      700000 | PA      | $710010.00    | 0.01%             | 2031-01-14      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| TELEFONICA EUR V/R /PERP//EUR/                | TELEFONICA EUROPE BV /EUR/ REGD V/R /PERP/ REG S 6.13500000                                    | CUSIP: N850234A9<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     1400000 | PA      | $1773142.68   | 0.02%             | 2174-05-03      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| VALLEY NATIONAL B V/R 09/30/32                | VALLEY NATIONAL BANCORP REGD V/R 6.25000000                                                    | CUSIP: 919794AG2<br>LEI: 549300ET52S1UBIB9762 | Long             | DBT              | CORP              | US        |      110000 | PA      | $105207.33    | 0.00%             | 2032-09-30      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| TURKIYE GOVE V/R 08/19/26/TRY/                | TURKIYE GOVERNMENT BOND /TRY/ REGD V/R SER 5Y 48.48000000                                      | CUSIP: M8T85TTS1<br>LEI: N/A                  | Long             | DBT              | USGA              | TR        |    45900000 | PA      | $1118320.72   | 0.01%             | 2026-08-19      | Variable      | 48.48%                | No            |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251020 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $749.55       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS 6.35% 08/10/28                 | ESKOM HOLDINGS REGD MTN 6.35000000                                                             | CUSIP: S25221AV4<br>LEI: N/A                  | Long             | DBT              | CORP              | ZA        |     3800000 | PA      | $3901095.54   | 0.04%             | 2028-08-10      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| T/L CELESTIAL-SAT 0% 06/02/28                 | T/L CELESTIAL-SATURN PARENT     INC REGD 0.00000000                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      735038 | PA      | $734346.66    | 0.01%             | 2028-06-02      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| AVIANCA MIDCO  9.625% 02/14/30                | AVIANCA MIDCO 2 PLC REGD 144A P/P 9.62500000                                                   | CUSIP: 05369YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      260000 | PA      | $258622.00    | 0.00%             | 2030-02-14      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT HOLD /  6.75% 04/15/28                | ALLIANT HOLD / CO-ISSUER REGD 144A P/P 6.75000000                                              | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      214000 | PA      | $217752.49    | 0.00%             | 2028-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| SINCLAIR TELEVIS 5.5% 03/01/30                | SINCLAIR TELEVISION GROU REGD 144A P/P 5.50000000                                              | CUSIP: 829259AY6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $58768.50     | 0.00%             | 2030-03-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| COINBASE GLOBA 3.625% 10/01/31                | COINBASE GLOBAL INC REGD 144A P/P 3.62500000                                                   | CUSIP: 19260QAD9<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |      120000 | PA      | $107019.65    | 0.00%             | 2031-10-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| FTAI AVIATION  5.875% 04/15/33                | FTAI AVIATION INVESTORS REGD 144A P/P 5.87500000                                               | CUSIP: 34960PAH4<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     4388000 | PA      | $4414867.72   | 0.05%             | 2033-04-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| GOODYEAR TIRE & 5.25% 07/15/31                | GOODYEAR TIRE & RUBBER REGD 5.25000000                                                         | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |       60000 | PA      | $56355.63     | 0.00%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA 7.375% 09/18/43                  | ECOPETROL SA REGD 7.37500000                                                                   | CUSIP: 279158AE9<br>LEI: N/A                  | Long             | DBT              | CORP              | CO        |      200000 | PA      | $185088.15    | 0.00%             | 2043-09-18      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ARDAGH PK 2.125% 08/15/26/EUR/                | ARDAGH PKG FIN/HLDGS USA /EUR/ REGD REG S 2.12500000                                           | CUSIP: U2214WAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |      313000 | PA      | $360049.29    | 0.00%             | 2026-08-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STO 8.5% 07/15/31                | SEAGATE DATA STOR REGD 144A P/P 8.50000000                                                     | CUSIP: 81180LAQ8<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     1280000 | PA      | $1355078.40   | 0.01%             | 2031-07-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| F/C EURO-BTP FUTURE   DEC25                   | FUTURE CONTRACT ON           EURO-BTP FUTURE   DEC25 /EUR/ 0.00000000                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |          13 | NC      | $1829075.95   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FLORA FOO 6.875% 07/02/29/EUR/                | FLORA FOOD MANAGEMENT BV /EUR/ REGD REG S 6.87500000                                           | CUSIP: N9041SAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     4825000 | PA      | $5662890.85   | 0.06%             | 2029-07-02      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDIN 4.625% 07/15/28                | AVANTOR FUNDING INC REGD 144A P/P 4.62500000                                                   | CUSIP: 05352TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2769000 | PA      | $2723711.34   | 0.03%             | 2028-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AM 2% 06/15/28                | HYUNDAI CAPITAL AMERICA REGD 144A P/P MTN 2.00000000                                           | CUSIP: 44891ABX4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      248000 | PA      | $233238.15    | 0.00%             | 2028-06-15      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| EDISON INTERNATIO V/R 06/15/53                | EDISON INTERNATIONAL REGD V/R 8.12500000                                                       | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |      420000 | PA      | $429244.20    | 0.00%             | 2053-06-15      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY I 5.375% 11/01/27                | VIPER ENERGY INC/OLD REGD 144A P/P 5.37500000                                                  | CUSIP: 92763MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      575000 | PA      | $575107.53    | 0.01%             | 2027-11-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| NISSAN MOTOR CO 7.75% 07/17/32                | NISSAN MOTOR CO REGD 144A P/P 7.75000000                                                       | CUSIP: 654922AC7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     5601000 | PA      | $5924351.34   | 0.07%             | 2032-07-17      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| T/L ELLUCIAN HOLD ZCP 10/09/29                | T/L ELLUCIAN HOLDINGS INC REGD ZCP TERM LOAN 0.00000000                                        | CUSIP: 28917XAB6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      385033 | PA      | $384793.86    | 0.00%             | 2029-10-09      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| DAVITA INC 6.75% 07/15/33                     | DAVITA INC REGD 144A P/P 6.75000000                                                            | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |      886000 | PA      | $913668.90    | 0.01%             | 2033-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| STARWOOD PROPER 5.25% 10/15/28                | STARWOOD PROPERTY TRUST REGD 144A P/P 5.25000000                                               | CUSIP: 85571BBF1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |      536000 | PA      | $536066.33    | 0.01%             | 2028-10-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| SOTHEBY'S/BIDF 5.875% 06/01/29                | SOTHEBY'S/BIDFAIR HLD REGD P/P 5.87500000                                                      | CUSIP: 83600GAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1534000 | PA      | $1397766.69   | 0.02%             | 2029-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF TU 6.375% 10/14/25                | REPUBLIC OF TURKIYE REGD SER 5Y 6.37500000                                                     | CUSIP: 900123CZ1<br>LEI: N/A                  | Long             | DBT              | USGA              | TR        |      825000 | PA      | $825199.48    | 0.01%             | 2025-10-14      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| T/L RADIATE HOL 0% 09/25/2029                 | T/L RADIATE HOLDCO LLC REGD 0.00000000                                                         | CUSIP: 75025KAM0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    16327087 | PA      | $13148366.47  | 0.14%             | 2029-09-25      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC 7.45% 05/01/34                 | BOMBARDIER INC REGD P/P 7.45000000                                                             | CUSIP: 097751AL5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      460000 | PA      | $508049.76    | 0.01%             | 2034-05-01      | Fixed         | 7.45%                 | Yes           |                  2 | On Loan: No      |
| T/L NEPTUNE 0% 04/11/2029                     | T/L NEPTUNE BIDCO US INC REGD 0.00000000                                                       | CUSIP: 64069JAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     4045381 | PA      | $3846671.92   | 0.04%             | 2029-04-11      | Floating      | 9.43%                 | No            |                  2 | On Loan: No      |
| BLOCK INC 3.5% 06/01/31                       | BLOCK INC REGD 3.50000000                                                                      | CUSIP: 852234AP8<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |       10000 | PA      | $9305.70      | 0.00%             | 2031-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FWD GROUP HOLD 5.252% 09/22/30                | FWD GROUP HOLDINGS LTD REGD 144A P/P MTN 5.25200000                                            | CUSIP: 30332TAC6<br>LEI: 254900HEGGDS8WU5QZ97 | Long             | DBT              | CORP              | KY        |     1900000 | PA      | $1904240.34   | 0.02%             | 2030-09-22      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| T/L LSF12 CROWN US 0% 12/02/31                | T/L LSF12 CROWN US COMMERCIAL  BIDCO LLC REGD 0.00000000                                       | CUSIP: 50221UAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     3068000 | PA      | $3069932.84   | 0.03%             | 2031-12-02      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| T/L FOUNDATION 0% 1/31/28                     | T/L FOUNDATION BUILDING        MATERIALS HOLDING COMPANY LLC 0.00000000                        | CUSIP: 35039KAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1339383 | PA      | $1340026.19   | 0.01%             | 2028-01-31      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPER 7.25% 04/01/29                | STARWOOD PROPERTY TRUST REGD 144A P/P 7.25000000                                               | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     3288000 | PA      | $3455605.80   | 0.04%             | 2029-04-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDX 2I667KKW7 05.000 SP 12/20/2029 PARSW LONG                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $36966.50     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP 10.75% 11/30/29                 | ECHOSTAR CORP REGD SER . 10.75000000                                                           | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    13028131 | PA      | $14347229.26  | 0.16%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD 8% 06/15/28                  | GGAM FINANCE LTD REGD 144A P/P 8.00000000                                                      | CUSIP: 36170JAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     3138000 | PA      | $3321582.42   | 0.04%             | 2028-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| LCM INVESTMENT 4.875% 05/01/29                | LCM INVESTMENTS HOLDINGS REGD 144A P/P 4.87500000                                              | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |     3590000 | PA      | $3516177.76   | 0.04%             | 2029-05-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| POST HOLDINGS IN 5.5% 12/15/29                | POST HOLDINGS INC REGD 144A P/P 5.50000000                                                     | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     1820000 | PA      | $1812062.80   | 0.02%             | 2029-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| VMED O2 UK FINA 7.75% 04/15/32                | VMED O2 UK FINANCING I REGD 144A P/P 7.75000000                                                | CUSIP: 92858RAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     2232000 | PA      | $2343595.54   | 0.03%             | 2032-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| CARNIVAL CORP 5.75% 03/15/30                  | CARNIVAL CORP REGD 144A P/P 5.75000000                                                         | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     1730000 | PA      | $1766478.78   | 0.02%             | 2030-03-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CROSSCOUNTRY INT 6.5% 10/01/30                | CROSSCOUNTRY INTER REGD 144A P/P 6.50000000                                                    | CUSIP: 22757VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2373000 | PA      | $2381335.44   | 0.03%             | 2030-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| AMC NETWORKS I 10.25% 01/15/29                | AMC NETWORKS INC REGD 144A P/P 10.25000000                                                     | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |       40000 | PA      | $42150.00     | 0.00%             | 2029-01-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| ALTICE FRA 4.25% 10/15/29/EUR/                | ALTICE FRANCE SA /EUR/ REGD REG S 4.25000000                                                   | CUSIP: F0265PEG9<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    16755000 | PA      | $17059854.64  | 0.19%             | 2029-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CARNIVAL C 5.75% 01/15/30/EUR/                | CARNIVAL CORP /EUR/ REGD REG S 5.75000000                                                      | CUSIP: P2121VAR5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     1606000 | PA      | $2033379.86   | 0.02%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GRUENENTH 4.125% 05/15/28/EUR/                | GRUENENTHAL GMBH /EUR/ REGD REG S 4.12500000                                                   | CUSIP: D3R2UUAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     2860000 | PA      | $3370058.33   | 0.04%             | 2028-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| T/L OLYMPUS WATER 0% 07/23/32                 | T/L OLYMPUS WATER US HOLDING   CORPORATION REGD TERM LOAN 0.00000000                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1879000 | PA      | $1863573.41   | 0.02%             | 2032-07-23      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| FORTUNE STAR BV 5.05% 01/27/27                | FORTUNE STAR BVI LT REGD REG S 5.05000000                                                      | CUSIP: G3641TAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     4400000 | PA      | $4345920.39   | 0.05%             | 2027-01-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPER 8.875% 06/15/32                | SERVICE PROPERTIES TRUST REGD 8.87500000                                                       | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |     5495000 | PA      | $5523991.62   | 0.06%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| T/L ALIXPARTNE 00.00% 07/29/32                | T/L ALIXPARTNERS LLP 0.00000000                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1079000 | PA      | $1071209.62   | 0.01%             | 2032-07-29      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| KAIXO BON 5.125% 09/30/29/EUR/                | KAIXO BONDCO TELECOM SA /EUR/ REGD REG S 5.12500000                                            | CUSIP: E6S823AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | ES        |      300000 | PA      | $356507.17    | 0.00%             | 2029-09-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUN 4.875% 12/10/27                | CNO GLOBAL FUNDING REGD 144A P/P MTN 4.87500000                                                | CUSIP: 18977W2G4<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |      315000 | PA      | $319138.75    | 0.00%             | 2027-12-10      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| ENEL FINANCE I 4.375% 09/30/30                | ENEL FINANCE INTL NV REGD 144A P/P 4.37500000                                                  | CUSIP: 29278GBG2<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      244000 | PA      | $242422.43    | 0.00%             | 2030-09-30      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| ZF FINANCE 3.75% 09/21/28/EUR/                | ZF FINANCE GMBH /EUR/ REGD REG S EMTN 3.75000000                                               | CUSIP: D9851GAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     1300000 | PA      | $1473800.16   | 0.02%             | 2028-09-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEA 5.625% 09/30/31                | ROYAL CARIBBEAN CRUISES REGD 144A P/P 5.62500000                                               | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     1155000 | PA      | $1177194.13   | 0.01%             | 2031-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| ALCOA NEDERLAN 4.125% 03/31/29                | ALCOA NEDERLAND HOLDING REGD 144A P/P 4.12500000                                               | CUSIP: 013822AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |       50000 | PA      | $48351.36     | 0.00%             | 2029-03-31      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS RSOFRP03.75 06/20/39 WFSLUS33XXX FLOAT                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |           1 | NC      | $7430.67      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY  6.875% 04/15/29                | CHS/COMMUNITY HEALTH SYS REGD 144A P/P 6.87500000                                              | CUSIP: 12543DBJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $119250.00    | 0.00%             | 2029-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| RIVERS ENTERPRI 6.25% 10/15/30                | RIVERS ENTERPRISE REGD 144A P/P 6.25000000                                                     | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2444000 | PA      | $2464101.73   | 0.03%             | 2030-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC 7.5% 02/01/29                  | BOMBARDIER INC REGD 144A P/P 7.50000000                                                        | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      755000 | PA      | $786628.46    | 0.01%             | 2029-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| T/L LIFEPOINT H 0% 05/19/31                   | T/L LIFEPOINT HEALTH INC       REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1016994 | PA      | $1011593.63   | 0.01%             | 2031-05-19      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY  5.875% 02/01/29                | EXPAND ENERGY CORP REGD 144A P/P 5.87500000                                                    | CUSIP: 165167DG9<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     1221000 | PA      | $1225560.11   | 0.01%             | 2029-02-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| NORTH MACE 6.96% 03/13/27/EUR/                | NORTH MACEDONIA /EUR/ REGD REG S 6.96000000                                                    | CUSIP: X5S0RXAD3<br>LEI: N/A                  | Long             | DBT              | USGA              | MK        |     3300000 | PA      | $4030418.58   | 0.04%             | 2027-03-13      | Fixed         | 6.96%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIO 7.375% 01/31/32                | HUB INTERNATIONAL LTD REGD 144A P/P 7.37500000                                                 | CUSIP: 44332PAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    32049000 | PA      | $33375059.42  | 0.37%             | 2032-01-31      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| CLEAR CHANNEL OU 7.5% 03/15/33                | CLEAR CHANNEL OUTDOOR HO REGD 144A P/P 7.50000000                                              | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     9556000 | PA      | $9991161.13   | 0.11%             | 2033-03-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| F/C US LONG BOND(CBT) DEC25                   | FUTURE CONTRACT ON           US LONG BOND(CBT) DEC25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          47 | NC      | $5479906.25   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| STARWOOD PROPERT 6.5% 07/01/30                | STARWOOD PROPERTY TRUST REGD 144A P/P 6.50000000                                               | CUSIP: 85571BBD6<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     2776000 | PA      | $2871524.94   | 0.03%             | 2030-07-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| FRONERI LU 4.75% 08/01/32/EUR/                | FRONERI LUX FINCO SARL /EUR/ REGD REG S 4.75000000                                             | CUSIP: L40637AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      169000 | PA      | $200162.15    | 0.00%             | 2032-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGE S/UP 07/09/35                | REPUBLIC OF ARGENTINA REGD S/UP SER * 4.12500000                                               | CUSIP: 040114HT0<br>LEI: N/A                  | Long             | DBT              | USGA              | AR        |      900000 | PA      | $472140.00    | 0.01%             | 2035-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| INTRUM INV AN 8% 09/11/27/EUR/                | INTRUM INV AND FIN /EUR/ REGD REG S 8.00000000                                                 | CUSIP: W5911DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |      166868 | PA      | $199230.48    | 0.00%             | 2027-09-11      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LT 8.25% 05/01/30                | TASEKO MINES LTD REGD 144A P/P 8.25000000                                                      | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |      725000 | PA      | $767780.80    | 0.01%             | 2030-05-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| ARETEC GROUP INC 10% 08/15/30                 | ARETEC GROUP INC REGD 144A P/P 10.00000000                                                     | CUSIP: 04020JAA4<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |      120000 | PA      | $130733.28    | 0.00%             | 2030-08-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| CROWN CORK & S 7.375% 12/15/26                | CROWN CORK & SEAL CO INC REGD 7.37500000                                                       | CUSIP: 228255AH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $41253.48     | 0.00%             | 2026-12-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMU 6.35% 06/01/40                | DISCOVERY COMMUNICATIONS REGD SER * 6.35000000                                                 | CUSIP: 25470DBZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      110000 | PA      | $100943.70    | 0.00%             | 2040-06-01      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM  8.625% 06/01/31                | FIRST QUANTUM MINERALS L REGD 144A P/P 8.62500000                                              | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     1400000 | PA      | $1471068.20   | 0.02%             | 2031-06-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| QNITY ELECTRONI 6.25% 08/15/33                | QNITY ELECTRONICS INC REGD 144A P/P 6.25000000                                                 | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |     2322000 | PA      | $2371159.64   | 0.03%             | 2033-08-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| FNMNT 2023-1 A 5.13% 04/15/26                 | FIRST NATIONAL MASTER NOTE TRUST SER 2023-1 CL A REGD 5.13000000                               | CUSIP: 32113CBV1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1340000 | PA      | $1347110.84   | 0.01%             | 2029-04-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS 4.875% 02/15/30                | ALBERTSONS COS/SAFEWAY REGD 144A P/P 4.87500000                                                | CUSIP: 013092AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      160000 | PA      | $157231.90    | 0.00%             | 2030-02-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| BRIGHTHSE FIN G 5.55% 04/09/27                | BRIGHTHSE FIN GLBL FUND REGD 144A P/P MTN 5.55000000                                           | CUSIP: 10921U2J6<br>LEI: 549300BLFX3KJ2IFOA78 | Long             | DBT              | CORP              | US        |      354000 | PA      | $360022.54    | 0.00%             | 2027-04-09      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| PLT VII FINAN 6% 06/15/31/EUR/                | PLT VII FINANCE SARL /EUR/ REGD 144A P/P 6.00000000                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | LU        |     5400000 | PA      | $6596171.18   | 0.07%             | 2031-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| STENA INTERNAT 7.625% 02/15/31                | STENA INTERNATIONAL SA REGD 144A P/P 7.62500000                                                | CUSIP: 85858EAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      120000 | PA      | $123604.56    | 0.00%             | 2031-02-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| BWX TECHNOLOGI 4.125% 04/15/29                | BWX TECHNOLOGIES INC REGD 144A P/P 4.12500000                                                  | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |       80000 | PA      | $77459.60     | 0.00%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| CARVANA CO 9% 06/01/31                        | CARVANA CO REGD 144A P/P 9.00000000                                                            | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    22546473 | PA      | $25525493.39  | 0.28%             | 2031-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| MATTAMY GROUP C 5.25% 12/15/27                | MATTAMY GROUP CORP REGD 144A P/P 5.25000000                                                    | CUSIP: 57701RAJ1<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |     6289000 | PA      | $6248398.22   | 0.07%             | 2027-12-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| KRONOS ACQUISIT 8.25% 06/30/31                | KRONOS ACQUISITION HOLDI REGD 144A P/P 8.25000000                                              | CUSIP: 50106GAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2400000 | PA      | $1860276.48   | 0.02%             | 2031-06-30      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| BATLN 2015-9A BR V/R 07/15/31                 | BATTALION CLO IX LTD SER 2015-9A CL BRR V/R REGD 144A P/P 5.91351000                           | CUSIP: 07132EAU9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1050000 | PA      | $1051936.52   | 0.01%             | 2031-07-15      | Variable      | 5.91%                 | Yes           |                  2 | On Loan: No      |
| ADLER GROUP SA - VTG SHS /EUR/                | ADLER GROUP SA - VTG SHS /EUR/ 0.00000000                                                      | CUSIP: L0112A133<br>LEI: 391200OYYFJ3DWAMEC69 | Long             | EC               | CORP              | LU        |     1268285 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| RFNA LP 7.875% 02/15/30                       | RFNA LP REGD 144A P/P 7.87500000                                                               | CUSIP: 74984AAA0<br>LEI: 2549002A4GSOTYKKHR45 | Long             | DBT              | CORP              | US        |       70000 | PA      | $71303.09     | 0.00%             | 2030-02-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| YUM  BRANDS IN 5.375% 04/01/32                | YUM  BRANDS INC REGD 5.37500000                                                                | CUSIP: 988498AR2<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |      280000 | PA      | $281064.84    | 0.00%             | 2032-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG V/R 08/05/27                     | UBS GROUP AG REGD V/R 144A P/P 4.70300000                                                      | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     1194000 | PA      | $1198061.62   | 0.01%             | 2027-08-05      | Variable      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| SM ENERGY CO 6.75% 09/15/26                   | SM ENERGY CO REGD 6.75000000                                                                   | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |      830000 | PA      | $829762.37    | 0.01%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INT 7.5% 04/01/27                | SERVICE CORP INTL REGD 7.50000000                                                              | CUSIP: 817565BT0<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     1510000 | PA      | $1563982.50   | 0.02%             | 2027-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES  7.375% 01/15/31                | CNX RESOURCES CORP REGD 144A P/P 7.37500000                                                    | CUSIP: 12653CAK4<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |      150000 | PA      | $154691.85    | 0.00%             | 2031-01-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| OCT45 2019-1A A1 V/R 04/15/35                 | OCTAGON INVESTMENT PARTNERS 45 LTD SER 2019-1A CL A1RR V/R REGD 144A P/P 5.39046000            | CUSIP: 67577MBA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      800000 | PA      | $802646.00    | 0.01%             | 2035-04-15      | Variable      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| WAND NEWCO 3 I 7.625% 01/30/32                | WAND NEWCO 3 INC REGD 144A P/P 7.62500000                                                      | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |     3807000 | PA      | $4011717.62   | 0.04%             | 2032-01-30      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| NEWELL BRANDS 0% 04/01/36                     | NEWELL BRANDS INC REGD 6.87500000                                                              | CUSIP: 651229AX4<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |       50000 | PA      | $49747.29     | 0.00%             | 2036-04-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 3.75% 04/15/28                   | UNITED STATES TREASURY NOTE 3.75000000                                                         | CUSIP: 91282CMW8<br>LEI: N/A                  | Long             | DBT              | UST               | US        |     3077100 | PA      | $3087076.54   | 0.03%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| DOTDASH MEREDI 7.625% 06/15/32                | DOTDASH MEREDITH INC REGD 144A P/P 7.62500000                                                  | CUSIP: 25849JAA8<br>LEI: 549300R2AA7U9CJUQO13 | Long             | DBT              | CORP              | US        |       70000 | PA      | $69349.00     | 0.00%             | 2032-06-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| MOHEGAN TRIBAL  8.25% 04/15/30                | MOHEGAN TRIBAL / MS DIG REGD 144A P/P 8.25000000                                               | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2395000 | PA      | $2488627.74   | 0.03%             | 2030-04-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| WESCO DISTRIBU 6.625% 03/15/32                | WESCO DISTRIBUTION INC REGD 144A P/P 6.62500000                                                | CUSIP: 95081QAR5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2903000 | PA      | $3016856.53   | 0.03%             | 2032-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRASTRUCT 2.5% 06/15/26                | XPLR INFRASTRUCTURE LP REGD 144A P/P CONVERTIBLE 2.50000000                                    | CUSIP: 65341BAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4447000 | PA      | $4335825.00   | 0.05%             | 2026-06-15      | Fixed         | 2.50%                 | Yes           |                  2 | On Loan: No      |
| BELLIS ACQUIS 8% 07/01/31/EUR/                | BELLIS ACQUISITION CO PL /EUR/ REGD REG S 8.00000000                                           | CUSIP: G30074BB6<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     2232000 | PA      | $2659459.48   | 0.03%             | 2031-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| T/L LERNEN BIDCO 0% 10/27/31                  | T/L LERNEN BIDCO LIMITED 0.00000000                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     3721945 | PA      | $3731250.12   | 0.04%             | 2031-10-27      | Floating      | 7.84%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDX 2I65BZFE7 01.000 SP 12/20/2028 WFSLUS33XXX FIXED                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-3281.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PENSKE AUTOMOTI 3.75% 06/15/29                | PENSKE AUTOMOTIVE GROUP REGD 3.75000000                                                        | CUSIP: 70959WAK9<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | DBT              | CORP              | US        |       80000 | PA      | $76483.55     | 0.00%             | 2029-06-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TEAM HEALTH HO 8.375% 06/30/28                | TEAM HEALTH HOLDINGS INC REGD 144A P/P 8.37500000                                              | CUSIP: 87817AAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $81720.00     | 0.00%             | 2028-06-30      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| MCLO 2019-1A AAR V/R 04/15/32                 | MARATHON CLO XIII LTD SER 2019-1A CL AAR2 V/R REGD 144A P/P 5.51755000                         | CUSIP: 56579ABJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      366181 | PA      | $366657.49    | 0.00%             | 2032-04-15      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| TEAMSYSTEM S V/R 07/31/31/EUR/                | TEAMSYSTEM SPA /EUR/ REGD V/R REG S 5.52600000                                                 | CUSIP: T9T377AG5<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |      600000 | PA      | $706474.41    | 0.01%             | 2031-07-31      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC 4.75% 04/15/29                   | ENTEGRIS INC REGD 144A P/P 4.75000000                                                          | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |     1625000 | PA      | $1611263.23   | 0.02%             | 2029-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CATLK 2021-6A AN V/R 04/25/34                 | CATHEDRAL LAKE VI LTD SER 2021-6A CL ANR V/R REGD 144A P/P 5.46195000                          | CUSIP: 14919LAU8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      570000 | PA      | $570341.03    | 0.01%             | 2034-04-25      | Variable      | 5.46%                 | Yes           |                  2 | On Loan: No      |
| HUNTSMAN INTERN 2.95% 06/15/31                | HUNTSMAN INTERNATIONAL L REGD 2.95000000                                                       | CUSIP: 44701QBF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $59064.50     | 0.00%             | 2031-06-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LIS 4.125% 05/15/27                | PERUSAHAAN LISTRIK NEGAR REGD REG S EMTN 4.12500000                                            | CUSIP: 71568QAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | ID        |     1200000 | PA      | $1195464.24   | 0.01%             | 2027-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CS 8.625% 06/15/32                | UNITI GROUP/CSL CAPITAL REGD 144A P/P 8.62500000                                               | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1480000 | PA      | $1413832.58   | 0.02%             | 2032-06-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| T/L COOPER CONS 0.00% 11/06/28                | T/L COOPER CONSUMER HEALTH 0.00000000                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |     3775000 | PA      | $4462220.86   | 0.05%             | 2028-11-06      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| WEST TECHNOLOGY  8.5% 04/10/27                | WEST TECHNOLOGY GRP LLC REGD 144A P/P 8.50000000                                               | CUSIP: 956187AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $4987.50      | 0.00%             | 2027-04-10      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| HEALTH CARE SERV 5.2% 06/15/29                | HEALTH CARE SERVICE CORP REGD 144A P/P 5.20000000                                              | CUSIP: 42218SAK4<br>LEI: 549300TMJ1FKCKECR148 | Long             | DBT              | CORP              | US        |      124000 | PA      | $127422.84    | 0.00%             | 2029-06-15      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| RLJ LODGING TRUST  4% 09/15/29                | RLJ LODGING TRUST LP REGD 144A P/P 4.00000000                                                  | CUSIP: 74965LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      219000 | PA      | $206823.71    | 0.00%             | 2029-09-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| SOCIETE GENERALE V/R /PERP/                   | SOCIETE GENERALE REGD V/R /PERP/ 144A P/P 8.12500000                                           | CUSIP: 83370RAE8<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     1123000 | PA      | $1176355.98   | 0.01%             | 2174-05-21      | Variable      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| FUTURE PLC 6.75% 07/10/30/GBP/                | FUTURE PLC /GBP/ REGD REG S 6.75000000                                                         | CUSIP: G37005AA6<br>LEI: 213800K2581YRLEXV353 | Long             | DBT              | CORP              | GB        |     1475000 | PA      | $1983057.87   | 0.02%             | 2030-07-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| T/L FIRST BRANDS 0% 3/30/2028                 | T/L FIRST BRANDS GROUP LLC     REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6382000 | PA      | $353881.90    | 0.00%             | 2028-03-30      | Floating      | 13.07%                | No            |                  2 | On Loan: No      |
| ASK CHEM DE  10% 11/15/29/EUR/                | ASK CHEM DE HOLD GMBH /EUR/ REGD REG S 10.00000000                                             | CUSIP: D0R6J4AA3<br>LEI: 529900793W6Y4S5VIK84 | Long             | DBT              | CORP              | DE        |     1150000 | PA      | $1300355.12   | 0.01%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| XPO INC 7.125% 06/01/31                       | XPO INC REGD 144A P/P 7.12500000                                                               | CUSIP: 98379KAB8<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |      210000 | PA      | $219706.41    | 0.00%             | 2031-06-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| HAT HOLDINGS I 3.375% 06/15/26                | HAT HOLDINGS I LLC/HAT REGD 144A P/P 3.37500000                                                | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      127000 | PA      | $125693.37    | 0.00%             | 2026-06-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| TRIMAS CORP 4.125% 04/15/29                   | TRIMAS CORP REGD 144A P/P 4.12500000                                                           | CUSIP: 896215AH3<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | DBT              | CORP              | US        |     1135000 | PA      | $1098177.99   | 0.01%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| TELESAT CANADA 4.875% 06/01/27                | TELESAT CANADA/TELESAT L REGD 144A P/P 4.87500000                                              | CUSIP: 87952VAP1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |       40000 | PA      | $30600.00     | 0.00%             | 2027-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| SUNOCO LP 7% 05/01/29                         | SUNOCO LP REGD 144A P/P 7.00000000                                                             | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     1450000 | PA      | $1501340.15   | 0.02%             | 2029-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BANKINTER SA V/R /PERP//EUR/                  | BANKINTER SA /EUR/ REGD V/R /PERP/ REG S 7.37500000                                            | CUSIP: E21160EC1<br>LEI: VWMYAEQSTOPNV0SUGU82 | Long             | DBT              | CORP              | ES        |      400000 | PA      | $509907.75    | 0.01%             | 2174-05-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS 14% 10/15/30                | BAUSCH HEALTH COS INC REGD 144A P/P 14.00000000                                                | CUSIP: 071734AR8<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |       60000 | PA      | $60150.00     | 0.00%             | 2030-10-15      | Fixed         | 14.00%                | Yes           |                  2 | On Loan: No      |
| ENEL SPA V/R /PERP//EUR/                      | ENEL SPA /EUR/ REGD V/R /PERP/ REG S SER . 4.25000000                                          | CUSIP: T3679RAB9<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | DBT              | CORP              | IT        |     2175000 | PA      | $2591184.06   | 0.03%             | 2174-04-14      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CO 5.625% 02/26/44                | REPUBLIC OF COLOMBIA REGD 5.62500000                                                           | CUSIP: 195325BR5<br>LEI: N/A                  | Long             | DBT              | USGA              | CO        |     8100000 | PA      | $6624180.00   | 0.07%             | 2044-02-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURC 9.25% 10/01/28                | MINERAL RESOURCES LTD REGD 144A P/P 9.25000000                                                 | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     2550000 | PA      | $2671788.00   | 0.03%             | 2028-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| ADTALEM GLOBAL E 5.5% 03/01/28                | ADTALEM GLOBAL EDUCATION REGD 144A P/P 5.50000000                                              | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |     1730000 | PA      | $1723916.46   | 0.02%             | 2028-03-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BIG RIVER STEE 6.625% 01/31/29                | BIG RIVER STEEL/BRS FIN REGD 144A P/P 6.62500000                                               | CUSIP: 08949LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6192000 | PA      | $6194253.89   | 0.07%             | 2029-01-31      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| LUMEN TECHNOLO 4.125% 04/15/29                | LUMEN TECHNOLOGIES INC REGD 144A P/P 4.12500000                                                | CUSIP: 550241AB9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |       50000 | PA      | $49022.51     | 0.00%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT ENERGY  5.95% 03/30/29                | ALLIANT ENERGY FINANCE REGD 144A P/P 5.95000000                                                | CUSIP: 01882YAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      712000 | PA      | $744908.53    | 0.01%             | 2029-03-30      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC 6.75% 01/31/34                  | TRANSDIGM INC REGD 144A P/P 6.75000000                                                         | CUSIP: 893647CA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    12796000 | PA      | $13230257.85  | 0.15%             | 2034-01-31      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ROCC 2024-CNT 8.819% 11/13/29                 | ROCK TRUST 2024-CNTR SER 2024-CNTR CL E REGD 144A P/P 8.81906000                               | CUSIP: 74970WAJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      590000 | PA      | $617603.56    | 0.01%             | 2041-11-13      | Fixed         | 8.82%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | NGN/USD FWD 20251203 000000908 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $85949.99     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| USA COM PART/U 6.875% 09/01/27                | USA COM PART/USA COM FIN REGD SER WI 6.87500000                                                | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1122000 | PA      | $1121747.55   | 0.01%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANA 7.5% 03/01/31                | REPUBLIC OF PANAMA REGD 7.50000000                                                             | CUSIP: 698299BX1<br>LEI: N/A                  | Long             | DBT              | USGA              | PA        |     7200000 | PA      | $7907400.00   | 0.09%             | 2031-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC V/R 01/10/28                    | CITIGROUP INC REGD V/R 3.88700000                                                              | CUSIP: 172967LD1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      805000 | PA      | $801796.72    | 0.01%             | 2028-01-10      | Variable      | 3.89%                 | No            |                  2 | On Loan: No      |
| BLACK HILLS COR 5.95% 03/15/28                | BLACK HILLS CORP REGD 5.95000000                                                               | CUSIP: 092113AV1<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |       98000 | PA      | $101755.86    | 0.00%             | 2028-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| MARKET BID 6.75% 01/31/31/EUR/                | MARKET BIDCO FINCO PLC /EUR/ REGD REG S 6.75000000                                             | CUSIP: G5821ZAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     3775000 | PA      | $4376542.96   | 0.05%             | 2031-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC V/R 09/13/27                     | BARCLAYS PLC REGD V/R 6.49600000                                                               | CUSIP: 06738ECJ2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      462000 | PA      | $471361.23    | 0.01%             | 2027-09-13      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| GSMS 2019-GSA 3.047% 11/10/52                 | GS MORTGAGE SECURITIES TRUST 2019-GSA1 SER 2019-GSA1 CL A4 REGD 3.04790000                     | CUSIP: 36261PAT9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1670000 | PA      | $1583772.72   | 0.02%             | 2052-11-10      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| GLP CHINA HOLDI 2.95% 03/29/26                | GLP CHINA HOLDINGS LTD REGD REG S EMTN 2.95000000                                              | CUSIP: Y27198AL7<br>LEI: N/A                  | Long             | DBT              | CORP              | HK        |     2600000 | PA      | $2558666.73   | 0.03%             | 2026-03-29      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDS XS1632632037 01.000 SP 06/20/2026 BARCGB5GXXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-429.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| IMOLA MERGER CO 4.75% 05/15/29                | IMOLA MERGER CORP REGD 144A P/P 4.75000000                                                     | CUSIP: 45258LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1805000 | PA      | $1755583.62   | 0.02%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| TURK IHRACAT KR  7.5% 02/06/28                | TURK IHRACAT KR BK REGD REG S 7.50000000                                                       | CUSIP: M8931VDW1<br>LEI: N/A                  | Long             | DBT              | USGA              | TR        |      200000 | PA      | $206637.71    | 0.00%             | 2028-02-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| T/L SUMMER (BC) 0% 02/15/29                   | T/L SUMMER (BC) BIDCO B LLC    REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      760463 | PA      | $746523.23    | 0.01%             | 2029-02-15      | Floating      | 9.26%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDS XS1632632037 01.000 SP 06/20/2026 CITIUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-859.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251010 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $1527.46      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SDART 2022-7 C 6.69% 11/16/26                 | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2022-7 SER 2022-7 CL C REGD 6.69000000                  | CUSIP: 80287FAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1130000 | PA      | $1152594.58   | 0.01%             | 2031-03-17      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RES 4.875% 02/15/30                | BROOKFIELD RESID PROPERT REGD 144A P/P 4.87500000                                              | CUSIP: 11283YAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     7413000 | PA      | $6952207.92   | 0.08%             | 2030-02-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO 2.25% 06/15/26                      | BOEING CO REGD 2.25000000                                                                      | CUSIP: 097023BR5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      133000 | PA      | $131132.67    | 0.00%             | 2026-06-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CASH COLLATERAL CME WFS                       | CASH COLLATERAL CME WFS        /CCWFSXUS7 3.99000000                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |     2031000 | PA      | $2031000.00   | 0.02%             | 2049-12-31      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP  V/R /PERP//EUR/                | RAKUTEN GROUP INC /EUR/ REGD V/R /PERP/ REG S 4.25000000                                       | CUSIP: J6S87BAY4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |     4499000 | PA      | $5168803.69   | 0.06%             | 2174-04-22      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO 4.625% 11/15/29                   | CHEMOURS CO REGD 144A P/P 4.62500000                                                           | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |       90000 | PA      | $81312.50     | 0.00%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FIBERCOP SPA 7.2% 07/18/36                    | FIBERCOP SPA REGD 144A P/P 7.20000000                                                          | CUSIP: 683879AF7<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |     2456000 | PA      | $2474120.00   | 0.03%             | 2036-07-18      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| ZF EUROPE FIN 7% 06/12/30/EUR/                | ZF EUROPE FINANCE BV /EUR/ REGD REG S EMTN 7.00000000                                          | CUSIP: N9769AAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    11800000 | PA      | $14380605.62  | 0.16%             | 2030-06-12      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANC 6.625% 01/15/28                | ONEMAIN FINANCE CORP REGD 6.62500000                                                           | CUSIP: 85172FAQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      489000 | PA      | $500837.71    | 0.01%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AIA GROUP LTD 5.4% 09/30/54                   | AIA GROUP LTD REGD 144A P/P MTN 5.40000000                                                     | CUSIP: 00131LAS4<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | DBT              | CORP              | HK        |     4800000 | PA      | $4714767.02   | 0.05%             | 2054-09-30      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| CHART INDUSTRIES 9.5% 01/01/31                | CHART INDUSTRIES INC REGD 144A P/P 9.50000000                                                  | CUSIP: 16115QAG5<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     1748000 | PA      | $1872711.07   | 0.02%             | 2031-01-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC 7.875% 04/15/27                | BOMBARDIER INC REGD 144A P/P 7.87500000                                                        | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      596000 | PA      | $598653.99    | 0.01%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN INT V/R /PERP//EUR/                | VOLKSWAGEN INTL FIN NV /EUR/ REGD V/R /PERP/ REG S SER . 5.99400000                            | CUSIP: N93695UU1<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      100000 | PA      | $121839.56    | 0.00%             | 2173-11-15      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| BENTELER I 7.25% 06/15/31/EUR/                | BENTELER INTERNATIONAL A /EUR/ REGD 144A P/P 7.25000000                                        | CUSIP: N/A<br>LEI: 529900ZAFSOBVFCKF263       | Long             | DBT              | CORP              | AT        |     5457000 | PA      | $6851912.79   | 0.08%             | 2031-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| KINGPIN INTERME 7.25% 10/15/32                | KINGPIN INTERMEDIATE HO REGD 144A P/P 7.25000000                                               | CUSIP: 49579RAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       56000 | PA      | $53317.31     | 0.00%             | 2032-10-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| BMARK 2018-B2 A5 V/R 01/15/28                 | BENCHMARK 2018-B2 MORTGAGE TRUST SER 2018-B2 CL A5 V/R REGD 3.88190000                         | CUSIP: 08161CAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |       90000 | PA      | $88886.40     | 0.00%             | 2051-02-15      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA  5.15% 09/02/29                | ROYALTY PHARMA PLC REGD 5.15000000                                                             | CUSIP: 78081BAQ6<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |       54000 | PA      | $55410.70     | 0.00%             | 2029-09-02      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC 3.625% 05/01/29                  | ENTEGRIS INC REGD 144A P/P 3.62500000                                                          | CUSIP: 29362UAD6<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |       60000 | PA      | $57026.36     | 0.00%             | 2029-05-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| MPH ACQUISITION 5.75% 12/31/30                | MPH ACQUISITION HOLDINGS REGD 144A P/P 5.75000000                                              | CUSIP: 553283AG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3938738 | PA      | $3439494.84   | 0.04%             | 2030-12-31      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| DOMINICAN REPUBL 5.3% 01/21/41                | DOMINICAN REPUBLIC REGD REG S 5.30000000                                                       | CUSIP: P3579ECJ4<br>LEI: N/A                  | Long             | DBT              | USGA              | DO        |     5000000 | PA      | $4513100.00   | 0.05%             | 2041-01-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PA 5.95% 03/09/28                | ADVANCE AUTO PARTS REGD 5.95000000                                                             | CUSIP: 00751YAJ5<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |       40000 | PA      | $40901.08     | 0.00%             | 2028-03-09      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| DIAMOND FRGN/DIA 8.5% 10/01/30                | DIAMOND FRGN/DIAMOND FIN REGD 144A P/P 8.50000000                                              | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     1340000 | PA      | $1420028.26   | 0.02%             | 2030-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| NINE ENERGY SERVI 13% 02/01/28                | NINE ENERGY SERVICE INC REGD SER * 13.00000000                                                 | CUSIP: 65441VAE1<br>LEI: 549300KRLJCZBPZMKT65 | Long             | DBT              | CORP              | US        |       30000 | PA      | $15000.00     | 0.00%             | 2028-02-01      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP 9% 09/30/29                | CLOUD SOFTWARE GRP INC REGD 144A P/P 9.00000000                                                | CUSIP: 18912UAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    27461000 | PA      | $28399314.91  | 0.31%             | 2029-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| SCHAEFFLER  4.5% 03/28/30/EUR/                | SCHAEFFLER AG /EUR/ REGD REG S EMTN 4.50000000                                                 | CUSIP: D6T0B6HK5<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     6300000 | PA      | $7514820.07   | 0.08%             | 2030-03-28      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| APCOA HOLDING 6% 04/15/31/EUR/                | APCOA HOLDINGS GMBH /EUR/ REGD REG S 6.00000000                                                | CUSIP: D0R1E1AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     5717000 | PA      | $6796425.74   | 0.07%             | 2031-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US  6.25% 10/01/29                | OLYMPUS WTR US HLDG CORP REGD 144A P/P 6.25000000                                              | CUSIP: 681639AB6<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |     5396000 | PA      | $5236128.83   | 0.06%             | 2029-10-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| BMARK 2024-V7 A3 V/R 05/15/29                 | BENCHMARK 2024-V7 MORTGAGE TRUST SER 2024-V7 CL A3 V/R REGD 6.22757000                         | CUSIP: 08163YAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      690000 | PA      | $729628.56    | 0.01%             | 2056-05-15      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE C 6% 04/01/27                | TRAVEL + LEISURE CO REGD 6.00000000                                                            | CUSIP: 98310WAN8<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |      140000 | PA      | $142006.76    | 0.00%             | 2027-04-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| T/L COTIVITI HOL 0% 05/01/31                  | T/L COTIVITI HOLDINGS INC REGD TERM LOAN ZCP 0.00000000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    12911896 | PA      | $12948178.43  | 0.14%             | 2031-05-01      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| LONG RIDGE ENER 8.75% 02/15/32                | LONG RIDGE ENERGY LLC REGD 144A P/P 8.75000000                                                 | CUSIP: 54288CAA1<br>LEI: 984500764EC9AZ2FC764 | Long             | DBT              | CORP              | US        |       80000 | PA      | $82194.49     | 0.00%             | 2032-02-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORPORA DISC 01/15/26                  | ORACLE CORPORA DISC 01/15/26 0.00000000                                                        | CUSIP: 6840C3AF0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | STIV             | CORP              | US        |      426000 | PA      | $420775.24    | 0.00%             | 2026-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| OXFORD FIN LLC 6.375% 02/01/27                | OXFORD FIN LLC/CO-ISS II REGD 144A P/P 6.37500000                                              | CUSIP: 69145LAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      140000 | PA      | $140009.80    | 0.00%             | 2027-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC 7.125% 12/01/31                 | TRANSDIGM INC REGD 144A P/P 7.12500000                                                         | CUSIP: 893647BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      250000 | PA      | $260562.46    | 0.00%             | 2031-12-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| CLYDESDALE ACQU 8.75% 04/15/30                | CLYDESDALE ACQUISITION REGD 144A P/P 8.75000000                                                | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     6025000 | PA      | $6188952.30   | 0.07%             | 2030-04-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| HAZINE MUSTESAR 6.75% 09/01/30                | HAZINE MUSTESARLIGI VARL REGD 144A P/P 6.75000000                                              | CUSIP: 421790AN6<br>LEI: N/A                  | Long             | DBT              | USGA              | TR        |     2200000 | PA      | $2276179.69   | 0.03%             | 2030-09-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NISSAN MOTOR AC 2.45% 09/15/28                | NISSAN MOTOR ACCEPTANCE REGD 144A P/P MTN 2.45000000                                           | CUSIP: 65480CAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $73402.96     | 0.00%             | 2028-09-15      | Fixed         | 2.45%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC GAS & E 3.15% 01/01/26                | PACIFIC GAS & ELECTRIC REGD 3.15000000                                                         | CUSIP: 694308JP3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      910245 | PA      | $907354.73    | 0.01%             | 2026-01-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS  5.5% 02/01/30                | IMPERIAL BRANDS FIN PLC REGD 144A P/P MTN 5.50000000                                           | CUSIP: 45262BAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     1271000 | PA      | $1319008.95   | 0.01%             | 2030-02-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| AVIS BUDGET CAR 4.75% 04/01/28                | AVIS BUDGET CAR/FINANCE REGD 144A P/P 4.75000000                                               | CUSIP: 053773BG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4775000 | PA      | $4628061.32   | 0.05%             | 2028-04-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CONUMA RESOUR 13.125% 05/01/28                | CONUMA RESOURCES LTD REGD 144A P/P 13.12500000                                                 | CUSIP: 21240FAC6<br>LEI: 549300YVRVP2GAVPY828 | Long             | DBT              | CORP              | CA        |       30000 | PA      | $29567.48     | 0.00%             | 2028-05-01      | Fixed         | 13.12%                | Yes           |                  2 | On Loan: No      |
| SERVICE PROPER 8.375% 06/15/29                | SERVICE PROPERTIES TRUST REGD 8.37500000                                                       | CUSIP: 81761LAD4<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |       80000 | PA      | $81219.28     | 0.00%             | 2029-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY 8.375% 11/01/33                | HILCORP ENERGY I/HILCORP REGD 144A P/P 8.37500000                                              | CUSIP: 431318BC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5301000 | PA      | $5567454.77   | 0.06%             | 2033-11-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS XS1713464524 05.000 SP 06/20/2026 GSISW LONG                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $1705.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS 6.75% 03/15/33                | ROCKIES EXPRESS PIPELINE REGD 144A P/P 6.75000000                                              | CUSIP: 77340RAU1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      965000 | PA      | $1007307.53   | 0.01%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| STCP 2024-5A A1 V/R 04/20/36                  | SYCAMORE TREE CLO 2024-5 LTD SER 2024-5A CL A1 V/R REGD 144A P/P 5.74549000                    | CUSIP: 87122YAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      860000 | PA      | $861174.67    | 0.01%             | 2036-04-20      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CVR ENERGY INC 8.5% 01/15/29                  | CVR ENERGY INC REGD 144A P/P 8.50000000                                                        | CUSIP: 12662PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      140000 | PA      | $143097.84    | 0.00%             | 2029-01-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| ZIFF DAVIS INC 4.625% 10/15/30                | ZIFF DAVIS INC REGD 144A P/P 4.62500000                                                        | CUSIP: 48123VAF9<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |       40000 | PA      | $37703.22     | 0.00%             | 2030-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| CAS 2023-R01 1M1 V/R 12/25/42                 | CONNECTICUT AVENUE SECURITIES TRUST 2023-R01 SER 2023-R01 CL 1M1 V/R REGD 144A P/P 6.74800000  | CUSIP: 207932AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      230956 | PA      | $236318.26    | 0.00%             | 2042-12-25      | Variable      | 6.75%                 | Yes           |                  2 | On Loan: No      |
| WYNN MACAU LTD 5.625% 08/26/28                | WYNN MACAU LTD REGD 144A P/P 5.62500000                                                        | CUSIP: 98313RAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    10952000 | PA      | $10941604.14  | 0.12%             | 2028-08-26      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| COBRA ACQUISIT 12.25% 11/01/29                | COBRA ACQUISITIONCO LLC REGD 144A P/P 12.25000000                                              | CUSIP: 19106CAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $40794.63     | 0.00%             | 2029-11-01      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| CNO GLOBAL FUN 4.375% 09/08/28                | CNO GLOBAL FUNDING REGD 144A P/P MTN 4.37500000                                                | CUSIP: 18977W2H2<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |      244000 | PA      | $244139.91    | 0.00%             | 2028-09-08      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA COR V/R /PERP/                | BANK OF AMERICA CORP REGD V/R /PERP/ 6.62500000                                                | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    10110000 | PA      | $10521630.78  | 0.12%             | 2174-08-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA 7.721% 06/04/38                | TELECOM ITALIA CAPITAL REGD 7.72100000                                                         | CUSIP: 87927VAV0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     3529000 | PA      | $3899601.46   | 0.04%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| T/L IRIS HOLDINGS 0% 06/15/28                 | T/L IRIS HOLDINGS INC REGD 0.00000000                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1448616 | PA      | $1404259.21   | 0.02%             | 2028-06-28      | Floating      | 9.16%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN 4.5% 10/22/25                | OFFICE CHERIFIEN DES PHO REGD 4.50000000                                                       | CUSIP: V6811PAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | MA        |      200000 | PA      | $199848.00    | 0.00%             | 2025-10-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE  6.5% 02/15/29                | ROCKET SOFTWARE INC REGD 144A P/P 6.50000000                                                   | CUSIP: 77314EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      110000 | PA      | $107119.06    | 0.00%             | 2029-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| TELUS CORP V/R 10/15/55                       | TELUS CORP REGD V/R 7.00000000                                                                 | CUSIP: 87971MCM3<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |      220000 | PA      | $231880.66    | 0.00%             | 2055-10-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| SNAP INC 6.875% 03/15/34                      | SNAP INC REGD 144A P/P 6.87500000                                                              | CUSIP: 83304AAM8<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     3737000 | PA      | $3786324.66   | 0.04%             | 2034-03-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| DISH NETWORK C 11.75% 11/15/27                | DISH NETWORK CORP REGD 144A P/P 11.75000000                                                    | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    20531000 | PA      | $21726639.42  | 0.24%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| OUTFRONT MEDIA 4.625% 03/15/30                | OUTFRONT MEDIA CAP LLC/C REGD 144A P/P 4.62500000                                              | CUSIP: 69007TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      428000 | PA      | $411365.14    | 0.00%             | 2030-03-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| KAISER ALUMINU 4.625% 03/01/28                | KAISER ALUMINUM CORP REGD 144A P/P 4.62500000                                                  | CUSIP: 483007AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1427000 | PA      | $1413908.13   | 0.02%             | 2028-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| GRAY MEDIA INC 5.375% 11/15/31                | GRAY MEDIA INC REGD 144A P/P 5.37500000                                                        | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     1385000 | PA      | $1036782.05   | 0.01%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| AVIS BUDGET CA 8.375% 06/15/32                | AVIS BUDGET CAR/FINANCE REGD 144A P/P 8.37500000                                               | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $104587.90    | 0.00%             | 2032-06-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| APTIV SWISS HOLDI V/R 12/15/54                | APTIV SWISS HOLDINGS LTD REGD V/R 6.87500000                                                   | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |     2450000 | PA      | $2503020.45   | 0.03%             | 2054-12-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/A 9% 11/01/27                | ASCENT RESOURCES/ARU FIN REGD P/P 9.00000000                                                   | CUSIP: 04364VAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2978000 | PA      | $3597870.70   | 0.04%             | 2027-11-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| ENOVA INTERNAT 11.25% 12/15/28                | ENOVA INTERNATIONAL INC REGD 144A P/P 11.25000000                                              | CUSIP: 29357KAH6<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |      150000 | PA      | $159671.55    | 0.00%             | 2028-12-15      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| COMSTOCK RESOUR 6.75% 03/01/29                | COMSTOCK RESOURCES INC REGD 144A P/P 6.75000000                                                | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     6371000 | PA      | $6361512.94   | 0.07%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDING 2.125% 02/21/26                | AVOLON HOLDINGS FNDG LTD REGD 144A P/P 2.12500000                                              | CUSIP: 05401AAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      305000 | PA      | $301894.33    | 0.00%             | 2026-02-21      | Fixed         | 2.12%                 | Yes           |                  2 | On Loan: No      |
| OMAN GOV INTERN 6.75% 01/17/48                | OMAN GOV INTERNTL BOND REGD REG S 6.75000000                                                   | CUSIP: M75242BH5<br>LEI: N/A                  | Long             | DBT              | USGA              | OM        |     2700000 | PA      | $2962727.79   | 0.03%             | 2048-01-17      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PACHELBEL BI V/R 05/17/31/EUR/                | PACHELBEL BIDCO SPA /EUR/ REGD V/R REG S 6.26600000                                            | CUSIP: T7S3D8AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |      400000 | PA      | $473122.04    | 0.01%             | 2031-05-17      | Variable      | 6.27%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP L V/R 11/28/28                | MACQUARIE GROUP LTD REGD V/R 144A P/P 3.76300000                                               | CUSIP: 55608JAK4<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |      506000 | PA      | $500032.63    | 0.01%             | 2028-11-28      | Variable      | 3.76%                 | Yes           |                  2 | On Loan: No      |
| NRG ENERGY INC 3.875% 02/15/32                | NRG ENERGY INC REGD 144A P/P 3.87500000                                                        | CUSIP: 629377CS9<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     2830000 | PA      | $2608080.17   | 0.03%             | 2032-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| ASTON MARTIN CAPI 10% 03/31/29                | ASTON MARTIN CAPITAL HOL REGD 144A P/P 10.00000000                                             | CUSIP: 04625HAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |     1845000 | PA      | $1806258.50   | 0.02%             | 2029-03-31      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| ALLIED UNIVERS 7.875% 02/15/31                | ALLIED UNIVERSAL HOLDCO REGD 144A P/P 7.87500000                                               | CUSIP: 019576AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    23898000 | PA      | $25061139.56  | 0.28%             | 2031-02-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| NASSAU COMPANI 7.875% 07/15/30                | NASSAU COMPANIES OF NY REGD 144A P/P 7.87500000                                                | CUSIP: 63155AAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $91915.50     | 0.00%             | 2030-07-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS R03.75PSOFR 06/20/34 WFSLUS33XXX FIXED                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |           1 | NC      | $313861.33    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MANITOWOC COMPA 9.25% 10/01/31                | MANITOWOC COMPANY INC REGD 144A P/P 9.25000000                                                 | CUSIP: 563571AN8<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |     1470000 | PA      | $1545440.40   | 0.02%             | 2031-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| T/L GRAFTECH 0% 12/21/2029/                   | T/L GRAFTECH INTERNATIONAL LTD REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      772508 | PA      | $784482.31    | 0.01%             | 2029-12-21      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREA 5.75% 01/15/28                | ANTERO MIDSTREAM PART/FI REGD 144A P/P 5.75000000                                              | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4752000 | PA      | $4742656.90   | 0.05%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| XEROX CORPORATIO 4.8% 03/01/35                | XEROX CORPORATION REGD 4.80000000                                                              | CUSIP: 984121CL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $13911.88     | 0.00%             | 2035-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST O 8.375% 01/15/31                | XPLR INFRAST OPERATING REGD 144A P/P 8.37500000                                                | CUSIP: 98380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6454000 | PA      | $6762217.22   | 0.07%             | 2031-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| SM ENERGY CO 6.5% 07/15/28                    | SM ENERGY CO REGD 6.50000000                                                                   | CUSIP: 78454LAW0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |      526000 | PA      | $529377.97    | 0.01%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EXCELERATE ENERGY  8% 05/15/30                | EXCELERATE ENERGY LP REGD 144A P/P 8.00000000                                                  | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |     1852000 | PA      | $1971157.68   | 0.02%             | 2030-05-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ZIGGO BON 3.375% 02/28/30/EUR/                | ZIGGO BOND CO BV /EUR/ REGD REG S 3.37500000                                                   | CUSIP: N9836ZAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      806000 | PA      | $849830.29    | 0.01%             | 2030-02-28      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA 6% 06/12/34                | REPUBLIC OF SERBIA REGD REG S 6.00000000                                                       | CUSIP: X77765DG1<br>LEI: N/A                  | Long             | DBT              | USGA              | RS        |     1700000 | PA      | $1771491.38   | 0.02%             | 2034-06-12      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC /  8.25% 02/01/29                | ACRISURE LLC / FIN INC REGD 144A P/P 8.25000000                                                | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8620000 | PA      | $8996745.72   | 0.10%             | 2029-02-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| CONSOLIDATED ENER 12% 02/15/31                | CONSOLIDATED ENERGY FIN REGD 144A P/P 12.00000000                                              | CUSIP: 20914UAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |       50000 | PA      | $45865.00     | 0.00%             | 2031-02-15      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| CIFC 2021-4A DR V/R 07/23/37                  | CIFC FUNDING 2021-IV LTD SER 2021-4A CL DR V/R REGD 144A P/P 7.26899000                        | CUSIP: 12547DAS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1000000 | PA      | $1006408.80   | 0.01%             | 2037-07-23      | Variable      | 7.27%                 | Yes           |                  2 | On Loan: No      |
| SNF GROUP SACA 3.375% 03/15/30                | SNF GROUP SACA REGD 144A P/P 3.37500000                                                        | CUSIP: 7846ELAE7<br>LEI: 969500F7036FEDYPRV54 | Long             | DBT              | CORP              | FR        |     1799000 | PA      | $1670237.83   | 0.02%             | 2030-03-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| NAROT 2023-B A 5.93% 11/16/26                 | NISSAN AUTO RECEIVABLES 2023-B OWNER TRUST SER 2023-B CL A3 REGD 5.93000000                    | CUSIP: 65480MAD5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1618755 | PA      | $1632554.76   | 0.02%             | 2028-03-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| ALLPK 2019-1A AR V/R 01/20/35                 | ALLEGANY PARK CLO LTD SER 2019-1A CL ARR V/R REGD 144A P/P 5.37499000                          | CUSIP: 017154AU9<br>LEI: 549300D5KL0IVFLIND32 | Long             | ABS-CBDO         | CORP              | KY        |      960000 | PA      | $960096.00    | 0.01%             | 2035-01-20      | Variable      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| UNIVISION COMMUNIC 8% 08/15/28                | UNIVISION COMMUNICATIONS REGD 144A P/P 8.00000000                                              | CUSIP: 914906AY8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8817000 | PA      | $9135223.16   | 0.10%             | 2028-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ARCHROCK PARTN 6.875% 04/01/27                | ARCHROCK PARTNERS LP/FIN REGD 144A P/P 6.87500000                                              | CUSIP: 03959KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $40002.08     | 0.00%             | 2027-04-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| UNITED MEXICAN 6.625% 01/29/38                | UNITED MEXICAN STATES REGD 6.62500000                                                          | CUSIP: 91087BBF6<br>LEI: N/A                  | Long             | DBT              | USGA              | MX        |     1600000 | PA      | $1682400.00   | 0.02%             | 2038-01-29      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251107 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $27187.28     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BLACKSTONE SEC 2.125% 02/15/27                | BLACKSTONE SECURED LEND REGD SER WI 2.12500000                                                 | CUSIP: 09261XAD4<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |      230000 | PA      | $222537.38    | 0.00%             | 2027-02-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| WELLTEC INTERNA 8.25% 10/15/26                | WELLTEC INTERNATIONAL REGD 144A P/P 8.25000000                                                 | CUSIP: 95039LAA6<br>LEI: 549300MW4UJ1X7Q4F350 | Long             | DBT              | CORP              | DK        |       40000 | PA      | $40126.84     | 0.00%             | 2026-10-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| T/L SKYMILES IP LT 0% 10/20/27                | T/L SKYMILES IP LTD REGD 0.00000000                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | KY        |      239000 | PA      | $239031.07    | 0.00%             | 2027-10-20      | Floating      | 4.33%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANC 6.875% 06/30/33                | LEVEL 3 FINANCING INC REGD 144A P/P 6.87500000                                                 | CUSIP: 527298CM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    20956667 | PA      | $21359265.53  | 0.24%             | 2033-06-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| T/L DIRECTV        0% 12/31/49                | T/L DIRECTV FINANCING LLC 0.00000000                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     6313580 | PA      | $6163632.48   | 0.07%             | 2031-02-15      | Floating      | 9.81%                 | No            |                  2 | On Loan: No      |
| TURKIYE IS B 7.96197% 11/15/34                | TIB DIVERSIFIED PAYMENT   RIGHTS FINANCE COMPANY SERIES 2024-H NOTE 7.96197000                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |     3900000 | PA      | $3900000.00   | 0.04%             | 2034-11-15      | Fixed         | 7.96%                 | No            |                  3 | On Loan: No      |
| N/A                                           | CDS XS1791937441 01.000 BP 06/20/2034 MSCSUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-15606.95    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GETTY IMAGES IN 9.75% 03/01/27                | GETTY IMAGES INC REGD 144A P/P 9.75000000                                                      | CUSIP: 374276AJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $47453.14     | 0.00%             | 2027-03-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| MACY'S RETAIL HL 4.5% 12/15/34                | MACY'S RETAIL HLDGS LLC REGD 4.50000000                                                        | CUSIP: 55616XAM9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       10000 | PA      | $8763.77      | 0.00%             | 2034-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT INC 4.125% 12/01/31                 | OPEN TEXT INC REGD 144A P/P 4.12500000                                                         | CUSIP: 683720AC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $64736.72     | 0.00%             | 2031-12-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| ON SEMICONDUCT 3.875% 09/01/28                | ON SEMICONDUCTOR CORP REGD 144A P/P 3.87500000                                                 | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |       10000 | PA      | $9705.06      | 0.00%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| T/L SWF HOLDINGS   0% 10/06/28                | T/L SWF HOLDINGS I CORP        SPRINGS WINDOW FASHIONS/SWF    TLA2 0.00000000                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      331650 | PA      | $269796.96    | 0.00%             | 2028-10-06      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST O 8.625% 03/15/33                | XPLR INFRAST OPERATING REGD 144A P/P 8.62500000                                                | CUSIP: 98380MAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      120000 | PA      | $125835.48    | 0.00%             | 2033-03-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| ORGANON & CO/O 4.125% 04/30/28                | ORGANON & CO/ORGANON FOR REGD 144A P/P 4.12500000                                              | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1489000 | PA      | $1438127.27   | 0.02%             | 2028-04-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV FINANC 8.875% 02/01/30                | DIRECTV FINANCING LLC REGD 144A P/P 8.87500000                                                 | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $79392.00     | 0.00%             | 2030-02-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| CELANESE US H 5% 04/15/31/EUR/                | CELANESE US HOLDINGS LLC /EUR/ REGD 5.00000000                                                 | CUSIP: 15089QBB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3131000 | PA      | $3655163.50   | 0.04%             | 2031-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS I ZCP 12/15/25                | SHIFT4 PAYMENTS INC REGD ZCP CONVERTIBLE 0.00000000                                            | CUSIP: 82452JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1735000 | PA      | $1780110.00   | 0.02%             | 2025-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PRAIRIE ACQUIROR L 9% 08/01/29                | PRAIRIE ACQUIROR LP REGD 144A P/P 9.00000000                                                   | CUSIP: 73943NAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1257000 | PA      | $1305413.36   | 0.01%             | 2029-08-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| ANTOFAGASTA PL 2.375% 10/14/30                | ANTOFAGASTA PLC REGD REG S 2.37500000                                                          | CUSIP: G0398NZ62<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     4900000 | PA      | $4440919.00   | 0.05%             | 2030-10-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM  10.5% 03/30/29/EUR/                | AMS-OSRAM AG /EUR/ REGD REG S 10.50000000                                                      | CUSIP: A0400QAL1<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |     1900000 | PA      | $2376657.05   | 0.03%             | 2029-03-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/ 9% 06/15/30                | ICAHN ENTERPRISES/FIN REGD 9.00000000                                                          | CUSIP: 451102CJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      110000 | PA      | $106113.04    | 0.00%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| N/A                                           | EUR/USD FWD 20251002 000005208 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-2230.77     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GARTNER INC 4.5% 07/01/28                     | GARTNER INC REGD 144A P/P 4.50000000                                                           | CUSIP: 366651AC1<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |      623000 | PA      | $617978.94    | 0.01%             | 2028-07-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| AMC NETWORKS IN 4.25% 02/15/29                | AMC NETWORKS INC REGD 4.25000000                                                               | CUSIP: 00164VAF0<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |       40000 | PA      | $34800.00     | 0.00%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AMER SPORTS COM 6.75% 02/16/31                | AMER SPORTS COMPANY REGD 144A P/P 6.75000000                                                   | CUSIP: 02352NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1660000 | PA      | $1728720.68   | 0.02%             | 2031-02-16      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| UNITED AIR 2014-1  4% 04/11/26                | UNITED AIR 2014-1 A PTT REGD SER A 4.00000000                                                  | CUSIP: 90932PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      198057 | PA      | $197645.07    | 0.00%             | 2026-04-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIF 7.625% 01/15/34                | CLEVELAND-CLIFFS INC REGD 144A P/P 7.62500000                                                  | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      963000 | PA      | $992879.69    | 0.01%             | 2034-01-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF CO 3.875% 04/25/27                | REPUBLIC OF COLOMBIA REGD 3.87500000                                                           | CUSIP: 195325DL6<br>LEI: N/A                  | Long             | DBT              | USGA              | CO        |      900000 | PA      | $891090.00    | 0.01%             | 2027-04-25      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL 8.125% 06/01/28                | VENTURE GLOBAL LNG INC REGD 144A P/P 8.12500000                                                | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |      590000 | PA      | $610679.50    | 0.01%             | 2028-06-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CHF/USD FWD 20251217 000016440 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $223.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ARES STRATEGIC  5.15% 01/15/31                | ARES STRATEGIC INCOME FU REGD 144A P/P 5.15000000                                              | CUSIP: 04020EAR8<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |     1600000 | PA      | $1580829.57   | 0.02%             | 2031-01-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| GRAND CANYON U 5.125% 10/01/28                | GRAND CANYON UNIVERSITY REGD 5.12500000                                                        | CUSIP: 38528UAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $78670.61     | 0.00%             | 2028-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GRUENENTH 4.625% 11/15/31/EUR/                | GRUENENTHAL GMBH /EUR/ REGD 144A P/P 4.62500000                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | DE        |     3389000 | PA      | $4062430.40   | 0.04%             | 2031-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA US HOLD 8.875% 08/01/30                | PAGAYA US HOLDINGS CO REGD 144A P/P 8.87500000                                                 | CUSIP: 69549FAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $83995.05     | 0.00%             | 2030-08-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CRED 6.95% 06/10/26                | FORD MOTOR CREDIT CO LLC REGD 6.95000000                                                       | CUSIP: 345397D26<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      343000 | PA      | $347467.16    | 0.00%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| LADAR 2023-3A  6.43% 12/15/26                 | LAD AUTO RECEIVABLES TRUST 2023-3 SER 2023-3A CL C REGD 144A P/P 6.43000000                    | CUSIP: 50168BAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1695000 | PA      | $1735777.97   | 0.02%             | 2028-12-15      | Fixed         | 6.43%                 | Yes           |                  2 | On Loan: No      |
| SHEA HOMES LP/F 4.75% 04/01/29                | SHEA HOMES LP/FNDG CP REGD 4.75000000                                                          | CUSIP: 82088KAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3065000 | PA      | $3000199.16   | 0.03%             | 2029-04-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PR 5.5% 01/15/28                | TALLGRASS NRG PRTNR/FIN REGD 144A P/P 5.50000000                                               | CUSIP: 87470LAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5326000 | PA      | $5298762.31   | 0.06%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CHARLES RIVER L 4.25% 05/01/28                | CHARLES RIVER LABORATORI REGD 144A P/P 4.25000000                                              | CUSIP: 159864AE7<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |      452000 | PA      | $441863.00    | 0.00%             | 2028-05-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| APOLLO DEBT SOL 6.55% 03/15/32                | APOLLO DEBT SOLUTIONS BD REGD 144A P/P 6.55000000                                              | CUSIP: 03770DAE3<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |      346000 | PA      | $363193.43    | 0.00%             | 2032-03-15      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| ASHTON WOODS U 4.625% 08/01/29                | ASHTON WOODS USA/FINANCE REGD 144A P/P 4.62500000                                              | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2098000 | PA      | $2009008.74   | 0.02%             | 2029-08-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| NATIONAL GAS CO 6.05% 01/15/36                | NATIONAL GAS CO REGD REG S 6.05000000                                                          | CUSIP: P70809AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |     1600000 | PA      | $1470576.00   | 0.02%             | 2036-01-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ATLASSIAN CORPO 5.25% 05/15/29                | ATLASSIAN CORPORATION REGD 5.25000000                                                          | CUSIP: 049468AA9<br>LEI: 549300V7ZY5P02D2MY38 | Long             | DBT              | CORP              | US        |      710000 | PA      | $730136.10    | 0.01%             | 2029-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS 5.875% 02/15/28                | ALBERTSONS COS/SAFEWAY REGD 144A P/P 5.87500000                                                | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $79984.98     | 0.00%             | 2028-02-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| BELO CORP 7.75% 06/01/27                      | BELO CORP REGD 7.75000000                                                                      | CUSIP: 080555AE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      130000 | PA      | $135714.54    | 0.00%             | 2027-06-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| STATE OF ISRAE 5.375% 03/12/29                | STATE OF ISRAEL REGD SER 5Y 5.37500000                                                         | CUSIP: 46514BRN9<br>LEI: N/A                  | Long             | DBT              | USGA              | IL        |     1000000 | PA      | $1027474.55   | 0.01%             | 2029-03-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RACKSPACE FINANC 3.5% 05/15/28                | RACKSPACE FINANCE LLC REGD 144A P/P 3.50000000                                                 | CUSIP: 75008WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $20685.10     | 0.00%             | 2028-05-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| HAH GROUP HOLDI 9.75% 10/01/31                | HAH GROUP HOLDING CO LLC REGD 144A P/P 9.75000000                                              | CUSIP: 40518JAA7<br>LEI: 254900FFJQHW9R90FL74 | Long             | DBT              | CORP              | US        |     2250000 | PA      | $2137838.55   | 0.02%             | 2031-10-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| SOFTBANK  3.375% 07/06/29/EUR/                | SOFTBANK GROUP CORP /EUR/ REGD REG S 3.37500000                                                | CUSIP: J75963BS6<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     7427000 | PA      | $8477301.91   | 0.09%             | 2029-07-06      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER 6.75% 03/31/33                | CAPSTONE COPPER CORP REGD 144A P/P 6.75000000                                                  | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |      940000 | PA      | $968204.70    | 0.01%             | 2033-03-31      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| LORCA TELECOM 4% 09/18/27/EUR/                | LORCA TELECOM BONDCO /EUR/ REGD REG S 4.00000000                                               | CUSIP: E7S1A4AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | ES        |    13874000 | PA      | $16287468.62  | 0.18%             | 2027-09-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RUTAS 2 & 7 FINAN ZCP 09/30/36                | RUTAS 2 & 7 FINANCE LTD REGD ZCP REG S 0.00000000                                              | CUSIP: G77265AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      953333 | PA      | $723579.85    | 0.01%             | 2036-09-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| JW ALUMINUM CO 10.25% 04/01/30                | JW ALUMINUM CONT CAST CO REGD 144A P/P 10.25000000                                             | CUSIP: 46648XAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $83606.04     | 0.00%             | 2030-04-01      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| SOMNIGROUP INTL IN 4% 04/15/29                | SOMNIGROUP INTL INC REGD 144A P/P 4.00000000                                                   | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |     1681000 | PA      | $1613464.98   | 0.02%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| GARDA WORLD SE 4.625% 02/15/27                | GARDA WORLD SECURITY REGD 144A P/P 4.62500000                                                  | CUSIP: 36485MAK5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     1315000 | PA      | $1305037.30   | 0.01%             | 2027-02-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| ECOPETROL SA 5.875% 11/02/51                  | ECOPETROL SA REGD 5.87500000                                                                   | CUSIP: 279158AQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | CO        |     1900000 | PA      | $1408151.37   | 0.02%             | 2051-11-02      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK  V/R /PERP//EUR/                | ABN AMRO BANK NV /EUR/ REGD V/R /PERP/ REG S 6.87500000                                        | CUSIP: N02599DG5<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |     4000000 | PA      | $5122887.26   | 0.06%             | 2174-09-22      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| MSCI INC 4% 11/15/29                          | MSCI INC REGD 144A P/P 4.00000000                                                              | CUSIP: 55354GAH3<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |      503000 | PA      | $491526.71    | 0.01%             | 2029-11-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| FERTITTA ENTERT 6.75% 01/15/30                | FERTITTA ENTERTAINMENT REGD 144A P/P 6.75000000                                                | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8445000 | PA      | $7916193.52   | 0.09%             | 2030-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| COMSTOCK RESOUR 6.75% 03/01/29                | COMSTOCK RESOURCES INC REGD 144A P/P 6.75000000                                                | CUSIP: 205768AU8<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |     1218000 | PA      | $1210460.58   | 0.01%             | 2029-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | EUR/USD FWD 20251217 000011343 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-2697.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GARDA WORLD SE 8.375% 11/15/32                | GARDA WORLD SECURITY REGD 144A P/P 8.37500000                                                  | CUSIP: 36485MAP4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    12585000 | PA      | $13063565.52  | 0.14%             | 2032-11-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| CARNIVAL CORP 5.875% 06/15/31                 | CARNIVAL CORP REGD 144A P/P 5.87500000                                                         | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     2061000 | PA      | $2112017.99   | 0.02%             | 2031-06-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| MOBICO GR 4.875% 09/26/31/EUR/                | MOBICO GROUP PLC /EUR/ REGD REG S EMTN 4.87500000                                              | CUSIP: G6374MAH2<br>LEI: 213800A8IQEMY8PA5X34 | Long             | DBT              | CORP              | GB        |      100000 | PA      | $92420.69     | 0.00%             | 2031-09-26      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| T/L LUMEN TECHNOL ZCP 04/15/30                | T/L LUMEN TECHNOLOGIES INC REGD ZCP TERM LOAN 0.00000000                                       | CUSIP: 55024EAG0<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |     4408903 | PA      | $4376453.45   | 0.05%             | 2030-04-15      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| INNOVATE CORP 10.5% 02/01/27                  | INNOVATE CORP REGD 144A P/P 10.50000000                                                        | CUSIP: 45784JAB1<br>LEI: 549300S6O246JWQQ1K58 | Long             | DBT              | CORP              | US        |       60000 | PA      | $51900.00     | 0.00%             | 2027-02-01      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| T/L MPH ACQUIS 0% 12/31/30                    | T/L MPH ACQUISITION HOLDINGS   LLC REGD 0.00000000                                             | CUSIP: 55328HAQ4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1180239 | PA      | $1082373.29   | 0.01%             | 2030-12-31      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| T/L OSTTRA GROUP 0% 05/20/32                  | T/L OSTTRA GROUP LTD. 0% 0.00000000                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |      760000 | PA      | $763800.00    | 0.01%             | 2032-05-20      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| KB HOME 4% 06/15/31                           | KB HOME REGD 4.00000000                                                                        | CUSIP: 48666KAZ2<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |     1450000 | PA      | $1361689.20   | 0.02%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTER 11% 12/15/29                | SAKS GLOBAL ENTERPRS LLC REGD P/P SER 144@ 11.00000000                                         | CUSIP: 79380MAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $35700.00     | 0.00%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| HASBRO INC 3.9% 11/19/29                      | HASBRO INC REGD 3.90000000                                                                     | CUSIP: 418056AZ0<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |      857000 | PA      | $834945.99    | 0.01%             | 2029-11-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTN 6% 09/01/31                | TALLGRASS NRG PRTNR/FIN REGD 144A P/P 6.00000000                                               | CUSIP: 87470LAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1999000 | PA      | $1954672.18   | 0.02%             | 2031-09-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CENTENE CORP 4.25% 12/15/27                   | CENTENE CORP REGD SER WI 4.25000000                                                            | CUSIP: 15135BAR2<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |     2302000 | PA      | $2261059.25   | 0.02%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WORLDLINE 4.125% 09/12/28/EUR/                | WORLDLINE SA/FRANCE /EUR/ REGD REG S EMTN 4.12500000                                           | CUSIP: F9867TJC8<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |     2100000 | PA      | $2009114.97   | 0.02%             | 2028-09-12      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS L 5.375% 02/01/28                | CSC HOLDINGS LLC REGD 144A P/P 5.37500000                                                      | CUSIP: 126307AS6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5285000 | PA      | $4633278.12   | 0.05%             | 2028-02-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| HELMERICH & PAY 4.65% 12/01/27                | HELMERICH & PAYNE INC REGD 4.65000000                                                          | CUSIP: 423452AL5<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | DBT              | CORP              | US        |      243000 | PA      | $244093.69    | 0.00%             | 2027-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MSRM 2025-DSC3 A V/R 09/25/70                 | MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN  SER 2025-DSC3 CL A1 V/R REGD 144A P/P 4.91200000     | CUSIP: 61779JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      420000 | PA      | $419193.68    | 0.00%             | 2070-09-25      | Variable      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| CHEPLAPHARM ARZN 5.5% 01/15/28                | CHEPLAPHARM ARZNEIMITTEL REGD 144A P/P 5.50000000                                              | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |       40000 | PA      | $38966.26     | 0.00%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| INTESA SANPAOL V/R /PERP//EUR/                | INTESA SANPAOLO SPA /EUR/ REGD V/R /PERP/ REG S EMTN 5.50000000                                | CUSIP: T5R13HW93<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      350000 | PA      | $424720.62    | 0.00%             | 2174-03-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| EDREAMS O 4.875% 12/30/30/EUR/                | EDREAMS ODIGEO SA /EUR/ REGD 144A P/P 4.87500000                                               | CUSIP: N/A<br>LEI: 959800Y8LQ5MR2YZ4N96       | Long             | DBT              | CORP              | ES        |     3540000 | PA      | $4205145.43   | 0.05%             | 2030-12-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| BELLIS AC 8.125% 05/14/30/GBP/                | BELLIS ACQUISITION CO PL /GBP/ REGD REG S 8.12500000                                           | CUSIP: G30074BA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    17155000 | PA      | $22079340.44  | 0.24%             | 2030-05-14      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEAL 8.375% 02/15/32                | LIFEPOINT HEALTH INC REGD 144A P/P 8.37500000                                                  | CUSIP: 53219LAY5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3735000 | PA      | $3980505.29   | 0.04%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| COSTA RICA GOVER 7.3% 11/13/54                | COSTA RICA GOVERNMENT REGD REG S 7.30000000                                                    | CUSIP: P3699PGN1<br>LEI: N/A                  | Long             | DBT              | USGA              | CR        |     3500000 | PA      | $3843142.63   | 0.04%             | 2054-11-13      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| PICARD GR 6.375% 07/01/29/EUR/                | PICARD GROUPE SAS /EUR/ REGD REG S 6.37500000                                                  | CUSIP: F7S98MAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      100000 | PA      | $122828.26    | 0.00%             | 2029-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDS US105756CE88 01.000 SP 06/20/2035 CITIUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-55335.74    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS  6.75% 08/01/32                | OSAIC HOLDINGS INC REGD 144A P/P 6.75000000                                                    | CUSIP: 00791GAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1250000 | PA      | $1290848.75   | 0.01%             | 2032-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ZIGGO BOND CO  5.125% 02/28/30                | ZIGGO BOND CO BV REGD 144A P/P 5.12500000                                                      | CUSIP: 98953GAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     1092000 | PA      | $989301.11    | 0.01%             | 2030-02-28      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| PRESTIGE BRAND 5.125% 01/15/28                | PRESTIGE BRANDS INC REGD 144A P/P 5.12500000                                                   | CUSIP: 74112BAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      130000 | PA      | $128940.17    | 0.00%             | 2028-01-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| WAYFAIR LLC 7.75% 09/15/30                    | WAYFAIR LLC REGD 144A P/P 7.75000000                                                           | CUSIP: 94419NAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $83999.59     | 0.00%             | 2030-09-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| VT TOPCO INC 8.5% 08/15/30                    | VT TOPCO INC REGD 144A P/P 8.50000000                                                          | CUSIP: 91838PAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      945000 | PA      | $961593.26    | 0.01%             | 2030-08-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| BAYER US FINANC 4.25% 12/15/25                | BAYER US FINANCE II LLC REGD 144A P/P 4.25000000                                               | CUSIP: 07274NAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1610000 | PA      | $1608613.53   | 0.02%             | 2025-12-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| TENET HEALTHCA 4.625% 06/15/28                | TENET HEALTHCARE CORP REGD 144A 4.62500000                                                     | CUSIP: 88033GDH0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |       80000 | PA      | $79268.02     | 0.00%             | 2028-06-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS 4.95% 01/15/28                | AVOLON HOLDINGS FNDG LTD REGD 144A P/P 4.95000000                                              | CUSIP: 05401AAW1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       74000 | PA      | $74748.45     | 0.00%             | 2028-01-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| ROCKIES EXPRES 6.875% 04/15/40                | ROCKIES EXPRESS PIPELINE REGD P/P 6.87500000                                                   | CUSIP: 77340RAM9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2630000 | PA      | $2706246.33   | 0.03%             | 2040-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| FORDL 2024-A B 5.29% 07/15/26                 | FORD CREDIT AUTO LEASE TRUST 2024-A SER 2024-A CL B REGD 5.29000000                            | CUSIP: 345290AF7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1230000 | PA      | $1239586.13   | 0.01%             | 2027-06-15      | Fixed         | 5.29%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIE 4.5% 08/15/29                | UBER TECHNOLOGIES INC REGD 144A P/P 4.50000000                                                 | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     1547000 | PA      | $1543060.72   | 0.02%             | 2029-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| VMED O2 UK FI 4% 01/31/29/GBP/                | VMED O2 UK FINAN /GBP/ REGD REG S 4.00000000                                                   | CUSIP: G9444PAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     1775000 | PA      | $2273469.46   | 0.03%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEGNA INC 4.625% 03/15/28                     | TEGNA INC REGD 4.62500000                                                                      | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |      120000 | PA      | $118203.14    | 0.00%             | 2028-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PRIO LUX HLD S 6.125% 06/09/26                | PRIO LUX HLD SARL REGD REG S 6.12500000                                                        | CUSIP: L75833AA8<br>LEI: 2221003VQP4JY7T31H94 | Long             | DBT              | CORP              | LU        |     4600000 | PA      | $4591947.70   | 0.05%             | 2026-06-09      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| T/L CSC HOLDINGS 0% 01/18/2028                | T/L CSC HOLDINGS LLC REGD 0.00000000                                                           | CUSIP: 64072UAM4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    15899377 | PA      | $15786968.03  | 0.17%             | 2028-01-18      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| CORONADO FINANC 9.25% 10/01/29                | CORONADO FINANCE PTY LTD REGD 144A P/P 9.25000000                                              | CUSIP: 21979LAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |     1920000 | PA      | $1690244.93   | 0.02%             | 2029-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| HF SINCLAIR CORP 5% 02/01/28                  | HF SINCLAIR CORP REGD SER WI 5.00000000                                                        | CUSIP: 403949AQ3<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |      660000 | PA      | $661418.95    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNME S/UP 02/01/34                | UKRAINE GOVERNMENT REGD S/UP 0.00000000                                                        | CUSIP: X5S0056A4<br>LEI: N/A                  | Long             | DBT              | USGA              | UA        |     8500000 | PA      | $3524675.62   | 0.04%             | 2034-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| T/L CONSOLIDATED 0% 11/15/30                  | T/L CONSOLIDATED ENERGY        FINANCE SA REGD 0.00000000                                      | CUSIP: L1957LAE1<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |     1588953 | PA      | $1481984.65   | 0.02%             | 2030-11-15      | Floating      | 8.66%                 | No            |                  2 | On Loan: No      |
| DIGICEL GROUP HOL ZCP 12/31/30                | DIGICEL GROUP HOLDINGS REGD ZCP 144A P/P SER 1B14 0.00000000                                   | CUSIP: 25381HAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |       94648 | PA      | $3880.55      | 0.00%             | 2030-12-31      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CHORD ENERGY CO 6.75% 03/15/33                | CHORD ENERGY CORP REGD 144A P/P 6.75000000                                                     | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     1244000 | PA      | $1260406.74   | 0.01%             | 2033-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ACREC 2021-FL1 A V/R 09/16/26                 | ACREC 2021-FL1 LTD SER 2021-FL1 CL A V/R REGD 144A P/P 5.40032000                              | CUSIP: 00500RAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      225910 | PA      | $225746.34    | 0.00%             | 2036-10-16      | Variable      | 5.40%                 | Yes           |                  2 | On Loan: No      |
| NAVIENT CORP 5.625% 08/01/33                  | NAVIENT CORP REGD MTN 5.62500000                                                               | CUSIP: 78442FAZ1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |       90000 | PA      | $82142.33     | 0.00%             | 2033-08-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 11/18/25                        | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797RP4<br>LEI: N/A                  | Long             | STIV             | UST               | US        |     4800000 | PA      | $4774456.94   | 0.05%             | 2025-11-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR 8.25% 01/15/30                | AVIS BUDGET CAR/FINANCE REGD 144A P/P 8.25000000                                               | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $72613.80     | 0.00%             | 2030-01-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| ABERTIS FINANC V/R /PERP//EUR/                | ABERTIS FINANCE BV /EUR/ REGD V/R /PERP/ REG S 2.62500000                                      | CUSIP: N0021LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     9600000 | PA      | $11114826.37  | 0.12%             | 2174-04-26      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| JACOBS ENTERTAI 6.75% 02/15/29                | JACOBS ENTERTAINMENT INC REGD 144A P/P 6.75000000                                              | CUSIP: 469815AK0<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |     1000000 | PA      | $975000.00    | 0.01%             | 2029-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | INR/USD FWD 20251017 000006038 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-26.12       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CHAMPION IRON  7.875% 07/15/32                | CHAMPION IRON CANADA INC REGD 144A P/P 7.87500000                                              | CUSIP: 15853BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     1245000 | PA      | $1301617.62   | 0.01%             | 2032-07-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| KRAKEN OIL & G 7.625% 08/15/29                | KRAKEN OIL & GAS PARTNER REGD 144A P/P 7.62500000                                              | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |      160000 | PA      | $158610.05    | 0.00%             | 2029-08-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| POST HOLDINGS I 6.25% 02/15/32                | POST HOLDINGS INC REGD 144A P/P 6.25000000                                                     | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |      143000 | PA      | $146897.54    | 0.00%             | 2032-02-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| BUILDERS FIRST 6.375% 03/01/34                | BUILDERS FIRSTSOURCE INC REGD 144A P/P 6.37500000                                              | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |      569000 | PA      | $586137.14    | 0.01%             | 2034-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| EQT CORP 3.9% 10/01/27                        | EQT CORP REGD 3.90000000                                                                       | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      202000 | PA      | $200676.23    | 0.00%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| JACOBS ENTERTAI 6.75% 02/15/29                | JACOBS ENTERTAINMENT INC REGD 144A P/P 6.75000000                                              | CUSIP: 469815AL8<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |     2650000 | PA      | $2573812.50   | 0.03%             | 2029-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| MGM RESORTS IN 6.125% 09/15/29                | MGM RESORTS INTL REGD 6.12500000                                                               | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     2065000 | PA      | $2102023.39   | 0.02%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL  6.75% 01/15/36                | VENTURE GLOBAL PLAQUE REGD 144A P/P 6.75000000                                                 | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     9776000 | PA      | $10383861.91  | 0.11%             | 2036-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CENTURY ALUMIN 6.875% 08/01/32                | CENTURY ALUMINUM COMPANY REGD 144A P/P 6.87500000                                              | CUSIP: 156431AS7<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |      865000 | PA      | $896350.20    | 0.01%             | 2032-08-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| NAVMT 2024-1 A 5.59% 04/25/26                 | NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST SER 2024-1 CL A REGD 144A P/P 5.59000000     | CUSIP: 63938PBW8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1290000 | PA      | $1299469.37   | 0.01%             | 2029-04-25      | Fixed         | 5.59%                 | Yes           |                  2 | On Loan: No      |
| LINDBLAD EXPEDI 6.75% 02/15/27                | LINDBLAD EXPEDITIONS LLC REGD 144A P/P 6.75000000                                              | CUSIP: 53523LAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1300000 | PA      | $1309917.70   | 0.01%             | 2027-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ONT GAMING GTA/OTG 8% 08/01/30                | ONT GAMING GTA/OTG CO-IS REGD 144A P/P 8.00000000                                              | CUSIP: 68306MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |       50000 | PA      | $49686.92     | 0.00%             | 2030-08-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN INT V/R /PERP//EUR/                | VOLKSWAGEN INTL FIN NV /EUR/ REGD V/R /PERP/ REG S 5.49300000                                  | CUSIP: N93695UV9<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     2800000 | PA      | $3393280.69   | 0.04%             | 2173-11-15      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD 5.125% 12/15/29                | WYNN MACAU LTD REGD 144A P/P 5.12500000                                                        | CUSIP: 98313RAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     3357000 | PA      | $3294005.90   | 0.04%             | 2029-12-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| ENGIE SA 5.25% 04/10/29                       | ENGIE SA REGD 144A P/P 5.25000000                                                              | CUSIP: 29286DAA3<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | DBT              | CORP              | FR        |      200000 | PA      | $205820.48    | 0.00%             | 2029-04-10      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| BLUE OWL CAPITAL 6.2% 07/15/30                | BLUE OWL CAPITAL CORP REGD 6.20000000                                                          | CUSIP: 69121KAJ3<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |     3781000 | PA      | $3889380.21   | 0.04%             | 2030-07-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| N/A                                           | MXN/USD FWD 20251217 000016440 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $154852.83    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMB 8% 11/14/35                | REPUBLIC OF COLOMBIA REGD 8.00000000                                                           | CUSIP: 195325EL5<br>LEI: N/A                  | Long             | DBT              | USGA              | CO        |     1500000 | PA      | $1608930.00   | 0.02%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE V/R /PERP//GBP/                | ELECTRICITE DE FRANCE SA /GBP/ REGD V/R /PERP/ REG S EMTN 7.37500000                           | CUSIP: F2893TBP0<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      100000 | PA      | $137165.27    | 0.00%             | 2174-03-17      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC 7.375% 09/15/32                  | CIMPRESS PLC REGD 144A P/P 7.37500000                                                          | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |       90000 | PA      | $89880.66     | 0.00%             | 2032-09-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| HERENS HOLDCO S 4.75% 05/15/28                | HERENS HOLDCO SARL REGD 144A P/P 4.75000000                                                    | CUSIP: 427169AA5<br>LEI: 2221002FZ55AMAUX4G64 | Long             | DBT              | CORP              | LU        |     1393000 | PA      | $1219442.09   | 0.01%             | 2028-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| INFRABUILD AUST 14.5% 11/15/28                | INFRABUILD AUSTRALIA PTY REGD 144A P/P 14.50000000                                             | CUSIP: 45682RAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |      130000 | PA      | $139792.02    | 0.00%             | 2028-11-15      | Fixed         | 14.50%                | Yes           |                  2 | On Loan: No      |
| VIKING CRUISES LTD 7% 02/15/29                | VIKING CRUISES LTD REGD 144A P/P 7.00000000                                                    | CUSIP: 92676XAF4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     2720000 | PA      | $2733635.49   | 0.03%             | 2029-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| AVIENT CORP 6.25% 11/01/31                    | AVIENT CORP REGD 144A P/P 6.25000000                                                           | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |     1697000 | PA      | $1723276.77   | 0.02%             | 2031-11-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| STELLANTIS FINAN 5.4% 09/15/30                | STELLANTIS FINANCIAL SER REGD 144A P/P 5.40000000                                              | CUSIP: 85855FAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $200468.75    | 0.00%             | 2030-09-15      | Fixed         | 5.40%                 | Yes           |                  2 | On Loan: No      |
| WINDR 2022-1A AR V/R 07/20/35                 | WIND RIVER 2022-1 CLO LTD SER 2022-1A CL AR V/R REGD 144A P/P 5.67549000                       | CUSIP: 97316YAU4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2250000 | PA      | $2253375.00   | 0.02%             | 2035-07-20      | Variable      | 5.68%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL MEDICAL 7.375% 10/01/32                | GLOBAL MEDICAL RESPONSE REGD 144A P/P 7.37500000                                               | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |      134000 | PA      | $137883.32    | 0.00%             | 2032-10-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| MONGOLIA INTL B 8.65% 01/19/28                | MONGOLIA INTL BOND REGD 144A P/P 8.65000000                                                    | CUSIP: 60937LAG0<br>LEI: N/A                  | Long             | DBT              | USGA              | MN        |      300000 | PA      | $318699.90    | 0.00%             | 2028-01-19      | Fixed         | 8.65%                 | Yes           |                  2 | On Loan: No      |
| QVC INC 6.875% 04/15/29                       | QVC INC REGD 144A P/P 6.87500000                                                               | CUSIP: 747262BA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $27024.03     | 0.00%             | 2029-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| WLAKE 2022-2A  4.85% 09/15/27                 | WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2022-2 SER 2022-2A CL C REGD 144A P/P 4.85000000         | CUSIP: 96042VAF6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      110313 | PA      | $110318.42    | 0.00%             | 2027-09-15      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| MRT MID PART/MR 11.5% 02/15/28                | MRT MID PART/MRT MID FIN REGD 144A P/P 11.50000000                                             | CUSIP: 573334AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      170000 | PA      | $179877.44    | 0.00%             | 2028-02-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| CARMX 2023-2 B 5.18% 03/15/27                 | CARMAX AUTO OWNER TRUST 2023-2 SER 2023-2 CL B REGD 5.18000000                                 | CUSIP: 142921AF2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     2200000 | PA      | $2230881.62   | 0.02%             | 2028-11-15      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE P 6.75% 05/15/28                | INEOS FINANCE PLC REGD 144A P/P 6.75000000                                                     | CUSIP: 44984WAH0<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      100000 | PA      | $98112.49     | 0.00%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CORNERSTONE BU 6.125% 01/15/29                | CORNERSTONE BUILDING REGD 144A P/P 6.12500000                                                  | CUSIP: 21925DAA7<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |     3625000 | PA      | $2937700.37   | 0.03%             | 2029-01-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| MACY'S RETAIL  6.375% 03/15/37                | MACY'S RETAIL HLDGS LLC REGD 6.37500000                                                        | CUSIP: 314275AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       20000 | PA      | $18450.00     | 0.00%             | 2037-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADI 3.875% 09/01/31                | SIRIUS XM RADIO LLC REGD 144A P/P 3.87500000                                                   | CUSIP: 82967NBM9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      110000 | PA      | $99689.55     | 0.00%             | 2031-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| T/L GLATFELTER COR 0% 11/04/31                | T/L GLATFELTER CORPORATION     REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      884740 | PA      | $876777.79    | 0.01%             | 2031-11-04      | Floating      | 8.45%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HO 5.141% 03/15/52                | WARNERMEDIA HOLDINGS INC REGD SER * 5.14100000                                                 | CUSIP: 55903VBU6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7845000 | PA      | $5839621.88   | 0.06%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| LAMB WESTON HL 4.875% 05/15/28                | LAMB WESTON HLD REGD 144A P/P 4.87500000                                                       | CUSIP: 513272AC8<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |       60000 | PA      | $59737.28     | 0.00%             | 2028-05-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| NATIONSTAR MTG H 5.5% 08/15/28                | NATIONSTAR MTG HLD INC REGD 144A P/P 5.50000000                                                | CUSIP: 63861CAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3288000 | PA      | $3288000.00   | 0.04%             | 2028-08-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| NAVIENT CORP 5% 03/15/27                      | NAVIENT CORP REGD 5.00000000                                                                   | CUSIP: 63938CAK4<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     3325000 | PA      | $3312085.70   | 0.04%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA VEND  5% 07/15/28                | VIRGIN MEDIA VEND FIN IV REGD 144A P/P 5.00000000                                              | CUSIP: 92770QAA5<br>LEI: 635400ZZNJSEA4CAJR23 | Long             | DBT              | CORP              | IE        |     2495000 | PA      | $2443910.33   | 0.03%             | 2028-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ALBERTSONS COS/S 6.5% 02/15/28                | ALBERTSONS COS/SAFEWAY REGD 144A P/P 6.50000000                                                | CUSIP: 01309QAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      987000 | PA      | $1002909.45   | 0.01%             | 2028-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CNO GLOBAL FUN 5.875% 06/04/27                | CNO GLOBAL FUNDING REGD 144A P/P MTN 5.87500000                                                | CUSIP: 18977W2D1<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |     1190000 | PA      | $1221016.28   | 0.01%             | 2027-06-04      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| MATCH GROUP HL 4.625% 06/01/28                | MATCH GROUP HLD II LLC REGD 144A P/P 4.62500000                                                | CUSIP: 57665RAN6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      441000 | PA      | $433286.04    | 0.00%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| LEVEL 3 FINANCI 3.75% 07/15/29                | LEVEL 3 FINANCING INC REGD 144A P/P 3.75000000                                                 | CUSIP: 527298BT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2390000 | PA      | $2037215.04   | 0.02%             | 2029-07-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| VITAL ENERGY I 7.875% 04/15/32                | VITAL ENERGY INC REGD 144A P/P 7.87500000                                                      | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |     6199000 | PA      | $6017163.49   | 0.07%             | 2032-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| ASCENT RESOURC 6.625% 07/15/33                | ASCENT RESOURCES/ARU FIN REGD 144A P/P 6.62500000                                              | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2846000 | PA      | $2886259.46   | 0.03%             | 2033-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| PERUSAHAAN LIS 4.375% 02/05/50                | PERUSAHAAN LISTRIK NEGAR REGD REG S EMTN 4.37500000                                            | CUSIP: 71568QAM9<br>LEI: N/A                  | Long             | DBT              | CORP              | ID        |      600000 | PA      | $480861.42    | 0.01%             | 2050-02-05      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| N/A                                           | BRL/USD FWD 20251002 000000908 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $39780.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TELEFLEX INC 4.625% 11/15/27                  | TELEFLEX INC REGD 4.62500000                                                                   | CUSIP: 879369AF3<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |       80000 | PA      | $79265.31     | 0.00%             | 2027-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/D 8.625% 08/01/32                | DIG INTL FIN/DIFL US LLC REGD 144A P/P 8.62500000                                              | CUSIP: 25381MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    14670000 | PA      | $15083447.98  | 0.17%             | 2032-08-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| CARNIVAL  4.125% 07/15/31/EUR/                | CARNIVAL PLC /EUR/ REGD 144A P/P 4.12500000                                                    | CUSIP: N/A<br>LEI: 4DR1VPDQMHD3N3QW8W95       | Long             | DBT              | CORP              | GB        |     3696000 | PA      | $4392720.13   | 0.05%             | 2031-07-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| MPT OPER PART 7% 02/15/32/EUR/                | MPT OPER PARTNERSP/FINL /EUR/ REGD 144A P/P 7.00000000                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |     2543000 | PA      | $3119739.56   | 0.03%             | 2032-02-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FULL HOUSE RESO 8.25% 02/15/28                | FULL HOUSE RESORTS INC REGD 144A P/P 8.25000000                                                | CUSIP: 359678AC3<br>LEI: 5493009DKIWW0H901Y82 | Long             | DBT              | CORP              | US        |       60000 | PA      | $55687.58     | 0.00%             | 2028-02-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| CENTURY COMMUN 6.625% 09/15/33                | CENTURY COMMUNITIES REGD 144A P/P 6.62500000                                                   | CUSIP: 156504AN2<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |     1860000 | PA      | $1876587.14   | 0.02%             | 2033-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251015 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $14823.26     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SIX FLAGS/CANADA 6.5% 10/01/28                | SIX FLAGS/CANADA WON REGD SER WI 6.50000000                                                    | CUSIP: 150190AK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $30133.56     | 0.00%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BAYER AG V/R 09/13/54/EUR/                    | BAYER AG /EUR/ REGD V/R REG S 5.50000000                                                       | CUSIP: D07112ZA2<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |     1600000 | PA      | $1944831.04   | 0.02%             | 2054-09-13      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| PTC INC 4% 02/15/28                           | PTC INC REGD 144A P/P 4.00000000                                                               | CUSIP: 69370CAC4<br>LEI: 54930050SSMU8SKDJ030 | Long             | DBT              | CORP              | US        |      100000 | PA      | $97896.44     | 0.00%             | 2028-02-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ENCORE ISS V/R 11/06/25 /EUR/                 | ENCORE ISSUANCES S A /EUR/ 0.00000000                                                          | CUSIP: L2968GAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |       43006 | PA      | $50828.23     | 0.00%             | 2025-11-06      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INF V/R 03/01/55                | SOUTH BOW CAN INFRA HOLD REGD V/R 7.50000000                                                   | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |       90000 | PA      | $95552.39     | 0.00%             | 2055-03-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| T/L SABRE INC 0% 11/15/2029/                  | T/L SABRE INC REGD 0.00000000                                                                  | CUSIP: 78571YBK5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      395963 | PA      | $372205.08    | 0.00%             | 2029-11-15      | Floating      | 10.26%                | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERT 5.5% 04/15/27                | SIX FLAGS ENTERTAINME REGD 144A P/P 5.50000000                                                 | CUSIP: 83001AAC6<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |       80000 | PA      | $79862.15     | 0.00%             | 2027-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| T/L BOXER PAREN 0% 07/30/32                   | T/L BOXER PARENT COMPANY INC   REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1366000 | PA      | $1328435.00   | 0.01%             | 2032-07-30      | Floating      | 9.95%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTE 4.6% 06/15/28                | SPIRIT AEROSYSTEMS INC REGD 4.60000000                                                         | CUSIP: 85205TAK6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $99870.64     | 0.00%             | 2028-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| PUBLIC PR 4.375% 10/01/32/EUR/                | PUBLIC PROPERTY INVEST A /EUR/ REGD REG S EMTN 4.37500000                                      | CUSIP: R7S512AD1<br>LEI: 254900QSCB9T0W2KE886 | Long             | DBT              | CORP              | NO        |     1625000 | PA      | $1924168.11   | 0.02%             | 2032-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE G 6.5% 03/31/29                | CLOUD SOFTWARE GRP INC REGD 144A P/P 6.50000000                                                | CUSIP: 88632QAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    12598000 | PA      | $12707972.22  | 0.14%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| TKC HOLDINGS IN 10.5% 05/15/29                | TKC HOLDINGS INC REGD 144A P/P 10.50000000                                                     | CUSIP: 87256YAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      120000 | PA      | $122890.44    | 0.00%             | 2029-05-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| MGM CHINA HOLDI 4.75% 02/01/27                | MGM CHINA HOLDINGS LTD REGD 144A P/P 4.75000000                                                | CUSIP: 55300RAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      130000 | PA      | $129698.80    | 0.00%             | 2027-02-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| TRANSOCEAN INC 8.25% 05/15/29                 | TRANSOCEAN INC REGD 144A P/P 8.25000000                                                        | CUSIP: 893830BY4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     6104000 | PA      | $6000433.98   | 0.07%             | 2029-05-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| BELO CORP 7.25% 09/15/27                      | BELO CORP REGD 7.25000000                                                                      | CUSIP: 080555AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      140000 | PA      | $145515.58    | 0.00%             | 2027-09-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ALTICE FR 5.875% 02/01/27/EUR/                | ALTICE FRANCE SA /EUR/ REGD REG S 0.00000000                                                   | CUSIP: F0266LAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     3500000 | PA      | $3708612.11   | 0.04%             | 2027-02-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LNCR 2022-CRE7 A V/R 01/17/37                 | LOANCORE 2022-CRE7 ISSUER LTD SER 2022-CRE7 CL A V/R REGD 144A P/P 5.93143000                  | CUSIP: 53946PAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      349412 | PA      | $349512.52    | 0.00%             | 2037-01-17      | Variable      | 5.93%                 | Yes           |                  2 | On Loan: No      |
| ENCORE CAPITAL 6.625% 04/15/31                | ENCORE CAPITAL GROUP INC REGD 144A P/P 6.62500000                                              | CUSIP: 292554AS1<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |      830000 | PA      | $825932.98    | 0.01%             | 2031-04-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC 6% 02/22/33                | DOMINICAN REPUBLIC REGD REG S 6.00000000                                                       | CUSIP: P3579ECN5<br>LEI: N/A                  | Long             | DBT              | USGA              | DO        |     8100000 | PA      | $8250255.00   | 0.09%             | 2033-02-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDX 1D7650AC9 01.000 SP 12/20/2029 WFSLUS33XXX FIXED                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-1007937.11  | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251027 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $2937.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GRAPHIC P 2.625% 02/01/29/EUR/                | GRAPHIC PACKAGING INTERN /EUR/ REGD REG S 2.62500000                                           | CUSIP: U41441AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      400000 | PA      | $454671.35    | 0.01%             | 2029-02-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| NEW IMMO H 3.25% 07/23/27/EUR/                | NEW IMMO HOLDING SA /EUR/ REGD REG S EMTN 3.25000000                                           | CUSIP: F0490QNB5<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      300000 | PA      | $347058.87    | 0.00%             | 2027-07-23      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| T/L ELANCO ANIMAL 0% 8/1/27                   | T/L ELANCO ANIMAL HEALTH       INCORPORATED REGD 0.00000000                                    | CUSIP: 28414BAF3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1510968 | PA      | $1508958.52   | 0.02%             | 2027-08-01      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| ZAYO GROUP HOL 13.75% 09/09/30                | ZAYO GROUP HOLDINGS INC REGD 144A P/P 13.75000000                                              | CUSIP: 98919VAD7<br>LEI: 529900Z6OTS7RT0V0I47 | Long             | DBT              | CORP              | US        |     2851316 | PA      | $2701621.91   | 0.03%             | 2030-09-09      | Fixed         | 13.75%                | Yes           |                  2 | On Loan: No      |
| CITY OF ULAANBA 7.75% 08/21/27                | CITY OF ULAANBAATAAR MON REGD REG S 7.75000000                                                 | CUSIP: Y00468AA9<br>LEI: N/A                  | Long             | DBT              | USGA              | MN        |      600000 | PA      | $611925.00    | 0.01%             | 2027-08-21      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CITYCON T 5.375% 07/08/31/EUR/                | CITYCON TREASURY BV /EUR/ REGD REG S EMTN 5.37500000                                           | CUSIP: N2R95FBE3<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      100000 | PA      | $118057.66    | 0.00%             | 2031-07-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| OWENS & MINOR  6.625% 04/01/30                | OWENS & MINOR INC REGD 144A P/P 6.62500000                                                     | CUSIP: 690732AG7<br>LEI: 549300LMT5KQQXCEZ733 | Long             | DBT              | CORP              | US        |       30000 | PA      | $24750.00     | 0.00%             | 2030-04-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| RESIDEO FUNDING IN 4% 09/01/29                | RESIDEO FUNDING INC REGD 144A P/P 4.00000000                                                   | CUSIP: 76119LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      248000 | PA      | $236892.08    | 0.00%             | 2029-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| DOLCETTO  5.625% 07/14/32/EUR/                | DOLCETTO HOLDCO SPA /EUR/ REGD REG S 5.62500000                                                | CUSIP: N/A<br>LEI: 81560029E819F2CE4A42       | Long             | DBT              | CORP              | IT        |      275000 | PA      | $331015.62    | 0.00%             | 2032-07-14      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERG 4.625% 10/15/28                | CHENIERE ENERGY INC REGD SER WI 4.62500000                                                     | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |      214000 | PA      | $213360.05    | 0.00%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ADECOAGRO SA 7.5% 07/29/32                    | ADECOAGRO SA REGD 144A P/P 7.50000000                                                          | CUSIP: 00676LAC0<br>LEI: 529900Q00UR5LFELO811 | Long             | DBT              | CORP              | LU        |     1100000 | PA      | $1077230.00   | 0.01%             | 2032-07-29      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ONEMAIN FINANCE  7.5% 05/15/31                | ONEMAIN FINANCE CORP REGD 7.50000000                                                           | CUSIP: 682691AF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2797000 | PA      | $2922681.57   | 0.03%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL O 7.75% 04/15/28                | CLEAR CHANNEL OUTDOOR HO REGD 144A P/P 7.75000000                                              | CUSIP: 18453HAC0<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     2166000 | PA      | $2162113.65   | 0.02%             | 2028-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT HOLD /  4.25% 10/15/27                | ALLIANT HOLD / CO-ISSUER REGD 144A P/P 4.25000000                                              | CUSIP: 01883LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3616000 | PA      | $3556350.83   | 0.04%             | 2027-10-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| SCOTTS MIRACLE 4.375% 02/01/32                | SCOTTS MIRACLE-GRO CO REGD 4.37500000                                                          | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     4073000 | PA      | $3760936.51   | 0.04%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED E 5.625% 10/15/28                | CONSOLIDATED ENERGY FIN REGD 144A P/P 5.62500000                                               | CUSIP: 20914UAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |       40000 | PA      | $33319.66     | 0.00%             | 2028-10-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| CMG MEDIA CORP 8.875% 06/18/29                | CMG MEDIA CORPORATION REGD P/P 8.87500000                                                      | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      915000 | PA      | $841955.55    | 0.01%             | 2029-06-18      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| CF 2019-CF3 A 3.005% 12/15/29                 | CANTOR COMMERCIAL REAL ESTATE LENDING 2019-CF3 SER 2019-CF3 CL A4 REGD 3.00550000              | CUSIP: 12529TAX1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1910000 | PA      | $1785349.77   | 0.02%             | 2053-01-15      | Fixed         | 3.01%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURC 6.625% 10/15/32                | ASCENT RESOURCES/ARU FIN REGD 144A P/P 6.62500000                                              | CUSIP: 04364VAX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1370000 | PA      | $1398285.02   | 0.02%             | 2032-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| DEFT 2023-3 D 6.75% 06/22/26                  | DELL EQUIPMENT FINANCE TRUST 2023-3 SER 2023-3 CL D REGD 144A P/P 6.75000000                   | CUSIP: 24702EAF7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1005000 | PA      | $1019398.13   | 0.01%             | 2029-10-22      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| T/L ALLOHEIM 0% 02/26/25 /EUR/                | T/L ALLOHEIM SENIOREN          RESIDENZEN SER EGD /EUR/ 0.00000000                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DE        |     2500000 | PA      | $2962040.05   | 0.03%             | 2028-05-22      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| ANYWHERE RE GRP 5.75% 01/15/29                | ANYWHERE RE GRP/REALOGY REGD 144A P/P 5.75000000                                               | CUSIP: 75606DAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $86677.54     | 0.00%             | 2029-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS RPR6MP03.36 05/29/30 WFSLUS33XXX FLOAT                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | CZ        |           1 | NC      | $799263.33    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE  5% 09/30/27                | ADVANCED DRAINAGE SYSTEM REGD 144A P/P 5.00000000                                              | CUSIP: 00790RAA2<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |      160000 | PA      | $159484.16    | 0.00%             | 2027-09-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| OGE ENERGY CORP 5.45% 05/15/29                | OGE ENERGY CORP REGD 5.45000000                                                                | CUSIP: 670837AD5<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | DBT              | CORP              | US        |      101000 | PA      | $104931.70    | 0.00%             | 2029-05-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| PNC FINANCIAL SER V/R 05/13/31                | PNC FINANCIAL SERVICES REGD V/R 4.89900000                                                     | CUSIP: 693475CD5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |     1028000 | PA      | $1049933.33   | 0.01%             | 2031-05-13      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| BMO 2024-5C8 A3 V/R 12/15/29                  | BMO 2024-5C8 MORTGAGE TRUST SER 2024-5C8 CL A3 V/R REGD 5.62530000                             | CUSIP: 09661XAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      640000 | PA      | $667101.18    | 0.01%             | 2057-12-15      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPU 6.875% 01/29/26                | DOMINICAN REPUBLIC REGD REG S 6.87500000                                                       | CUSIP: P3579EBK2<br>LEI: N/A                  | Long             | DBT              | USGA              | DO        |      100000 | PA      | $100540.00    | 0.00%             | 2026-01-29      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BO 3.5% 07/07/27                | MONGOLIA INTL BOND REGD REG S 3.50000000                                                       | CUSIP: Y6142NAF5<br>LEI: N/A                  | Long             | DBT              | USGA              | MN        |     1600000 | PA      | $1539707.62   | 0.02%             | 2027-07-07      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS L 4.125% 12/01/30                | CSC HOLDINGS LLC REGD 144A P/P 4.12500000                                                      | CUSIP: 126307BB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      615000 | PA      | $402735.83    | 0.00%             | 2030-12-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | PEN/USD FWD 20251205 000000908 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-38996.99    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HY 2025-SPRL A V/R 01/13/30                   | HUDSON YARDS 2025-SPRL MORTGAGE TRUST SER 2025-SPRL CL A V/R REGD 144A P/P 5.64906800          | CUSIP: 44855PAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      860000 | PA      | $888900.39    | 0.01%             | 2040-01-13      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| CPS 2024-A D 6.13% 10/15/27                   | CPS AUTO RECEIVABLES TRUST 2024-A SER 2024-A CL D REGD 144A P/P 6.13000000                     | CUSIP: 22411CAD2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      630000 | PA      | $643662.31    | 0.01%             | 2030-04-15      | Fixed         | 6.13%                 | Yes           |                  2 | On Loan: No      |
| IVORY COA 6.625% 03/22/48/EUR/                | IVORY COAST /EUR/ REGD REG S 6.62500000                                                        | CUSIP: V73789BD6<br>LEI: N/A                  | Long             | DBT              | USGA              | CI        |     2700000 | PA      | $2708189.19   | 0.03%             | 2048-03-22      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS  5% 02/15/29                | BAUSCH HEALTH COS INC REGD 144A P/P 5.00000000                                                 | CUSIP: 071734AM9<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      205000 | PA      | $154713.50    | 0.00%             | 2029-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| GARFUNKELUX H 9% 09/01/28/EUR/                | GARFUNKELUX HOLDCO 3 SA /EUR/ REGD REG S 9.00000000                                            | CUSIP: L4155JAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      186532 | PA      | $222634.46    | 0.00%             | 2028-09-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GENWORTH HOLDING 6.5% 06/15/34                | GENWORTH HOLDINGS INC REGD 6.50000000                                                          | CUSIP: 37247DAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $30727.54     | 0.00%             | 2034-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PARADIGM PRNT/C 8.75% 04/17/32                | PARADIGM PRNT/CO-ISSUER REGD 144A P/P 8.75000000                                               | CUSIP: 69902PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $77700.00     | 0.00%             | 2032-04-17      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GUA 6.55% 02/06/37                | REPUBLIC OF GUATEMALA REGD 144A P/P 6.55000000                                                 | CUSIP: 401494AZ2<br>LEI: N/A                  | Long             | DBT              | USGA              | GT        |     2600000 | PA      | $2738501.79   | 0.03%             | 2037-02-06      | Fixed         | 6.55%                 | Yes           |                  2 | On Loan: No      |
| SK HYNIX INC 6.5% 01/17/33                    | SK HYNIX INC REGD REG S 6.50000000                                                             | CUSIP: Y8085FBL3<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |      400000 | PA      | $441109.23    | 0.00%             | 2033-01-17      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| T/L TENNECO INC ZCP 11/17/28                  | T/L TENNECO INC REGD ZCP TERM LOAN 0.00000000                                                  | CUSIP: 88037HAN4<br>LEI: 549300U0EXXFAQFAD785 | Long             | LON              | CORP              | US        |     3957346 | PA      | $3862528.27   | 0.04%             | 2028-11-17      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EM 6.625% 12/15/30                | EMRLD BOR / EMRLD CO-ISS REGD 144A P/P 6.62500000                                              | CUSIP: 29103CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    18786000 | PA      | $19306766.71  | 0.21%             | 2030-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FED REPUBLIC OF 4.75% 01/14/50                | FED REPUBLIC OF BRAZIL REGD 4.75000000                                                         | CUSIP: 105756CB4<br>LEI: N/A                  | Long             | DBT              | USGA              | BR        |      800000 | PA      | $595680.00    | 0.01%             | 2050-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC V/R /PERP/                  | NATWEST GROUP PLC REGD V/R /PERP/ 8.12500000                                                   | CUSIP: 639057AQ1<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |     2382000 | PA      | $2681548.41   | 0.03%             | 2174-06-30      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP I 5.125% 06/01/29                | SERVICE CORP INTL REGD 5.12500000                                                              | CUSIP: 817565CE2<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |      120000 | PA      | $120009.96    | 0.00%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| OCADO GROUP  11% 06/15/30/GBP/                | OCADO GROUP PLC /GBP/ REGD REG S SER . 11.00000000                                             | CUSIP: G6718SVP3<br>LEI: 213800LO8F61YB8MBC74 | Long             | DBT              | CORP              | GB        |      272000 | PA      | $367531.24    | 0.00%             | 2030-06-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| T/L CALPINE CORPO 0% 01/31/31                 | T/L CALPINE CORPORATION REGD 0.00000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      450000 | PA      | $449469.00    | 0.00%             | 2031-01-31      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HL 4.125% 08/01/30                | MATCH GROUP HLD II LLC REGD 144A P/P 4.12500000                                                | CUSIP: 57665RAL0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $141681.53    | 0.00%             | 2030-08-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| MONGOLIA INTL B 8.65% 01/19/28                | MONGOLIA INTL BOND REGD REG S 8.65000000                                                       | CUSIP: Y6142NAG3<br>LEI: N/A                  | Long             | DBT              | USGA              | MN        |      300000 | PA      | $318699.90    | 0.00%             | 2028-01-19      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS  7% 01/15/28                | BAUSCH HEALTH COS INC REGD 144A P/P 7.00000000                                                 | CUSIP: 071734AD9<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      480000 | PA      | $427422.35    | 0.00%             | 2028-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| WYNN RESORTS F 5.125% 10/01/29                | WYNN RESORTS FINANCE LLC REGD 144A P/P 5.12500000                                              | CUSIP: 983133AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3301000 | PA      | $3306047.23   | 0.04%             | 2029-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| FREEDOM MORTGA 8.375% 04/01/32                | FREEDOM MORTGAGE HOLD REGD 144A P/P 8.37500000                                                 | CUSIP: 35641AAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1949000 | PA      | $2042844.35   | 0.02%             | 2032-04-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| SUPERIOR PLUS/GE 4.5% 03/15/29                | SUPERIOR PLUS/GEN PRTNR REGD 144A P/P 4.50000000                                               | CUSIP: 86828LAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     2101000 | PA      | $2027047.11   | 0.02%             | 2029-03-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251003 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $3809.06      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN  5.5% 08/31/26                | ROYAL CARIBBEAN CRUISES REGD 144A P/P 5.50000000                                               | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      231000 | PA      | $231969.19    | 0.00%             | 2026-08-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| DIAMOND SPORTS GRP LLC                        | DIAMOND SPORTS GRP LLC 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      136828 | NS      | $1402487.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E CORP V/R 03/15/55                        | PG&E CORP REGD V/R 7.37500000                                                                  | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     1860000 | PA      | $1910463.77   | 0.02%             | 2055-03-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| UNITED STATES  6.875% 03/01/29                | UNITED STATES STEEL CORP REGD 6.87500000                                                       | CUSIP: 912909AU2<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | DBT              | CORP              | US        |       70000 | PA      | $70420.84     | 0.00%             | 2029-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MFIT 2021-AA A 1.86% 01/01/27                 | MARINER FINANCE ISSUANCE TRUST 2021-A SER 2021-AA CL A REGD 144A P/P 1.86000000                | CUSIP: 56848DAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      910000 | PA      | $891142.07    | 0.01%             | 2036-03-20      | Fixed         | 1.86%                 | Yes           |                  2 | On Loan: No      |
| TRNTS 2020-12A A V/R 04/25/33                 | TRINITAS CLO XII LTD SER 2020-12A CL A1R2 V/R REGD 144A P/P 5.30922000                         | CUSIP: 89641GAY8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      530000 | PA      | $530617.87    | 0.01%             | 2033-04-25      | Variable      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| AMNEAL PHARMAC 6.875% 08/01/32                | AMNEAL PHARMACEUTICALS L REGD 144A P/P 6.87500000                                              | CUSIP: 03168LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1670000 | PA      | $1728126.02   | 0.02%             | 2032-08-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| HANESBRANDS INC 9% 02/15/31                   | HANESBRANDS INC REGD 144A P/P 9.00000000                                                       | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |      240000 | PA      | $254010.72    | 0.00%             | 2031-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| MACY'S RETAIL HL 4.3% 02/15/43                | MACY'S RETAIL HLDGS LLC REGD 4.30000000                                                        | CUSIP: 55616XAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       10000 | PA      | $7205.84      | 0.00%             | 2043-02-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| WFLOOR 2024-1A 5.43% 02/17/26                 | WESTLAKE FLOORING MASTER TRUST SER 2024-1A CL A REGD 144A P/P 5.43000000                       | CUSIP: 96043GAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1110000 | PA      | $1114286.15   | 0.01%             | 2028-02-15      | Fixed         | 5.43%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF NI 7.375% 09/28/33                | REPUBLIC OF NIGERIA REGD REG S EMTN 7.37500000                                                 | CUSIP: V342A3CE2<br>LEI: N/A                  | Long             | DBT              | USGA              | NG        |    14409000 | PA      | $13628933.92  | 0.15%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SDART 2024-2 C 5.84% 11/15/27                 | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2024-2 SER 2024-2 CL C REGD 5.84000000                  | CUSIP: 80286YAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      700000 | PA      | $716256.38    | 0.01%             | 2030-06-17      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN  6% 10/15/32                | CAESARS ENTERTAIN INC REGD 144A P/P 6.00000000                                                 | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |       70000 | PA      | $68948.22     | 0.00%             | 2032-10-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| LHMC FINC 8.625% 05/15/30/EUR/                | LHMC FINCO 2 SARL /EUR/ REGD REG S 8.62500000                                                  | CUSIP: L6000DAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     1925000 | PA      | $2346127.22   | 0.03%             | 2030-05-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| TOUCAN FINCO LTD 9.5% 05/15/30                | TOUCAN FINCO LTD/CAN/US REGD 144A P/P 9.50000000                                               | CUSIP: 89157UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     2250000 | PA      | $2211885.00   | 0.02%             | 2030-05-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG V/R /PERP/                       | UBS GROUP AG REGD V/R /PERP/ 144A P/P 7.75000000                                               | CUSIP: 902613BK3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     7396000 | PA      | $7967422.36   | 0.09%             | 2174-04-12      | Variable      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| MOTION FINCO S 8.375% 02/15/32                | MOTION FINCO SARL REGD 144A P/P 8.37500000                                                     | CUSIP: 61980LAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |       80000 | PA      | $69056.42     | 0.00%             | 2032-02-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL V/R 03/30/62                 | PARAMOUNT GLOBAL REGD V/R 6.37500000                                                           | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |      280000 | PA      | $279103.89    | 0.00%             | 2062-03-30      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTER 4.625% 01/15/29                | FERTITTA ENTERTAINMENT REGD 144A P/P 4.62500000                                                | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4070000 | PA      | $3873894.37   | 0.04%             | 2029-01-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| CALUMET SPECIAL 9.75% 07/15/28                | CALUMET SPECIALTY PROD REGD 144A P/P 9.75000000                                                | CUSIP: 131477AW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $29822.10     | 0.00%             | 2028-07-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| OWENS-BROCKWAY 7.375% 06/01/32                | OWENS-BROCKWAY REGD 144A P/P 7.37500000                                                        | CUSIP: 69073TAV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       20000 | PA      | $20188.75     | 0.00%             | 2032-06-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| RAKUTEN GROUP  11.25% 02/15/27                | RAKUTEN GROUP INC REGD 144A P/P 11.25000000                                                    | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |     2991000 | PA      | $3242991.66   | 0.04%             | 2027-02-15      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| BUCKEYE PARTNE 6.875% 07/01/29                | BUCKEYE PARTNERS LP REGD 144A P/P 6.87500000                                                   | CUSIP: 118230AV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      261000 | PA      | $270494.98    | 0.00%             | 2029-07-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| T/L ARCHKEY HOLD 0% 11/01/31                  | T/L ARCHKEY HOLDINGS LLC REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       85040 | PA      | $85553.55     | 0.00%             | 2031-11-01      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| SOFTBANK G 5.75% 07/08/32/EUR/                | SOFTBANK GROUP CORP /EUR/ REGD REG S 5.75000000                                                | CUSIP: J7596PBP3<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     6681000 | PA      | $8195985.67   | 0.09%             | 2032-07-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CSN ISLANDS XI  6.75% 01/28/28                | CSN ISLANDS XI CORP REGD REG S 6.75000000                                                      | CUSIP: G2583XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     2000000 | PA      | $1942800.60   | 0.02%             | 2028-01-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 4.25% 12/31/26                   | UNITED STATES TREASURY NOTE 4.25000000                                                         | CUSIP: 91282CME8<br>LEI: N/A                  | Long             | DBT              | UST               | US        |     9600000 | PA      | $9662625.02   | 0.11%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO- 3.625% 03/01/29                | ROCKETMTGE CO-ISSUER INC REGD 144A P/P 3.62500000                                              | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2425000 | PA      | $2313367.55   | 0.03%             | 2029-03-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| AMKOR TECHNOLO 5.875% 10/01/33                | AMKOR TECHNOLOGY INC REGD 144A P/P 5.87500000                                                  | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |      786000 | PA      | $793986.44    | 0.01%             | 2033-10-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CRED 7.35% 11/04/27                | FORD MOTOR CREDIT CO LLC REGD 7.35000000                                                       | CUSIP: 345397C35<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      325000 | PA      | $339020.90    | 0.00%             | 2027-11-04      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| GLOBAL MARINE INC 7% 06/01/28                 | GLOBAL MARINE INC REGD 7.00000000                                                              | CUSIP: 379352AL1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $38700.00     | 0.00%             | 2028-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE 6.375% 07/01/34                | HA SUSTAINABLE INF CAP REGD SER WI 6.37500000                                                  | CUSIP: 41068XAF7<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |     1823000 | PA      | $1855316.79   | 0.02%             | 2034-07-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| N/A                                           | EUR/USD FWD 20251210 000000010 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-385811.73   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL 9.875% 02/01/32                | VENTURE GLOBAL LNG INC REGD 144A P/P 9.87500000                                                | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     8529000 | PA      | $9285940.23   | 0.10%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| UKRAINE GOVERNME S/UP 02/01/36                | UKRAINE GOVERNMENT REGD S/UP 0.00000000                                                        | CUSIP: X5S0055Y3<br>LEI: N/A                  | Long             | DBT              | USGA              | UA        |      200000 | PA      | $97016.04     | 0.00%             | 2036-02-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO 7.875% 09/15/30                | PBF HOLDING CO LLC REGD 144A P/P 7.87500000                                                    | CUSIP: 69318FAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1019000 | PA      | $1006215.32   | 0.01%             | 2030-09-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| MTBAT 2025-1A  4.73% 09/15/28                 | M&T BANK AUTO RECEIVABLES TRUST 2025-1 SER 2025-1A CL A3 REGD 144A P/P 4.73000000              | CUSIP: 55287XAD7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      240000 | PA      | $243346.87    | 0.00%             | 2030-06-17      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF EL  7.65% 06/15/35                | REPUBLIC OF EL SALVADOR REGD 7.65000000                                                        | CUSIP: P01012AN6<br>LEI: N/A                  | Long             | DBT              | USGA              | SV        |     4800000 | PA      | $4865138.69   | 0.05%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS  4.625% 04/15/30                | POST HOLDINGS INC REGD 144A P/P 4.62500000                                                     | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     3435000 | PA      | $3311519.65   | 0.04%             | 2030-04-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| GOLDSTORY  6.75% 02/01/30/EUR/                | GOLDSTORY SAS /EUR/ REGD REG S 6.75000000                                                      | CUSIP: F4R5A5AC7<br>LEI: 969500NWR67ONUJD4A26 | Long             | DBT              | CORP              | FR        |     1719000 | PA      | $2095594.63   | 0.02%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/C 4.25% 01/15/34                | CCO HLDGS LLC/CAP CORP REGD 144A P/P 4.25000000                                                | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    18694000 | PA      | $16149226.91  | 0.18%             | 2034-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| IVORY COAST S/UP 12/31/32                     | IVORY COAST REGD S/UP 5.75000000                                                               | CUSIP: V25125BD2<br>LEI: N/A                  | Long             | DBT              | USGA              | CI        |      184141 | PA      | $181634.91    | 0.00%             | 2032-12-31      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERT 8.125% 05/01/29                | BANIJAY ENTERTAINMENT REGD 144A P/P 8.12500000                                                 | CUSIP: 060335AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |       80000 | PA      | $83086.32     | 0.00%             | 2029-05-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| EQUATE PETROCHE 4.25% 11/03/26                | EQUATE PETROCHEMICAL CO REGD EMTN 4.25000000                                                   | CUSIP: N30420AA6<br>LEI: 635400J73BDO4TTGXD45 | Long             | DBT              | CORP              | KW        |      200000 | PA      | $199289.60    | 0.00%             | 2026-11-03      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TTM TECHNOLOGIES I 4% 03/01/29                | TTM TECHNOLOGIES INC REGD 144A P/P 4.00000000                                                  | CUSIP: 87305RAK5<br>LEI: 549300SC4BDOIS008048 | Long             | DBT              | CORP              | US        |       50000 | PA      | $48065.88     | 0.00%             | 2029-03-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC O 4.75% 03/13/28/EUR/                | REPUBLIC OF SENEGAL /EUR/ REGD REG S 4.75000000                                                | CUSIP: V7691DAZ9<br>LEI: N/A                  | Long             | DBT              | USGA              | SN        |     4200000 | PA      | $4278883.56   | 0.05%             | 2028-03-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MURPHY OIL CORP 6% 10/01/32                   | MURPHY OIL CORP REGD 6.00000000                                                                | CUSIP: 626717AP7<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |       30000 | PA      | $29566.14     | 0.00%             | 2032-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN  5.85% 07/02/32                | UNITED MEXICAN STATES REGD 5.85000000                                                          | CUSIP: 91087BBE9<br>LEI: N/A                  | Long             | DBT              | USGA              | MX        |     3516000 | PA      | $3629215.20   | 0.04%             | 2032-07-02      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFI 5.15% 03/17/30                | MACQUARIE AIRFINANCE HLD REGD 144A P/P 5.15000000                                              | CUSIP: 55609NAE8<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |      938000 | PA      | $951369.09    | 0.01%             | 2030-03-17      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| T/L CITY FOOTB 00.00% 07/21/30                | T/L CITY FOOTBALL GROUP        LIMITED 0.00000000                                              | CUSIP: 17781XAD8<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |     1162738 | PA      | $1161772.60   | 0.01%             | 2030-07-21      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CO 4% 09/15/30                | ONEMAIN FINANCE CORP REGD 4.00000000                                                           | CUSIP: 682691AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3737000 | PA      | $3474090.47   | 0.04%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPEL 6.055% 08/15/26                | COLUMBIA PIPELINE HOLDCO REGD 144A P/P 6.05500000                                              | CUSIP: 19828AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      352000 | PA      | $356755.58    | 0.00%             | 2026-08-15      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| HOUSE OF HR 9% 11/03/29 /EUR/                 | HOUSE OF HR GROUP BV /EUR/ REGD REG S 9.00000000                                               | CUSIP: N93531AA4<br>LEI: 724500AWBTX8I880X774 | Long             | DBT              | CORP              | NL        |     2654000 | PA      | $3074038.45   | 0.03%             | 2029-11-03      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION  V/R 07/31/84                | TORONTO-DOMINION BANK REGD V/R 7.25000000                                                      | CUSIP: 89116CKP1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     2441000 | PA      | $2569128.09   | 0.03%             | 2084-07-31      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| ARQIVA BR 8.625% 07/01/30/GBP/                | ARQIVA BROADC FINANCE PL /GBP/ REGD REG S 8.62500000                                           | CUSIP: G0566TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     3200000 | PA      | $4496249.00   | 0.05%             | 2030-07-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| DEALER TIRE LLC/DT 8% 02/01/28                | DEALER TIRE LLC/DT ISSR REGD 144A P/P 8.00000000                                               | CUSIP: 24229JAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $89013.87     | 0.00%             | 2028-02-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| HUNGARY 5.5% 03/26/36                         | HUNGARY REGD REG S 5.50000000                                                                  | CUSIP: X93622GS5<br>LEI: N/A                  | Long             | DBT              | USGA              | HU        |     2100000 | PA      | $2116026.70   | 0.02%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERI 5.875% 01/31/31                | JH NORTH AMERICA HOLDING REGD 144A P/P 5.87500000                                              | CUSIP: 46593WAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2167000 | PA      | $2197868.92   | 0.02%             | 2031-01-31      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF CAME 9.5% 11/19/25                | REPUBLIC OF CAMEROON REGD REG S 9.50000000                                                     | CUSIP: V58014AA5<br>LEI: N/A                  | Long             | DBT              | USGA              | CM        |      266667 | PA      | $265083.06    | 0.00%             | 2025-11-19      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| INGLES MARKETS INC 4% 06/15/31                | INGLES MARKETS INC REGD 144A P/P 4.00000000                                                    | CUSIP: 457030AK0<br>LEI: 549300XH5RYBMYP8TF26 | Long             | DBT              | CORP              | US        |       50000 | PA      | $46957.47     | 0.00%             | 2031-06-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| INNOPHOS HOLDIN 11.5% 06/15/29                | INNOPHOS HOLDINGS INC REGD 144A P/P 11.50000000                                                | CUSIP: 45774NAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $78525.47     | 0.00%             | 2029-06-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| OBX 2025-NQM16 A V/R 08/25/65                 | OBX 2025-NQM16 TRUST SER 2025-NQM16 CL A1 V/R REGD 144A P/P 4.90500000                         | CUSIP: 67122DAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      400000 | PA      | $399441.56    | 0.00%             | 2065-08-25      | Variable      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| T/L TENNECO INC  0% 11/17/2028                | T/L TENNECO INC REGD 0.00000000                                                                | CUSIP: 88037HAP9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1979853 | PA      | $1934692.55   | 0.02%             | 2028-11-17      | Floating      | 9.30%                 | No            |                  2 | On Loan: No      |
| SAMMONTANA I V/R 10/15/31/EUR/                | SAMMONTANA ITALIA SPA /EUR/ REGD V/R REG S SER SEP 5.77600000                                  | CUSIP: N/A<br>LEI: 8156002DFC51B8173A68       | Long             | DBT              | CORP              | IT        |      925000 | PA      | $1089235.32   | 0.01%             | 2031-10-15      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERT 4.95% 10/01/29                | SERVICE PROPERTIES TRUST REGD 4.95000000                                                       | CUSIP: 44106MBB7<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |       50000 | PA      | $44084.60     | 0.00%             | 2029-10-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| USCLN 2025-SU 5.582% 02/25/32                 | US BANK NA SER 2025-SUP1 CL B REGD 144A P/P 5.58200000                                         | CUSIP: 90357PBC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      326293 | PA      | $326530.67    | 0.00%             | 2032-02-25      | Fixed         | 5.58%                 | Yes           |                  2 | On Loan: No      |
| ATOS SE S/UP 12/18/29/EUR/                    | ATOS SE /EUR/ REGD S/UP REG S 9.00000000                                                       | CUSIP: F04805ET4<br>LEI: 5493001EZOOA66PTBR68 | Long             | DBT              | CORP              | FR        |    10549868 | PA      | $14249131.45  | 0.16%             | 2029-12-18      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| BUBBLES BIDC V/R 09/30/31/EUR/                | BUBBLES BIDCO SPA /EUR/ REGD V/R REG S 6.25000000                                              | CUSIP: T2R25FAB9<br>LEI: 815600073942740CEB24 | Long             | DBT              | CORP              | IT        |      201000 | PA      | $237798.13    | 0.00%             | 2031-09-30      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| OCT17 2013-1A A1 V/R 01/25/31                 | OCTAGON INVESTMENT PARTNERS XVII LTD SER 2013-1A CL A1R2 V/R REGD 144A P/P 5.58007000          | CUSIP: 67590GBG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |        2340 | PA      | $2340.26      | 0.00%             | 2031-01-25      | Variable      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| UNISYS CORP 10.625% 01/15/31                  | UNISYS CORP REGD 144A P/P 10.62500000                                                          | CUSIP: 909214BX5<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |      120000 | PA      | $127656.12    | 0.00%             | 2031-01-15      | Fixed         | 10.62%                | Yes           |                  2 | On Loan: No      |
| ING GROEP NV V/R 09/11/27                     | ING GROEP NV REGD V/R 6.08300000                                                               | CUSIP: 456837BF9<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |      332000 | PA      | $337697.00    | 0.00%             | 2027-09-11      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| N/A                                           | NGN/USD FWD 20251209 000000908 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $122284.84    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CARNIVAL CORP 6.125% 02/15/33                 | CARNIVAL CORP REGD 144A P/P 6.12500000                                                         | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     5651000 | PA      | $5792285.29   | 0.06%             | 2033-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| BLUELINX HOLDING 6% 11/15/29                  | BLUELINX HOLDING REGD 144A P/P 6.00000000                                                      | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |       90000 | PA      | $88581.10     | 0.00%             | 2029-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS R02.75PER6M 03/18/36 WFSLUS33XXX FIXED                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |           1 | NC      | $17917.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DARLING GLO 4.5% 07/15/32/EUR/                | DARLING GLOBAL FINANCE /EUR/ REGD 144A P/P 4.50000000                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | NL        |     1731000 | PA      | $2051845.65   | 0.02%             | 2032-07-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| CERDIA FINANZ  9.375% 10/03/31                | CERDIA FINANZ GMBH REGD 144A P/P 9.37500000                                                    | CUSIP: 15679GAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |      150000 | PA      | $158812.50    | 0.00%             | 2031-10-03      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| SUNOCO LP V/R /PERP/                          | SUNOCO LP REGD V/R /PERP/ 144A P/P 7.87500000                                                  | CUSIP: 86765KAE9<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    13738000 | PA      | $13981299.98  | 0.15%             | 2174-03-18      | Variable      | 7.88%                 | Yes           |                  2 | On Loan: No      |
| GOODYEAR TIRE & 5.25% 04/30/31                | GOODYEAR TIRE & RUBBER REGD 5.25000000                                                         | CUSIP: 382550BJ9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |      183000 | PA      | $172920.34    | 0.00%             | 2031-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SILGAN HOL 4.25% 02/15/31/EUR/                | SILGAN HOLDINGS INC /EUR/ REGD 144A P/P 4.25000000                                             | CUSIP: N/A<br>LEI: KAF673KJXD92C8KSLU49       | Long             | DBT              | CORP              | US        |     8520000 | PA      | $10043259.26  | 0.11%             | 2031-02-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| MATIV HOLDINGS INC 8% 10/01/29                | MATIV HOLDINGS INC REGD 144A P/P 8.00000000                                                    | CUSIP: 808541AC0<br>LEI: 549300Z1FU4IDULG1R21 | Long             | DBT              | CORP              | US        |     2280000 | PA      | $2257374.65   | 0.02%             | 2029-10-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| HERC HOLDINGS IN 5.5% 07/15/27                | HERC HOLDINGS INC REGD 144A P/P 5.50000000                                                     | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     2460000 | PA      | $2453887.64   | 0.03%             | 2027-07-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ARDONAGH GROUP 8.875% 02/15/32                | ARDONAGH GROUP FINANCE REGD 144A P/P 8.87500000                                                | CUSIP: 039956AA5<br>LEI: 254900SRT1BTAJ76NW62 | Long             | DBT              | CORP              | JE        |    12060000 | PA      | $12685069.80  | 0.14%             | 2032-02-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| T/L VIASAT INC. 0% 05/30/2030                 | T/L VIASAT INC. REGD 0.00000000                                                                | CUSIP: 92555WAF2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1741139 | PA      | $1711609.52   | 0.02%             | 2030-05-30      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONA 5% 01/16/34                | SAUDI INTERNATIONAL BOND REGD REG S EMTN 5.00000000                                            | CUSIP: M6320UCG2<br>LEI: N/A                  | Long             | DBT              | USGA              | SA        |     2000000 | PA      | $2045763.92   | 0.02%             | 2034-01-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO S V/R 06/01/42                | INTESA SANPAOLO SPA REGD V/R 144A P/P 4.95000000                                               | CUSIP: 46115HBS5<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      450000 | PA      | $380339.79    | 0.00%             | 2042-06-01      | Variable      | 4.95%                 | Yes           |                  2 | On Loan: No      |
| KAZMUNAYGAS NA 6.375% 10/24/48                | KAZMUNAYGAS NATIONAL CO REGD REG S 6.37500000                                                  | CUSIP: Y44709AG1<br>LEI: N/A                  | Long             | DBT              | CORP              | KZ        |     2700000 | PA      | $2682304.01   | 0.03%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LINCOLN FIN GLBL 5.3% 01/13/30                | LINCOLN FIN GLBL FUNDING REGD 144A P/P 5.30000000                                              | CUSIP: 53359KAA9<br>LEI: 984500OC010458395923 | Long             | DBT              | CORP              | US        |      331000 | PA      | $342563.12    | 0.00%             | 2030-01-13      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PARAGU 6% 02/09/36                | REPUBLIC OF PARAGUAY REGD 144A P/P 6.00000000                                                  | CUSIP: 699149AN0<br>LEI: N/A                  | Long             | DBT              | USGA              | PY        |      400000 | PA      | $423800.00    | 0.00%             | 2036-02-09      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| UNITED RENTALS  5.25% 01/15/30                | UNITED RENTALS NORTH AM REGD 5.25000000                                                        | CUSIP: 911365BL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2876000 | PA      | $2890236.20   | 0.03%             | 2030-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUT 7.3% 04/20/52                | REPUBLIC OF SOUTH AFRICA REGD SER 30Y 7.30000000                                               | CUSIP: 836205BE3<br>LEI: N/A                  | Long             | DBT              | USGA              | ZA        |     3500000 | PA      | $3356081.40   | 0.04%             | 2052-04-20      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CRED 5.85% 05/17/27                | FORD MOTOR CREDIT CO LLC REGD 5.85000000                                                       | CUSIP: 345397E74<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      943000 | PA      | $954751.72    | 0.01%             | 2027-05-17      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| N/A                                           | IRS RSOFRP03.75 06/20/29 WFSLUS33XXX FLOAT                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |           1 | NC      | $-314248.23   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CITADEL SECURITI 5.5% 06/18/30                | CITADEL SECURITIES GLOBA REGD 144A P/P 5.50000000                                              | CUSIP: 17289RAA4<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |      250000 | PA      | $256848.74    | 0.00%             | 2030-06-18      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| EART 2024-2A C 5.74% 03/15/27                 | EXETER AUTOMOBILE RECEIVABLES TRUST 2024-2 SER 2024-2A CL C REGD 5.74000000                    | CUSIP: 30166DAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      737000 | PA      | $745672.50    | 0.01%             | 2029-05-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| APOLLO CMMRL R 4.625% 06/15/29                | APOLLO CMMRL REAL EST FI REGD 144A P/P 4.62500000                                              | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |       50000 | PA      | $48041.16     | 0.00%             | 2029-06-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| WINDR 2021-4A AR V/R 01/20/35                 | WIND RIVER 2021-4 CLO LTD SER 2021-4A CL AR V/R REGD 144A P/P 5.56194000                       | CUSIP: 97316UAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      320000 | PA      | $320936.16    | 0.00%             | 2035-01-20      | Variable      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| SUMMIT MIDSTRE 8.625% 10/31/29                | SUMMIT MIDSTREAM HOLDING REGD 144A P/P 8.62500000                                              | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $150740.54    | 0.00%             | 2029-10-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| T/L COTIVITI 0% 05/01/31 /USD/                | T/L COTIVITI HOLDINGS INC      REGD /USD/ 0.00000000                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3950075 | PA      | $3876011.27   | 0.04%             | 2031-05-01      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| UNITED STATES S 6.65% 06/01/37                | UNITED STATES STEEL CORP REGD 6.65000000                                                       | CUSIP: 912909AD0<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | DBT              | CORP              | US        |       60000 | PA      | $62179.26     | 0.00%             | 2037-06-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| FRESSNAPF  5.25% 10/31/31/EUR/                | FRESSNAPF HOLDING SE /EUR/ REGD REG S 5.25000000                                               | CUSIP: D279A1AA0<br>LEI: 529900NLSO3VLFW8JQ35 | Long             | DBT              | CORP              | DE        |     9289000 | PA      | $11052457.81  | 0.12%             | 2031-10-31      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FREEPORT INDON 4.763% 04/14/27                | FREEPORT INDONESIA PT REGD REG S EMTN 4.76300000                                               | CUSIP: Y7141BAA1<br>LEI: 549300T4HTQHRKLNE619 | Long             | DBT              | CORP              | ID        |      600000 | PA      | $601516.80    | 0.01%             | 2027-04-14      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD 5.5% 10/15/27                | PERFORMANCE FOOD GROUP I REGD 144A P/P 5.50000000                                              | CUSIP: 69346VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      300000 | PA      | $299242.86    | 0.00%             | 2027-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BCP MODUL 6.125% 11/30/28/GBP/                | BCP MODULAR SERVICES /GBP/ REGD REG S 6.12500000                                               | CUSIP: G0904GAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      200000 | PA      | $251115.20    | 0.00%             | 2028-11-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| EDP SA V/R 03/14/82/EUR/                      | EDP SA /EUR/ REGD V/R REG S SER NC8 1.87500000                                                 | CUSIP: X1R4PDXP9<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |     8600000 | PA      | $9389288.73   | 0.10%             | 2082-03-14      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 4.25% 11/30/26                   | UNITED STATES TREASURY NOTE 4.25000000                                                         | CUSIP: 91282CLY5<br>LEI: N/A                  | Long             | DBT              | UST               | US        |      320000 | PA      | $321912.50    | 0.00%             | 2026-11-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| RAVEN ACQUISIT 6.875% 11/15/31                | RAVEN ACQUISITION HOLDIN REGD 144A P/P 6.87500000                                              | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3550000 | PA      | $3648448.60   | 0.04%             | 2031-11-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| ESSENDI SA 5.5% 11/15/31/EUR/                 | ESSENDI SA /EUR/ REGD REG S 5.50000000                                                         | CUSIP: L0926ZAB6<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |      245000 | PA      | $296195.12    | 0.00%             | 2031-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINA 5.875% 03/15/28                | SUNOCO LP/FINANCE CORP REGD SER WI 5.87500000                                                  | CUSIP: 86765LAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      515000 | PA      | $515125.15    | 0.01%             | 2028-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC 5.375% 01/01/26                   | OVINTIV INC REGD 5.37500000                                                                    | CUSIP: 651290AR9<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |      390000 | PA      | $389992.97    | 0.00%             | 2026-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CONUMA RESOUR 13.125% 05/01/28                | CONUMA RESOURCES LTD REGD 144A P/P 13.12500000                                                 | CUSIP: 21240FAA0<br>LEI: 549300YVRVP2GAVPY828 | Long             | DBT              | CORP              | CA        |       40000 | PA      | $39423.31     | 0.00%             | 2028-05-01      | Fixed         | 13.12%                | Yes           |                  2 | On Loan: No      |
| ALMAVIVA THE  5% 10/30/30/EUR/                | ALMAVIVA THE ITALIAN INN /EUR/ REGD 144A P/P 5.00000000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IT        |     1500000 | PA      | $1788963.32   | 0.02%             | 2030-10-30      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| UKG INC 6.875% 02/01/31                       | UKG INC REGD 144A P/P 6.87500000                                                               | CUSIP: 90279XAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    20800000 | PA      | $21462022.40  | 0.24%             | 2031-02-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| XEROX HOLDINGS C 5.5% 08/15/28                | XEROX HOLDINGS CORP REGD 144A P/P 5.50000000                                                   | CUSIP: 98421MAB2<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |       20000 | PA      | $11750.34     | 0.00%             | 2028-08-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC 6.25% 01/31/34                  | TRANSDIGM INC REGD 144A P/P 6.25000000                                                         | CUSIP: 893647BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1828000 | PA      | $1878145.08   | 0.02%             | 2034-01-31      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| OVH GROUPE 4.75% 02/05/31/EUR/                | OVH GROUPE SA /EUR/ REGD REG S 4.75000000                                                      | CUSIP: F97637AD8<br>LEI: 9695001J8OSOVX4TP939 | Long             | DBT              | CORP              | FR        |     2450000 | PA      | $2929044.24   | 0.03%             | 2031-02-05      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ATLANTICUS HOLD 9.75% 09/01/30                | ATLANTICUS HOLDINGS CORP REGD 144A P/P 9.75000000                                              | CUSIP: 04914AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $69063.43     | 0.00%             | 2030-09-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| YINSON PRODUCT 9.625% 05/03/29                | YINSON PRODUCTION FINANC REGD 9.62500000                                                       | CUSIP: Y98308AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     3600000 | PA      | $3804138.07   | 0.04%             | 2029-05-03      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| IHEARTCOMMUNICA 7.75% 08/15/30                | IHEARTCOMMUNICATIONS INC REGD 144A P/P 7.75000000                                              | CUSIP: 45174HBM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2070000 | PA      | $1712627.38   | 0.02%             | 2030-08-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| SEAGATE DATA S 9.625% 12/01/32                | SEAGATE DATA STOR REGD 144A P/P 9.62500000                                                     | CUSIP: 81180LAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |      220000 | PA      | $249174.20    | 0.00%             | 2032-12-01      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| ENERGY TRANSFER L V/R 10/01/54                | ENERGY TRANSFER LP REGD V/R 7.12500000                                                         | CUSIP: 29273VBC3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     4648000 | PA      | $4810930.99   | 0.05%             | 2054-10-01      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| CD&R FIRE 8.625% 04/30/29/GBP/                | CD&R FIREFLY BIDCO LTD /GBP/ REGD REG S 8.62500000                                             | CUSIP: G2R21QAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     9451000 | PA      | $13354222.60  | 0.15%             | 2029-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDIN 6.625% 12/15/28                | KINETIK HOLDINGS LP REGD 144A P/P 6.62500000                                                   | CUSIP: 49461MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      758000 | PA      | $778059.71    | 0.01%             | 2028-12-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| KOSMOS ENERGY  7.125% 04/04/26                | KOSMOS ENERGY LTD REGD REG S 7.12500000                                                        | CUSIP: U5007TAA3<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |      831000 | PA      | $826333.60    | 0.01%             | 2026-04-04      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDI 2.7% 08/10/26                | FORD MOTOR CREDIT CO LLC REGD 2.70000000                                                       | CUSIP: 345397B77<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1235000 | PA      | $1215006.41   | 0.01%             | 2026-08-10      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDS US698299AD63 01.000 BP 12/20/2029 BARCGB5GXXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $2068.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BATH & BODY WOR 6.95% 03/01/33                | BATH & BODY WORKS INC REGD 6.95000000                                                          | CUSIP: 532716AK3<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |       40000 | PA      | $41750.52     | 0.00%             | 2033-03-01      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNI 10.875% 05/01/30                | IHEARTCOMMUNICATIONS INC REGD 144A P/P 10.87500000                                             | CUSIP: 45174HBL0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      120000 | PA      | $80749.99     | 0.00%             | 2030-05-01      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| T/L ACP TARA HOLD 0% 09/17/32                 | T/L ACP TARA HOLDINGS INC REGD 0.00000000                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      659000 | PA      | $659000.00    | 0.01%             | 2032-09-17      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| CAS 2025-R02 1A1 V/R 02/25/45                 | CONNECTICUT AVENUE SECURITIES TRUST 2025-R02 SER 2025-R02 CL 1A1 V/R REGD 144A P/P 5.34800000  | CUSIP: 20754TAB8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      242901 | PA      | $243200.97    | 0.00%             | 2045-02-25      | Variable      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT HOLD / 7.375% 10/01/32                | ALLIANT HOLD / CO-ISSUER REGD 144A P/P 7.37500000                                              | CUSIP: 01883LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8583000 | PA      | $8844201.29   | 0.10%             | 2032-10-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC V/R /PERP/                      | CITIGROUP INC REGD V/R /PERP/ SER EE 6.75000000                                                | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     3611000 | PA      | $3670577.89   | 0.04%             | 2174-02-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 3.625% 08/31/27                  | UNITED STATES TREASURY NOTE 3.62500000                                                         | CUSIP: 91282CNV9<br>LEI: N/A                  | Long             | DBT              | UST               | US        |     8997000 | PA      | $8998054.36   | 0.10%             | 2027-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SCFET 2024-1A  5.52% 10/20/28                 | SCF EQUIPMENT LEASING 2024-1 LLC SER 2024-1A CL A3 REGD 144A P/P 5.52000000                    | CUSIP: 783896AC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      145000 | PA      | $148943.25    | 0.00%             | 2032-01-20      | Fixed         | 5.52%                 | Yes           |                  2 | On Loan: No      |
| VICTRA HLDG/VIC 8.75% 09/15/29                | VICTRA HLDG/VICTRA FIN REGD 144A P/P 8.75000000                                                | CUSIP: 92648DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $52419.50     | 0.00%             | 2029-09-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| LIVE NATION ENT 3.75% 01/15/28                | LIVE NATION ENTERTAINMEN REGD 144A P/P 3.75000000                                              | CUSIP: 538034AX7<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |       80000 | PA      | $78068.07     | 0.00%             | 2028-01-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| NEWELL BRANDS  6.625% 05/15/32                | NEWELL BRANDS INC REGD 6.62500000                                                              | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     1775000 | PA      | $1745425.78   | 0.02%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUA S/UP 07/31/35                | REPUBLIC OF ECUADOR REGD S/UP REG S 6.90000000                                                 | CUSIP: P8054QBC6<br>LEI: N/A                  | Long             | DBT              | USGA              | EC        |    12246745 | PA      | $9232821.06   | 0.10%             | 2035-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK  V/R /PERP//EUR/                | DEUTSCHE BANK AG /EUR/ REGD V/R /PERP/ REG S 8.12500000                                        | CUSIP: D1T7GEVE7<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     8600000 | PA      | $11026646.89  | 0.12%             | 2174-04-30      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| INDO ASAHAN/MIN 5.45% 05/15/30                | INDO ASAHAN/MINERAL IND REGD REG S 5.45000000                                                  | CUSIP: Y7140WAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | ID        |     3300000 | PA      | $3405078.60   | 0.04%             | 2030-05-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE 6% 11/22/34                | BLACKSTONE PRIVATE CRE REGD SER WI 6.00000000                                                  | CUSIP: 09261HBW6<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     4893000 | PA      | $5012833.88   | 0.06%             | 2034-11-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT INC 4.125% 02/15/30                 | OPEN TEXT INC REGD 144A P/P 4.12500000                                                         | CUSIP: 683720AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $142093.31    | 0.00%             | 2030-02-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| VALVOLINE INC 3.625% 06/15/31                 | VALVOLINE INC REGD 144A P/P 3.62500000                                                         | CUSIP: 92047WAG6<br>LEI: 549300CMHPBEY6VPOT75 | Long             | DBT              | CORP              | US        |     2466000 | PA      | $2257181.83   | 0.02%             | 2031-06-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| HERITAGE PWR LLC                              | HERITAGE PWR LLC 0.00000000                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       21524 | NS      | $1364083.50   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L CONNECT FINCO 0% 12/11/26                 | T/L CONNECT FINCO SARL REGD 0.00000000                                                         | CUSIP: L2000DAG9<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |      253000 | PA      | $252289.07    | 0.00%             | 2026-12-11      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH C 6.25% 02/15/29                | BAUSCH HEALTH COS INC REGD 144A P/P 6.25000000                                                 | CUSIP: 071734AK3<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |      155000 | PA      | $120973.65    | 0.00%             | 2029-02-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| FIBERCOP  5.125% 06/30/32/EUR/                | FIBERCOP SPA /EUR/ REGD REG S 5.12500000                                                       | CUSIP: T42137AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |     7695000 | PA      | $9182590.93   | 0.10%             | 2032-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIO V/R 06/15/54                | EDISON INTERNATIONAL REGD V/R 7.87500000                                                       | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |      170000 | PA      | $173426.35    | 0.00%             | 2054-06-15      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| BCP MODULAR 6.5% 07/10/31/EUR/                | BCP MODULAR SERVICES /EUR/ REGD REG S 6.50000000                                               | CUSIP: G0904GAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      147000 | PA      | $161349.72    | 0.00%             | 2031-07-10      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HUSKY INJECTION /  9% 02/15/29                | HUSKY INJECTION / TITAN REGD 144A P/P 9.00000000                                               | CUSIP: 44805RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     9631000 | PA      | $10061236.03  | 0.11%             | 2029-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| ROMANIA 5.75% 03/24/35                        | ROMANIA REGD REG S 5.75000000                                                                  | CUSIP: X7360WDA7<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |      300000 | PA      | $288854.24    | 0.00%             | 2035-03-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OCT41 2019-2A A1 V/R 10/15/33                 | OCTAGON INVESTMENT PARTNERS 41 LTD SER 2019-2A CL A1R2 V/R REGD 144A P/P 5.40755000            | CUSIP: 67592FBA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2050000 | PA      | $2051916.34   | 0.02%             | 2033-10-15      | Variable      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| KODIAK GAS SERV 7.25% 02/15/29                | KODIAK GAS SERVICES LLC REGD 144A P/P 7.25000000                                               | CUSIP: 50012LAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4812000 | PA      | $4990394.69   | 0.05%             | 2029-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| HPEFS 2025-1A  4.43% 11/20/27                 | HPEFS EQUIPMENT TRUST 2025-1 SER 2025-1A CL A3 REGD 144A P/P 4.43000000                        | CUSIP: 40446EAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      560000 | PA      | $562600.75    | 0.01%             | 2032-09-20      | Fixed         | 4.43%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK  V/R /PERP//EUR/                | DEUTSCHE BANK AG /EUR/ REGD V/R /PERP/ REG S SER . 7.12500000                                  | CUSIP: D1T7GF6B8<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |      200000 | PA      | $247724.55    | 0.00%             | 2174-04-30      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA 8.375% 01/19/36                  | ECOPETROL SA REGD 8.37500000                                                                   | CUSIP: 279158AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | CO        |     2200000 | PA      | $2270353.05   | 0.03%             | 2036-01-19      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC 6.75% 08/15/28                  | TRANSDIGM INC REGD 144A P/P 6.75000000                                                         | CUSIP: 893647BR7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2909000 | PA      | $2964521.75   | 0.03%             | 2028-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| PEBBLEBROOK HO 6.375% 10/15/29                | PEBBLEBROOK HOTEL/FINANC REGD 144A P/P 6.37500000                                              | CUSIP: 70510LAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      816000 | PA      | $828166.56    | 0.01%             | 2029-10-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| PG&E CORP 5.25% 07/01/30                      | PG&E CORP REGD 5.25000000                                                                      | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |      160000 | PA      | $157811.25    | 0.00%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDX 2I65BRAD4 05.000 NA 06/20/2030 CITCL FIXED                                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $7238718.59   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| BUILDERS FIRST 6.375% 06/15/32                | BUILDERS FIRSTSOURCE INC REGD 144A P/P 6.37500000                                              | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |       70000 | PA      | $72355.29     | 0.00%             | 2032-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| HACLN 2024-1  6.153% 02/20/28                 | HUNTINGTON BANK AUTO CREDIT-LINKED NOTES SER SER 2024-1 CL B1 REGD 144A P/P 6.15300000         | CUSIP: 44644NAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      381332 | PA      | $387628.35    | 0.00%             | 2032-05-20      | Fixed         | 6.15%                 | Yes           |                  2 | On Loan: No      |
| CARVANA CO 9% 12/01/28                        | CARVANA CO REGD 144A P/P 9.00000000                                                            | CUSIP: 146869AL6<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |     2197104 | PA      | $2246538.85   | 0.02%             | 2028-12-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| PETROBRAS GLOB 5.125% 09/10/30                | PETROBRAS GLOBAL FINANCE REGD 5.12500000                                                       | CUSIP: 71647NBM0<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      629000 | PA      | $621665.86    | 0.01%             | 2030-09-10      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA  4.911% 09/01/27                | SOUTH BOW USA INFRA HLDS REGD 4.91100000                                                       | CUSIP: 83007CAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      702000 | PA      | $708122.82    | 0.01%             | 2027-09-01      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 10/30/25                        | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797NA1<br>LEI: N/A                  | Long             | STIV             | UST               | US        |     6100000 | PA      | $6080092.22   | 0.07%             | 2025-10-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| T/L BUCKEYE PARTNE 0% 11/01/26                | T/L BUCKEYE PARTNERS L.P. 0% 0.00000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      746207 | PA      | $746475.22    | 0.01%             | 2026-11-01      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| SAMHALLSBY 2.25% 07/12/27/EUR/                | SAMHALLSBYG HOLD /EUR/ REGD REG S 2.25000000                                                   | CUSIP: W7T8BYAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |    12505000 | PA      | $13505430.48  | 0.15%             | 2027-07-12      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANC 4.5% 05/15/29                | SUNOCO LP/FINANCE CORP REGD SER WI 4.50000000                                                  | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3265000 | PA      | $3186390.88   | 0.04%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO 4% 04/01/31                | SCOTTS MIRACLE-GRO CO REGD SER WI 4.00000000                                                   | CUSIP: 810186AX4<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |     3851000 | PA      | $3552489.35   | 0.04%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PROGROUP  5.375% 04/15/31/EUR/                | PROGROUP AG /EUR/ REGD REG S 5.37500000                                                        | CUSIP: D6S035AH1<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     1829000 | PA      | $2168209.50   | 0.02%             | 2031-04-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BRANICKS G 2.25% 09/22/26/EUR/                | BRANICKS GROUP AG /EUR/ REGD REG S 2.25000000                                                  | CUSIP: D2837EAK6<br>LEI: 52990044JL2ZPWONU738 | Long             | DBT              | CORP              | DE        |     6800000 | PA      | $6306262.96   | 0.07%             | 2026-09-22      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDI 7.375% 03/01/31                | WR GRACE HOLDING LLC REGD 144A P/P 7.37500000                                                  | CUSIP: 92943GAE1<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |      168000 | PA      | $171277.18    | 0.00%             | 2031-03-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| NISSAN MOTOR A 6.125% 09/30/30                | NISSAN MOTOR ACCEPTANCE REGD 144A P/P MTN 6.12500000                                           | CUSIP: 65480CAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6123000 | PA      | $6121352.30   | 0.07%             | 2030-09-30      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| T/L LEVEL 3 FINAN 0% 03/22/32                 | T/L LEVEL 3 FINANCING INC      REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      538000 | PA      | $538000.00    | 0.01%             | 2032-03-22      | Floating      | 4.17%                 | No            |                  2 | On Loan: No      |
| CROWN AMERICAS 5.875% 06/01/33                | CROWN AMERICAS LLC REGD 144A P/P 5.87500000                                                    | CUSIP: 228180AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4060000 | PA      | $4101186.02   | 0.05%             | 2033-06-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251120 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $12338.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA 8% 11/26/29                | REPUBLIC OF ANGOLA REGD REG S EMTN 8.00000000                                                  | CUSIP: V5S1ASAB6<br>LEI: N/A                  | Long             | DBT              | USGA              | AO        |     8500000 | PA      | $8272950.89   | 0.09%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH 4.5% 02/01/28                | ENCOMPASS HEALTH CORP REGD 4.50000000                                                          | CUSIP: 29261AAA8<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |      240000 | PA      | $237943.03    | 0.00%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDC 5.5% 01/25/31                | FOUNDRY JV HOLDCO LLC REGD 144A P/P 5.50000000                                                 | CUSIP: 350930AF0<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |      200000 | PA      | $207599.28    | 0.00%             | 2031-01-25      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| STATE OF QATAR 4.817% 03/14/49                | STATE OF QATAR REGD REG S 4.81700000                                                           | CUSIP: M8489SAK3<br>LEI: N/A                  | Long             | DBT              | USGA              | QA        |     2300000 | PA      | $2190530.05   | 0.02%             | 2049-03-14      | Fixed         | 4.82%                 | No            |                  2 | On Loan: No      |
| N/A                                           | GBP/USD FWD 20251105 000011343 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $8809.91      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA 5.5% 01/15/28                | ALTICE FRANCE SA REGD 144A P/P 5.50000000                                                      | CUSIP: 02156LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     2735000 | PA      | $2406800.00   | 0.03%             | 2028-01-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| UKRAINE GOVERNME S/UP 02/01/35                | UKRAINE GOVERNMENT REGD S/UP 4.50000000                                                        | CUSIP: X5S0055X5<br>LEI: N/A                  | Long             | DBT              | USGA              | UA        |     2600000 | PA      | $1435440.84   | 0.02%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| SATURN OIL & G 9.625% 06/15/29                | SATURN OIL & GAS INC REGD 144A P/P 9.62500000                                                  | CUSIP: 80412LAA5<br>LEI: 549300G6BWJ7K6PIIY73 | Long             | DBT              | CORP              | CA        |       50000 | PA      | $51770.20     | 0.00%             | 2029-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| BOELS TOPH 5.75% 05/15/30/EUR/                | BOELS TOPHOLDING BV /EUR/ REGD REG S 5.75000000                                                | CUSIP: N143VZAB7<br>LEI: 724500V913SEHSEW2O75 | Long             | DBT              | CORP              | NL        |    15115000 | PA      | $18404793.68  | 0.20%             | 2030-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE  8.125% 02/01/27                | ALTICE FRANCE SA REGD 144A P/P 0.00000000                                                      | CUSIP: 02156LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      225000 | PA      | $214135.92    | 0.00%             | 2027-02-01      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251021 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $6862.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| US T BILL ZCP 12/02/25                        | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797RR0<br>LEI: N/A                  | Long             | STIV             | UST               | US        |     1300000 | PA      | $1291289.88   | 0.01%             | 2025-12-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA 6.375% 01/30/34                       | ROMANIA REGD REG S 6.37500000                                                                  | CUSIP: X7360WCT7<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |     1800000 | PA      | $1822104.81   | 0.02%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP 5.75% 12/01/28                  | DISH DBS CORP REGD 144A P/P 5.75000000                                                         | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9627000 | PA      | $9232546.19   | 0.10%             | 2028-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDX 2I65BRAD5 05.000 NA 12/20/2030 XWF FIXED                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $7768589.09   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| TRAVEL + LEISU 6.125% 09/01/33                | TRAVEL + LEISURE CO REGD 144A P/P 6.12500000                                                   | CUSIP: 894164AC6<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |       80000 | PA      | $79756.01     | 0.00%             | 2033-09-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PA 7.125% 01/29/26                | REPUBLIC OF PANAMA REGD 7.12500000                                                             | CUSIP: 698299AV6<br>LEI: N/A                  | Long             | DBT              | USGA              | PA        |      500000 | PA      | $503025.00    | 0.01%             | 2026-01-29      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHIL 3.5% 04/15/53                | REPUBLIC OF CHILE REGD 3.50000000                                                              | CUSIP: P8056EBC1<br>LEI: N/A                  | Long             | DBT              | USGA              | CL        |     1500000 | PA      | $1071375.00   | 0.01%             | 2053-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC V/R /PERP//GBP/                  | BARCLAYS PLC /GBP/ REGD V/R /PERP/ 9.25000000                                                  | CUSIP: G0809LJC4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     9050000 | PA      | $13164526.46  | 0.15%             | 2174-06-15      | Variable      | 9.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PA 8.875% 09/30/27                | REPUBLIC OF PANAMA REGD 8.87500000                                                             | CUSIP: 698299AD6<br>LEI: N/A                  | Long             | DBT              | USGA              | PA        |    12600000 | PA      | $13628160.00  | 0.15%             | 2027-09-30      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| LABL INC 8.25% 11/01/29                       | LABL INC REGD 144A P/P 8.25000000                                                              | CUSIP: 50168QAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $31437.50     | 0.00%             | 2029-11-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| BATH & BODY WORK 7.6% 07/15/37                | BATH & BODY WORKS INC REGD 7.60000000                                                          | CUSIP: 532716AN7<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |       40000 | PA      | $41320.36     | 0.00%             | 2037-07-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| MAXAM PRILL S 6% 07/15/30/EUR/                | MAXAM PRILL SARL /EUR/ REGD REG S 6.00000000                                                   | CUSIP: L6264MAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      425000 | PA      | $506563.79    | 0.01%             | 2030-07-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| T/L SABRE INC 0% 11/15/29                     | T/L SABRE INC REGD 0.00000000                                                                  | CUSIP: 78571YBL3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      143851 | PA      | $135219.68    | 0.00%             | 2029-11-15      | Floating      | 10.26%                | No            |                  2 | On Loan: No      |
| ALLWYN ENT 7.25% 04/30/30/EUR/                | ALLWYN ENTERTAINMENT FIN /EUR/ REGD REG S 7.25000000                                           | CUSIP: G0295CAC4<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |     3330000 | PA      | $4109850.85   | 0.05%             | 2030-04-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| FORVIA SE 5.375% 03/15/31/EUR/                | FORVIA SE /EUR/ REGD REG S 5.37500000                                                          | CUSIP: F3445AS33<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |      725000 | PA      | $867143.42    | 0.01%             | 2031-03-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN  5.5% 04/01/28                | ROYAL CARIBBEAN CRUISES REGD 144A P/P 5.50000000                                               | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      127000 | PA      | $129483.79    | 0.00%             | 2028-04-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF TU 9.375% 03/14/29                | REPUBLIC OF TURKIYE REGD SER 6Y 9.37500000                                                     | CUSIP: 900123DH0<br>LEI: N/A                  | Long             | DBT              | USGA              | TR        |     3200000 | PA      | $3570821.12   | 0.04%             | 2029-03-14      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIO 7% 09/15/30                | LINDBLAD EXPEDITIONS LLC REGD 144A P/P 7.00000000                                              | CUSIP: 53523LAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4358000 | PA      | $4442037.58   | 0.05%             | 2030-09-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| AIRCASTLE / IRE 5.25% 03/15/30                | AIRCASTLE / IRELAND DAC REGD 144A P/P 5.25000000                                               | CUSIP: 00929JAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      150000 | PA      | $153050.15    | 0.00%             | 2030-03-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| VISTRA OPERATIONS  5% 07/31/27                | VISTRA OPERATIONS CO LLC REGD 144A P/P 5.00000000                                              | CUSIP: 92840VAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9660000 | PA      | $9628010.92   | 0.11%             | 2027-07-31      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| SAMHALLSBYG H 5% 10/20/29/EUR/                | SAMHALLSBYG HOLD /EUR/ REGD REG S 5.00000000                                                   | CUSIP: W7T8BYAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |     4100000 | PA      | $4344192.23   | 0.05%             | 2029-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARM 3.95% 09/26/29                | REPUBLIC OF ARMENIA REGD REG S 3.95000000                                                      | CUSIP: Y5S01WAC4<br>LEI: N/A                  | Long             | DBT              | USGA              | AM        |     2200000 | PA      | $2065930.39   | 0.02%             | 2029-09-26      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTI 6.375% 10/01/30                | NUSTAR LOGISTICS LP REGD 6.37500000                                                            | CUSIP: 67059TAH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $82847.58     | 0.00%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| F/C EURO-OAT FUTURE   DEC25                   | FUTURE CONTRACT ON           EURO-OAT FUTURE   DEC25 /EUR/ 0.00000000                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |          -4 | NC      | $-569883.86   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| CCO HLDGS LLC/CA 4.5% 05/01/32                | CCO HLDGS LLC/CAP CORP REGD SER WI 4.50000000                                                  | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6192000 | PA      | $5634954.68   | 0.06%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EFESTO BIDCO SPA 7.5% 02/15/32                | EFESTO BIDCO SPA/US LLC REGD 144A P/P SER XR 7.50000000                                        | CUSIP: 28201XAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |    12679000 | PA      | $12897522.57  | 0.14%             | 2032-02-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| COMPASS GROUP DIVE 5% 01/15/32                | COMPASS GROUP DIVERSIFIE REGD 144A P/P 5.00000000                                              | CUSIP: 20451RAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $53625.02     | 0.00%             | 2032-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| URBAN ONE INC 7.375% 02/01/28                 | URBAN ONE INC REGD 144A P/P 7.37500000                                                         | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |       50000 | PA      | $26291.50     | 0.00%             | 2028-02-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| ADAPTHEALTH LL 6.125% 08/01/28                | ADAPTHEALTH LLC REGD 144A P/P 6.12500000                                                       | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2625000 | PA      | $2618037.71   | 0.03%             | 2028-08-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| VITAL ENERGY IN 9.75% 10/15/30                | VITAL ENERGY INC REGD 9.75000000                                                               | CUSIP: 516806AJ5<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |     2561000 | PA      | $2674096.32   | 0.03%             | 2030-10-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE F 5.7% 05/23/28                | ELECTRICITE DE FRANCE SA REGD 144A P/P 5.70000000                                              | CUSIP: 28504DAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      260000 | PA      | $269015.45    | 0.00%             | 2028-05-23      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| IHO VERWAL 8.75% 05/15/28/EUR/                | IHO VERWALTUNGS GMBH /EUR/ REGD REG S 8.75000000                                               | CUSIP: D4000PAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     7186000 | PA      | $8836226.72   | 0.10%             | 2028-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| N/A                                           | IRS R09.84208PBZDIOVRA 01/04/27 WFSL FIXED                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | BR        |           1 | NC      | $-1236089.72  | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | IRS R11.55PBZDIOVRA 01/04/27 WFSL FIXED                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | BR        |           1 | NC      | $-30566.82    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CIVITAS RESOURC 8.75% 07/01/31                | CIVITAS RESOURCES INC REGD 144A P/P 8.75000000                                                 | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     5076000 | PA      | $5183652.97   | 0.06%             | 2031-07-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG V/R /PERP/                       | UBS GROUP AG REGD V/R /PERP/ 144A P/P 7.00000000                                               | CUSIP: 902613BS6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     3800000 | PA      | $3873830.20   | 0.04%             | 2174-02-05      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| COMMSCOPE LLC 9.5% 12/15/31                   | COMMSCOPE LLC REGD 144A P/P 9.50000000                                                         | CUSIP: 20338MAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      300000 | PA      | $310530.30    | 0.00%             | 2031-12-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| T/L FINASTRA USA 0% 07/29/33                  | T/L FINASTRA USA INC REGD 0.00000000                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1454000 | PA      | $1443822.00   | 0.02%             | 2033-07-29      | Floating      | 11.36%                | No            |                  2 | On Loan: No      |
| ALTICE FIN 4.25% 08/15/29/EUR/                | ALTICE FINANCING SA /EUR/ REGD REG S 4.25000000                                                | CUSIP: L01787AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    16714000 | PA      | $14954700.90  | 0.16%             | 2029-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD 7.625% 07/01/29                    | GOEASY LTD REGD 144A P/P 7.62500000                                                            | CUSIP: 380355AJ6<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |     1230000 | PA      | $1245618.54   | 0.01%             | 2029-07-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| NORDSTROM INC 4.375% 04/01/30                 | NORDSTROM INC REGD 4.37500000                                                                  | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |       20000 | PA      | $18824.69     | 0.00%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NEW IMMO  4.875% 12/08/28/EUR/                | NEW IMMO HOLDING SA /EUR/ REGD REG S EMTN 4.87500000                                           | CUSIP: F0490QNP4<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     4800000 | PA      | $5702541.09   | 0.06%             | 2028-12-08      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC 5% 07/15/28                 | IRON MOUNTAIN INC REGD 144A P/P 5.00000000                                                     | CUSIP: 46284VAG6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |       80000 | PA      | $79514.05     | 0.00%             | 2028-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FHLMC P#842013 V/R 08/01/55                   | FREDDIE MAC NON GOLD POOL P#842013 V/R 5.44000000                                              | CUSIP: 31288RGW2<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |     2299639 | PA      | $2327810.70   | 0.03%             | 2055-08-01      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| VIRIDIEN 10% 10/15/30                         | VIRIDIEN REGD 144A P/P 10.00000000                                                             | CUSIP: 12531QAA3<br>LEI: 969500FCVQ5SLAAUJV59 | Long             | DBT              | CORP              | FR        |      140000 | PA      | $143564.12    | 0.00%             | 2030-10-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| VICI PROPERTIES 4.25% 12/01/26                | VICI PROPERTIES / NOTE REGD 144A P/P 4.25000000                                                | CUSIP: 92564RAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      621000 | PA      | $618693.87    | 0.01%             | 2026-12-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| MOBICO GR 3.625% 11/20/28/GBP/                | MOBICO GROUP PLC /GBP/ REGD REG S 3.62500000                                                   | CUSIP: G6374MAE9<br>LEI: 213800A8IQEMY8PA5X34 | Long             | DBT              | CORP              | GB        |      175000 | PA      | $198740.40    | 0.00%             | 2028-11-20      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC 7% 06/01/32                    | BOMBARDIER INC REGD 144A P/P 7.00000000                                                        | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     3329000 | PA      | $3483422.33   | 0.04%             | 2032-06-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| ATLAS LUX 3.625% 06/01/28/EUR/                | ATLAS LUXCO 4 / ALL UNI /EUR/ REGD REG S 3.62500000                                            | CUSIP: L04308AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     3338000 | PA      | $3883343.25   | 0.04%             | 2028-06-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN I 6.25% 01/15/33                | IRON MOUNTAIN INC REGD 144A P/P 6.25000000                                                     | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     1794000 | PA      | $1830181.39   | 0.02%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| MFIT 2021-BA A 2.1% 10/20/27                  | MARINER FINANCE ISSUANCE TRUST 2021-B SER 2021-BA CL A REGD 144A P/P 2.10000000                | CUSIP: 56847JAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1395000 | PA      | $1349618.84   | 0.01%             | 2036-11-20      | Fixed         | 2.10%                 | Yes           |                  2 | On Loan: No      |
| GGAM FINANCE L 5.875% 03/15/30                | GGAM FINANCE LTD REGD 144A P/P 5.87500000                                                      | CUSIP: 36170JAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     2338000 | PA      | $2367182.10   | 0.03%             | 2030-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS US698299AD63 01.000 SP 06/20/2030 BARCGB5GXXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-34464.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | CDS US91087BAC46 01.000 BP 06/20/2035 BOFAUS6NGFX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $73071.22     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ASTON MA 10.375% 03/31/29/GBP/                | ASTON MARTIN CAPITAL HOL /GBP/ REGD REG S 10.37500000                                          | CUSIP: G05891AM1<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |      325000 | PA      | $425002.35    | 0.00%             | 2029-03-31      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| CAS 2024-R03 2M1 V/R 03/25/44                 | CONNECTICUT AVENUE SECURITIES TRUST 2024-R03 SER 2024-R03 CL 2M1 V/R REGD 144A P/P 5.49800000  | CUSIP: 207941AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      418965 | PA      | $419090.73    | 0.00%             | 2044-03-25      | Variable      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FRONTIER FLORID 6.86% 02/01/28                | FRONTIER FLORIDA LL REGD SER E 6.86000000                                                      | CUSIP: 362333AH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $41732.00     | 0.00%             | 2028-02-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN  4.875% 09/15/29                | IRON MOUNTAIN INC REGD 144A P/P 4.87500000                                                     | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |      170000 | PA      | $167347.29    | 0.00%             | 2029-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| JERROLD FIN 7.5% 06/15/31/GBP/                | JERROLD FINCO PLC /GBP/ REGD 144A P/P 7.50000000                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |     6024000 | PA      | $8282525.58   | 0.09%             | 2031-06-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| FIBERCOP  7.875% 07/31/28/EUR/                | FIBERCOP SPA /EUR/ REGD SER * 7.87500000                                                       | CUSIP: T7S98WAN6<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |     5318000 | PA      | $6902899.51   | 0.08%             | 2028-07-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CA 5.5% 05/01/26                | CCO HLDGS LLC/CAP CORP REGD 144A P/P 5.50000000                                                | CUSIP: 1248EPBR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      500000 | PA      | $499403.60    | 0.01%             | 2026-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MARKET BID 6.75% 01/31/31/EUR/                | MARKET BIDCO FINCO PLC /EUR/ REGD 144A P/P 6.75000000                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |     2844000 | PA      | $3297188.91   | 0.04%             | 2031-01-31      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| SCIENCE APPLIC 4.875% 04/01/28                | SCIENCE APPLICATIONS INT REGD 144A P/P 4.87500000                                              | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |       70000 | PA      | $69380.33     | 0.00%             | 2028-04-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| MDPK 2022-57A A1 V/R 07/27/34                 | MADISON PARK FUNDING LVII LTD SER 2022-57A CL A1R V/R REGD 144A P/P 5.59381000                 | CUSIP: 55822GAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2270000 | PA      | $2277868.50   | 0.03%             | 2034-07-27      | Variable      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| COHERENT CORP 5% 12/15/29                     | COHERENT CORP REGD 144A P/P 5.00000000                                                         | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |     2019000 | PA      | $1990265.79   | 0.02%             | 2029-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NEWELL BRANDS  6.375% 05/15/30                | NEWELL BRANDS INC REGD 6.37500000                                                              | CUSIP: 651229BF2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     1045000 | PA      | $1035553.73   | 0.01%             | 2030-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LORCA TELE 5.75% 04/30/29/EUR/                | LORCA TELECOM BONDCO /EUR/ REGD REG S 5.75000000                                               | CUSIP: E7160FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | ES        |     4680000 | PA      | $5718255.72   | 0.06%             | 2029-04-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP V/R /PERP/                | GOLDMAN SACHS GROUP INC REGD V/R /PERP/ 6.85000000                                             | CUSIP: 38141GC28<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     4735000 | PA      | $4918471.78   | 0.05%             | 2174-08-10      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO  5.5% 03/31/32/EUR/                | OPAL BIDCO SAS /EUR/ REGD 144A P/P 5.50000000                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | FR        |     4739000 | PA      | $5758479.43   | 0.06%             | 2032-03-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BUCKEYE PARTNERS 4.5% 03/01/28                | BUCKEYE PARTNERS LP REGD 144A P/P 4.50000000                                                   | CUSIP: 118230AU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $59213.55     | 0.00%             | 2028-03-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| TGNR INTERMEDIAT 5.5% 10/15/29                | TGNR INTERMEDIATE HOLDIN REGD 144A P/P 5.50000000                                              | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |     3380000 | PA      | $3307480.41   | 0.04%             | 2029-10-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| T/L VIRGIN MEDIA 0% 01/31/28                  | T/L VIRGIN MEDIA BRISTOL LLC   REGD 0.00000000                                                 | CUSIP: G9368PBC7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      372992 | PA      | $372424.70    | 0.00%             | 2028-01-31      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDING 4.125% 02/01/28                | SILGAN HOLDINGS INC REGD 4.12500000                                                            | CUSIP: 827048AW9<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |       80000 | PA      | $78080.14     | 0.00%             | 2028-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ICELAND B 4.375% 05/15/28/GBP/                | ICELAND BONDCO PLC /GBP/ REGD REG S 4.37500000                                                 | CUSIP: G4738RAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     6949000 | PA      | $9105508.60   | 0.10%             | 2028-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PH 6.375% 10/23/34                | REPUBLIC OF PHILIPPINES REGD 6.37500000                                                        | CUSIP: 718286BG1<br>LEI: N/A                  | Long             | DBT              | USGA              | PH        |     1100000 | PA      | $1238415.54   | 0.01%             | 2034-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PUBLIC PO 4.625% 10/31/31/EUR/                | PUBLIC POWER CORP /EUR/ REGD REG S 4.62500000                                                  | CUSIP: X70417BL7<br>LEI: 213800T9Y5XCOVRZ4Y57 | Long             | DBT              | CORP              | GR        |     4100000 | PA      | $4957532.72   | 0.05%             | 2031-10-31      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S V/R 04/01/28                  | DANSKE BANK A/S REGD V/R 144A P/P 4.29800000                                                   | CUSIP: 23636ABC4<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |      630000 | PA      | $630625.60    | 0.01%             | 2028-04-01      | Variable      | 4.30%                 | Yes           |                  2 | On Loan: No      |
| IRON MOUNTAIN INFO 5% 07/15/32                | IRON MOUNTAIN INFO MGMT REGD 144A P/P 5.00000000                                               | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3027000 | PA      | $2916875.74   | 0.03%             | 2032-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ADVANTAGE SALES  6.5% 11/15/28                | ADVANTAGE SALES & MARKET REGD 144A P/P 6.50000000                                              | CUSIP: 00775PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $51643.28     | 0.00%             | 2028-11-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| DUFRY ONE B 4.5% 05/23/32/EUR/                | DUFRY ONE BV /EUR/ REGD REG S 4.50000000                                                       | CUSIP: N2R74EAK8<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     2450000 | PA      | $2955701.77   | 0.03%             | 2032-05-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BULGARIA 3.625% 09/05/32/EUR/                 | BULGARIA /EUR/ REGD SER 8Y 3.62500000                                                          | CUSIP: X0R483BC5<br>LEI: N/A                  | Long             | DBT              | USGA              | BG        |     7800000 | PA      | $9425045.87   | 0.10%             | 2032-09-05      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGO 9.5% 11/12/25                | REPUBLIC OF ANGOLA REGD REG S 9.50000000                                                       | CUSIP: V21735AA9<br>LEI: N/A                  | Long             | DBT              | USGA              | AO        |     2400000 | PA      | $2404499.69   | 0.03%             | 2025-11-12      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| THAMES WATER ZCP 03/22/27/GBP/                | THAMES WATER UTIL LTD /GBP/ REGD ZCP 144A P/P SER 144. 0.00000000                              | CUSIP: 882918AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |         631 | PA      | $725.59       | 0.00%             | 2027-03-22      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| NIDDA HEALTH V/R 10/23/30/EUR/                | NIDDA HEALTHCARE HOLDING /EUR/ REGD V/R 144A P/P 5.78600000                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | DE        |     5051000 | PA      | $5971824.96   | 0.07%             | 2030-10-23      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| DELEK LOG PART 7.375% 06/30/33                | DELEK LOG PART/FINANCE REGD 144A P/P 7.37500000                                                | CUSIP: 24665FAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2766000 | PA      | $2812333.27   | 0.03%             | 2033-06-30      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| T/L GRAFTECH 0% 12/21/2029/                   | T/L GRAFTECH INTERNATIONAL LTD REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1351890 | PA      | $1372844.07   | 0.02%             | 2029-12-21      | Floating      | 10.16%                | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL  4% 08/01/28                | GFL ENVIRONMENTAL INC REGD 144A P/P 4.00000000                                                 | CUSIP: 36168QAL8<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |     1717000 | PA      | $1676229.15   | 0.02%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| FREEDOM MORTGA 7.875% 04/01/33                | FREEDOM MORTGAGE HOLD REGD 144A P/P 7.87500000                                                 | CUSIP: 35641AAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $72115.89     | 0.00%             | 2033-04-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| PATRICK INDUSTR 4.75% 05/01/29                | PATRICK INDUSTRIES INC REGD 144A P/P 4.75000000                                                | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |      585000 | PA      | $573104.84    | 0.01%             | 2029-05-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BOOTS GRO 7.375% 08/31/32/GBP/                | BOOTS GROUP FINCO LP /GBP/ REGD 144A P/P SER 144* 7.37500000                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |     3914000 | PA      | $5362494.16   | 0.06%             | 2032-08-31      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| RHP HOTEL PPTY/R 6.5% 06/15/33                | RHP HOTEL PPTY/RHP FINAN REGD 144A P/P 6.50000000                                              | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2578000 | PA      | $2655095.09   | 0.03%             | 2033-06-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| UKRAINE GOVERNME S/UP 02/01/34                | UKRAINE GOVERNMENT REGD S/UP 4.50000000                                                        | CUSIP: X5S0055W7<br>LEI: N/A                  | Long             | DBT              | USGA              | UA        |    10800000 | PA      | $6079937.44   | 0.07%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| LOXAM SAS 4.25% 02/15/31/EUR/                 | LOXAM SAS /EUR/ REGD 144A P/P 4.25000000                                                       | CUSIP: N/A<br>LEI: 969500BNA2YRNE1R5K91       | Long             | DBT              | CORP              | FR        |     3905000 | PA      | $4586492.44   | 0.05%             | 2031-02-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| MSCI INC 3.875% 02/15/31                      | MSCI INC REGD 144A P/P 3.87500000                                                              | CUSIP: 55354GAL4<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |       83000 | PA      | $79545.14     | 0.00%             | 2031-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| VIVION INVE 8% 08/31/28/EUR/                  | VIVION INVESTMENTS /EUR/ REGD REG S EMTN 8.00000000                                            | CUSIP: L9673UAF4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | LU        |      454745 | PA      | $532612.11    | 0.01%             | 2028-08-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANC 6.625% 05/15/29                | ONEMAIN FINANCE CORP REGD 6.62500000                                                           | CUSIP: 682691AH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2462000 | PA      | $2530790.74   | 0.03%             | 2029-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| F/C US 2YR NOTE (CBT) DEC25                   | FUTURE CONTRACT ON           US 2YR NOTE (CBT) DEC25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |          -6 | NC      | $-1250390.63  | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| UNITED GROU 6.5% 10/31/31/EUR/                | UNITED GROUP BV /EUR/ REGD REG S 6.50000000                                                    | CUSIP: N9015VAV2<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     5884000 | PA      | $6995421.14   | 0.08%             | 2031-10-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| T/L NCR ATLEOS 0.00% 04/16/29                 | T/L NCR ATLEOS CORPORATION 0.00000000                                                          | CUSIP: 63001PAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      682667 | PA      | $682810.02    | 0.01%             | 2029-04-16      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| T/L CENTRAL PAREN ZCP 07/06/29                | T/L CENTRAL PARENT LLC REGD    ZCP TERM LOAN 0.00000000                                        | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1793216 | PA      | $1547133.10   | 0.02%             | 2029-07-06      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURC 6.25% 04/15/33                | MATADOR RESOURCES CO REGD 144A P/P 6.25000000                                                  | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |      230000 | PA      | $231080.77    | 0.00%             | 2033-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GUA 6.05% 08/06/31                | REPUBLIC OF GUATEMALA REGD 144A P/P 6.05000000                                                 | CUSIP: 401494AY5<br>LEI: N/A                  | Long             | DBT              | USGA              | GT        |     1300000 | PA      | $1348760.21   | 0.01%             | 2031-08-06      | Fixed         | 6.05%                 | Yes           |                  2 | On Loan: No      |
| VIRGIN MEDIA SEC 5.5% 05/15/29                | VIRGIN MEDIA SECURED FIN REGD 144A P/P 5.50000000                                              | CUSIP: 92769XAP0<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     2030000 | PA      | $2007762.57   | 0.02%             | 2029-05-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SIMMONS FOOD I 4.625% 03/01/29                | SIMMONS FOOD INC/SIMMONS REGD 144A P/P 4.62500000                                              | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      491000 | PA      | $470626.01    | 0.01%             | 2029-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS XS2286298711 01.000 SP 06/20/2028 CITIUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-11904.47    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FIBERCOP SPA 7.721% 06/04/38                  | FIBERCOP SPA REGD 144A P/P 7.72100000                                                          | CUSIP: 683879AH3<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |       20000 | PA      | $20237.04     | 0.00%             | 2038-06-04      | Fixed         | 7.72%                 | Yes           |                  2 | On Loan: No      |
| RAKUTEN GROUP I 9.75% 04/15/29                | RAKUTEN GROUP INC REGD 144A P/P 9.75000000                                                     | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |     4300000 | PA      | $4836298.88   | 0.05%             | 2029-04-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251110 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $21763.71     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| T/L CLEAR CHANNEL 0% 08/21/28                 | T/L CLEAR CHANNEL OUTDOOR      HOLDING INC REGD 0.00000000                                     | CUSIP: 18452RAF2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2710242 | PA      | $2712274.37   | 0.03%             | 2028-08-21      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION 6.25% 03/01/30                | NCL CORPORATION LTD REGD 144A P/P 6.25000000                                                   | CUSIP: 62886HBP5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     1987000 | PA      | $2011304.98   | 0.02%             | 2030-03-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CLEARWAY ENERGY 3.75% 01/15/32                | CLEARWAY ENERGY OP LLC REGD 144A P/P 3.75000000                                                | CUSIP: 18539UAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2116000 | PA      | $1899853.77   | 0.02%             | 2032-01-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| T/L AVIV GROU 0% 01/29/32/EUR/                | T/L AVIV GROUP GMBH 0% 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DE        |     3824000 | PA      | $4517626.92   | 0.05%             | 2032-01-29      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP 5.5% 03/01/33                  | WHIRLPOOL CORP REGD 5.50000000                                                                 | CUSIP: 963320BA3<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |       50000 | PA      | $47709.75     | 0.00%             | 2033-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PINNACLE B 8.25% 10/11/28/EUR/                | PINNACLE BIDCO PLC /EUR/ REGD REG S 8.25000000                                                 | CUSIP: G7113BAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    14514000 | PA      | $17855166.62  | 0.20%             | 2028-10-11      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 10/14/25                        | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797RC3<br>LEI: N/A                  | Long             | STIV             | UST               | US        |     5540000 | PA      | $5531910.44   | 0.06%             | 2025-10-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ARMOR HOLDCO INC 8.5% 11/15/29                | ARMOR HOLDCO INC REGD 144A P/P 8.50000000                                                      | CUSIP: 04625PAA9<br>LEI: 254900X6HLK0YPTHHF09 | Long             | DBT              | CORP              | US        |       80000 | PA      | $79408.98     | 0.00%             | 2029-11-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| CALIFORNIA BUY 6.375% 02/15/32                | CALIFORNIA BUYER/ATLANTI REGD 144A P/P 6.37500000                                              | CUSIP: 13005HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     2383000 | PA      | $2442331.93   | 0.03%             | 2032-02-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| FSRIA 2025-FL10  V/R 08/19/42                 | FS RIALTO 2025-FL10 ISSUER LLC SER 2025-FL10 CL A V/R REGD 144A P/P 5.51863500                 | CUSIP: 30340KAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1050000 | PA      | $1049649.30   | 0.01%             | 2042-08-19      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| GOODYEAR TIRE & RU 5% 07/15/29                | GOODYEAR TIRE & RUBBER REGD 5.00000000                                                         | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |      768000 | PA      | $741453.92    | 0.01%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THOR INDUSTRIES 4% 10/15/29                   | THOR INDUSTRIES REGD 144A P/P 4.00000000                                                       | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |       80000 | PA      | $75801.05     | 0.00%             | 2029-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 07/25/28                | WELLS FARGO & COMPANY REGD V/R MTN 4.80800000                                                  | CUSIP: 95000U3A9<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |      101000 | PA      | $102213.20    | 0.00%             | 2028-07-25      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| N/A                                           | IRS RER6MP03.00 03/18/56 WFSLUS33XXX FLOAT                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | N/A       |           1 | NC      | $-169734.88   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VISTAJET MALTA 6.375% 02/01/30                | VISTAJET MALTA/VM HOLDS REGD 144A P/P 6.37500000                                               | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     2130000 | PA      | $2076046.25   | 0.02%             | 2030-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| VMED O2 U 5.625% 04/15/32/EUR/                | VMED O2 UK FINANCING I /EUR/ REGD REG S 5.62500000                                             | CUSIP: G9444PAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    10434000 | PA      | $12557620.39  | 0.14%             | 2032-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LUNE HOLD 5.625% 11/15/28/EUR/                | LUNE HOLDINGS SARL /EUR/ REGD REG S 5.62500000                                                 | CUSIP: L6099TAA0<br>LEI: 54930003WQ56T0558M33 | Long             | DBT              | CORP              | LU        |     1632000 | PA      | $591836.13    | 0.01%             | 2028-11-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| VIAVI SOLUTIONS 3.75% 10/01/29                | VIAVI SOLUTIONS INC REGD 144A P/P 3.75000000                                                   | CUSIP: 925550AF2<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |     1101000 | PA      | $1037946.17   | 0.01%             | 2029-10-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| T/L CLOVER HOLD 0% 12/09/31                   | T/L CLOVER HOLDING 2  LLC      REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4987500 | PA      | $4985953.88   | 0.05%             | 2031-12-09      | Floating      | 7.94%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROU V/R 09/22/29                | SANTANDER UK GROUP HLDGS REGD V/R 4.32000000                                                   | CUSIP: 80281LAX3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      248000 | PA      | $247357.18    | 0.00%             | 2029-09-22      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECH 9.5% 05/30/29                | ION TRADING TECHNOLOGIES REGD 144A P/P 9.50000000                                              | CUSIP: 46205YAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     1476000 | PA      | $1553736.49   | 0.02%             | 2029-05-30      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| 1261229 BC LTD 10% 04/15/32                   | 1261229 BC LTD REGD 144A P/P 10.00000000                                                       | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    37060000 | PA      | $37988428.60  | 0.42%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| TELE COLUMBU 10% 01/01/29/EUR/                | TELE COLUMBUS AG /EUR/ REGD REG S 10.00000000                                                  | CUSIP: D8295FAE9<br>LEI: 3912004GMFDLY04RUQ19 | Long             | DBT              | CORP              | DE        |     3315453 | PA      | $2623005.13   | 0.03%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU 6.2% 06/30/55                | REPUBLIC OF PERU REGD 6.20000000                                                               | CUSIP: 715638FD9<br>LEI: N/A                  | Long             | DBT              | USGA              | PE        |     1600000 | PA      | $1662640.00   | 0.02%             | 2055-06-30      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| AZELIS FIN 4.75% 09/25/29/EUR/                | AZELIS FINANCE NV /EUR/ REGD 144A P/P 4.75000000                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | BE        |     5730000 | PA      | $6951967.95   | 0.08%             | 2029-09-25      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| ASHTON WOODS U 6.625% 01/15/28                | ASHTON WOODS USA/FINANCE REGD 144A P/P 6.62500000                                              | CUSIP: 045086AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1575000 | PA      | $1583908.20   | 0.02%             | 2028-01-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF TU 7.625% 05/15/34                | REPUBLIC OF TURKIYE REGD SER 10Y 7.62500000                                                    | CUSIP: 900123DK3<br>LEI: N/A                  | Long             | DBT              | USGA              | TR        |     6900000 | PA      | $7316363.04   | 0.08%             | 2034-05-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| BANK OF IRELAND G V/R 09/30/27                | BANK OF IRELAND GROUP REGD V/R 144A P/P 2.02900000                                             | CUSIP: 06279JAB5<br>LEI: 635400C8EK6DRI12LJ39 | Long             | DBT              | CORP              | IE        |      922000 | PA      | $901091.17    | 0.01%             | 2027-09-30      | Variable      | 2.03%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS XS2747598444 01.000 SP 06/20/2030 BARCGB5GXXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $317156.92    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITI GRP/UNITI HL 6% 01/15/30                | UNITI GRP/UNITI HLD/CSL REGD 144A P/P 6.00000000                                               | CUSIP: 91327AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $90543.81     | 0.00%             | 2030-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| MCGRAW-HILL EDU 5.75% 08/01/28                | MCGRAW-HILL EDUCATION REGD 144A P/P 5.75000000                                                 | CUSIP: 57767XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      130000 | PA      | $129682.51    | 0.00%             | 2028-08-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ICAHN ENTERPRIS 9.75% 01/15/29                | ICAHN ENTERPRISES/FIN REGD 9.75000000                                                          | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2649000 | PA      | $2673503.25   | 0.03%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PREMIER ENTERT 5.625% 09/01/29                | PREMIER ENTERTAINMENT SU REGD 144A P/P 5.62500000                                              | CUSIP: 74052HAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1549000 | PA      | $836460.00    | 0.01%             | 2029-09-01      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| US BANCORP V/R 06/12/29                       | US BANCORP REGD V/R 5.77500000                                                                 | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |      219000 | PA      | $227959.74    | 0.00%             | 2029-06-12      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCIA 5.1% 12/10/29                | SAMMONS FINANCIAL GLOBAL REGD 144A P/P 5.10000000                                              | CUSIP: 79587J2A0<br>LEI: 635400IPRNPM6HDHRS48 | Long             | DBT              | CORP              | US        |      215000 | PA      | $221078.53    | 0.00%             | 2029-12-10      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE  6% 04/15/27                | SUNOCO LP/FINANCE CORP REGD SER WI 6.00000000                                                  | CUSIP: 86765LAQ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $99965.34     | 0.00%             | 2027-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BELL CANADA V/R 09/15/55                      | BELL CANADA REGD V/R 7.00000000                                                                | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |      180000 | PA      | $188108.28    | 0.00%             | 2055-09-15      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH AM 8.5% 01/31/27                | BAUSCH HEALTH AMERICAS REGD P/P 8.50000000                                                     | CUSIP: 91911XAW4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $99000.00     | 0.00%             | 2027-01-31      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| SYNCHRONY FINAN 3.95% 12/01/27                | SYNCHRONY FINANCIAL REGD 3.95000000                                                            | CUSIP: 87165BAM5<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |      141000 | PA      | $139381.16    | 0.00%             | 2027-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/ 5.125% 05/01/27                | CCO HLDGS LLC/CAP CORP REGD 144A P/P 5.12500000                                                | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4375000 | PA      | $4343899.26   | 0.05%             | 2027-05-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CITGO PETROLEU 6.375% 06/15/26                | CITGO PETROLEUM CORP REGD 144A P/P 6.37500000                                                  | CUSIP: 17302XAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1365000 | PA      | $1364916.87   | 0.02%             | 2026-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| SAMHALLSBYG 2.625% /PERP//EUR/                | SAMHALLSBYGGNADSBOLAGET /EUR/ REGD /PERP/ REG S 2.62500000                                     | CUSIP: W7T8BRHA1<br>LEI: 549300HX9MRFY47AH564 | Long             | DBT              | CORP              | SE        |      437000 | PA      | $344625.72    | 0.00%             | 2174-03-14      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGE S/UP 07/09/41                | REPUBLIC OF ARGENTINA REGD S/UP 3.50000000                                                     | CUSIP: 040114HV5<br>LEI: N/A                  | Long             | DBT              | USGA              | AR        |    37100000 | PA      | $18034310.00  | 0.20%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIT 6.75% 07/30/30/EUR/                | ALEXANDRITE LAKE LUX HOL /EUR/ REGD REG S 6.75000000                                           | CUSIP: L016E9AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      341000 | PA      | $409566.73    | 0.00%             | 2030-07-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ZEGONA FIN 6.75% 07/15/29/EUR/                | ZEGONA FINANCE PLC /EUR/ REGD REG S 6.75000000                                                 | CUSIP: G76098AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      540000 | PA      | $671185.32    | 0.01%             | 2029-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRIVIUM P 6.625% 07/15/30/EUR/                | TRIVIUM PACKAGING FIN /EUR/ REGD REG S 6.62500000                                              | CUSIP: N88808AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      750000 | PA      | $925632.37    | 0.01%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ZIGGO BV 4.875% 01/15/30                      | ZIGGO BV REGD 144A P/P 4.87500000                                                              | CUSIP: 98955DAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      302000 | PA      | $285249.17    | 0.00%             | 2030-01-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CLARIOS GLOBAL  6.75% 05/15/28                | CLARIOS GLOBAL LP/US FIN REGD 144A P/P 6.75000000                                              | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     5800000 | PA      | $5928468.20   | 0.07%             | 2028-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| WINDSTREAM SERVI 7.5% 10/15/33                | WINDSTREAM SERVICES LLC REGD 144A P/P 7.50000000                                               | CUSIP: 97382BAB5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |     4369000 | PA      | $4369131.07   | 0.05%             | 2033-10-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| AIB GROUP PLC V/R /PERP//EUR/                 | AIB GROUP PLC /EUR/ REGD V/R /PERP/ REG S 7.12500000                                           | CUSIP: G0R4HJAG1<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |      800000 | PA      | $1006996.76   | 0.01%             | 2173-10-30      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 3.75% 06/30/27                   | UNITED STATES TREASURY NOTE 3.75000000                                                         | CUSIP: 91282CNL1<br>LEI: N/A                  | Long             | DBT              | UST               | US        |    29729000 | PA      | $29787064.30  | 0.33%             | 2027-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| STONEGATE PU V/R 07/31/29/EUR/                | STONEGATE PUB FIN /EUR/ REGD V/R REG S 8.66100000                                              | CUSIP: G8506MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     1160000 | PA      | $1342098.29   | 0.01%             | 2029-07-31      | Variable      | 8.66%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC 10.5% 07/15/29                 | GRAY MEDIA INC REGD 144A P/P 10.50000000                                                       | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     2615000 | PA      | $2825368.91   | 0.03%             | 2029-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| AES CORP/THE 5.45% 06/01/28                   | AES CORP/THE REGD 5.45000000                                                                   | CUSIP: 00130HCH6<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     1231000 | PA      | $1260409.93   | 0.01%             | 2028-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEAL 5.375% 01/15/29                | LIFEPOINT HEALTH INC REGD 144A P/P 5.37500000                                                  | CUSIP: 53219LAU3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5690000 | PA      | $5419725.00   | 0.06%             | 2029-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| NEWFOLD DIGITA 11.75% 10/15/28                | NEWFOLD DIGITAL HLDGS GR REGD 144A P/P 11.75000000                                             | CUSIP: 650929AA0<br>LEI: 549300UTQC2651SB0W88 | Long             | DBT              | CORP              | US        |       90000 | PA      | $60299.58     | 0.00%             | 2028-10-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251106 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $18231.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RANGE RESOURCES 8.25% 01/15/29                | RANGE RESOURCES CORP REGD SER WI 8.25000000                                                    | CUSIP: 75281ABJ7<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |      460000 | PA      | $470797.58    | 0.01%             | 2029-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MAGYAR EXPORT- 6.125% 12/04/27                | MAGYAR EXPORT-IMPORT BAN REGD REG S 6.12500000                                                 | CUSIP: X5S8QYBF9<br>LEI: N/A                  | Long             | DBT              | USGA              | HU        |     2300000 | PA      | $2377482.45   | 0.03%             | 2027-12-04      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| STONEMOR INC 8.5% 05/15/29                    | STONEMOR INC REGD 144A P/P 8.50000000                                                          | CUSIP: 86184WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      160000 | PA      | $156389.22    | 0.00%             | 2029-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| NUSTAR LOGISTI 5.625% 04/28/27                | NUSTAR LOGISTICS LP REGD 5.62500000                                                            | CUSIP: 67059TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $80460.88     | 0.00%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNER 3.5% 03/15/31                | MPT OPER PARTNERSP/FINL REGD 3.50000000                                                        | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6318000 | PA      | $4645321.50   | 0.05%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEAS 8.75% 09/01/27                | GLOBAL AIR LEASE CO LTD REGD 144A P/P 8.75000000                                               | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     3154000 | PA      | $3258766.42   | 0.04%             | 2027-09-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| CIVITAS RESOURCES  5% 10/15/26                | CIVITAS RESOURCES INC REGD 144A P/P 5.00000000                                                 | CUSIP: 097793AE3<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     1106000 | PA      | $1100759.33   | 0.01%             | 2026-10-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GHANA ZCP 07/03/26                | REPUBLIC OF GHANA REGD ZCP P/P 0.00000000                                                      | CUSIP: 374422AL7<br>LEI: N/A                  | Long             | DBT              | USGA              | GH        |      321600 | PA      | $310346.20    | 0.00%             | 2026-07-03      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BMARK 2024-V9 5.601% 08/15/29                 | BENCHMARK 2024-V9 MORTGAGE TRUST SER 2024-V9 CL A3 REGD 5.60190000                             | CUSIP: 081919AN2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1000000 | PA      | $1038854.50   | 0.01%             | 2057-08-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| T/L IHEARTCOMMUNIC 0% 05/01/29                | T/L IHEARTCOMMUNICATIONS INC 0.00000000                                                        | CUSIP: 45174UAJ7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1066937 | PA      | $929900.04    | 0.01%             | 2029-05-01      | Floating      | 10.05%                | No            |                  2 | On Loan: No      |
| CROWN EURO 3.75% 09/30/31/EUR/                | CROWN EURO HOLDING SACA /EUR/ REGD 144A P/P 3.75000000                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | FR        |     3855000 | PA      | $4519222.26   | 0.05%             | 2031-09-30      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| SBA COMMUNICAT 3.875% 02/15/27                | SBA COMMUNICATIONS CORP REGD 3.87500000                                                        | CUSIP: 78410GAD6<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |      230000 | PA      | $226539.05    | 0.00%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| DIGICEL HLDGS BERMUDA LTD                     | DIGICEL HLDGS BERMUDA LTD 0.00000000                                                           | CUSIP: G2770C100<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |      796135 | NS      | $13269182.05  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW ENTERPRISE  9.75% 07/15/28                | NEW ENTERPRISE STONE & L REGD 144A P/P 9.75000000                                              | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |     1127000 | PA      | $1129513.96   | 0.01%             | 2028-07-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | MXN/USD FWD 20251217 000000908 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-46805.16    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF IRAQ 5.8% 01/15/28                | REPUBLIC OF IRAQ REGD 5.80000000                                                               | CUSIP: M82152AA3<br>LEI: N/A                  | Long             | DBT              | USGA              | IQ        |      750000 | PA      | $745549.91    | 0.01%             | 2028-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PA 3.875% 03/17/28                | REPUBLIC OF PANAMA REGD 3.87500000                                                             | CUSIP: 698299BF0<br>LEI: N/A                  | Long             | DBT              | USGA              | PA        |      228000 | PA      | $223645.20    | 0.00%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGI 6.5% 06/01/32                | ZEBRA TECHNOLOGIES CORP REGD 144A P/P 6.50000000                                               | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |     1677000 | PA      | $1722559.06   | 0.02%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| ESAB CORP 6.25% 04/15/29                      | ESAB CORP REGD 144A P/P 6.25000000                                                             | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     1409000 | PA      | $1447794.00   | 0.02%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| HUNGARY 5.375% 09/26/30                       | HUNGARY REGD 144A P/P 5.37500000                                                               | CUSIP: 445545AV8<br>LEI: N/A                  | Long             | DBT              | USGA              | HU        |      824000 | PA      | $847775.42    | 0.01%             | 2030-09-26      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| WESTERN MIDSTRE 4.75% 08/15/28                | WESTERN MIDSTREAM OPERAT REGD 4.75000000                                                       | CUSIP: 958254AK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       87000 | PA      | $87761.14     | 0.00%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ODIDO HOLD 3.75% 01/15/29/EUR/                | ODIDO HOLD BV /EUR/ REGD REG S 3.75000000                                                      | CUSIP: N9655TAA8<br>LEI: 7245000O9YOLPPM9YB33 | Long             | DBT              | CORP              | NL        |     7300000 | PA      | $8496399.22   | 0.09%             | 2029-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VAR ENERGI A V/R 11/15/83/EUR/                | VAR ENERGI ASA /EUR/ REGD V/R REG S 7.86200000                                                 | CUSIP: R9576ZAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | NO        |    12159000 | PA      | $15829100.29  | 0.17%             | 2083-11-15      | Variable      | 7.86%                 | No            |                  2 | On Loan: No      |
| SOLSTICE ADVAN 5.625% 09/30/33                | SOLSTICE ADVANCED MATERI REGD 144A P/P 5.62500000                                              | CUSIP: 83443QAA1<br>LEI: 2138004GZ4H9TW6HK435 | Long             | DBT              | CORP              | US        |     4524000 | PA      | $4539708.01   | 0.05%             | 2033-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| ALLIANCE RES O 8.625% 06/15/29                | ALLIANCE RES OP/FINANCE REGD 144A P/P 8.62500000                                               | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      160000 | PA      | $168954.72    | 0.00%             | 2029-06-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| ALLISON TRANSMI 3.75% 01/30/31                | ALLISON TRANSMISSION INC REGD 144A P/P 3.75000000                                              | CUSIP: 019736AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      170000 | PA      | $157293.97    | 0.00%             | 2031-01-30      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PARAGU 6% 02/09/36                | REPUBLIC OF PARAGUAY REGD REG S 6.00000000                                                     | CUSIP: P75744AN5<br>LEI: N/A                  | Long             | DBT              | USGA              | PY        |      600000 | PA      | $635700.00    | 0.01%             | 2036-02-09      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOTO GROUP INC 5.5% 05/01/28                  | GOTO GROUP INC REGD 144A P/P 5.50000000                                                        | CUSIP: 38349YAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $40500.00     | 0.00%             | 2028-05-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| HUNTINGTON ING 2.043% 08/16/28                | HUNTINGTON INGALLS INDUS REGD 2.04300000                                                       | CUSIP: 446413AZ9<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | DBT              | CORP              | US        |      540000 | PA      | $507248.85    | 0.01%             | 2028-08-16      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251125 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $196.71       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PEDIATRIX MEDI 5.375% 02/15/30                | PEDIATRIX MEDICAL GROUP REGD 144A P/P 5.37500000                                               | CUSIP: 58502BAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $59603.83     | 0.00%             | 2030-02-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS V/R 01/20/28                      | BNP PARIBAS REGD V/R 144A P/P 2.59100000                                                       | CUSIP: 09659W2T0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     1086000 | PA      | $1062779.08   | 0.01%             | 2028-01-20      | Variable      | 2.59%                 | Yes           |                  2 | On Loan: No      |
| INTEROCEANICA 0% 11/30/25                     | INTEROCEANICA IV FINANCE      SERIES REGS REGD ZCP 0.00000000                                  | CUSIP: P52715AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      589721 | PA      | $583824.00    | 0.01%             | 2025-11-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BX 2024-XL4 A V/R 02/15/26                    | BX COMMERCIAL MORTGAGE TRUST 2024-XL4 SER 2024-XL4 CL A V/R REGD 144A P/P 5.59219000           | CUSIP: 05611VAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      204168 | PA      | $204359.15    | 0.00%             | 2039-02-15      | Variable      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| HEIMSTADEN BOS V/R /PERP//EUR/                | HEIMSTADEN BOSTAD AB /EUR/ REGD V/R /PERP/ REG S 3.00000000                                    | CUSIP: W4R92LCN8<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |     8254000 | PA      | $9216962.13   | 0.10%             | 2174-01-29      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| JANE STREET GR 6.125% 11/01/32                | JANE STREET GRP/JSG FIN REGD 144A P/P 6.12500000                                               | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      901000 | PA      | $913216.81    | 0.01%             | 2032-11-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| ZF EUROPE F 2.5% 10/23/27/EUR/                | ZF EUROPE FINANCE BV /EUR/ REGD REG S 2.50000000                                               | CUSIP: N9769AAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      600000 | PA      | $682269.58    | 0.01%             | 2027-10-23      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| FRONERI LUX FINCO  6% 08/01/32                | FRONERI LUX FINCO SARL REGD 144A P/P 6.00000000                                                | CUSIP: 35901MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      100000 | PA      | $100119.94    | 0.00%             | 2032-08-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| SIX FLAGS ENTER 7.25% 05/15/31                | SIX FLAGS ENTERTAINME REGD 144A P/P 7.25000000                                                 | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |      120000 | PA      | $120032.88    | 0.00%             | 2031-05-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CLYDESDALE ACQ 6.875% 01/15/30                | CLYDESDALE ACQUISITION REGD 144A P/P 6.87500000                                                | CUSIP: 18972EAC9<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     5408000 | PA      | $5544938.68   | 0.06%             | 2030-01-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| T/L VORTEX OPCO 0.00% 12/17/28                | T/L VORTEX OPCO LLC 0% 0.00000000                                                              | CUSIP: G9158TAD2<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |      275793 | PA      | $60674.43     | 0.00%             | 2028-12-17      | Floating      | 8.37%                 | No            |                  2 | On Loan: No      |
| ION TRADING TEC 5.75% 05/15/28                | ION TRADING TECHNOLOGIES REGD 144A P/P 5.75000000                                              | CUSIP: 46205YAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      400000 | PA      | $391685.56    | 0.00%             | 2028-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| TURKIYE GOVE V/R 05/17/28/TRY/                | TURKIYE GOVERNMENT BOND /TRY/ REGD V/R SER 4Y 48.48000000                                      | CUSIP: M8T85VFU6<br>LEI: N/A                  | Long             | DBT              | USGA              | TR        |    67300000 | PA      | $1592774.89   | 0.02%             | 2028-05-17      | Variable      | 48.48%                | No            |                  2 | On Loan: No      |
| BIOCEANICO SOVERE ZCP 06/05/34                | BIOCEANICO SOVEREIGN REGD ZCP REG S 0.00000000                                                 | CUSIP: G11176AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     2663750 | PA      | $2174951.71   | 0.02%             | 2034-06-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN AQUILA  8% 09/30/28                | TRANSOCEAN AQUILA LTD REGD 144A P/P 8.00000000                                                 | CUSIP: 893790AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       36154 | PA      | $37188.79     | 0.00%             | 2028-09-30      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| WHIRLPOOL CORP 4.75% 02/26/29                 | WHIRLPOOL CORP REGD 4.75000000                                                                 | CUSIP: 963320AW6<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |       90000 | PA      | $88795.03     | 0.00%             | 2029-02-26      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PREMIER ENTERT 5.875% 09/01/31                | PREMIER ENTERTAINMENT SU REGD 144A P/P 5.87500000                                              | CUSIP: 74052HAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2701000 | PA      | $1392536.77   | 0.02%             | 2031-09-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| HILCORP ENERGY 6.875% 05/15/34                | HILCORP ENERGY I/HILCORP REGD 144A P/P 6.87500000                                              | CUSIP: 431318BE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4670000 | PA      | $4490931.18   | 0.05%             | 2034-05-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| PROVIDENT FDG/P 9.75% 09/15/29                | PROVIDENT FDG/PFG FIN REGD 144A P/P 9.75000000                                                 | CUSIP: 74387UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      120000 | PA      | $126800.76    | 0.00%             | 2029-09-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| HUNTINGTON BANCSH V/R 08/04/28                | HUNTINGTON BANCSHARES REGD V/R 4.44300000                                                      | CUSIP: 446150BB9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |       36000 | PA      | $36149.45     | 0.00%             | 2028-08-04      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE 7.75% 04/15/30                 | AZORRA FINANCE REGD 144A P/P 7.75000000                                                        | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |     3390000 | PA      | $3564032.43   | 0.04%             | 2030-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | EUR/USD FWD 20251016 000011343 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-7381478.68  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROU 4.95% 03/25/27                | VOLKSWAGEN GROUP AMERICA REGD 144A P/P 4.95000000                                              | CUSIP: 928668CN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      400000 | PA      | $403418.26    | 0.00%             | 2027-03-25      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/C 4.75% 03/01/30                | CCO HLDGS LLC/CAP CORP REGD 144A P/P 4.75000000                                                | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      602000 | PA      | $577782.14    | 0.01%             | 2030-03-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| OPTION CARE HE 4.375% 10/31/29                | OPTION CARE HEALTH INC REGD 144A P/P 4.37500000                                                | CUSIP: 68404LAA0<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | DBT              | CORP              | US        |      779000 | PA      | $751232.77    | 0.01%             | 2029-10-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| COINBASE GLOBA 3.375% 10/01/28                | COINBASE GLOBAL INC REGD 144A P/P 3.37500000                                                   | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |      170000 | PA      | $161347.85    | 0.00%             | 2028-10-01      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| ROCKET COS INC 6.125% 08/01/30                | ROCKET COS INC REGD 144A P/P 6.12500000                                                        | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    12702000 | PA      | $13067182.50  | 0.14%             | 2030-08-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| T/L CROSBY US ACQ 0% 08/16/29                 | T/L CROSBY US ACQUISITION      CORP REGD 0.00000000                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      552802 | PA      | $554669.97    | 0.01%             | 2029-08-16      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY 6.75% 09/01/29                | GULFPORT ENERGY OP CORP REGD 144A P/P 6.75000000                                               | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |     2413000 | PA      | $2477641.85   | 0.03%             | 2029-09-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS XS1632632037 01.000 SP 06/20/2030 MSCSUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-28246.29    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC V/R /PERP/                      | CITIGROUP INC REGD V/R /PERP/ SER CC 7.12500000                                                | CUSIP: 172967PK1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     8870000 | PA      | $9163251.07   | 0.10%             | 2173-11-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE 7.25% 01/15/31                 | AZORRA FINANCE REGD 144A P/P 7.25000000                                                        | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |     2244000 | PA      | $2336547.27   | 0.03%             | 2031-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| HLF FIN SARL L 4.875% 06/01/29                | HLF FIN SARL LLC/HERBALI REGD 144A P/P 4.87500000                                              | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $43955.06     | 0.00%             | 2029-06-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| BELRON UK 4.625% 10/15/29/EUR/                | BELRON UK FINANCE PLC /EUR/ REGD 144A P/P 4.62500000                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |    11525000 | PA      | $13887369.05  | 0.15%             | 2029-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| F/C US 10YR NOTE (CBT)DEC25                   | FUTURE CONTRACT ON           US 10YR NOTE (CBT)DEC25 0.00000000                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         797 | NC      | $89662500.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| WHIRLPOOL CORP 5.15% 03/01/43                 | WHIRLPOOL CORP REGD MTN 5.15000000                                                             | CUSIP: 96332HCG2<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |       30000 | PA      | $25062.73     | 0.00%             | 2043-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| QUORUM RESTRUCTURING EQUITY                   | QUORUM RESTRUCTURING EQUITY 0.00000000                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        8181 | NS      | $6135.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRA GROUP INC 8.875% 01/31/30                 | PRA GROUP INC REGD 144A P/P 8.87500000                                                         | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |     3475000 | PA      | $3586161.40   | 0.04%             | 2030-01-31      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| BARDT 2019-2A AR V/R 10/22/32                 | BARDOT CLO LTD SER 2019-2A CL ARR V/R REGD 144A P/P 5.31199000                                 | CUSIP: 06744NBQ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      871837 | PA      | $871561.55    | 0.01%             | 2032-10-22      | Variable      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| T/L BREITLING 0% 10/25/28/EUR/                | T/L BREITLING FINANCING S.A    R.L.  REGD /EUR/ 0.00000000                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     3441176 | PA      | $3684583.21   | 0.04%             | 2028-10-25      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE 4.625% 10/01/27                | AMN HEALTHCARE INC REGD 144A P/P 4.62500000                                                    | CUSIP: 00175PAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3232000 | PA      | $3230707.20   | 0.04%             | 2027-10-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FIVE POINT OPERATI 8% 10/01/30                | FIVE POINT OPERATING CO REGD 144A P/P 8.00000000                                               | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1440000 | PA      | $1461169.44   | 0.02%             | 2030-10-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF 8.5% 03/04/35/PYG/                | REPUBLIC OF PARAGUAY /PYG/ REGD 144A P/P 8.50000000                                            | CUSIP: 699149BX7<br>LEI: N/A                  | Long             | DBT              | USGA              | PY        | 15550000000 | PA      | $2122370.19   | 0.02%             | 2035-03-04      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| CROWN CASTLE INC 4.8% 09/01/28                | CROWN CASTLE INC REGD 4.80000000                                                               | CUSIP: 22822VBB6<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |       63000 | PA      | $63892.85     | 0.00%             | 2028-09-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PM GENERAL PURCH 9.5% 10/01/28                | PM GENERAL PURCHASER LLC REGD 144A P/P 9.50000000                                              | CUSIP: 69356MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4490000 | PA      | $3872625.00   | 0.04%             | 2028-10-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| SPIRIT AEROSYS 9.375% 11/30/29                | SPIRIT AEROSYSTEMS INC REGD 144A P/P 9.37500000                                                | CUSIP: 85205TAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5354000 | PA      | $5637933.33   | 0.06%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| SOFTBANK  5.875% 07/10/31/EUR/                | SOFTBANK GROUP CORP /EUR/ REGD REG S SER . 5.87500000                                          | CUSIP: J7596PBW8<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |      100000 | PA      | $123681.50    | 0.00%             | 2031-07-10      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CAVU 2021-1A D1R V/R 07/23/37                 | TRIMARAN CAVU 2021-1 LTD SER 2021-1A CL D1R V/R REGD 144A P/P 7.71899000                       | CUSIP: 89624NAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1508407.80   | 0.02%             | 2037-07-23      | Variable      | 7.72%                 | Yes           |                  2 | On Loan: No      |
| AFRMT 2025-1A  4.99% 02/15/33                 | AFFIRM MASTER TRUST SER 2025-1A CL A REGD 144A P/P 4.99000000                                  | CUSIP: 00833BAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      450000 | PA      | $453672.59    | 0.00%             | 2033-02-15      | Fixed         | 4.99%                 | Yes           |                  2 | On Loan: No      |
| FORVIA SE 5.625% 06/15/30/EUR/                | FORVIA SE /EUR/ REGD REG S 5.62500000                                                          | CUSIP: F3445AJ33<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |     7672000 | PA      | $9322901.35   | 0.10%             | 2030-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| RADIOLOGY PART 9.781% 02/15/30                | RADIOLOGY PARTNERS INC REGD 144A P/P 9.78100000                                                | CUSIP: 75041VAC8<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |      120000 | PA      | $117344.03    | 0.00%             | 2030-02-15      | Fixed         | 9.78%                 | Yes           |                  2 | On Loan: No      |
| NRG ENERGY INC 3.375% 02/15/29                | NRG ENERGY INC REGD 144A P/P 3.37500000                                                        | CUSIP: 629377CQ3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      790000 | PA      | $746488.31    | 0.01%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| INEOS FIN 6.375% 04/15/29/EUR/                | INEOS FINANCE PLC /EUR/ REGD REG S 6.37500000                                                  | CUSIP: G47718AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     2325000 | PA      | $2703220.30   | 0.03%             | 2029-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CLVR 2021-3A AR V/R 01/25/35                  | CLOVER CLO 2021-3 LLC SER 2021-3A CL AR V/R REGD 144A P/P 5.38846000                           | CUSIP: 18915FAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      940000 | PA      | $942870.95    | 0.01%             | 2035-01-25      | Variable      | 5.39%                 | Yes           |                  2 | On Loan: No      |
| HEATHROW FI S/UP 03/01/27/GBP/                | HEATHROW FINANCE PLC /GBP/ REGD S/UP REG S 3.87500000                                          | CUSIP: G4381GAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     2000000 | PA      | $2629842.87   | 0.03%             | 2027-03-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| T/L SWF HOLDINGS 0% 12/19/29                  | T/L SWF HOLDINGS I CORP REGD 0.00000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      485714 | PA      | $486321.43    | 0.01%             | 2029-12-19      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| T/L OBOL FRA 0% 12/31/28 /EUR/                | T/L OBOL FRANCE 3 SAS REGD     /EUR/ 0.00000000                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |     4250000 | PA      | $4892013.85   | 0.05%             | 2028-12-31      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| PROGROUP  5.125% 04/15/29/EUR/                | PROGROUP AG /EUR/ REGD REG S 5.12500000                                                        | CUSIP: D6S035AG3<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |      100000 | PA      | $119499.57    | 0.00%             | 2029-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VIKING BAKED G 8.625% 11/01/31                | VIKING BAKED GOODS ACQUI REGD 144A P/P 8.62500000                                              | CUSIP: 92676AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      160000 | PA      | $160069.92    | 0.00%             | 2031-11-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| SEAGATE DATA S 4.091% 06/01/29                | SEAGATE DATA STOR REGD 144A P/P 4.09100000                                                     | CUSIP: 81180LAK1<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |       70000 | PA      | $67690.78     | 0.00%             | 2029-06-01      | Fixed         | 4.09%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV FINANC 8.875% 02/01/30                | DIRECTV FINANCING LLC REGD 144A P/P 8.87500000                                                 | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4512000 | PA      | $4456450.83   | 0.05%             | 2030-02-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| BANCO SANTANDE V/R /PERP//EUR/                | BANCO SANTANDER SA /EUR/ REGD V/R /PERP/ REG S 6.00000000                                      | CUSIP: E2R99GFN3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |     1400000 | PA      | $1687120.39   | 0.02%             | 2174-10-02      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL  7.875% 04/01/30                | CLEAR CHANNEL OUTDOOR HO REGD 144A P/P 7.87500000                                              | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     8816000 | PA      | $9256767.46   | 0.10%             | 2030-04-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| ARCOSA INC 4.375% 04/15/29                    | ARCOSA INC REGD 144A P/P 4.37500000                                                            | CUSIP: 039653AA8<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |      852000 | PA      | $828438.28    | 0.01%             | 2029-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| BUCKEYE PARTNER 5.85% 11/15/43                | BUCKEYE PARTNERS LP REGD 5.85000000                                                            | CUSIP: 118230AM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1850000 | PA      | $1725269.67   | 0.02%             | 2043-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| INTRUM INV  8.5% 09/11/29/EUR/                | INTRUM INV AND FIN /EUR/ REGD SER ... 8.50000000                                               | CUSIP: W5911DAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |      101370 | PA      | $104207.68    | 0.00%             | 2029-09-11      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC 7.5% 04/15/31                  | TRANSOCEAN INC REGD 7.50000000                                                                 | CUSIP: 893830AF6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       50000 | PA      | $46224.30     | 0.00%             | 2031-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PACIFICORP V/R 09/15/55                       | PACIFICORP REGD V/R 7.37500000                                                                 | CUSIP: 695114DF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      240000 | PA      | $253006.39    | 0.00%             | 2055-09-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / 7% 06/15/27                | COGENT COMMS GRP / FIN REGD 144A P/P 7.00000000                                                | CUSIP: 19240WAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $39876.60     | 0.00%             | 2027-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CHEMOURS CO 5.375% 05/15/27                   | CHEMOURS CO REGD 5.37500000                                                                    | CUSIP: 163851AE8<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     1932000 | PA      | $1929703.62   | 0.02%             | 2027-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ZIGGO BON 6.125% 11/15/32/EUR/                | ZIGGO BOND CO BV /EUR/ REGD 144A P/P 6.12500000                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | NL        |     3572000 | PA      | $4019714.93   | 0.04%             | 2032-11-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| UNITED GRO 5.25% 02/01/30/EUR/                | UNITED GROUP BV /EUR/ REGD REG S 5.25000000                                                    | CUSIP: N9015VAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    10765000 | PA      | $12496683.67  | 0.14%             | 2030-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL  6.5% 01/16/29                | HYUNDAI CAPITAL AMERICA REGD 144A P/P 6.50000000                                               | CUSIP: 44891ACR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       72000 | PA      | $76337.32     | 0.00%             | 2029-01-16      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| OCEANEERING INTL I 6% 02/01/28                | OCEANEERING INTL IN REGD SER * 6.00000000                                                      | CUSIP: 675232AD4<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |      465000 | PA      | $470751.12    | 0.01%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FOUNDATION BUILDIN 6% 03/01/29                | FOUNDATION BUILDING M REGD 144A P/P 6.00000000                                                 | CUSIP: 350392AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2897000 | PA      | $2936423.74   | 0.03%             | 2029-03-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ENCORE CAPITAL  9.25% 04/01/29                | ENCORE CAPITAL GROUP INC REGD 144A P/P 9.25000000                                              | CUSIP: 292554AQ5<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |      120000 | PA      | $126450.00    | 0.00%             | 2029-04-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| UNITED GRO 6.75% 02/15/31/EUR/                | UNITED GROUP BV /EUR/ REGD REG S 6.75000000                                                    | CUSIP: N9015VAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      700000 | PA      | $841109.39    | 0.01%             | 2031-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANC 5.375% 11/15/29                | ONEMAIN FINANCE CORP REGD 5.37500000                                                           | CUSIP: 85172FAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2167000 | PA      | $2144197.53   | 0.02%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA 5.625% 12/06/26                | TELESAT CANADA/TELESAT L REGD 144A P/P 5.62500000                                              | CUSIP: 87952VAR7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |       50000 | PA      | $40000.00     | 0.00%             | 2026-12-06      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL AUTO HO/ 11.5% 08/15/29                | GLOBAL AUTO HO/AAG FH UK REGD 144A P/P 11.50000000                                             | CUSIP: 00033YAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     1403000 | PA      | $1480165.00   | 0.02%             | 2029-08-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| GENESIS ENERGY 7.875% 05/15/32                | GENESIS ENERGY LP/FIN REGD 7.87500000                                                          | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2847000 | PA      | $2968151.24   | 0.03%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTI 4.625% 11/15/29                | SONIC AUTOMOTIVE INC REGD 144A P/P 4.62500000                                                  | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |       30000 | PA      | $29103.92     | 0.00%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| BATH & BODY WOR 6.75% 07/01/36                | BATH & BODY WORKS INC REGD 6.75000000                                                          | CUSIP: 501797AM6<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |       50000 | PA      | $51446.65     | 0.00%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HLF FIN SARL L 12.25% 04/15/29                | HLF FIN SARL LLC/HERBALI REGD 144A P/P 12.25000000                                             | CUSIP: 40390DAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      895000 | PA      | $970818.14    | 0.01%             | 2029-04-15      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| CARNIVAL CORP 6% 05/01/29                     | CARNIVAL CORP REGD 144A P/P 6.00000000                                                         | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     2493000 | PA      | $2528355.85   | 0.03%             | 2029-05-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| QUIKRETE HOLDI 6.375% 03/01/32                | QUIKRETE HOLDINGS INC REGD 144A P/P 6.37500000                                                 | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    15265000 | PA      | $15813748.20  | 0.17%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS MEXI 6.875% 08/04/26                | PETROLEOS MEXICANOS REGD MTN 6.87500000                                                        | CUSIP: 71654QCB6<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      935000 | PA      | $947206.43    | 0.01%             | 2026-08-04      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| T/L MARKET 0% 11/04/30 /GBP/                  | T/L MARKET BIDCO LIMITED REGD  /GBP/ 0.00000000                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |      750000 | PA      | $995642.90    | 0.01%             | 2030-11-04      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| TELECOM I 6.875% 02/15/28/EUR/                | TELECOM ITALIA SPA /EUR/ REGD REG S 6.87500000                                                 | CUSIP: T92777AR1<br>LEI: 549300W384M3RI3VXU42 | Long             | DBT              | CORP              | IT        |      628000 | PA      | $793151.81    | 0.01%             | 2028-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| T/L CABLEVISION 0.00% 11/30/27                | T/L CABLEVISION LIGHTPATH LLC  0% 0.00000000                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1356530 | PA      | $1358510.81   | 0.01%             | 2027-11-30      | Floating      | 7.15%                 | No            |                  2 | On Loan: No      |
| HEATHROW  6.625% 03/01/31/GBP/                | HEATHROW FINANCE PLC /GBP/ REGD REG S 6.62500000                                               | CUSIP: G4381GAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     9977000 | PA      | $13482268.70  | 0.15%             | 2031-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORT 7.75% 12/01/29                | BLACKSTONE MORTGAGE TR REGD 144A P/P 7.75000000                                                | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |       70000 | PA      | $73849.30     | 0.00%             | 2029-12-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| TECHEM VE 4.625% 07/15/32/EUR/                | TECHEM VERWALTUNGSGESELL /EUR/ REGD 144A P/P 4.62500000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | DE        |     1250000 | PA      | $1470729.29   | 0.02%             | 2032-07-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| LIFEPOINT HEAL 9.875% 08/15/30                | LIFEPOINT HEALTH INC REGD 144A P/P 9.87500000                                                  | CUSIP: 53219LAV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      374000 | PA      | $405010.39    | 0.00%             | 2030-08-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| T/L LONZA GROUP AG 0% 7/03/28                 | T/L LONZA GROUP AG REGD 0.00000000                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CH        |     2176315 | PA      | $1958966.85   | 0.02%             | 2028-07-03      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES I 6.875% 03/15/27                | PITNEY BOWES INC REGD 144A P/P 6.87500000                                                      | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |       40000 | PA      | $39950.17     | 0.00%             | 2027-03-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| SELECT MEDICAL  6.25% 12/01/32                | SELECT MEDICAL CORP REGD 144A P/P 6.25000000                                                   | CUSIP: 816196AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      360000 | PA      | $360166.68    | 0.00%             | 2032-12-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| VISTRA OPERATI 4.375% 05/01/29                | VISTRA OPERATIONS CO LLC REGD 144A P/P 4.37500000                                              | CUSIP: 92840VAH5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6789000 | PA      | $6647625.86   | 0.07%             | 2029-05-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO 2.196% 02/04/26                     | BOEING CO REGD 2.19600000                                                                      | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     2443000 | PA      | $2424353.20   | 0.03%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL &  8.75% 06/15/31                | NORTHERN OIL & GAS INC REGD 144A P/P 8.75000000                                                | CUSIP: 665530AB7<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |      190000 | PA      | $196327.57    | 0.00%             | 2031-06-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| VODAFONE GRO V/R 08/30/86/GBP/                | VODAFONE GROUP PLC /GBP/ REGD V/R REG S EMTN 8.00000000                                        | CUSIP: G9376VDX6<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |     9065000 | PA      | $13284671.57  | 0.15%             | 2086-08-30      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC 5% 11/15/31                  | CSC HOLDINGS LLC REGD 144A P/P 5.00000000                                                      | CUSIP: 126307BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1760000 | PA      | $616000.00    | 0.01%             | 2031-11-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CAIXABANK SA V/R /PERP//EUR/                  | CAIXABANK SA /EUR/ REGD V/R /PERP/ REG S SER . 5.87500000                                      | CUSIP: E2R193YY4<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |      400000 | PA      | $486501.89    | 0.01%             | 2174-01-09      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| MLP GROUP 6.125% 10/15/29/EUR/                | MLP GROUP SA /EUR/ REGD REG S 6.12500000                                                       | CUSIP: X5429KAJ0<br>LEI: 2594005Q9DIECHVXBO95 | Long             | DBT              | CORP              | PL        |     1800000 | PA      | $2201148.67   | 0.02%             | 2029-10-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| XPLR INFRAST OP 7.25% 01/15/29                | XPLR INFRAST OPERATING REGD 144A P/P 7.25000000                                                | CUSIP: 65342QAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $51325.55     | 0.00%             | 2029-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| T/L COMMSCOPE INC  0% 12/17/29                | T/L COMMSCOPE INC 0.00000000                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2508000 | PA      | $2536215.00   | 0.03%             | 2029-12-17      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLD 6.75% 08/01/29                | PARK RIVER HOLDINGS INC REGD 144A P/P 6.75000000                                               | CUSIP: 70082LAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1675000 | PA      | $1657713.00   | 0.02%             | 2029-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| INTEL CORP 2.45% 11/15/29                     | INTEL CORP REGD 2.45000000                                                                     | CUSIP: 458140BH2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |      156000 | PA      | $145058.52    | 0.00%             | 2029-11-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC 7.25% 08/15/33                 | GRAY MEDIA INC REGD 144A P/P 7.25000000                                                        | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     5456000 | PA      | $5404327.86   | 0.06%             | 2033-08-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| DISCOVERY COMMU 3.95% 03/20/28                | DISCOVERY COMMUNICATIONS REGD SER * 3.95000000                                                 | CUSIP: 25470DBS7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      535000 | PA      | $522293.75    | 0.01%             | 2028-03-20      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| PEU FIN LT 7.25% 07/01/28/EUR/                | PEU FIN LTD /EUR/ REGD REG S 7.25000000                                                        | CUSIP: G7042UAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    11983000 | PA      | $14585393.50  | 0.16%             | 2028-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SOFTBANK GROU 4% 09/19/29/EUR/                | SOFTBANK GROUP CORP /EUR/ REGD REG S 4.00000000                                                | CUSIP: J7596PAM1<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     3756000 | PA      | $4381476.90   | 0.05%             | 2029-09-19      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN EN 8.375% 10/01/33                | K HOVNANIAN ENTERPRISES REGD 144A P/P 8.37500000                                               | CUSIP: 48251UAQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3453000 | PA      | $3539254.42   | 0.04%             | 2033-10-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| T/L PINNACLE B 00.00% 09/12/32                | T/L PINNACLE BUYER LLC 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      212086 | PA      | $212351.53    | 0.00%             | 2032-09-12      | Floating      | 6.68%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS I 7.875% 05/01/29                | MICHAELS COS INC/THE REGD 144A P/P 7.87500000                                                  | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |      200000 | PA      | $167000.00    | 0.00%             | 2029-05-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | TRY/USD FWD 20251208 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $107.35       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE  12% 10/01/28                | FREEDOM MORTGAGE CORP REGD 144A P/P 12.00000000                                                | CUSIP: 35640YAK3<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |     2234000 | PA      | $2368040.00   | 0.03%             | 2028-10-01      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| ROCC 2024-CNT 5.388% 11/13/29                 | ROCK TRUST 2024-CNTR SER 2024-CNTR CL A REGD 144A P/P 5.38834000                               | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1040000 | PA      | $1071738.62   | 0.01%             | 2041-11-13      | Fixed         | 5.39%                 | Yes           |                  2 | On Loan: No      |
| INTRUM INV 7.75% 09/11/27/EUR/                | INTRUM INV AND FIN /EUR/ REGD SER ... 7.75000000                                               | CUSIP: W5911DAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |       81096 | PA      | $87831.79     | 0.00%             | 2027-09-11      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP 5.75% 03/01/34                 | WHIRLPOOL CORP REGD 5.75000000                                                                 | CUSIP: 963320BC9<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |       40000 | PA      | $38652.62     | 0.00%             | 2034-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL  1.985% 08/19/28                | ATHENE GLOBAL FUNDING REGD 144A P/P 1.98500000                                                 | CUSIP: 04685A3C3<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |     1055000 | PA      | $990764.15    | 0.01%             | 2028-08-19      | Fixed         | 1.99%                 | Yes           |                  2 | On Loan: No      |
| FACTSET RESEARCH 2.9% 03/01/27                | FACTSET RESEARCH SYSTEMS REGD 2.90000000                                                       | CUSIP: 303075AA3<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | DBT              | CORP              | US        |       86000 | PA      | $84329.27     | 0.00%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO 6.5% 03/31/32                      | OPAL BIDCO REGD P/P 6.50000000                                                                 | CUSIP: 68348BAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     3082000 | PA      | $3158532.22   | 0.03%             | 2032-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| VMED O2 UK FINA 4.25% 01/31/31                | VMED O2 UK FINAN REGD 144A P/P 4.25000000                                                      | CUSIP: 92858RAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     4230000 | PA      | $3921486.94   | 0.04%             | 2031-01-31      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS CORP 7.75% 07/01/26                  | DISH DBS CORP REGD SER WI 7.75000000                                                           | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10083000 | PA      | $9986317.44   | 0.11%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA 7.375% 02/15/31                | OUTFRONT MEDIA CAP LLC/C REGD 144A P/P 7.37500000                                              | CUSIP: 69007TAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $73858.68     | 0.00%             | 2031-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| FLUTTER TREASU 5.875% 06/04/31                | FLUTTER TREASURY DAC REGD 144A P/P 5.87500000                                                  | CUSIP: 344045AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |     4499000 | PA      | $4567249.83   | 0.05%             | 2031-06-04      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF KEN 9.75% 02/16/31                | REPUBLIC OF KENYA REGD 144A P/P 9.75000000                                                     | CUSIP: 491798AM6<br>LEI: N/A                  | Long             | DBT              | USGA              | KE        |     2800000 | PA      | $2988862.18   | 0.03%             | 2031-02-16      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| OUTFRONT MEDIA  4.25% 01/15/29                | OUTFRONT MEDIA CAP LLC/C REGD 144A P/P 4.25000000                                              | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2514000 | PA      | $2414568.44   | 0.03%             | 2029-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK  V/R /PERP//EUR/                | DEUTSCHE BANK AG /EUR/ REGD V/R /PERP/ REG S 6.75000000                                        | CUSIP: D1T7GBXE1<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     8000000 | PA      | $9875281.91   | 0.11%             | 2174-04-30      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| DIGICEL HLDGS BERMUDA LTD/PFD/                | DIGICEL HLDGS BERMUDA LTD     /PREFERRED/ 0.00000000                                           | CUSIP: G2770C126<br>LEI: N/A                  | Long             | EP               | CORP              | BM        |       55792 | NS      | $675202.43    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| WLAKE 2023-3A  6.02% 09/15/28                 | WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2023-3 SER 2023-3A CL C REGD 144A P/P 6.02000000         | CUSIP: 96041CAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      995000 | PA      | $1008480.36   | 0.01%             | 2028-09-15      | Fixed         | 6.02%                 | Yes           |                  2 | On Loan: No      |
| ALLIED UNIVERS 6.875% 06/15/30                | ALLIED UNIVERSAL REGD 144A P/P 6.87500000                                                      | CUSIP: 019576AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9181000 | PA      | $9436066.54   | 0.10%             | 2030-06-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| SS&C TECHNOLOGIE 6.5% 06/01/32                | SS&C TECHNOLOGIES INC REGD 144A P/P 6.50000000                                                 | CUSIP: 78466CAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4422000 | PA      | $4575584.90   | 0.05%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| KEURIG DR PEPPE 4.35% 05/15/28                | KEURIG DR PEPPER INC REGD 4.35000000                                                           | CUSIP: 49271VAZ3<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |      310000 | PA      | $309988.29    | 0.00%             | 2028-05-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| BLOOMIN' BRAND 5.125% 04/15/29                | BLOOMIN' BRANDS INC/OSI REGD 144A P/P 5.12500000                                               | CUSIP: 094234AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       20000 | PA      | $17381.87     | 0.00%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| VIBRANTZ TECH INC 9% 02/15/30                 | VIBRANTZ TECH INC REGD 144A P/P 9.00000000                                                     | CUSIP: 69357VAA3<br>LEI: 549300GYZ1T3S8OPH343 | Long             | DBT              | CORP              | US        |       80000 | PA      | $45200.00     | 0.00%             | 2030-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| ALLIED UNIVERS 4.625% 06/01/28                | ALLIED UNIVERSAL HOLDCO REGD 144A P/P 4.62500000                                               | CUSIP: 049362AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     9355000 | PA      | $9171537.23   | 0.10%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| T/L SAZERAC COM 0% 06/26/32                   | T/L SAZERAC COMPANY INC REGD 0.00000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1673000 | PA      | $1682301.88   | 0.02%             | 2032-06-26      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| BPCE SA V/R 10/19/27                          | BPCE SA REGD V/R 144A P/P 2.04500000                                                           | CUSIP: 05583JAK8<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      305000 | PA      | $297736.50    | 0.00%             | 2027-10-19      | Variable      | 2.04%                 | Yes           |                  2 | On Loan: No      |
| KKR 2013-1A A2R2 V/R 04/15/29                 | KKR FINANCIAL CLO 2013-1 LTD SER 2013-1A CL A2R2 V/R REGD 144A P/P 5.76755000                  | CUSIP: 48249VAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      998409 | PA      | $998442.42    | 0.01%             | 2029-04-15      | Variable      | 5.77%                 | Yes           |                  2 | On Loan: No      |
| KBC GROUP NV V/R /PERP//EUR/                  | KBC GROUP NV /EUR/ REGD V/R /PERP/ REG S 6.25000000                                            | CUSIP: B5337GNE1<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | DBT              | CORP              | BE        |      800000 | PA      | $980908.43    | 0.01%             | 2174-03-17      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| PIKE CORP 5.5% 09/01/28                       | PIKE CORP REGD 144A P/P 5.50000000                                                             | CUSIP: 721283AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $39868.65     | 0.00%             | 2028-09-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| T/L SABRE GLBL  0% 12/17/27                   | T/L SABRE GLBL INCREGD 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      103239 | PA      | $97560.85     | 0.00%             | 2027-12-17      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE 6.25% 03/15/33                | AXON ENTERPRISE INC REGD 144A P/P 6.25000000                                                   | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     1765000 | PA      | $1816483.02   | 0.02%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS 7.5% 09/15/31                | CLEVELAND-CLIFFS INC REGD 144A P/P 7.50000000                                                  | CUSIP: 185899AS0<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     1925000 | PA      | $1983550.80   | 0.02%             | 2031-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| JAGUAR LAND RO 5.875% 01/15/28                | JAGUAR LAND ROVER AUTOMO REGD 144A P/P 5.87500000                                              | CUSIP: 47010BAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |       60000 | PA      | $59899.65     | 0.00%             | 2028-01-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| TITANIUM 2 6.25% 01/14/31/EUR/                | TITANIUM 2L BONDCO SARL /EUR/ REGD 6.25000000                                                  | CUSIP: L9097EAA9<br>LEI: 636700S4QMU2DWYOSF67 | Long             | DBT              | CORP              | LU        |    11283800 | PA      | $3423013.59   | 0.04%             | 2031-01-14      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMB 8% 04/20/33                | REPUBLIC OF COLOMBIA REGD 8.00000000                                                           | CUSIP: 195325EF8<br>LEI: N/A                  | Long             | DBT              | USGA              | CO        |      400000 | PA      | $435592.00    | 0.00%             | 2033-04-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORT 3.75% 01/15/27                | BLACKSTONE MORTGAGE TR REGD 144A P/P 3.75000000                                                | CUSIP: 09257WAD2<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |     1375000 | PA      | $1342261.98   | 0.01%             | 2027-01-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| WEATHERFORD IN 8.625% 04/30/30                | WEATHERFORD INTERNATIONA REGD 144A P/P 8.62500000                                              | CUSIP: 947075AU1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     4347000 | PA      | $4444225.00   | 0.05%             | 2030-04-30      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| ENERFLEX LTD 9% 10/15/27                      | ENERFLEX LTD REGD 144A P/P 9.00000000                                                          | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |      386000 | PA      | $392997.41    | 0.00%             | 2027-10-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS R13.685PBZDIOVRA 01/02/29 WFSL FIXED                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | BR        |           1 | NC      | $72182.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA  4.45% 03/25/31                | ROYALTY PHARMA PLC REGD 4.45000000                                                             | CUSIP: 78081BAT0<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |      328000 | PA      | $325352.08    | 0.00%             | 2031-03-25      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BOPARAN F 9.375% 11/07/29/GBP/                | BOPARAN FINANCE PLC /GBP/ REGD REG S 9.37500000                                                | CUSIP: G1R51SAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     1975000 | PA      | $2768868.00   | 0.03%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD 4.5% 03/07/29                  | WYNN MACAU LTD REGD 144A P/P CONVERTIBLE 4.50000000                                            | CUSIP: 98313RAJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      342000 | PA      | $368334.00    | 0.00%             | 2029-03-07      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SOU 5.75% 09/30/49                | REPUBLIC OF SOUTH AFRICA REGD SER 30Y 5.75000000                                               | CUSIP: 836205BB9<br>LEI: N/A                  | Long             | DBT              | USGA              | ZA        |     2800000 | PA      | $2238221.44   | 0.02%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICA 5% 05/01/28                | FRONTIER COMMUNICATIONS REGD 144A P/P 5.00000000                                               | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    15312000 | PA      | $15278377.91  | 0.17%             | 2028-05-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS XS1632632037 01.000 SP 06/20/2026 CITIUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-465.39      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FORTREA HOLDINGS 7.5% 07/01/30                | FORTREA HOLDINGS INC REGD 144A P/P 7.50000000                                                  | CUSIP: 34965KAA5<br>LEI: 5493000FIVFABOVCDU97 | Long             | DBT              | CORP              | US        |      289000 | PA      | $273794.87    | 0.00%             | 2030-07-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| GRAND CANYON U 4.375% 10/01/26                | GRAND CANYON UNIVERSITY REGD 4.37500000                                                        | CUSIP: 38528UAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       22500 | PA      | $22027.50     | 0.00%             | 2026-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| RB GLOBAL HOLDI 7.75% 03/15/31                | RB GLOBAL HOLDINGS INC REGD 144A P/P 7.75000000                                                | CUSIP: 76774LAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      250000 | PA      | $261479.50    | 0.00%             | 2031-03-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| VOYA 2016-1A A1R V/R 01/20/31                 | VOYA CLO 2016-1 LTD SER 2016-1A CL A1R V/R REGD 144A P/P 5.65710000                            | CUSIP: 92915CAQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1626346 | PA      | $1626328.86   | 0.02%             | 2031-01-20      | Variable      | 5.66%                 | Yes           |                  2 | On Loan: No      |
| LABL INC 5.875% 11/01/28                      | LABL INC REGD 144A P/P 5.87500000                                                              | CUSIP: 50168QAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1890000 | PA      | $1464513.57   | 0.02%             | 2028-11-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA 4.875% 04/01/26                       | BPCE SA REGD 144A P/P MTN 4.87500000                                                           | CUSIP: 05578QAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      200000 | PA      | $200239.56    | 0.00%             | 2026-04-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| HILCORP ENERGY  5.75% 02/01/29                | HILCORP ENERGY I/HILCORP REGD 144A P/P 5.75000000                                              | CUSIP: 431318AU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5361000 | PA      | $5281302.30   | 0.06%             | 2029-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| EPR PROPERTIES 4.75% 12/15/26                 | EPR PROPERTIES REGD 4.75000000                                                                 | CUSIP: 26884UAC3<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |      700000 | PA      | $701726.90    | 0.01%             | 2026-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VENTR 2017-28AA  V/R 10/20/34                 | VENTURE 28A CLO LTD SER 2017-28AA CL A2RR V/R REGD 144A P/P 5.77549000                         | CUSIP: 92331DBL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     2200000 | PA      | $2203170.64   | 0.02%             | 2034-10-20      | Variable      | 5.78%                 | Yes           |                  2 | On Loan: No      |
| T/L CALPINE CORPOR 0% 12/16/27                | T/L CALPINE CORPORATION REGD 0.00000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1623750 | PA      | $1621817.74   | 0.02%             | 2027-12-16      | Floating      | 5.91%                 | No            |                  2 | On Loan: No      |
| LABORATOIRE E 5% 02/01/29/EUR/                | LABORATOIRE EIMER SELAS /EUR/ REGD REG S 5.00000000                                            | CUSIP: F5540NAA7<br>LEI: 969500DCZL54LLTFEM37 | Long             | DBT              | CORP              | FR        |     1020000 | PA      | $1048750.51   | 0.01%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP V/R /PERP/                 | ENERGY TRANSFER LP REGD V/R /PERP/ SER G 7.12500000                                            | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     1877000 | PA      | $1939455.30   | 0.02%             | 2174-05-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| UMBS P#CB9939 V/R 02/01/55                    | FANNIE MAE POOL UMBS P#CB9939 V/R 5.02900000                                                   | CUSIP: 3140QWBH4<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      299865 | PA      | $302747.87    | 0.00%             | 2055-02-01      | Variable      | 5.03%                 | No            |                  2 | On Loan: No      |
| TWILIO INC 3.875% 03/15/31                    | TWILIO INC REGD 3.87500000                                                                     | CUSIP: 90138FAD4<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |      969000 | PA      | $911012.03    | 0.01%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RANGE RESOURCES 4.75% 02/15/30                | RANGE RESOURCES CORP REGD 144A P/P 4.75000000                                                  | CUSIP: 75281ABK4<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |     1190000 | PA      | $1164438.21   | 0.01%             | 2030-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL P 7.5% 05/01/33                | VENTURE GLOBAL PLAQUE REGD 144A P/P 7.50000000                                                 | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     5415000 | PA      | $5983526.27   | 0.07%             | 2033-05-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| EQUIPMENTSHARE 8.625% 05/15/32                | EQUIPMENTSHARE.COM INC REGD 144A P/P 8.62500000                                                | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |      120000 | PA      | $129547.44    | 0.00%             | 2032-05-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| GLENCORE FUNDI 5.186% 04/01/30                | GLENCORE FUNDING LLC REGD 144A P/P 5.18600000                                                  | CUSIP: 378272BZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      347000 | PA      | $357567.57    | 0.00%             | 2030-04-01      | Fixed         | 5.19%                 | Yes           |                  2 | On Loan: No      |
| ORGANON & CO/O 5.125% 04/30/31                | ORGANON & CO/ORGANON FOR REGD 144A P/P 5.12500000                                              | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3508000 | PA      | $3071036.26   | 0.03%             | 2031-04-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| ENPRO INC 6.125% 06/01/33                     | ENPRO INC REGD 144A P/P 6.12500000                                                             | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |     1524000 | PA      | $1557594.06   | 0.02%             | 2033-06-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| NORTHERN OIL & 7.875% 10/15/33                | NORTHERN OIL & GAS INC REGD 144A P/P 7.87500000                                                | CUSIP: 665531AL3<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |     4454000 | PA      | $4436038.17   | 0.05%             | 2033-10-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| EDGE FINC 8.125% 08/15/31/GBP/                | EDGE FINCO PL /GBP/ REGD REG S 8.12500000                                                      | CUSIP: G30478AA2<br>LEI: 648835NI8LJE5190NT73 | Long             | DBT              | CORP              | GB        |     5431000 | PA      | $7788058.38   | 0.09%             | 2031-08-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| PETSMART LLC/PET 7.5% 09/15/32                | PETSMART LLC/PETSMART FI REGD 144A P/P 7.50000000                                              | CUSIP: 71677KAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1667000 | PA      | $1671267.52   | 0.02%             | 2032-09-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| POST HOLDINGS IN 4.5% 09/15/31                | POST HOLDINGS INC REGD 144A P/P 4.50000000                                                     | CUSIP: 737446AR5<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     1870000 | PA      | $1747112.02   | 0.02%             | 2031-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| JERROLD F 7.875% 04/15/30/GBP/                | JERROLD FINCO PLC /GBP/ REGD REG S 7.87500000                                                  | CUSIP: G5084TAK3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     9991000 | PA      | $13851267.57  | 0.15%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUN 8.75% 05/15/30                | FRONTIER COMMUNICATIONS REGD 144A P/P 8.75000000                                               | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    16698000 | PA      | $17443023.02  | 0.19%             | 2030-05-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| GOLDEN GOOSE V/R 05/15/31/EUR/                | GOLDEN GOOSE SPA/MILANO /EUR/ REGD V/R 144A P/P 5.78600000                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IT        |     4813000 | PA      | $5707004.57   | 0.06%             | 2031-05-15      | Variable      | 5.79%                 | Yes           |                  2 | On Loan: No      |
| NATIONSTAR MTG  5.75% 11/15/31                | NATIONSTAR MTG HLD INC REGD 144A P/P 5.75000000                                                | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4172000 | PA      | $4215818.52   | 0.05%             | 2031-11-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| MOLINA HEALTHCA 6.25% 01/15/33                | MOLINA HEALTHCARE INC REGD 144A P/P 6.25000000                                                 | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     1724000 | PA      | $1738229.90   | 0.02%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF COL 3.25% 04/22/32                | REPUBLIC OF COLOMBIA REGD 3.25000000                                                           | CUSIP: 195325DZ5<br>LEI: N/A                  | Long             | DBT              | USGA              | CO        |     3600000 | PA      | $3041892.00   | 0.03%             | 2032-04-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MPT OPER PART 7% 02/15/32/EUR/                | MPT OPER PARTNERSP/FINL /EUR/ REGD REG S 7.00000000                                            | CUSIP: U6203BAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      600000 | PA      | $736076.98    | 0.01%             | 2032-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| OCT44 2019-1A AR V/R 10/15/34                 | OCTAGON INVESTMENT PARTNERS 44 LTD SER 2019-1A CL AR2 V/R REGD 144A P/P 5.47359000             | CUSIP: 67577LAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      720000 | PA      | $720508.39    | 0.01%             | 2034-10-15      | Variable      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| HECLA MINING CO 7.25% 02/15/28                | HECLA MINING CO REGD 7.25000000                                                                | CUSIP: 422704AH9<br>LEI: 5493009Y6HOBZD1QD537 | Long             | DBT              | CORP              | US        |     1237000 | PA      | $1248184.95   | 0.01%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOG 5% 07/01/28                | MINERALS TECHNOLOGIES IN REGD 144A P/P 5.00000000                                              | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |       70000 | PA      | $68600.39     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FIBERCOP SPA V/R 06/30/31/EUR/                | FIBERCOP SPA /EUR/ REGD V/R REG S 4.98000000                                                   | CUSIP: T42137AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |     2500000 | PA      | $2950091.84   | 0.03%             | 2031-06-30      | Variable      | 4.98%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO 6.625% 01/15/27                  | SM ENERGY CO REGD 6.62500000                                                                   | CUSIP: 78454LAP5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |       80000 | PA      | $79973.27     | 0.00%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERP 6.625% 05/15/32                | INSIGHT ENTERPRS REGD 144A P/P 6.62500000                                                      | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |     1786000 | PA      | $1831219.73   | 0.02%             | 2032-05-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP  5% 02/01/28                | CCO HLDGS LLC/CAP CORP REGD 144A P/P 5.00000000                                                | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9951000 | PA      | $9840349.86   | 0.11%             | 2028-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| DEEPOCEAN LTD 6% 04/08/31/EUR/                | DEEPOCEAN LTD /EUR/ REGD 144A P/P 6.00000000                                                   | CUSIP: N/A<br>LEI: 213800OYKN2J6ZFIFU40       | Long             | DBT              | CORP              | JE        |      575000 | PA      | $684198.91    | 0.01%             | 2031-04-08      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| BLUE OWL CREDI 3.125% 09/23/26                | BLUE OWL CREDIT INCOME REGD SER * 3.12500000                                                   | CUSIP: 69120VAM3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |       42000 | PA      | $41400.90     | 0.00%             | 2026-09-23      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS 8.45% 08/10/28                 | ESKOM HOLDINGS REGD REG S MTN 8.45000000                                                       | CUSIP: S25221AU6<br>LEI: N/A                  | Long             | DBT              | CORP              | ZA        |     5200000 | PA      | $5555984.72   | 0.06%             | 2028-08-10      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW R 4% 10/15/30                | 1011778 BC / NEW RED FIN REGD 144A P/P 4.00000000                                              | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     6571000 | PA      | $6191095.01   | 0.07%             | 2030-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ROMANIA 3% 02/27/27                           | ROMANIA REGD REG S 3.00000000                                                                  | CUSIP: X7360WCB6<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |     5800000 | PA      | $5661752.59   | 0.06%             | 2027-02-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LFS TOPCO LLC 8.75% 07/15/30                  | LFS TOPCO LLC REGD 144A P/P 8.75000000                                                         | CUSIP: 50203TAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $100350.50    | 0.00%             | 2030-07-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| ONEMAIN FINANC 3.875% 09/15/28                | ONEMAIN FINANCE CORP REGD 3.87500000                                                           | CUSIP: 682691AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2700000 | PA      | $2594958.39   | 0.03%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS 8.875% 11/30/29                | XEROX HOLDINGS CORP REGD 144A P/P 8.87500000                                                   | CUSIP: 98421MAC0<br>LEI: 5493000Y33XDVO2CXC18 | Long             | DBT              | CORP              | US        |       30000 | PA      | $16207.54     | 0.00%             | 2029-11-30      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| 888 ACQUISITI 8% 09/30/31/EUR/                | 888 ACQUISITIONS LTD /EUR/ REGD 144A P/P 8.00000000                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GI        |     5595000 | PA      | $6416815.34   | 0.07%             | 2031-09-30      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| PRA GROUP INC 5% 10/01/29                     | PRA GROUP INC REGD 144A P/P 5.00000000                                                         | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |      500000 | PA      | $464434.86    | 0.01%             | 2029-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ICL GROUP LIMI 6.375% 05/31/38                | ICL GROUP LIMITED REGD 6.37500000                                                              | CUSIP: M5R07DAG5<br>LEI: 529900FQVQD88SHIGM04 | Long             | DBT              | CORP              | IL        |     4000000 | PA      | $4162800.00   | 0.05%             | 2038-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AETHON UN/AETHIN 7.5% 10/01/29                | AETHON UN/AETHIN UN FIN REGD 144A P/P 7.50000000                                               | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5825000 | PA      | $6074018.75   | 0.07%             | 2029-10-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF ZAMB 0.5% 12/31/53                | REPUBLIC OF ZAMBIA REGD 0.50000000                                                             | CUSIP: V7179UMK2<br>LEI: N/A                  | Long             | DBT              | USGA              | ZM        |     1600000 | PA      | $1077958.70   | 0.01%             | 2053-12-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| WLAKE 2025-2A  4.63% 08/15/27                 | WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2025-2 SER 2025-2A CL B REGD 144A P/P 4.63000000         | CUSIP: 96041KAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1560000 | PA      | $1568481.10   | 0.02%             | 2031-01-15      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| TRINET GROUP I 7.125% 08/15/31                | TRINET GROUP INC REGD 144A P/P 7.12500000                                                      | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |       60000 | PA      | $61975.92     | 0.00%             | 2031-08-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| VF CORP 2.95% 04/23/30                        | VF CORP REGD 2.95000000                                                                        | CUSIP: 918204BC1<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |      150000 | PA      | $132154.17    | 0.00%             | 2030-04-23      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| BANCO DAVIVIENDA SA V/R /PERP/                | BANCO DAVIVIENDA SA REGD V/R /PERP/ REG S 6.65000000                                           | CUSIP: P0R11WAG5<br>LEI: N/A                  | Long             | DBT              | CORP              | CO        |     1300000 | PA      | $1208388.17   | 0.01%             | 2173-10-22      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| ZIPRECRUITER INC 5% 01/15/30                  | ZIPRECRUITER INC REGD 144A P/P 5.00000000                                                      | CUSIP: 98980BAA1<br>LEI: 549300HLOVNNFCY2IV80 | Long             | DBT              | CORP              | US        |       80000 | PA      | $64413.73     | 0.00%             | 2030-01-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| CVS HEALTH CORP V/R 03/10/55                  | CVS HEALTH CORP REGD V/R 7.00000000                                                            | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |      665000 | PA      | $698438.20    | 0.01%             | 2055-03-10      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| CARVL 2023-1A D1 V/R 07/20/37                 | CARVAL CLO VII-C LTD SER 2023-1A CL D1R V/R REGD 144A P/P 7.47549000                           | CUSIP: 14686BAW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     2000000 | PA      | $2008252.20   | 0.02%             | 2037-07-20      | Variable      | 7.48%                 | Yes           |                  2 | On Loan: No      |
| BAYTEX ENERGY  7.375% 03/15/32                | BAYTEX ENERGY CORP REGD 144A P/P 7.37500000                                                    | CUSIP: 07317QAK1<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |      250000 | PA      | $244481.80    | 0.00%             | 2032-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| SDART 2024-2 B 5.78% 04/15/27                 | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2024-2 SER 2024-2 CL B REGD 5.78000000                  | CUSIP: 80286YAD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1395000 | PA      | $1416513.41   | 0.02%             | 2029-07-16      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| IPD 3 BV 5.5% 06/15/31/EUR/                   | IPD 3 BV /EUR/ REGD REG S 5.50000000                                                           | CUSIP: N4733RAM3<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     1900000 | PA      | $2265325.83   | 0.02%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL F 5.38% 01/07/30                | ATHENE GLOBAL FUNDING REGD 144A P/P 5.38000000                                                 | CUSIP: 04685A4G3<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |      500000 | PA      | $515481.75    | 0.01%             | 2030-01-07      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| HARVEST MIDSTREA 7.5% 09/01/28                | HARVEST MIDSTREAM I LP REGD 144A P/P 7.50000000                                                | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |      190000 | PA      | $192062.26    | 0.00%             | 2028-09-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| UPCB FINA 3.625% 06/15/29/EUR/                | UPCB FINANCE VII LTD /EUR/ REGD REG S 3.62500000                                               | CUSIP: G929ZQAA5<br>LEI: 5493006V3WX8F38SQ991 | Long             | DBT              | CORP              | KY        |     5480000 | PA      | $6407248.00   | 0.07%             | 2029-06-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 03/03/29                | HSBC HOLDINGS PLC REGD V/R 4.89900000                                                          | CUSIP: 404280EQ8<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |      434000 | PA      | $440362.74    | 0.00%             | 2029-03-03      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| FIBERCOP  6.875% 02/15/28/EUR/                | FIBERCOP SPA /EUR/ REGD REG S 6.87500000                                                       | CUSIP: T7S98WAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |     2697000 | PA      | $3382604.03   | 0.04%             | 2028-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FRESENIUS MED C 3.75% 06/15/29                | FRESENIUS MED CARE III REGD 144A P/P 3.75000000                                                | CUSIP: 35805BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      530000 | PA      | $516335.59    | 0.01%             | 2029-06-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| CLUE OPCO LLC 9.5% 10/15/31                   | CLUE OPCO LLC REGD 144A P/P 9.50000000                                                         | CUSIP: 36267QAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5572000 | PA      | $5958813.81   | 0.07%             | 2031-10-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | USD/ZAR FWD 20251002 000000908 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-12801.02    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BI 5.5% 06/15/31                | CQP HOLDCO LP/BIP-V CHIN REGD P/P 5.50000000                                                   | CUSIP: 12657NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6027000 | PA      | $5971006.16   | 0.07%             | 2031-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| MOLINA HEALTHC 4.375% 06/15/28                | MOLINA HEALTHCARE INC REGD 144A P/P 4.37500000                                                 | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |      130000 | PA      | $127029.67    | 0.00%             | 2028-06-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| OFFICE PPTY INC 3.25% 03/15/27                | OFFICE PPTY INCOME TRST REGD 144A P/P 3.25000000                                               | CUSIP: 67623CAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       75146 | PA      | $62483.90     | 0.00%             | 2027-03-15      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| VIRGIN ME 4.125% 08/15/30/GBP/                | VIRGIN MEDIA SECURED FIN /GBP/ REGD REG S 4.12500000                                           | CUSIP: G9372GBA5<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      100000 | PA      | $122763.13    | 0.00%             | 2030-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TRANSALTA CORP 7.75% 11/15/29                 | TRANSALTA CORP REGD 7.75000000                                                                 | CUSIP: 89346DAH0<br>LEI: 984500EE2ADD850F1C96 | Long             | DBT              | CORP              | CA        |       38000 | PA      | $39517.00     | 0.00%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUND 1.75% 06/30/26                | F&G GLOBAL FUNDING REGD 144A P/P 1.75000000                                                    | CUSIP: 30321L2A9<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |      178000 | PA      | $174520.56    | 0.00%             | 2026-06-30      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| ARAB REPUBLIC  5.875% 02/16/31                | ARAB REPUBLIC OF EGYPT REGD REG S EMTN 5.87500000                                              | CUSIP: M1487WDK8<br>LEI: N/A                  | Long             | DBT              | USGA              | EG        |     4000000 | PA      | $3711629.44   | 0.04%             | 2031-02-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP V/R /PERP/                 | ENERGY TRANSFER LP REGD V/R /PERP/ SER H 6.50000000                                            | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     4655000 | PA      | $4672363.15   | 0.05%             | 2173-11-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| EQT CORP 7.5% 06/01/30                        | EQT CORP REGD SER WI 7.50000000                                                                | CUSIP: 26884LBB4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      186000 | PA      | $205235.78    | 0.00%             | 2030-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GCI LLC 4.75% 10/15/28                        | GCI LLC REGD 144A P/P 4.75000000                                                               | CUSIP: 36166TAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $87457.37     | 0.00%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CRESCENT ENERG 7.375% 01/15/33                | CRESCENT ENERGY FINANCE REGD 144A P/P 7.37500000                                               | CUSIP: 45344LAE3<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     7195000 | PA      | $7010692.16   | 0.08%             | 2033-01-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| EMPRESA DE LOS  3.83% 09/14/61                | EMPRESA DE LOS FERROCARR REGD REG S 3.83000000                                                 | CUSIP: P3742RAX8<br>LEI: N/A                  | Long             | DBT              | CORP              | CL        |     1700000 | PA      | $1153499.84   | 0.01%             | 2061-09-14      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| TEST DIAMOND SP WT EX 06/30/26                | TEST DIAMOND SPORTS GRP LLC___  WARRANTS EXP 06/30/26 0.00000000                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | US        |      255914 | NS      | $37545.65     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NEW IMMO HOLD 6% 03/22/29/EUR/                | NEW IMMO HOLDING SA /EUR/ REGD REG S EMTN 6.00000000                                           | CUSIP: F0490QNZ2<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     5600000 | PA      | $6853242.11   | 0.08%             | 2029-03-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CA 4.5% 06/01/33                | CCO HLDGS LLC/CAP CORP REGD 144A P/P 4.50000000                                                | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      402000 | PA      | $357609.37    | 0.00%             | 2033-06-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| OT MIDCO INC 10% 02/15/30                     | OT MIDCO INC REGD 144A P/P 10.00000000                                                         | CUSIP: 68877AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $47292.35     | 0.00%             | 2030-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| ALGONQUIN PWR &  S/UP 06/15/26                | ALGONQUIN PWR & UTILITY REGD S/UP 5.36500000                                                   | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |      753000 | PA      | $758436.91    | 0.01%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC 5.75% 09/15/33                | HILTON DOMESTIC OPERATIN REGD 144A P/P 5.75000000                                              | CUSIP: 432833AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1240000 | PA      | $1256504.40   | 0.01%             | 2033-09-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| TOPBUILD CORP 3.625% 03/15/29                 | TOPBUILD CORP REGD 144A P/P 3.62500000                                                         | CUSIP: 89055FAB9<br>LEI: 5493007YSKHOL4RWII46 | Long             | DBT              | CORP              | US        |      760000 | PA      | $728298.57    | 0.01%             | 2029-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| ELANCO ANIMAL H 6.65% 08/28/28                | ELANCO ANIMAL HEALTH INC REGD SER WI 6.65000000                                                | CUSIP: 28414HAG8<br>LEI: 549300SHPNDCE059M934 | Long             | DBT              | CORP              | US        |       80000 | PA      | $83189.12     | 0.00%             | 2028-08-28      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| TOLEDO HOSPITA 5.325% 11/15/28                | TOLEDO HOSPITAL/THE REGD SER B 5.32500000                                                      | CUSIP: 889184AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      160000 | PA      | $164379.42    | 0.00%             | 2028-11-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDI 4.75% 06/15/28                | ENERGIZER HOLDINGS INC REGD 144A P/P 4.75000000                                                | CUSIP: 29272WAC3<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |       60000 | PA      | $58937.53     | 0.00%             | 2028-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BURFORD CAPITAL 9.25% 07/01/31                | BURFORD CAPITAL GLBL FIN REGD 144A P/P 9.25000000                                              | CUSIP: 12116LAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      220000 | PA      | $233759.46    | 0.00%             | 2031-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| CHEMOURS CO 8% 01/15/33                       | CHEMOURS CO REGD 144A P/P 8.00000000                                                           | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     2459000 | PA      | $2445595.50   | 0.03%             | 2033-01-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| FINANCE OF AME 7.875% 11/30/26                | FINANCE OF AMERICA FUNDI REGD 144A P/P 7.87500000                                              | CUSIP: 317386AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $27600.00     | 0.00%             | 2026-11-30      | Variable      | 7.88%                 | Yes           |                  2 | On Loan: No      |
| KNIFE RIVER COR 7.75% 05/01/31                | KNIFE RIVER CORP REGD 144A P/P 7.75000000                                                      | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      140000 | PA      | $146899.34    | 0.00%             | 2031-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| BOOTS GRO 5.375% 08/31/32/EUR/                | BOOTS GROUP FINCO LP /EUR/ REGD 144A P/P 5.37500000                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |     9570000 | PA      | $11558736.86  | 0.13%             | 2032-08-31      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PA 7.875% 03/01/57                | REPUBLIC OF PANAMA REGD 7.87500000                                                             | CUSIP: 698299BZ6<br>LEI: N/A                  | Long             | DBT              | USGA              | PA        |     4000000 | PA      | $4501600.00   | 0.05%             | 2057-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NOVELIS S 3.375% 04/15/29/EUR/                | NOVELIS SHEET INGOT GMBH /EUR/ REGD REG S EMTN 3.37500000                                      | CUSIP: D5S2AVAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     2640000 | PA      | $3017629.13   | 0.03%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II L 8% 04/15/30                | NOBLE FINANCE II LLC REGD 144A P/P 8.00000000                                                  | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3508000 | PA      | $3631003.64   | 0.04%             | 2030-04-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| FIBER MID 10.75% 06/15/29/EUR/                | FIBER MIDCO SPA /EUR/ REGD REG S 10.75000000                                                   | CUSIP: T42186AA3<br>LEI: 8156000AFE5C06C4D309 | Long             | DBT              | CORP              | IT        |      100000 | PA      | $108532.88    | 0.00%             | 2029-06-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGI 4.5% 01/15/29                | LUMEN TECHNOLOGIES INC REGD 144A P/P 4.50000000                                                | CUSIP: 156700BD7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |       50000 | PA      | $45598.92     | 0.00%             | 2029-01-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| ENBRIDGE INC V/R 03/15/55                     | ENBRIDGE INC REGD V/R 7.37500000                                                               | CUSIP: 29250NCG8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     1688000 | PA      | $1785750.39   | 0.02%             | 2055-03-15      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER  6.25% 10/01/33                | LIGHT & WONDER INTL INC REGD 144A P/P 6.25000000                                               | CUSIP: 531968AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3617000 | PA      | $3623148.90   | 0.04%             | 2033-10-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| ADLER FINA 8.25% 12/31/28/EUR/                | ADLER FINANCING SARL /EUR/ REGD SER 1L 8.25000000                                              | CUSIP: L5R77RAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | LU        |    16302701 | PA      | $20373096.45  | 0.22%             | 2028-12-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPA V/R /PERP/                | WELLS FARGO & COMPANY REGD V/R /PERP/ 6.85000000                                               | CUSIP: 95002YAC7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     2015000 | PA      | $2117837.54   | 0.02%             | 2174-09-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSH 4.5% 06/15/29                | MARRIOTT OWNERSHIP RESOR REGD 144A P/P 4.50000000                                              | CUSIP: 57164PAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $38596.05     | 0.00%             | 2029-06-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FINANCIN 5.75% 08/15/29                | ALTICE FINANCING SA REGD 144A P/P 5.75000000                                                   | CUSIP: 02154CAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     9819000 | PA      | $7388797.50   | 0.08%             | 2029-08-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC O 6.95% 08/12/31/PEN/                | REPUBLIC OF PERU /PEN/ REGD REG S 6.95000000                                                   | CUSIP: 715638BE1<br>LEI: N/A                  | Long             | DBT              | USGA              | PE        |     3800000 | PA      | $1212758.01   | 0.01%             | 2031-08-12      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUN 5.3% 05/15/49                | DISCOVERY COMMUNICATIONS REGD SER * 5.30000000                                                 | CUSIP: 25470DBU2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $45000.00     | 0.00%             | 2049-05-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| MGIC INVESTMENT 5.25% 08/15/28                | MGIC INVESTMENT CORP REGD 5.25000000                                                           | CUSIP: 552848AG8<br>LEI: 254900S8483WM4M98R28 | Long             | DBT              | CORP              | US        |      475000 | PA      | $474143.09    | 0.01%             | 2028-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EMBARQ LLC 7.995% 06/01/36                    | EMBARQ LLC REGD 7.99500000                                                                     | CUSIP: 29078EAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $72750.00     | 0.00%             | 2036-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DREAM FINDERS  6.875% 09/15/30                | DREAM FINDERS HOMES INC REGD 144A P/P 6.87500000                                               | CUSIP: 26154DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      835000 | PA      | $840218.75    | 0.01%             | 2030-09-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CITGO PETROLEU 8.375% 01/15/29                | CITGO PETROLEUM CORP REGD 144A P/P 8.37500000                                                  | CUSIP: 17302XAN6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7660000 | PA      | $7957989.32   | 0.09%             | 2029-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| T/L ALLIED UNIVERS 0% 08/06/32                | T/L ALLIED UNIVERSAL HOLDCO    LLC REGD TERM LOAN 0.00000000                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3288169 | PA      | $3298625.20   | 0.04%             | 2032-08-06      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE I 6.5% 01/15/31                | AMN HEALTHCARE INC REGD 144A P/P 6.50000000                                                    | CUSIP: 00175PAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1062000 | PA      | $1065762.00   | 0.01%             | 2031-01-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MATADOR RESOURCE 6.5% 04/15/32                | MATADOR RESOURCES CO REGD 144A P/P 6.50000000                                                  | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |     4261000 | PA      | $4301407.06   | 0.05%             | 2032-04-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| SCOTTS MIRACLE-G 4.5% 10/15/29                | SCOTTS MIRACLE-GRO CO REGD SER WI 4.50000000                                                   | CUSIP: 810186AS5<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |       20000 | PA      | $19429.62     | 0.00%             | 2029-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VM CONSOLIDATED  5.5% 04/15/29                | VM CONSOLIDATED INC REGD 144A P/P 5.50000000                                                   | CUSIP: 91835HAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $29845.16     | 0.00%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BLOCK COMMUNIC 4.875% 03/01/28                | BLOCK COMMUNICATIONS INC REGD 144A P/P 4.87500000                                              | CUSIP: 093645AJ8<br>LEI: M5G68A9OHJWIL4SFC742 | Long             | DBT              | CORP              | US        |       80000 | PA      | $76615.05     | 0.00%             | 2028-03-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| EZCORP INC 7.375% 04/01/32                    | EZCORP INC REGD 144A P/P 7.37500000                                                            | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |       50000 | PA      | $53274.40     | 0.00%             | 2032-04-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| HAWAIIAN ELEC CO 6% 10/01/33                  | HAWAIIAN ELEC CO REGD 144A P/P 6.00000000                                                      | CUSIP: 419866AV0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      444000 | PA      | $447675.57    | 0.00%             | 2033-10-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| NEPTUNE BIDCO U 9.29% 04/15/29                | NEPTUNE BIDCO US INC REGD 144A P/P 9.29000000                                                  | CUSIP: 640695AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6605000 | PA      | $6477457.45   | 0.07%             | 2029-04-15      | Fixed         | 9.29%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS XS1791937441 01.000 BP 06/20/2034 BARCGB5GXXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-25511.36    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOMNIGROUP INT 3.875% 10/15/31                | SOMNIGROUP INTL INC REGD 144A P/P 3.87500000                                                   | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |      275000 | PA      | $251605.20    | 0.00%             | 2031-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| MASTERBRAND INC 7% 07/15/32                   | MASTERBRAND INC REGD 144A P/P 7.00000000                                                       | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |      110000 | PA      | $113685.99    | 0.00%             | 2032-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| PUMA INTERNATIO 7.75% 04/25/29                | PUMA INTERNATIONAL FINAN REGD 144A P/P 7.75000000                                              | CUSIP: 74588YAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      260000 | PA      | $269005.30    | 0.00%             | 2029-04-25      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| FORESTAR GROUP I 6.5% 03/15/33                | FORESTAR GROUP INC REGD 144A P/P 6.50000000                                                    | CUSIP: 346232AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2355000 | PA      | $2409159.53   | 0.03%             | 2033-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| UNIVERSAL HEAL 4.625% 10/15/29                | UNIVERSAL HEALTH SVCS REGD 4.62500000                                                          | CUSIP: 913903BB5<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |      353000 | PA      | $352725.86    | 0.00%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INTL 0% 10/23/25                 | CROWN CASTLE INTL 0% 10/23/25 0.00000000                                                       | CUSIP: 22823PXP3<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |      628000 | PA      | $626139.68    | 0.01%             | 2025-10-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX C 6% 11/01/28                | SMYRNA READY MIX CONCRET REGD 144A P/P 6.00000000                                              | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     3071000 | PA      | $3071838.38   | 0.03%             | 2028-11-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| HILTON DOMESTIC OP 4% 05/01/31                | HILTON DOMESTIC OPERATIN REGD 144A P/P 4.00000000                                              | CUSIP: 432833AL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      290000 | PA      | $274371.73    | 0.00%             | 2031-05-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| T/L OLYMPUS WATER 0% 06/20/31                 | T/L OLYMPUS WATER US HOLDING   CORPORATION 0.00000000                                          | CUSIP: 68163YAJ4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1072306 | PA      | $1060692.70   | 0.01%             | 2031-06-20      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| LADAR 2024-2A  5.61% 12/16/26                 | LAD AUTO RECEIVABLES TRUST 2024-2 SER 2024-2A CL A3 REGD 144A P/P 5.61000000                   | CUSIP: 505920AC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1091037 | PA      | $1098462.35   | 0.01%             | 2028-08-15      | Fixed         | 5.61%                 | Yes           |                  2 | On Loan: No      |
| LCPR SR SECURED 6.75% 10/15/27                | LCPR SR SECURED FIN DAC REGD 144A P/P 6.75000000                                               | CUSIP: 50201DAA1<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |     4917000 | PA      | $2950200.00   | 0.03%             | 2027-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CABLEVISION LI 3.875% 09/15/27                | CABLEVISION LIGHTPATH REGD 144A P/P 3.87500000                                                 | CUSIP: 12687GAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6442000 | PA      | $6252233.50   | 0.07%             | 2027-09-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| WHIRLPOOL CORP 6.5% 06/15/33                  | WHIRLPOOL CORP REGD 6.50000000                                                                 | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     4342000 | PA      | $4331356.46   | 0.05%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PLT VII FINAN 6% 06/15/31/EUR/                | PLT VII FINANCE SARL /EUR/ REGD REG S 6.00000000                                               | CUSIP: L6076NAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      775000 | PA      | $946672.72    | 0.01%             | 2031-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MAYA SAS/FRANCE 7% 10/15/28                   | MAYA SAS/FRANCE REGD 144A P/P 7.00000000                                                       | CUSIP: 449691AC8<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |     4733000 | PA      | $4810919.38   | 0.05%             | 2028-10-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS R13.615PBZDIOVRA 01/02/29 WFSL FIXED                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | BR        |           1 | NC      | $56609.31     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| XEROX CORPORAT 10.25% 10/15/30                | XEROX CORPORATION REGD 144A P/P 10.25000000                                                    | CUSIP: 984121CS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $50791.80     | 0.00%             | 2030-10-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| CHEPLAPHA 7.125% 06/15/31/EUR/                | CHEPLAPHARM ARZNEIMITTEL /EUR/ REGD 144A P/P 7.12500000                                        | CUSIP: N/A<br>LEI: 529900ONXKBELT7EW052       | Long             | DBT              | CORP              | DE        |     5612000 | PA      | $6743423.49   | 0.07%             | 2031-06-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| CONTOURGL 3.125% 01/01/28/EUR/                | CONTOURGLOBAL POWER HLDG /EUR/ REGD REG S 3.12500000                                           | CUSIP: L1963LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     3370000 | PA      | $3927327.59   | 0.04%             | 2028-01-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| N/A                                           | PEN/USD FWD 20260526 000000908 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-43334.01    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| VOLKSWAGEN INT V/R /PERP//EUR/                | VOLKSWAGEN INTL FIN NV /EUR/ REGD V/R /PERP/ REG S SER PNC5 7.50000000                         | CUSIP: N93695UF4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      900000 | PA      | $1155710.04   | 0.01%             | 2174-09-06      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| LFT 2021-2A A 2% 01/20/28                     | LENDMARK FUNDING TRUST 2021-2 SER 2021-2A CL A REGD 144A P/P 2.00000000                        | CUSIP: 52604DAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      915000 | PA      | $879806.90    | 0.01%             | 2032-04-20      | Fixed         | 2.00%                 | Yes           |                  2 | On Loan: No      |
| TEVA PHARMACEUTICA 6% 12/01/32                | TEVA PHARMACEUTICALS NE REGD 6.00000000                                                        | CUSIP: 88167AAT8<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      923000 | PA      | $961373.73    | 0.01%             | 2032-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP 4% 12/01/27                   | SEALED AIR CORP REGD 144A P/P 4.00000000                                                       | CUSIP: 81211KAY6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |      807000 | PA      | $791901.28    | 0.01%             | 2027-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| KRONOS INTE 9.5% 03/15/29/EUR/                | KRONOS INTERNATIONAL INC /EUR/ REGD REG S 9.50000000                                           | CUSIP: U5010PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      297000 | PA      | $367459.65    | 0.00%             | 2029-03-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| JERROLD FIN 7.5% 06/15/31/GBP/                | JERROLD FINCO PLC /GBP/ REGD REG S 7.50000000                                                  | CUSIP: G5084TAL1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     2850000 | PA      | $3918525.54   | 0.04%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS 4.75% 01/15/28                | CHURCHILL DOWNS INC REGD 144A P/P 4.75000000                                                   | CUSIP: 171484AE8<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |      130000 | PA      | $128267.98    | 0.00%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SOU 4.85% 09/30/29                | REPUBLIC OF SOUTH AFRICA REGD SER 10Y 4.85000000                                               | CUSIP: 836205BA1<br>LEI: N/A                  | Long             | DBT              | USGA              | ZA        |     3000000 | PA      | $2966065.41   | 0.03%             | 2029-09-30      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ASSURANT INC 4.9% 03/27/28                    | ASSURANT INC REGD 4.90000000                                                                   | CUSIP: 04621XAJ7<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |      202000 | PA      | $204381.18    | 0.00%             | 2028-03-27      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| INTRUM INV 7.75% 09/11/28/EUR/                | INTRUM INV AND FIN /EUR/ REGD SER 1 7.75000000                                                 | CUSIP: W5911DAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |      223013 | PA      | $231127.41    | 0.00%             | 2028-09-11      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| APH/APH2/APH3/ 7.875% 11/01/29                | APH/APH2/APH3/AQUARIAN REGD 144A P/P 7.87500000                                                | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2807000 | PA      | $2929441.34   | 0.03%             | 2029-11-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| AFFRM 2024-A 1 5.61% 02/17/26                 | AFFIRM ASSET SECURITIZATION TRUST 2024-A SER 2024-A CL 1A REGD 144A P/P 5.61000000             | CUSIP: 00834BAF4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      920000 | PA      | $924205.41    | 0.01%             | 2029-02-15      | Fixed         | 5.61%                 | Yes           |                  2 | On Loan: No      |
| ENERGIZER HOLD 4.375% 03/31/29                | ENERGIZER HOLDINGS INC REGD 144A P/P 4.37500000                                                | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |      330000 | PA      | $316510.34    | 0.00%             | 2029-03-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| ENERGY TRANSFER LP 6% 02/01/29                | ENERGY TRANSFER LP REGD 144A P/P 6.00000000                                                    | CUSIP: 226373AR9<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     1201000 | PA      | $1218138.46   | 0.01%             | 2029-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS RBZDIOVRAP14.245 01/04/27 WFSL FLOAT                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | BR        |           1 | NC      | $-73725.11    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NRG ENERGY INC 5.75% 07/15/29                 | NRG ENERGY INC REGD 144A P/P 5.75000000                                                        | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     2220000 | PA      | $2209489.85   | 0.02%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| SCFET 2025-1A  5.11% 11/21/33                 | SCF EQUIPMENT TRUST 2016-1 LLC SER 2025-1A CL A3 REGD 144A P/P 5.11000000                      | CUSIP: 78437DAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      415000 | PA      | $424809.94    | 0.00%             | 2033-11-21      | Fixed         | 5.11%                 | Yes           |                  2 | On Loan: No      |
| GATX CORP 5.4% 03/15/27                       | GATX CORP REGD 5.40000000                                                                      | CUSIP: 361448BP7<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |      100000 | PA      | $101458.48    | 0.00%             | 2027-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| T/L REPUBLIC OF 0% 06/20/2030                 | T/L REPUBLIC OF TANZANIA TL    SOFR REGD ZCP TERM LOAN 0.00000000                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5000000 | PA      | $4981250.00   | 0.05%             | 2030-06-20      | Floating      | 9.71%                 | No            |                  3 | On Loan: No      |
| PENNYMAC FIN S 6.875% 05/15/32                | PENNYMAC FIN SVCS INC REGD 144A P/P 6.87500000                                                 | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     5201000 | PA      | $5389260.65   | 0.06%             | 2032-05-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| T/L CLOUD SOFT 00.00% 03/21/31                | T/L CLOUD SOFTWARE GROUP INC. 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     4809873 | PA      | $4826419.35   | 0.05%             | 2031-03-21      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL G 8.5% 05/15/30                | ENCORE CAPITAL GROUP INC REGD 144A P/P 8.50000000                                              | CUSIP: 292554AR3<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |      985000 | PA      | $1045997.43   | 0.01%             | 2030-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| PERRIGO FINANCE  4.9% 12/15/44                | PERRIGO FINANCE UNLIMITD REGD 4.90000000                                                       | CUSIP: 714295AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |       30000 | PA      | $24227.30     | 0.00%             | 2044-12-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP V/R /PERP/                | GOLDMAN SACHS GROUP INC REGD V/R /PERP/ SER Y 6.12500000                                       | CUSIP: 38141GB52<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     8008000 | PA      | $8128389.63   | 0.09%             | 2174-05-10      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| SEASPAN CORP 5.5% 08/01/29                    | SEASPAN CORP REGD 144A P/P 5.50000000                                                          | CUSIP: 81254UAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | MH        |      170000 | PA      | $163903.43    | 0.00%             | 2029-08-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| NATIONAL BAN V/R 06/28/35/EUR/                | NATIONAL BANK GREECE SA /EUR/ REGD V/R REG S EMTN SER GMTN 5.87500000                          | CUSIP: X56169BM0<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | DBT              | CORP              | GR        |     9550000 | PA      | $12061792.62  | 0.13%             | 2035-06-28      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO 7.5% 07/17/30                 | NISSAN MOTOR CO REGD 144A P/P 7.50000000                                                       | CUSIP: 654922AB9<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     3490000 | PA      | $3662472.31   | 0.04%             | 2030-07-17      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| B&M EUROPEA 6.5% 11/27/31/GBP/                | B&M EUROPEAN VALUE RET /GBP/ REGD REG S 6.50000000                                             | CUSIP: L0594CAA0<br>LEI: 213800UK7ZRLY2K1X530 | Long             | DBT              | CORP              | LU        |      166000 | PA      | $226178.27    | 0.00%             | 2031-11-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| IVORY COAS 5.25% 03/22/30/EUR/                | IVORY COAST /EUR/ REGD REG S 5.25000000                                                        | CUSIP: V73789BE4<br>LEI: N/A                  | Long             | DBT              | USGA              | CI        |     3500000 | PA      | $4097714.41   | 0.05%             | 2030-03-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FRST STU BID/FRST  4% 07/31/29                | FRST STU BID/FRST TRANS REGD 144A P/P 4.00000000                                               | CUSIP: 337120AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $85571.99     | 0.00%             | 2029-07-31      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| LADAR 2024-3A  4.64% 06/15/26                 | LAD AUTO RECEIVABLES TRUST 2024-3 SER 2024-3A CL A2 REGD 144A P/P 4.64000000                   | CUSIP: 505709AB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      252790 | PA      | $252960.40    | 0.00%             | 2027-11-15      | Fixed         | 4.64%                 | Yes           |                  2 | On Loan: No      |
| ALPHA GENERATIO 6.75% 10/15/32                | ALPHA GENERATION LLC REGD 144A P/P 6.75000000                                                  | CUSIP: 02073LAA9<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |     2733000 | PA      | $2823137.08   | 0.03%             | 2032-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| DELEK LOG PART 7.125% 06/01/28                | DELEK LOG PART/FINANCE REGD 144A P/P 7.12500000                                                | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      170000 | PA      | $170499.29    | 0.00%             | 2028-06-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| ARDAGH PK 2.125% 08/15/26/EUR/                | ARDAGH PKG FIN/HLDGS USA /EUR/ REGD REG S 2.12500000                                           | CUSIP: G0457JAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |      985000 | PA      | $1124557.32   | 0.01%             | 2026-08-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS/CANAD 5.25% 07/15/29                | SIX FLAGS/CANADA WON REGD 5.25000000                                                           | CUSIP: 150190AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $67696.25     | 0.00%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS  4.5% 02/15/28                | STATION CASINOS LLC REGD 144A P/P 4.50000000                                                   | CUSIP: 857691AG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1299000 | PA      | $1277140.30   | 0.01%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| COMMSCOPE LLC 8.25% 03/01/27                  | COMMSCOPE LLC REGD 144A P/P 8.25000000                                                         | CUSIP: 20338QAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      482000 | PA      | $487163.67    | 0.01%             | 2027-03-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| TURK IHRACAT KR  7.5% 02/06/28                | TURK IHRACAT KR BK REGD 144A P/P 7.50000000                                                    | CUSIP: 90015LAJ6<br>LEI: N/A                  | Long             | DBT              | USGA              | TR        |      500000 | PA      | $516594.29    | 0.01%             | 2028-02-06      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| VERISURE H 9.25% 10/15/27/EUR/                | VERISURE HOLDING AB /EUR/ REGD REG S 9.25000000                                                | CUSIP: W9821DAR5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | SE        |      252800 | PA      | $304427.84    | 0.00%             | 2027-10-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BUBBLES BID 6.5% 09/30/31/EUR/                | BUBBLES BIDCO SPA /EUR/ REGD 144A P/P 6.50000000                                               | CUSIP: N/A<br>LEI: 815600073942740CEB24       | Long             | DBT              | CORP              | IT        |     2888000 | PA      | $3472825.99   | 0.04%             | 2031-09-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| TRITON CONTAINE 2.05% 04/15/26                | TRITON CONTAINER REGD 144A P/P 2.05000000                                                      | CUSIP: 89680YAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     1133000 | PA      | $1118768.39   | 0.01%             | 2026-04-15      | Fixed         | 2.05%                 | Yes           |                  2 | On Loan: No      |
| VERISURE HO 5.5% 05/15/30/EUR/                | VERISURE HOLDING AB /EUR/ REGD REG S 5.50000000                                                | CUSIP: W9821DAT1<br>LEI: N/A                  | Long             | DBT              | CORP              | SE        |     7274000 | PA      | $8864222.54   | 0.10%             | 2030-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WO 6.625% 10/01/30                | BATH & BODY WORKS INC REGD 144A P/P 6.62500000                                                 | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |       90000 | PA      | $91983.01     | 0.00%             | 2030-10-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| PENN ENTERTAIN 5.625% 01/15/27                | PENN ENTERTAINMENT INC REGD 144A P/P 5.62500000                                                | CUSIP: 707569AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2399000 | PA      | $2397450.96   | 0.03%             | 2027-01-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| SAFEWAY INC 7.25% 02/01/31                    | SAFEWAY INC REGD 7.25000000                                                                    | CUSIP: 786514BA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $54013.55     | 0.00%             | 2031-02-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTI 5.875% 04/01/29                | HILTON DOMESTIC OPERATIN REGD 144A P/P 5.87500000                                              | CUSIP: 432833AP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1150000 | PA      | $1175179.25   | 0.01%             | 2029-04-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| KOSMOS ENERGY L 8.75% 10/01/31                | KOSMOS ENERGY LTD REGD 144A P/P 8.75000000                                                     | CUSIP: 500688AJ5<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |      550000 | PA      | $426668.94    | 0.00%             | 2031-10-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE  7% 09/15/28                | SUNOCO LP/FINANCE CORP REGD 144A P/P 7.00000000                                                | CUSIP: 86765KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $41233.24     | 0.00%             | 2028-09-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| KINGDOM OF BAH 5.625% 09/30/31                | KINGDOM OF BAHRAIN REGD REG S 5.62500000                                                       | CUSIP: M63633BW6<br>LEI: N/A                  | Long             | DBT              | USGA              | BH        |     3700000 | PA      | $3713042.91   | 0.04%             | 2031-09-30      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ROMANIA 3.375% 01/28/50/EUR/                  | ROMANIA /EUR/ REGD REG S EMTN 3.37500000                                                       | CUSIP: X7360WBF8<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |      600000 | PA      | $442493.36    | 0.00%             | 2050-01-28      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| T/L ATLAS LU 0% 08/06/32 /EUR/                | T/L ATLAS LUXCO 4 S.A.R.L.     REGD /EUR/ 0.00000000                                           | CUSIP: 01957TAY3<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |     6580000 | PA      | $7741780.91   | 0.09%             | 2032-08-06      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCA 6.125% 06/15/30                | TENET HEALTHCARE CORP REGD 6.12500000                                                          | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |      240000 | PA      | $243129.36    | 0.00%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC V/R /PERP/                  | RAKUTEN GROUP INC REGD V/R /PERP/ 144A P/P 8.12500000                                          | CUSIP: 75102WAM0<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |     1019000 | PA      | $1058760.89   | 0.01%             | 2174-06-15      | Variable      | 8.12%                 | Yes           |                  2 | On Loan: No      |
| ACCO BRANDS COR 4.25% 03/15/29                | ACCO BRANDS CORP REGD 144A P/P 4.25000000                                                      | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |     4969000 | PA      | $4487743.91   | 0.05%             | 2029-03-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| ALTICE FRANCE  5.125% 07/15/29                | ALTICE FRANCE SA REGD 144A P/P 5.12500000                                                      | CUSIP: 02156LAF8<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     6350000 | PA      | $5422900.00   | 0.06%             | 2029-07-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| GGAM FINANCE L 6.875% 04/15/29                | GGAM FINANCE LTD REGD 144A P/P 6.87500000                                                      | CUSIP: 36170JAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     2343000 | PA      | $2429695.69   | 0.03%             | 2029-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| US T BILL ZCP 10/09/25                        | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797QE0<br>LEI: N/A                  | Long             | STIV             | UST               | US        |       61000 | PA      | $60945.12     | 0.00%             | 2025-10-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERV 6.75% 10/01/35                | KODIAK GAS SERVICES LLC REGD 144A P/P 6.75000000                                               | CUSIP: 50012LAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2664000 | PA      | $2736231.51   | 0.03%             | 2035-10-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CONSTELLIUM SE 6.375% 08/15/32                | CONSTELLIUM SE REGD 144A P/P 6.37500000                                                        | CUSIP: 21039CAD6<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |     3786000 | PA      | $3870234.71   | 0.04%             | 2032-08-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF EL  9.65% 11/21/54                | REPUBLIC OF EL SALVADOR REGD 144A P/P 9.65000000                                               | CUSIP: 283875CG5<br>LEI: N/A                  | Long             | DBT              | USGA              | SV        |     5100000 | PA      | $5508000.00   | 0.06%             | 2054-11-21      | Fixed         | 9.65%                 | Yes           |                  2 | On Loan: No      |
| CSC HOLDINGS LLC 7.5% 04/01/28                | CSC HOLDINGS LLC REGD P/P 7.50000000                                                           | CUSIP: 126307AY3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      630000 | PA      | $456231.51    | 0.01%             | 2028-04-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| CLEARWAY ENERGY 3.75% 02/15/31                | CLEARWAY ENERGY OP LLC REGD 144A P/P 3.75000000                                                | CUSIP: 18539UAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $36719.91     | 0.00%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| HEALTHEQUITY INC 4.5% 10/01/29                | HEALTHEQUITY INC REGD 144A P/P 4.50000000                                                      | CUSIP: 42226AAA5<br>LEI: 529900LRJU1RAFQHM467 | Long             | DBT              | CORP              | US        |     4777000 | PA      | $4631318.22   | 0.05%             | 2029-10-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| OEG FINANC 7.25% 09/27/29/EUR/                | OEG FINANCE PLC /EUR/ REGD REG S 7.25000000                                                    | CUSIP: G670A8AA2<br>LEI: 254900KMBHWF9UK63G44 | Long             | DBT              | CORP              | GB        |     3706000 | PA      | $4547600.81   | 0.05%             | 2029-09-27      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRIS 5.25% 05/15/27                | ICAHN ENTERPRISES/FIN REGD SER WI 5.25000000                                                   | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6511000 | PA      | $6395850.36   | 0.07%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AG ISSUER LLC 6.25% 03/01/28                  | AG ISSUER LLC REGD 144A P/P 6.25000000                                                         | CUSIP: 00119LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      372000 | PA      | $372704.57    | 0.00%             | 2028-03-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| AMKOR TECHNOLO 6.625% 09/15/27                | AMKOR TECHNOLOGY INC REGD 144A P/P 6.62500000                                                  | CUSIP: 031652BK5<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |       60000 | PA      | $60017.34     | 0.00%             | 2027-09-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| HUNGARY 6.125% 05/22/28                       | HUNGARY REGD REG S 6.12500000                                                                  | CUSIP: X93622GK2<br>LEI: N/A                  | Long             | DBT              | USGA              | HU        |     2100000 | PA      | $2192100.44   | 0.02%             | 2028-05-22      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEU 7.875% 09/15/29                | TEVA PHARMACEUTICALS NE REGD SER .* 7.87500000                                                 | CUSIP: 88167AAS0<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      312000 | PA      | $340498.70    | 0.00%             | 2029-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| T/L SABRE GLBL IN ZCP 06/30/28                | T/L SABRE GLBL INC REGD ZCP TERM LOAN 0.00000000                                               | CUSIP: 78571YBH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       36833 | PA      | $34223.66     | 0.00%             | 2028-06-30      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANC 7.875% 03/15/30                | ONEMAIN FINANCE CORP REGD 7.87500000                                                           | CUSIP: 682691AE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1951000 | PA      | $2064623.37   | 0.02%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| HELIOS SO 7.875% 05/01/29/EUR/                | HELIOS SOFT/ION CORP SOL /EUR/ REGD REG S 7.87500000                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      594000 | PA      | $729731.68    | 0.01%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDX 2I667KKW7 05.000 SP 12/20/2029 GSISW LONG                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $19801.07     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LABL INC 8.625% 10/01/31                      | LABL INC REGD 144A P/P 8.62500000                                                              | CUSIP: 50168QAF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5732000 | PA      | $4210920.38   | 0.05%             | 2031-10-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| XPO CNW INC 6.7% 05/01/34                     | XPO CNW INC REGD 6.70000000                                                                    | CUSIP: 12612WAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       10000 | PA      | $10712.50     | 0.00%             | 2034-05-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FO 6.125% 09/15/32                | PERFORMANCE FOOD GROUP I REGD 144A P/P 6.12500000                                              | CUSIP: 71376LAF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3020000 | PA      | $3093395.12   | 0.03%             | 2032-09-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| TRAVEL + LEISU 4.625% 03/01/30                | TRAVEL + LEISURE CO REGD 144A P/P 4.62500000                                                   | CUSIP: 98310WAQ1<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |       90000 | PA      | $86748.44     | 0.00%             | 2030-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FEDRIGONI SP V/R 01/15/30/EUR/                | FEDRIGONI SPA /EUR/ REGD V/R REG S 6.00000000                                                  | CUSIP: T4R25YAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |      100000 | PA      | $117112.95    | 0.00%             | 2030-01-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMM 3.625% 05/15/30                | DISCOVERY COMMUNICATIONS REGD SER * 3.62500000                                                 | CUSIP: 25470DCC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      170000 | PA      | $156939.34    | 0.00%             | 2030-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| WILDFIRE INTERME 7.5% 10/15/29                | WILDFIRE INTERMEDIATE HO REGD 144A P/P 7.50000000                                              | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |     2592000 | PA      | $2619091.58   | 0.03%             | 2029-10-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| IMPERIAL BRAND 6.125% 07/27/27                | IMPERIAL BRANDS FIN PLC REGD 144A P/P 6.12500000                                               | CUSIP: 45262BAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      403000 | PA      | $415952.73    | 0.00%             | 2027-07-27      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| UZBEK INDUSTRIA 8.95% 07/24/29                | UZBEK INDUSTRIAL AND CON REGD 144A P/P 8.95000000                                              | CUSIP: 917935AA6<br>LEI: 213800C2NIFPFTXYIU69 | Long             | DBT              | CORP              | UZ        |     1000000 | PA      | $1083124.62   | 0.01%             | 2029-07-24      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| EDISON INTERNATIONA V/R /PERP/                | EDISON INTERNATIONAL REGD V/R /PERP/ SER A 5.37500000                                          | CUSIP: 281020AS6<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     3109000 | PA      | $3020824.41   | 0.03%             | 2174-09-15      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LIST 5.25% 05/15/47                | PERUSAHAAN LISTRIK NEGAR REGD REG S EMTN 5.25000000                                            | CUSIP: 71568QAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | ID        |     1400000 | PA      | $1283815.26   | 0.01%             | 2047-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LEVI STRAUSS  4% 08/15/30/EUR/                | LEVI STRAUSS & CO /EUR/ REGD 144A P/P 4.00000000                                               | CUSIP: N/A<br>LEI: MB0UERO0RDFKU8258G77       | Long             | DBT              | CORP              | US        |     9940000 | PA      | $11841896.06  | 0.13%             | 2030-08-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| GOLDSTORY SA V/R 02/01/30/EUR/                | GOLDSTORY SASU /EUR/ REGD V/R REG S 6.01700000                                                 | CUSIP: F4R5A5AD5<br>LEI: 969500NWR67ONUJD4A26 | Long             | DBT              | CORP              | FR        |      100000 | PA      | $118852.48    | 0.00%             | 2030-02-01      | Variable      | 6.02%                 | No            |                  2 | On Loan: No      |
| BRANDYWINE OPER 3.95% 11/15/27                | BRANDYWINE OPER PARTNERS REGD 3.95000000                                                       | CUSIP: 105340AQ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $97861.64     | 0.00%             | 2027-11-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BLACKROCK TCP C 6.95% 05/30/29                | BLACKROCK TCP CAP CORP REGD 6.95000000                                                         | CUSIP: 09259EAC2<br>LEI: 549300JU1XG1HF56J989 | Long             | DBT              | CORP              | US        |       80000 | PA      | $82508.41     | 0.00%             | 2029-05-30      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| KOREA NATIONAL 4.875% 04/03/29                | KOREA NATIONAL OIL CORP REGD REG S 4.87500000                                                  | CUSIP: Y4938AAL3<br>LEI: N/A                  | Long             | DBT              | USGA              | KR        |      200000 | PA      | $204509.47    | 0.00%             | 2029-04-03      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDS XS1632632037 01.000 SP 06/20/2030 CITIUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-49974.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & 7.75% 10/15/33                | AMERICAN AXLE & MFG INC REGD 144A P/P 7.75000000                                               | CUSIP: 02406PBD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3299000 | PA      | $3323487.05   | 0.04%             | 2033-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| US FOODS INC 7.25% 01/15/32                   | US FOODS INC REGD 144A P/P 7.25000000                                                          | CUSIP: 90290MAH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      635000 | PA      | $664649.42    | 0.01%             | 2032-01-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| MONGOLIA INTL  7.875% 06/05/29                | MONGOLIA INTL BOND REGD REG S 7.87500000                                                       | CUSIP: Y6142NAH1<br>LEI: N/A                  | Long             | DBT              | USGA              | MN        |      100000 | PA      | $106227.60    | 0.00%             | 2029-06-05      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| T/L BINGO HOLDING 0% 06/11/32                 | T/L BINGO HOLDINGS I LLC REGD 0.00000000                                                       | CUSIP: 09081AAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1700000 | PA      | $1697348.00   | 0.02%             | 2032-06-11      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES IN 7.25% 03/15/29                | PITNEY BOWES INC REGD 144A P/P 7.25000000                                                      | CUSIP: 724479AQ3<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |       50000 | PA      | $50589.95     | 0.00%             | 2029-03-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| LAMB WESTON HL 4.125% 01/31/30                | LAMB WESTON HLD REGD 144A P/P 4.12500000                                                       | CUSIP: 513272AD6<br>LEI: 5493005SMYID1D2OY946 | Long             | DBT              | CORP              | US        |     1698000 | PA      | $1630236.22   | 0.02%             | 2030-01-31      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC 6.75% 06/15/33                 | BOMBARDIER INC REGD 144A P/P 6.75000000                                                        | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     5015000 | PA      | $5233177.58   | 0.06%             | 2033-06-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| MAXIM CRANE WOR 11.5% 09/01/28                | MAXIM CRANE WORKS LLC REGD 144A P/P 11.50000000                                                | CUSIP: 57779EAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3521000 | PA      | $3729744.49   | 0.04%             | 2028-09-01      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| RAILWORKS HOLDI 8.25% 11/15/28                | RAILWORKS HOLDINGS LP/R REGD 144A P/P 8.25000000                                               | CUSIP: 75079MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $40465.40     | 0.00%             | 2028-11-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| IQVIA INC 5% 05/15/27                         | IQVIA INC REGD 144A P/P 5.00000000                                                             | CUSIP: 46266TAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      110000 | PA      | $109694.49    | 0.00%             | 2027-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MINERAL RESOURCES  7% 04/01/31                | MINERAL RESOURCES LTD REGD 144A P/P 7.00000000                                                 | CUSIP: 603051AF0<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |       58000 | PA      | $58695.26     | 0.00%             | 2031-04-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| T/L MH SUB I LLC 0% 05/03/28                  | T/L MH SUB I LLC MICRO HOLDING CORP REGD 0.00000000                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2716562 | PA      | $2609040.86   | 0.03%             | 2028-05-03      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| KEN GARFF AUTO 4.875% 09/15/28                | KEN GARFF AUTOMOTIVE LLC REGD 144A P/P 4.87500000                                              | CUSIP: 48850PAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       63000 | PA      | $61686.47     | 0.00%             | 2028-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| T/L REALPAGE INC 0% 04/24/28                  | T/L REALPAGE INC  REGD 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1311410 | PA      | $1314688.53   | 0.01%             | 2028-04-24      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| CENTRAIS ELETRIC 6.5% 01/11/35                | CENTRAIS ELETRICAS ELET REGD 144A P/P 6.50000000                                               | CUSIP: 15234VAA5<br>LEI: 254900I8KYDELP4B4Z08 | Long             | DBT              | CORP              | BR        |     1200000 | PA      | $1239000.00   | 0.01%             | 2035-01-11      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| GEN DIGITAL INC 6.25% 04/01/33                | GEN DIGITAL INC REGD 144A P/P 6.25000000                                                       | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     1560000 | PA      | $1592571.44   | 0.02%             | 2033-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| MSCI INC 3.625% 09/01/30                      | MSCI INC REGD 144A P/P 3.62500000                                                              | CUSIP: 55354GAK6<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |      203000 | PA      | $193799.98    | 0.00%             | 2030-09-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| CLARIOS GL 4.75% 06/15/31/EUR/                | CLARIOS GLOBAL LP/US FIN /EUR/ REGD 144A P/P 4.75000000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | N/A       |    14551000 | PA      | $17405497.84  | 0.19%             | 2031-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BUILDERS FIRSTS 6.75% 05/15/35                | BUILDERS FIRSTSOURCE INC REGD 144A P/P 6.75000000                                              | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     1640000 | PA      | $1712377.36   | 0.02%             | 2035-05-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NEW GOLD INC 6.875% 04/01/32                  | NEW GOLD INC REGD 144A P/P 6.87500000                                                          | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |     3908000 | PA      | $4093082.88   | 0.05%             | 2032-04-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS CORP 7.375% 07/01/28                 | DISH DBS CORP REGD 7.37500000                                                                  | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4193000 | PA      | $3836595.00   | 0.04%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG 12.25% 03/30/29                  | AMS-OSRAM AG REGD 144A P/P 12.25000000                                                         | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |       80000 | PA      | $85766.56     | 0.00%             | 2029-03-30      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| AGL 2019-1A ARR V/R 10/20/34                  | AGL CLO 1 LTD SER 2019-1A CL ARR V/R REGD 144A P/P 5.52549000                                  | CUSIP: 00119HAQ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1860000 | PA      | $1861711.57   | 0.02%             | 2034-10-20      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL  4.3% 09/24/27                | HYUNDAI CAPITAL AMERICA REGD 144A P/P 4.30000000                                               | CUSIP: 44891ADF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      417000 | PA      | $416898.56    | 0.00%             | 2027-09-24      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| BLACK 2021-1A A1 V/R 11/22/34                 | BLACK DIAMOND CLO 2021-1 LTD SER 2021-1A CL A1AR V/R REGD 144A P/P 5.56894000                  | CUSIP: 09204WAF1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      550000 | PA      | $550511.56    | 0.01%             | 2034-11-22      | Variable      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| TURKIYE VAKIFLA 7.25% 07/31/30                | TURKIYE VAKIFLAR BANKASI REGD 144A P/P 7.25000000                                              | CUSIP: 90015WAR4<br>LEI: N/A                  | Long             | DBT              | CORP              | TR        |     1600000 | PA      | $1634909.94   | 0.02%             | 2030-07-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| COMMERZBANK AG V/R /PERP//EUR/                | COMMERZBANK AG /EUR/ REGD V/R /PERP/ REG S 6.50000000                                          | CUSIP: D1706B8H2<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |      200000 | PA      | $251427.03    | 0.00%             | 2174-04-09      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LL 5.75% 01/15/30                | CSC HOLDINGS LLC REGD 144A P/P 5.75000000                                                      | CUSIP: 126307BA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2260000 | PA      | $860563.03    | 0.01%             | 2030-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ARTERA SERVICES  8.5% 02/15/31                | ARTERA SERVICES LLC REGD 144A P/P 8.50000000                                                   | CUSIP: 04302XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $61831.45     | 0.00%             | 2031-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| MATTEL INC 5.875% 12/15/27                    | MATTEL INC REGD 144A P/P 5.87500000                                                            | CUSIP: 577081BD3<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |     1898000 | PA      | $1902354.41   | 0.02%             | 2027-12-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| RXO INC 7.5% 11/15/27                         | RXO INC REGD 144A P/P 7.50000000                                                               | CUSIP: 98379JAA3<br>LEI: 549300KL8CA6GP8XPM30 | Long             | DBT              | CORP              | US        |     1674000 | PA      | $1702050.31   | 0.02%             | 2027-11-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| PFP 2025-12 A V/R 06/18/30                    | PFP 2025-12 LTD SER 2025-12 CL A V/R REGD 144A P/P 5.62504000                                  | CUSIP: 69382JAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      790000 | PA      | $790035.08    | 0.01%             | 2042-12-18      | Variable      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| BELL CANADA V/R 09/15/55                      | BELL CANADA REGD V/R 6.87500000                                                                | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |      170000 | PA      | $176365.08    | 0.00%             | 2055-09-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| N/A                                           | EUR/USD FWD 20251002 000011553 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-225223.78   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NEW GENERATION 0% 12/31/49                    | NEW GENERATION GAS GATHERING__  LLC REGD 0.00000000                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      175676 | PA      | $173040.54    | 0.00%             | 2049-12-31      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| DYCOM INDUSTRIES 4.5% 04/15/29                | DYCOM INDUSTRIES INC REGD 144A P/P 4.50000000                                                  | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |      433000 | PA      | $422872.21    | 0.00%             | 2029-04-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| VIA CELER 4.875% 04/15/31/EUR/                | VIA CELERE DESARROLLOS /EUR/ REGD 144A P/P 4.87500000                                          | CUSIP: N/A<br>LEI: 9598003HCBBUMJ9HTD63       | Long             | DBT              | CORP              | ES        |     6348000 | PA      | $7434237.11   | 0.08%             | 2031-04-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| GGAM FINANCE LT 7.75% 05/15/26                | GGAM FINANCE LTD REGD 144A P/P 7.75000000                                                      | CUSIP: 36170JAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      653000 | PA      | $654629.61    | 0.01%             | 2026-05-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| AMERADA HESS 7.875% 10/01/29                  | AMERADA HESS CORP REGD 7.87500000                                                              | CUSIP: 023551AF1<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |      529000 | PA      | $599949.37    | 0.01%             | 2029-10-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PACHELBEL 7.125% 05/17/31/EUR/                | PACHELBEL BIDCO SPA /EUR/ REGD 144A P/P 7.12500000                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IT        |     5016000 | PA      | $6344962.42   | 0.07%             | 2031-05-17      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GU 5.375% 04/24/32                | REPUBLIC OF GUATEMALA REGD REG S 5.37500000                                                    | CUSIP: P5015VAK2<br>LEI: N/A                  | Long             | DBT              | USGA              | GT        |     3000000 | PA      | $3014397.06   | 0.03%             | 2032-04-24      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ROQUETTE FRERE V/R /PERP//EUR/                | ROQUETTE FRERES SA /EUR/ REGD V/R /PERP/ REG S 5.49400000                                      | CUSIP: F7911JWK7<br>LEI: 969500FO141C5967KC72 | Long             | DBT              | CORP              | FR        |     3500000 | PA      | $4199960.21   | 0.05%             | 2174-02-25      | Variable      | 5.49%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTRE 6.625% 01/15/34                | HOWARD MIDSTREAM ENERGY REGD 144A P/P 6.62500000                                               | CUSIP: 442722AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4116000 | PA      | $4194808.65   | 0.05%             | 2034-01-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| DANA INC 5.375% 11/15/27                      | DANA INC REGD 5.37500000                                                                       | CUSIP: 235825AF3<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |      315000 | PA      | $314508.98    | 0.00%             | 2027-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNAT 4.375% 04/16/29                | SAUDI INTERNATIONAL BOND REGD REG S EMTN 4.37500000                                            | CUSIP: M6320UAT6<br>LEI: N/A                  | Long             | DBT              | USGA              | SA        |     5100000 | PA      | $5131514.94   | 0.06%             | 2029-04-16      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP 6% 01/15/29                | CNX RESOURCES CORP REGD 144A P/P 6.00000000                                                    | CUSIP: 12653CAJ7<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |      150000 | PA      | $150039.75    | 0.00%             | 2029-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS P03.75RSOFR 12/18/34 WFSLUS33XXX FIXED                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |           1 | NC      | $38805.09     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/C 4.25% 02/01/31                | CCO HLDGS LLC/CAP CORP REGD 144A P/P 4.25000000                                                | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10564000 | PA      | $9731653.99   | 0.11%             | 2031-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| IQVIA INC 5% 10/15/26                         | IQVIA INC REGD 144A P/P 5.00000000                                                             | CUSIP: 449934AD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      240000 | PA      | $239707.18    | 0.00%             | 2026-10-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| FIAOT 2022-2A  6.26% 08/15/25                 | FIRST INVESTORS AUTO OWNER TRUST 2022-2 SER 2022-2A CL A REGD 144A P/P 6.26000000              | CUSIP: 32058KAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |        9454 | PA      | $9460.71      | 0.00%             | 2027-07-15      | Fixed         | 6.26%                 | Yes           |                  2 | On Loan: No      |
| BALDWIN INSUR  7.125% 05/15/31                | BALDWIN INSUR GRP/FIN REGD 144A P/P 7.12500000                                                 | CUSIP: 05825XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $72673.52     | 0.00%             | 2031-05-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| F/C EURO-BOBL FUTURE  DEC25                   | FUTURE CONTRACT ON           EURO-BOBL FUTURE  DEC25 /EUR/ 0.00000000                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |         705 | NC      | $97511953.91  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| T/L ODIDO HO 0% 03/30/29 /EUR/                | T/L ODIDO HOLDING B.V. REGD    /EUR/ 0.00000000                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |     6276636 | PA      | $7393402.36   | 0.08%             | 2029-03-30      | Floating      | 4.90%                 | No            |                  2 | On Loan: No      |
| T/L CPI HOLDCO B 0% 05/17/31                  | T/L CPI HOLDCO B  LLC REGD     TERM LOAN 0.00000000                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |         617 | PA      | $616.65       | 0.00%             | 2031-05-17      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| T/L SWF HOLDINGS 0% 12/19/29                  | T/L SWF HOLDINGS I CORP REGD 0.00000000                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      364286 | PA      | $364741.07    | 0.00%             | 2029-12-19      | Floating      | 8.66%                 | No            |                  2 | On Loan: No      |
| OMFIT 2023-1A A 5.5% 09/14/29                 | ONEMAIN FINANCIAL ISSUANCE TRUST 2023-1 SER 2023-1A CL A REGD 144A P/P 5.50000000              | CUSIP: 68269JAE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1360000 | PA      | $1406476.50   | 0.02%             | 2038-06-14      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| T/L TRANSDIGM 0% 08/13/32                     | T/L TRANSDIGM INC  REGD 0.00000000                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     3542000 | PA      | $3537466.24   | 0.04%             | 2032-08-13      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| SDART 2024-3 B 5.55% 06/15/27                 | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2024-3 SER 2024-3 CL B REGD 5.55000000                  | CUSIP: 80287LAD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      325000 | PA      | $329924.89    | 0.00%             | 2029-09-17      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND V 4.875% 07/01/31                | HILTON GRAND VAC LLC/INC REGD 144A P/P 4.87500000                                              | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $27863.48     | 0.00%             | 2031-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CSC HOLDINGS LLC 4.5% 11/15/31                | CSC HOLDINGS LLC REGD 144A P/P 4.50000000                                                      | CUSIP: 126307BH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      190000 | PA      | $123552.31    | 0.00%             | 2031-11-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| VISTRA CORP V/R /PERP/                        | VISTRA CORP REGD V/R /PERP/ 144A P/P 7.00000000                                                | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    11887000 | PA      | $12068514.49  | 0.13%             | 2174-06-15      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CNX MIDSTREAM P 4.75% 04/15/30                | CNX MIDSTREAM PART LP REGD 144A P/P 4.75000000                                                 | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1290000 | PA      | $1237011.45   | 0.01%             | 2030-04-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| ARD FINANCE SA 6.5% 06/30/27                  | ARD FINANCE SA REGD 144A P/P 6.50000000                                                        | CUSIP: 00191AAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     2388493 | PA      | $59712.33     | 0.00%             | 2027-06-30      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO 5.04% 05/01/27                      | BOEING CO REGD 5.04000000                                                                      | CUSIP: 097023CU7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      142000 | PA      | $143545.05    | 0.00%             | 2027-05-01      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOL 6.75% 04/15/33                | CELANESE US HOLDINGS LLC REGD 6.75000000                                                       | CUSIP: 15089QBA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1735000 | PA      | $1728257.79   | 0.02%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| T/L VISTA MANAGEM 0% 03/26/31                 | T/L VISTA MANAGEMENT HOLDING   INC REGD 0.00000000                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      445500 | PA      | $447914.61    | 0.00%             | 2031-03-26      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| BOELS TOPH 6.25% 02/15/29/EUR/                | BOELS TOPHOLDING BV /EUR/ REGD REG S 6.25000000                                                | CUSIP: N143VZAA9<br>LEI: 724500V913SEHSEW2O75 | Long             | DBT              | CORP              | NL        |     1238000 | PA      | $1500978.97   | 0.02%             | 2029-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY SR  8.5% 10/15/27                | ARBOR REALTY SR INC REGD 144A P/P SER QIB 8.50000000                                           | CUSIP: 03881NAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       20000 | PA      | $20116.26     | 0.00%             | 2027-10-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| US TREAS NTS 4.125% 10/31/26                  | UNITED STATES TREASURY NOTE 4.12500000                                                         | CUSIP: 91282CLS8<br>LEI: N/A                  | Long             | DBT              | UST               | US        |    23225000 | PA      | $23324795.04  | 0.26%             | 2026-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDS US91087BAC46 01.000 BP 06/20/2035 CITIUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $56571.28     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL 3.875% 11/01/33                | VENTURE GLOBAL CALCASIEU REGD 144A P/P 3.87500000                                              | CUSIP: 92328MAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $54025.34     | 0.00%             | 2033-11-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| POST HOLDINGS I 6.25% 10/15/34                | POST HOLDINGS INC REGD 144A P/P 6.25000000                                                     | CUSIP: 737446AX2<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     5495000 | PA      | $5539432.30   | 0.06%             | 2034-10-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| COTY INC 5% 04/15/26                          | COTY INC REGD 144A P/P 5.00000000                                                              | CUSIP: 222070AE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      197000 | PA      | $196403.56    | 0.00%             | 2026-04-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ARCHES BUYER IN 4.25% 06/01/28                | ARCHES BUYER INC REGD 144A P/P 4.25000000                                                      | CUSIP: 039524AA1<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |      130000 | PA      | $127385.39    | 0.00%             | 2028-06-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| KODIAK GAS SERVI 6.5% 10/01/33                | KODIAK GAS SERVICES LLC REGD 144A P/P 6.50000000                                               | CUSIP: 50012LAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3449000 | PA      | $3511372.44   | 0.04%             | 2033-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| GENERAL MOTORS F 5.4% 05/08/27                | GENERAL MOTORS FINL CO REGD 5.40000000                                                         | CUSIP: 37045XEQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      491000 | PA      | $499385.64    | 0.01%             | 2027-05-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATION 3.7% 01/30/27                | VISTRA OPERATIONS CO LLC REGD 144A P/P 3.70000000                                              | CUSIP: 92840VAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      343000 | PA      | $339848.43    | 0.00%             | 2027-01-30      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| KAPLA HOLDING 5% 04/30/31/EUR/                | KAPLA HOLDING SAS /EUR/ REGD REG S 5.00000000                                                  | CUSIP: F5S23QAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      208000 | PA      | $246756.00    | 0.00%             | 2031-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK GOSPODARST 6.25% 07/09/54                | BANK GOSPODARSTWA KRAJOW REGD 144A P/P 6.25000000                                              | CUSIP: 06237MAD5<br>LEI: N/A                  | Long             | DBT              | USGA              | PL        |     2700000 | PA      | $2806653.59   | 0.03%             | 2054-07-09      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| MEDLINE BORROWE 6.25% 04/01/29                | MEDLINE BORROWER/MEDL CO REGD 144A P/P 6.25000000                                              | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4255000 | PA      | $4367571.22   | 0.05%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC V/R /PERP/                       | BARCLAYS PLC REGD V/R /PERP/ 8.00000000                                                        | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      600000 | PA      | $635128.01    | 0.01%             | 2173-12-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| BDS 2025-FL15 A V/R 08/19/30                  | BDS 2025-FL15 LLC SER 2025-FL15 CL A V/R REGD 144A P/P 5.53359000                              | CUSIP: 05556EAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      590000 | PA      | $591107.55    | 0.01%             | 2043-03-19      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| LEVEL 3 FINANC 3.625% 01/15/29                | LEVEL 3 FINANCING INC REGD 144A P/P 3.62500000                                                 | CUSIP: 527298BS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      647000 | PA      | $559934.70    | 0.01%             | 2029-01-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| ZF NA CAPITAL 7.125% 04/14/30                 | ZF NA CAPITAL REGD 144A P/P 7.12500000                                                         | CUSIP: 98877DAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $89119.43     | 0.00%             | 2030-04-14      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| AVIATION CAPITAL 3.5% 11/01/27                | AVIATION CAPITAL GROUP REGD 144A P/P 3.50000000                                                | CUSIP: 05369AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      337000 | PA      | $331024.14    | 0.00%             | 2027-11-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| FED REPUBLIC O 6.125% 03/15/34                | FED REPUBLIC OF BRAZIL REGD 6.12500000                                                         | CUSIP: 105756CH1<br>LEI: N/A                  | Long             | DBT              | USGA              | BR        |      950000 | PA      | $970425.00    | 0.01%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXIC 7.69% 01/23/50                | PETROLEOS MEXICANOS REGD SER WI 7.69000000                                                     | CUSIP: 71654QDD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     1600000 | PA      | $1454671.01   | 0.02%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PA 3.25% 09/01/28                | ARDAGH METAL PACKAGING REGD 144A P/P 3.25000000                                                | CUSIP: 03969YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |       70000 | PA      | $66506.01     | 0.00%             | 2028-09-01      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| SUNCOR ENERGY  7.875% 06/15/26                | SUNCOR ENERGY INC REGD 7.87500000                                                              | CUSIP: 71644EAE2<br>LEI: 549300W70ZOQDVLCHY06 | Long             | DBT              | CORP              | CA        |      103000 | PA      | $105607.27    | 0.00%             | 2026-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| STACR 2022-HQA3  V/R 08/25/42                 | FREDDIE MAC STACR REMIC TRUST 2022-HQA3 SER 2022-HQA3 CL M1A V/R REGD 144A P/P 6.65603000      | CUSIP: 35564KE39<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      129616 | PA      | $131541.65    | 0.00%             | 2042-08-25      | Variable      | 6.66%                 | Yes           |                  2 | On Loan: No      |
| BAYER US FINAN 4.375% 12/15/28                | BAYER US FINANCE II LLC REGD 144A P/P 4.37500000                                               | CUSIP: 07274NAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1667000 | PA      | $1661330.42   | 0.02%             | 2028-12-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| BLUE RACER MID LLC 7% 07/15/29                | BLUE RACER MID LLC/FINAN REGD 144A P/P 7.00000000                                              | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3483000 | PA      | $3608847.76   | 0.04%             | 2029-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CAIXABANK SA V/R /PERP//EUR/                  | CAIXABANK SA /EUR/ REGD V/R /PERP/ REG S 5.25000000                                            | CUSIP: E2R193TU8<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |      400000 | PA      | $474413.87    | 0.01%             | 2174-06-23      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PAR 4.9% 08/01/30                | VIPER ENERGY PARTNERS LL REGD 4.90000000                                                       | CUSIP: 92764MAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      313000 | PA      | $315333.92    | 0.00%             | 2030-08-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMU V/R 11/23/81                | BRITISH TELECOMMUNICATIO REGD V/R 144A P/P 4.25000000                                          | CUSIP: 11102AAF8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      100000 | PA      | $99096.88     | 0.00%             | 2081-11-23      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| BRINKER INTERNA 8.25% 07/15/30                | BRINKER INTERNATIONAL IN REGD 144A P/P 8.25000000                                              | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |     2645000 | PA      | $2797928.61   | 0.03%             | 2030-07-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| SEALED AIR CORP 6.5% 07/15/32                 | SEALED AIR CORP REGD 144A P/P 6.50000000                                                       | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |      278000 | PA      | $287922.38    | 0.00%             | 2032-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| PCF GMBH 4.75% 04/15/29/EUR/                  | PCF GMBH /EUR/ REGD REG S 4.75000000                                                           | CUSIP: D6S2J9AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     1874236 | PA      | $1698727.42   | 0.02%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG V/R 01/12/29                     | UBS GROUP AG REGD V/R 144A P/P 3.86900000                                                      | CUSIP: 225401AF5<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |      806000 | PA      | $799350.11    | 0.01%             | 2029-01-12      | Variable      | 3.87%                 | Yes           |                  2 | On Loan: No      |
| QWEST CORP PREFD 6.75% 6/15/57                | QWEST CORP /PREFERRED/ 0.00000000                                                              | CUSIP: 74913G873<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       39689 | NS      | $815608.95    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ADLER PELZE 9.5% 04/01/27/EUR/                | ADLER PELZER HLDG GMBH /EUR/ REGD REG S 9.50000000                                             | CUSIP: D0190RAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |      400000 | PA      | $446720.59    | 0.00%             | 2027-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| KINGSTON AIRPOR 6.75% 12/15/36                | KINGSTON AIRPORT REV FIN REGD 144A P/P 6.75000000                                              | CUSIP: 49647QAA6<br>LEI: 254900SK2YRR95AVHU30 | Long             | DBT              | CORP              | KY        |      800000 | PA      | $819200.00    | 0.01%             | 2036-12-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CHS/COMMUNITY H 9.75% 01/15/34                | CHS/COMMUNITY HEALTH SYS REGD 144A P/P 9.75000000                                              | CUSIP: 12543DBQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    11634000 | PA      | $11919527.21  | 0.13%             | 2034-01-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL 8.375% 06/01/31                | VENTURE GLOBAL LNG INC REGD 144A P/P 8.37500000                                                | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     6701000 | PA      | $7033651.04   | 0.08%             | 2031-06-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| IQVIA INC 2.875% 06/15/28/EUR/                | IQVIA INC /EUR/ REGD REG S 2.87500000                                                          | CUSIP: U46093AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4630000 | PA      | $5372292.67   | 0.06%             | 2028-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY C 6.75% 04/15/29                | EXPAND ENERGY CORP REGD 144A P/P 6.75000000                                                    | CUSIP: 92735LAA0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     1431000 | PA      | $1445877.28   | 0.02%             | 2029-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| TEREX CORP 5% 05/15/29                        | TEREX CORP REGD 144A P/P 5.00000000                                                            | CUSIP: 880779BA0<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |     3307000 | PA      | $3256657.87   | 0.04%             | 2029-05-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| XPLR INFRAST O 3.875% 10/15/26                | XPLR INFRAST OPERATING REGD 144A P/P 3.87500000                                                | CUSIP: 65342QAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      311000 | PA      | $306538.36    | 0.00%             | 2026-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| BALL CORP 6% 06/15/29                         | BALL CORP REGD 6.00000000                                                                      | CUSIP: 058498AZ9<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |       70000 | PA      | $71656.48     | 0.00%             | 2029-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GRIFOLS S 7.125% 05/01/30/EUR/                | GRIFOLS SA /EUR/ REGD REG S P/P 7.12500000                                                     | CUSIP: E5706XAT5<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |     1245000 | PA      | $1539710.48   | 0.02%             | 2030-05-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MSBAM 2015-C2 3.753% 10/15/25                 | MORGAN STANLEY BANK OF AMERICA MERRILL LYNCH TRUST 20 SER 2015-C27 CL A4 REGD 3.75300000       | CUSIP: 61690AAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |       75728 | PA      | $75582.10     | 0.00%             | 2047-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL  6.125% 03/15/32                | MACY'S RETAIL HLDGS LLC REGD 144A P/P 6.12500000                                               | CUSIP: 55617LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $60055.86     | 0.00%             | 2032-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC 6.375% 05/31/33                 | TRANSDIGM INC REGD 144A P/P 6.37500000                                                         | CUSIP: 893647BY2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    21158000 | PA      | $21374065.50  | 0.24%             | 2033-05-31      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ACUSHNET CO 7.375% 10/15/28                   | ACUSHNET CO REGD 144A P/P 7.37500000                                                           | CUSIP: 005095AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $62210.00     | 0.00%             | 2028-10-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| WHIRLPOOL CORP 4.5% 06/01/46                  | WHIRLPOOL CORP REGD 4.50000000                                                                 | CUSIP: 963320AV8<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |       90000 | PA      | $68494.44     | 0.00%             | 2046-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAIN 6.375% 06/15/30                | ADVANCED DRAINAGE SYSTEM REGD 144A P/P 6.37500000                                              | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |       90000 | PA      | $91553.22     | 0.00%             | 2030-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CHORD ENERGY CORP 6% 10/01/30                 | CHORD ENERGY CORP REGD 144A P/P 6.00000000                                                     | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |      255000 | PA      | $253132.18    | 0.00%             | 2030-10-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| UNITED AIRLINE 4.375% 04/15/26                | UNITED AIRLINES INC REGD 144A P/P 4.37500000                                                   | CUSIP: 90932LAG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3415000 | PA      | $3404873.84   | 0.04%             | 2026-04-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| SUNOCO LP/FINANC 4.5% 04/30/30                | SUNOCO LP/FINANCE CORP REGD 4.50000000                                                         | CUSIP: 86765LAZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1430000 | PA      | $1377107.31   | 0.02%             | 2030-04-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION  9.5% 06/15/31                | LBM ACQUISITION LLC REGD 144A P/P 9.50000000                                                   | CUSIP: 52109SAB5<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |     1485000 | PA      | $1562754.60   | 0.02%             | 2031-06-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 04/23/28                | GOLDMAN SACHS GROUP INC REGD V/R 4.93700000                                                    | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |      334000 | PA      | $337945.07    | 0.00%             | 2028-04-23      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| T/L LIVE NATION 0% 10/19/26                   | T/L LIVE NATION ENTERTAINMENT  INC REGD 0.00000000                                             | CUSIP: 53803HAM2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      748011 | PA      | $746372.47    | 0.01%             | 2026-10-19      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGI 4.125% 06/30/28                | BWX TECHNOLOGIES INC REGD 144A P/P 4.12500000                                                  | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |       60000 | PA      | $58569.89     | 0.00%             | 2028-06-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SERB 6.5% 09/26/33                | REPUBLIC OF SERBIA REGD 6.50000000                                                             | CUSIP: X77765CU1<br>LEI: N/A                  | Long             | DBT              | USGA              | RS        |     1000000 | PA      | $1084833.01   | 0.01%             | 2033-09-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WFCM 2019-C51 3.055% 05/15/29                 | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C51 SER 2019-C51 CL A3 REGD 3.05500000              | CUSIP: 95001VAT7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      716622 | PA      | $685021.95    | 0.01%             | 2052-06-15      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIO 7.75% 10/15/31                | VISTRA OPERATIONS CO LLC REGD 144A P/P 7.75000000                                              | CUSIP: 92840VAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      190000 | PA      | $201063.70    | 0.00%             | 2031-10-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| XPLORE INC                                    | XPLORE INC 0.00000000                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |        3332 | NS      | $0.33         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| LPL HOLDINGS I 4.625% 11/15/27                | LPL HOLDINGS INC REGD 144A P/P 4.62500000                                                      | CUSIP: 50212YAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1147000 | PA      | $1145145.94   | 0.01%             | 2027-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| SYNCHRONY FINANCI V/R 07/29/29                | SYNCHRONY FINANCIAL REGD V/R 5.01900000                                                        | CUSIP: 87165BAX1<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |      236000 | PA      | $238040.07    | 0.00%             | 2029-07-29      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| JACOBS ENGINEER 6.35% 08/18/28                | JACOBS ENGINEERING GROUP REGD 6.35000000                                                       | CUSIP: 469814AB3<br>LEI: 549300CZ8QS1GE53O776 | Long             | DBT              | CORP              | US        |      218000 | PA      | $230233.20    | 0.00%             | 2028-08-18      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| T/L EDGEWATER GENE 0% 08/01/30                | T/L EDGEWATER GENERATION       L.L.C. REGD 0.00000000                                          | CUSIP: 28031FAM2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      601275 | PA      | $602026.27    | 0.01%             | 2030-08-01      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| ATOS SE S/UP 12/18/32/EUR/                    | ATOS SE /EUR/ REGD S/UP REG S 1.00000000                                                       | CUSIP: F04805EU1<br>LEI: 5493001EZOOA66PTBR68 | Long             | DBT              | CORP              | FR        |      340000 | PA      | $206086.24    | 0.00%             | 2032-12-18      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCIN 4.5% 04/01/30                | LEVEL 3 FINANCING INC REGD 144A P/P 4.50000000                                                 | CUSIP: 527298CD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4594261 | PA      | $4192263.53   | 0.05%             | 2030-04-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS V/R 09/30/28                      | BNP PARIBAS REGD V/R 144A P/P 1.90400000                                                       | CUSIP: 09659W2M5<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      400000 | PA      | $381466.17    | 0.00%             | 2028-09-30      | Variable      | 1.90%                 | Yes           |                  2 | On Loan: No      |
| ZEGONA FINANCE 8.625% 07/15/29                | ZEGONA FINANCE PLC REGD 144A P/P 8.62500000                                                    | CUSIP: 98927UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     1180000 | PA      | $1256110.00   | 0.01%             | 2029-07-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| BRISTOW GROUP  6.875% 03/01/28                | BRISTOW GROUP INC REGD 144A P/P 6.87500000                                                     | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |      180000 | PA      | $181000.62    | 0.00%             | 2028-03-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| GABON BLUE BON 6.097% 08/01/38                | GABON BLUE BOND MASTER REGD REG S 6.09700000                                                   | CUSIP: U35914AA5<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |      300000 | PA      | $304287.35    | 0.00%             | 2038-08-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S IN 3.875% 09/15/29                | PAPA JOHN'S INTERNATIONA REGD 144A P/P 3.87500000                                              | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |       40000 | PA      | $38138.89     | 0.00%             | 2029-09-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PH 6.375% 10/23/34                | REPUBLIC OF PHILIPPINES REGD 6.37500000                                                        | CUSIP: 718286BG1<br>LEI: N/A                  | Long             | DBT              | USGA              | PH        |      100000 | PA      | $112583.23    | 0.00%             | 2034-10-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| T/L DIRECTV FIN 0% 08/02/27                   | T/L DIRECTV FINANCING LLC      REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      101725 | PA      | $101738.86    | 0.00%             | 2027-08-02      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| ASGN INCORPORA 4.625% 05/15/28                | ASGN INCORPORATED REGD 144A P/P 4.62500000                                                     | CUSIP: 00191UAA0<br>LEI: LZBNYYCBUKY537072438 | Long             | DBT              | CORP              | US        |      200000 | PA      | $196329.68    | 0.00%             | 2028-05-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| JEFFERSON CAPIT 8.25% 05/15/30                | JEFFERSON CAPITAL HOLDIN REGD 144A P/P 8.25000000                                              | CUSIP: 472481AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      140000 | PA      | $146492.36    | 0.00%             | 2030-05-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| MPT OPER  0.993% 10/15/26/EUR/                | MPT OPER PARTNERSP/FINL /EUR/ REGD 0.99300000                                                  | CUSIP: U6203BAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4710000 | PA      | $5272225.79   | 0.06%             | 2026-10-15      | Fixed         | 0.99%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEAL 4.625% 04/01/31                | ENCOMPASS HEALTH CORP REGD 4.62500000                                                          | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |      120000 | PA      | $116751.50    | 0.00%             | 2031-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS  7.5% 07/15/38                | ROCKIES EXPRESS PIPELINE REGD P/P 7.50000000                                                   | CUSIP: 77340RAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1425000 | PA      | $1519407.68   | 0.02%             | 2038-07-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| FIRST QUANTUM  9.375% 03/01/29                | FIRST QUANTUM MINERALS L REGD 144A P/P 9.37500000                                              | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     9700000 | PA      | $10280661.40  | 0.11%             | 2029-03-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| MARKET BID 8.75% 01/31/31/GBP/                | MARKET BIDCO FINCO PLC /GBP/ REGD REG S 8.75000000                                             | CUSIP: G5821ZAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     1925000 | PA      | $2545516.69   | 0.03%             | 2031-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| T/L CHARIOT BUYER 0% 07/22/32                 | T/L CHARIOT BUYER LLC REGD 0.00000000                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      396815 | PA      | $396981.76    | 0.00%             | 2032-07-22      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCA 6.875% 11/15/31                | TENET HEALTHCARE CORP REGD 6.87500000                                                          | CUSIP: 88033GAV2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |       40000 | PA      | $43337.88     | 0.00%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| RAIN CARBON IN 12.25% 09/01/29                | RAIN CARBON INC REGD 144A P/P 12.25000000                                                      | CUSIP: 75079LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $85669.36     | 0.00%             | 2029-09-01      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| BANK5 2024-5Y 5.884% 07/15/29                 | BANK5 2024-5YR8 SER 2024-5YR8 CL A3 REGD 5.88400000                                            | CUSIP: 065923AY0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      450000 | PA      | $472371.84    | 0.01%             | 2057-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MVM ENERGETIKA Z 7.5% 06/09/28                | MVM ENERGETIKA ZRT REGD REG S 7.50000000                                                       | CUSIP: X5T03SAC1<br>LEI: 529900ELI5AQ9F74PF85 | Long             | DBT              | CORP              | HU        |     3400000 | PA      | $3608197.61   | 0.04%             | 2028-06-09      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BX 2024-CNYN A V/R 04/15/41                   | BX TRUST 2024-CNYN SER 2024-CNYN CL A V/R REGD 144A P/P 5.59203700                             | CUSIP: 05612HAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      876571 | PA      | $878788.78    | 0.01%             | 2041-04-15      | Variable      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| BANK OF AMERICA C V/R 07/21/28                | BANK OF AMERICA CORP REGD V/R MTN SER GMTN 3.59300000                                          | CUSIP: 06051GGR4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     1023000 | PA      | $1013791.01   | 0.01%             | 2028-07-21      | Variable      | 3.59%                 | No            |                  2 | On Loan: No      |
| NALT 2025-B A3 4.32% 02/15/28                 | NISSAN AUTO LEASE TRUST 2025-B SER 2025-B CL A3 REGD 4.32000000                                | CUSIP: 65481RAD3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      895000 | PA      | $900909.24    | 0.01%             | 2028-11-15      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/R 4.5% 02/15/29                | RHP HOTEL PPTY/RHP FINAN REGD 144A P/P 4.50000000                                              | CUSIP: 749571AG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1560000 | PA      | $1529778.28   | 0.02%             | 2029-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| EQT CORP 3.125% 05/15/26                      | EQT CORP REGD 144A P/P 3.12500000                                                              | CUSIP: 26884LAM1<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      881000 | PA      | $872860.26    | 0.01%             | 2026-05-15      | Fixed         | 3.12%                 | Yes           |                  2 | On Loan: No      |
| SCG 2025-SNIP A V/R 09/15/27                  | SCG TRUST 2025-SNIP SER 2025-SNIP CL A V/R REGD 144A P/P 5.75000000                            | CUSIP: 78398JAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      520000 | PA      | $520325.00    | 0.01%             | 2030-09-15      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| APOLLO DEBT SOLU 6.7% 07/29/31                | APOLLO DEBT SOLUTIONS BD REGD SER WI* 6.70000000                                               | CUSIP: 03770DAD5<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |      649000 | PA      | $687968.56    | 0.01%             | 2031-07-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT 8% 10/01/30                | ARSENAL AIC PARENT LLC REGD 144A P/P 8.00000000                                                | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1309000 | PA      | $1385965.28   | 0.02%             | 2030-10-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| MELCO RESORTS  7.625% 04/17/32                | MELCO RESORTS FINANCE REGD 144A P/P 7.62500000                                                 | CUSIP: 58547DAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     2132000 | PA      | $2233464.84   | 0.02%             | 2032-04-17      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| SAKS GLOBAL ENTER 11% 12/15/29                | SAKS GLOBAL ENTERPRS LLC REGD 144A P/P 11.00000000                                             | CUSIP: 79380MAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      140000 | PA      | $73155.60     | 0.00%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| ONEMAIN FINANC 7.125% 03/15/26                | ONEMAIN FINANCE CORP REGD 7.12500000                                                           | CUSIP: 85172FAN9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1316000 | PA      | $1327750.91   | 0.01%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC 8.375% 02/01/28                 | PRA GROUP INC REGD 144A P/P 8.37500000                                                         | CUSIP: 69354NAE6<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |      170000 | PA      | $173877.58    | 0.00%             | 2028-02-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| ELECTRICITE DE V/R /PERP//GBP/                | ELECTRICITE DE FRANCE SA /GBP/ REGD V/R /PERP/ EMTN 6.00000000                                 | CUSIP: F3R92TAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     1100000 | PA      | $1483928.01   | 0.02%             | 2174-07-29      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SYSTEM ENERGY RESO 6% 04/15/28                | SYSTEM ENERGY RESOURCES REGD 6.00000000                                                        | CUSIP: 871911AU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      584000 | PA      | $607521.93    | 0.01%             | 2028-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FASTIGHET 1.125% 01/29/27/EUR/                | FASTIGHETS AB BALDER /EUR/ REGD REG S EMTN 1.12500000                                          | CUSIP: W2951MMZ1<br>LEI: 549300GHKJCEZOAEUU82 | Long             | DBT              | CORP              | SE        |      150000 | PA      | $172335.49    | 0.00%             | 2027-01-29      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| N/A                                           | IRS R03.75PSOFR 12/18/29 WFSLUS33XXX FIXED                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |           1 | NC      | $216811.23    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FRONTIER NORTH  6.73% 02/15/28                | FRONTIER NORTH INC REGD SER G 6.73000000                                                       | CUSIP: 362337AK3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $30787.50     | 0.00%             | 2028-02-15      | Fixed         | 6.73%                 | No            |                  2 | On Loan: No      |
| BCPE FLAVOR DEBT 9.5% 07/01/32                | BCPE FLAVOR DEBT/ISSUER REGD 144A P/P 9.50000000                                               | CUSIP: 072933AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      110000 | PA      | $115004.54    | 0.00%             | 2032-07-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| BEACON MOBILITY 7.25% 08/01/30                | BEACON MOBILITY CORP REGD 144A P/P 7.25000000                                                  | CUSIP: 073644AA4<br>LEI: 254900EBTYFG24UQEM31 | Long             | DBT              | CORP              | US        |       90000 | PA      | $93567.09     | 0.00%             | 2030-08-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| GEN DIGITAL IN 7.125% 09/30/30                | GEN DIGITAL INC REGD 144A P/P 7.12500000                                                       | CUSIP: 668771AL2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |      180000 | PA      | $185324.94    | 0.00%             | 2030-09-30      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| CONNECT FINCO SARL 9% 09/15/29                | CONNECT FINCO SARL/CONNE REGD 144A P/P 9.00000000                                              | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     4105000 | PA      | $4310194.05   | 0.05%             | 2029-09-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| FED CAISSES DE 4.565% 08/26/30                | FED CAISSES DESJARDINS REGD 144A P/P 4.56500000                                                | CUSIP: 31429KAP8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      200000 | PA      | $201154.00    | 0.00%             | 2030-08-26      | Fixed         | 4.57%                 | Yes           |                  2 | On Loan: No      |
| LPL HOLDINGS INC 4.9% 04/03/28                | LPL HOLDINGS INC REGD 4.90000000                                                               | CUSIP: 50212YAN4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      192000 | PA      | $194102.25    | 0.00%             | 2028-04-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| STAPLES INC 10.75% 09/01/29                   | STAPLES INC REGD 144A P/P 10.75000000                                                          | CUSIP: 855030AQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2200000 | PA      | $2175502.78   | 0.02%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| VIKING CRUISES 5.875% 09/15/27                | VIKING CRUISES LTD REGD 144A P/P 5.87500000                                                    | CUSIP: 92676XAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      897000 | PA      | $897344.45    | 0.01%             | 2027-09-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| AFRICA FINANCE  2.87% 08/13/31                | AFRICA FINANCE CORP REGD EMTN SER GMTN 2.87000000                                              | CUSIP: V0055BBA2<br>LEI: 213800LXFHRRXIJRXW97 | Long             | DBT              | CORP              | N/A       |      200000 | PA      | $178824.87    | 0.00%             | 2031-08-13      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| EDGEWELL PERSONA 5.5% 06/01/28                | EDGEWELL PERSONAL CARE REGD 144A P/P 5.50000000                                                | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |      170000 | PA      | $169633.72    | 0.00%             | 2028-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| CPI PROPERTY  6% 01/27/32/EUR/                | CPI PROPERTY GROUP SA /EUR/ REGD REG S EMTN 6.00000000                                         | CUSIP: L36807BH4<br>LEI: 222100CO2ZOTEPGJO223 | Long             | DBT              | CORP              | LU        |     2175000 | PA      | $2607880.31   | 0.03%             | 2032-01-27      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ABERTIS FINANC V/R /PERP//EUR/                | ABERTIS FINANCE BV /EUR/ REGD V/R /PERP/ REG S EMTN 4.87500000                                 | CUSIP: E0R03EDK5<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     3400000 | PA      | $4113339.29   | 0.05%             | 2174-02-28      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| SABLE INTL FIN 7.125% 10/15/32                | SABLE INTL FINANCE LTD REGD 144A P/P 7.12500000                                                | CUSIP: 785712AK6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     6940000 | PA      | $7028200.46   | 0.08%             | 2032-10-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| MOTION FI 7.375% 06/15/30/EUR/                | MOTION FINCO SARL /EUR/ REGD REG S 7.37500000                                                  | CUSIP: L6527FAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      500000 | PA      | $528812.00    | 0.01%             | 2030-06-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VF CORP 4.25% 03/07/29/EUR/                   | VF CORP /EUR/ REGD EMTN 4.25000000                                                             | CUSIP: 918204BE7<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |      202000 | PA      | $237571.01    | 0.00%             | 2029-03-07      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNIC 9.125% 05/01/29                | IHEARTCOMMUNICATIONS INC REGD 144A P/P 9.12500000                                              | CUSIP: 45174HBJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $89930.95     | 0.00%             | 2029-05-01      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| BELLIS ACQUIS 8% 07/01/31/EUR/                | BELLIS ACQUISITION CO PL /EUR/ REGD 144A P/P 8.00000000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |     2953000 | PA      | $3518541.15   | 0.04%             | 2031-07-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ZF NA CAPITAL 6.875% 04/23/32                 | ZF NA CAPITAL REGD 144A P/P 6.87500000                                                         | CUSIP: 98877DAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      220000 | PA      | $210652.37    | 0.00%             | 2032-04-23      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| FEDRIGONI 6.125% 06/15/31/EUR/                | FEDRIGONI SPA /EUR/ REGD REG S 6.12500000                                                      | CUSIP: T4R25YAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |      560000 | PA      | $653532.01    | 0.01%             | 2031-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC 6.5% 02/01/29                | CSC HOLDINGS LLC REGD 144A P/P 6.50000000                                                      | CUSIP: 126307AZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1900000 | PA      | $1404243.37   | 0.02%             | 2029-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MAHLE GMB 2.375% 05/14/28/EUR/                | MAHLE GMBH /EUR/ REGD REG S EMTN 2.37500000                                                    | CUSIP: D5S23YAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |      300000 | PA      | $334953.28    | 0.00%             | 2028-05-14      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| BMO 2024-5C5  5.857% 08/15/29                 | BMO 2024-5C5 MORTGAGE TRUST SER 2024-5C5 CL A3 REGD 5.85740000                                 | CUSIP: 05593RAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1080000 | PA      | $1131065.86   | 0.01%             | 2057-02-15      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTRE 6.625% 02/01/32                | ANTERO MIDSTREAM PART/FI REGD 144A P/P 6.62500000                                              | CUSIP: 03690AAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1606000 | PA      | $1653658.05   | 0.02%             | 2032-02-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| LEVEL 3 FINANCING  7% 03/31/34                | LEVEL 3 FINANCING INC REGD 144A P/P 7.00000000                                                 | CUSIP: 527298CN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    23737000 | PA      | $24199492.66  | 0.27%             | 2034-03-31      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| VAIL RESORTS I 5.625% 07/15/30                | VAIL RESORTS INC REGD 144A P/P 5.62500000                                                      | CUSIP: 91879QAQ2<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |     1940000 | PA      | $1952125.00   | 0.02%             | 2030-07-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| SURGERY CENTER  7.25% 04/15/32                | SURGERY CENTER HOLDINGS REGD 144A P/P 7.25000000                                               | CUSIP: 86881WAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5531000 | PA      | $5681304.93   | 0.06%             | 2032-04-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| BAUSCH HEALTH C 7.25% 05/30/29                | BAUSCH HEALTH COS INC REGD P/P 7.25000000                                                      | CUSIP: 071734AF4<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |       60000 | PA      | $47428.98     | 0.00%             | 2029-05-30      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| BEAZER HOMES U 5.875% 10/15/27                | BEAZER HOMES USA REGD SER WI 5.87500000                                                        | CUSIP: 07556QBR5<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |     6402000 | PA      | $6397562.78   | 0.07%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MERCER INTL IN 5.125% 02/01/29                | MERCER INTL INC REGD SER WI 5.12500000                                                         | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |       90000 | PA      | $66330.67     | 0.00%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY 4.875% 06/30/29                | SUNCOKE ENERGY INC REGD 144A P/P 4.87500000                                                    | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |      160000 | PA      | $149534.77    | 0.00%             | 2029-06-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| SCIENCE APPLIC 5.875% 11/01/33                | SCIENCE APPLICATIONS INT REGD 144A P/P 5.87500000                                              | CUSIP: 808625AB3<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |     2086000 | PA      | $2088378.04   | 0.02%             | 2033-11-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| T/L CLUE OPCO LLC 0% 12/19/30                 | T/L CLUE OPCO LLC REGD TERM    LOAN 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1533889 | PA      | $1529409.93   | 0.02%             | 2030-12-19      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBU 6.375% 03/15/33                | WESCO DISTRIBUTION INC REGD 144A P/P 6.37500000                                                | CUSIP: 95081QAS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1292000 | PA      | $1339323.61   | 0.01%             | 2033-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| PIKE CORP 8.625% 01/31/31                     | PIKE CORP REGD 144A P/P 8.62500000                                                             | CUSIP: 721283AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      422000 | PA      | $452621.59    | 0.00%             | 2031-01-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SER 6.25% 05/26/28                | REPUBLIC OF SERBIA REGD REG S 6.25000000                                                       | CUSIP: X77765CV9<br>LEI: N/A                  | Long             | DBT              | USGA              | RS        |     5600000 | PA      | $5841057.32   | 0.06%             | 2028-05-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP V/R 09/01/54                 | DUKE ENERGY CORP REGD V/R 6.45000000                                                           | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |      641000 | PA      | $677034.44    | 0.01%             | 2054-09-01      | Variable      | 6.45%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECH 6.375% 07/15/28                | CARPENTER TECHNOLOGY REGD 6.37500000                                                           | CUSIP: 144285AL7<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |       60000 | PA      | $60129.18     | 0.00%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / C 6.5% 10/01/31                | ALLIANT HOLD / CO-ISSUER REGD 144A P/P 6.50000000                                              | CUSIP: 01883LAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      150000 | PA      | $153364.90    | 0.00%             | 2031-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BUCKEYE PARTNER 6.75% 02/01/30                | BUCKEYE PARTNERS LP REGD 144A P/P 6.75000000                                                   | CUSIP: 118230AW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      694000 | PA      | $720849.47    | 0.01%             | 2030-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FTAI AVIATION INVE 7% 05/01/31                | FTAI AVIATION INVESTORS REGD 144A P/P 7.00000000                                               | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    10015000 | PA      | $10481528.75  | 0.12%             | 2031-05-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| GLENCORE FUNDI 5.371% 04/04/29                | GLENCORE FUNDING LLC REGD 144A P/P 5.37100000                                                  | CUSIP: 378272BS6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      973000 | PA      | $1002749.95   | 0.01%             | 2029-04-04      | Fixed         | 5.37%                 | Yes           |                  2 | On Loan: No      |
| COREBRIDGE FINANC V/R 09/15/54                | COREBRIDGE FINANCIAL INC REGD V/R 6.37500000                                                   | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |     1584000 | PA      | $1625676.62   | 0.02%             | 2054-09-15      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCI 9.625% 07/15/27                | ALTICE FINANCING SA REGD 144A P/P 9.62500000                                                   | CUSIP: 02154CAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     1535000 | PA      | $1381500.00   | 0.02%             | 2027-07-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| ALLIED UNIVERSAL 6% 06/01/29                  | ALLIED UNIVERSAL REGD 144A P/P 6.00000000                                                      | CUSIP: 019576AC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    13359000 | PA      | $13133854.10  | 0.14%             | 2029-06-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC V/R 09/11/31                    | CITIGROUP INC REGD V/R 4.50300000                                                              | CUSIP: 172967QF1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |      369000 | PA      | $369233.90    | 0.00%             | 2031-09-11      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS 8.25% 08/01/31                | LCM INVESTMENTS HOLDINGS REGD 144A P/P 8.25000000                                              | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |     4094000 | PA      | $4329438.08   | 0.05%             | 2031-08-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| BEACH ACQU 5.25% 07/15/32/EUR/                | BEACH ACQUISITION BIDCO /EUR/ REGD 144A P/P 5.25000000                                         | CUSIP: 07337JAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10457000 | PA      | $12584988.48  | 0.14%             | 2032-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| CROCS INC 4.125% 08/15/31                     | CROCS INC REGD 144A P/P 4.12500000                                                             | CUSIP: 227046AB5<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |      223000 | PA      | $204305.16    | 0.00%             | 2031-08-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDX 2I65BRAD4 05.000 NA 06/20/2030 GOLDUS33 FIXED                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $586716.77    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | CDS US91087BAC46 01.000 BP 06/20/2035 MSCSUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $30642.77     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TRI POINTE HOMES 5.7% 06/15/28                | TRI POINTE HOMES INC REGD 5.70000000                                                           | CUSIP: 87265HAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2946000 | PA      | $3002969.75   | 0.03%             | 2028-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL G 4.3% 02/01/61                | LIBERTY MUTUAL GROUP INC REGD 144A P/P 4.30000000                                              | CUSIP: 53079EBL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       20000 | PA      | $12578.05     | 0.00%             | 2061-02-01      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| T/L EIRCOM FINC 0% 5/15/29/EUR                | T/L EIRCOM FINCO S.A R.L. 0.00000000                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     3000000 | PA      | $3532998.16   | 0.04%             | 2029-05-15      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| CRANE NXT CO 4.2% 03/15/48                    | CRANE NXT CO REGD 4.20000000                                                                   | CUSIP: 224399AT2<br>LEI: 549300EXNPSXEWUD3N21 | Long             | DBT              | CORP              | US        |       50000 | PA      | $32987.65     | 0.00%             | 2048-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE  6.625% 07/15/30                | GOODYEAR TIRE & RUBBER REGD 6.62500000                                                         | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |      326000 | PA      | $330584.54    | 0.00%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICAT V/R 03/15/82                | ROGERS COMMUNICATIONS IN REGD V/R 144A P/P 5.25000000                                          | CUSIP: 775109BS9<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |      320000 | PA      | $317549.92    | 0.00%             | 2082-03-15      | Variable      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| LPL HOLDINGS IN 5.15% 06/15/30                | LPL HOLDINGS INC REGD 5.15000000                                                               | CUSIP: 50212YAP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      287000 | PA      | $292164.40    | 0.00%             | 2030-06-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP 8.25% 01/15/32                | GLOBAL PART/GLP FINANCE REGD 144A P/P 8.25000000                                               | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1750000 | PA      | $1845717.13   | 0.02%             | 2032-01-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| FORTESCUE TREA 4.375% 04/01/31                | FORTESCUE TREASURY PTY L REGD 144A P/P 4.37500000                                              | CUSIP: 30251GBC0<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |      140000 | PA      | $133662.90    | 0.00%             | 2031-04-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| CONTOURGLOBAL P 6.75% 02/28/30                | CONTOURGLOBAL POWER HLDG REGD 144A P/P 6.75000000                                              | CUSIP: 21220LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     3434000 | PA      | $3567033.16   | 0.04%             | 2030-02-28      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CALUMET SPECIA 8.125% 01/15/27                | CALUMET SPECIALTY PROD REGD 144A P/P 8.12500000                                                | CUSIP: 131477AV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       30000 | PA      | $29673.09     | 0.00%             | 2027-01-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| CABLE ONE INC 1.125% 03/15/28                 | CABLE ONE INC REGD CONVERTIBLE 1.12500000                                                      | CUSIP: 12685JAG0<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |     2025000 | PA      | $1728337.50   | 0.02%             | 2028-03-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| ZF FINANCE 2.25% 05/03/28/EUR/                | ZF FINANCE GMBH /EUR/ REGD EMTN 2.25000000                                                     | CUSIP: D9851GAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     1400000 | PA      | $1545077.87   | 0.02%             | 2028-05-03      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURI 6.875% 10/01/33                | JONES DESLAURIERS INSURA REGD 144A P/P 6.87500000                                              | CUSIP: 48020RAE5<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |     3350000 | PA      | $3332439.63   | 0.04%             | 2033-10-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE AIRF 8.125% 03/30/29                | MACQUARIE AIRFINANCE HLD REGD 144A P/P 8.12500000                                              | CUSIP: 55609NAB4<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |     1018000 | PA      | $1059814.00   | 0.01%             | 2029-03-30      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| WARNERMEDIA HO 4.054% 03/15/29                | WARNERMEDIA HOLDINGS INC REGD SER * 4.05400000                                                 | CUSIP: 55903VBY8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      465000 | PA      | $448143.75    | 0.00%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL 6.75% 04/23/30                  | ZF NA CAPITAL REGD 144A P/P 6.75000000                                                         | CUSIP: 98877DAF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $58549.61     | 0.00%             | 2030-04-23      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS PSOFRR03.25 06/18/30 WFSLUS33XXX FLOAT                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |           1 | NC      | $22825.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF PER 3.23% 07/28/21                | REPUBLIC OF PERU REGD 3.23000000                                                               | CUSIP: 715638DR0<br>LEI: N/A                  | Long             | DBT              | USGA              | PE        |     9800000 | PA      | $5470360.00   | 0.06%             | 2121-07-28      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| ORSTED A/S V/R 02/18/21/GBP/                  | ORSTED A/S /GBP/ REGD V/R REG S SER GBP 2.50000000                                             | CUSIP: K7653QAH8<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |      134000 | PA      | $135191.28    | 0.00%             | 3021-02-18      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| BACARDI-MARTINI 5.55% 02/01/30                | BACARDI-MARTINI BV REGD 144A P/P 5.55000000                                                    | CUSIP: 05634WAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      482000 | PA      | $497957.16    | 0.01%             | 2030-02-01      | Fixed         | 5.55%                 | Yes           |                  2 | On Loan: No      |
| ENCOMPASS HEALT 4.75% 02/01/30                | ENCOMPASS HEALTH CORP REGD 4.75000000                                                          | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |      240000 | PA      | $237096.00    | 0.00%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CENTERPOINT ENERG V/R 02/15/55                | CENTERPOINT ENERGY INC REGD V/R SER B 6.85000000                                               | CUSIP: 15189TBJ5<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |     1019000 | PA      | $1081431.07   | 0.01%             | 2055-02-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| APA CORP 4.375% 10/15/28                      | APA CORP REGD SER . 4.37500000                                                                 | CUSIP: 03743QAX6<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |     1670000 | PA      | $1626603.30   | 0.02%             | 2028-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB  8.375% 10/01/28                | BAUSCH + LOMB CORP REGD 144A P/P 8.37500000                                                    | CUSIP: 071705AA5<br>LEI: 549300NY6OZM39SO6475 | Long             | DBT              | CORP              | CA        |    11163000 | PA      | $11633939.07  | 0.13%             | 2028-10-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| INDONESIA GOVT  5.65% 11/25/54                | INDONESIA GOVT SUKUK REGD REG S 5.65000000                                                     | CUSIP: Y68613AF8<br>LEI: N/A                  | Long             | DBT              | USGA              | ID        |     1000000 | PA      | $997896.38    | 0.01%             | 2054-11-25      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOUR 6.875% 04/15/28                | MATADOR RESOURCES CO REGD 144A P/P 6.87500000                                                  | CUSIP: 576485AF3<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |     1841000 | PA      | $1878795.73   | 0.02%             | 2028-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| EAGLE FUNDING LU 5.5% 08/17/30                | EAGLE FUNDING LUXCO SARL REGD 144A P/P 5.50000000                                              | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | USGA              | LU        |    13230000 | PA      | $13430963.70  | 0.15%             | 2030-08-17      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| IHO VERWAL 6.75% 11/15/29/EUR/                | IHO VERWALTUNGS GMBH /EUR/ REGD REG S 6.75000000                                               | CUSIP: D4000PAT9<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     1725000 | PA      | $2144120.34   | 0.02%             | 2029-11-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CDS US698299AD63 01.000 BP 12/20/2029 BOFAUS6NGFX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $5170.03      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| STANDARD BUILDIN 6.5% 08/15/32                | STANDARD BUILDING SOLUTI REGD 144A P/P 6.50000000                                              | CUSIP: 853191AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6565000 | PA      | $6737143.10   | 0.07%             | 2032-08-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CONSENSUS CLOUD  6.5% 10/15/28                | CONSENSUS CLOUD SOLUTION REGD 144A P/P 6.50000000                                              | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $70569.10     | 0.00%             | 2028-10-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MIDCONTINENT COMMU 8% 08/15/32                | MIDCONTINENT COMMUNICATI REGD 144A P/P 8.00000000                                              | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |     3110000 | PA      | $3203977.98   | 0.04%             | 2032-08-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| CITZN 2023-1 A 5.84% 06/15/26                 | CITIZENS AUTO RECEIVABLES TRUST 2023-1 SER 2023-1 CL A3 REGD 144A P/P 5.84000000               | CUSIP: 17331KAD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1192749 | PA      | $1201003.08   | 0.01%             | 2028-01-18      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| ABC SUPPLY CO INC 4% 01/15/28                 | ABC SUPPLY CO INC REGD 144A P/P 4.00000000                                                     | CUSIP: 024747AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $98026.61     | 0.00%             | 2028-01-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| REKEEP SPA 9% 09/15/29/EUR/                   | REKEEP SPA /EUR/ REGD REG S 9.00000000                                                         | CUSIP: T7872PAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |      750000 | PA      | $864796.09    | 0.01%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA I 4.75% 11/01/28                | NEXSTAR MEDIA INC REGD 144A P/P 4.75000000                                                     | CUSIP: 65336YAN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      290000 | PA      | $283054.42    | 0.00%             | 2028-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| ALBION FINANCING 1 7% 05/21/30                | ALBION FINANCING 1SARL / REGD 144A P/P 7.00000000                                              | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     4513000 | PA      | $4658724.77   | 0.05%             | 2030-05-21      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| TELECOMMUNICATIONS 7% 10/28/29                | TELECOMMUNICATIONS CO TE REGD REG S 7.00000000                                                 | CUSIP: X9300AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | RS        |     1300000 | PA      | $1318609.12   | 0.01%             | 2029-10-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| STATION CASINO 4.625% 12/01/31                | STATION CASINOS LLC REGD 144A P/P 4.62500000                                                   | CUSIP: 857691AH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1821000 | PA      | $1717656.65   | 0.02%             | 2031-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| TRIDENT TPI HO 12.75% 12/31/28                | TRIDENT TPI HOLDINGS INC REGD 144A P/P 12.75000000                                             | CUSIP: 89616RAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6735000 | PA      | $7180998.44   | 0.08%             | 2028-12-31      | Fixed         | 12.75%                | Yes           |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP 5% 08/15/27                | OUTFRONT MEDIA CAP LLC/C REGD 144A P/P 5.00000000                                              | CUSIP: 69007TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      920000 | PA      | $915316.56    | 0.01%             | 2027-08-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| AIB GROUP PLC V/R 09/13/29                    | AIB GROUP PLC REGD V/R 144A P/P 6.60800000                                                     | CUSIP: 00135TAD6<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |      416000 | PA      | $441699.37    | 0.00%             | 2029-09-13      | Variable      | 6.61%                 | Yes           |                  2 | On Loan: No      |
| SES SA V/R 09/12/54/EUR/                      | SES SA /EUR/ REGD V/R REG S SER * 5.50000000                                                   | CUSIP: L8300GDZ1<br>LEI: 5493008JPA4HYMH1HX51 | Long             | DBT              | CORP              | LU        |      500000 | PA      | $598299.39    | 0.01%             | 2054-09-12      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUT 3.15% 10/01/26                | TEVA PHARMACEUTICALS NE REGD 3.15000000                                                        | CUSIP: 88167AAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |      974000 | PA      | $957783.48    | 0.01%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC  3.95% 11/01/27                | HUDSON PACIFIC PROPERTIE REGD 3.95000000                                                       | CUSIP: 44409MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      180000 | PA      | $173209.30    | 0.00%             | 2027-11-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SV 5.75% 09/15/31                | PENNYMAC FIN SVCS INC REGD 144A P/P 5.75000000                                                 | CUSIP: 70932MAC1<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |       90000 | PA      | $89199.13     | 0.00%             | 2031-09-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BURFORD CAPITAL  7.5% 07/15/33                | BURFORD CAPITAL GLBL FIN REGD 144A P/P 7.50000000                                              | CUSIP: 12116LAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $101760.00    | 0.00%             | 2033-07-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ISLAMIC REP OF 6.875% 12/05/27                | ISLAMIC REP OF PAKISTAN REGD REG S 6.87500000                                                  | CUSIP: Y2835JAE8<br>LEI: N/A                  | Long             | DBT              | USGA              | PK        |     3700000 | PA      | $3696013.66   | 0.04%             | 2027-12-05      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP 6.75% 11/30/30                  | ECHOSTAR CORP REGD 6.75000000                                                                  | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    25134548 | PA      | $25943880.44  | 0.29%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SCRIPPS ESCROW 3.875% 01/15/29                | SCRIPPS ESCROW II INC REGD 144A P/P 3.87500000                                                 | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $44049.17     | 0.00%             | 2029-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| STACR 2024-DNA2  V/R 05/25/44                 | FREDDIE MAC STACR REMIC TRUST 2024-DNA2 SER 2024-DNA2 CL A1 V/R REGD 144A P/P 5.60603000       | CUSIP: 35564NCW1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1033096 | PA      | $1038251.77   | 0.01%             | 2044-05-25      | Variable      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY V/R 07/19/30                   | MORGAN STANLEY REGD V/R 5.04200000                                                             | CUSIP: 61747YFS9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |      155000 | PA      | $158897.71    | 0.00%             | 2030-07-19      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN 5.125% 02/01/28                | CENTRAL GARDEN & PET CO REGD 5.12500000                                                        | CUSIP: 153527AM8<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |       30000 | PA      | $29889.95     | 0.00%             | 2028-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| N/A                                           | CZK/USD FWD 20251217 000001733 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $1177.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SDART 2025-1 B 4.88% 09/15/27                 | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2025-1 SER 2025-1 CL B REGD 4.88000000                  | CUSIP: 80288DAD8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      315000 | PA      | $317998.36    | 0.00%             | 2031-03-17      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| N/A                                           | GBP/USD FWD 20251016 000011343 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $2638026.39   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| TK ELEVATOR US  5.25% 07/15/27                | TK ELEVATOR US NEWCO INC REGD 144A P/P 5.25000000                                              | CUSIP: 92537RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    10230000 | PA      | $10194524.41  | 0.11%             | 2027-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NATIONAL BAN V/R 01/03/34/EUR/                | NATIONAL BANK GREECE SA /EUR/ REGD V/R REG S MTN SER GMTN 8.00000000                           | CUSIP: X56169BK4<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | DBT              | CORP              | GR        |     4636000 | PA      | $6129694.12   | 0.07%             | 2034-01-03      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| AROUNDTOWN SA V/R /PERP//EUR/                 | AROUNDTOWN SA /EUR/ REGD V/R /PERP/ REG S EMTN 1.62500000                                      | CUSIP: L0269FBL2<br>LEI: 529900H4DWG3KWMBMQ39 | Long             | DBT              | CORP              | LU        |     1300000 | PA      | $1463015.98   | 0.02%             | 2174-07-15      | Variable      | 1.62%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS 6% 09/15/33                | ENERGIZER HOLDINGS INC REGD 144A P/P 6.00000000                                                | CUSIP: 29272WAG4<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     1528000 | PA      | $1491696.57   | 0.02%             | 2033-09-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| MINERAL RESOURCES  8% 11/01/27                | MINERAL RESOURCES LTD REGD 144A P/P MTN 8.00000000                                             | CUSIP: 603051AC7<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |      735000 | PA      | $749130.38    | 0.01%             | 2027-11-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| IRON MOUNT 4.75% 01/15/34/EUR/                | IRON MOUNTAIN INC /EUR/ REGD 144A P/P 4.75000000                                               | CUSIP: N/A<br>LEI: SQL3F6CKNNBM3SQGHX24       | Long             | DBT              | CORP              | US        |    11777000 | PA      | $13857288.51  | 0.15%             | 2034-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| PARK RIVER HOLDING 8% 03/15/31                | PARK RIVER HOLDINGS INC REGD 144A P/P 8.00000000                                               | CUSIP: 70082LAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3658000 | PA      | $3707814.64   | 0.04%             | 2031-03-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| TAYLOR MORRISO 5.125% 08/01/30                | TAYLOR MORRISON COMM REGD 144A P/P 5.12500000                                                  | CUSIP: 87724RAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1600000 | PA      | $1595096.16   | 0.02%             | 2030-08-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| GRIFFON CORPORA 5.75% 03/01/28                | GRIFFON CORPORATION REGD 5.75000000                                                            | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |     1680000 | PA      | $1679864.93   | 0.02%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP 4.5% 02/15/28                    | CALPINE CORP REGD 144A P/P 4.50000000                                                          | CUSIP: 131347CM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      636000 | PA      | $633440.67    | 0.01%             | 2028-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK 4% 06/30/50                | PERUSAHAAN LISTRIK NEGAR REGD REG S EMTN 4.00000000                                            | CUSIP: 71568QAP2<br>LEI: N/A                  | Long             | DBT              | CORP              | ID        |     3400000 | PA      | $2515490.00   | 0.03%             | 2050-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER I 7.5% 09/01/31                | LIGHT & WONDER INTL INC REGD 144A P/P 7.50000000                                               | CUSIP: 531968AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      406000 | PA      | $422499.84    | 0.00%             | 2031-09-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| CORECIVIC INC 4.75% 10/15/27                  | CORECIVIC INC REGD 4.75000000                                                                  | CUSIP: 21871NAA9<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |      150000 | PA      | $147863.54    | 0.00%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| T/L REALPAGE INC 0% 4/24/28                   | T/L REALPAGE INC REGD 0.00000000                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2861662 | PA      | $2853763.58   | 0.03%             | 2028-04-24      | Floating      | 7.26%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WO 6.694% 01/15/27                | BATH & BODY WORKS INC REGD 6.69400000                                                          | CUSIP: 501797AQ7<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |       30000 | PA      | $30534.21     | 0.00%             | 2027-01-15      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFIN 6.5% 03/26/31                | MACQUARIE AIRFINANCE HLD REGD 144A P/P 6.50000000                                              | CUSIP: 55609NAD0<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |     2585000 | PA      | $2769746.56   | 0.03%             | 2031-03-26      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| PENSKE TRUCK LEA 3.4% 11/15/26                | PENSKE TRUCK LEASING/PTL REGD 144A P/P 3.40000000                                              | CUSIP: 709599AW4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       81000 | PA      | $80193.19     | 0.00%             | 2026-11-15      | Fixed         | 3.40%                 | Yes           |                  2 | On Loan: No      |
| WINDSOR HOLDINGS 8.5% 06/15/30                | WINDSOR HOLDINGS III LLC REGD 144A P/P 8.50000000                                              | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |     2170000 | PA      | $2297165.80   | 0.03%             | 2030-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| T/L ZAYO GROUP 0% 03/09/2027                  | T/L ZAYO GROUP HOLDINGS INC    REGD 0.00000000                                                 | CUSIP: 98919XAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     7935905 | PA      | $7811946.57   | 0.09%             | 2027-03-09      | Floating      | 7.66%                 | No            |                  2 | On Loan: No      |
| WEFUN 2025-1 A 4.75% 04/17/28                 | WESTERN FUNDING AUTO LOAN TRUST 2025-1 SER 2025-1 CL A REGD 144A P/P 4.75000000                | CUSIP: 958250AA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1025000 | PA      | $1031527.51   | 0.01%             | 2035-07-16      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS MEXICA 6.7% 02/16/32                | PETROLEOS MEXICANOS REGD 6.70000000                                                            | CUSIP: 71643VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     1200000 | PA      | $1189174.01   | 0.01%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| PELABUHAN INDO 5.375% 05/05/45                | PELABUHAN INDO PERSERO REGD 5.37500000                                                         | CUSIP: Y7133MAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | ID        |     2100000 | PA      | $1994717.89   | 0.02%             | 2045-05-05      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID P 5% 06/15/29                | BROOKFIELD RESID PROPERT REGD 144A P/P 5.00000000                                              | CUSIP: 11283YAG5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     4241000 | PA      | $4037810.30   | 0.04%             | 2029-06-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| ARES STRATEGIC I 5.6% 02/15/30                | ARES STRATEGIC INCOME FU REGD SER WI 5.60000000                                                | CUSIP: 04020EAD9<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |      858000 | PA      | $866605.95    | 0.01%             | 2030-02-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| ANYWHERE REAL EST/ 7% 04/15/30                | ANYWHERE REAL EST/CO-ISS REGD 144A P/P 7.00000000                                              | CUSIP: 75606DAS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2418254 | PA      | $2446828.38   | 0.03%             | 2030-04-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| GOEASY LTD 6.875% 02/15/31                    | GOEASY LTD REGD 144A P/P 6.87500000                                                            | CUSIP: 380355AR8<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |     1830000 | PA      | $1771971.44   | 0.02%             | 2031-02-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| PARK INTERMED  4.875% 05/15/29                | PARK INTERMED HOLDINGS REGD 144A P/P 4.87500000                                                | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      530000 | PA      | $516710.99    | 0.01%             | 2029-05-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| KENNEDY-WILSON  4.75% 02/01/30                | KENNEDY-WILSON INC REGD 4.75000000                                                             | CUSIP: 489399AN5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $93370.00     | 0.00%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 12/11/25                        | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797QY6<br>LEI: N/A                  | Long             | STIV             | UST               | US        |     1000000 | PA      | $992416.81    | 0.01%             | 2025-12-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ILIAD SA 5.625% 02/15/30/EUR/                 | ILIAD SA /EUR/ REGD REG S 5.62500000                                                           | CUSIP: F507A6MK6<br>LEI: 969500FZ9BTRZS3JNB97 | Long             | DBT              | CORP              | FR        |      500000 | PA      | $630286.15    | 0.01%             | 2030-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US 7.125% 10/01/27                | OLYMPUS WTR US HLDG CORP REGD 144A P/P 7.12500000                                              | CUSIP: 16308NAA2<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |      759000 | PA      | $772470.29    | 0.01%             | 2027-10-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| LABL INC 9.5% 11/01/28                        | LABL INC REGD 144A P/P 9.50000000                                                              | CUSIP: 50168QAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4669000 | PA      | $3962703.10   | 0.04%             | 2028-11-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| MINERAL RESOURCE 8.5% 05/01/30                | MINERAL RESOURCES LTD REGD 144A P/P MTN 8.50000000                                             | CUSIP: 603051AD5<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |      330000 | PA      | $343239.60    | 0.00%             | 2030-05-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| ATLANTICA SUST 4.125% 06/15/28                | ATLANTICA SUSTAIN INFRA REGD 144A P/P 4.12500000                                               | CUSIP: 04916WAA2<br>LEI: 549300ITBBGKJ651R879 | Long             | DBT              | CORP              | GB        |       20000 | PA      | $19559.79     | 0.00%             | 2028-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| ONEMAIN FINANC 6.125% 05/15/30                | ONEMAIN FINANCE CORP REGD 6.12500000                                                           | CUSIP: 682691AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3843000 | PA      | $3891505.62   | 0.04%             | 2030-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIE 3.875% 02/15/29                | VICI PROPERTIES / NOTE REGD 144A P/P 3.87500000                                                | CUSIP: 92564RAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      680000 | PA      | $664053.97    | 0.01%             | 2029-02-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| WAYFAIR LLC 7.25% 10/31/29                    | WAYFAIR LLC REGD 144A P/P 7.25000000                                                           | CUSIP: 94419NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $92848.14     | 0.00%             | 2029-10-31      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ARSENAL AIC PAR 11.5% 10/01/31                | ARSENAL AIC PARENT LLC REGD 144A P/P 11.50000000                                               | CUSIP: 04288BAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    13791000 | PA      | $15316656.96  | 0.17%             | 2031-10-01      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| MIDWEST GMNG B 4.875% 05/01/29                | MIDWEST GMNG BOR/MWG FIN REGD 144A P/P 4.87500000                                              | CUSIP: 59833DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4769000 | PA      | $4635449.40   | 0.05%             | 2029-05-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| GLENCORE FUNDI 5.338% 04/04/27                | GLENCORE FUNDING LLC REGD 144A P/P 5.33800000                                                  | CUSIP: 378272BR8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      335000 | PA      | $340193.83    | 0.00%             | 2027-04-04      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| PRIMO / TRITON  6.25% 04/01/29                | PRIMO / TRITON WATER HLD REGD 144A P/P 6.25000000                                              | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $89946.32     | 0.00%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| NAVIENT CORP 4.875% 03/15/28                  | NAVIENT CORP REGD 4.87500000                                                                   | CUSIP: 63938CAL2<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     1710000 | PA      | $1677739.82   | 0.02%             | 2028-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL 4% 05/15/31                 | SERVICE CORP INTL REGD 4.00000000                                                              | CUSIP: 817565CG7<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     3641000 | PA      | $3433216.51   | 0.04%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN  6.625% 10/15/31                | JEFFERIES FIN LLC / JFIN REGD 144A P/P 6.62500000                                              | CUSIP: 47232MAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1971000 | PA      | $1982481.08   | 0.02%             | 2031-10-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| EMRLD BOR / EMR 6.75% 07/15/31                | EMRLD BOR / EMRLD CO-ISS REGD 144A P/P 6.75000000                                              | CUSIP: 26873CAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3427000 | PA      | $3558699.61   | 0.04%             | 2031-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| WARNERMED 4.302% 01/17/30/EUR/                | WARNERMEDIA HOLDINGS INC /EUR/ REGD SER * 4.30200000                                           | CUSIP: 934423AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      946000 | PA      | $1101829.88   | 0.01%             | 2030-01-17      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PER 6.55% 03/14/37                | REPUBLIC OF PERU REGD 6.55000000                                                               | CUSIP: 715638AU6<br>LEI: N/A                  | Long             | DBT              | USGA              | PE        |     5600000 | PA      | $6227200.00   | 0.07%             | 2037-03-14      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| N/A                                           | INR/USD FWD 20251017 000000908 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-277.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BOEING CO 3.2% 03/01/29                       | BOEING CO REGD 3.20000000                                                                      | CUSIP: 097023CD5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      220000 | PA      | $212302.43    | 0.00%             | 2029-03-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| US ACUTE CARE S 9.75% 05/15/29                | US ACUTE CARE SOLUTIONS REGD 144A P/P 9.75000000                                               | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3112000 | PA      | $3183267.91   | 0.04%             | 2029-05-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| QVC INC 5.45% 08/15/34                        | QVC INC REGD SER WI 5.45000000                                                                 | CUSIP: 747262AW3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $20955.56     | 0.00%             | 2034-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| WARNERMED 4.693% 05/17/33/EUR/                | WARNERMEDIA HOLDINGS INC /EUR/ REGD SER * 4.69300000                                           | CUSIP: 934423AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5340000 | PA      | $6057663.15   | 0.07%             | 2033-05-17      | Fixed         | 4.69%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC 5.75% 01/15/34                 | NRG ENERGY INC REGD 144A P/P 5.75000000                                                        | CUSIP: 629377DC3<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     6760000 | PA      | $6750584.00   | 0.07%             | 2034-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| BAYER AG V/R 11/12/79/EUR/                    | BAYER AG /EUR/ REGD V/R SER 3.12500000                                                         | CUSIP: D07112TU5<br>LEI: 549300J4U55H3WP1XT59 | Long             | DBT              | CORP              | DE        |     4100000 | PA      | $4738276.24   | 0.05%             | 2079-11-12      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOUR 8.625% 11/01/30                | CIVITAS RESOURCES INC REGD 144A P/P 8.62500000                                                 | CUSIP: 17888HAC7<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     1785000 | PA      | $1847457.15   | 0.02%             | 2030-11-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| WORLDLINE SA ZCP 07/30/26/EUR/                | WORLDLINE SA/FRANCE /EUR/ REGD ZCP REG S CONVERTIBLE 0.00000000                                | CUSIP: F9867TAJ2<br>LEI: 549300CJMQNCA0U4TS33 | Long             | DBT              | CORP              | FR        |       22291 | PA      | $24954.03     | 0.00%             | 2026-07-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOUR 8.375% 07/01/28                | CIVITAS RESOURCES INC REGD 144A P/P 8.37500000                                                 | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     4250000 | PA      | $4405249.18   | 0.05%             | 2028-07-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| MFF 2024-1A A 5.82% 07/20/27                  | MERCHANTS FLEET FUNDING LLC SER 2024-1A CL A REGD 144A P/P 5.82000000                          | CUSIP: 588926AF2<br>LEI: 254900Z2OOQUA5IN2X83 | Long             | ABS-CBDO         | CORP              | US        |     1096933 | PA      | $1105562.22   | 0.01%             | 2037-04-20      | Fixed         | 5.82%                 | Yes           |                  2 | On Loan: No      |
| OMAN GOV INTERN 6.25% 01/25/31                | OMAN GOV INTERNTL BOND REGD REG S 6.25000000                                                   | CUSIP: M75242BQ5<br>LEI: N/A                  | Long             | DBT              | USGA              | OM        |    15900000 | PA      | $17162555.40  | 0.19%             | 2031-01-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BRANDYWINE OPER  8.3% 03/15/28                | BRANDYWINE OPER PARTNERS REGD 8.30000000                                                       | CUSIP: 105340AR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $74182.01     | 0.00%             | 2028-03-15      | Variable      | 8.30%                 | No            |                  2 | On Loan: No      |
| SOUTHERN GAS C 6.875% 03/24/26                | SOUTHERN GAS CORRIDOR REGD REG S 6.87500000                                                    | CUSIP: Y8T6JPAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | AZ        |     9300000 | PA      | $9396186.46   | 0.10%             | 2026-03-24      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SOCIETATEA 4.75% 10/07/29/EUR/                | SOCIETATEA NATIONALA DE /EUR/ REGD REG S EMTN 4.75000000                                       | CUSIP: X8T90RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | RO        |     1675000 | PA      | $2015630.06   | 0.02%             | 2029-10-07      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MOTEL ONE  7.75% 04/02/31/EUR/                | MOTEL ONE GMBH/MUENCHEN /EUR/ REGD REG S 7.75000000                                            | CUSIP: D5S7D4AA5<br>LEI: 529900OZ5000U0NZHM90 | Long             | DBT              | CORP              | DE        |     3613000 | PA      | $4576811.94   | 0.05%             | 2031-04-02      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP 8% 04/01/29                | RITHM CAPITAL CORP REGD 144A P/P 8.00000000                                                    | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |      270000 | PA      | $276381.99    | 0.00%             | 2029-04-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ESSENDI SA 5.5% 11/15/31/EUR/                 | ESSENDI SA /EUR/ REGD 144A P/P 5.50000000                                                      | CUSIP: N/A<br>LEI: 2221000MD2YP7WLTNC52       | Long             | DBT              | CORP              | LU        |     8574000 | PA      | $10365620.47  | 0.11%             | 2031-11-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| UNIVISION COMM 9.375% 08/01/32                | UNIVISION COMMUNICATIONS REGD 144A P/P 9.37500000                                              | CUSIP: 914906BA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6209000 | PA      | $6618781.58   | 0.07%             | 2032-08-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| CABLE ONE INC ZCP 03/15/26                    | CABLE ONE INC REGD ZCP CONVERTIBLE 0.00000000                                                  | CUSIP: 12685JAE5<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |      857000 | PA      | $834722.00    | 0.01%             | 2026-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NEUB 2022-50A AR V/R 07/23/36                 | NEUBERGER BERMAN LOAN ADVISERS CLO 5 SER 2022-50A CL AR V/R REGD 144A P/P 5.56899000           | CUSIP: 64134VAQ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     2280000 | PA      | $2287969.74   | 0.03%             | 2036-07-23      | Variable      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| MACY'S RETAIL  7.375% 08/01/33                | MACY'S RETAIL HLDGS LLC REGD 144A P/P 7.37500000                                               | CUSIP: 55617LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $83412.64     | 0.00%             | 2033-08-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| HILCORP ENERGY I/H 6% 02/01/31                | HILCORP ENERGY I/HILCORP REGD 144A P/P 6.00000000                                              | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1548000 | PA      | $1490767.50   | 0.02%             | 2031-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS MEXICA 4.5% 01/23/26                | PETROLEOS MEXICANOS REGD SER WI 4.50000000                                                     | CUSIP: 71654QBW1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      681000 | PA      | $676636.49    | 0.01%             | 2026-01-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUAD ZCP 07/31/30                | REPUBLIC OF ECUADOR REGD ZCP 0.00000000                                                        | CUSIP: P8054QBG7<br>LEI: N/A                  | Long             | DBT              | USGA              | EC        |     1236420 | PA      | $958225.50    | 0.01%             | 2030-07-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| EDP SA V/R 04/23/83/EUR/                      | EDP SA /EUR/ REGD V/R REG S EMTN 5.94300000                                                    | CUSIP: X1R4PDG86<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |     4300000 | PA      | $5347300.42   | 0.06%             | 2083-04-23      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNER 3.95% 12/01/26                | BUCKEYE PARTNERS LP REGD 3.95000000                                                            | CUSIP: 118230AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      188000 | PA      | $186354.17    | 0.00%             | 2026-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESI 6.25% 09/15/27                | BROOKFIELD RESID PROPERT REGD 144A P/P 6.25000000                                              | CUSIP: 11283YAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     2505000 | PA      | $2498563.91   | 0.03%             | 2027-09-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| VISTRA OPERATI 6.875% 04/15/32                | VISTRA OPERATIONS CO LLC REGD 144A P/P 6.87500000                                              | CUSIP: 92840VAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3242000 | PA      | $3390081.59   | 0.04%             | 2032-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| AVOLON HOLDINGS 2.75% 02/21/28                | AVOLON HOLDINGS FNDG LTD REGD 144A P/P 2.75000000                                              | CUSIP: 05401AAP6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |       81000 | PA      | $77797.70     | 0.00%             | 2028-02-21      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| UNITED RENTALS 4.875% 01/15/28                | UNITED RENTALS NORTH AM REGD 4.87500000                                                        | CUSIP: 911365BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2305000 | PA      | $2297779.59   | 0.03%             | 2028-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP 5.45% 02/25/27                 | SOLVENTUM CORP REGD 5.45000000                                                                 | CUSIP: 83444MAN1<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |       92000 | PA      | $93502.52     | 0.00%             | 2027-02-25      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| KOBE US MIDCO 2 9.25% 11/01/26                | KOBE US MIDCO 2 INC REGD 144A P/P 9.25000000                                                   | CUSIP: 499894AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1785466 | PA      | $1580137.41   | 0.02%             | 2026-11-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| PATTERN ENERGY O 4.5% 08/15/28                | PATTERN ENERGY OP LP/PAT REGD 144A P/P 4.50000000                                              | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      358000 | PA      | $348899.14    | 0.00%             | 2028-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| MELCO RESORTS F 5.75% 07/21/28                | MELCO RESORTS FINANCE REGD 144A P/P 5.75000000                                                 | CUSIP: 58547DAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     1450000 | PA      | $1445051.44   | 0.02%             | 2028-07-21      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| VIRTUSA CORP 7.125% 12/15/28                  | VIRTUSA CORP REGD 144A P/P 7.12500000                                                          | CUSIP: 92837TAA0<br>LEI: C77OMXDER63WLJCSKT03 | Long             | DBT              | CORP              | US        |       70000 | PA      | $68399.26     | 0.00%             | 2028-12-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| BOYD GAMING COR 4.75% 12/01/27                | BOYD GAMING CORP REGD SER WI 4.75000000                                                        | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |      170000 | PA      | $169023.33    | 0.00%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP 6.625% 08/15/32                 | PARKLAND CORP REGD 144A P/P 6.62500000                                                         | CUSIP: 70137WAN8<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     2347000 | PA      | $2410411.25   | 0.03%             | 2032-08-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| AON CORP 8.205% 01/01/27                      | AON CORP REGD SER * 8.20500000                                                                 | CUSIP: 037389AK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2163000 | PA      | $2265538.05   | 0.02%             | 2027-01-01      | Fixed         | 8.21%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION  7.875% 12/01/30                | FTAI AVIATION INVESTORS REGD 144A P/P 7.87500000                                               | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     5959000 | PA      | $6331908.26   | 0.07%             | 2030-12-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| ACADIA HEALTHCAR 5.5% 07/01/28                | ACADIA HEALTHCARE CO INC REGD 144A P/P 5.50000000                                              | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |       40000 | PA      | $39664.71     | 0.00%             | 2028-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| RIO OIL FINANCE  8.2% 04/06/28                | RIO OIL FINANCE TRUST REGD 144A P/P 8.20000000                                                 | CUSIP: 76716XAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       77325 | PA      | $79722.85     | 0.00%             | 2028-04-06      | Fixed         | 8.20%                 | Yes           |                  2 | On Loan: No      |
| CODELCO INC 5.95% 01/08/34                    | CODELCO INC REGD REG S 5.95000000                                                              | CUSIP: P3143NBQ6<br>LEI: N/A                  | Long             | DBT              | CORP              | CL        |     2200000 | PA      | $2309690.57   | 0.03%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| T/L ATLAS CC ACQU 0% 05/25/29                 | T/L ATLAS CC ACQUISITION CORP  REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      204181 | PA      | $116319.77    | 0.00%             | 2029-05-25      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RU 7% 03/15/28                | GOODYEAR TIRE & RUBBER REGD 7.00000000                                                         | CUSIP: 382550AD3<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |       20000 | PA      | $20758.46     | 0.00%             | 2028-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MPH ACQUISITION 11.5% 12/31/30                | MPH ACQUISITION HOLDINGS REGD 144A P/P 11.50000000                                             | CUSIP: 553283AF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2446376 | PA      | $2559423.03   | 0.03%             | 2030-12-31      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| N/A                                           | INR/USD FWD 20251119 000000908 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-2.04        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP 6.125% 06/15/30                | WHIRLPOOL CORP REGD 6.12500000                                                                 | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     1902000 | PA      | $1916178.48   | 0.02%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| T/L CELESTE BIDCO 0% 07/22/29                 | T/L CELESTE BIDCO B.V. 0.00000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |     4825000 | PA      | $5678330.01   | 0.06%             | 2029-07-22      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| N/A                                           | GBP/USD FWD 20251210 000000010 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $409103.39    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | CDS XS1963830002 05.000 SP 06/20/2029 GSISW LONG                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $12668.04     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LGI HOMES INC 4% 07/15/29                     | LGI HOMES INC REGD 144A P/P 4.00000000                                                         | CUSIP: 50187TAF3<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |       70000 | PA      | $63868.71     | 0.00%             | 2029-07-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| TRINITY INDUSTR 7.75% 07/15/28                | TRINITY INDUSTRIES INC REGD 144A P/P 7.75000000                                                | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |     3160000 | PA      | $3269658.32   | 0.04%             | 2028-07-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| CALUMET SPECIAL 9.25% 07/15/29                | CALUMET SPECIALTY PROD REGD 144A P/P 9.25000000                                                | CUSIP: 131477AX9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       20000 | PA      | $20400.00     | 0.00%             | 2029-07-15      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS XS2384698994 01.000 SP 06/20/2030 MSCSUS33XXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $-13964.56    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TENET HEALTHCA 5.125% 11/01/27                | TENET HEALTHCARE CORP REGD 5.12500000                                                          | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |      160000 | PA      | $159621.54    | 0.00%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTS 4.25% 02/01/32                | BUILDERS FIRSTSOURCE INC REGD 144A P/P 4.25000000                                              | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |      160000 | PA      | $150461.66    | 0.00%             | 2032-02-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| RAND PARENT LLC 8.5% 02/15/30                 | RAND PARENT LLC REGD 144A P/P 8.50000000                                                       | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1911000 | PA      | $1985709.19   | 0.02%             | 2030-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| T/L MPH ACQUISIT 0% 12/31/30                  | T/L MPH ACQUISITION HOLDINGS   LLC REGD 0.00000000                                             | CUSIP: 55328HAP6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1555845 | PA      | $1549232.72   | 0.02%             | 2030-12-31      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| HUNT COS INC 5.25% 04/15/29                   | HUNT COS INC REGD 144A P/P 5.25000000                                                          | CUSIP: 445587AE8<br>LEI: 549300ODPWDNCH5TKM49 | Long             | DBT              | CORP              | US        |     4700000 | PA      | $4584756.00   | 0.05%             | 2029-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| US FOODS INC 6.875% 09/15/28                  | US FOODS INC REGD 144A P/P 6.87500000                                                          | CUSIP: 90290MAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $72147.04     | 0.00%             | 2028-09-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM 9% 05/15/28                | EQUIPMENTSHARE.COM INC REGD 144A P/P 9.00000000                                                | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |      210000 | PA      | $222224.31    | 0.00%             | 2028-05-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| AVANTOR F 2.625% 11/01/25/EUR/                | AVANTOR FUNDING INC /EUR/ REGD REG S 2.62500000                                                | CUSIP: U05247AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      415769 | PA      | $487914.19    | 0.01%             | 2025-11-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES 9.125% 07/15/31                | VIKING CRUISES LTD REGD 144A P/P 9.12500000                                                    | CUSIP: 92676XAG2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     3759000 | PA      | $4034504.63   | 0.04%             | 2031-07-15      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD 5% 02/01/26                | NATIONSTAR MTG HLD INC REGD 144A P/P 5.00000000                                                | CUSIP: 43734LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      575000 | PA      | $575000.00    | 0.01%             | 2026-02-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| MARRIOTT OWNERSH 6.5% 10/01/33                | MARRIOTT OWNERSHIP RESOR REGD 144A P/P 6.50000000                                              | CUSIP: 57164PAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       54000 | PA      | $53748.64     | 0.00%             | 2033-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| PARK-OHIO INDUST 8.5% 08/01/30                | PARK-OHIO INDUSTRIES INC REGD 144A P/P 8.50000000                                              | CUSIP: 700677AS6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $51831.50     | 0.00%             | 2030-08-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| KRONOS ACQUISI 10.75% 06/30/32                | KRONOS ACQUISITION HOLDI REGD 144A P/P 10.75000000                                             | CUSIP: 50106GAJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4265000 | PA      | $2325784.26   | 0.03%             | 2032-06-30      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| SODEXO INC 5.15% 08/15/30                     | SODEXO INC REGD 144A P/P 5.15000000                                                            | CUSIP: 833794AC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $204551.03    | 0.00%             | 2030-08-15      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| T/L GEN DIGITAL 0% 09/10/2027                 | T/L GEN DIGITAL INC. REGD 0.00000000                                                           | CUSIP: 66877AAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1507317 | PA      | $1504799.82   | 0.02%             | 2027-09-10      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| N/A                                           | EUR/USD FWD 20251217 000016440 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $264097.31    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIV 3.25% 03/15/27                | BLACKSTONE PRIVATE CRE REGD SER WI 3.25000000                                                  | CUSIP: 09261HAK3<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |       42000 | PA      | $41184.47     | 0.00%             | 2027-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MEHILAINE 5.125% 06/30/32/EUR/                | MEHILAINEN YHTIOT OY /EUR/ REGD 144A P/P 5.12500000                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | FI        |     2998000 | PA      | $3594457.26   | 0.04%             | 2032-06-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | PEN/USD FWD 20251217 000006038 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-48886.87    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MAGNERA CORP 4.75% 11/15/29                   | MAGNERA CORP REGD 144A P/P 4.75000000                                                          | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |       70000 | PA      | $61960.00     | 0.00%             | 2029-11-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| T/L U.S. SILICA 0.00% 07/31/31                | T/L U.S. SILICA COMPANY 0% 0.00000000                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      749436 | PA      | $742526.00    | 0.01%             | 2031-07-31      | Floating      | 8.66%                 | No            |                  2 | On Loan: No      |
| T/L STAKEHOLDER 0% 08/19/32                   | T/L STAKEHOLDER MIDSTREAM LLC  REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2227418 | PA      | $2230201.77   | 0.02%             | 2032-08-19      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| PLANET FINANCIA 10.5% 12/15/29                | PLANET FINANCIAL GROUP REGD 144A P/P 10.50000000                                               | CUSIP: 72702AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      190000 | PA      | $199776.28    | 0.00%             | 2029-12-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| CARNIVAL CORP 4% 08/01/28                     | CARNIVAL CORP REGD 144A P/P 4.00000000                                                         | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     6585000 | PA      | $6487648.67   | 0.07%             | 2028-08-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| TURKIYE GOVE V/R 05/20/26/TRY/                | TURKIYE GOVERNMENT BOND /TRY/ REGD V/R SER 4Y 48.48000000                                      | CUSIP: M8T85TW32<br>LEI: N/A                  | Long             | DBT              | USGA              | TR        |     9600000 | PA      | $233781.70    | 0.00%             | 2026-05-20      | Variable      | 48.48%                | No            |                  2 | On Loan: No      |
| BARCLAYS PLC V/R 02/25/31                     | BARCLAYS PLC REGD V/R 5.36700000                                                               | CUSIP: 06738ECY9<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      283000 | PA      | $291900.94    | 0.00%             | 2031-02-25      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA 7.5% 03/15/31                | BEAZER HOMES USA REGD 144A P/P 7.50000000                                                      | CUSIP: 07556QBU8<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |     1845000 | PA      | $1869461.01   | 0.02%             | 2031-03-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| KOREA NATIONAL 4.875% 04/03/29                | KOREA NATIONAL OIL CORP REGD 144A P/P 4.87500000                                               | CUSIP: 50065LAH3<br>LEI: N/A                  | Long             | DBT              | USGA              | KR        |     1500000 | PA      | $1533821.03   | 0.02%             | 2029-04-03      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| T/L ENDO FINANCE H 0% 04/23/31                | T/L ENDO FINANCE HOLDINGS INC  REGD TERM LOAN 0.00000000                                       | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      973083 | PA      | $974503.62    | 0.01%             | 2031-04-23      | Floating      | 8.16%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO 6.75% 08/01/29                   | SM ENERGY CO REGD 144A P/P 6.75000000                                                          | CUSIP: 78454LAX8<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     1090000 | PA      | $1095205.12   | 0.01%             | 2029-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| PACHELBEL 7.125% 05/17/31/EUR/                | PACHELBEL BIDCO SPA /EUR/ REGD REG S 7.12500000                                                | CUSIP: T7S3D8AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |     3895000 | PA      | $4926959.44   | 0.05%             | 2031-05-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFI 5.125% 06/23/51                | OFFICE CHERIFIEN DES PHO REGD REG S 5.12500000                                                 | CUSIP: V6560AAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | MA        |     4900000 | PA      | $4091500.00   | 0.05%             | 2051-06-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PRECISION DRIL 6.875% 01/15/29                | PRECISION DRILLING CORP REGD 144A P/P 6.87500000                                               | CUSIP: 740212AM7<br>LEI: 549300WF2OE8T5BP4B84 | Long             | DBT              | CORP              | CA        |     3810000 | PA      | $3830585.43   | 0.04%             | 2029-01-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| WFCM 2025-5C4 5.673% 05/15/30                 | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2025-5C4 SER 2025-5C4 CL A3 REGD 5.67300000              | CUSIP: 949931AC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      631000 | PA      | $661383.72    | 0.01%             | 2058-05-15      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURC 5.875% 06/30/29                | ASCENT RESOURCES/ARU FIN REGD 144A P/P 5.87500000                                              | CUSIP: 04364VAU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1921000 | PA      | $1917174.53   | 0.02%             | 2029-06-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| API GROUP DE IN 4.75% 10/15/29                | API GROUP DE INC REGD 144A P/P 4.75000000                                                      | CUSIP: 00185PAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       40000 | PA      | $39206.39     | 0.00%             | 2029-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| BURFORD CAPITA 6.875% 04/15/30                | BURFORD CAPITAL GLBL FIN REGD 144A P/P 6.87500000                                              | CUSIP: 12116LAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      170000 | PA      | $170812.26    | 0.00%             | 2030-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| WFLF 2024-3A A1 4.8% 05/18/28                 | WHEELS FLEET LEASE FUNDING 1 LLC SER 2024-3A CL A1 REGD 144A P/P 4.80000000                    | CUSIP: 96328GBZ9<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-CBDO         | CORP              | US        |      749435 | PA      | $756918.07    | 0.01%             | 2039-09-19      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF SRI  S/UP 06/15/35                | REPUBLIC OF SRI LANKA REGD S/UP REG S 3.60000000                                               | CUSIP: Y1237TAE2<br>LEI: N/A                  | Long             | DBT              | USGA              | LK        |     5500000 | PA      | $4009172.81   | 0.04%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHIL 3.7% 03/01/41                | REPUBLIC OF PHILIPPINES REGD 3.70000000                                                        | CUSIP: 718286CA3<br>LEI: N/A                  | Long             | DBT              | USGA              | PH        |     2500000 | PA      | $2124347.30   | 0.02%             | 2041-03-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| T/L TRUIST INSURANCE 0% 5/6/32                | T/L TRUIST INSURANCE 0% 5/6/32 0.00000000                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2094295 | PA      | $2130295.67   | 0.02%             | 2032-05-06      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK 3.25% 01/31/31/EUR/                | VMED O2 UK FINAN /EUR/ REGD REG S 3.25000000                                                   | CUSIP: G9444PAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     9801000 | PA      | $11049114.03  | 0.12%             | 2031-01-31      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS  6.625% 06/15/29                | HERC HOLDINGS INC REGD 144A P/P 6.62500000                                                     | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     2059000 | PA      | $2115626.17   | 0.02%             | 2029-06-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| TENET HEALTHCAR 4.25% 06/01/29                | TENET HEALTHCARE CORP REGD 4.25000000                                                          | CUSIP: 88033GDM9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     8047000 | PA      | $7856978.14   | 0.09%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & EL 3.3% 12/01/27                | PACIFIC GAS & ELECTRIC REGD SER WI 3.30000000                                                  | CUSIP: 694308HW0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      889000 | PA      | $870281.06    | 0.01%             | 2027-12-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUS 4.375% 07/15/30                | STANDARD INDUSTRI INC/NY REGD 144A P/P 4.37500000                                              | CUSIP: 853496AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4392000 | PA      | $4210693.85   | 0.05%             | 2030-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| ACRISURE LLC / F 7.5% 11/06/30                | ACRISURE LLC / FIN INC REGD 144A P/P 7.50000000                                                | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      130000 | PA      | $135434.39    | 0.00%             | 2030-11-06      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| EDP SA V/R 08/02/81/EUR/                      | EDP SA /EUR/ REGD V/R REG S 1.87500000                                                         | CUSIP: X1R4PDUG2<br>LEI: 529900CLC3WDMGI9VH80 | Long             | DBT              | CORP              | PT        |      200000 | PA      | $232616.68    | 0.00%             | 2081-08-02      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE 4.625% 12/01/26                | HERTZ CORP/THE REGD 144A P/P 4.62500000                                                        | CUSIP: 428040DA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      460000 | PA      | $452475.78    | 0.00%             | 2026-12-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| BNP PARIBAS V/R 11/19/30                      | BNP PARIBAS REGD V/R 144A P/P 5.28300000                                                       | CUSIP: 09659W2Z6<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      200000 | PA      | $205479.20    | 0.00%             | 2030-11-19      | Variable      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| HT TROPLA 9.375% 07/15/28/EUR/                | HT TROPLAST A /EUR/ REGD REG S 9.37500000                                                      | CUSIP: D3482ZAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     1550000 | PA      | $1900517.69   | 0.02%             | 2028-07-15      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBL 4.5% 01/30/30                | DOMINICAN REPUBLIC REGD REG S 4.50000000                                                       | CUSIP: P3579ECF2<br>LEI: N/A                  | Long             | DBT              | USGA              | DO        |     3300000 | PA      | $3227070.00   | 0.04%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CRE 5.875% 11/07/29                | FORD MOTOR CREDIT CO LLC REGD 5.87500000                                                       | CUSIP: 345397G49<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1700000 | PA      | $1730004.13   | 0.02%             | 2029-11-07      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KIOXIA HOLDING 6.625% 07/24/33                | KIOXIA HOLDINGS CORP REGD 144A P/P 6.62500000                                                  | CUSIP: 49726JAB4<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |     1590000 | PA      | $1634623.35   | 0.02%             | 2033-07-24      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| YINSON BORONIA 8.947% 07/31/42                | YINSON BORONIA PRODUCTIO REGD REG S 8.94700000                                                 | CUSIP: N9733XAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     1245984 | PA      | $1386117.19   | 0.02%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| CALDERYS FINAN 11.25% 06/01/28                | CALDERYS FINANCING LLC REGD 144A P/P 11.25000000                                               | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |       80000 | PA      | $84833.84     | 0.00%             | 2028-06-01      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| NEW HOME CO INC 9.25% 10/01/29                | NEW HOME CO INC/THE REGD 144A P/P 9.25000000                                                   | CUSIP: 645370AF4<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |     3026000 | PA      | $3179902.36   | 0.04%             | 2029-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO/THE 6.259% 05/01/27                 | BOEING CO/THE REGD SER WI 6.25900000                                                           | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      598000 | PA      | $615364.59    | 0.01%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF AN 9.375% 05/08/48                | REPUBLIC OF ANGOLA REGD REG S 9.37500000                                                       | CUSIP: V21735AB7<br>LEI: N/A                  | Long             | DBT              | USGA              | AO        |     5500000 | PA      | $4714826.00   | 0.05%             | 2048-05-08      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE 8% 05/15/27/EUR/                | ALTICE FRANCE HOLDING SA /EUR/ REGD REG S 0.00000000                                           | CUSIP: L01801AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     4500000 | PA      | $1876344.20   | 0.02%             | 2027-05-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOL 7.05% 11/15/30                | CELANESE US HOLDINGS LLC REGD 7.05000000                                                       | CUSIP: 15089QAX2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      190000 | PA      | $195941.30    | 0.00%             | 2030-11-15      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| ZI TECH LLC/ZI 3.875% 02/01/29                | ZI TECH LLC/ZI FIN CORP REGD 144A P/P 3.87500000                                               | CUSIP: 98981BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2971000 | PA      | $2815937.57   | 0.03%             | 2029-02-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| OCP 2023-26A AR V/R 04/17/37                  | OCP CLO 2023-26 LTD SER 2023-26A CL AR V/R REGD 144A P/P 5.40240000                            | CUSIP: 67116HAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |     2000000 | PA      | $2000410.40   | 0.02%             | 2037-04-17      | Variable      | 5.40%                 | Yes           |                  2 | On Loan: No      |
| DISCOVERY COMMUNIC 5% 09/20/37                | DISCOVERY COMMUNICATIONS REGD SER * 5.00000000                                                 | CUSIP: 25470DBY4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      110000 | PA      | $94624.20     | 0.00%             | 2037-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINE 5.5% 04/20/26                | AMERICAN AIRLINES/AADVAN REGD 144A P/P 5.50000000                                              | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |      322444 | PA      | $322498.57    | 0.00%             | 2026-04-20      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BLOCK INC 6% 08/15/33                         | BLOCK INC REGD 144A P/P 6.00000000                                                             | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     5674000 | PA      | $5810416.98   | 0.06%             | 2033-08-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GALXY 2018-26A A V/R 11/22/31                 | GALAXY XXVI CLO LTD SER 2018-26A CL AR V/R REGD 144A P/P 5.37383000                            | CUSIP: 36321LAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      362159 | PA      | $362187.86    | 0.00%             | 2031-11-22      | Variable      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS CORP 5.25% 12/01/26                  | DISH DBS CORP REGD 144A P/P 5.25000000                                                         | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7094000 | PA      | $6970740.97   | 0.08%             | 2026-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| CIRSA FINAN 4.5% 03/15/27/EUR/                | CIRSA FINANCE INTER /EUR/ REGD REG S 4.50000000                                                | CUSIP: L1R71TAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     1100000 | PA      | $1291680.23   | 0.01%             | 2027-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC O 7.125% 05/13/54                | FED REPUBLIC OF BRAZIL REGD 7.12500000                                                         | CUSIP: 105756CJ7<br>LEI: N/A                  | Long             | DBT              | USGA              | BR        |     8550000 | PA      | $8645186.72   | 0.10%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD 7.375% 10/01/30                    | GOEASY LTD REGD 144A P/P 7.37500000                                                            | CUSIP: 380355AN7<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |     3395000 | PA      | $3411615.71   | 0.04%             | 2030-10-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| BX 2024-XL5 A V/R 03/15/26                    | BX COMMERCIAL MORTGAGE TRUST 2024-XL5 SER 2024-XL5 CL A V/R REGD 144A P/P 5.54181000           | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      331120 | PA      | $331326.78    | 0.00%             | 2041-03-15      | Variable      | 5.54%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO 3.1% 05/01/26                       | BOEING CO REGD 3.10000000                                                                      | CUSIP: 097023CH6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |      350000 | PA      | $347666.14    | 0.00%             | 2026-05-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE 6.75% 03/15/32                | ONEMAIN FINANCE CORP REGD 6.75000000                                                           | CUSIP: 682691AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7980000 | PA      | $8137597.66   | 0.09%             | 2032-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BLOCK INC 6.5% 05/15/32                       | BLOCK INC REGD 6.50000000                                                                      | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    10821000 | PA      | $11199973.06  | 0.12%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CAPITA 9.5% 02/15/29                | JEFFERSON CAPITAL HOLDIN REGD 144A P/P 9.50000000                                              | CUSIP: 472481AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      170000 | PA      | $179042.64    | 0.00%             | 2029-02-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| MSC 2024-NSTB A V/R 07/24/32                  | MORGAN STANLEY CAPITAL I TRUST 2024-NSTB SER 2024-NSTB CL A V/R REGD 144A P/P 3.90000000       | CUSIP: 61690BAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      945603 | PA      | $930085.57    | 0.01%             | 2057-09-24      | Variable      | 3.90%                 | Yes           |                  2 | On Loan: No      |
| IQVIA INC 5.7% 05/15/28                       | IQVIA INC REGD SER WI 5.70000000                                                               | CUSIP: 46266TAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $206240.00    | 0.00%             | 2028-05-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CONSTELLIUM SE 5.625% 06/15/28                | CONSTELLIUM SE REGD 144A P/P 5.62500000                                                        | CUSIP: 21039CAA2<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |       30000 | PA      | $29953.71     | 0.00%             | 2028-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| BANK GOSPODARST 6.25% 10/31/28                | BANK GOSPODARSTWA KRAJOW REGD REG S 6.25000000                                                 | CUSIP: X0645ACG5<br>LEI: N/A                  | Long             | DBT              | USGA              | PL        |     2500000 | PA      | $2652989.08   | 0.03%             | 2028-10-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA COR V/R /PERP/                | BANK OF AMERICA CORP REGD V/R /PERP/ 6.25000000                                                | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     6920000 | PA      | $7013682.96   | 0.08%             | 2173-10-26      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| T/L GRAY TELEVI 0% 06/04/29                   | T/L GRAY TELEVISION  INC REGD 0.00000000                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |        9889 | PA      | $9885.30      | 0.00%             | 2029-06-04      | Floating      | 9.53%                 | No            |                  2 | On Loan: No      |
| GARDA WORLD SEC 7.75% 02/15/28                | GARDA WORLD SECURITY REGD 144A P/P 7.75000000                                                  | CUSIP: 36485MAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     2567000 | PA      | $2631516.41   | 0.03%             | 2028-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| GEO GROUP INC/ 8.625% 04/15/29                | GEO GROUP INC/THE REGD 8.62500000                                                              | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |      710000 | PA      | $751676.29    | 0.01%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| FORESEA HOLDING  7.5% 06/15/30                | FORESEA HOLDING SA REGD 144A P/P 7.50000000                                                    | CUSIP: 262051AA3<br>LEI: 254900BAD50AKYGIMV79 | Long             | DBT              | CORP              | LU        |      100000 | PA      | $97522.43     | 0.00%             | 2030-06-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ECOPETROL SA 8.625% 01/19/29                  | ECOPETROL SA REGD 8.62500000                                                                   | CUSIP: 279158AT6<br>LEI: N/A                  | Long             | DBT              | CORP              | CO        |     1228000 | PA      | $1333558.97   | 0.01%             | 2029-01-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| EMERIA SA 3.375% 03/31/28/EUR/                | EMERIA SASU /EUR/ REGD REG S 3.37500000                                                        | CUSIP: F3814GAA6<br>LEI: 969500SA2FHM81LPJ311 | Long             | DBT              | CORP              | FR        |     1135000 | PA      | $1136811.23   | 0.01%             | 2028-03-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNER 8.5% 02/15/32                | MPT OPER PARTNERSP/FINL REGD 144A P/P 8.50000000                                               | CUSIP: 55342UAQ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7610000 | PA      | $8086666.59   | 0.09%             | 2032-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| AMERIGAS PART/F 5.75% 05/20/27                | AMERIGAS PART/FIN CORP REGD 5.75000000                                                         | CUSIP: 030981AL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1730000 | PA      | $1729685.14   | 0.02%             | 2027-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VIRGIN MED 4.25% 01/15/30/GBP/                | VIRGIN MEDIA SECURED FIN /GBP/ REGD REG S 4.25000000                                           | CUSIP: G9372GAZ1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     1042000 | PA      | $1299695.76   | 0.01%             | 2030-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/ 9.375% 06/01/28                | AMERIGAS PART/FIN CORP REGD 144A P/P 9.37500000                                                | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $71878.94     | 0.00%             | 2028-06-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| CHAMP ACQUISIT 8.375% 12/01/31                | CHAMP ACQUISITION CORP REGD 144A P/P 8.37500000                                                | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $95654.70     | 0.00%             | 2031-12-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| HILCORP ENERGY  7.25% 02/15/35                | HILCORP ENERGY I/HILCORP REGD 144A P/P 7.25000000                                              | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3688000 | PA      | $3604079.19   | 0.04%             | 2035-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| KINGDOM OF BAHR 4.25% 01/25/28                | KINGDOM OF BAHRAIN REGD REG S EMTN 4.25000000                                                  | CUSIP: M63633CA3<br>LEI: N/A                  | Long             | DBT              | USGA              | BH        |     8900000 | PA      | $8720817.90   | 0.10%             | 2028-01-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OCADO GROU 10.5% 08/08/29/GBP/                | OCADO GROUP PLC /GBP/ REGD REG S 10.50000000                                                   | CUSIP: G6718SVN8<br>LEI: 213800LO8F61YB8MBC74 | Long             | DBT              | CORP              | GB        |     3338000 | PA      | $4480497.82   | 0.05%             | 2029-08-08      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| TECHEM VERWA V/R 07/15/32/EUR/                | TECHEM VERWALTUNGSGESELL /EUR/ REGD V/R REG S 4.95800000                                       | CUSIP: D8317BAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |      100000 | PA      | $118281.24    | 0.00%             | 2032-07-15      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDIN 6.75% 03/01/33                | QUIKRETE HOLDINGS INC REGD 144A P/P 6.75000000                                                 | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     4587000 | PA      | $4766714.07   | 0.05%             | 2033-03-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| GENESIS ENERGY  7.75% 02/01/28                | GENESIS ENERGY LP/FIN REGD 7.75000000                                                          | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $100710.50    | 0.00%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA 6.375% 01/30/34                       | ROMANIA REGD 144A P/P 6.37500000                                                               | CUSIP: 77586RAU4<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |     1800000 | PA      | $1822104.81   | 0.02%             | 2034-01-30      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ONEMAIN FINANC 7.125% 11/15/31                | ONEMAIN FINANCE CORP REGD 7.12500000                                                           | CUSIP: 682691AG5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1343000 | PA      | $1392821.27   | 0.02%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL 6.5% 04/15/32                | MGM RESORTS INTL REGD 6.50000000                                                               | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     2600000 | PA      | $2648929.53   | 0.03%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATI 6.375% 06/15/33                | CACI INTERNATIONAL INC REGD 144A P/P 6.37500000                                                | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |     3379000 | PA      | $3487160.07   | 0.04%             | 2033-06-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CRE 5.125% 11/05/26                | FORD MOTOR CREDIT CO LLC REGD 5.12500000                                                       | CUSIP: 345397F81<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1374000 | PA      | $1378672.08   | 0.02%             | 2026-11-05      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL IN 11.125% 07/15/30                | SABRE GLBL INC REGD 144A P/P 11.12500000                                                       | CUSIP: 78573NAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3823000 | PA      | $3702384.35   | 0.04%             | 2030-07-15      | Fixed         | 11.12%                | Yes           |                  2 | On Loan: No      |
| VELOCITY VEHICLE G 8% 06/01/29                | VELOCITY VEHICLE GROUP REGD 144A P/P 8.00000000                                                | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      500000 | PA      | $502197.50    | 0.01%             | 2029-06-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| SENSATA TECH I 4.375% 02/15/30                | SENSATA TECH INC REGD 144A P/P 4.37500000                                                      | CUSIP: 81728UAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     4968000 | PA      | $4793809.50   | 0.05%             | 2030-02-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| WEX INC 6.5% 03/15/33                         | WEX INC REGD 144A P/P 6.50000000                                                               | CUSIP: 96208TAD6<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | DBT              | CORP              | US        |     4382000 | PA      | $4473465.49   | 0.05%             | 2033-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC  5.375% 06/08/37/EUR/                | REPUBLIC OF SENEGAL /EUR/ REGD REG S 5.37500000                                                | CUSIP: V7691DBA3<br>LEI: N/A                  | Long             | DBT              | USGA              | SN        |     5500000 | PA      | $4229176.38   | 0.05%             | 2037-06-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| NAROT 2025-A A 4.49% 10/16/28                 | NISSAN AUTO RECEIVABLES 2025-A OWNER TRUST SER 2025-A CL A3 REGD 4.49000000                    | CUSIP: 65481GAD7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      275000 | PA      | $278334.54    | 0.00%             | 2029-12-17      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG V/R 08/10/27                     | UBS GROUP AG REGD V/R 144A P/P 1.49400000                                                      | CUSIP: 902613AH1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     1067000 | PA      | $1041930.84   | 0.01%             | 2027-08-10      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| FIESTA PURCHAS 7.875% 03/01/31                | FIESTA PURCHASER INC REGD 144A P/P 7.87500000                                                  | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      213000 | PA      | $224739.71    | 0.00%             | 2031-03-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| LEVI STRAUSS & C 3.5% 03/01/31                | LEVI STRAUSS & CO REGD 144A P/P 3.50000000                                                     | CUSIP: 52736RBJ0<br>LEI: MB0UERO0RDFKU8258G77 | Long             | DBT              | CORP              | US        |      779000 | PA      | $723349.25    | 0.01%             | 2031-03-01      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| MERITAGE HOMES 3.875% 04/15/29                | MERITAGE HOMES CORP REGD 144A P/P 3.87500000                                                   | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |      287000 | PA      | $279468.55    | 0.00%             | 2029-04-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| REWORLD HOLDIN 4.875% 12/01/29                | REWORLD HOLDING CORP REGD 144A P/P 4.87500000                                                  | CUSIP: 22303XAA3<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | DBT              | CORP              | US        |     4808000 | PA      | $4521504.27   | 0.05%             | 2029-12-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| LIBERTY MUTUAL G 7.8% 03/15/37                | LIBERTY MUTUAL GROUP INC REGD P/P 7.80000000                                                   | CUSIP: 53079EAN4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       20000 | PA      | $22826.69     | 0.00%             | 2037-03-15      | Fixed         | 7.80%                 | Yes           |                  2 | On Loan: No      |
| WARNERMEDIA HO 3.755% 03/15/27                | WARNERMEDIA HOLDINGS INC REGD SER * 3.75500000                                                 | CUSIP: 55903VBL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      742000 | PA      | $729207.92    | 0.01%             | 2027-03-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| UBSCM 2019-C1 3.035% 12/15/29                 | UBS COMMERCIAL MORTGAGE TRUST 2019-C18 SER 2019-C18 CL A4 REGD 3.03520000                      | CUSIP: 90278PBA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |       50000 | PA      | $46651.41     | 0.00%             | 2052-12-15      | Fixed         | 3.04%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/C 4.75% 02/01/32                | CCO HLDGS LLC/CAP CORP REGD 144A P/P 4.75000000                                                | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3986000 | PA      | $3685669.25   | 0.04%             | 2032-02-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS US900123AL40 01.000 SP 12/20/2025 BARCGB5GXXX LONG                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $3706.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW 3.5% 02/15/29                | 1011778 BC / NEW RED FIN REGD 144A P/P 3.50000000                                              | CUSIP: 68245XAP4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     2055000 | PA      | $1962043.31   | 0.02%             | 2029-02-15      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| GGAM FINANCE LTD 8% 02/15/27                  | GGAM FINANCE LTD REGD 144A P/P 8.00000000                                                      | CUSIP: 36170JAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     1585000 | PA      | $1622735.34   | 0.02%             | 2027-02-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| VIASAT INC 6.5% 07/15/28                      | VIASAT INC REGD 144A P/P 6.50000000                                                            | CUSIP: 92552VAN0<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |       80000 | PA      | $78174.44     | 0.00%             | 2028-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| OCTL 2024-3A A 4.94% 08/20/27                 | OCTANE RECEIVABLES TRUST 2024-3 SER 2024-3A CL A2 REGD 144A P/P 4.94000000                     | CUSIP: 67571GAB8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1213809 | PA      | $1220432.48   | 0.01%             | 2030-05-20      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| ACRISURE LLC /  6.75% 07/01/32                | ACRISURE LLC / FIN INC REGD 144A P/P 6.75000000                                                | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1122000 | PA      | $1155305.45   | 0.01%             | 2032-07-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CNO GLOBAL FUND 4.95% 09/09/29                | CNO GLOBAL FUNDING REGD 144A P/P MTN 4.95000000                                                | CUSIP: 18977W2F6<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |      117000 | PA      | $119349.58    | 0.00%             | 2029-09-09      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| ELEMENT SOLUTI 3.875% 09/01/28                | ELEMENT SOLUTIONS INC REGD 144A P/P 3.87500000                                                 | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |     9371000 | PA      | $9081745.34   | 0.10%             | 2028-09-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC 6% 02/15/28                    | BOMBARDIER INC REGD 144A P/P 6.00000000                                                        | CUSIP: 097751BX8<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     4163000 | PA      | $4173524.06   | 0.05%             | 2028-02-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC 8.75% 11/15/30                 | BOMBARDIER INC REGD 144A P/P 8.75000000                                                        | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     4890000 | PA      | $5273087.49   | 0.06%             | 2030-11-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| BKV UPSTREAM MID 7.5% 10/15/30                | BKV UPSTREAM MIDSTREAM L REGD 144A P/P 7.50000000                                              | CUSIP: 05619CAA3<br>LEI: 254900LG75NBYHBBAU18 | Long             | DBT              | CORP              | US        |       30000 | PA      | $29990.17     | 0.00%             | 2030-10-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| HOWARD HUGHES  4.375% 02/01/31                | HOWARD HUGHES CORP REGD 144A P/P 4.37500000                                                    | CUSIP: 44267DAF4<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     4348000 | PA      | $4076280.30   | 0.04%             | 2031-02-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| CABLE ONE INC 4% 11/15/30                     | CABLE ONE INC REGD 144A P/P 4.00000000                                                         | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |       30000 | PA      | $25416.92     | 0.00%             | 2030-11-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| WFCM 2019-C50 3.729% 05/15/52                 | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2019-C50 SER 2019-C50 CL A5 REGD 3.72900000              | CUSIP: 95001XBB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |       90000 | PA      | $87382.04     | 0.00%             | 2052-05-15      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| JPMDB 2017-C5 3.414% 11/15/26                 | JPMDB COMMERCIAL MORTGAGE SECURITIES TRUST 2017-C5 SER 2017-C5 CL A4 REGD 3.41400000           | CUSIP: 46590TAD7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      564989 | PA      | $557250.99    | 0.01%             | 2050-03-15      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| SABAL TRAIL TR 4.246% 05/01/28                | SABAL TRAIL TRANS REGD 144A P/P 4.24600000                                                     | CUSIP: 78516FAA7<br>LEI: 5493002DWITGSZFUI977 | Long             | DBT              | CORP              | US        |      787000 | PA      | $782438.45    | 0.01%             | 2028-05-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| INVERSION ESCRO 6.75% 08/01/32                | INVERSION ESCROW ISSUER REGD 144A P/P 6.75000000                                               | CUSIP: 46150DAA0<br>LEI: 254900P6GHORGRVLKI95 | Long             | DBT              | CORP              | US        |     6261000 | PA      | $6167417.15   | 0.07%             | 2032-08-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| METHANEX CORP 5.65% 12/01/44                  | METHANEX CORP REGD 5.65000000                                                                  | CUSIP: 59151KAJ7<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |       20000 | PA      | $17086.77     | 0.00%             | 2044-12-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| CONTOURGLOBAL 5% 02/28/30/EUR/                | CONTOURGLOBAL POWER HLDG /EUR/ REGD 144A P/P 5.00000000                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | LU        |     9744000 | PA      | $11710330.41  | 0.13%             | 2030-02-28      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| TECHEM VE 5.375% 07/15/29/EUR/                | TECHEM VERWALTUNGSGESELL /EUR/ REGD REG S 5.37500000                                           | CUSIP: D8317BAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     5861000 | PA      | $7115207.01   | 0.08%             | 2029-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS I 7% 03/15/32                | CLEVELAND-CLIFFS INC REGD 144A P/P 7.00000000                                                  | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |      820000 | PA      | $828241.82    | 0.01%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| VZ VENDOR 2.875% 01/15/29/EUR/                | VZ VENDOR FINANCING /EUR/ REGD REG S 2.87500000                                                | CUSIP: N9409XAA8<br>LEI: 724500DRKUUR3GFOSK76 | Long             | DBT              | CORP              | NL        |     5862000 | PA      | $6487834.20   | 0.07%             | 2029-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF IN 6.625% 02/17/37                | REPUBLIC OF INDONESIA REGD 6.62500000                                                          | CUSIP: Y20721AJ8<br>LEI: N/A                  | Long             | DBT              | USGA              | ID        |     3900000 | PA      | $4411160.01   | 0.05%             | 2037-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GU 4.375% 06/05/27                | REPUBLIC OF GUATEMALA REGD REG S 4.37500000                                                    | CUSIP: P5015VAG1<br>LEI: N/A                  | Long             | DBT              | USGA              | GT        |     9900000 | PA      | $9825750.00   | 0.11%             | 2027-06-05      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL  5.125% 01/15/42                | MACY'S RETAIL HLDGS LLC REGD 5.12500000                                                        | CUSIP: 55616XAG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       20000 | PA      | $15791.81     | 0.00%             | 2042-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PEOPLECERT 5.75% 09/15/26/EUR/                | PEOPLECERT WISDOM ISSUER /EUR/ REGD REG S 5.75000000                                           | CUSIP: G30792AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     1000000 | PA      | $1170752.10   | 0.01%             | 2026-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| KFC HLD/PIZZA H 4.75% 06/01/27                | KFC HLD/PIZZA HUT/TACO REGD 144A P/P 4.75000000                                                | CUSIP: 48250NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      190000 | PA      | $189292.52    | 0.00%             | 2027-06-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| FIRST CITIZENS BA V/R 03/12/31                | FIRST CITIZENS BANCSHARE REGD V/R 5.23100000                                                   | CUSIP: 31959XAC7<br>LEI: 549300N3Z00ZHE2XC526 | Long             | DBT              | CORP              | US        |      826000 | PA      | $838633.12    | 0.01%             | 2031-03-12      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| ENERSYS 6.625% 01/15/32                       | ENERSYS REGD 144A P/P 6.62500000                                                               | CUSIP: 29275YAF9<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |      260000 | PA      | $267612.54    | 0.00%             | 2032-01-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| FAIR ISAAC CORP 6% 05/15/33                   | FAIR ISAAC CORP REGD 144A P/P 6.00000000                                                       | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    10849000 | PA      | $10984278.24  | 0.12%             | 2033-05-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| ATS CORP 4.125% 12/15/28                      | ATS CORP REGD 144A P/P 4.12500000                                                              | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |      184000 | PA      | $176286.41    | 0.00%             | 2028-12-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP A 6% 11/16/26                | VOLKSWAGEN GROUP AMERICA REGD 144A P/P 6.00000000                                              | CUSIP: 928668CA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $203531.42    | 0.00%             | 2026-11-16      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GLENCORE FUNDI 6.125% 10/06/28                | GLENCORE FUNDING LLC REGD 144A P/P 6.12500000                                                  | CUSIP: 378272BN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       83000 | PA      | $87139.84     | 0.00%             | 2028-10-06      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| GENTING NY LLC/ 7.25% 10/01/29                | GENTING NY LLC/GENNY CAP REGD 144A P/P 7.25000000                                              | CUSIP: 37255JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $92964.87     | 0.00%             | 2029-10-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| SHELF DRILL HO 9.625% 04/15/29                | SHELF DRILL HOLD LTD REGD 144A P/P 9.62500000                                                  | CUSIP: 822538AH7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      702000 | PA      | $735568.94    | 0.01%             | 2029-04-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PERU 3.6% 01/15/72                | REPUBLIC OF PERU REGD 3.60000000                                                               | CUSIP: 715638DW9<br>LEI: N/A                  | Long             | DBT              | USGA              | PE        |     3900000 | PA      | $2475720.00   | 0.03%             | 2072-01-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| VODAFONE GRO V/R 10/03/78/GBP/                | VODAFONE GROUP PLC /GBP/ REGD V/R REG S 4.87500000                                             | CUSIP: G93882R94<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |      200000 | PA      | $268919.41    | 0.00%             | 2078-10-03      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| ROMANIA 6.75% 07/11/39/EUR/                   | ROMANIA /EUR/ REGD 144A P/P 6.75000000                                                         | CUSIP: X7360WDN9<br>LEI: N/A                  | Long             | DBT              | USGA              | RO        |     1900000 | PA      | $2284231.55   | 0.03%             | 2039-07-11      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CZECHOSLOV 5.25% 01/10/31/EUR/                | CZECHOSLOVAK GROUP /EUR/ REGD REG S 5.25000000                                                 | CUSIP: X1761DAL6<br>LEI: 315700SWFD7G70AVG768 | Long             | DBT              | CORP              | CZ        |     3700000 | PA      | $4513272.80   | 0.05%             | 2031-01-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYST 9.75% 11/15/30                | SPIRIT AEROSYSTEMS INC REGD 144A P/P 9.75000000                                                | CUSIP: 85205TAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5449000 | PA      | $5992848.34   | 0.07%             | 2030-11-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| RHP HOTEL PPTY/R 6.5% 04/01/32                | RHP HOTEL PPTY/RHP FINAN REGD 144A P/P 6.50000000                                              | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6404000 | PA      | $6584353.74   | 0.07%             | 2032-04-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MITER BRAND / M 6.75% 04/01/32                | MITER BRAND / MIWD BORR REGD 144A P/P 6.75000000                                               | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1036000 | PA      | $1064052.81   | 0.01%             | 2032-04-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| FRONTIER COMMUNICA 6% 01/15/30                | FRONTIER COMMUNICATIONS REGD 144A P/P 6.00000000                                               | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2371000 | PA      | $2398875.85   | 0.03%             | 2030-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| SERVICE PROPERTIE ZCP 09/30/27                | SERVICE PROPERTIES TRUST REGD ZCP 144A P/P 0.00000000                                          | CUSIP: 81761LAF9<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |     2323000 | PA      | $2049829.14   | 0.02%             | 2027-09-30      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| BCC 2019-1A AR2 V/R 04/19/34                  | BAIN CAPITAL CREDIT CLO 2019-1 SER 2019-1A CL AR2 V/R REGD 144A P/P 5.55549000                 | CUSIP: 05683VBA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1501482.45   | 0.02%             | 2034-04-19      | Variable      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| SINCLAIR TELEV 4.375% 12/31/32                | SINCLAIR TELEVISION GROU REGD P/P 4.37500000                                                   | CUSIP: 829259BF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       20000 | PA      | $14019.18     | 0.00%             | 2032-12-31      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| VERMILION ENER 6.875% 05/01/30                | VERMILION ENERGY INC REGD 144A P/P 6.87500000                                                  | CUSIP: 923725AD7<br>LEI: 8945009D1HGCJC8M8A68 | Long             | DBT              | CORP              | CA        |      100000 | PA      | $97612.93     | 0.00%             | 2030-05-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| ELLUCIAN HOLDING 6.5% 12/01/29                | ELLUCIAN HOLDINGS INC REGD 144A P/P 6.50000000                                                 | CUSIP: 289178AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     6711000 | PA      | $6817161.31   | 0.08%             | 2029-12-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| PINNACLE BID 10% 10/11/28/GBP/                | PINNACLE BIDCO PLC /GBP/ REGD REG S 10.00000000                                                | CUSIP: G7113BAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     7950000 | PA      | $11280289.30  | 0.12%             | 2028-10-11      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF KEN 7.25% 02/28/28                | REPUBLIC OF KENYA REGD 7.25000000                                                              | CUSIP: V50249AB3<br>LEI: N/A                  | Long             | DBT              | USGA              | KE        |     1600000 | PA      | $1641735.50   | 0.02%             | 2028-02-28      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PROSPECT CAPIT 3.364% 11/15/26                | PROSPECT CAPITAL CORP REGD 3.36400000                                                          | CUSIP: 74348TAV4<br>LEI: 549300FSD8T39P5Q0O47 | Long             | DBT              | CORP              | US        |       60000 | PA      | $58000.15     | 0.00%             | 2026-11-15      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| T/L LUMEN TECHNOL ZCP 04/15/29                | T/L LUMEN TECHNOLOGIES INC REGD ZCP TERM LOAN 0.00000000                                       | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |     6699918 | PA      | $6650606.12   | 0.07%             | 2029-04-15      | Floating      | 6.63%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLIN 7.25% 02/15/28                | AMERICAN AIRLINES INC REGD 144A P/P 7.25000000                                                 | CUSIP: 023771T32<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1385000 | PA      | $1418813.86   | 0.02%             | 2028-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ATI INC 5.125% 10/01/31                       | ATI INC REGD 5.12500000                                                                        | CUSIP: 01741RAM4<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     2117000 | PA      | $2083524.94   | 0.02%             | 2031-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AAR ESCROW ISSU 6.75% 03/15/29                | AAR ESCROW ISSUER LLC REGD 144A P/P 6.75000000                                                 | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2302000 | PA      | $2370908.07   | 0.03%             | 2029-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| NSLT 2021-A AP 1.36% 04/20/62                 | NELNET STUDENT LOAN TRUST 2021-A SER 2021-A CL APT1 REGD 144A P/P 1.36000000                   | CUSIP: 64035DAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      298789 | PA      | $282086.10    | 0.00%             | 2062-04-20      | Fixed         | 1.36%                 | Yes           |                  2 | On Loan: No      |
| AMGEN INC 5.507% 03/02/26                     | AMGEN INC REGD 5.50700000                                                                      | CUSIP: 031162DN7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |      444000 | PA      | $444000.00    | 0.00%             | 2026-03-02      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| ROCKIES EXPRESS 4.95% 07/15/29                | ROCKIES EXPRESS PIPELINE REGD 144A P/P 4.95000000                                              | CUSIP: 77340RAR8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      213000 | PA      | $211196.43    | 0.00%             | 2029-07-15      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| AIRCASTLE / IRELAN 5% 09/15/30                | AIRCASTLE / IRELAND DAC REGD 144A P/P 5.00000000                                               | CUSIP: 00929JAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      188000 | PA      | $189452.86    | 0.00%             | 2030-09-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG V/R /PERP/                       | UBS GROUP AG REGD V/R /PERP/ 144A P/P 6.60000000                                               | CUSIP: 902613BR8<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     2200000 | PA      | $2211772.20   | 0.02%             | 2174-02-05      | Variable      | 6.60%                 | Yes           |                  2 | On Loan: No      |
| AFFLELOU SAS 6% 07/25/29/EUR/                 | AFFLELOU SAS /EUR/ REGD REG S 6.00000000                                                       | CUSIP: F0R20ZAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |      654000 | PA      | $800926.15    | 0.01%             | 2029-07-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FORESTAR GROUP INC 5% 03/01/28                | FORESTAR GROUP INC REGD 144A P/P 5.00000000                                                    | CUSIP: 346232AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3290000 | PA      | $3259705.08   | 0.04%             | 2028-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| RAIZEN FUELS FI 6.25% 07/08/32                | RAIZEN FUELS FINANC REGD REG S 6.25000000                                                      | CUSIP: L7909CAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      800000 | PA      | $781600.00    | 0.01%             | 2032-07-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP 5.125% 04/15/29                | NCR VOYIX CORP REGD 144A P/P 5.12500000                                                        | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |      964000 | PA      | $948112.12    | 0.01%             | 2029-04-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA 8% 03/01/38                | REPUBLIC OF PANAMA REGD 8.00000000                                                             | CUSIP: 698299BY9<br>LEI: N/A                  | Long             | DBT              | USGA              | PA        |     4000000 | PA      | $4554600.00   | 0.05%             | 2038-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER  9.75% 07/15/30                | CP ATLAS BUYER INC REGD 144A P/P 9.75000000                                                    | CUSIP: 12597YAC3<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |     1419000 | PA      | $1485962.61   | 0.02%             | 2030-07-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| KB HOME 6.875% 06/15/27                       | KB HOME REGD 6.87500000                                                                        | CUSIP: 48666KAX7<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |      698000 | PA      | $712415.10    | 0.01%             | 2027-06-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PROSPECT CAPIT 3.437% 10/15/28                | PROSPECT CAPITAL CORP REGD 3.43700000                                                          | CUSIP: 74348TAW2<br>LEI: 549300FSD8T39P5Q0O47 | Long             | DBT              | CORP              | US        |       60000 | PA      | $53880.60     | 0.00%             | 2028-10-15      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF 7.3% 09/30/33                | ARAB REPUBLIC OF EGYPT REGD REG S EMTN 7.30000000                                              | CUSIP: M1487WDP7<br>LEI: N/A                  | Long             | DBT              | USGA              | EG        |      800000 | PA      | $755982.45    | 0.01%             | 2033-09-30      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT  9.25% 07/01/32                | VOYAGER PARENT LLC REGD 144A P/P 9.25000000                                                    | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |     7531000 | PA      | $7963595.77   | 0.09%             | 2032-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| FORVIA SE 5.125% 06/15/29/EUR/                | FORVIA SE /EUR/ REGD REG S 5.12500000                                                          | CUSIP: F3445AWF1<br>LEI: 969500F0VMZLK2IULV85 | Long             | DBT              | CORP              | FR        |      924000 | PA      | $1120554.72   | 0.01%             | 2029-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ALTICE FR 4.125% 01/15/29/EUR/                | ALTICE FRANCE SA /EUR/ REGD REG S 4.12500000                                                   | CUSIP: F0265PCE6<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     1000000 | PA      | $1012614.54   | 0.01%             | 2029-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DRE 5.25% 06/01/29                | GREAT LAKES DREDGE&DOCK REGD 144A P/P 5.25000000                                               | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |       60000 | PA      | $58151.93     | 0.00%             | 2029-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| VERUS 2021-1 A1 V/R 01/25/66                  | VERUS SECURITIZATION TRUST 2021-1 SER 2021-1 CL A1 V/R REGD 144A P/P 0.81500000                | CUSIP: 92537QAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      120181 | PA      | $108088.62    | 0.00%             | 2066-01-25      | Variable      | 0.81%                 | Yes           |                  2 | On Loan: No      |
| TRINIDAD GEN UN 7.75% 06/16/33                | TRINIDAD GEN UNLTD REGD 144A P/P 7.75000000                                                    | CUSIP: 89636DAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |      800000 | PA      | $840672.00    | 0.01%             | 2033-06-16      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| ADAPTHEALTH LL 4.625% 08/01/29                | ADAPTHEALTH LLC REGD 144A P/P 4.62500000                                                       | CUSIP: 00653VAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2975000 | PA      | $2812280.00   | 0.03%             | 2029-08-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| CAESARS ENTERT 4.625% 10/15/29                | CAESARS ENTERTAIN INC REGD 144A P/P 4.62500000                                                 | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     7145000 | PA      | $6833518.01   | 0.08%             | 2029-10-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY PV V/R 07/18/31                | MORGAN STANLEY PVT BANK REGD V/R 4.73400000                                                    | CUSIP: 61776NVG5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      250000 | PA      | $253765.13    | 0.00%             | 2031-07-18      | Variable      | 4.73%                 | No            |                  2 | On Loan: No      |
| T/L WILSONART LLC 0% 08/05/31                 | T/L WILSONART LLC   REGD 0.00000000                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1617407 | PA      | $1560798.11   | 0.02%             | 2031-08-05      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| GATEGROUP FIN 3% 02/28/27/CHF/                | GATEGROUP FINANCE LUX SA /CHF/ REGD REG S 3.00000000                                           | CUSIP: L4185FAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      450000 | PA      | $559197.02    | 0.01%             | 2027-02-28      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MF1 2021-FL7 A V/R 10/16/36                   | MF1 2021-FL7 LTD SER 2021-FL7 CL A V/R REGD 144A P/P 5.33032000                                | CUSIP: 55284AAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |       40207 | PA      | $40184.76     | 0.00%             | 2036-10-16      | Variable      | 5.33%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL INFRASTRU 7.5% 04/15/32                | GLOBAL INFRASTRUCTURE SO REGD 144A P/P 7.50000000                                              | CUSIP: 37960XAB3<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |      160000 | PA      | $168951.52    | 0.00%             | 2032-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| CLARIOS GLOBAL  6.75% 02/15/30                | CLARIOS GLOBAL LP/US FIN REGD 144A P/P 6.75000000                                              | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     8910000 | PA      | $9204119.10   | 0.10%             | 2030-02-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| VEOLIA ENVIRON V/R /PERP//EUR/                | VEOLIA ENVIRONNEMENT SA /EUR/ REGD V/R /PERP/ REG S SER . 2.50000000                           | CUSIP: F9686QVU9<br>LEI: 969500LENY69X51OOT31 | Long             | DBT              | CORP              | FR        |     8100000 | PA      | $9115515.60   | 0.10%             | 2174-04-20      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| DAVITA INC 3.75% 02/15/31                     | DAVITA INC REGD 144A P/P 3.75000000                                                            | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    10182000 | PA      | $9328852.26   | 0.10%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| HERC HOLDINGS I 7.25% 06/15/33                | HERC HOLDINGS INC REGD 144A P/P 7.25000000                                                     | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     3045000 | PA      | $3178647.25   | 0.04%             | 2033-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ARAB REPU 6.375% 04/11/31/EUR/                | ARAB REPUBLIC OF EGYPT /EUR/ REGD REG S EMTN 6.37500000                                        | CUSIP: M1487WCZ6<br>LEI: N/A                  | Long             | DBT              | USGA              | EG        |    12500000 | PA      | $14066139.76  | 0.15%             | 2031-04-11      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OP 8% 04/15/27                | PERMIAN RESOURC OPTG LLC REGD 144A P/P 8.00000000                                              | CUSIP: 27034RAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1465000 | PA      | $1490370.87   | 0.02%             | 2027-04-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| BALL CORP 2.875% 08/15/30                     | BALL CORP REGD 2.87500000                                                                      | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |       40000 | PA      | $36343.83     | 0.00%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BATLN 2017-11A A V/R 04/24/34                 | BATTALION CLO XI LTD SER 2017-11A CL AR2 V/R REGD 144A P/P 5.44869000                          | CUSIP: 07132LAU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      610000 | PA      | $609238.17    | 0.01%             | 2034-04-24      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CDS XS2242188261 05.000 SP 06/20/2027 BARBK LONG                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCR              |  | US        |           1 | NC      | $4081.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                           | GBP/USD FWD 20251002 000011343 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-8833.82     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PERUSAHAAN LIST 5.25% 10/24/42                | PERUSAHAAN LISTRIK NEGAR REGD EMTN 5.25000000                                                  | CUSIP: 71568QAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | ID        |     2800000 | PA      | $2612546.72   | 0.03%             | 2042-10-24      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC 4.75% 09/01/29                  | COMMSCOPE LLC REGD 144A P/P 4.75000000                                                         | CUSIP: 203372AX5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     7010000 | PA      | $6964995.80   | 0.08%             | 2029-09-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| MPT OPER PARTN 4.625% 08/01/29                | MPT OPER PARTNERSP/FINL REGD 4.62500000                                                        | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1100000 | PA      | $918054.50    | 0.01%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| EMPIRE RESORTS  7.75% 11/01/26                | EMPIRE RESORTS INC REGD 144A P/P 7.75000000                                                    | CUSIP: 292052AF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      391000 | PA      | $389642.45    | 0.00%             | 2026-11-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| AFFINITY INTER 6.875% 12/15/27                | AFFINITY INTERACTIVE REGD 144A P/P 6.87500000                                                  | CUSIP: 00842XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $57000.00     | 0.00%             | 2027-12-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CITIZENS FINANCIA V/R 03/05/31                | CITIZENS FINANCIAL GROUP REGD V/R 5.25300000                                                   | CUSIP: 174610BJ3<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |      825000 | PA      | $845693.24    | 0.01%             | 2031-03-05      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERI 6.125% 07/31/32                | JH NORTH AMERICA HOLDING REGD 144A P/P 6.12500000                                              | CUSIP: 46593WAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2858000 | PA      | $2927432.25   | 0.03%             | 2032-07-31      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| UNIVISION COMMUN 4.5% 05/01/29                | UNIVISION COMMUNICATIONS REGD 144A P/P 4.50000000                                              | CUSIP: 914906AV4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1570000 | PA      | $1481432.84   | 0.02%             | 2029-05-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| KB HOME 7.25% 07/15/30                        | KB HOME REGD 7.25000000                                                                        | CUSIP: 48666KBA6<br>LEI: 549300LGUCWQURMWLG09 | Long             | DBT              | CORP              | US        |       50000 | PA      | $51536.65     | 0.00%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| EQT CORP 4.5% 01/15/29                        | EQT CORP REGD 4.50000000                                                                       | CUSIP: 26884LAX7<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      186000 | PA      | $186060.17    | 0.00%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP I 4.875% 06/30/29                | AMWINS GROUP INC REGD 144A P/P 4.87500000                                                      | CUSIP: 031921AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3133000 | PA      | $3045328.95   | 0.03%             | 2029-06-30      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| ALSTRIA OFF 5.5% 03/20/31/EUR/                | ALSTRIA OFFICE AG /EUR/ REGD REG S 5.50000000                                                  | CUSIP: D0378RAC4<br>LEI: 529900QIJIGPI0DRL085 | Long             | DBT              | CORP              | DE        |      100000 | PA      | $122080.07    | 0.00%             | 2031-03-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CASH COLLATERAL ISDA BRC                      | CASH COLLATERAL ISDA BRC 3.99000000                                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             | CORP              | US        |     -510000 | PA      | $-510000.00   | -0.01%            | 2049-12-31      | Floating      | 3.99%                 | No            |                  2 | On Loan: No      |
| T/L BAUSCH + LOMB 0% 12/17/30                 | T/L BAUSCH + LOMB CORPORATION  REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |     4845542 | PA      | $4841520.25   | 0.05%             | 2031-01-15      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| BX 2025-TAIL A V/R 06/15/27                   | BX TRUST 2025-TAIL SER 2025-TAIL CL A V/R REGD 144A P/P 5.55016000                             | CUSIP: 123912AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      310000 | PA      | $309515.63    | 0.00%             | 2035-06-15      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| ASHTON WOODS U 6.875% 08/01/33                | ASHTON WOODS USA/FINANCE REGD 144A P/P 6.87500000                                              | CUSIP: 045086AR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2258000 | PA      | $2277677.94   | 0.03%             | 2033-08-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| EUROBANK SA V/R 02/07/36/EUR/                 | EUROBANK SA /EUR/ REGD V/R REG S EMTN 4.00000000                                               | CUSIP: X2379UCR5<br>LEI: N/A                  | Long             | DBT              | CORP              | GR        |      383000 | PA      | $451920.24    | 0.00%             | 2036-02-07      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| IHO VERWALTUNGS GM 8% 11/15/32                | IHO VERWALTUNGS GMBH REGD 144A P/P 8.00000000                                                  | CUSIP: 44963BAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |      100000 | PA      | $104939.40    | 0.00%             | 2032-11-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ENERGY TRANSFER L V/R 02/15/56                | ENERGY TRANSFER LP REGD V/R 6.50000000                                                         | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |      350000 | PA      | $348362.88    | 0.00%             | 2056-02-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| T/L GREAT CANADIAN 0% 11/01/29                | T/L GREAT CANADIAN GAMING      CORPORATION 0.00000000                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |     1118785 | PA      | $1074738.54   | 0.01%             | 2029-11-01      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATIO 10% 06/01/30                | KOHL'S CORPORATION REGD 144A P/P 10.00000000                                                   | CUSIP: 500255AY0<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |       20000 | PA      | $21731.02     | 0.00%             | 2030-06-01      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| XPLR INFRAST OPE 4.5% 09/15/27                | XPLR INFRAST OPERATING REGD 144A P/P 4.50000000                                                | CUSIP: 65342QAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       20000 | PA      | $19620.23     | 0.00%             | 2027-09-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| SIRIUS XM RADIO  5.5% 07/01/29                | SIRIUS XM RADIO LLC REGD 144A P/P 5.50000000                                                   | CUSIP: 82967NBC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $90013.77     | 0.00%             | 2029-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| NISSAN MOTOR ACC 5.3% 09/13/27                | NISSAN MOTOR ACCEPTANCE REGD 144A P/P MTN 5.30000000                                           | CUSIP: 65480CAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $90181.35     | 0.00%             | 2027-09-13      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| UNITI GROUP/CSL 10.5% 02/15/28                | UNITI GROUP/CSL CAPITAL REGD 144A P/P 10.50000000                                              | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    18946000 | PA      | $19953927.20  | 0.22%             | 2028-02-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| LUMEN TECHNOLO 4.125% 04/15/30                | LUMEN TECHNOLOGIES INC REGD 144A P/P 4.12500000                                                | CUSIP: 550241AC7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |      950625 | PA      | $931612.50    | 0.01%             | 2030-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| SK HYNIX INC 6.5% 01/17/33                    | SK HYNIX INC REGD 144A P/P 6.50000000                                                          | CUSIP: 78392BAF4<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |     2500000 | PA      | $2756932.68   | 0.03%             | 2033-01-17      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| TRNTS 2021-18A A V/R 01/20/35                 | TRINITAS CLO XVIII LTD SER 2021-18A CL A1R V/R REGD 144A P/P 5.54549000                        | CUSIP: 89640LAL6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      250000 | PA      | $250437.50    | 0.00%             | 2035-01-20      | Variable      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | IRS R11.57PBZDIOVRA 01/04/27 WFSL FIXED                                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | BR        |           1 | NC      | $-388571.12   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| HERTZ CORP/TH 12.625% 07/15/29                | HERTZ CORP/THE REGD 144A P/P 12.62500000                                                       | CUSIP: 428040DC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2094000 | PA      | $2219995.98   | 0.02%             | 2029-07-15      | Fixed         | 12.62%                | Yes           |                  2 | On Loan: No      |
| DOMINICAN REPUB 5.95% 01/25/27                | DOMINICAN REPUBLIC REGD REG S 5.95000000                                                       | CUSIP: P3579EBV8<br>LEI: N/A                  | Long             | DBT              | USGA              | DO        |     5800000 | PA      | $5894250.00   | 0.06%             | 2027-01-25      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| GA GLOBAL FUNDIN 4.4% 09/23/27                | GA GLOBAL FUNDING TRUST REGD 144A P/P 4.40000000                                               | CUSIP: 36143L2N4<br>LEI: 54930029I8ROQ4OROZ88 | Long             | DBT              | CORP              | US        |      467000 | PA      | $468017.55    | 0.01%             | 2027-09-23      | Fixed         | 4.40%                 | Yes           |                  2 | On Loan: No      |
| CITIGROUP INC V/R /PERP/                      | CITIGROUP INC REGD V/R /PERP/ SER FF 6.95000000                                                | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     2629000 | PA      | $2699880.47   | 0.03%             | 2174-05-15      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| N/A                                           | IRS R03.50PSOFR 06/20/54 WFSLUS33XXX FIXED                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |           1 | NC      | $-1474050.35  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| MEXICAN UD 2.75% 11/27/31/MXN/                | MEXICAN UDIBONOS /MXN/ REGD SER S 2.75000000                                                   | CUSIP: P4R07XL95<br>LEI: N/A                  | Long             | DBT              | UST               | MX        |     1710334 | PA      | $84382.45     | 0.00%             | 2031-11-27      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| N/A                                           | IRS R03.53PPR6M 07/15/29 WFSLUS33XXX FIXED                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | CZ        |           1 | NC      | $-232319.00   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MASTEC INC 4.5% 08/15/28                      | MASTEC INC REGD 144A P/P 4.50000000                                                            | CUSIP: 576323AP4<br>LEI: 549300TMDIT8WREDOF45 | Long             | DBT              | CORP              | US        |     1021000 | PA      | $1018654.60   | 0.01%             | 2028-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| DEVON ENERGY CO 5.25% 10/15/27                | DEVON ENERGY CORPORATION REGD SER WI 5.25000000                                                | CUSIP: 25179MBD4<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |      292000 | PA      | $292026.06    | 0.00%             | 2027-10-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC 9.25% 06/01/30                  | COREWEAVE INC REGD 144A P/P 9.25000000                                                         | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     6958000 | PA      | $7187126.94   | 0.08%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| GATES CORPORAT 6.875% 07/01/29                | GATES CORPORATION/DE REGD 144A P/P 6.87500000                                                  | CUSIP: 367398AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1545000 | PA      | $1603394.82   | 0.02%             | 2029-07-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CRESCENT ENERG 7.625% 04/01/32                | CRESCENT ENERGY FINANCE REGD 144A P/P 7.62500000                                               | CUSIP: 45344LAD5<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |     7823000 | PA      | $7769643.23   | 0.09%             | 2032-04-01      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| T/L CD&R FIR 0% 04/29/29 /GBP/                | T/L CD&R FIREFLY BIDCO PLC     REGD /GBP/ 0.00000000                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     2800000 | PA      | $3767678.09   | 0.04%             | 2029-04-29      | Floating      | 8.97%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S 7.375% 10/15/27                     | SOTHEBY'S REGD 144A P/P 7.37500000                                                             | CUSIP: 835898AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     8432000 | PA      | $8413474.05   | 0.09%             | 2027-10-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| SDART 2024-1 C 5.45% 07/15/27                 | SANTANDER DRIVE AUTO RECEIVABLES TRUST 2024-1 SER 2024-1 CL C REGD 5.45000000                  | CUSIP: 80288AAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      900000 | PA      | $912245.40    | 0.01%             | 2030-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| ALUMINA PTY LT 6.375% 09/15/32                | ALUMINA PTY LTD REGD 144A P/P 6.37500000                                                       | CUSIP: 02220AAB3<br>LEI: 2138002VD9MW2WT8HR38 | Long             | DBT              | CORP              | AU        |       60000 | PA      | $61499.90     | 0.00%             | 2032-09-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| LOTTOMATI 4.875% 01/31/31/EUR/                | LOTTOMATICA GROUP SPA /EUR/ REGD REG S 4.87500000                                              | CUSIP: T64384AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |     2000000 | PA      | $2419453.72   | 0.03%             | 2031-01-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY  6.25% 11/01/28                | HILCORP ENERGY I/HILCORP REGD 144A P/P 6.25000000                                              | CUSIP: 431318AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2893000 | PA      | $2903822.72   | 0.03%             | 2028-11-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| PENSKE TRUCK LEA 4.2% 04/01/27                | PENSKE TRUCK LEASING/PTL REGD 144A P/P 4.20000000                                              | CUSIP: 709599AX2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      489000 | PA      | $488337.42    | 0.01%             | 2027-04-01      | Fixed         | 4.20%                 | Yes           |                  2 | On Loan: No      |
| YUM  BRANDS IN 6.875% 11/15/37                | YUM  BRANDS INC REGD 6.87500000                                                                | CUSIP: 988498AD3<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |       70000 | PA      | $77678.30     | 0.00%             | 2037-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LIST 6.15% 05/21/48                | PERUSAHAAN LISTRIK NEGAR REGD REG S EMTN 6.15000000                                            | CUSIP: 71568QAF4<br>LEI: N/A                  | Long             | DBT              | CORP              | ID        |     3000000 | PA      | $3056049.00   | 0.03%             | 2048-05-21      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| MAHLE GMB 7.125% 07/15/32/EUR/                | MAHLE GMBH /EUR/ REGD REG S P/P 7.12500000                                                     | CUSIP: D5S23YAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     1725000 | PA      | $2117109.98   | 0.02%             | 2032-07-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| USA COM PART/US 6.25% 10/01/33                | USA COM PART/USA COM FIN REGD 144A P/P 6.25000000                                              | CUSIP: 91740PAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5168000 | PA      | $5192080.97   | 0.06%             | 2033-10-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| VONTIER CORP 1.8% 04/01/26                    | VONTIER CORP REGD SER WI 1.80000000                                                            | CUSIP: 928881AB7<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |      483000 | PA      | $476337.46    | 0.01%             | 2026-04-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXI 6.875% 10/16/25                | PETROLEOS MEXICANOS REGD 6.87500000                                                            | CUSIP: 71654QDH2<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     1053000 | PA      | $1051548.74   | 0.01%             | 2025-10-16      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL H V/R 06/15/35                | BREAD FINANCIAL HLDGS REGD V/R 144A P/P 8.37500000                                             | CUSIP: 018581AQ1<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |     1270000 | PA      | $1303652.46   | 0.01%             | 2035-06-15      | Variable      | 8.38%                 | Yes           |                  2 | On Loan: No      |
| BAUSCH & LOM V/R 01/15/31/EUR/                | BAUSCH & LOMB NL BV/INC /EUR/ REGD V/R REG S 5.87200000                                        | CUSIP: N1613RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     1000000 | PA      | $1189554.48   | 0.01%             | 2031-01-15      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| NISSAN MOT 5.25% 07/17/29/EUR/                | NISSAN MOTOR CO /EUR/ REGD REG S 5.25000000                                                    | CUSIP: 57160DA80<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |      327000 | PA      | $391257.45    | 0.00%             | 2029-07-17      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE 4.25% 04/15/31                | PILGRIM'S PRIDE CORP REGD 4.25000000                                                           | CUSIP: 72147KAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3440000 | PA      | $3326201.36   | 0.04%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INF V/R 03/01/55                | SOUTH BOW CAN INFRA HOLD REGD V/R 7.62500000                                                   | CUSIP: 836720AG7<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |       70000 | PA      | $73135.02     | 0.00%             | 2055-03-01      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| SWF HOLDINGS I C 6.5% 10/06/29                | SWF HOLDINGS I CORP REGD 144A P/P 6.50000000                                                   | CUSIP: 78500CAA2<br>LEI: 5493000CMZKPQ7BKPB20 | Long             | DBT              | CORP              | US        |       20000 | PA      | $10000.00     | 0.00%             | 2029-10-06      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| COGENT COMMS GRP / 7% 06/15/27                | COGENT COMMS GRP / FIN REGD 144A P/P 7.00000000                                                | CUSIP: 19240CAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $49947.56     | 0.00%             | 2027-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| LUMEN TECHNOLOGI 7.6% 09/15/39                | LUMEN TECHNOLOGIES INC REGD SER P 7.60000000                                                   | CUSIP: 156700AM8<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |       50000 | PA      | $46750.00     | 0.00%             | 2039-09-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| OMFIT 2019-2A  3.14% 02/14/28                 | ONEMAIN FINANCIAL ISSUANCE TRUST 2019-2 SER 2019-2A CL A REGD 144A P/P 3.14000000              | CUSIP: 68269BAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      535000 | PA      | $524903.00    | 0.01%             | 2036-10-14      | Fixed         | 3.14%                 | Yes           |                  2 | On Loan: No      |
| VAKIFBANK 6.832998% 03/15/35                  | VAKIFBANK DPR 2025-E 4A2 REGD 6.83299800                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |     2200000 | PA      | $2200000.00   | 0.02%             | 2035-03-15      | Fixed         | 6.83%                 | No            |                  3 | On Loan: No      |
| AMCAR 2024-1 A 5.75% 02/18/28                 | AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2024-1 SER 2024-1 CL A2A REGD 5.75000000              | CUSIP: 023947AB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      154116 | PA      | $154319.55    | 0.00%             | 2028-02-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VEOLIA ENVIRON V/R /PERP//EUR/                | VEOLIA ENVIRONNEMENT SA /EUR/ REGD V/R /PERP/ REG S 5.99300000                                 | CUSIP: F9686RHG4<br>LEI: 969500LENY69X51OOT31 | Long             | DBT              | CORP              | FR        |     7700000 | PA      | $9667231.42   | 0.11%             | 2174-02-22      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| VIVION INVE 8% 02/28/29/EUR/                  | VIVION INVESTMENTS /EUR/ REGD REG S EMTN 8.00000000                                            | CUSIP: L9673UAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | LU        |     4655657 | PA      | $5420511.76   | 0.06%             | 2029-02-28      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION 6.75% 02/01/32                | NCL CORPORATION LTD REGD 144A P/P 6.75000000                                                   | CUSIP: 62886HBR1<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     3856000 | PA      | $3964375.19   | 0.04%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| VODAFONE GROUP PL V/R 06/04/81                | VODAFONE GROUP PLC REGD V/R SER NC10 4.12500000                                                | CUSIP: 92857WBW9<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |      410000 | PA      | $384333.67    | 0.00%             | 2081-06-04      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| EQUITABLE AMERI 4.65% 06/09/28                | EQUITABLE AMERICA GLOBAL REGD 144A P/P 4.65000000                                              | CUSIP: 29446Q2A0<br>LEI: 98450066CCBIACF06694 | Long             | DBT              | CORP              | US        |      234000 | PA      | $236764.07    | 0.00%             | 2028-06-09      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| T/L ZAYO GROUP HOL 0% 03/25/30                | T/L ZAYO GROUP HOLDINGS INC 0.00000000                                                         | CUSIP: 98919XAH4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      970000 | PA      | $940094.90    | 0.01%             | 2030-03-25      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| REAL HERO MERGE 6.25% 02/01/29                | REAL HERO MERGER SUB 2 REGD 144A P/P 6.25000000                                                | CUSIP: 75602BAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      110000 | PA      | $75058.89     | 0.00%             | 2029-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| SAUDI INTERNATI 5.75% 01/16/54                | SAUDI INTERNATIONAL BOND REGD REG S EMTN 5.75000000                                            | CUSIP: M6320UCJ6<br>LEI: N/A                  | Long             | DBT              | USGA              | SA        |     1800000 | PA      | $1808397.38   | 0.02%             | 2054-01-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| GRAFTECH FINAN 4.625% 12/23/29                | GRAFTECH FINANCE INC REGD 144A P/P 4.62500000                                                  | CUSIP: 384311AC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3700000 | PA      | $2591171.31   | 0.03%             | 2029-12-23      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| OMAN GOV INTERN 4.75% 06/15/26                | OMAN GOV INTERNTL BOND REGD REG S 4.75000000                                                   | CUSIP: M75242AW3<br>LEI: N/A                  | Long             | DBT              | USGA              | OM        |     1000000 | PA      | $1000384.15   | 0.01%             | 2026-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KONINKLIJKE FR V/R /PERP//EUR/                | KONINKLIJKE FRIESLAND /EUR/ REGD V/R /PERP/ REG S 4.85000000                                   | CUSIP: N5017LTJ7<br>LEI: 724500CDWM1CHYS8AP31 | Long             | DBT              | CORP              | NL        |     2675000 | PA      | $3175798.78   | 0.03%             | 2174-01-23      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| SNAM SPA 5% 05/28/30                          | SNAM SPA REGD 144A P/P 5.00000000                                                              | CUSIP: 83304JAA5<br>LEI: 8156002278562044AF79 | Long             | DBT              | CORP              | IT        |      236000 | PA      | $239373.17    | 0.00%             | 2030-05-28      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| T/L AADVANTAGE LO 0% 04/20/28                 | T/L AADVANTAGE LOYALTY IP LTD. REGD 0.00000000                                                 | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |      319153 | PA      | $318489.49    | 0.00%             | 2028-04-20      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| COMISION FEDER 6.264% 02/15/52                | COMISION FEDERAL DE ELEC REGD REG S 6.26400000                                                 | CUSIP: P30179BR8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |      400000 | PA      | $375038.56    | 0.00%             | 2052-02-15      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| FIDELIS INSUR HLD V/R 06/15/55                | FIDELIS INSUR HLD LTD REGD V/R 7.75000000                                                      | CUSIP: 31575FAC0<br>LEI: 549300CDMGCAGJQ7DX03 | Long             | DBT              | CORP              | BM        |       30000 | PA      | $32046.63     | 0.00%             | 2055-06-15      | Variable      | 7.75%                 | No            |                  2 | On Loan: No      |
| CHARLES RIVER LABO 4% 03/15/31                | CHARLES RIVER LABORATORI REGD 144A P/P 4.00000000                                              | CUSIP: 159864AJ6<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | DBT              | CORP              | US        |       15000 | PA      | $13969.48     | 0.00%             | 2031-03-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| NEW IMMO H 3.25% 07/23/27/EUR/                | NEW IMMO HOLDING SA /EUR/ REGD REG S EMTN 3.25000000                                           | CUSIP: F0490QNB5<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     6500000 | PA      | $7519608.92   | 0.08%             | 2027-07-23      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 2.75% 04/30/27                   | UNITED STATES TREASURY NOTE 2.75000000                                                         | CUSIP: 91282CEN7<br>LEI: N/A                  | Long             | DBT              | UST               | US        |      740000 | PA      | $729853.90    | 0.01%             | 2027-04-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CA V/R 08/15/55                | NEXTERA ENERGY CAPITAL REGD V/R 6.37500000                                                     | CUSIP: 65339KDE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2128000 | PA      | $2209516.98   | 0.02%             | 2055-08-15      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUN 6.75% 05/01/29                | FRONTIER COMMUNICATIONS REGD 144A P/P 6.75000000                                               | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2494000 | PA      | $2518837.75   | 0.03%             | 2029-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| SEAGATE DATA ST 5.75% 12/01/34                | SEAGATE DATA STOR REGD 144A P/P 5.75000000                                                     | CUSIP: 81180LAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |       50000 | PA      | $49796.64     | 0.00%             | 2034-12-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC 8% 06/15/27                | HAT HOLDINGS I LLC/HAT REGD 144A P/P 8.00000000                                                | CUSIP: 418751AL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      230000 | PA      | $239482.60    | 0.00%             | 2027-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| KINGDOM OF JOR 7.375% 10/10/47                | KINGDOM OF JORDAN REGD REG S 7.37500000                                                        | CUSIP: M5269UAJ3<br>LEI: N/A                  | Long             | DBT              | USGA              | JO        |      800000 | PA      | $765248.50    | 0.01%             | 2047-10-10      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CURRENTA GRO V/R 05/15/32/EUR/                | CURRENTA GROUP HOLDINGS /EUR/ REGD V/R REG S 6.03600000                                        | CUSIP: L2212RAB3<br>LEI: 222100SF79KCJKYUPE47 | Long             | DBT              | CORP              | LU        |      800000 | PA      | $946694.70    | 0.01%             | 2032-05-15      | Variable      | 6.04%                 | No            |                  2 | On Loan: No      |
| W & T OFFSHORE 10.75% 02/01/29                | W & T OFFSHORE INC REGD 144A P/P 10.75000000                                                   | CUSIP: 92922PAN6<br>LEI: 549300Q7EOY2YIO3YK85 | Long             | DBT              | CORP              | US        |       20000 | PA      | $19354.00     | 0.00%             | 2029-02-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| LIBERTY INTERAC 8.25% 02/01/30                | LIBERTY INTERACTIVE LLC REGD 8.25000000                                                        | CUSIP: 530715AJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $10800.00     | 0.00%             | 2030-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC 7.125% 06/15/26                | BOMBARDIER INC REGD 144A P/P 7.12500000                                                        | CUSIP: 097751BV2<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      682000 | PA      | $680087.19    | 0.01%             | 2026-06-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| OPEN TEXT CORP 6.9% 12/01/27                  | OPEN TEXT CORP REGD 144A P/P 6.90000000                                                        | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |      425000 | PA      | $442650.42    | 0.00%             | 2027-12-01      | Fixed         | 6.90%                 | Yes           |                  2 | On Loan: No      |
| MERITAGE HOMES  1.75% 05/15/28                | MERITAGE HOMES CORP REGD CONVERTIBLE 1.75000000                                                | CUSIP: 59001ABF8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |     2804000 | PA      | $2869787.92   | 0.03%             | 2028-05-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP I 3.375% 08/15/30                | SERVICE CORP INTL REGD 3.37500000                                                              | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     1645000 | PA      | $1525308.06   | 0.02%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY 5.875% 08/01/32                | RYAN SPECIALTY REGD 144A P/P 5.87500000                                                        | CUSIP: 78351GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2321000 | PA      | $2347900.32   | 0.03%             | 2032-08-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| INEOS QUATTRO  9.625% 03/15/29                | INEOS QUATTRO FINANCE 2 REGD 144A P/P 9.62500000                                               | CUSIP: 45674GAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |       90000 | PA      | $89057.61     | 0.00%             | 2029-03-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| TELUS CORP V/R 10/15/55                       | TELUS CORP REGD V/R SER ** 6.62500000                                                          | CUSIP: 87971MCL5<br>LEI: 894500WE70KKZRQMBU11 | Long             | DBT              | CORP              | CA        |      220000 | PA      | $226554.38    | 0.00%             | 2055-10-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY 4.375% 02/01/30                | RYAN SPECIALTY GROUP REGD 144A P/P 4.37500000                                                  | CUSIP: 78351MAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $48237.15     | 0.00%             | 2030-02-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF MON 7.25% 03/12/31                | REPUBLIC OF MONTENEGRO REGD 144A P/P 7.25000000                                                | CUSIP: 857305AA4<br>LEI: N/A                  | Long             | DBT              | USGA              | ME        |     1700000 | PA      | $1813145.01   | 0.02%             | 2031-03-12      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Q-PARK HOL 4.25% 09/01/30/EUR/                | Q-PARK HOLDING I BV /EUR/ REGD REG S 4.25000000                                                | CUSIP: N7262TAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     1650000 | PA      | $1966930.27   | 0.02%             | 2030-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| N/A                                           | IRS P03.25RSOFR 06/18/55 WFSLUS33XXX FIXED                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |           1 | NC      | $-86641.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA 8% 05/22/32                 | REPUBLIC OF KENYA REGD REG S 8.00000000                                                        | CUSIP: V50249AD9<br>LEI: N/A                  | Long             | DBT              | USGA              | KE        |     2100000 | PA      | $2088387.17   | 0.02%             | 2032-05-22      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WLAKE 2023-1A  6.79% 02/15/26                 | WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2023-1 SER 2023-1A CL D REGD 144A P/P 6.79000000         | CUSIP: 96042XAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      560000 | PA      | $575100.62    | 0.01%             | 2028-11-15      | Fixed         | 6.79%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF EL  8.25% 04/10/32                | REPUBLIC OF EL SALVADOR REGD 8.25000000                                                        | CUSIP: P01012AE6<br>LEI: N/A                  | Long             | DBT              | USGA              | SV        |     1900000 | PA      | $2015552.59   | 0.02%             | 2032-04-10      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE IN 9% 11/28/28                | ROCKET SOFTWARE INC REGD 144A P/P 9.00000000                                                   | CUSIP: 77314EAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      260000 | PA      | $267983.56    | 0.00%             | 2028-11-28      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| ARES 2021-60A AR V/R 07/18/34                 | ARES LX CLO LTD SER 2021-60A CL AR V/R REGD 144A P/P 5.50900000                                | CUSIP: 04018FAJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     1500000 | PA      | $1501596.60   | 0.02%             | 2034-07-18      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| METHANEX US OPE 6.25% 03/15/32                | METHANEX US OPERATIONS REGD 144A P/P 6.25000000                                                | CUSIP: 59151LAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2177000 | PA      | $2215108.39   | 0.02%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| HYATT HOTELS CO 5.25% 06/30/29                | HYATT HOTELS CORP REGD 5.25000000                                                              | CUSIP: 448579AR3<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |      146000 | PA      | $149765.73    | 0.00%             | 2029-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BMARK 2019-B1 3.542% 05/15/29                 | BENCHMARK 2019-B11 MORTGAGE TRUST SER 2019-B11 CL A5 REGD 3.54210000                           | CUSIP: 08162BBE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      410000 | PA      | $395250.09    | 0.00%             | 2052-05-15      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC V/R 06/27/54                     | ENBRIDGE INC REGD V/R 7.20000000                                                               | CUSIP: 29250NCF0<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |     2888000 | PA      | $3060344.29   | 0.03%             | 2054-06-27      | Variable      | 7.20%                 | No            |                  2 | On Loan: No      |
| BUNGE LTD FINANCE  2% 04/21/26                | BUNGE LTD FINANCE CORP REGD SER WI 2.00000000                                                  | CUSIP: 120568BL3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1000000 | PA      | $988240.65    | 0.01%             | 2026-04-21      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUA S/UP 07/31/30                | REPUBLIC OF ECUADOR REGD S/UP 6.90000000                                                       | CUSIP: P8054QBA0<br>LEI: N/A                  | Long             | DBT              | USGA              | EC        |     7110000 | PA      | $6416775.00   | 0.07%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PAR 3.9% 04/15/30                | ADVANCE AUTO PARTS REGD SER WI 3.90000000                                                      | CUSIP: 00751YAE6<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |       50000 | PA      | $46407.13     | 0.00%             | 2030-04-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH C 5.25% 01/30/30                | BAUSCH HEALTH COS INC REGD 144A P/P 5.25000000                                                 | CUSIP: 071734AJ6<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    10630000 | PA      | $7494150.00   | 0.08%             | 2030-01-30      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| ATLAS LUX 4.875% 06/01/28/GBP/                | ATLAS LUXCO 4 / ALL UNI /GBP/ REGD REG S 4.87500000                                            | CUSIP: L04308AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     2045000 | PA      | $2688740.13   | 0.03%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LOARRE INVE 6.5% 05/15/29/EUR/                | LOARRE INVESTMENTS SARL /EUR/ REGD REG S 6.50000000                                            | CUSIP: L6076TAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     4200000 | PA      | $5092679.89   | 0.06%             | 2029-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ASHTEAD CAPITA 4.375% 08/15/27                | ASHTEAD CAPITAL INC REGD 144A P/P 4.37500000                                                   | CUSIP: 045054AF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      488000 | PA      | $487904.51    | 0.01%             | 2027-08-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| SABRE GLBL INC 10.75% 11/15/29                | SABRE GLBL INC REGD 144A P/P 10.75000000                                                       | CUSIP: 78573NAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3898000 | PA      | $3767895.59   | 0.04%             | 2029-11-15      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| OMFIT 2021-1A  1.55% 09/14/27                 | ONEMAIN FINANCIAL ISSUANCE TRUST 2021-1 SER 2021-1A CL A1 REGD 144A P/P 1.55000000             | CUSIP: 68269MAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      290000 | PA      | $280342.04    | 0.00%             | 2036-06-16      | Fixed         | 1.55%                 | Yes           |                  2 | On Loan: No      |
| CGMS 2016-1A A1R V/R 04/20/34                 | CARLYLE GLOBAL MARKET STRATEGIES CLO  SER 2016-1A CL A1R3 V/R REGD 144A P/P 5.41549000         | CUSIP: 14312HBE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      450000 | PA      | $450449.82    | 0.00%             | 2034-04-20      | Variable      | 5.42%                 | Yes           |                  2 | On Loan: No      |
| CALPINE CORP 3.75% 03/01/31                   | CALPINE CORP REGD 144A P/P 3.75000000                                                          | CUSIP: 131347CR5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      410000 | PA      | $390449.15    | 0.00%             | 2031-03-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| T/L OSAIC HOLDINGS 0% 07/16/32                | T/L OSAIC HOLDINGS INC REGD 0.00000000                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2806321 | PA      | $2804244.32   | 0.03%             | 2032-07-16      | Floating      | 7.16%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SO 5.875% 08/30/30                | APOLLO DEBT SOLUTIONS BD REGD 144A P/P 5.87500000                                              | CUSIP: 03770DAG8<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |     1478000 | PA      | $1504369.86   | 0.02%             | 2030-08-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ENGINEERI 8.625% 02/15/30/EUR/                | ENGINEERING SPA /EUR/ REGD REG S 8.62500000                                                    | CUSIP: T3626NAA4<br>LEI: 81560042F5E23EE61346 | Long             | DBT              | CORP              | IT        |     2975000 | PA      | $3762642.47   | 0.04%             | 2030-02-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| ITHACA ENER 5.5% 10/01/31/EUR/                | ITHACA ENERGY NORTH /EUR/ REGD 144A P/P 5.50000000                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |     2350000 | PA      | $2783138.52   | 0.03%             | 2031-10-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| XEROX CORPORATI 13.5% 04/15/31                | XEROX CORPORATION REGD 144A P/P 13.50000000                                                    | CUSIP: 984121CT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       20000 | PA      | $19361.73     | 0.00%             | 2031-04-15      | Fixed         | 13.50%                | Yes           |                  2 | On Loan: No      |
| ANTERO MIDSTRE 5.375% 06/15/29                | ANTERO MIDSTREAM PART/FI REGD 144A P/P 5.37500000                                              | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3818000 | PA      | $3805145.95   | 0.04%             | 2029-06-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| HESS MIDSTREAM  4.25% 02/15/30                | HESS MIDSTREAM OPERATION REGD 144A P/P 4.25000000                                              | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      629000 | PA      | $609648.50    | 0.01%             | 2030-02-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| JACKSON NATL LI 3.05% 04/29/26                | JACKSON NATL LIFE GLOBAL REGD 144A P/P 3.05000000                                              | CUSIP: 46849LSQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      800000 | PA      | $794498.17    | 0.01%             | 2026-04-29      | Fixed         | 3.05%                 | Yes           |                  2 | On Loan: No      |
| LD HOLDINGS GRO 8.75% 11/01/27                | LD HOLDINGS GROUP LLC REGD 144A P/P 8.75000000                                                 | CUSIP: 521088AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $49393.54     | 0.00%             | 2027-11-01      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| KENNEDY-WILSON INC 5% 03/01/31                | KENNEDY-WILSON INC REGD 5.00000000                                                             | CUSIP: 489399AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $65105.40     | 0.00%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE &  6.5% 04/01/27                | AMERICAN AXLE & MFG INC REGD SER WI 6.50000000                                                 | CUSIP: 02406PAU4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1420000 | PA      | $1420606.34   | 0.02%             | 2027-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL  7.75% 05/01/35                | VENTURE GLOBAL PLAQUE REGD 144A P/P 7.75000000                                                 | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     4679000 | PA      | $5281226.05   | 0.06%             | 2035-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| GENESIS ENERGY LP/ 8% 05/15/33                | GENESIS ENERGY LP/FIN REGD 8.00000000                                                          | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2415000 | PA      | $2528746.50   | 0.03%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWE 5.25% 10/01/29                | MEDLINE BORROWER LP REGD 144A P/P 5.25000000                                                   | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    13251000 | PA      | $13135326.72  | 0.14%             | 2029-10-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| LEEWARD RENEWAB 4.25% 07/01/29                | LEEWARD RENEWABL REGD 144A P/P 4.25000000                                                      | CUSIP: 524590AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      180000 | PA      | $169614.59    | 0.00%             | 2029-07-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| NATIONSTAR MTG 5.125% 12/15/30                | NATIONSTAR MTG HLD INC REGD 144A P/P 5.12500000                                                | CUSIP: 63861CAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2935000 | PA      | $2960828.00   | 0.03%             | 2030-12-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| LOTTOMATI 5.375% 06/01/30/EUR/                | LOTTOMATICA GROUP SPA /EUR/ REGD 144A P/P 5.37500000                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IT        |    12518000 | PA      | $15229398.87  | 0.17%             | 2030-06-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| WASTE PRO USA INC 7% 02/01/33                 | WASTE PRO USA INC REGD 144A P/P 7.00000000                                                     | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |     8632000 | PA      | $8939972.50   | 0.10%             | 2033-02-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| RAIZEN FUELS FIN 5.7% 01/17/35                | RAIZEN FUELS FINANC REGD REG S 5.70000000                                                      | CUSIP: L7909CAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |      900000 | PA      | $823500.05    | 0.01%             | 2035-01-17      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORK 7.5% 06/15/29                | BATH & BODY WORKS INC REGD 7.50000000                                                          | CUSIP: 501797AR5<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |       70000 | PA      | $71648.43     | 0.00%             | 2029-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN S 6.4% 05/07/54                | UNITED MEXICAN STATES REGD 6.40000000                                                          | CUSIP: 91087BBA7<br>LEI: N/A                  | Long             | DBT              | USGA              | MX        |     1100000 | PA      | $1073457.00   | 0.01%             | 2054-05-07      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| XPO INC 7.125% 02/01/32                       | XPO INC REGD 144A P/P 7.12500000                                                               | CUSIP: 983793AK6<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |      575000 | PA      | $603821.30    | 0.01%             | 2032-02-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP 5.7% 09/12/26                | VOLKSWAGEN GROUP AMERICA REGD 144A P/P 5.70000000                                              | CUSIP: 928668BV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      222000 | PA      | $224893.91    | 0.00%             | 2026-09-12      | Fixed         | 5.70%                 | Yes           |                  2 | On Loan: No      |
| ROCKIES EXPRESS  4.8% 05/15/30                | ROCKIES EXPRESS PIPELINE REGD 144A P/P 4.80000000                                              | CUSIP: 77340RAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2225000 | PA      | $2172986.62   | 0.02%             | 2030-05-15      | Fixed         | 4.80%                 | Yes           |                  2 | On Loan: No      |
| ZF NA CAPITAL 6.875% 04/14/28                 | ZF NA CAPITAL REGD 144A P/P 6.87500000                                                         | CUSIP: 98877DAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      885000 | PA      | $897169.64    | 0.01%             | 2028-04-14      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| VITAL ENERGY IN 7.75% 07/31/29                | VITAL ENERGY INC REGD 144A P/P 7.75000000                                                      | CUSIP: 516806AH9<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |     1007000 | PA      | $997169.27    | 0.01%             | 2029-07-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | PEN/USD FWD 20251217 000001733 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-13799.21    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| POPULAR INC 7.25% 03/13/28                    | POPULAR INC REGD 7.25000000                                                                    | CUSIP: 733174AL0<br>LEI: 5493008CARDZMVQ3LO89 | Long             | DBT              | CORP              | PR        |      194000 | PA      | $202721.66    | 0.00%             | 2028-03-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NEW GENERATION V/R 09/30/2029                 | NEW GENERATION GAS GATHERING   LLC VARIABLE 144A REGD 0.00000000                               | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |       52703 | PA      | $51912.16     | 0.00%             | 2029-09-30      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| HILTON DOMESTI 5.875% 03/15/33                | HILTON DOMESTIC OPERATIN REGD 144A P/P 5.87500000                                              | CUSIP: 432833AR2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1622000 | PA      | $1655706.78   | 0.02%             | 2033-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ZF EUROPE  4.75% 01/31/29/EUR/                | ZF EUROPE FINANCE BV /EUR/ REGD REG S EMTN 4.75000000                                          | CUSIP: N9769AAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     4700000 | PA      | $5418382.57   | 0.06%             | 2029-01-31      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| T/L TWITTER INC 0% 02/14/30/                  | T/L TWITTER INC REGD 0.00000000                                                                | CUSIP: 90184NAK4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     5045000 | PA      | $5056906.20   | 0.06%             | 2030-02-14      | Floating      | 9.50%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCI 5.05% 01/10/28                | SAMMONS FINANCIAL GLOBAL REGD 144A P/P 5.05000000                                              | CUSIP: 79587J2B8<br>LEI: 635400IPRNPM6HDHRS48 | Long             | DBT              | CORP              | US        |      202000 | PA      | $205446.20    | 0.00%             | 2028-01-10      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| PINEWOOD FINC 6% 03/27/30/GBP/                | PINEWOOD FINCO PLC /GBP/ REGD REG S 6.00000000                                                 | CUSIP: G71132AE7<br>LEI: 984500EF3F7CA63ND769 | Long             | DBT              | CORP              | GB        |      291000 | PA      | $393622.34    | 0.00%             | 2030-03-27      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NESCO HOLDINGS I 5.5% 04/15/29                | NESCO HOLDINGS II INC REGD 144A P/P 5.50000000                                                 | CUSIP: 64083YAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2555000 | PA      | $2502251.26   | 0.03%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GA 6.625% 02/06/31                | REPUBLIC OF GABON REGD REG S 6.62500000                                                        | CUSIP: V36283AD7<br>LEI: N/A                  | Long             | DBT              | USGA              | GA        |     1200000 | PA      | $965140.69    | 0.01%             | 2031-02-06      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VZMT 2024-7 A 4.35% 08/20/29                  | VERIZON MASTER TRUST SER 2024-7 CL A REGD 144A P/P 4.35000000                                  | CUSIP: 92348KDJ9<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-CBDO         | CORP              | US        |      235000 | PA      | $237210.29    | 0.00%             | 2032-08-20      | Fixed         | 4.35%                 | Yes           |                  2 | On Loan: No      |
| FORTESCUE TREA 6.125% 04/15/32                | FORTESCUE TREASURY PTY L REGD 144A P/P 6.12500000                                              | CUSIP: 30251GBE6<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |       10000 | PA      | $10333.79     | 0.00%             | 2032-04-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| T/L TRUIST INSURAN 0% 05/06/31                | T/L TRUIST INSURANCE HOLDINGS  LLC REGD 0.00000000                                             | CUSIP: 89788VAG7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      537563 | PA      | $536723.98    | 0.01%             | 2031-05-06      | Floating      | 6.75%                 | No            |                  2 | On Loan: No      |
| VIASAT INC 5.625% 04/15/27                    | VIASAT INC REGD 144A P/P 5.62500000                                                            | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |       90000 | PA      | $89640.02     | 0.00%             | 2027-04-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| GREYSTAR REAL E 7.75% 09/01/30                | GREYSTAR REAL ESTATE PAR REGD 144A P/P 7.75000000                                              | CUSIP: 39807UAD8<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |      230000 | PA      | $243053.65    | 0.00%             | 2030-09-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| UMBS P#CC0932 V/R 08/01/55                    | FANNIE MAE POOL UMBS P#CC0932 V/R 5.71800000                                                   | CUSIP: 3140Y7BA5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |      485473 | PA      | $493218.61    | 0.01%             | 2055-08-01      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| ALTICE FR 3.375% 01/15/28/EUR/                | ALTICE FRANCE SA /EUR/ REGD REG S 3.37500000                                                   | CUSIP: F0265PBQ0<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     1359000 | PA      | $1372159.18   | 0.02%             | 2028-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL  6.5% 02/15/29                | UNITI GROUP/CSL CAPITAL REGD 144A P/P 6.50000000                                               | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2860000 | PA      | $2685714.95   | 0.03%             | 2029-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| T/L SYNEOS HEALTH 0% 09/19/30                 | T/L SYNEOS HEALTH INC (AKA INC RESEARCH HOLDINGS INC) REGD 0.00000000                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     5227837 | PA      | $5225641.14   | 0.06%             | 2030-09-27      | Floating      | 8.00%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 10/23/25                        | UNITED STATES TREASURY BILL ZCP 0.00000000                                                     | CUSIP: 912797QG5<br>LEI: N/A                  | Long             | STIV             | UST               | US        |     6500000 | PA      | $6483997.52   | 0.07%             | 2025-10-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED GR 4.625% 08/15/28/EUR/                | UNITED GROUP BV /EUR/ REGD REG S 4.62500000                                                    | CUSIP: N4S4YGA30<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     7117000 | PA      | $8323701.81   | 0.09%             | 2028-08-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO 5.71% 01/15/26                | INTESA SANPAOLO SPA REGD 144A P/P MTN 5.71000000                                               | CUSIP: 46115HAW7<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      410000 | PA      | $410894.46    | 0.00%             | 2026-01-15      | Fixed         | 5.71%                 | Yes           |                  2 | On Loan: No      |
| COMPASS MINERALS I 8% 07/01/30                | COMPASS MINERALS INTERNA REGD 144A P/P 8.00000000                                              | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |      100000 | PA      | $104505.20    | 0.00%             | 2030-07-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| IQVIA INC 1.75% 03/15/26/EUR/                 | IQVIA INC /EUR/ REGD REG S 1.75000000                                                          | CUSIP: U46093AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $233395.58    | 0.00%             | 2026-03-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICA 4.75% 01/15/28                | IHEARTCOMMUNICATIONS INC REGD 144A P/P 4.75000000                                              | CUSIP: 45174HBG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       50000 | PA      | $43250.00     | 0.00%             | 2028-01-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| WLAKE 2024-1A  6.02% 10/15/29                 | WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2024-1 SER 2024-1A CL D REGD 144A P/P 6.02000000         | CUSIP: 96043RAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      505000 | PA      | $516316.65    | 0.01%             | 2029-10-15      | Fixed         | 6.02%                 | Yes           |                  2 | On Loan: No      |
| TOUCAN FIN 8.25% 05/15/30/EUR/                | TOUCAN FINCO LTD/CAN/US /EUR/ REGD 144A P/P 8.25000000                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | N/A       |     5214000 | PA      | $5828705.42   | 0.06%             | 2030-05-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| PROG HOLDINGS INC 6% 11/15/29                 | PROG HOLDINGS INC REGD 144A P/P 6.00000000                                                     | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |      120000 | PA      | $117849.60    | 0.00%             | 2029-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| DRESDNER FNDG  8.151% 06/30/31                | DRESDNER FNDG TRUST I REGD P/P 8.15100000                                                      | CUSIP: 26156FAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $77130.72     | 0.00%             | 2031-06-30      | Fixed         | 8.15%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT HOLD / CO- 7% 01/15/31                | ALLIANT HOLD / CO-ISSUER REGD 144A P/P 7.00000000                                              | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    13215000 | PA      | $13652905.46  | 0.15%             | 2031-01-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| LIVE NATION ENTE 6.5% 05/15/27                | LIVE NATION ENTERTAINMEN REGD 144A P/P 6.50000000                                              | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |      180000 | PA      | $181700.28    | 0.00%             | 2027-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| PROXIMUS SADP V/R /PERP//EUR/                 | PROXIMUS SADP /EUR/ REGD V/R /PERP/ REG S 4.75000000                                           | CUSIP: B6949WKT4<br>LEI: N/A                  | Long             | DBT              | CORP              | BE        |     1400000 | PA      | $1662043.97   | 0.02%             | 2174-10-02      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIF 6.875% 11/01/29                | CLEVELAND-CLIFFS INC REGD 144A P/P 6.87500000                                                  | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     2413000 | PA      | $2458953.18   | 0.03%             | 2029-11-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| ARBOR REALTY S 7.875% 07/15/30                | ARBOR REALTY SR INC REGD 144A P/P 7.87500000                                                   | CUSIP: 03881NAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2449000 | PA      | $2574938.67   | 0.03%             | 2030-07-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| MATTAMY GROUP  4.625% 03/01/30                | MATTAMY GROUP CORP REGD 144A P/P 4.62500000                                                    | CUSIP: 57701RAM4<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |     4952000 | PA      | $4778538.37   | 0.05%             | 2030-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| CALPINE CORP 4.625% 02/01/29                  | CALPINE CORP REGD 144A P/P 4.62500000                                                          | CUSIP: 131347CP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5445000 | PA      | $5393611.72   | 0.06%             | 2029-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| GCAR 2025-3A A 4.44% 04/15/27                 | GLS AUTO RECEIVABLES ISSUER TRUST 2025-3 SER 2025-3A CL A3 REGD 144A P/P 4.44000000            | CUSIP: 37989YAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1441000 | PA      | $1447256.25   | 0.02%             | 2029-03-15      | Fixed         | 4.44%                 | Yes           |                  2 | On Loan: No      |
| ABC SUPPLY CO  3.875% 11/15/29                | ABC SUPPLY CO INC REGD 144A P/P 3.87500000                                                     | CUSIP: 024747AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       71000 | PA      | $67372.39     | 0.00%             | 2029-11-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| WYNN RESORTS FI 6.25% 03/15/33                | WYNN RESORTS FINANCE LLC REGD 144A P/P 6.25000000                                              | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3874000 | PA      | $3932156.49   | 0.04%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| PETROLEOS MEXIC 6.35% 02/12/48                | PETROLEOS MEXICANOS REGD SER WI 6.35000000                                                     | CUSIP: 71654QCL4<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    18700000 | PA      | $14850550.77  | 0.16%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE 3.625% 10/01/29                   | GAP INC/THE REGD 144A P/P 3.62500000                                                           | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |     1555000 | PA      | $1454783.98   | 0.02%             | 2029-10-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| FIESTA PURCHAS 9.625% 09/15/32                | FIESTA PURCHASER INC REGD 144A P/P 9.62500000                                                  | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1457000 | PA      | $1572965.54   | 0.02%             | 2032-09-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| M/I HOMES INC 3.95% 02/15/30                  | M/I HOMES INC REGD 3.95000000                                                                  | CUSIP: 55305BAV3<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |     1450000 | PA      | $1384684.32   | 0.02%             | 2030-02-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION 6.25% 01/15/29                | LBM ACQUISITION LLC REGD 144A P/P 6.25000000                                                   | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |     3595000 | PA      | $3326907.55   | 0.04%             | 2029-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM 8% 03/15/33                | EQUIPMENTSHARE.COM INC REGD 144A P/P 8.00000000                                                | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     1448000 | PA      | $1546824.55   | 0.02%             | 2033-03-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| SAKS GLOBAL ENTER 11% 12/15/29                | SAKS GLOBAL ENTERPRS LLC REGD 144A P/P SER 144* 11.00000000                                    | CUSIP: 79380MAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       60000 | PA      | $21300.00     | 0.00%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: No      |
| MICROCHIP TECHN 5.05% 03/15/29                | MICROCHIP TECHNOLOGY INC REGD 5.05000000                                                       | CUSIP: 595017BE3<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |      326000 | PA      | $333209.96    | 0.00%             | 2029-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP 4.45% 09/26/30                    | ORACLE CORP REGD 4.45000000                                                                    | CUSIP: 68389XDH5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |      316000 | PA      | $315782.51    | 0.00%             | 2030-09-26      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| ROLLER BEARING 4.375% 10/15/29                | ROLLER BEARING CO OF AME REGD 144A P/P 4.37500000                                              | CUSIP: 775631AD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2655000 | PA      | $2579149.57   | 0.03%             | 2029-10-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| BOISE CASCADE  4.875% 07/01/30                | BOISE CASCADE COMPANY REGD 144A P/P 4.87500000                                                 | CUSIP: 09739DAD2<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | DBT              | CORP              | US        |       60000 | PA      | $58712.75     | 0.00%             | 2030-07-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| NCL CORPORATION 6.25% 09/15/33                | NCL CORPORATION LTD REGD 144A P/P 6.25000000                                                   | CUSIP: 62886HBZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     6435000 | PA      | $6470951.76   | 0.07%             | 2033-09-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| DT MIDSTREAM I 4.125% 06/15/29                | DT MIDSTREAM INC REGD 144A P/P 4.12500000                                                      | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1024000 | PA      | $998890.53    | 0.01%             | 2029-06-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| COMISION FEDER 6.264% 02/15/52                | COMISION FEDERAL DE ELEC REGD 144A P/P 6.26400000                                              | CUSIP: 200447AM2<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     1000000 | PA      | $937596.40    | 0.01%             | 2052-02-15      | Fixed         | 6.26%                 | Yes           |                  2 | On Loan: No      |
| T/L XPLORE INC 0% 10/24/31                    | T/L XPLORE INC REGD 0.00000000                                                                 | CUSIP: C9875EAC3<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |      779842 | PA      | $532889.47    | 0.01%             | 2031-10-24      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| IVORY COA 6.875% 10/17/40/EUR/                | IVORY COAST /EUR/ REGD REG S 6.87500000                                                        | CUSIP: V73789BF1<br>LEI: N/A                  | Long             | DBT              | USGA              | CI        |     1500000 | PA      | $1642627.06   | 0.02%             | 2040-10-17      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS  5.625% 07/17/27                | MELCO RESORTS FINANCE REGD 144A P/P 5.62500000                                                 | CUSIP: 58547DAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      200000 | PA      | $199375.70    | 0.00%             | 2027-07-17      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| TALLGRASS NRG PRTN 6% 03/01/27                | TALLGRASS NRG PRTNR/FIN REGD 144A P/P 6.00000000                                               | CUSIP: 87470LAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1063000 | PA      | $1062805.26   | 0.01%             | 2027-03-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| DUOMO BIDCO  V/R 07/15/31/EUR/                | DUOMO BIDCO SPA /EUR/ REGD V/R REG S 6.15100000                                                | CUSIP: T3R4MWAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | IT        |      235000 | PA      | $277552.48    | 0.00%             | 2031-07-15      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| HILTON WORLDWI 4.875% 04/01/27                | HILTON WORLDWIDE FIN LLC REGD SER WI 4.87500000                                                | CUSIP: 432891AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       80000 | PA      | $79944.54     | 0.00%             | 2027-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TK ELEVAT 4.375% 07/15/27/EUR/                | TK ELEVATOR MIDCO GMBH /EUR/ REGD REG S 4.37500000                                             | CUSIP: D8T73WAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     1053000 | PA      | $1237661.91   | 0.01%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQU 6.75% 04/15/32                | CLYDESDALE ACQUISITION REGD 144A P/P 6.75000000                                                | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     9918000 | PA      | $10173776.49  | 0.11%             | 2032-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CGCMT 2017-P7 3.712% 03/14/27                 | CITIGROUP COMMERCIAL MORTGAGE TRUST 2017-P7 SER 2017-P7 CL A4 REGD 3.71200000                  | CUSIP: 17325HBP8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     1000000 | PA      | $986919.20    | 0.01%             | 2050-04-14      | Fixed         | 3.71%                 | No            |                  2 | On Loan: No      |
| CNO GLOBAL FUND 1.75% 10/07/26                | CNO GLOBAL FUNDING REGD 144A P/P 1.75000000                                                    | CUSIP: 18977W2A7<br>LEI: 6354008GTNR4833ULD48 | Long             | DBT              | CORP              | US        |      256000 | PA      | $249813.30    | 0.00%             | 2026-10-07      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC  3.875% 03/22/26/EUR/                | REPUBLIC OF COLOMBIA /EUR/ REGD EMTN 3.87500000                                                | CUSIP: P28714AQ9<br>LEI: N/A                  | Long             | DBT              | USGA              | CO        |     2500000 | PA      | $2937510.74   | 0.03%             | 2026-03-22      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHAN 1.5% 01/03/37                | REPUBLIC OF GHANA REGD REG S 1.50000000                                                        | CUSIP: V3R60FEM2<br>LEI: N/A                  | Long             | DBT              | USGA              | GH        |     1400000 | PA      | $690640.83    | 0.01%             | 2037-01-03      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL 9.75% 03/15/29                | BREAD FINANCIAL HLDGS REGD 144A P/P 9.75000000                                                 | CUSIP: 018581AP3<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |      753000 | PA      | $803747.68    | 0.01%             | 2029-03-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| FORTRESS INTERME 7.5% 06/01/31                | FORTRESS INTERMEDIATE REGD 144A P/P 7.50000000                                                 | CUSIP: 34966MAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5304000 | PA      | $5554067.69   | 0.06%             | 2031-06-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| IRON MOUNTAIN I 5.25% 07/15/30                | IRON MOUNTAIN INC REGD 144A P/P 5.25000000                                                     | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |      425000 | PA      | $420256.45    | 0.00%             | 2030-07-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| HESS MIDSTREAM 5.125% 06/15/28                | HESS MIDSTREAM OPERATION REGD 144A P/P 5.12500000                                              | CUSIP: 428104AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      942000 | PA      | $940931.02    | 0.01%             | 2028-06-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| TEREOS FI 5.875% 04/30/30/EUR/                | TEREOS FINANCE GROUPE I /EUR/ REGD REG S 5.87500000                                            | CUSIP: F9294CAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     1400000 | PA      | $1644694.47   | 0.02%             | 2030-04-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANC V/R 01/15/55                | BROOKFIELD FINANCE INC REGD V/R 6.30000000                                                     | CUSIP: 11271LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     5935000 | PA      | $5885671.84   | 0.06%             | 2055-01-15      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA 7.875% 05/01/27                | VISTAJET MALTA/VM HOLDS REGD 144A P/P 7.87500000                                               | CUSIP: 92840JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     3869000 | PA      | $3927201.37   | 0.04%             | 2027-05-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| CITZN 2023-2 A 5.83% 08/15/26                 | CITIZENS AUTO RECEIVABLES TRUST 2023-2 SER 2023-2 CL A3 REGD 144A P/P 5.83000000               | CUSIP: 17295FAD6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      904118 | PA      | $911274.51    | 0.01%             | 2028-02-15      | Fixed         | 5.83%                 | Yes           |                  2 | On Loan: No      |
| T/L ZIRAAT 0% 06/15/34                        | T/L ZIRAAT KATILIM____________  BANKASI ANONIM SIRKETI REGD 0.00000000                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     2400000 | PA      | $2400000.00   | 0.03%             | 2034-06-15      | Floating      | 7.02%                 | No            |                  3 | On Loan: No      |
| CSC HOLDINGS L 3.375% 02/15/31                | CSC HOLDINGS LLC REGD 144A P/P 3.37500000                                                      | CUSIP: 126307BF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      620000 | PA      | $399866.02    | 0.00%             | 2031-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| EQT CORP 6.375% 04/01/29                      | EQT CORP REGD SER WI 6.37500000                                                                | CUSIP: 26884LAZ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |      172000 | PA      | $178487.29    | 0.00%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ADVENTIST HEAL 4.742% 12/01/30                | ADVENTIST HEALTH SYS/W REGD SER 2025 4.74200000                                                | CUSIP: 007944AN1<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |     1105000 | PA      | $1105687.91   | 0.01%             | 2030-12-01      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| LUNA 1.5 SARL 12% 07/01/32                    | LUNA 1.5 SARL REGD 144A P/P 12.00000000                                                        | CUSIP: 550356AA7<br>LEI: 64884UZ60Y77J5XK5C41 | Long             | DBT              | CORP              | LU        |       90000 | PA      | $93201.26     | 0.00%             | 2032-07-01      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| NEWS CORP 3.875% 05/15/29                     | NEWS CORP REGD 144A P/P 3.87500000                                                             | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |      550000 | PA      | $531228.14    | 0.01%             | 2029-05-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| SIRIUS XM RADI 4.125% 07/01/30                | SIRIUS XM RADIO LLC REGD 144A P/P 4.12500000                                                   | CUSIP: 82967NBG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      180000 | PA      | $168797.48    | 0.00%             | 2030-07-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| FLUTTER TREAS 4% 06/04/31/EUR/                | FLUTTER TREASURY DAC /EUR/ REGD 144A P/P SER 144@ 4.00000000                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IE        |     1250000 | PA      | $1470643.01   | 0.02%             | 2031-06-04      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| ITHACA ENERGY  8.125% 10/15/29                | ITHACA ENERGY NORTH REGD 144A P/P 8.12500000                                                   | CUSIP: 46567TAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |      170000 | PA      | $177600.36    | 0.00%             | 2029-10-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| GFL ENVIRONMENT 4.75% 06/15/29                | GFL ENVIRONMENTAL INC REGD 144A P/P 4.75000000                                                 | CUSIP: 36168QAN4<br>LEI: 894500E7NLBY9VZRT696 | Long             | DBT              | CORP              | CA        |     2839000 | PA      | $2805140.94   | 0.03%             | 2029-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| KEURIG DR PEPPER 5.1% 03/15/27                | KEURIG DR PEPPER IN REGD SER * 5.10000000                                                      | CUSIP: 49271VAW0<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |      203000 | PA      | $205022.18    | 0.00%             | 2027-03-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| NFE FINANCING LLC 12% 11/15/29                | NFE FINANCING LLC REGD 144A P/P MTN 12.00000000                                                | CUSIP: 62909BAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2980000 | PA      | $860862.40    | 0.01%             | 2029-11-15      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| NEW GENERATION V/R 09/30/2029                 | NEW GENERATION GAS GATHERING   LLC VARIABLE REGD 10.07633000                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |      175676 | PA      | $173040.53    | 0.00%             | 2029-09-30      | Variable      | 10.08%                | No            |                  3 | On Loan: No      |
| KAISER ALUMINUM  4.5% 06/01/31                | KAISER ALUMINUM CORP REGD 144A P/P 4.50000000                                                  | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9905000 | PA      | $9336746.18   | 0.10%             | 2031-06-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| ENI SPA V/R /PERP//EUR/                       | ENI SPA /EUR/ REGD V/R /PERP/ REG S EMTN 4.50000000                                            | CUSIP: T3641QAB6<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | DBT              | CORP              | IT        |      225000 | PA      | $269697.16    | 0.00%             | 2174-04-21      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS I 5.75% 10/15/33                | CLEAN HARBORS INC REGD 144A P/P 5.75000000                                                     | CUSIP: 184496AR8<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |      945000 | PA      | $953251.61    | 0.01%             | 2033-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| MERCER INTL I 12.875% 10/01/28                | MERCER INTL INC REGD 144A P/P 12.87500000                                                      | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |      130000 | PA      | $118582.82    | 0.00%             | 2028-10-01      | Fixed         | 12.88%                | Yes           |                  2 | On Loan: No      |
| ARDONAGH FINCO  7.75% 02/15/31                | ARDONAGH FINCO LTD REGD 144A P/P 7.75000000                                                    | CUSIP: 039853AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    13435000 | PA      | $14055643.26  | 0.15%             | 2031-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| TRANSMONTAIGNE P 8.5% 06/15/30                | TRANSMONTAIGNE PARTNERS REGD 144A P/P 8.50000000                                               | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      604000 | PA      | $629160.83    | 0.01%             | 2030-06-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| YINSON BORONIA 8.947% 07/31/42                | YINSON BORONIA PRODUCTIO REGD 144A P/P 8.94700000                                              | CUSIP: 98584XAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     2158398 | PA      | $2401147.89   | 0.03%             | 2042-07-31      | Fixed         | 8.95%                 | Yes           |                  2 | On Loan: No      |
| NEW IMMO  5.875% 04/17/28/EUR/                | NEW IMMO HOLDING SA /EUR/ REGD REG S EMTN 5.87500000                                           | CUSIP: F0490QPL1<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     5900000 | PA      | $7152255.45   | 0.08%             | 2028-04-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NUFARM AUSTRALIA/A 5% 01/27/30                | NUFARM AUSTRALIA/AMERICA REGD 144A P/P 5.00000000                                              | CUSIP: 67052NAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |       30000 | PA      | $27253.40     | 0.00%             | 2030-01-27      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| TGS ASA 8.5% 01/15/30                         | TGS ASA REGD 144A P/P 8.50000000                                                               | CUSIP: 87243KAA7<br>LEI: 549300NUPLAXPB0WYH90 | Long             | DBT              | CORP              | NO        |      130000 | PA      | $133452.51    | 0.00%             | 2030-01-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| GOEASY LTD 9.25% 12/01/28                     | GOEASY LTD REGD 144A P/P 9.25000000                                                            | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |     1090000 | PA      | $1137870.62   | 0.01%             | 2028-12-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| USI INC/NY 7.5% 01/15/32                      | USI INC/NY REGD 144A P/P 7.50000000                                                            | CUSIP: 90346KAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3201000 | PA      | $3352973.88   | 0.04%             | 2032-01-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ARDAGH METAL PACKA 4% 09/01/29                | ARDAGH METAL PACKAGING REGD 144A P/P 4.00000000                                                | CUSIP: 03969YAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    15551000 | PA      | $14388419.68  | 0.16%             | 2029-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| HUDSON PACIFIC  3.25% 01/15/30                | HUDSON PACIFIC PROPERTIE REGD 3.25000000                                                       | CUSIP: 44409MAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $60140.98     | 0.00%             | 2030-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FXI HOLDINGS I 12.25% 11/15/26                | FXI HOLDINGS INC REGD 144A P/P 12.25000000                                                     | CUSIP: 36120RAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       70000 | PA      | $61339.24     | 0.00%             | 2026-11-15      | Fixed         | 12.25%                | Yes           |                  2 | On Loan: No      |
| T/L SABRE GLBL 0% 12/17/27                    | T/L SABRE GLBL INC.            REGD 0.00000000                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |       34059 | PA      | $32185.96     | 0.00%             | 2027-12-17      | Floating      | 7.78%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR C 8.125% 07/17/35                | NISSAN MOTOR CO REGD 144A P/P 8.12500000                                                       | CUSIP: 654922AD5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |     5760000 | PA      | $6183504.00   | 0.07%             | 2035-07-17      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| ENCORE CAP 4.25% 06/01/28/GBP/                | ENCORE CAPITAL GROUP INC /GBP/ REGD REG S 4.25000000                                           | CUSIP: U2915CAD2<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |     8008000 | PA      | $10288983.91  | 0.11%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP 5.125% 06/01/29                 | DISH DBS CORP REGD 5.12500000                                                                  | CUSIP: 25470XBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1525000 | PA      | $1304134.05   | 0.01%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EUR V/R /PERP//EUR/                | TELEFONICA EUROPE BV /EUR/ REGD V/R /PERP/ REG S 2.88000000                                    | CUSIP: N850233E2<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     5100000 | PA      | $5872674.74   | 0.06%             | 2174-05-24      | Variable      | 2.88%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA 4.75% 10/15/28                     | GRIFOLS SA REGD 144A P/P 4.75000000                                                            | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |      280000 | PA      | $271930.43    | 0.00%             | 2028-10-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| PETROFAC LTD 9.75% 11/15/26                   | PETROFAC LTD REGD 144A P/P 9.75000000                                                          | CUSIP: 716473AE3<br>LEI: 2138004624W8CKCSJ177 | Long             | DBT              | CORP              | JE        |       80000 | PA      | $6700.00      | 0.00%             | 2026-11-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| ZF EUROPE FIN 3% 10/23/29/EUR/                | ZF EUROPE FINANCE BV /EUR/ REGD REG S 3.00000000                                               | CUSIP: N9769AAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     3800000 | PA      | $4066949.52   | 0.04%             | 2029-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AIB GROUP PLC V/R /PERP//EUR/                 | AIB GROUP PLC /EUR/ REGD V/R /PERP/ REG S 6.00000000                                           | CUSIP: G0R4HMAA7<br>LEI: 635400AKJBGNS5WNQL34 | Long             | DBT              | CORP              | IE        |     1675000 | PA      | $2008479.88   | 0.02%             | 2174-07-14      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| KONTOOR BRANDS 4.125% 11/15/29                | KONTOOR BRANDS INC REGD 144A P/P 4.12500000                                                    | CUSIP: 50050NAA1<br>LEI: 549300M0CPXV65RFF271 | Long             | DBT              | CORP              | US        |     1470000 | PA      | $1392329.32   | 0.02%             | 2029-11-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                           | CHF/USD FWD 20251210 000000010 USD                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |           1 | NC      | $-1026.95     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WATCO COS LLC/ 7.125% 08/01/32                | WATCO COS LLC/FINANCE CO REGD 144A P/P 7.12500000                                              | CUSIP: 941130AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1728000 | PA      | $1787648.83   | 0.02%             | 2032-08-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| SOFTBANK  5.375% 01/08/29/EUR/                | SOFTBANK GROUP CORP /EUR/ REGD REG S 5.37500000                                                | CUSIP: J7596PBQ1<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     1499000 | PA      | $1823085.12   | 0.02%             | 2029-01-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| T/L ARTEMIS 0% 05/28/32 /EUR/                 | T/L ARTEMIS BIDCO LIMITED      REGD /EUR/ 0.00000000                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     4535000 | PA      | $5335976.92   | 0.06%             | 2032-05-28      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| T/L MCAFEE CORP 0% 03/01/29                   | T/L MCAFEE CORP  REGD 0.00000000                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     1719203 | PA      | $1639157.19   | 0.02%             | 2029-03-01      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP 7.375% 02/15/30                   | MCAFEE CORP REGD 144A P/P 7.37500000                                                           | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |    10360000 | PA      | $9609798.53   | 0.11%             | 2030-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| REPUBLIC OF GUA 6.55% 02/06/37                | REPUBLIC OF GUATEMALA REGD REG S 6.55000000                                                    | CUSIP: P5015VAS5<br>LEI: N/A                  | Long             | DBT              | USGA              | GT        |     2100000 | PA      | $2211866.83   | 0.02%             | 2037-02-06      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDI 4.907% 04/01/28                | GLENCORE FUNDING LLC REGD 144A P/P 4.90700000                                                  | CUSIP: 378272BY3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      121000 | PA      | $122928.17    | 0.00%             | 2028-04-01      | Fixed         | 4.91%                 | Yes           |                  2 | On Loan: No      |
| ALLIANT HOLD / 5.875% 11/01/29                | ALLIANT HOLD / CO-ISSUER REGD 144A P/P 5.87500000                                              | CUSIP: 01883LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     9287000 | PA      | $9239783.96   | 0.10%             | 2029-11-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| SC GAMES HOLDI 6.625% 03/01/30                | SC GAMES HOLDIN/US FINCO REGD 144A P/P 6.62500000                                              | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5196000 | PA      | $4829125.51   | 0.05%             | 2030-03-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| NOVELIS CORP 3.875% 08/15/31                  | NOVELIS CORP REGD 144A P/P 3.87500000                                                          | CUSIP: 670001AH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     5565000 | PA      | $5074626.12   | 0.06%             | 2031-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| STARWOOD PROPERTY  6% 04/15/30                | STARWOOD PROPERTY TRUST REGD 144A P/P 6.00000000                                               | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     1249000 | PA      | $1267908.61   | 0.01%             | 2030-04-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Six Circles Trust

**Signature:** Tricia Larkin

**Name of Signer:** Tricia Larkin

**Title:** Treasurer/Principal Financial Officer